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Higher low, lower high system

  • #41
  • Sep 25, 2008 4:00am Sep 25, 2008 4:00am
Quoting Vantage
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.
  • #42
  • Sep 25, 2008 4:49am Sep 25, 2008 4:49am
Back to that same sell on gbp.

There's lots of people that are MUCH better at exiting trades than me. I'm getting better though, for me targeting pivots and round numbers has worked well. If I've had a decent run, a 50 pip move like this one certainly qualifies, I'll get out as SOON as the pivot is hit (central pivot and round numbers are 2 of biggest bounce areas to me).

If I feel strongly enough I'll trade off 1 min chart (same 5 ema 3 shift) as the chances are that another attempt will be made to hit (in this case) the pivot after any bounce.

These are real scalping trades in and out and satisified with anything thats positive.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp 1 min - 2.gif Size: 8 KB
  • #43
  • Sep 25, 2008 5:16am Sep 25, 2008 5:16am
Just to show more examples as I'm out until after the news.

At the same time that I sold gbp, eur showed the same perfect lh set up after an indecision candle on 1hr.

Jpy after 2 positive 1 hr candles fell after going sideways for about an hour and a half. Who could have known this?

Obviously the focus is on those that show a smooth wave lh/hl like gbp and eur and leave jpy which was a bit of a mess.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur.gif Size: 9 KB
Click to Enlarge Name: jpy.gif Size: 11 KB
  • #44
  • Sep 25, 2008 6:35am Sep 25, 2008 6:35am
Quoting ChowClown
...could you tell me what prevented you entering 5 candles earlier? Would that have been valid?
I was asked about Asian session and flipped some charts and saw a classic example as to what I said to you on this. Heres a classic hl, an 11 pip body so no problems, but the next candle opened lower and just stayed that way.

I would have stayed away from this until it popped its head ever so slightly above the close of the hl candle.

It eventually did go up but who would have known, the whole day before was down.
Attached Image
  • #45
  • Sep 25, 2008 10:21pm Sep 25, 2008 10:21pm
Great system. Thank u for sharing.

Are u looking for sell or buy in following picture ?
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 18 KB
  • #46
  • Sep 25, 2008 10:59pm Sep 25, 2008 10:59pm
Quoting neshat
Great system. Thank u for sharing.

Are u looking for sell or buy in following picture ?
With the fall yesterday and how the candle looks so far I'd be thinking sell.

Heres where things can get a little tricky. In and around the London open things can turn around quite easily. So we could have a solid down candle that hits M2 or 1.46 only to turn around during the next candle.

So the for the next hour be careful but then ANY system can get messed up here if London decides it wants to go in another direction.
  • #47
  • Edited 11:15pm Sep 25, 2008 11:02pm | Edited 11:15pm
Quoting neshat
Great system. Thank u for sharing.

Are u looking for sell or buy in following picture ?
I have set up for sell 5 min looks good so far.

The eur 5 min candle ended up being a little large and didn't go lower so that was a no trade. Its still on a lh for now obviously this changes if we move above 1.4643. GBP still also on lh.
  • #48
  • Sep 25, 2008 11:23pm Sep 25, 2008 11:23pm
Eur has had 2 slightly higher lows on 1 min so there's obvious support at 1.4620. can it go lower (cigl) of course but its starting to look like it wants to turn, we'll see.

GBP has had unconvincing lh's so even if we go lower I'll think hard before selling perhaps just look for better chances later.
  • #49
  • Sep 25, 2008 11:26pm Sep 25, 2008 11:26pm
For a long time I was looking forard for an explanation in the cart for candles
Now I have it from you

What M2 stand for
  • #50
  • Sep 25, 2008 11:27pm Sep 25, 2008 11:27pm
Quoting Vantage
So the for the next hour be careful but then ANY system can get messed up here if London decides it wants to go in another direction.
Do u recommend to wait for opening of london market ?
  • #51
  • Sep 25, 2008 11:33pm Sep 25, 2008 11:33pm
Quoting harigp
For a long time I was looking forard for an explanation in the cart for candles
Now I have it from you

What M2 stand for
Have a look at www.candlesticker.com

M2 is just one of the pivots that is calculated every day if you download the pivots indicator in the first post.
  • #52
  • Sep 25, 2008 11:36pm Sep 25, 2008 11:36pm
What is on the topM1/M3 DOES THIS REPRESENTS THE MAXIMUM LEVELS
  • #53
  • Sep 25, 2008 11:40pm Sep 25, 2008 11:40pm
Quoting neshat
Do u recommend to wait for opening of london market ?
I'd definitely recommend caution especially when its hit an obvious area of support. Eur is on a 50% fib from move up from 1.4559.

Do I use fibs usually, no, but when theres obviously a problem area I'll check whats there.

I'll go and find a nice naked trading forum and put link here, well worth a look.

Here you go http://www.forexfactory.com/showthread.php?t=98028
  • #54
  • Sep 25, 2008 11:45pm Sep 25, 2008 11:45pm
Quoting harigp
What is on the topM1/M3 DOES THIS REPRESENTS THE MAXIMUM LEVELS
Written into the indicator are potential levels that price may hit during the course of the day based on previous days prices. Said to work around 50% of the time. Sound vague enough to you? If you say yes I'd agree.

So I don't worry about that.

I like the pivots for 2 reasons. HL/LH bounces off them and as profit targets.
  • #55
  • Sep 26, 2008 12:00am Sep 26, 2008 12:00am
Is this setup OK for sell? If yes , what u think about target?
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 12 KB
  • #56
  • Sep 26, 2008 12:05am Sep 26, 2008 12:05am
Quoting neshat
Is this setup OK for sell? If yes , what u think about target?
Yes its a valid lh even though the 1 hr was indecisive. 154.50 would be a good area to exit. If it looks strongly down you'd then look to target the next pivot below 154.50.
  • #57
  • Sep 26, 2008 12:13am Sep 26, 2008 12:13am
Quoting Vantage
Yes its a valid lh even though the 1 hr was indecisive. 154.50 would be a good area to exit. If it looks strongly down you'd then look to target the next pivot below 154.50.
wooooow!!

Did u get it?
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 11 KB
  • #58
  • Sep 26, 2008 12:13am Sep 26, 2008 12:13am
Jpy struggled here at 154.30 area on 22nd. If we break down from here next pivot is right on 154.00.
  • #59
  • Sep 26, 2008 12:14am Sep 26, 2008 12:14am
Quoting neshat
wooooow!!

Did u get it?
If I smile any more the top of my heads gonna fall off.

More importantly did you?

Cheers.
  • #60
  • Sep 26, 2008 12:17am Sep 26, 2008 12:17am
Quoting neshat
Is this setup OK for sell? If yes , what u think about target?
Hope you're in, nice clean wave down. I'm looking for 154.20 target now (1.618 extension). Who knows it may have the legs to set up again short later on.
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