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Higher low, lower high system

  • #1,181
  • Jun 2, 2010 3:13am Jun 2, 2010 3:13am
Quoting zhdeef
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
One characteristic of this system is its tight stops, and because of them our entry point is extremely important. As you said, you missed the move and got in late which means that it really wasn't a system trade at all. The HL had already formed and if you weren't in then it really is best to stand aside. It's one of those things that any trader fights with, the emotions of fear and greed. Fear of missing out when you see that candle before taking off and you know you should be in. Greed in thinking that the candle was great, so surely it will keep going. As Vantage's signature says, or used to I guess, "Discipline is the bridge between goals and accomplishment." You need to have the discipline to say to yourself that it's fine you missed the trade, you'll just wait for the next one. That said, no big deal, it's all part of the learning process. Another trade is on the horizon...

Since I mentioned it earlier, entry I took was the one just prior to the big bar you mentioned at 7:10. The good close on that 5min bar was enough for me to enter on the break. There was also a potential opportunity four bars prior off the 75 level as well.
  • #1,182
  • Jun 2, 2010 3:38am Jun 2, 2010 3:38am
Thanks for the advice Auron. I'm learning a lot here. It's very valuable & I appreciate it a lot.

Steve
  • #1,183
  • Jun 2, 2010 3:57am Jun 2, 2010 3:57am
Quoting lefteye
Vantage, u'r fantastic,
I know you mean well (and I mean this in the nicest poss way) but please don't say that or similar, freaks my little brain out.

Still friends honest.
  • #1,184
  • Jun 2, 2010 3:58am Jun 2, 2010 3:58am
Took 6 pip loss on 1 min hl re-entry above 4750.
  • #1,185
  • Jun 2, 2010 4:02am Jun 2, 2010 4:02am
The run down from 4750 was difficut no nice lh's to speak of on 5 min that I saw. We did look at 1 min lh entry but by that time we weren't far from even number and left it. That was our mistake.

Anyway the point of this is IF there are no good 5 min lh's and you do have a good reversal candle on 15 min/1hr then the 5 min hl/lh and 1 min entries should do well most days.
  • #1,186
  • Jun 2, 2010 4:49am Jun 2, 2010 4:49am
My other EJ trade today mentioned above. I was looking closely at the first arrow from the left and considering a long here, especially following the hammer but as I was debating it the next bar took off without me. No worries as an expected bounce at the previous swing high at 112.00 occurred and we were given another possible HL entry at the second arrow. Considering that the bounce off the level was so small and this candle barely managed to get lower than the last before closing strongly, I took the trade.

I was also aware that at the time the 15min had closed in a high volume doji. However, because we had a lot of that volume in the latest 5min candle and a clean bounce off the 75 level, I felt strongly about the upside. Not the safest trade in the world, but still high probability IMO.

Initial target was 112.50 level, but would be happy with 112.25 if we didn't push through cleanly. Once the 5min candle closed below the 112.25 level, I exited the trade for +29.
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  • #1,187
  • Jun 2, 2010 4:54am Jun 2, 2010 4:54am
Quoting Auron112
My other EJ trade today mentioned above. I was looking closely at the first arrow from the left and considering a long here, especially following the hammer but as I was debating it the next bar took off without me. No worries as an expected bounce at the previous swing high at 112.00 occurred and we were given another possible HL entry at the second arrow. Considering that the bounce off the level was so small and this candle barely managed to get lower than the last before closing strongly, I took the trade.

I was also aware that at the time...
Very nice trade.
  • #1,188
  • Jun 2, 2010 5:00am Jun 2, 2010 5:00am
Your ej chart above.

When the push down after the chop failed I wanted to buy the last hl bounce from 111.66, but as entry was close to 112 and counter to the 1hr we left.
  • #1,189
  • Jun 2, 2010 5:02am Jun 2, 2010 5:02am
Thanks. I was also looking to get into that GU fall as well but couldn't find a suitable entry. Only half-way decent one was the 8:10 GMT candle. Didn't get a great close but a good chance of a run if it broke a few pips. Plain and simple though, is that it wasn't good enough to feel confident it would cleanly break the previous swing low. Too bad GU has been playing difficult with its PA lately. EJ has been pretty solid but I miss my GU trades.
  • #1,190
  • Jun 2, 2010 5:08am Jun 2, 2010 5:08am
Quoting Vantage
Your ej chart above.

When the push down after the chop failed I wanted to buy the last hl bounce from 111.66, but as entry was close to 112 and counter to the 1hr we left.
Same here. Liked the look of 9:00GMT candle and the 15min doji but couldn't bring myself to go against 1hr candle. Thing was, the 1hr was not all that strong and didn't manage to close below the previous candle. Normally this would probably get me into the long given the other PA. That mess to the left though kept me out.

Am I the only one feeling a Islander / Medici thing going on here? Sure, we're only mere mortals but we at least have the mirrored analysis thing they have happening.
  • #1,191
  • Jun 2, 2010 7:27am Jun 2, 2010 7:27am
Just took a lh sell off 1 min 4667, and exited a little early.

Not a great day with some wierd candles and am left feeling a little disappointed with 3.5% ROI for the day, go figure???
  • #1,192
  • Jun 2, 2010 7:28am Jun 2, 2010 7:28am
Quoting Auron112
Am I the only one feeling a Islander / Medici thing going on here? Sure, we're only mere mortals but we at least have the mirrored analysis thing they have happening.
Nice to see, not in their league though!!!
  • #1,193
  • Jun 2, 2010 7:51am Jun 2, 2010 7:51am
Quoting Vantage
I know you mean well (and I mean this in the nicest poss way) but please don't say that or similar, freaks my little brain out.

Still friends honest.
Sorry, if u dislike my complements..
  • #1,194
  • Jun 2, 2010 7:56am Jun 2, 2010 7:56am
Quoting lefteye
Sorry, if u dislike my complements..
Alls good, sent u a pm.
  • #1,195
  • Jun 2, 2010 8:38am Jun 2, 2010 8:38am
Quoting Auron112
Thanks. I was also looking to get into that GU fall as well but couldn't find a suitable entry. Only half-way decent one was the 8:10 GMT candle. Didn't get a great close but a good chance of a run if it broke a few pips. Plain and simple though, is that it wasn't good enough to feel confident it would cleanly break the previous swing low. Too bad GU has been playing difficult with its PA lately. EJ has been pretty solid but I miss my GU trades.
Hi Auron,
This candle, u mean?
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  • #1,196
  • Jun 2, 2010 1:03pm Jun 2, 2010 1:03pm
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.


Hello Vantage,
You have got a nice analysis and set ups. The pivot points on your chart did you put it there manually or is there automatic software that fix it.thanks
We do not see things as they are; we see things as we are.
  • #1,197
  • Jun 2, 2010 3:02pm Jun 2, 2010 3:02pm
Quoting lefteye
Hi Auron,
This candle, u mean?
Yeah, that was the only one that was even close but as I said before, not nearly good enough. It's just that I was looking for any good chance to get in that trend so it caught my eye as a possibility while it was forming, but once it closed it wasn't enough for me to put on the risk.
  • #1,198
  • Jun 2, 2010 7:18pm Jun 2, 2010 7:18pm
Quoting Vantage
Just took a lh sell off 1 min 4667, and exited a little early.

Not a great day with some wierd candles and am left feeling a little disappointed with 3.5% ROI for the day, go figure???
Hey Vantage.

I'm trying to find this one in my charts but not 100% sure where it is located. What time did you take the trade? We've got a couple good ones at 10:18 and 10:29 GMT, so maybe one of those? Starting to actually get a pretty good feel for the 1min stuff so want to do a little multiple TF analysis on this one. Also, if you don't mind, where and why did you exit?
  • #1,199
  • Jun 3, 2010 1:29am Jun 3, 2010 1:29am
Took this EJ 1min short after the FO fakeout. We had a great pin on the 15min but because my bias is still bullish I didn't want to wait for a 5min LH and took a 2nd LH off the 1min chart. Target was the 50 level and exited for +20.
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  • #1,200
  • Jun 3, 2010 1:32am Jun 3, 2010 1:32am
Quoting Auron112
Hey Vantage.

I'm trying to find this one in my charts but not 100% sure where it is located. What time did you take the trade? We've got a couple good ones at 10:18 and 10:29 GMT, so maybe one of those? Starting to actually get a pretty good feel for the 1min stuff so want to do a little multiple TF analysis on this one. Also, if you don't mind, where and why did you exit?
14.31 my chart time so must be 12.31. Exited when break below 50 level failed to hold.
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