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Higher low, lower high system

  • #641
  • Mar 26, 2010 1:24am Mar 26, 2010 1:24am
Quoting Royston
Thanks for the detailed explanations, V, much appreciated. It provides a nice clear picture of how you are trading. I am becoming much more aware of how much information the 15 min chart can provide.

The question of how much of a daily move is still available is a tricky one.

For your information,the average daily range over the last 20 days is 188 pips on GU, and today has hit 207 as I write. A while back, I did some Excel crunching on ADR's and noticed that there is a majority of days under the ADR and a minority larger than the ADR. Something...
Oh your +26 trade was great. Did you realise that pa stopped to the pip at a w pivot, 4864? A good place to exit, also around 125 pips move down.
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  • #642
  • Edited 3:41am Mar 26, 2010 2:53am | Edited 3:41am
2 trades this morning. A nice lh exiting just above 25 level when it held. 1hr had 2 spinning tops, a 15 min hammer was followed by a shooting star. So a decent set up for 5 min lh sell.

A 1 min re-entry out for a couple of pips when the push down failed.
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  • #643
  • Mar 26, 2010 2:57am Mar 26, 2010 2:57am
The area 4815 is the days open and looks like for now buyers coming in. We'll see who wins out.

IF 4800 fails, and then the low of 1 Mar then some big stops could get triggered, we'll see.
  • #644
  • Mar 26, 2010 2:59am Mar 26, 2010 2:59am
About a 22 pip bounce from 4814, not much.
  • #645
  • Mar 26, 2010 4:16am Mar 26, 2010 4:16am
Morning Mr V...

I was at the table early today, but I am not a morning person and it takes me a long time to become properly "aware". I saw the entry you took, but did not take it as it was a pause rather than a LH. Then I got taken in by the 15 min bar with "lower wick and increasing volume", which mirrored what we were discussing yesterday. The next bar looks like it came quite close to your stop. And then when the turn came, it was unexpected and, just like that, the moment had passed. I got a quick 7 pips from the bounce back down off the 50 level though... now watching this slow potential change of direction.
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  • #646
  • Mar 26, 2010 5:52am Mar 26, 2010 5:52am
Quoting Royston
Morning Mr V...

I was at the table early today, but I am not a morning person and it takes me a long time to become properly "aware". I saw the entry you took, but did not take it as it was a pause rather than a LH. Then I got taken in by the 15 min bar with "lower wick and increasing volume", which mirrored what we were discussing yesterday. The next bar looks like it came quite close to your stop. And then when the turn came, it was unexpected and, just like that, the moment had passed. I got a quick 7 pips from the bounce back down off...
Hi Royston
Not previously mentioned, with a big hammer yesterday closing near the lows we expected more downside to be honest. We entered this trade about 10 mins before FO. When the hammer you mention happened after our entry we had already moved stop to about -8, this was missed with about 2 pips or so. Just one of those things some days you get lucky, if price had gone to 50 level we'd, I'm sure, had stop at BE and maybe got taken out, who knows.

If we were looking at an entry after the 15 min hammer we prob would have missed that move ie not wanting to sell into a 15 min hammer.
  • #647
  • Mar 26, 2010 6:02am Mar 26, 2010 6:02am
Nothing works all the time. In general I'd rather be selling shooting stars in downtrend than trying to figure out what a hammer will do in a downtrend.

Having said that, the failure of a hammer low or shooting star high can be decent trades. Theres quite a few examples here of just that, I've highlighted one. Failure of hammer low, simply shows that buyers came in tried to move market up and they failed.
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  • #648
  • Mar 29, 2010 1:46am Mar 29, 2010 1:46am
Some very simple trades following this system.

1hr was suggesting up with 2 positive close candles and a hammer.

15 min attached, 2 nice hammers.

5 min coming.
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  • #649
  • Mar 29, 2010 1:50am Mar 29, 2010 1:50am
See 15 min above. Left arrow up a nice hammer after 1 hr chart suggests up.

See 5 min below, left arrow up, perfect hl.

If that one was missed another opportunity came, 15 min above had a shooting star ie take care, followed by a hammer on higher vol. 5 min nice hl close.

3rd trade was riskier if you were not in from above 2 entries. 15 min had a hammer/dble top. A nice hl on 5 min but as mentioned riskier entry.
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  • #650
  • Mar 29, 2010 2:05am Mar 29, 2010 2:05am
Nice charts, thanks V. Like Royston I have FxPro on demo and am getting used to the 5 decimals . I have had 2 good trades today along the lines you suggest. But I cant match your pivots, etc. When you have a min. can you clarify exactly what you have on say the 15 min chart ( and any special settings) Just out for +21 Thanks.
  • #651
  • Mar 29, 2010 2:27am Mar 29, 2010 2:27am
Morning V, orientos...

I caught the third riskier push up, just as I arrived at the desk, and closed for +10, just enough to "wet your beak" to borrow a Godfather phrase. But nice to have a first trade of the week as positive. Clocks went forward an hour this weekend here, so it is even earlier than early for me. I find the 5 digits cumbersome, and adapted a Magnified Price indicator to show 4 digits and put the spread on it as well, if it helps anyone to make the transition.
Attached File(s)
File Type: mq4 Magnified Market Price roy 02.mq4   2 KB | 381 downloads
  • #652
  • Mar 29, 2010 2:38am Mar 29, 2010 2:38am
Thanks Royston - that's a great help (for me at least). I am curently paying 5 pips spread on GBPUSD so I'll have to get used to the MT4 platform and swap my account to FXPro. And No - I didn't take that latest HL as too close to the RN for me.
  • #653
  • Mar 29, 2010 2:42am Mar 29, 2010 2:42am
From post 1 I have the pivot points multitimeframe for weekly and monthly only.

Daily pivots I use the pivots indi set on fxpro midnight time, settings I have are local time -6 and dest time 0. I also use the show open high low, show mid pivots, show fibos as true.
  • #654
  • Mar 29, 2010 2:56am Mar 29, 2010 2:56am
V. Thanks.. That's got me pretty close to yours. There will probably always be some small differences as I am using a different server.
  • #655
  • Mar 29, 2010 3:39am Mar 29, 2010 3:39am
GM guys.....nice pipping

I too find the 5 digit MT4 brokers a right PIA and thus I'm keeping a small account with Interbank FX which remains with 4 digits and has probably the best MT4 volume.

On other MT4 live accounts, I place my magnified price on the right of my screen so that the last (5th) digit is hidden.....but now I'll also take a look at the new version......
Trading Levels with WRBs
  • #656
  • Mar 29, 2010 4:51am Mar 29, 2010 4:51am
Quoting Islander
GM guys.....nice pipping
Internet connection gone to dogs, I tried 3 times to get in on first move down from 5014 and couldn't, then had 2 long lost connections.

I switched off walked away to have a think about some issues. Move from 1st hl 4919 to 4968 gave daily target, but I missed out on the move from low 4950's up to 5015. Thats missing out on = of daily target.

I have to get a better balance between taking profits and letting trades run. At this point I think I'm erring too much on side of caution and banking profits early.

Hopefully the answer will be moving stops up as run happens.

For move up. The stop would move to the low of a red candle(s) close which is then taken out to upside. I have attached this am's trade which shows entry (arrow up), exit (horizontal red line) at the pivot/fib combo. The ticks show base of places where you have had a red candle that has had a move up.

For move down. The stop would move go to top of a green candle(s) close which is then taken out to the downside.

These should capture most of hl/lh moves.
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  • #657
  • Mar 29, 2010 4:57am Mar 29, 2010 4:57am
Quoting Vantage
Internet connection gone to dogs, I tried 3 times to get in on first move down from 5014 and couldn't, then had 2 long lost connections.

I switched off walked away to have a think about some issues. Move from 1st hl 4919 to 4968 gave daily target, but I missed out on the move from low 4950's up to 5015. Thats missing out on = of daily target.

I have to get a better balance between taking profits and letting trades run. At this point I think I'm erring too much on side of caution and banking profits early.

Hopefully the answer will be moving...
Oh yes I did see the 'missed' stop move up on above chart.
  • #658
  • Mar 29, 2010 5:28am Mar 29, 2010 5:28am
OK 1st post amended to show the exit methods we wish to follow (Mrs V off thinking about it actually). Take care if you have not entered on 1st hl/lh in a move.

Hopefully now having exits also now based on hl's/lh's we now have a more balanced system.
  • #659
  • Mar 29, 2010 5:30am Mar 29, 2010 5:30am
Quoting orientos
Just out for +21
Nice one O.
  • #660
  • Mar 30, 2010 12:44am Mar 30, 2010 12:44am
B the hl 5004, stop to 4995.
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