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Higher low, lower high system

  • #261
  • Oct 30, 2008 4:45am Oct 30, 2008 4:45am
Quoting jtrade
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)
Nice.

I took the ej lh which happened at the same time for +46.

Would you mind posting the step rsi indicator I'd like to have a look. Whilst I'm trying to stick to trading naked I can't resist looking at a new indicator.

Cheers.

Oh yes so far eu has hardly moved up but ej has had a big retracement but we are still on for lh's.
  • #262
  • Oct 30, 2008 4:55am Oct 30, 2008 4:55am
Quoting Vantage
Nice.

Oh yes so far eu has hardly moved up but ej has had a big retracement but we are still on for lh's.
I didn't take the re-entry here. If eu breaks below 1.3055 I may get tempted or just wait an hour or so until the early US kicks in.

Eu did break below but i missed the ej trade and now its moved too much so I'll need to hang on a while.
Attached Image (click to enlarge)
Click to Enlarge Name: ej a.gif Size: 8 KB
  • #263
  • Oct 30, 2008 5:06am Oct 30, 2008 5:06am
Quoting Vantage
I didn't take the re-entry here. If eu breaks below 1.3055 I may get tempted or just wait an hour or so until the early US kicks in.

Eu did break below but i missed the ej trade and now its moved too much so I'll need to hang on a while.

Good morning Vantage,

Just read your kind comments to my first post on your excellent thread, much appreciated thank you, I dont get the chance to watch the charts too much these days as I currently have recently gone back into full time employment

Also just caught up reading the latest postings, Im pleased people are trading well here

Just a thought so please dont asume I am trying to change your nice style of trading but......

Have you tried deleting the 5 ema and trailing your entries utilising the 34 ema?

Looking through the established trends I tend to think it would work to our advantage.

Please let me know your thoughts.


Tske care and trade well,

Doubletop.
  • #264
  • Oct 30, 2008 5:22am Oct 30, 2008 5:22am
Quoting Vantage
Nice.
Would you mind posting the step rsi indicator I'd like to have a look.
I only have it in EasyLanguage for TradeStation. It's one of igorad's indicators; he's an excellent Ukrainian programmer, and it might not be one that he posts publicy (he has a Yahoo group called Trend Laboratory which costs $100 to join but which offers loads of TS and MT4 files). I'll check out the forum where I found him and see if it's posted there...

Btw, as you may know, the principle of the step indicators is to set the step such that as much noise as possible is filtered out. There's StepMA, StepSto etc etc.
  • #265
  • Oct 30, 2008 5:30am Oct 30, 2008 5:30am
Quoting doubletop
Good morning Vantage,
Just a thought so please dont asume I am trying to change your nice style of trading but......

Have you tried deleting the 5 ema and trailing your entries utilising the 34 ema?

Looking through the established trends I tend to think it would work to our advantage.

Please let me know your thoughts.


Tske care and trade well,

Doubletop.
No problem. I got trades in this morning in and around these points with entries from 1 min chart. I'm pretty happy with the 5 ema 3 shift. Often there are very good lh entries that don't get close enough to the 34 ema but work well off the 5. Of course when the 5 and 34 are close they work very well.

I also like the chance to have more trades rather than fewer especially as I target round numbers and pivots for exits. I'm also well above the magic 20 pips a day needed for that 40% return. So for now I'll stick to whats working.

In time to come if I can shake my scalping nature (although I don't know if this is still true when you look at pips that are being achieved) I'll try going for longer runs, I've never gotten that right in all attempts thus far.

I've come to the conclusion that you have to stick to what works for you. If you can do consistently a net gain of 20 pips per day you'll get to 40% PER MONTH return. No-one can realistically wish for more than that.

If using the 34 ema works best for you then thats what you go for.

Cheers.
Attached Image (click to enlarge)
Click to Enlarge Name: ej 5 min.gif Size: 10 KB
  • #266
  • Oct 30, 2008 5:31am Oct 30, 2008 5:31am
I think it's this...

NB. I haven't seen anyone else using the same settings as me, so you will need to tweak.

PS. I do have a copy of MT4 on my trading computer, but its motherboard failed last weekend and my pc builder cannot find a replacement (it's only 6 months old). As I'm using Vista64 and the latest Asus board is not backwards compatible, the replacement is causing me a major headache. Strangely, being forced to trade your simple method on a slower, older computer with a single 17" monitor has been very beneficial... a silver lining indeed.
Attached File(s)
File Type: mq4 StepRSI_v2 with Alert.mq4   6 KB | 705 downloads
  • #267
  • Oct 30, 2008 5:34am Oct 30, 2008 5:34am
Quoting jtrade
I only have it in EasyLanguage for TradeStation. It's one of igorad's indicators; he's an excellent Ukrainian programmer, and it might not be one that he posts publicy (he has a Yahoo group called Trend Laboratory which costs $100 to join but which offers loads of TS and MT4 files). I'll check out the forum where I found him and see if it's posted there...

Btw, as you may know, the principle of the step indicators is to set the step such that as much noise as possible is filtered out. There's StepMA, StepSto etc etc.
Thanks but if its not freely available somewhere then not to worry, I wouldn't want to be stealing from his hard work. If its freely available thats another story ...............

Oh wow I see you got it already , thanks so much.
  • #268
  • Oct 30, 2008 5:47am Oct 30, 2008 5:47am
Quoting jtrade
I think it's this...

NB. I haven't seen anyone else using the same settings as me, so you will need to tweak.

PS. I do have a copy of MT4 on my trading computer, but its motherboard failed last weekend and my pc builder cannot find a replacement (it's only 6 months old). As I'm using Vista64 and the latest Asus board is not backwards compatible, the replacement is causing me a major headache. Strangely, being forced to trade your simple method on a slower, older computer with a single 17\" monitor has been very beneficial... a silver lining indeed.
Thanks I'll play around with the step rsi.

Glad to have been of help in view of the computer problems.
  • #269
  • Oct 30, 2008 8:52am Oct 30, 2008 8:52am
Here is a trade I took this morning off of the one hour 8:00 am NY time candle. It closed with a lower low than the 7:00 am candle so I was looking to go short. The 7:10 candle closed below the 5 ema. I went short and got my 20 pips. Thanks Vantage.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2008-10-30 1 hour.png Size: 43 KB
Click to Enlarge Name: 2008-10-30 5 minute.png Size: 46 KB
  • #270
  • Edited 9:02am Oct 30, 2008 8:53am | Edited 9:02am
I was asked a couple of questions in a pm so I'll do my best to clarify.

In time to come you may wish to trade all hl's, lh's without having an hourly set up candle. Whats the difference between waiting for a set up candle and taking every hl/lh. As simply as my reasoning goes you'll miss some trades waiting for a set up candle but when the trades happen you'll have a high % win rate.

If you look at the attached 1 hr chart, the highlighted red candle is 11am.

The 10 am candle was the first candle that that had a strong higher close outside the choppy range. If you look at the previous hourly candles and then go to the 5 min chart after each close its a struggle to find anything decent.

Anyway the 10 am candle that ended up having a higher close at the blue pivot R2. Look at the 5 min chart after 10.55. Prices have broken below the previous hl at 129.92, the level marked A. As soon as prices break below the previous hl level then all bets are off at least in the current cycle for buys.

That hour then didn't see a trade with a 1 hr set up.

So we wait for the 11am candle to close. It closes lower below M4. OK so now we are looking to sell the next lh from the 5 min chart. The last lower high remains 129.92 marked A, so any price move up that stays below this level is OK for a lh sell. Price falls, then retraces to 129.31 line B. This lh is confirmed with the close of the red candle below 129.31 marked with the arrow. Its a lh sell at the open of the next candle around 128.94. Price fell 60 pips enough to exit with a good profit.

I hope this is clear.
Attached Image (click to enlarge)
Click to Enlarge Name: ej 5 min 2.gif Size: 20 KB
Attached Image
  • #271
  • Oct 30, 2008 8:57am Oct 30, 2008 8:57am
In the trade I posted I said the 7:10 cnadle when it was really the 9:10 am candle. I live in mountain time zone and I was trying to be helpful by posting my times in NY time which everyone knows and miseed this one. I traded the GBP/USD.
  • #272
  • Oct 30, 2008 8:58am Oct 30, 2008 8:58am
Quoting volcano
Here is a trade I took this morning off of the one hour 8:00 am NY time candle. It closed with a lower low than the 7:00 am candle so I was looking to go short. The 7:10 candle closed below the 5 ema. I went short and got my 20 pips. Thanks Vantage.
Lovely trade, great example.
  • #273
  • Oct 30, 2008 9:08am Oct 30, 2008 9:08am
In the previous example price moved after I typed and before I saved the 5 min chart, so if you were looking please refresh the page as the comments won't have lined up with where they should.
  • #274
  • Oct 30, 2008 9:57am Oct 30, 2008 9:57am
thanks alot vantage
reagrds
  • #275
  • Oct 30, 2008 10:39am Oct 30, 2008 10:39am
hi vantage
is it enough to do like volcano , having a bar on 1 h chart closing lowest the than previous candle . and we switch to m5 to find a candle with lowest high under the 5 ema to go short the next one ?
thanks
imad
  • #276
  • Oct 31, 2008 2:00am Oct 31, 2008 2:00am
After massive volatility due to the BOJ interest rate cut ej settled down nicely. Good angle down on the yellow 34 ema with lots of opportunities to sell each retracement and close below the white 5 ema.

I've done several trades for around 170 pips this morning.
Attached Image
  • #277
  • Oct 31, 2008 2:19am Oct 31, 2008 2:19am
Quoting imad
hi vantage
is it enough to do like volcano , having a bar on 1 h chart closing lowest the than previous candle . and we switch to m5 to find a candle with lowest high under the 5 ema to go short the next one ?
thanks
imad
On 1 hr chart set up candles. The pattern recognition indicator in the first post will give you most of these. The indicator has audible alerts so most reversal patterns will give you a warning that a set up may happen. It doesn't alert spinning tops though (a doji with a bit of a body). Have a look around for websites that have info on candlesticks.

For sell set ups, either a lower close or one of the reversal candles typically seen at the end of a run up.

For buys, either a higher close or one of the reversal candles typically seen at the end of a run down.

IF you struggle with candlesticks (and I hate to even mention this on a naked trading thread) put something like stochastics 8,3,3 on the hourly chart and look for 5 min hl's/lh's in direction of stoch crossings.

OR just wait for 1 min 34 ema to show good angle down and look for sells as per the last chart I put up, good angle up on 34 ema for buys.
  • #278
  • Oct 31, 2008 2:27am Oct 31, 2008 2:27am
Quoting Vantage
After massive volatility due to the BOJ interest rate cut ej settled down nicely. Good angle down on the yellow 34 ema with lots of opportunities to sell each retracement and close below the white 5 ema.

I've done several trades for around 170 pips this morning.
Sorry forgot to post this one, started here.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ej 5 min..gif Size: 10 KB
Click to Enlarge Name: ej.gif Size: 9 KB
  • #279
  • Nov 3, 2008 11:59pm Nov 3, 2008 11:59pm
A good morning during Asian session, I had 9 trades altogether (from the main signals and re-entries if trailing stop hit), 7 winners for a net 90 pips. Here were the main trades.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ej 5.gif Size: 11 KB
Click to Enlarge Name: gbp 5 min.gif Size: 10 KB
Attached Image
  • #280
  • Nov 4, 2008 5:15am Nov 4, 2008 5:15am
Quoting Vantage
A good morning during Asian session, I had 9 trades altogether (from the main signals and re-entries if trailing stop hit), 7 winners for a net 90 pips. Here were the main trades.
Great trading, Vantage.... are you getting up very early or staying up very late (you're in SA, right ?) !?
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