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Higher low, lower high system

  • #1,281
  • Jun 8, 2010 3:44am Jun 8, 2010 3:44am
Interesting. I had actually been watching EJ intently for a while waiting for the sell, then at the last second decided to go with GU because I really liked the 5min close through 4500. Sell just below the 5min candle, not the breakout of previous swing low (38.2 fib). Wish I could have sell levels on there but I'm not using a MT4 broker, just the charts.

Expected a bit of a fight at the 4480 support level but when I saw the bounce was minor I felt strongly that we would push to the next support zone. Lots of different things there (pivot, 50%, 75 level, day's open after NY) so I was out at first sign of trouble. Took profit at the 70 level when it held for 5 minutes or so on 1min chart. Out +25.
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  • #1,282
  • Jun 8, 2010 3:46am Jun 8, 2010 3:46am
Quoting Vantage
It turns out there is a bad, Mrs V (if she smiles anymore the top of her head's gonna fall off) now suggests I'm on tea/coffee duty for the day!!!
Oh, the humanity!
  • #1,283
  • Jun 8, 2010 3:52am Jun 8, 2010 3:52am
Quoting Auron112
Interesting. I had actually been watching EJ intently for a while waiting for the sell, then at the last second decided to go with GU because I really liked the 5min close through 4500. Sell just below the 5min candle, not the breakout of previous swing low (38.2 fib). Wish I could have sell levels on there but I'm not using a MT4 broker, just the charts.

Expected a bit of a fight at the 4480 support level but when I saw the bounce was minor I felt strongly that we would push to the next support zone. Lots of different things there (pivot, 50%,...
Perfect trade, love it.

1hr down, 15 min down, 5 min lh nice cross of 8lwma, little no lower wick.
  • #1,284
  • Edited 4:13am Jun 8, 2010 3:57am | Edited 4:13am
Quoting Vantage
Perfect trade, love it.
Some would argue not so perfect since it dropped another 30 pips from my exit. Bottom line though is that I had my target and I'm not disappointed to bank pips there if we stall.

A lot of newer traders get into a funk when they take a trade like this and it cruises on 30-50 pips past their exit. It can matter (especially if you're taking less than 1:1 on your trades), but don't beat yourself up over it. Have a target in mind, follow your plan, and don't be greedy. Learning to optimize your exit technique is the last thing to come to a trader, so don't be afraid to bank your pips if it's within the framework of your plan. In this case it broke through, and HARD, but that's not going to happen every time so playing it safe can have its benefits. If you're patient and choose the best setups this is a high win % method, so banking pips can work out well in the long run.

In this case though, a trailing stop may have been a good idea.
  • #1,285
  • Jun 8, 2010 4:13am Jun 8, 2010 4:13am
Quoting Auron112
Some would argue not so perfect since it dropped another 30 pips from my exit. Bottom line though is that I had my target and I'm not disappointed to bank pips there if we stall.

A lot of newer traders get into a funk when they take a trade like this and it cruises on 30-50 pips past their exit. It can matter (especially if you're taking less than 1:1 on your trades), but don't beat yourself up over it. Have a target in mind, follow your plan, and don't be greedy. Learning to optimize your exit technique is the last thing to come to a trader,...
Mrs V (who has just been inducted into the +20 pips bank it Hall Of Fame) loves that.

When GU double topped around 1.4525 a likely target would have been 1.4400, the adage I have of gu 125 pip range as a solid bet. Worth keeping in the back of your mind.

We are up 8% for the month on 6 trading days, decent enough buts its those 50+ pip moves that make the numbers interesting. We for 1 have to get more of those to cover the odd down/no trade days.
  • #1,286
  • Jun 8, 2010 4:16am Jun 8, 2010 4:16am
Quoting Vantage
Mrs V (who has just been inducted into the +20 pips bank it Hall Of Fame) loves that.

When GU double topped around 1.4525 a likely target would have been 1.4400, the adage I have of gu 125 pip range as a solid bet. Worth keeping in the back of your mind.

We are up 8% for the month n 6 trading days, decent enough buts its those 50+ pip moves that make the numbers interesting. We for 1 have to get more of those to cover the odd down/no trade days.
Yeah, Mrs. V and I would probably get along famously. Now, I'm not always a +20 and bank guy as I've mentioned, but it certainly doesn't hurt with a high win % methodology. Interestingly, the earlier it is in the week the more likely I am to take my pips. I like to build a nice buffer early on, and that allows me a little more flexibility with my trade management as the week continues. As you've said, Vantage, easy to risk 15 pips when you're up 80.
  • #1,287
  • Jun 8, 2010 7:49am Jun 8, 2010 7:49am
Nice 100% system sell.
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  • #1,288
  • Jun 8, 2010 7:51am Jun 8, 2010 7:51am
Hi guys,anybody got the template for Traffic Lights indi? Im confuse with the setup..
  • #1,289
  • Jun 8, 2010 8:15am Jun 8, 2010 8:15am
Quoting Vantage
Nice 100% system sell.
Hi Van,
Any reason u disgard the neg close 5m candle (arrowed, 2 candle prior to yrs),
thanks!
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  • #1,290
  • Jun 8, 2010 8:34am Jun 8, 2010 8:34am
Quoting lefteye
Hi Van,
Any reason u disgard the neg close 5m candle (arrowed, 2 candle prior to yrs),
thanks!
After it closed price never went below that candles low to confirm the entry.
  • #1,291
  • Jun 8, 2010 8:36am Jun 8, 2010 8:36am
Quoting Vantage
Nice 100% system sell.
Tried to get out at the dble bottom low M M2 4382 when it went for the 2nd time and then stalled. Missed that exit out +23.

2 trades 2 winners today thats OK.
  • #1,292
  • Jun 8, 2010 8:52am Jun 8, 2010 8:52am
7 trading days into the month up 9%, this is below target. There are 2 reasons. I've taken fewer trades than normal and I haven't had any 5%-10% days yet this month.

We won't take any higher risk to rectify, theres lots of time to come and plenty of big trading days ahead.
  • #1,293
  • Jun 8, 2010 8:55am Jun 8, 2010 8:55am
Quoting khairul81
Hi guys,anybody got the template for Traffic Lights indi? Im confuse with the setup..
Sorry my vista/mt4 combo just refuses to let me download any template I've created.
  • #1,294
  • Jun 8, 2010 8:58am Jun 8, 2010 8:58am
Quoting Vantage
Sorry my vista/mt4 combo just refuses to let me download any template I've created.
Hey Van,its ok.I manage to play with it.
  • #1,295
  • Jun 8, 2010 9:09am Jun 8, 2010 9:09am
I got an email that asked if you can really get 5-10% from this system in a day with a 1.5% risk.

Simple answer is yes and better traders than 1 (prob watching more currencies entering multiple trades) could do a lot more.

If Mrs V hadn't changed our lot size (half size) today would have been a 6% day from 2 trades. If we had re-entered gu sell off (I was making tea and Mrs V didn't) the day's ROI would have been far above 10%.

OK it wasn't but that was our missed chance not the systems.
  • #1,296
  • Edited 9:23am Jun 8, 2010 9:22am | Edited 9:23am
Don't you just love it when price takes you out then goes down to your tp..
Entered-108.881
Stop out-108.900
Take Profit-108.715
Lesson for today-DO NOT REDUCE YOUR STOP
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  • #1,297
  • Jun 8, 2010 9:28am Jun 8, 2010 9:28am
Quoting khairul81
Don't you just love it when price takes you out then goes down to your tp..
Entered-108.881
Stop out-108.900
Take Profit-108.715
Lesson for today-DO NOT REDUCE YOUR STOP
Can't figure out which candle is entry 108.88?
  • #1,298
  • Jun 8, 2010 9:32am Jun 8, 2010 9:32am
[quote=Vantage;3786165]Can't figure out which candle is entry 108.88?

Break of the low.Shouldnt have reduce my stop..NEXT TRADE.
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  • #1,299
  • Jun 8, 2010 10:25am Jun 8, 2010 10:25am
Do any of you guys counter trend if you have a gd setup?
  • #1,300
  • Jun 8, 2010 11:21am Jun 8, 2010 11:21am
Quoting khairul81
Do any of you guys counter trend if you have a gd setup?
Definitely, but I'll admit to taking fewer counter trend trades of late when the days direction is clearly under way as things are so very $ positive.

If trades are counter trend see 1st trade mentioned in 1st post.
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