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Higher low, lower high system

  • #81
  • Sep 26, 2008 6:31am Sep 26, 2008 6:31am
Whilst I was away gbp 1 hr had a piercing line (engulfing/outside candle whichever name you use) followed by a hammer with nice bounce from the pivot. Hit the resistance level being todays open (at least the time frame I use).

This one would have pushed stop to max I think. Anyway just showing as another example.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 Sep. 26 13.24.gif Size: 32 KB
  • #82
  • Sep 26, 2008 6:37am Sep 26, 2008 6:37am
Quoting daytrading
Hi Vantage,

Thank very much for the explanation.

I see you are using a mov. avg. similar to what I am using - although I use it on the H1 time frame.

Would it be an idea to use your 5ema(3shift) as an exit point once the price closes on the other side of the move?

(attached the a screen shot of how I enter)

Anyway, I won't take up more of your time - thanks indeed for yours.

regards
daytrading
Daytrading can I be so bold as to ask what this would have looked like if you'd traded it the way I do. I'll bet the entry would have been earlier? If I lose I'll buy you a coffee next time you're in my area!!

Cheers
  • #83
  • Sep 26, 2008 6:38am Sep 26, 2008 6:38am
Hi Vantage,

I can see what you are stating makes sense.

It is the concept everyone seems to struggle with to some degree:

Having a relative small risk at the point of entry - but wanting to gain as much as possible, should the move develop into something bigger.

More often than not, the price turns one more time - just to take you out - before it makes the gigantic move. (if you respect your risk/reward)

My conclusion (so far after 20 years of trading) is to decide either for, or against this type of "trade-off" where you give up so many of your sure small profits just to be still in the market when the big move happens.

Having said that, your results are impressive - so why change anything.

All the best,

regards
daytrading
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  • #84
  • Sep 26, 2008 6:47am Sep 26, 2008 6:47am
Quoting daytrading
Hi Vantage,

Thank very much for the explanation.

I see you are using a mov. avg. similar to what I am using - although I use it on the H1 time frame.

Would it be an idea to use your 5ema(3shift) as an exit point once the price closes on the other side of the move?

(attached the a screen shot of how I enter)

Anyway, I won't take up more of your time - thanks indeed for yours.

regards
daytrading
Looking at your entry against mine. Mine gave a first bite earlier, the 2nd higher low opportunity looks to be around the same area you would have entered.

Just goes to show there's more than 1 way to skin a cat.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_02 Sep. 26 13.44.gif Size: 15 KB
  • #85
  • Sep 26, 2008 6:52am Sep 26, 2008 6:52am
Hi Vantage,

I took the eur/usd but I also post where the cable entry would have been, had I chosen it.

You enter on retrace, while I enter on breakout.....

regards
daytrading
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd260908.gif Size: 25 KB
Click to Enlarge Name: gbpusd260908.gif Size: 12 KB
Click to Enlarge Name: gbpusd260908b.gif Size: 19 KB
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  • #86
  • Edited 7:05am Sep 26, 2008 6:57am | Edited 7:05am
Quoting daytrading
Hi Vantage,

I can see what you are stating makes sense.

It is the concept everyone seems to struggle with to some degree:

Having a relative small risk at the point of entry - but wanting to gain as much as possible, should the move develop into something bigger.

More often than not, the price turns one more time - just to take you out - before it makes the gigantic move. (if you respect your risk/reward)

My conclusion (so far after 20 years of trading) is to decide either for, or against this type of "trade-off" where you give up so many of your sure small profits just to be still in the market when the big move happens.

Having said that, your results are impressive - so why change anything.

All the best,

regards
daytrading
Thanks you are so kind.

Some pearls of wisdom I've picked up along the way.

  1. Go for the experience before you go for the money. Was told to me early on in my banking career when it was a job and not a career. It should be obvious how this applies to trading.
  2. At the time one of the most successful people I had met was an insurance salesman. Mega wealthy, he said he doesn't turn his nose up at any transaction. He kept a log of every deal in a book. On every page there was a big transaction but the many, many small deals kept him sane, profitable and stress free as he was always sure with every small deal a big one was just around the corner. Again how this applies to trading should be painfully obvious.

Isn't it strange what makes an impression and can stick with you 25 odd years later.

  • #87
  • Sep 26, 2008 7:01am Sep 26, 2008 7:01am
Quoting daytrading
Hi Vantage,

I took the eur/usd but I also post where the cable entry would have been, had I chosen it.

You enter on retrace, while I enter on breakout.....

regards
daytrading
I'm taking a flyer here did you do the udaytrading course?
  • #88
  • Edited 7:02am Sep 26, 2008 7:02am | Edited 7:02am
Vantage,

please enlighten me: never heard of it!?

regards
daytrading
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  • #89
  • Sep 26, 2008 7:06am Sep 26, 2008 7:06am
Quoting daytrading
Vantage,

please enlighten me: never heard of it!?

regards
daytrading
It's the first hit on google if you look for udaytrading, I'd never heard of it either, I won't post the link otherwise I think I'll get into trouble!

Andy
  • #90
  • Sep 26, 2008 7:06am Sep 26, 2008 7:06am
Hi daytrading, do you mind to share the indicator that draw higher time frames candles over the 1 min chart, thanks in advance
  • #91
  • Sep 26, 2008 7:15am Sep 26, 2008 7:15am
Quoting Andy B
It's the first hit on google if you look for udaytrading, I'd never heard of it either, I won't post the link otherwise I think I'll get into trouble!

Andy
Thanks, Andy -

Had a look but sorry to say, never seen it. Its not interesting either tbh.

All the best,

regards
daytrading
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  • #92
  • Sep 26, 2008 7:18am Sep 26, 2008 7:18am
Quoting Mapuche
Hi daytrading, do you mind to share the indicator that draw higher time frames candles over the 1 min chart, thanks in advance
Hi daytrading
Not sure if you missed this but if you could post that indicator it would be great, thks.
  • #93
  • Sep 26, 2008 7:21am Sep 26, 2008 7:21am
I will admit to being fairly new to US session and am not sure what the medium news in 10 minutes will bring. So far eur looks good for hl. Jpy looks good also. GBP's last 1 hr candle was not so hot.

News will take it where it takes it of course and current set ups don't mean a thing.
  • #94
  • Sep 26, 2008 7:21am Sep 26, 2008 7:21am
Quoting Mapuche
Hi daytrading, do you mind to share the indicator that draw higher time frames candles over the 1 min chart, thanks in advance
Hi Mapuche,

The indicator is called "Custom Candle" - search in FF thats where its from. Unfortunately, I cannot remember the thread.

regards
daytrading
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  • #95
  • Sep 26, 2008 7:29am Sep 26, 2008 7:29am
Quoting daytrading
Hi Mapuche,

The indicator is called "Custom Candle" - search in FF thats where its from. Unfortunately, I cannot remember the thread.

regards
daytrading
This should be it.
Attached File(s)
File Type: mq4 Copy of Copy of CustomCandle.mq4   8 KB | 1,132 downloads
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  • #96
  • Sep 26, 2008 7:31am Sep 26, 2008 7:31am
Quoting daytrading
This should be it.
Thanks.
  • #97
  • Sep 26, 2008 7:39am Sep 26, 2008 7:39am
Quoting daytrading
This should be it.
Thanks, I only had found the .ex4 file in the forum that canīt make it run on my mt4, or at least I donīt know how
  • #98
  • Sep 26, 2008 7:46am Sep 26, 2008 7:46am
Mmmmh I get nervous of US none reaction to news, patience, unless something grabs me I've had a good day and may just go and watch some tv.
  • #99
  • Sep 26, 2008 8:04am Sep 26, 2008 8:04am
Was looking to sell jpy. The 20 odd pip candle meant price had to go lower to enter, which it didn't so thats a no trade. In turn jpy is now on a higher low. So I'm taking a little break, sick wife calls.
  • #100
  • Sep 26, 2008 8:22am Sep 26, 2008 8:22am
Thank you Vantage for a good conversation.

All the best for your trading.

Have a great weekend.

regards
daytrading
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