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Higher low, lower high system

  • #701
  • Apr 5, 2010 7:47am Apr 5, 2010 7:47am
Quoting Royston
Not convinced about the logic of using 22:00 GMT as the day's Open (ie midnight in Cyprus), but as price moves very little (usually...) between those 2 hours during the Asian range, it should be good enough for rock 'n roll. Besides which, putting a time shift into the calculations is beyond my programming until I move up to the next level, so it will have to do ......
Thankyou so much. As you say price doesn't move too much at that time. In any event its a band around prev days H/L and days open.

I'm hoping that this simple idea will prove very profitable. Thanks once again.
  • #702
  • Apr 5, 2010 8:00am Apr 5, 2010 8:00am
Quoting Royston
Not convinced about the logic of using 22:00 GMT as the day's Open (ie midnight in Cyprus), but as price moves very little (usually...) between those 2 hours during the Asian range, it should be good enough for rock 'n roll. Besides which, putting a time shift into the calculations is beyond my programming until I move up to the next level, so it will have to do ......
Oh yes I've been using fxpro time for pivots for some time and they work pretty well for London session which is the one I'm interested in.
  • #703
  • Apr 6, 2010 2:26am Apr 6, 2010 2:26am
I found the market very difficult to read from well before FO. London took the market south without a 5M LH entry. However I took a very brave and quick LH on the 1M chart and out for +13. The market has now moved 130 pips today. Time for a counter trend scalp on a M1 HL??? (or hang on to the pips)
  • #704
  • Apr 6, 2010 2:32am Apr 6, 2010 2:32am
Morning all,
wide range hammer straddling Thursday and Friday lows, followed by an inside bar. But just under the RN. The break up was a bit slow. Could just be a LH forming. Still too early for me, lol..
  • #705
  • Apr 6, 2010 2:40am Apr 6, 2010 2:40am
Morning, after the hols I was deliberately late this morning. It was tricky to read.

Attached 4 hr chart with the y's high/low and days open. Hopefuly you can easily see where these levels are respected can lead to some good trades.
Attached Image (click to enlarge)
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  • #706
  • Apr 6, 2010 3:23am Apr 6, 2010 3:23am
Very interesting V. Think I'll have to sit down quietly with a can of beer and think about a strategy to use this info. I'll bet it's been looked at somewhere before.
  • #707
  • Apr 6, 2010 3:25am Apr 6, 2010 3:25am
No more trading for me tonight. There's a lot of very strong support down here - just look at the 4 hour chart.
  • #708
  • Apr 6, 2010 3:32am Apr 6, 2010 3:32am
Quoting orientos
No more trading for me tonight. There's a lot of very strong support down here - just look at the 4 hour chart.
Cheers orientos, London session hasn't done much after big Asian move down. Very small bounces does seem to suggest more downside twt. The buyers around Fri's low/38% ext of Y's low need to get seen off.
  • #709
  • Apr 6, 2010 3:38am Apr 6, 2010 3:38am
Quoting orientos
Very interesting V. Think I'll have to sit down quietly with a can of beer and think about a strategy to use this info. I'll bet it's been looked at somewhere before.
Malcolmb droped a few hints on the vsa thread. Basically on prev day up day buy above y's open and on down day sell below.
  • #710
  • Edited 7:10am Apr 7, 2010 6:56am | Edited 7:10am
Just come back on after a big storm here.

4hr chart, went above days open (blue) and was quickly rejected, so we were still looking at sells in general (2 sells ended BE in the earlier chop). After y's pos close if we had had a move above days open and a hl we'd have been happy to trade it. The strong rejection and pa below DO suggested sell chances.
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  • #711
  • Edited 7:42am Apr 7, 2010 6:58am | Edited 7:42am
15 min chart, after the DO level (blue line) was rejected strongly we had an inside pos close bar on lower vol that never followed through higher. Confirming the sell view.
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  • #712
  • Edited 8:12am Apr 7, 2010 7:02am | Edited 8:12am
We sold at 5244, exiting early when the storm was getting bad and we were hesitating around 5200.

Did fall further whilst we were offline a little more than our 125 pip rule of thumb. Obvously would have liked to stay in but these things happen.
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  • #713
  • Apr 7, 2010 7:04am Apr 7, 2010 7:04am
Thans for this indi tweak Royston.

Whilst pa was staying below the days open initially and then after the strong reject around the news we were quite happy to go with the sells once 15 min and 5 min lh's confirmed a trade.
  • #714
  • Edited 7:55am Apr 7, 2010 7:39am | Edited 7:55am
I've added the Royston tweaked prev day HL + open onto 1st post. I intend making this a key part of the trading, doesn't replace hl/lh's etc etc just an added view on days direction.

 

  1. Prev day pos close. Buy hl's above DO.
  2. Prev day pos close. Consider sells below DO.
  3. Prev day neg close. Sell lh's below DO.
  4. Prev day neg close. Consider buys above DO.

So on a pos prev day close will not be likely seller above DO (below it OK). On a neg close day will not be likely buyer below DO (above it OK). Until of course substantial runs have been made.

I think this stands best chance of either folowing the trend or getting in as early as possible in counter trend days.

  • #715
  • Apr 7, 2010 7:52am Apr 7, 2010 7:52am
This daily chart clearly shows counter trend days where the days open has been clearly respected ie little wicks and price has gone against the prev days close.

If one days trading is following the prev day trend trading can be relatively easy (relatively being a key word open to some discussion). If on counter trend days the days open is respected this may help getting more out of counter trend days.

Orientos this is how I intend to trade prev days HL + open indi, see above post.
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  • #716
  • Apr 8, 2010 2:30am Apr 8, 2010 2:30am
Despite 2 hammers on daily chart, they could not close higher and as this 15 min chart shows we are trading below the days open. Gen rule sell below D'sO and buy above D'sO.
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  • #717
  • Apr 8, 2010 2:37am Apr 8, 2010 2:37am
As shown above we were just thinking sell below the D'sO.

15 min chart above shows a nice shooting star, this also was an hourly shooting star close. Combined with the below DO we were just thinking sell.

2 x 5 min trades.

1st sell exit on bounce from 75 level, 2nd sell exit bounce from 50 level.
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  • #718
  • Apr 8, 2010 2:40am Apr 8, 2010 2:40am
This is the actual entry from 1 min after the 5 min shooting star. Entry on the 1 min lh 5193 trailed stop here to lock in +20. Exit for +39 when 50 level held.

Daily target hit from 2 trades, no losers ................ so far.
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  • #719
  • Apr 8, 2010 2:59am Apr 8, 2010 2:59am
Beginning to feel I may have arrived on the same page, lol... I took the second trade, closed +36.3 but missed the first. I missed the trigger on the first, which was the break of the 5 min low, and when I focused on the charts properly, the 15 min had closed as a hammer (neg close admittedly) on increasing volume. So I let it go past. Lately I notice that I keep getting fooled by the shapes of some of the higher time frame bars, 60 min hammers etc, which then get passed as the trend carries on. But I am learning fast, and these posts help a lot.

Have you managed to mend the PC, V?
  • #720
  • Apr 8, 2010 3:03am Apr 8, 2010 3:03am
Thanks for the charts V. Be nice if we all could get daily targets so quick. Am coming to grips with your DO strategy. Does Mrs. V. approve of this?
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