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Higher low, lower high system

  • #1,201
  • Edited 1:51am Jun 3, 2010 1:34am | Edited 1:51am
Quoting Auron112
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.
Oh yes you'll see the chart on left is the often mentioned 2nd 1 min lh, often a nice trade. Also next 1 min move after a nice 15 min shooting star, nice when they tie in.
  • #1,202
  • Jun 3, 2010 1:41am Jun 3, 2010 1:41am
Yeah, the 1min came up with that within a few minutes after the 15min shooting star. Very nice. Just passed on the EJ 5min LH at 6:35 due to middle of FH. Looks good, but likely limited downside until LO and not worth the risk. Just thought I would write it in here to reinforce the lesson of not taking a mid FH trade in most cases.

Oh, should note as well that this would still be a play off that 15min shooting star if I were to take it since it is against the hourly close. 1-2-3 top at the open.
  • #1,203
  • Jun 3, 2010 1:51am Jun 3, 2010 1:51am
Quoting Auron112
Yeah, the 1min came up with that within a few minutes after the 15min shooting star. Very nice. Just passed on the EJ 5min LH at 6:35 due to middle of FH. Looks good, but likely limited downside until LO and not worth the risk. Just thought I would write it in here to reinforce the lesson of not taking a mid FH trade in most cases.

Oh, should note as well that this would still be a play off that 15min shooting star if I were to take it since it is against the hourly close. 1-2-3 top at the open.
Nice, we passed also.
  • #1,204
  • Jun 3, 2010 2:13am Jun 3, 2010 2:13am
I just took a long trade on EU. Entered 0800GMT 1.2304. M15 with long down shadow. M5 hl. Exited for a quick scalp just before resitance at 1.2324.

I notice that not much attention paid to EU but it seems to have some good trade potential?

Steve
  • #1,205
  • Jun 3, 2010 2:42am Jun 3, 2010 2:42am
Quoting zhdeef
I just took a long trade on EU. Entered 0800GMT 1.2304. M15 with long down shadow. M5 hl. Exited for a quick scalp just before resitance at 1.2324.

I notice that not much attention paid to EU but it seems to have some good trade potential?

Steve
Take care buying eu/gu at these levels.
  • #1,206
  • Jun 3, 2010 2:44am Jun 3, 2010 2:44am
Just sold ej exited when the 113.44 level held. 1hr doji, double top, 15 min shooting star, 2 shooting stars on 5 min. Out for 24 so 2.4% ROI on trade.
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  • #1,207
  • Jun 3, 2010 2:46am Jun 3, 2010 2:46am
Geppyg and Shahab8b http://www.forexfactory.com/showthread.php?t=239197 required reading
  • #1,208
  • Jun 3, 2010 2:53am Jun 3, 2010 2:53am
Quoting Vantage
Just sold ej exited when the 113.44 level held. 1hr doji, double top, 15 min shooting star, 2 shooting stars on 5 min. Out for 24 so 2.4% ROI on trade.
Did you enter on the M1 lh? I saw this on M5 as lh but thought I was just trading into resistance (which I would have been).

Steve
  • #1,209
  • Jun 3, 2010 3:00am Jun 3, 2010 3:00am
Quoting zhdeef
Did you enter on the M1 lh? I saw this on M5 as lh but thought I was just trading into resistance (which I would have been).

Steve
There was a 1 min lh solid no lower wick close after the 2nd 5 min SS. It was the reasons mentioned in 1st post + eu had a W pivot, R2, and 62% ext of y's range that it rejected (all in 2328 area) so I was quite happy we were going to have some movement down.
  • #1,210
  • Jun 3, 2010 3:15am Jun 3, 2010 3:15am
Quoting Vantage
Just sold ej exited when the 113.44 level held. 1hr doji, double top, 15 min shooting star, 2 shooting stars on 5 min. Out for 24 so 2.4% ROI on trade.
Hmm, only 15 pip stop on EJ? I've been using slightly more, 18-20 recently due to the way the market has been the past few weeks. Assuming 15 is your norm for EJ then and don't see any reason in the current market action to use bigger? Ever go lower than 15 on GU (not talking about a 1min trade where you might cut it off early)?
  • #1,211
  • Jun 3, 2010 3:18am Jun 3, 2010 3:18am
Quoting Vantage
Just sold ej exited when the 113.44 level held. 1hr doji, double top, 15 min shooting star, 2 shooting stars on 5 min. Out for 24 so 2.4% ROI on trade.
Looks like you also got a near perfect exit on this one. Good job.
  • #1,212
  • Jun 3, 2010 3:20am Jun 3, 2010 3:20am
Quoting Auron112
Hmm, only 15 pip stop on EJ? I've been using slightly more, 18-20 recently due to the way the market has been the past few weeks. Assuming 15 is your norm for EJ then and don't see any reason in the current market action to use bigger? Ever go lower than 15 on GU (not talking about a 1min trade where you might cut it off early)?
Hi Auron it was an 18 pip stop the line you are looking at is a fib ext on y's range. I had stop at BE when I took the pic.

GU will go lower if entry gives me a good barrier eg a W pivot or round number, even then about 12 is the lowest I'll get.
  • #1,213
  • Jun 3, 2010 3:48am Jun 3, 2010 3:48am
Quoting Vantage
Hi Auron it was an 18 pip stop the line you are looking at is a fib ext on y's range. I had stop at BE when I took the pic.

GU will go lower if entry gives me a good barrier eg a W pivot or round number, even then about 12 is the lowest I'll get.
I just assumed it was from your sell line. That makes more sense. Thanks.
  • #1,214
  • Edited 4:50am Jun 3, 2010 4:32am | Edited 4:50am
Break-even EJ trade.

Did want to get in earlier on the double bottom but couldn't find an entry I liked on the 5min or 1min.
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  • #1,215
  • Jun 3, 2010 5:33am Jun 3, 2010 5:33am
Last EJ trade of the day. 2 wins, 1 BE. No GU trades again today. Usually I have far more GU trades than EJ, but not lately. Suppose it's just the Euro news and the COT results that are causing EJ to be an easier pair to trade. Sure that will change back at some point.
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  • #1,216
  • Edited 7:01am Jun 3, 2010 6:38am | Edited 7:01am
Quoting Auron112
Last EJ trade of the day. 2 wins, 1 BE. No GU trades again today. Usually I have far more GU trades than EJ, but not lately. Suppose it's just the Euro news and the COT results that are causing EJ to be an easier pair to trade. Sure that will change back at some point.
Love this trade, great entry.

I'm sure that gu will come back nicely very soon. I have it on great authority that it'll be tomorrow or the day after.

Anyway just got back from medicine run, Mrs V's pneumonia is coming back, and did lunch. Got to clean up kitchen and with lots of employment related news in US I might just take my 1 trade 2% ROI for the day and run, we'll see.

Nice trading Auron, 100% system, entry candle no lower wick and looks like you were down the spread for about 3 seconds before you went positive, I love it.
  • #1,217
  • Jun 3, 2010 8:19am Jun 3, 2010 8:19am
I am still learning-- nice thread
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PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
  • #1,218
  • Jun 3, 2010 8:52am Jun 3, 2010 8:52am
Quoting zamanib
I am still learning-- nice thread
Hi zamanib
We normally scale down to 15 and 5 min charts to (hopefully) get more accurate lower high/higher low entries and so have a smaller stop which means efficient money management ie a 20 pip trade can be a 2% return on investment.

Also it might help your learning process to say why you took the trade eg supp/resistance area, 1hr candle, lower high etc etc.

Regards
V
  • #1,219
  • Jun 3, 2010 10:10am Jun 3, 2010 10:10am
Hi Vantage,quick question.Do we wait for the 1hr candle to finish then trade the 5 min or the moment we see a LH/HL candle then enter the trade?

Sorry for this noob question!

Kai
  • #1,220
  • Jun 3, 2010 11:58am Jun 3, 2010 11:58am
Do we enter on the break of the first LH/HL or the moment the candle opens at a lower or higher location? There seems to be a lot of posts on take profits but not entry..
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