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Higher low, lower high system

  • #1,161
  • Jun 1, 2010 4:08am Jun 1, 2010 4:08am
Latest EJ trade. I'm now way ahead of my target for the day thanks to this great move so I'm shutting it down early. Just don't feel like pushing it any further on a day with these sorts of rumours.
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  • #1,162
  • Jun 1, 2010 4:18am Jun 1, 2010 4:18am
Auron112,
May I know what drawing editor u'r using...
  • #1,163
  • Jun 1, 2010 4:19am Jun 1, 2010 4:19am
Quoting lefteye
Wouldn't the DS1, yesterday's low, today's low and WP (111.57<-111.32) be a hesitation to u?
Cheers ^o^
I was aware of them, and did expect more hesitation than we got. Basically, it was the price action that dictated my short. With the shooting star on the 1hr, the shooting star on the 15min following through with a subsequent strong close candle, and a push up (though small) to some resistance I designated on my 5min chart with a failure I felt that we were likely setting up for a fall during the London Open. That combined with Spain news made me feel pretty strongly about the position, even though it was a rare entry too near the middle of FH. The safer entry was the one closer to the actual open that Vantage pointed out.
  • #1,164
  • Jun 1, 2010 4:20am Jun 1, 2010 4:20am
Quoting lefteye
Auron112,
May I know what drawing editor u'r using...
Jing

http://www.jingproject.com/
  • #1,165
  • Jun 1, 2010 4:24am Jun 1, 2010 4:24am
Quoting Auron112
Jing

http://www.jingproject.com/
Cheers, mate.
  • #1,166
  • Jun 1, 2010 4:26am Jun 1, 2010 4:26am
Wondered why Vantage was pretty quiet here today with everything that is going on. Seems he just can't stop blogging...
  • #1,167
  • Jun 1, 2010 4:53am Jun 1, 2010 4:53am
Quoting Auron112
As I was in the trade already I passed on the 1min moves. Care to elaborate any more on the two you took, or was it as simple as having a powerful move and taking each good 1min LH you found?
Great trade Auron.

It was that simple as you say above, no contra problems from any other timeframes candles. One of the things from Islanders methods that rubbed off. We (in strong move down) will look to enter 1 min lh red candles crossing their 8lwma with little/no lower wick that once closed move 1 pip lower next candle. Did a post on this on blog.

I hoped from ej COT post earlier on blog that this could happen and am disappointed to have missed earlier trade. We got in late I then had to go out and Mrs V got a case of nerves and didn't take the 1 min lh sell below 110.75 (it had run so far already).
  • #1,168
  • Jun 1, 2010 5:00am Jun 1, 2010 5:00am
Quoting Auron112
Latest EJ trade. I'm now way ahead of my target for the day thanks to this great move so I'm shutting it down early. Just don't feel like pushing it any further on a day with these sorts of rumours.
Hi Auron the 1 min chart you show on this post. There were some 1 min hl's leading up to 110.75 area then you'll see a turn and a 1min lh close (no lower wick) 26 mins past the hour at 110.60, thats the one Mrs V got cold feet on.

Very nice stuff.
  • #1,169
  • Jun 1, 2010 5:02am Jun 1, 2010 5:02am
Quoting Auron112
Wondered why Vantage was pretty quiet here today with everything that is going on. Seems he just can't stop blogging...
Had to do an emergency run to shops, Mrs V got cold feet, we'll forgive her.
  • #1,170
  • Jun 1, 2010 5:40am Jun 1, 2010 5:40am
My lacklustre GU morning:-

0700 GMT. Just got set up too late & missed the move down. Also forgot to check the M1 & missed a possible (risky?) entry at 0714.

0745 GMT. Short at 1.4454 but quickly stopped out at 1.4469. I shouldn't have entered so close to 1.4450.

0800 GMT. Ignored M5 long signals because H1 below EMA8 & close to 1.4500. On the other hand M15 says buy & previous H1 has long low shadow.

0835 GMT. Short at 1.4473. TP at 1.4454 because of resistance at 1.4450. Got back earlier loss.

1030 GMT. I've finished for the morning.

I think I should have been working at the M1 chart for some scalping entries but there seem to be a lot of fake outs on this TF. I don't have the experience/confidence for that yet.

Plenty of strong trends on EJ & EU but I can't keep track of 3 pairs at M5. Is there a higher TF or something that can act as a filter so I don't have to keep clicking between charts and loose the plot?

Steve
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  • #1,171
  • Jun 1, 2010 8:46am Jun 1, 2010 8:46am
Quoting Vantage
A couple of perfect lh waves here on this ej 1 min chart. We missed the first move down unfortunately, see arrow down on 5 min chart.

I've talked about the best most often co-incide with 5 min lh/hl's and 1 min entry agreeing. Have a look at 1 min at the same place as the 5 min arrow down.

Got 2 later moves here but only half lot size, but 1.5% up for day.
Hi Vantage,
Which one is yr trigger bar, sorry for the noob question.
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  • #1,172
  • Edited 10:11am Jun 1, 2010 9:53am | Edited 10:11am
Quoting zhdeef
My lacklustre GU morning:-

0700 GMT. Just got set up too late & missed the move down. Also forgot to check the M1 & missed a possible (risky?) entry at 0714.

0745 GMT. Short at 1.4454 but quickly stopped out at 1.4469. I shouldn't have entered so close to 1.4450.

0800 GMT. Ignored M5 long signals because H1 below EMA8 & close to 1.4500. On the other hand M15 says buy & previous H1 has long low shadow.

0835 GMT. Short at 1.4473. TP at 1.4454 because of resistance at 1.4450. Got back earlier loss.

1030 GMT. I've finished for the morning....
Sorry for the late reply, a great day and I've been away for most of it. Life occassionally interrupts trading!!

Your first trade the sell at 4454. Everything looks right what happened. I think its a combo of the W pivot at 4441 and whilst Y was a holiday price was supported there in Euro session. So whilst it was a trade I would have been very careful to exit at BE or a smaller than norm loss once I saw that W pivot was holding. This 1hr with the lower wicks (on candles prior to your trade) clearly shows the problem area. The W pivots are very strong areas to get supp/resistance.

I'm glad you got a profitable trade later.

I don't know if your acc is a mt4 broker. I would suggest you get a mt4 acc so that you can download Royston's indi's and the recent candles indi that is showing on my 1 min chart. The recent candles indi (search that/Hanover here) shows the most recent candles on time frames and currencies of your choice.

Last thing, this morning ej kicked gu's butt that'll happen sometimes. Most days gu will give you great trades. If you get the above help you could maybe have 2 5 min charts but using the recent candles indi to see other time frames candles.
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  • #1,173
  • Jun 1, 2010 10:08am Jun 1, 2010 10:08am
Quoting lefteye
Hi Vantage,
Which one is yr trigger bar, sorry for the noob question.
Hi lefteye
The 1 min chart above, where you have shown the white lines from the chart down to the recent candles indi window. The recent candles indi has NO direct correlation to the 1 min chart. Each block there shows the last 5 or 6 candles for the 5, 15 1hr and daily time frames. So the 2 white lines are on todays daily candle and the D candle from 4 days ago. So what does the indi show, Y was a hammer ie poss down day today. Going into latest pa 1hr solid down, 15 min solid down, 5 min only had a doji to slow the progress. You can use to see other time frames at a glance.

The perfect wave 1 min lh's by my description (cross of 1 min 8lwma, neg close with little or no lower wick, price moves lower on next or next +1 candle with a pip) are attached. The 1 x is a perfect lh but price does not go lower below the set up candle so no trade.
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  • #1,174
  • Jun 2, 2010 1:20am Jun 2, 2010 1:20am
Quoting Vantage
Hi lefteye
The 1 min chart above, where you have shown the white lines from the chart down to the recent candles indi window. The recent candles indi has NO direct correlation .....
Thanks, Vantage.
  • #1,175
  • Jun 2, 2010 1:21am Jun 2, 2010 1:21am
First trade o' the day. As it turns out I would have had my initial target pretty easily if I stuck with it but, oh well, happy to get some pips banked early on.
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  • #1,176
  • Jun 2, 2010 1:59am Jun 2, 2010 1:59am
Quoting Auron112
First trade o' the day. As it turns out I would have had my initial target pretty easily if I stuck with it but, oh well, happy to get some pips banked early on.
A nice hl at an extreme in line with Y's hammer. Now should things line up above you've not missed initial move.
  • #1,177
  • Jun 2, 2010 2:26am Jun 2, 2010 2:26am
Took this trade although 1hr a marginally neg close hammer, 15 min at LO a doji. 5 min a doji. Last few days trend up took this hl trade off 1 min when 5 min doji's top taken out. Lucky I think to have gotten in as split second later took off.

Out for 29 pips just short of 3% ROI on this trade when R1 held.
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  • #1,178
  • Jun 2, 2010 2:40am Jun 2, 2010 2:40am
Quoting Vantage
Took this trade although 1hr a marginally neg close hammer, 15 min at LO a doji. 5 min a doji. Last few days trend up took this hl trade off 1 min when 5 min doji's top taken out. Lucky I think to have gotten in as split second later took off.

Out for 29 pips just short of 3% ROI on this trade when R1 held.
Nice one!

I took something similar on EJ when LO failed on its initial push down. Actually a couple good LHs on EJ around LO today. Will try and post a pic later but just not as fast as you. Need to start doing less fancy charts.

You must have been very quick to decide that R1 was holding to get out with +29. Did you mostly get out as soon as the level didn't push through due to the 5min marubozu (moreso on my chart than yours)? Just curious as this is an excellent exit but I'm not sure how you went about it. I probably would have been out at 4754 when the 1min bounce closed strongly bearish but you obviously did better than that.
  • #1,179
  • Jun 2, 2010 2:42am Jun 2, 2010 2:42am
Quoting Vantage
Took this trade although 1hr a marginally neg close hammer, 15 min at LO a doji. 5 min a doji. Last few days trend up took this hl trade off 1 min when 5 min doji's top taken out. Lucky I think to have gotten in as split second later took off.

Out for 29 pips just short of 3% ROI on this trade when R1 held.
Vantage, u'r fantastic, I was hesitated there...
  • #1,180
  • Jun 2, 2010 2:59am Jun 2, 2010 2:59am
I missed the big moves & went in too late. 0720 GMT went long on EJ at 112.25 but quickly stopped out for -15. It looked alright except previous M15 was down close, but had long lower shadow. Was the v large candle before entry a warning sign? Was the CHF news affecting other currencies? Similar
situations also occuring on GU & EU at same time. When I looked at the EJ M1 chart there was the good entry a few mins before!

Time now to wait for GBP EUR news to pass? Or is it possible to enter on M1?

Steve
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