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Higher low, lower high system

  • #121
  • Sep 30, 2008 1:31am Sep 30, 2008 1:31am
I had this set up for a sell after a shooting star on 1 hr. The last 5 min candle opened slightly higher and carried on going up. As price didn't go just below the set up 5 min candle a losing trade was averted.

The same chart shows 3 very nice higher lows for those that trade asian session.
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Click to Enlarge Name: jpy 5 min 2.gif Size: 12 KB
  • #122
  • Sep 30, 2008 1:55am Sep 30, 2008 1:55am
Jpy rejected 150.25 the top of last hl, because of the rapid move up the ema could not catch up. One of those decisions, looking to sell but the ema was still some way off. The strong rejection of 150.25 gave me belief that we were in for a fall. So I entered the 'same price 150.25' lh when the next candle closed and price went just below 150.

The 5 ema is a guide (a good one for me) but like all rules they can be broken/bent if what you see makes good common sense to you.

I exited when 149.50 struggled to hold for 36 pips.

Looks like we're in for a roller coaster day.
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Click to Enlarge Name: jpy 5 min 3.gif Size: 12 KB
  • #123
  • Sep 30, 2008 2:44am Sep 30, 2008 2:44am
I didn't trade the hl's on eur and gbp due to the level of volatility that came in.

On a typical trade I will look for the extreme of the 5 min to be broken for the final confirmation.

Another option is to look at the 1 min for hl's, lh's as an entry. Gbp's big move up for a hl is shown on 5 min but this would have been stopped out. The 1 min shows options for hl trades.

From here I'm most likely wait until eur news in 10 mins and UK news in 45 mins before trading further.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbp 1 min.gif Size: 8 KB
  • #124
  • Sep 30, 2008 3:07am Sep 30, 2008 3:07am
I have thanked him on the thread http://www.forexfactory.com/showthread.php?t=98028 and have mentioned this thread before. If you've noticed the yellow ema that has crept into my 5 min charts its the 34 ema that Islander has been using to great effect.

It seems to compliment very nicely some lh's and hl's and where the 34 and 5 ema meet it really does appear to work well.
  • #125
  • Sep 30, 2008 4:15am Sep 30, 2008 4:15am
Took a while for this one to set up. Whilst the hourly candle was a positive close the pivot and 1.81 held. The lh candle low did get broken for a sell.
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Attached Image
  • #126
  • Sep 30, 2008 4:42am Sep 30, 2008 4:42am
Quoting Vantage
Took a while for this one to set up. Whilst the hourly candle was a positive close the pivot and 1.81 held. The lh candle low did get broken for a sell.
1.8032 held so I'm out.

As I've hit my 40% profit target for the month I'll probably take a break for the afternoon, cheers.
  • #127
  • Sep 30, 2008 5:12am Sep 30, 2008 5:12am
Quoting Vantage
1.8032 held so I'm out.

As I've hit my 40% profit target for the month I'll probably take a break for the afternoon, cheers.
A great result and a well deserved afternoon off . Thanks for your continued posting.
  • #128
  • Sep 30, 2008 5:56am Sep 30, 2008 5:56am
Quoting ChowClown
A great result and a well deserved afternoon off . Thanks for your continued posting.
Thankyou, its a pleasure.

Just got back from picking my mom up, some more charts and thoughts on whats happened whilst I was out.

Jpy was making higher highs so the move down from 151.30 would not have been a trade on this system. The very last move up from 150.40 was a hl.

Gbp had a lh from the move down from 1.8083 which was good for at least 40 pips.

Eur had a hl around 1.4364 and then a lh at 1.4387.

Gbp would have been the best option.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: jpy 5 min.gif Size: 9 KB
Click to Enlarge Name: gbp 5.gif Size: 11 KB
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  • #129
  • Sep 30, 2008 8:14am Sep 30, 2008 8:14am
Vantage,,,

I am trying to sharpen my skill via naked trading too...with HH and HL too
and I trade mostly EJ...

Keep those update coming...

Sonic
  • #130
  • Sep 30, 2008 11:02am Sep 30, 2008 11:02am
Quoting sonicdeejay
Vantage,,,

I am trying to sharpen my skill via naked trading too...with HH and HL too
and I trade mostly EJ...

Keep those update coming...

Sonic
Hi Sonic
I've been on a lot of threads where I've seen you around, you're most welcome here. I hope this may be of help.

What an afternoon to have chosen to take a break, thank goodness theres more trades coming tomorrow!!
  • #131
  • Edited 6:29am Oct 1, 2008 1:18am | Edited 6:29am
Eur set up for a sell with 3rd lh, thankfully after the 5 min set up candle the next one opened higher and just carried on going up, so no trade. Just as well local time is 8 am and we are very wary of 3rd move by 8 am (2am est). Can't explain it other than its not worked out a few times. Maybe its Frankfurt open doing its thing.
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  • #132
  • Edited 5:44am Oct 1, 2008 4:57am | Edited 5:44am
Vantage,
Thanks for all of your work on this thread. Ironically I stumbled on to trading this style about a week before I found this thread. I was mostly following the reversal candles on the 5 min, watching the tails and drawing mini trend lines. You gave me triggers with the 5 ema and MTF confirmation with the 1 hour. I am interested in your comments on trading stricktly the HL/LH on the 5 minute charts without the one hour.

It’s been a pretty busy week here with the end of fall and the entire garden and grapes being ready for harvest. I hope to be spending most nights up trading with you in the near future.

(Your first post is usually about 12:30 am here in Denver Colorado) I head off to work about 5 am so with a small adjustment to my sleeping schedule I should be able to pull it off.

In what do you think about the price action last night? I followed through the Asian session and found that the Candles that actually moved the market were mostly big and there were erratic mini trends but drifting in a bigger channel, nothing substantial.

Is this a night where you hang on take profit fast and try to take smaller profits and eak out your pips? Would this be a night where instead of looking at the hour for trend confirmation you trade any HL, LH and keep your finger on the trigger to close out for smaller gains?
  • #133
  • Edited 6:12am Oct 1, 2008 5:55am | Edited 6:12am
Quoting nutmg12
Vantage,
Thanks for all of your work on this thread. Ironically I stumbled on to trading this style about a week before I found this thread. It’s been a pretty busy week here with the end of fall and the entire garden being ready for harvest. I hope to be spending most nights up trading with you in the near future.

(Your first post is usually about 12:30 am here in DenverColorado) I head off to work about 5:30 am so with a small adjustment to my sleeping schedule I should be able to pull it off.

In any case what do you think about the price action last night? I followed through the Asian session and found that the Candles that actually moved the market were mostly big and there were erratic mini trends but nothing substantial. Is this a night where you hang on take profit fast and try to take smaller profits and eak out your pips?
A pleasure, welcome aboard. Please also look at Islanders posts on the thread I mentioned a few posts back.

I rarely trade Asian session only under bouts of extreme insomnia so this is armchair quarterbacking.

Euro.
After the dramatic fall to just above 1.40 there was a 100 pip bounce and eur could then only fall back to 1.4050. So any higher lows after that proved good opportunities to buy. As indicated by the 3 up arrows.

Whilst these are not monster trades, certainly compared to the US fall, if you are working and fit in 2 or 3 20 pip trades before you go to work (yes I take my hat off to you and anyone else that does this) then you will certainly make good money at low risk with this system.

I understand the Asian session is unlikely to break the US session highs lows. That should be remembered, especially considering the bounce after big falls.

Other posts coming for gbp and jpy.
Attached Image (click to enlarge)
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  • #134
  • Edited 8:51am Oct 1, 2008 6:10am | Edited 8:51am
Quoting nutmg12
Vantage,
I am interested in your comments on trading stricktly the HL/LH on the 5 minute charts without the one hour.

In what do you think about the price action last night? I followed through the Asian session and found that the Candles that actually moved the market were mostly big and there were erratic mini trends but drifting in a bigger channel, nothing substantial.

Is this a night where you hang on take profit fast and try to take smaller profits and eak out your pips? Would this be a night where instead of looking at the hour for trend confirmation you trade any HL, LH and keep your finger on the trigger to close out for smaller gains?
Once you have got a direction I'll generally trade every hl/lh until it fails. Gbp gave a couple of signals as marked by the up arrows. Virtually no pullback it looks like once entered. So Eur and Gbp gave good trades in the Asian session.

The 1st trade after spread looks like it would have had 55 odd pips at best, I'm sure I'd have been out anywhere from 40-45 pips if I had 55 at best. The 2nd trade I'm sure I'd have exited very close to 1.7850 at the first hint of a pullback for around 30 odd pips.

Again as I understand the Asian session, its unlikely to get to a point in 1 direction non-stop, ie you will have hl's/lh's along the way. So take your profits as you go. Just trading gbp on this basis you could have banked 70-80 pips, again I have to say at very low risk with size of stops.

This is perhaps the difference between Asian session where good moves happen but not it seems to rival UK and US when they're on a tear, so grab what you can at pivots and round/half numbers.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp asian.gif Size: 12 KB
  • #135
  • Oct 1, 2008 6:15am Oct 1, 2008 6:15am
Quoting nutmg12
Vantage,

In what do you think about the price action last night? I followed through the Asian session and found that the Candles that actually moved the market were mostly big and there were erratic mini trends but drifting in a bigger channel, nothing substantial.
Jpy was erratic, when its like this I'll steer clear and concerntrate on eur and gbp which showed smooth hl's.
Attached Image (click to enlarge)
Click to Enlarge Name: jpy asian.gif Size: 10 KB
  • #136
  • Edited 8:19am Oct 1, 2008 6:26am | Edited 8:19am
After my first post this am I had visitors and had to help a friend out so US session will be my first chance to trade.

The UK session seems to have had a couple of good opportunities for Eur in particular. Just showing as examples.
Attached Image (click to enlarge)
Click to Enlarge Name: eur uk.gif Size: 10 KB
  • #137
  • Oct 1, 2008 8:07am Oct 1, 2008 8:07am
Eur and gbp had similar lh's. I chose eur which is struggling and gbp so far has had a good move down.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 11 KB
Click to Enlarge Name: eur.gif Size: 9 KB
  • #138
  • Oct 1, 2008 8:16am Oct 1, 2008 8:16am
Quoting Vantage
Eur and gbp had similar lh's. I chose eur which is struggling and gbp so far has had a good move down.
Ok out at 24 pips.
  • #139
  • Oct 1, 2008 8:24am Oct 1, 2008 8:24am
Quoting Vantage
Ok out at 24 pips.
My eagerness for a win after missing trading this morning caused me to exit a little early, 24 pips is 24 pips however but me thinks I have to write 100 times - 'don't exit trades too early', I'll work on it.
  • #140
  • Oct 1, 2008 8:27am Oct 1, 2008 8:27am
I wasn't looking at jpy but it also had a perfect lh set up.
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