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Higher low, lower high system

  • #601
  • Mar 23, 2010 5:06am Mar 23, 2010 5:06am
I have posted this elsewhere.

5 min chart. We were confident of a break of 50/D P combo.

A string of lower highs, a hammer trying to reject the 50 level. Then another 2 lower highs follow that hammer.

2 closes right on the low of the range, another set up we like for a sell in this case below the 50 level.
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  • #602
  • Mar 23, 2010 5:26am Mar 23, 2010 5:26am
Didn't take this one close to news. Will actually write that up as missed opportunity number 10124.

A decent shooting star with good vol (not as much as the news candle but the highest vol bar that one).

More UK news in 30 mins. Lost connection twice with platform so will hang around till news.
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  • #603
  • Mar 23, 2010 9:47am Mar 23, 2010 9:47am
Just discussing these potential set ups with trublu.

1 hr chart has the neg and then the potential turn at 13.00 pm.

So after the 1hr neg close this am its all sell.

Following the doji its potential buys.

5 min coming.
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  • #604
  • Mar 23, 2010 9:53am Mar 23, 2010 9:53am
OK the 5 min chart to above 1hr.

Red line on left shows close of 1 hr candle. 6 poss lh entries, none of them a losing trade with a 15 pip stop.

Red line on right. 3 poss hl buys. Only the last trade on right might have been stopped out. NB if stop was placed just below even number you'd have been OK. Also that trade had a high vol 15 min shooting star just before it so that obviously had some selling pressure behind it, that might have kept you out of that one.

In summary 9 poss entries, no losers IF last trades stop was correctly placed.
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  • #605
  • Mar 23, 2010 9:56am Mar 23, 2010 9:56am
Here are my IBFX charts showing all the HL/LH entries I made with Oanda today. As I said on my journal I was only looking at the 5min charts with the 8lwma on them. Also I took some line chart breakouts but I won't show those here as it was just an experiment and they don't quite follow this method.

Up first the EU chart, the arrows are my entry candle's and the price labels are where I closed my trades. I think both are perfect entries and my first exist is obviously way too early and my second is maybe a little early since price was still above the 8. I actually had TP set at the pivot point up there at 31 but missed it by a pip. Totals for those 2 trades were +20, should have been more like +40 if my TP was hit and if I held my first trade longer.

The second chart is the GU chart. Similar to the one I showed on my thread but with both my entries and exits plotted. I think both these entries were good as well but my trade management was very poor. I actually took a 3 pip loss on the first trade, how embarrassing. I exited at +10 on the second because I saw price bounce off the green MS 1 pivot line so I left about 20 or so pips on the table between both trades.

The final chart is the EJ 5 min. I entered at the first arrow and got stopped out at -9. I had my stop loss a little close because I was using that as a shorting position for my line chart breakout trials. I entered again at the 2nd arrow but closed way too early again and only got +5 on it. The 3rd arrow seems like a pretty good trade to me, only left 6 pips on the table and got out at +13.

So overall not counting my line chart trades my total was +36 and that's with my terrible trade management skills on display. That's definitely good enough for a day's work using proper MM as V has shown here before. Let me know what you think V about these trades and hopefully everyone else can learn something from my trades.

trublu
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  • #606
  • Mar 23, 2010 10:00am Mar 23, 2010 10:00am
Also V I forgot to mention on the EJ chart I have attached after my last trade there is a HL (shown by the arrow), which ended up as a loss. I haven't looked at what the 1hr or 15min candles were looking like so maybe that's why it didn't work out. So please let me know your thoughts on that one as well. Sorry to make you do so much work today but it's your own fault for posting such a good method .

trublu
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  • #607
  • Mar 23, 2010 10:14am Mar 23, 2010 10:14am
Quoting trublu
Here are my IBFX charts showing all the HL/LH entries I made with Oanda today. As I said on my journal I was only looking at the 5min charts with the 8lwma on them. Also I took some line chart breakouts but I won't show those here as it was just an experiment and they don't quite follow this method.

Up first the EU chart, the arrows are my entry candle's and the price labels are where I closed my trades. I think both are perfect entries and my first exist is obviously way too early and my second is maybe a little early since price was still above...
EU trade was great, just bad luck that your exit was missed. I had same thing happen to me a few days ago. Its a pity, chances are it'll happen again as its the nature of the business.

GU - I can only see 1 arrow up above even number. On that trade, Islander has gone to great length about 25 level which would have been a good exit point. Perfect hl though.

On ej buying on first trade might just have been a little early. The 15 min candle had a decent upper wick, whilst it was a positive close it was also low vol so there wasn't that much interest from buyers.

Other than that you seem to be getting entries better.

Hey +36 is great and even better you're identifying areas you need to work on. All in all I'd say thats a good day!!
  • #608
  • Mar 23, 2010 10:21am Mar 23, 2010 10:21am
Quoting trublu
Also V I forgot to mention on the EJ chart I have attached after my last trade there is a HL (shown by the arrow), which ended up as a loss. I haven't looked at what the 1hr or 15min candles were looking like so maybe that's why it didn't work out. So please let me know your thoughts on that one as well. Sorry to make you do so much work today but it's your own fault for posting such a good method .

trublu
That was a solid hl, no problems on 15 min or 1hr that I can see, put that down to 25% that just don't work out.

IF you are 1 of those ej traders that likes ej to follow eu then there was a big shooting star on eu 15 min. Hindsight is 20/20 though.

At the time watching ej chart not a lot you could have done.
  • #609
  • Mar 23, 2010 10:36am Mar 23, 2010 10:36am
Hi again trublu
Back to ej again. here is the 15 min chart. Left arrow up, the good vol pos close candle. You have every indication to think after a candle like that that pa will continue up.

Having failed on 5 min the tricky decision comes to re-enter after the arrow up on right high vol hammer.

5 min coming.
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  • #610
  • Mar 23, 2010 10:37am Mar 23, 2010 10:37am
Quoting Vantage
EU trade was great, just bad luck that your exit was missed. I had same thing happen to me a few days ago. Its a pity, chances are it'll happen again as its the nature of the business.

GU - I can only see 1 arrow up above even number. On that trade, Islander has gone to great length about 25 level which would have been a good exit point. Perfect hl though.

On ej buying on first trade might just have been a little early. The 15 min candle had a decent upper wick, whilst it was a positive close it was also low vol so there wasn't that much interest...
Thanks for the feedback V. Today was a good day but it's only one day. Now I have to work on being consistent like you and other senior traders do. Have a good one.

trublu
  • #611
  • Mar 23, 2010 10:41am Mar 23, 2010 10:41am
EJ 5 min.

The left arrow up, trade you took in line with rules. Arrow right, this candle is the closing candle of the 15 min hammer above.

In hindsight its the true hl wave and should have been traded. Need to stress where you took the trade you obviously had no way of knowing, just one of those things.

Lets slap on 20 indicators to solve the problem, NOT.
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  • #612
  • Mar 23, 2010 10:43am Mar 23, 2010 10:43am
Quoting trublu
Thanks for the feedback V. Today was a good day but it's only one day. Now I have to work on being consistent like you and other senior traders do. Have a good one.

trublu
Africa influence coming out here.

How do you eat an elephant ................ one bite at a time.
  • #613
  • Mar 23, 2010 11:07am Mar 23, 2010 11:07am
Afternoon all,
Quoting Vantage

If not you'd have to be unlucky to follow this system to the letter and trade the only losing entry from 9 possibles.
That was one of mine, first one of the afternoon . +31 yesterday and -29 today. Now looking at this GU consolidation and thinking hmm ..
  • #614
  • Mar 23, 2010 11:52am Mar 23, 2010 11:52am
Hi Vantage - Your method of trading seems very similar to mine at the moment. I was wondering hoe much success you are having? I noticed an earlier thread you were aiming for a very ambitious 40% monthly. How are you doing now if you don't mind me asking.
I have only been trading for 8 months (3months live). I feel i am at a turning point as i have been unprofitable for a while. I spent too much time trying to pick tops and bottoms at S&R levels using volume and pin bars but now i am trying to get in with the trend (higher highs higher lows etc)- more using hammers inside bars etc ,and maybe finally i am getting somewhere. Just curious to know how you are doing as you have been trading a while now.
Cheers
  • #615
  • Mar 24, 2010 12:52am Mar 24, 2010 12:52am
Quoting abritton76
Hi Vantage - Your method of trading seems very similar to mine at the moment. I was wondering hoe much success you are having? I noticed an earlier thread you were aiming for a very ambitious 40% monthly. How are you doing now if you don't mind me asking.
I have only been trading for 8 months (3months live). I feel i am at a turning point as i have been unprofitable for a while. I spent too much time trying to pick tops and bottoms at S&R levels using volume and pin bars but now i am trying to get in with the trend (higher highs higher lows etc)-...
I stopped giving exact % figures because it messed with my mind, someone else comes along and says oh I can beat that etc etc. You mess up your trading to chase someone else.

What I do say is that since going naked my figures improved. Adding the 15 min candle also helped.

My returns are remarkably consistent. The only thing we'd like to do is to hang into trades longer, no changes to system envisaged.
  • #616
  • Mar 24, 2010 1:37am Mar 24, 2010 1:37am
Thanks Vantage for the answer- I dont have that consistency yet unfortunately! Its always 3 steps forward and 3 back! I definately need to let my winners run more i think. Good to know you are doing well- cheers!
  • #617
  • Mar 24, 2010 1:39am Mar 24, 2010 1:39am
Quoting abritton76
Thanks Vantage for the answer- I dont have that consistency yet unfortunately! Its always 3 steps forward and 3 back! I definately need to let my winners run more i think. Good to know you are doing well- cheers!
If you are not having consistency 3 things to do. Check charts, check charts, check charts.
  • #618
  • Mar 24, 2010 1:45am Mar 24, 2010 1:45am
Yeah thanks- i think one of my problems is that i am in too much of a rush! I need to stick to at least the 15 min chart rather than the 5min. I am looking for entries too hard rather than the entries jumping out at me. Sorry if u said this before but currently what sort of R & R are you aiming for? -cheers
  • #619
  • Mar 24, 2010 2:42am Mar 24, 2010 2:42am
Quoting abritton76
Yeah thanks- i think one of my problems is that i am in too much of a rush! I need to stick to at least the 15 min chart rather than the 5min. I am looking for entries too hard rather than the entries jumping out at me. Sorry if u said this before but currently what sort of R & R are you aiming for? -cheers
I aim for 50 pips a day, if I don't get it I'm not going to worry though.

If you're going to trade 15 min chart don't need to wait necessarily for hl/lh's on that chart. You can trade good candles with good vol.
  • #620
  • Mar 24, 2010 2:44am Mar 24, 2010 2:44am
2 trades today.

1st trade, 1 hr down and 15 min down. Out -10.
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