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Higher low, lower high system

  • #301
  • Nov 9, 2008 10:35pm Nov 9, 2008 10:35pm
Quoting ayour2a
Pardon my curiosity,what is the use of Round Number indicator?
Support and resistance on entries.

See ej in the last hour or so, we are looking for sells and had lh's on 5 min but I waited for price to break 127.00 for entry, it didn't so I stayed out.

As profit targets.

Price will often strive to reach half and round numbers and they along with pivots are good places to exit trades.
  • #302
  • Nov 10, 2008 8:55am Nov 10, 2008 8:55am
Quoting Vantage
Support and resistance on entries.

See ej in the last hour or so, we are looking for sells and had lh's on 5 min but I waited for price to break 127.00 for entry, it didn't so I stayed out.

As profit targets.

Price will often strive to reach half and round numbers and they along with pivots are good places to exit trades.

There are times for instance if its an M1/M3 day,the expected low for the day would be M1 while the expected high is M3.Like Today,i traded the EURCAD and it was M1/M3 day,but so far this has not come to place.Kindly, check and let me know if am doing anything wrong.
Attached Image (click to enlarge)
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  • #303
  • Nov 10, 2008 9:10am Nov 10, 2008 9:10am
Quoting ayour2a
There are times for instance if its an M1/M3 day,the expected low for the day would be M1 while the expected high is M3.Like Today,i traded the EURCAD and it was M1/M3 day,but so far this has not come to place.Kindly, check and let me know if am doing anything wrong.
Hi ayour2a
M1M3 is a possible range and price would be expected to hit one of them. I don't place reliance or look at that for possible set ups or for placing trades.

I've never look at eurcad but after the double bottom at 150.00, the 2nd touch was a spinning top, there were some good hl's. Looks like you'd need bigger stops than 15-20 though.
Attached Image (click to enlarge)
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  • #304
  • Nov 10, 2008 10:14am Nov 10, 2008 10:14am
Quoting Vantage
Hi ayour2a
M1M3 is a possible range and price would be expected to hit one of them. I don't place reliance or look at that for possible set ups or for placing trades.

I've never look at eurcad but after the double bottom at 150.00, the 2nd touch was a spinning top, there were some good hl's. Looks like you'd need bigger stops than 15-20 though.
Thanks.In that particular trade i made 124pips it did hit M3 and turned around.I used candlestick reversal for my set up and look for price rejection before entering a trade but do not want to be rigid.Thanks for the explanation.Cheers!!
  • #305
  • Nov 10, 2008 10:50am Nov 10, 2008 10:50am
Quoting ayour2a
Thanks.In that particular trade i made 124pips it did hit M3 and turned around.I used candlestick reversal for my set up and look for price rejection before entering a trade but do not want to be rigid.Thanks for the explanation.Cheers!!
Very impressive trade.
  • #306
  • Nov 10, 2008 12:21pm Nov 10, 2008 12:21pm
Quoting Vantage
Very impressive trade.
thanks for the compliment
  • #307
  • Nov 10, 2008 11:29pm Nov 10, 2008 11:29pm
Vantage,

Love the results that you are achieving with this system.

I have a couple of questions.

1) I usually trade just the Euro/USD. I have started to look at the three contracts which you are also trading and I have noticed that they often move in the same direction at the same time. I can only assume that when this happens you are interested in the pair which has the best setup? Or do you trade all three in the same direction.

2) 1min Chart.
a) To enter existing trends when a 5min reversal is unlikely.
b) Gives a early warning about a change in trend for the 5min by doing hl or lh etc against the trend.
c) Super entry off a 34avg with the trend.

Any other reason to use the 1min?

3) Stop Loss
Some times when a short setup appears (LH) and the price closes under the 5min avg the price will then move above the average by 20 pips and does not take out the LH. Do you often place you stop above the lh or below the HL? Seem like a logical place to stop you getting bumped out on a retracment.

The following seem to be 3 reasons to exit a losing trade.

a) Exit at 15-20pip
b) Close above or below the 5min avg
c) Swing high and swing low.

Quick question... I am looking to trading 4hrs per day and get up like yourself at times at 2am.... in to bed at 8pm up at 2am. How did you find this? I'm tired thinking about it. Looking at doing this 3days a week Tues, wed, thru and trade late in to the night on Friday... 12am as I can sleep in on Sat.

Look forward to your comments.
  • #308
  • Nov 10, 2008 11:58pm Nov 10, 2008 11:58pm
Quoting Dukeman900
Vantage,

Love the results that you are achieving with this system.

I have a couple of questions.

1) I usually trade just the Euro/USD. I have started to look at the three contracts which you are also trading and I have noticed that they often move in the same direction at the same time. I can only assume that when this happens you are interested in the pair which has the best setup? Or do you trade all three in the same direction.

2) 1min Chart.
a) To enter existing trends when a 5min reversal is unlikely.
[font=Arial][size=2]b)...
Hi Dukeman
1) I sometimes trade 2 of the 3 currencies. I am looking for what appears to be the best set up
2) 1 min chart, no other reasons to use
3) The stop is still somewhat of a contentious issue, for me also. The reason why I stick to it is the spikes that gbp and ej in particular can have. So I have stuck to these stops and am prepared to re-enter off 1 min in need. Please use stops that you are most comfortable with.

I trade full time so I can take a snooze during the day if I feel like it. If you had to trade at night and then go to work you'd be a zombie in no time and I don't think that will help. You'll burn out and start making some bad decisions, I think.

I hope things work out for you.
  • #309
  • Nov 11, 2008 1:17am Nov 11, 2008 1:17am
thanks... yes very hard trying to trade and work full time.

keep the examples coming they are much appriciated.
  • #310
  • Nov 11, 2008 3:48am Nov 11, 2008 3:48am
Vantage,

I hope I'm not out of place adding this here but as you use resistance levels etc to exit trades I thought I would share one of my observations which works well for taking profit or expecting a reversal. Also helps you realise which direction the market is going.

Nearly all of the reversals are close to these numbers.

Simple ABC on the daily chart.

A = 13116 5Nov
B = 12652 7 Nov
C = 12930 10 nov

Range A-B from point C short

I have added ABC Short from the 10th high at 12930.

25% 12814
33.3% 12775
50% 12698
66.6% 12621
75%
100%
etc

Have a look on the 5min and see how the market reacted around these numbers.

Notice the big reversal around 12698.... the market often makes a retracment around these numbers then carries on in the direction of the trend. When the first number lines up you now have a road map in the direction of the trend. Entry is using this system. Just adding another trading option.

When you think you are seeing a reversal its time to put the ABC Long from the last daily swing.

Now ABC Long from the low today at 12675 and look for reversals at these numbers and then to continue with the trend.

A=12652 7 Nov
B= 12930 10 Nov
C = 12698 13 Nov

25% 12745
33.3% 12768
50% 12814
66.6% 12860
75% 12883
100% 12953
etc
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 11nov low.gif Size: 18 KB
  • #311
  • Nov 11, 2008 4:10am Nov 11, 2008 4:10am
I have traded using these points for a long time but entry has crap... thanks to this system I am now getting excellent entries with the trend and I can tell when the trend is changing... with good places to take profit.

sorry if this is not welcome... just let me know and I keep to the subject.

thanks for your comments.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Euro short 12630 high.jpg Size: 83 KB
Click to Enlarge Name: 11 nov euro long 12675.jpg Size: 60 KB
  • #312
  • Nov 11, 2008 4:22am Nov 11, 2008 4:22am
Hi Dukeman
Just wanted to say I've seen your post but haven't had chance to go through yet. Better half has banned me from posting during trading hours when she saw we missed 2 trades with me typing away. I was in the dog box for 2 days!!
  • #313
  • Nov 11, 2008 6:17am Nov 11, 2008 6:17am
Quoting Dukeman900
Vantage,

I hope I'm not out of place adding this here but as you use resistance levels etc to exit trades I thought I would share one of my observations which works well for taking profit or expecting a reversal. Also helps you realise which direction the market is going.

Nearly all of the reversals are close to these numbers.

Simple ABC on the daily chart.

A = 13116 5Nov
B = 12652 7 Nov
C = 12930 10 nov

Range A-B from point C short...
Hi again
The previous day high, low and todays open are all settings that you can use for additional support and resistance levels and I do use them. These levels will also work well when they tie in with half/round numbers and fibs.

Basically use whatever you can, that works for you, to to get a better indication of turnarounds and levels where you can hope to get a lh/hl.

Cheers
  • #314
  • Nov 11, 2008 6:25am Nov 11, 2008 6:25am
Quoting Dukeman900
I have traded using these points for a long time but entry has crap... thanks to this system I am now getting excellent entries with the trend and I can tell when the trend is changing... with good places to take profit.

sorry if this is not welcome... just let me know and I keep to the subject.

thanks for your comments.
Hi Dukeman
I am really happy that this simple method for entries is working well for you .

My method was to look for 1 hr candles as set up, really whatever gives a signal for a possible set up is fine by me. The entry remains the lh/hl from 5 min.

Feel free to carry on posting, possible areas you think may be good for a turnaround and your entries.

Regards
  • #315
  • Nov 11, 2008 6:59am Nov 11, 2008 6:59am
One thing I have been reminded about from Harold4x's Key to the Mint http://www.forexfactory.com/showthre...87#post2339887 is the 1 2 3 method of entries, breaking the 2 point.

This is an ej lh that I saw this morning. His entry is based on a break of 2 point. Sometimes I get slightly earlier entries but like these where the 5 min candle closes later they're much worse.

I'd learnt about trading 1 2 3 tops/bottoms ages ago but forgotten this simple entry. This might well give better entries in some trades where I enter get stopped out and have to re-enter off 1 min.

Harold has a paltalk room during Asian session, check it out if you trade that time, he doesn't take as many trades as I do but there are some close overlaps and he has a very good track record. He also has an absolutely rigid application of his system which is also good.

Whatever works!!
Attached Image (click to enlarge)
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  • #316
  • Nov 11, 2008 7:14am Nov 11, 2008 7:14am
This was a nice trade from earlier, eu the red arrow is the 9 am candle, 5 min chart has perfect hl at 10.50.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_02 Nov. 11 15.12.gif Size: 23 KB
  • #317
  • Nov 11, 2008 7:26am Nov 11, 2008 7:26am
One interesting thing I read from a book by Ed Ponsi, Forex Patterns and Probabilities.

One of his tricks for a counter trend scalp. He uses a 20 ema and if from 5 min chart price jumps dramatically away from this ema by at least 20 pips to hit a round number he trades the round number counter trend.

Now I'm not suggesting do this by any means but it may well be worth considering for taking profits.

On this gu chart price is bouncing below the 34 ema (theres not much diff really from a 20 ema) but then shoots off down to 1.5505. I'll keep in mind for taking profits.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 5 min.gif Size: 12 KB
  • #318
  • Nov 11, 2008 8:08am Nov 11, 2008 8:08am
Teb 63 1, 2, 3 basics a nice pdf to trade 1, 2, 3 tops bottoms.

http://www.forexfactory.com/showthre...30#post2340930 post 160.
  • #319
  • Nov 11, 2008 8:39am Nov 11, 2008 8:39am
Quoting Vantage
One interesting thing I read from a book by Ed Ponsi, Forex Patterns and Probabilities.

One of his tricks for a counter trend scalp. He uses a 20 ema and if from 5 min chart price jumps dramatically away from this ema by at least 20 pips to hit a round number he trades the round number counter trend.

Now I'm not suggesting do this by any means but it may well be worth considering for taking profits.

On this gu chart price is bouncing below the 34 ema (theres not much diff really from a 20 ema) but then shoots off down to 1.5505. I'll keep in mind for taking profits.
Hi,do u have a soft copy of the book by Ed Ponsi, Forex Patterns and Probabilities.u may want to PM.Thanks
  • #320
  • Nov 11, 2008 8:50am Nov 11, 2008 8:50am
Quoting Vantage
Teb 63 1, 2, 3 basics a nice pdf to trade 1, 2, 3 tops bottoms.

http://www.forexfactory.com/showthre...30#post2340930 post 160.
were u able to open the pdf?Its is showing error here and hence did not open.If u did open it,maybe u can put it here so i can open it.Thanks
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