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Higher low, lower high system

  • #21
  • Sep 24, 2008 5:30am Sep 24, 2008 5:30am
My last trade before the UK news was a GU sell at 1.8575. The 8 am candle was indecisive and at 9.05 price dropped back to 1.8550, rose to 1.8594 a LH. This is about as close to news as I'd like to get!

Was a little worried when price went to sleep then a quick drop to the pivot where I got out as quick as possible.

Not such a great trade perhaps but its just another visual example.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 Sep. 24 12.22.gif Size: 21 KB
  • #22
  • Sep 24, 2008 7:31am Sep 24, 2008 7:31am
EU 11am candle had a positive close. Bought last HL at 1.4684 just got out at fall to pivot. Think I'm finished for the day that was largely sideways.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eu 1 min.gif Size: 10 KB
  • #23
  • Sep 25, 2008 2:13am Sep 25, 2008 2:13am
Vantage,

Check my understanding so far, please. All 3 pairs had higher lows on the close of the 7am candle (see red arrows).

EU and EJ were confused about direction, so skip them. GU was clearly showing a long bias, so look for 5min long trades starting @ 8am.

Or would you just go ahead and look for longs on all of them because they showed higher lows?

Thanks,

VBro
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  • #24
  • Sep 25, 2008 2:46am Sep 25, 2008 2:46am
Quoting vbro
Vantage,

Check my understanding so far, please. All 3 pairs had higher lows on the close of the 7am candle (see red arrows).

EU and EJ were confused about direction, so skip them. GU was clearly showing a long bias, so look for 5min long trades starting @ 8am.

Or would you just go ahead and look for longs on all of them because they showed higher lows?

Thanks,

VBro
Yen was very indecisive for me. My wife and I discussed buying after the half number bounce. We were also looking at buying eur and gbp. We decided I would go and make the tea and missed both!!

For the record I have attached what we missed. For the record my wife (who doesn't know how to operate the platform) makes the tea in future!

I'm not happy about missing these trades but screams NEEEEXXXXXXXT trade please!!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu 1.gif Size: 9 KB
Click to Enlarge Name: gbp 1.gif Size: 10 KB
  • #25
  • Sep 25, 2008 2:59am Sep 25, 2008 2:59am
Just though I'd repeat something that should start being obvious from the examples that are being posted. Can you see how many trades when opened are the spread plus a pip or so negative and then just move.

When the eur hit just below M4 it had run 170 pips since late last night, if I was in that one and was obviously struggling I would definitely have wanted out with as close to 20 pips as possible.

GBP's move was even more and again I'd have been looking to protect profits.

With such small stops you can trade decent lots compared to the funds in your account, 1.5 lots per $10000 and keep good MM at just over 2% risk per trade. Personally I like to try and get 3 15-20 pip moves per day. Sometimes its more trades, sometimes the moves are much bigger and of course there are losers. The maths however with the tight entries makes sense.
  • #26
  • Edited 3:08am Sep 25, 2008 3:01am | Edited 3:08am
Quoting Vantage
We were also looking at buying eur...
Van,

Your (tea time) entry on EU was because the first candle 9 (your chart 6:10) was too big, and this entry candle was the first higher low on the 5 min chart, correct?

When you see a big entry candle (like the 6:10), do you ever enter on a retrace (say to 1/2 the candle), or do you always wait for a new higher low?

VBro
  • #27
  • Sep 25, 2008 3:11am Sep 25, 2008 3:11am
Quoting vbro
Van,

Your entry on EU was because the first candle 9 (your chart 6:10) was too big, and this entry candle was the first higher low on the 5 min chart, correct?

When you see a big entry candle (like the 6:10), do you ever enter on a retrace (say to 1/2 the candle), or do you always wait for a new higher low?

VBro
If a candle's body is too big we'll either have a look at 1 min chart to see if there is a HL/LH or wait until price breaks beyond the top/bottom of candle.

We avoided the 6.10 trade as we did not like the higher low. The slide in the 9 odd candles on eur 5 min chart just before 6.10 did not have the nice wave we want a LH/HL to have. The 6.30 candle had a perfect wave to it (for us).
  • #28
  • Sep 25, 2008 4:14am Sep 25, 2008 4:14am
Hi Vantage,

What are your thoughts on EU atm? Last hour indecision, but previous hr bearish...shorts off the 5min still valid perhaps?...seems to be forming a head & shoulders (off 5min session so far).
  • #29
  • Sep 25, 2008 4:19am Sep 25, 2008 4:19am
Quoting ChowClown
Hi Vantage,

What are your thoughts on EU atm? Last hour indecision, but previous hr bearish...shorts off the 5min still valid perhaps?...seems to be forming a head & shoulders (off 5min session so far).
The move to R1 was a break of the lower highs. Can it go down from here of course but I've just bought at +2.

And now I'm out!!
  • #30
  • Sep 25, 2008 4:24am Sep 25, 2008 4:24am
Quoting Vantage
The move to R1 was a break of the lower highs. Can it go down from here of course but I've just bought at +2.
Thanks. GU looks a more likely candidate for longs (to me).
  • #31
  • Sep 25, 2008 4:24am Sep 25, 2008 4:24am
Quoting Vantage
...I've just bought at +2.

Van,

Not sure what this means. Do you mean R1 +2 pips?

thanks
  • #32
  • Sep 25, 2008 4:29am Sep 25, 2008 4:29am
Quoting ChowClown
Thanks. GU looks a more likely candidate for longs (to me).
Yes if we can stay above the even number or have a good rejection if it dips below that'll be nice.
  • #33
  • Sep 25, 2008 4:41am Sep 25, 2008 4:41am
Apart from counter trend bounces off important levels after a big run the main reason I look at what the latest hourly candle has done is to get a set up for the next trade.

The eur just had an hourly doji indecision candle, had a nice bounce away from 1.47 which was obviously support today. The 5 min move to 1.4728 broke the lh's. As happens nothing in trading is given and the buy didn't work.

I agree that after the hammer on gbp the move to 1.8622 could have been a set up for a buy but the even number and R1 never held. So there was no buy. As I was trying to find a buy the move down from 1.8622 turned out to be a lh. Some you win some you miss.
  • #34
  • Edited 7:24am Sep 25, 2008 4:44am | Edited 7:24am
Quoting vbro
Van,

Not sure what this means. Do you mean R1 +2 pips?

thanks
I was 2 pips up before it turned around. Got out at -10 didn't see it working so didn't wait for stop to be hit even if it was only a few pips lower.

R1 is one of the pivot levels.
  • #35
  • Sep 25, 2008 4:59am Sep 25, 2008 4:59am
Hi Vantage,

This is great to see. I've been trying to concoct something similar to this myself. I've just been looking at highs and lows of candles and ignoring closes.(Trying to negate the use of market orders).

Also I've been looking at using 4hr, 1hr and 15min charts (i just like the factor of 4 between them) but it seems quite difficult to reconcile 3 time frames whith this type of method.

Regards,

Ed.
  • #36
  • Sep 25, 2008 5:05am Sep 25, 2008 5:05am
Quoting Ted1983
Hi Vantage,

This is great to see. I've been trying to concoct something similar to this myself. I've just been looking at highs and lows of candles and ignoring closes.(Trying to negate the use of market orders).

Also I've been looking at using 4hr, 1hr and 15min charts (i just like the factor of 4 between them) but it seems quite difficult to reconcile 3 time frames whith this type of method.

Regards,

Ed.
Hope this will help you.
  • #37
  • Edited 5:40am Sep 25, 2008 5:27am | Edited 5:40am
Just sold gbp lh.

If we stay below 1.8550 theres a great chance we'll get down to pivot at 1.8527.
  • #38
  • Sep 25, 2008 5:49am Sep 25, 2008 5:49am
This is the trade sold open of 10.25.

Its almost lunch time, I have a rare appointment in 10 mins so any kind of bounce up here and I'll take profits.

OK I'm out. The beauty of the frequent trades on this system, I missed the lh an hour ago as I was hoping for an opportunity to buy. It didn't come, an hour later a perfect lh for 40 pips in about 25 minutes.
Attached Image (click to enlarge)
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  • #39
  • Sep 25, 2008 5:54am Sep 25, 2008 5:54am
Quoting Vantage
This is the trade sold open of 10.25.

Its almost lunch time, I have a rare appointment in 10 mins so any kind of bounce up here and I'll take profits.

...could you tell me what prevented you entering 5 candles earlier? Would that have been valid?
  • #40
  • Sep 25, 2008 5:59am Sep 25, 2008 5:59am
Quoting ChowClown
...could you tell me what prevented you entering 5 candles earlier? Would that have been valid?
Yes it was valid. I had the tick chart up to place the trade and on my chart it just didn't go any lower than the previous candles close. When I say the open of next candle i do want that final 1 pip confirmation.
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