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Higher low, lower high system

  • #201
  • Edited Oct 8, 2008 12:43am Oct 7, 2008 3:12am | Edited Oct 8, 2008 12:43am
Quoting Dukeman900
Vintage,

Thanks for posting your system.

I hope you don't mind but I have a few questions. I don't trade using candles and at this stage I would prefer not to start as I have been using bars for years.

1) Do you use the hour chart for every trade and do you wait for the close?

2) Waiting for the hourly bar to close is hard as you think you are missing a lot of the new trend! Will you go early if the 5min is making HH and HL inside the first hourly candle? Or wait until the hourly closes?

3) Does the trade need to have BOTH a HH and a HL brofre you will enter?

4) What do you do if the 5min makes a LL and then a HH and then start doing swing inside this range but the 1min has LH and LL?

5) Do you use the 1min chart only to get a jump on the entry to a 5min setup?

Not new to forex but I'm wanting to nail down what you use for an entry.......must have rules...etc

thanks
1)I don't wait for every hour candle to close. I do want for the 'first' trade either a good reversal candle or a good positive/negative close to give me a sense of direction. Unless of course you have a bounce from an important level (pivot, half/round number) as we did this morning that becomes a counter trend trade (to the hourly candle).
2)I'd like at least one candle on 1hr in or just before my session to give me some sense of direction. There are surprisingly few 'first' trade lh's or hl's that happen without some indication from a 1 hr chart, but once thats happened I'm not waiting for every 1 hr candle following to close.

This morning was a good example see ej 1hr, a hammer marked hmr4 at 137.00 then a higher positive close candle so I'd be thinking buy until it had run a few hundred pips and had lh's at 140.50 and M3.

Every run of note is going to commence with either a good reversal candle or a positive/negative close on 1hr. Once that has happened take every continuation hl/lh until you reach an area where you say hold on wait a mo its run enough I've hit a pivot/round number I've got a lh/hl in opposite direction.

3)Strictly no again from this am the 1st 5 min lh was a trade then did have a LL which confirmed the 2nd trade lh. I'd prefer it to happen to have a HH then HL or LL then LH.
4)Stand aside until its cleared and a direction decided on.
5)I use 1 min when 5 min has had a large candle set up and within that, in the same direction as 5 min set up, (yes it happens and there is a post on this earlier in thread) you see a confirming hl or lh on 1 min. Or if the small stops get hit I use 1 min as a re-entry in direction of original trade. If I have missed a trade and there has been a strong move I will consider a retracement on 1 minute as an opportunity to enter. See post 202 below as a classic example of this.

I hope this is clear if not please shout.
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  • #202
  • Oct 8, 2008 12:25am Oct 8, 2008 12:25am
Ej falling the whole morning, just had a quick drop to 136.15 and around an 80 pip retracement. Sold lh from 1 min. Stop moved to BE.

Big bounce from S1, out at +71.
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  • #203
  • Oct 8, 2008 2:35am Oct 8, 2008 2:35am
Vantage,

thanks for the post.

Yes that has cleared up a few points. Nice trade.

I look forward to using this method to trade with the trend. Can't beat pips in the bank.
  • #204
  • Oct 9, 2008 2:54pm Oct 9, 2008 2:54pm
Been away for most of last 2 days. Sold ej lh on 1 min.
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  • #205
  • Oct 9, 2008 3:06pm Oct 9, 2008 3:06pm
Trailing stop got hit, ej sell round 2. Out +56.
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  • #206
  • Oct 9, 2008 3:28pm Oct 9, 2008 3:28pm
I didn't take the last bounce down but there was another lh sell at 135.66.

Its 10pm here so I'm off, cheers.
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  • #207
  • Oct 9, 2008 3:29pm Oct 9, 2008 3:29pm
Van,

Do you consider this a bounce opportunity for Eur and Gbp?


VBro
  • #208
  • Edited Oct 10, 2008 7:08am Oct 9, 2008 3:39pm | Edited Oct 10, 2008 7:08am
Quoting vbro
Van,

Do you consider this a bounce opportunity for Eur and Gbp?


VBro
Whilst they can both bounce big, when things are this weak I'd be very careful and this is going to sound wierd. Either get in very early or late. What I mean by this e.g. on ej I'd either buy when it has the slightest bounce from its obvious support at 135.35 or I'd be waiting for a substantial reversal and definite higher lows but it may well take another hour or so into Asian session for that to happen and I'll definitely be asleep.

I keep remembering the comment that Asian session doesn't easily go outside US session levels. This would mean that 135.35 should hold and could lead to a decent turnaround. Then again ..................
  • #209
  • Oct 9, 2008 4:07pm Oct 9, 2008 4:07pm
Quoting Vantage
Whilst they can both bounce big, when things are this weak I'd be very careful and this is going to sound wierd. Either get in very early or late. What I mean by this e.g. on ej I'd either either buy when it has the slightest bounce from its obvious support at 135.35 or I'd be waiting for a substantial reversal and definite higher lows but it may well take another hour or so into Asian session for that to happen and I'll definitely be asleep.

I keep remembering the comment that Asian session doesn't easily go outside US session levels. This would mean that 135.35 should hold and could lead to a decent turnaround. Then again ..................
I'll look for it while you zzzzzzzzzzzzzzz.
  • #210
  • Oct 10, 2008 5:39am Oct 10, 2008 5:39am
I had a hl buy at 134.65 stopped out for -17 and a lh sell at 134.20 which I exited at +37 when ej started a big bounce. On a choppy day like this I'm just happy to be up.
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  • #211
  • Oct 14, 2008 6:52am Oct 14, 2008 6:52am
Its been a very frustrating 2 days, was out most of yesterday and this morning I had major connection problems for all 3 accounts that I have.

I hoped this ej pullback would have enough strength to push on. I put in a 15 pip trailing stop which took me out at +6. What can you really expect after a 200 pip run up, silly question, another 200!!
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  • #212
  • Oct 15, 2008 3:45am Oct 15, 2008 3:45am
Hey Vantage,

Just checking in here. I'm still following along every night. I'm starting to get a feel for this. Hope all is well.

Joe
  • #213
  • Oct 15, 2008 5:31am Oct 15, 2008 5:31am
Hi Joe
Been posting a little less as I was either away or had bad connections for last couple of days.

I have been working a lot off 1 min chart of late (thanks Islander) where I just used to focus largely on 1 min for re-entries. Where the 5 and 34 ema's agree the results are pretty good.

Same concepts of hl/lh's but on 1 min chart:

Buy = 34 slopes up, hl's, cross of 5 ema
Sell = 34 slopes down, lh's, cross of 5 ema

These two examples pretty much speak for themselves.
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  • #214
  • Edited 7:46am Oct 15, 2008 7:25am | Edited 7:46am
Quoting Vantage
Hi Joe
Been posting a little less as I was either away or had bad connections for last couple of days.

I have been working a lot off 1 min chart of late (thanks Islander) where I just used to focus largely on 1 min for re-entries. Where the 5 and 34 ema's agree the results are pretty good.

Same concepts of hl/lh's but on 1 min chart:

Buy = 34 slopes up, hl's, cross of 5 ema
Sell = 34 slopes down, lh's, cross of 5 ema

These two examples pretty much speak for themselves.
You're welcome.....nice squeeze between the 170 ema and the R1 level on my 1 min cable chart - IF it breaks down it will do my short off the break of the 34 and 550 levels a heap of good http://www.forexfactory.com/images/icons/icon10.gif

Edit: Price bounced off the MR 1 level - out on stop at the 34 ema...
Trading Levels with WRBs
  • #215
  • Oct 15, 2008 3:16pm Oct 15, 2008 3:16pm
Quoting Vantage
Where the 5 and 34 ema's agree the results are pretty good.
Hi Van,

Are you still using the 3 shift on the 5ema? And 0 shift on the 34ema?

And are you still using the same SLs and TPs?

Cheers,

Dion
  • #216
  • Oct 15, 2008 4:06pm Oct 15, 2008 4:06pm
Quoting vbro
Hi Van,

Are you still using the 3 shift on the 5ema? And 0 shift on the 34ema?

And are you still using the same SLs and TPs?

Cheers,

Dion
Yes same ema's and stops, tp's.
Cheers.
  • #217
  • Edited 4:32pm Oct 15, 2008 4:10pm | Edited 4:32pm
Sold lh jp stop moved to 134.69 we need to move on from 134.50.

Really struggling with 134.20 so I've put on a 15 pip trailing stop. TS kicked in out +70.
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  • #218
  • Oct 17, 2008 3:05am Oct 17, 2008 3:05am
[quote][Same concepts of hl/lh's but on 1 min chart:

Buy = 34 slopes up, hl's, cross of 5 ema
Sell = 34 slopes down, lh's, cross of 5 ema
/QUOTE]

So you not looking so much for 1 hr and 5 min confirmation? Just HL/LH on the 1 min same trigger on a close above below the 5 ema but only when the 5 ema is on the same side of the 34 ema as the signal for confirmation?

If I have this right I really love it. Not that my opinion counts yet since you’re the one ripping off positive pips every night. I've been focusing on the Euro while I learn this style of trading. It’s been pretty sideways for a while so the HL/LH on the one hour hasn’t had as much significance. 34 for trend and 5 for signal on the 1 min would give more opportunity.
  • #219
  • Oct 17, 2008 4:00am Oct 17, 2008 4:00am
[quote=nutmg12;2286783]
Quote
[Same concepts of hl/lh's but on 1 min chart:

Buy = 34 slopes up, hl's, cross of 5 ema
Sell = 34 slopes down, lh's, cross of 5 ema
/QUOTE]

So you not looking so much for 1 hr and 5 min confirmation? Just HL/LH on the 1 min same trigger on a close above below the 5 ema but only when the 5 ema is on the same side of the 34 ema as the signal for confirmation?

If I have this right I really love it. Not that my opinion counts yet since you’re the one ripping off positive pips every night. I've been focusing on the Euro while I learn this style of trading. It’s been pretty sideways for a while so the HL/LH on the one hour hasn’t had as much significance. 34 for trend and 5 for signal on the 1 min would give more opportunity.

Hi nutmg12
Its not that the 1 hr and 5 min are gone, far from it, I think its been one of those timing issues that when I've got in front of the computer the trend has been set and it has been an issue of focusing on the 1 min for what are effectively the re-entry trades from the original system.

I was in earlier when the market was quiet then had to leave so I haven't taken these trades but the example of the system is perfect (I'll be out again as soon as I've finished this post so will probably only trade again Monday).

OK ej 1 hr prior to 8am on this chart ej tried to move up, the 8 am candle is solid down and the 9 am candle has a lower close after failing in an attempt to go higher. So 1 hr is telling sell.

5 min has a lh at 10.20.

1 min breaks below 136.50 in 10.27 candle, thats the first sell. Everything is lining up. If you had opened up your computer at this time or just after (there are 2 further sell chances with down arrows on 1 min) you'd be focusing on 1 minute, the 5 min candles can just move too much if you are looking to take advantage of continuations in the move.

I suspect that you will have very few trades on 1 min when you have a good angle up or down on 34 ema that hasn't had a confirming 1 hr candle first.

Cheers.
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  • #220
  • Oct 17, 2008 6:21am Oct 17, 2008 6:21am
[quote=nutmg12;2286783]
Quote
[Same concepts of hl/lh's but on 1 min chart:

Buy = 34 slopes up, hl's, cross of 5 ema
Sell = 34 slopes down, lh's, cross of 5 ema
/QUOTE]

So you not looking so much for 1 hr and 5 min confirmation? Just HL/LH on the 1 min same trigger on a close above below the 5 ema but only when the 5 ema is on the same side of the 34 ema as the signal for confirmation?

If I have this right I really love it. Not that my opinion counts yet since you’re the one ripping off positive pips every night. I've been focusing on the Euro while I learn this style of trading. It’s been pretty sideways for a while so the HL/LH on the one hour hasn’t had as much significance. 34 for trend and 5 for signal on the 1 min would give more opportunity.

Looks like I chose the wrong morning to have to go out.

If you're looking for the perfect example of 5 min lh's. The eu 1 hr has a spinning top followed by an inverted hammer at 9am. So from its close at 10 you'd be thinking down. Three perfect lh's starting at 10.30 on 5 min chart.
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