HOLO - Highest Open / Lowest Open Trade

[LeMercenaire]

Nice charts there BareFoot...LOL!

Having a slightly manic episode today. One set-up running into another, into another, into another, lol.

Can one be slightly manic?

[LeMercenaire]

THE ORIGINS OF HOLO

Working on a new indicator... TRO_HOLO

HO = Highest Open

LO = Lowest Open

Remember the 3 Level ZZ Semafor indicator? Lots of people didn't like it because they thought it "repainted".

TRO_HOLO determines the highest and lowest OPEN PRICE over the last 34 bars (User Input) and plots a line there. I use 34 because the 3 of the 3 Level ZZ Semafor is the 34 period High/low. TRO_HOLO also determines the highest and lowest OPEN PRICE over the last 34 bars starting with the bar that precedes the bar it just found and plots a line there.

So you have 2 low opens and 2 high opens.

Q1) What do you see?

Q2) How can you use that to be profitable?

HINT: The OPEN PRICE is the ONLY price of a bar/candle that DOES NOT MOVE once it has been plotted!!

THE ORIGINS OF HOLO

''...and then there was light ''.

[LeMercenaire]

Picked up a quickie while waiting for my Chromebook to boot up...and you know how fast a Chromebook boots up, lol.

USDCADM5asHOLOendofdaymove15thNov17.png (47.01 KiB) Viewed 2622 times

A typical end-of-day move from UC.

[Mira]

Picked up a quickie while waiting for my Chromebook to boot up...and you know how fast a Chromebook boots up, lol.

USDCADM5asHOLOendofdaymove15thNov17.png

A typical end-of-day move from UC.

Nice chart Le Mercenaire!

How do you trade it?
Thanks

[LeMercenaire]

Picked up a quickie while waiting for my Chromebook to boot up...and you know how fast a Chromebook boots up, lol.

USDCADM5asHOLOendofdaymove15thNov17.png

A typical end-of-day move from UC.

Nice chart Le Mercenaire!

How do you trade it?
Thanks

Hi Mira,

Simple as beans on toast.

You wait for a new H1 Highest / Lowest Open. The level forms an ''Area of Interest'' between there and the Extreme.

You then drop to the m15 or m5 (or even m1) - you pick your poison.

I prefer the m5 and so I will wait for a candle to open in that area (I do bend that rule and will enter on a ''dipped'' entry, that is when price enters but doesn't necessarily open a new candle, as that's the way I used to run a method with similar DNA on the big, chunky time-frames back when dinosaurs ruled the Earth).

Once this candle has opened, you then wait for price to drop back across the level formed by the New Highest / Lowest Open and enter your trade.

On this indi, the top red dots are the upper range of the Area of Interest, the lower red(ish) not-quite-as-red dots show the entry level for a short.

Flip that for blue.

I have added a layer of Supply + Demand Zones over the top of this, as these work to lend weight to a possible entry set up, help time exits as well as being great for adding-in to an open trade.

[LeMercenaire]

How did I manage to miss this one???

AUDUSDM5howdidimissthisHOLOlolCWs+d15thNov17.png (41.74 KiB) Viewed 2587 times

[LeMercenaire]

You're also not supposed to enter on a breakout candle...I tend to take that one with a pinch of salt as well

[Mira]

Picked up a quickie while waiting for my Chromebook to boot up...and you know how fast a Chromebook boots up, lol.

USDCADM5asHOLOendofdaymove15thNov17.png

A typical end-of-day move from UC.

Nice chart Le Mercenaire!

How do you trade it?
Thanks

Hi Mira,

Simple as beans on toast.

You wait for a new H1 Highest / Lowest Open. The level forms an ''Area of Interest'' between there and the Extreme.

You then drop to the m15 or m5 (or even m1) - you pick your poison.

I prefer the m5 and so I will wait for a candle to open in that area (I do bend that rule and will enter on a ''dipped'' entry, that is when price enters but doesn't necessarily open a new candle, as that's the way I used to run a method with similar DNA on the big, chunky time-frames back when dinosaurs ruled the Earth).

Once this candle has opened, you then wait for price to drop back across the level formed by the New Highest / Lowest Open and enter your trade.

On this indi, the top red dots are the upper range of the Area of Interest, the lower red(ish) not-quite-as-red dots show the entry level for a short.

Flip that for blue.

I have added a layer of Supply + Demand Zones over the top of this, as these work to lend weight to a possible entry set up, help time exits as well as being great for adding-in to an open trade.

It’s cool!
So once the zone is formed you enter at BO, is it right?

Thank you much for the explanation!

[Mira]

You're also not supposed to enter on a breakout candle...I tend to take that one with a pinch of salt as well

Oops sorry, I’ve seen it now

[LeMercenaire]

You're also not supposed to enter on a breakout candle...I tend to take that one with a pinch of salt as well

Oops sorry, I’ve seen it now

You enter coming back away from the extreme H or L...think RAT-like