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Higher low, lower high system

  • #241
  • Oct 28, 2008 11:13am Oct 28, 2008 11:13am
Quoting Vantage
Well done, I'm grinning like a cheshire cat over here , this applause man is working overtime this afternoon. Feel free to post charts also.

Cheers.
...just took +20 on the last long setup - a great strat to keep busy with when things are quiet elsewhere on the longer TFs.

Might get another bite long later.

Thanks Vantage

Edit:..pls excuse the mess on the chart - have auto hrly trendline in place.
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  • #242
  • Oct 28, 2008 11:19am Oct 28, 2008 11:19am
Quoting ChowClown
...just took +20 on the last long setup - a great strat to keep busy with when things are quiet elsewhere on the longer TFs.

Might get another bite long later.

Thanks Vantage
Nice one . Good luck with trades later on.

Normally I'm long gone by now its dinner time here. Come back any time and chuck in some charts if you feel like it.

Cheers.

PS Don't worry about how charts look you set up how you want it.
  • #243
  • Oct 28, 2008 1:31pm Oct 28, 2008 1:31pm
Vantage,

You often refer to being requoted (always negatively, I think) - I'm wondering why you accept this ?

I use IB's IDEALPRO as my primary fx broker and I've never had a requote; I use TradeStation for scalping futures only (BP, EC & JY) - TS8 is free, excluding rt exchange fees, if you do 10 or more futures contracts per month, and I've never had a requote for futures. However, I absolutely do NOT trade cash fx via TradeStation. They use GAIN and I found their service terrible compared with IB : getting stopped out with GAIN on huge spikes/spread widening, whereas the same trade in IDEALPRO didn't come close. Btw, I've had accounts with both for almost 10 years.

It's a pity that only EC has enough volume to scalp more than 2 or 3 contracts, as CME Futures are far preferable to cash fx imho - 1 tick spreads most of the time and good fills. BP is great for "staying focussed 2 contract scalping" during the London session (but BP spreads widen by the US afternoon). As I slowly increase my position size, I have been surprised that sometimes a trade that would easily fill 3 x EC ($375k), will not so easily / instantly fill 3 cash lots ($300k), but I presume this is a function of the interbank market versus a single, regulated exchange. I mention this because my goal is to crank up to 10 - 20 lots, and I'm wondering if you or any other traders have experience of fills at this size ? In theory, the majors should have no problem at all, but I begin to wonder if in reality one has to accept an extra pip or two slippage... not really an issue trading 4hr charts, but much more so off 5min entries (I use mainly 89 tick entries, which typically varies from 1 to 5 mins bars).

J.
  • #244
  • Oct 29, 2008 12:30am Oct 29, 2008 12:30am
Quoting jtrade
Vantage,

You often refer to being requoted (always negatively, I think) - I'm wondering why you accept this ?

I use IB's IDEALPRO as my primary fx broker and I've never had a requote; I use TradeStation for scalping futures only (BP, EC & JY) - TS8 is free, excluding rt exchange fees, if you do 10 or more futures contracts per month, and I've never had a requote for futures. However, I absolutely do NOT trade cash fx via TradeStation. They use GAIN and I found their service terrible compared with IB : getting stopped out with GAIN on huge spikes/spread widening, whereas the same trade in IDEALPRO didn't come close. Btw, I've had accounts with both for almost 10 years.

It's a pity that only EC has enough volume to scalp more than 2 or 3 contracts, as CME Futures are far preferable to cash fx imho - 1 tick spreads most of the time and good fills. BP is great for \"staying focussed 2 contract scalping\" during the London session (but BP spreads widen by the US afternoon). As I slowly increase my position size, I have been surprised that sometimes a trade that would easily fill 3 x EC ($375k), will not so easily / instantly fill 3 cash lots ($300k), but I presume this is a function of the interbank market versus a single, regulated exchange. I mention this because my goal is to crank up to 10 - 20 lots, and I'm wondering if you or any other traders have experience of fills at this size ? In theory, the majors should have no problem at all, but I begin to wonder if in reality one has to accept an extra pip or two slippage... not really an issue trading 4hr charts, but much more so off 5min entries (I use mainly 89 tick entries, which typically varies from 1 to 5 mins bars).

J.
Yes thanks, I've look at IB and also MB Trading. I also want to get beyond 10 lots not there yet so I don't know what fills will be like at that level. Lots to think about.
  • #245
  • Oct 29, 2008 12:37am Oct 29, 2008 12:37am
Did a ej sell an hour or two back for +24 and followed that up with the most moronic trade for -19.

Went for a run and missed the big ej fall from 123.00.

I did get a lh sell at 122.37, ts got hit for +30, re-entered lh sell at 121.85 for +33.
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  • #246
  • Oct 29, 2008 2:57am Oct 29, 2008 2:57am
Had two lh sells on gu, the last arrow on right I missed. 100 pips up for the day, I'm very happy obviously.
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  • #247
  • Oct 29, 2008 3:53am Oct 29, 2008 3:53am
Quoting Vantage
Had two lh sells on gu, the last arrow on right I missed. 100 pips up for the day, I'm very happy obviously.
'Morning, Vantage, would you please show me your exact entries on the chart above (just setting up a "Vantage scalp chart" !). Do you use stop limits to enter or just send a market order as soon as the trigger is there ?
  • #248
  • Oct 29, 2008 3:55am Oct 29, 2008 3:55am
Bought gu hl after 160 broken up and retested. Buy at 160.14 ts out at +25.
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  • #249
  • Oct 29, 2008 4:19am Oct 29, 2008 4:19am
Quoting Vantage
Bought gu hl after 160 broken up and retested. Buy at 160.14 ts out at +25.
To be more precise with my question : after the 160 retest and the HL that followed, do you then simply enter via a market order or are you looking to enter at a specific price ? I'm asking because it looks like the open of the bar after the HL bar was around 1.6009 (my TS8 chart looks a little different, even with 1 min candles), ie. about 5 pips slippage / spread.
  • #250
  • Oct 29, 2008 4:20am Oct 29, 2008 4:20am
Quoting jtrade
'Morning, Vantage, would you please show me your exact entries on the chart above (just setting up a \"Vantage scalp chart\" !). Do you use stop limits to enter or just send a market order as soon as the trigger is there ?
Just market orders, I know I have to look at using buy and sell limit orders.

When a hl/lh is close to a half/even number I'll sometimes take it as it breaks 2-4 pips the other side. If price has looked like its moving cleanly. If its been choppy I'll wait for a retest. Sometimes it works well and of course sometimes it just sails through and runs on 100 pips (as has happened once this morning, ce la vie) and you miss it.

On the first sell you mentioned I wanted in close to 1.6139 being the bottom of the lh, it was choppy so I let it test 1.6150. As soon as it breaks a pip or 2 below that the previous low i.e. 1.6139 I regard that as my lh confirmation. I actually got in at 1.6135. I do have max deviation 4 enabled.

The 2nd trade lh was 1.6119, because of the lacklustre price movements we will sometimes wait for either a closed candle or a 4-5 pip move beyond the entry level. We got in at 1.6110.

Again sorry if this is vague unlike some that say your system must be totally robotic we are quite happy to have a little human intervention and use of the gray matter. Sometimes it works sometimes it doesn't as we definitely miss some trades as we're waiting for a 1 min candle to close and it just moves too far for a reasonable RR ratio entry i.e. the stop would be getting to 25 pips and up.
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  • #251
  • Oct 29, 2008 4:27am Oct 29, 2008 4:27am
Quoting jtrade
To be more precise with my question : after the 160 retest and the HL that followed, do you then simply enter via a market order or are you looking to enter at a specific price ? I'm asking because it looks like the open of the bar after the HL bar was around 1.6009 (my TS8 chart looks a little different, even with 1 min candles), ie. about 5 pips slippage / spread.
From post 248.

My 11.36 1 min candle after the 1.60 retest closed at 1.6006, we bought a few pips above that i.e. 1.6110 i.e. 1.6114 after spread. Again I do have the 4 pip max dev enabled so I could have pressed the button before 1.6110. I'm looking for that pip or two movement beyond the entry point as my confirmation.

I hope this helps.

NB. There are (lots of) other traders that are (much) better at entries and exits than me and I readily admit that. Once you have the idea about this general way of trading you can have your own methods of entry and profit targets.
  • #252
  • Oct 29, 2008 4:29am Oct 29, 2008 4:29am
Not a vague reply at all, thanks !

Very helpful and clear.



PS. The most successful trader I have ever come across used to tell me that on the one hand you should never miss a trade because of insisting on an exact price, refusing to give even 1 pip "space", but on the other hand saving 1 pip per contract or lot can really add up at the end of the month. For example, I am trying to reduce my trades : I'd be happy to make just 3 trades per day (per morning, if possible), so 60 trades per month. 1 pip saved on both entry and exit would be 120 pips; with my present 3 lot size that's $3600 per month, $36k / year (I take 2 months vacation...). Worth considering...
  • #253
  • Oct 29, 2008 4:46am Oct 29, 2008 4:46am
Quoting jtrade
Not a vague reply at all, thanks !

Very helpful and clear.



PS. The most successful trader I have ever come across used to tell me that on the one hand you should never miss a trade because of insisting on an exact price, refusing to give even 1 pip \"space\", but on the other hand saving 1 pip per contract or lot can really add up at the end of the month. For example, I am trying to reduce my trades : I'd be happy to make just 3 trades per day (per morning, if possible), so 60 trades per month. 1 pip saved on both entry and exit would be 120 pips; with my present 3 lot size that's $3600 per month, $36k / year (I take 2 months vacation...). Worth considering...
I hear you, however I've been down that road and just try to focus on what has been done positive pips in the bank as opposed to looking at what was missed out on.

Truth be told we missed out on a 100 pip trade this am and as much yesterday from memory. As we are 500 pips up in the last week its NO use even trying to think about what was missed out on. Especially as I'm pretty sure every day I trade there'll be 1, 2, 3 whatever trades that should have (could have, would have) been taken and wasn't.

The only thing you can try and do is see where you missed out and try not to repeat those errors too often in future.

Sorry I'll climb off the soap box now.
  • #254
  • Oct 29, 2008 5:02am Oct 29, 2008 5:02am
Quoting Vantage
As we are 500 pips up in the last week its NO use even trying to think about what was missed out on.
Amen to that.

  • #255
  • Oct 29, 2008 4:07pm Oct 29, 2008 4:07pm
Bought ej hl. Struggling now at the days highs so I've put on a 15 pip ts.

Taken out at +66.
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  • #256
  • Oct 29, 2008 10:36pm Oct 29, 2008 10:36pm
Sold lh 130.13 out at 129.29.
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  • #257
  • Oct 29, 2008 11:05pm Oct 29, 2008 11:05pm
Bought this hl. TS kicked in for +43.
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  • #258
  • Oct 30, 2008 4:08am Oct 30, 2008 4:08am
... here's an EC trade I took this morning. I'm experimenting with some indicators as you can see; the Paint Bar colours the candle above / below the 5 ema, except for the current bar, which paints normally until it closes. I haven't yet recoded to allow for the displacement of the 5ema, but it's very close.

Trade was -1.3185 +1.3175 +1.3154 on a 20 tick trailing stop (ticks not pips as it's a futures contract). Missed a great short whilst taking the Beloved to the train station just now...

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  • #259
  • Oct 30, 2008 4:14am Oct 30, 2008 4:14am
Quoting jtrade
... here's an EC trade I took this morning. I'm experimenting with some indicators as you can see; the Paint Bar colours the candle above / below the 5 ema, except for the current bar, which paints normally until it closes. I haven't yet recoded to allow for the displacement of the 5ema, but it's very close.

Trade was -1.3185 +1.3175 +1.3154 on a 20 tick trailing stop (ticks not pips as it's a futures contract). Missed a great short whilst taking the Beloved to the train station just now...

Looking good.
  • #260
  • Oct 30, 2008 4:31am Oct 30, 2008 4:31am
Thanks, Vanatge - since posting the chart, I've stripped off the DiNapoli stochastic and regular RSI; still have the StepRSI though... it's the one indicator I really like - kind of multi-purpose...

... short 1.3093, currently +1.3083, balance at +20... hoping the trade will fall into German news in 25mins...

out at +1.3053 (my OSO order is automatically sent at +40, forgot to lower it while looking for resistance...oops)
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