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Higher low, lower high system

  • #1,041
  • May 19, 2010 3:36am May 19, 2010 3:36am
The arrow up is the buy Orientos took earlier. The first arrow down is a nice lh just before the 1hr close and then a 100% system lh at 111.50.

I was myopic (as is too often the case lately) on gu.
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  • #1,042
  • May 19, 2010 3:46am May 19, 2010 3:46am
I took a LH (ok, by 1 pip) on cable at 11:00 FXPro chart time. M15 candle was fine, M60 candle had a down red close at 1.4328. I shorted at 1.4314 and for once had a nice exit at +40.
There was also a nice LH on E/J at 11:20 good for about 35/40 pips also. I elected to skip that one.
  • #1,043
  • May 19, 2010 3:51am May 19, 2010 3:51am
Quoting orientos
I took a LH (ok, by 1 pip) on cable at 11:00 FXPro chart time. M15 candle was fine, M60 candle had a down red close at 1.4328. I shorted at 1.4314 and for once had a nice exit at +40.
There was also a nice LH on E/J at 11:20 good for about 35/40 pips also. I elected to skip that one.
Very nice I chickened out pre news.
  • #1,044
  • May 19, 2010 4:09am May 19, 2010 4:09am
Well V. like you I NEVER trade before news. I must have misread the FF news advice and had my alarm set an hour later. Fortune favours the foolish.......... Lucky this time - no skill involved on my part.
  • #1,045
  • May 19, 2010 4:10am May 19, 2010 4:10am
Quoting Vantage
The arrow up is the buy Orientos took earlier. The first arrow down is a nice lh just before the 1hr close and then a 100% system lh at 111.50.

I was myopic (as is too often the case lately) on gu.
With the second trade there, the first short, are you saying you would have shorted below the bearish bar at 112.07 or on the bar before? Only one I caught today was the EJ short just before GBP news. Price action showed a strong push down into news likely. Closed just before news for decent pips.
  • #1,046
  • May 19, 2010 4:16am May 19, 2010 4:16am
Quoting orientos
Well V. like you I NEVER trade before news. I must have misread the FF news advice and had my alarm set an hour later. Fortune favours the foolish.......... Lucky this time - no skill involved on my part.
I must start exiting half and putting stop on bal at BE for general news items. Int rates and MPC minutes have potential to gap though. Still you got a solid trade and held on, thats not luck.
  • #1,047
  • May 19, 2010 4:19am May 19, 2010 4:19am
Quoting Auron112
With the second trade there, the first short, are you saying you would have shorted below the bearish bar at 112.07 or on the bar before? Only one I caught today was the EJ short just before GBP news. Price action showed a strong push down into news likely. Closed just before news for decent pips.
Wasn't watching ej (on gu) so I don't want to speculate. There I just wanted to show the opportunities of lhs being the 1st trade and when we were following the 1hr the 2nd sell.
  • #1,048
  • May 19, 2010 4:56am May 19, 2010 4:56am
EJ Loss.
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  • #1,049
  • May 19, 2010 5:07am May 19, 2010 5:07am
Quoting Auron112
EJ Loss.
Hi Auron
Problem was it is a lh but 15 min candle was up with 2 higher closes which makes it tricky.

Taking a hl/lh at an extreme without perhaps waiting for other candles to support is one thing but I personally wouldn't like to be taking trades against these 15 min candles.
  • #1,050
  • May 19, 2010 5:14am May 19, 2010 5:14am
Quoting Vantage
Hi Auron
Problem was it is a lh but 15 min candle was up with 2 higher closes which makes it tricky.

Taking a hl/lh at an extreme without perhaps waiting for other candles to support is one thing but I personally wouldn't like to be taking trades against these 15 min candles.
Part of my thinking here was that when I took it, about 2 or 3 minutes from 15min close, it looked highly likely that the 15min candle would close strongly bearish, which should at least have partially invalidated those prior higher close 15min candles. Once the 15min did close as expected I had the 1HR in my favour, the 15min, and the 1HR lwma. Understand what you're saying though, perhaps pushing a bit without a larger pullback. Did like that it had stopped it's pullback right in line with previous support though.
  • #1,051
  • May 19, 2010 5:15am May 19, 2010 5:15am
Quoting Vantage
Hi Auron
Problem was it is a lh but 15 min candle was up with 2 higher closes which makes it tricky.

Taking a hl/lh at an extreme without perhaps waiting for other candles to support is one thing but I personally wouldn't like to be taking trades against these 15 min candles.
The red line shows the close of the 15 min candle and the arrow down the next lh. Your entry prior to the red line was a little early.

Problem also there has been a hl in between (red line where the 15 min closed) making this arrow down trade a bit of a lottery.

Hope this helps, I've been down that road and was the reason I brought in the 15 min candles.
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  • #1,052
  • May 19, 2010 5:22am May 19, 2010 5:22am
This is the last set up I liked and its getting close to lunch time here (ie with Mrs V still not over her pneumonia its up to me) so I'm outta here. I thought this was 100% system. One of those double top lower close set ups below the even number solid red.

With slightly lh/ll's and the 17 May low (general area) being a problem looks like 1 min entry pullbacks to 4290 may be good areas to sell.
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  • #1,053
  • May 19, 2010 5:31am May 19, 2010 5:31am
Quoting Auron112
Part of my thinking here was that when I took it, about 2 or 3 minutes from 15min close, it looked highly likely that the 15min candle would close strongly bearish, which should at least have partially invalidated those prior higher close 15min candles. Once the 15min did close as expected I had the 1HR in my favour, the 15min, and the 1HR lwma. Understand what you're saying though, perhaps pushing a bit without a larger pullback. Did like that it had stopped it's pullback right in line with previous support though.
We have 2 options, strictly system which includes working on closed candles OR if pa is sticky and you believe in direction waiting for those pullbacks.

We have used 10 pips on gu for some time but ej you can look at more and enter from 1 min (small neg close candles not large 1 min neg closes as that defeats the object). If I recall we used 6 pips on eu but its so long since we did those trades on eu I cannot really remember.
  • #1,054
  • May 19, 2010 5:33am May 19, 2010 5:33am
Quoting Vantage
We have 2 options, strictly system which includes working on closed candles OR if pa is sticky and you believe in direction waiting for those pullbacks.

We have used 10 pips on gu for some time but ej you can look at more and enter from 1 min (small neg close candles not large 1 min neg closes as that defeats the object). If I recall we used 6 pips on eu but its so long since we did those trades on eu I cannot really remember.
Even on 1 min those candles should have little or no lower wicks when selling and little or no upper wicks when buying.
  • #1,055
  • May 20, 2010 1:02am May 20, 2010 1:02am
Quoting Vantage
We have 2 options, strictly system which includes working on closed candles OR if pa is sticky and you believe in direction waiting for those pullbacks.

We have used 10 pips on gu for some time but ej you can look at more and enter from 1 min (small neg close candles not large 1 min neg closes as that defeats the object). If I recall we used 6 pips on eu but its so long since we did those trades on eu I cannot really remember.
I definitely bent the rules on that one. As you said, should have waited for the candle to close and either get a pullback or miss out entirely. I think a trade such as that one was pretty strong but dangerous, especially because if it went into a good profit it might encourage bending the rules of the system further. As for the 1min stuff, well, that will take some time.

You're only using 10 pip stops on GU? The way things have been moving lately, I've been using 15 which has worked fine. Maybe if we calm down a bit I might try to tighten them slightly.

Also, what do you mean by "PA is sticky"? Does this mean if you get too much of a 5min move looking for the 1min pullbacks or something else entirely?
  • #1,056
  • May 20, 2010 2:50am May 20, 2010 2:50am
A very quiet (and poor) day for me so far. Took the HL short right at FO and very quickly out -15 pips. I have not seen another trade on either G/U or E/J.
  • #1,057
  • May 20, 2010 3:22am May 20, 2010 3:22am
Quoting Auron112
I definitely bent the rules on that one. As you said, should have waited for the candle to close and either get a pullback or miss out entirely. I think a trade such as that one was pretty strong but dangerous, especially because if it went into a good profit it might encourage bending the rules of the system further. As for the 1min stuff, well, that will take some time.

You're only using 10 pip stops on GU? The way things have been moving lately, I've been using 15 which has worked fine. Maybe if we calm down a bit I might try to tighten them...
Sticky mmmh didn't know how to describe it. Discreetly lower highs in the instance yesterday but gu didn't want to fall. So if you sell the normal low -1 pip then theres a good chance of a small stop getting hit. Price bounces up but cannot break higher giving another lh. If we see a few candles like that we'll consider OK we are on lh's, we're in downtrend but normal entry a bit risky. If price bounces up 10+ pips on gu we'll look at 1 min entry on same basis as 5 min ie lh, right candle, cross of 1 min 8lwma.

Stops the same 15 pips on normal entry, we'd reduce if we have gotten better entry from 1 min meaning if normal trade gave a sell at 1.44 stop would be 1.4415. If we got an entry at 1.4410 we wouldn't make stop 1.4430. Hope this makes sense.
  • #1,058
  • May 20, 2010 3:25am May 20, 2010 3:25am
Quoting orientos
A very quiet (and poor) day for me so far. Took the HL short right at FO and very quickly out -15 pips. I have not seen another trade on either G/U or E/J.
Mrs V liked the normal hl gu 8.35 gmt other than that very erratic. There were some opportunities to trade nice 15 min candles but something smells fishy this am (central bank intervention???) so we've spent more time watching. Just the 1 trade taken.
  • #1,059
  • May 20, 2010 3:54am May 20, 2010 3:54am
There was a nice lh (against the 1hr and 15 min) at the top of the range at 9.10 gmt, we didn't take with the news due 20 mins later.
  • #1,060
  • May 20, 2010 3:59am May 20, 2010 3:59am
Quoting orientos
A very quiet (and poor) day for me so far. Took the HL short right at FO and very quickly out -15 pips. I have not seen another trade on either G/U or E/J.
Hi Orientos
We don't ususally take a trade in first 15 mins of FH, theres often a shake out, I've mentioned this before sorry if you've missed it.
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