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Higher low, lower high system

  • #1,541
  • Jun 28, 2010 8:41am Jun 28, 2010 8:41am
Quoting tdeu
Vantage,

Would you've sold that bearish shooting star 15min ago (5min)?

Looks like we're struggling with a wedge trend channel line. Or would you wait for the break of today's uptrend line around 5060ish to go short?

Cheers

Thomas
This pa is a little wierd so for this set up I have not decided yet and if I miss a move so be it.

15 min shows 3 failures to break 5075 psych level/Asian high ending with a 15 min low close shooting star with little/no lower wick that you refer to. Normally I'd be very interested but I've had some nasty experiences in distant past with US session getting choped to bits in these ranges, expecting each move to be the one that breaks and you open your eyes and had 4 losing trades!!! Never again. I'll rather post here than go down that road again.
  • #1,542
  • Jun 28, 2010 8:42am Jun 28, 2010 8:42am
Quoting tdeu
Is the blue MA on the 5min chart from post #1 a 5min 8lwma? Looks like more or less most setup candles cross the blue MA or are near it?

Cheers

Thomas
Yes 5 min has 8 lwma and thats why we got to that as most set ups show clearly with it.
  • #1,543
  • Jun 28, 2010 8:59am Jun 28, 2010 8:59am
You're so right. I did not take it either but was tempted. Better to wait for the breakout to the downside first.

I'm long from 5042 and took partial profit at the range top 5060ish. SL at BE now. Maybe we'll see 5130 today.

Thomas

Quoting Vantage
This pa is a little wierd so for this set up I have not decided yet and if I miss a move so be it.

15 min shows 3 failures to break 5075 psych level/Asian high ending with a 15 min low close shooting star with little/no lower wick that you refer to. Normally I'd be very interested but I've had some nasty experiences in distant past with US session getting choped to bits in these ranges, expecting each move to be the one that breaks and you open your eyes and had 4 losing trades!!! Never again. I'll rather post here than go down that road again....
  • #1,544
  • Jun 28, 2010 9:04am Jun 28, 2010 9:04am
Quoting tdeu
You're so right. I did not take it either but was tempted. Better to wait for the breakout to the downside first.

I'm long from 5042 and took partial profit at the range top 5060ish. SL at BE now. Maybe we'll see 5130 today.

Thomas
That was target I had from daily chart post earlier, I've seen from your earlier post you saw that. Anyway if we do looks like I'll miss out. If you are in (like you are) great I've no confidence to jump in here judging from todays pa.
  • #1,545
  • Jun 28, 2010 9:12am Jun 28, 2010 9:12am
Yes, saw that. Still have my S/R from M/W/D/4hr on the 1hr chart.

The volume (15min) for the break above 75 was highest today. Looks like some shorts coming in too just below 5100.

BTW. I saw a nice indicator, that does S/R calculation and drawing.
http://www.forexfactory.com/showthread.php?t=204276

Have a look at it. Maybe adding daily S/R to the tool box?

Cheers

Thomas

Quoting Vantage
That was target I had from daily chart post earlier, I've seen from your earlier post you saw that. Anyway if we do looks like I'll miss out. If you are in (like you are) great I've no confidence to jump in here judging from todays pa.
  • #1,546
  • Jun 28, 2010 9:54am Jun 28, 2010 9:54am
Quoting tdeu
You're so right. I did not take it either but was tempted. Better to wait for the breakout to the downside first.

I'm long from 5042 and took partial profit at the range top 5060ish. SL at BE now. Maybe we'll see 5130 today.

Thomas
Very nice Thomas, anywhere from 5115 could be good place to TP.
  • #1,547
  • Edited 10:27am Jun 28, 2010 10:09am | Edited 10:27am
I'm posting this as hindsight is a great tool.

We had 3 BE buys where we looked for the 5065 level to break. As a result we got scared off the trade. We were trying to buy into what proved to be a tough area with lots of 1hr upper wicks which is why the upper line in the indi window was solid red (when we were trying to buy).

When the 100% system trade eventually comes (including my often discussed small bounce from key area, 5075 in this case) we had long since lost belief in this move.

For the record 100% system trade right on that tough level works yet again. Discipline is the bridge between goals and accomplishment, I remember reading that somewhere. I've traded well below par this month today no different.
Attached Image (click to enlarge)
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  • #1,548
  • Jun 28, 2010 10:14am Jun 28, 2010 10:14am
monthly level was at 5120 so I bailed out at 5103

Cheers

Quoting Vantage
Very nice Thomas, anywhere from 5115 could be good place to TP.
  • #1,549
  • Jun 28, 2010 10:16am Jun 28, 2010 10:16am
Hi Vantage,

Do you refer to that inside bar, that looked like a hammer with a little top wick? 14:00 GMT (DST)

Quoting Vantage
I'm posting this as hindsight is a great tool.

We had 3 BE buys where we looked for the 5065 level to break. As a result we got scared off the trade. We were trying to buy into what proved to be a tough area with lots of 1hr upper wicks which is why the upper line in the indi window was solid red.

When the 100% system trade eventually comes (including my often discussed small bounce from key area, 5075 in this case) we had long since lost belief in this move.

For the record 100% system trade right on that tough level works yet again. Discipline...
  • #1,550
  • Jun 28, 2010 10:19am Jun 28, 2010 10:19am
Quoting tdeu
Yes, saw that. Still have my S/R from M/W/D/4hr on the 1hr chart.

The volume (15min) for the break above 75 was highest today. Looks like some shorts coming in too just below 5100.

BTW. I saw a nice indicator, that does S/R calculation and drawing.
http://www.forexfactory.com/showthread.php?t=204276

Have a look at it. Maybe adding daily S/R to the tool box?

Cheers

Thomas
There seems to be a massive choice of options (as Hanover does tend to have with his indi's) have you got some settings that work well on shorter time frames, say 15 min?
  • #1,551
  • Jun 28, 2010 10:23am Jun 28, 2010 10:23am
I'm trying to figure it out atm.

Try to get lazy, as until now I draw all my S/R by hand

Do you mean S/R levels from 15min chart plotted in 5min chart?

Quoting Vantage
There seems to be a massive choice of options (as Hanover does tend to have with his indi's) have you got some settings that work well on shorter time frames, say 15 min?
  • #1,552
  • Jun 28, 2010 10:24am Jun 28, 2010 10:24am
Quoting tdeu
Hi Vantage,

Do you refer to that inside bar, that looked like a hammer with a little top wick? 14:00 GMT (DST)
The system trade is the candle with the red line on 16.40 chart time.

As mentioned the 1hr was up (indi window top line green) 15 min turned up (middle line green) we are above the 1hr 8lwma (bottom line green) and the perfect 5 min hl with little/no upper wick on entry candle.
  • #1,553
  • Jun 28, 2010 10:26am Jun 28, 2010 10:26am
Quoting tdeu
I'm trying to figure it out atm.

Try to get lazy, as until now I draw all my S/R by hand

Do you mean S/R levels from 15min chart plotted in 5min chart?
Sorry wasn't clear, 1hr/4hr S/R levels placed on say 15 min chart.
  • #1,554
  • Jun 28, 2010 1:49pm Jun 28, 2010 1:49pm
nice system guys, gonna try this one myself.

Sharpster.
  • #1,555
  • Jun 28, 2010 2:59pm Jun 28, 2010 2:59pm
Hi Vantage,

Were there entries according to the system at 14:30 and 15:25? Both candles with very small upper wicks and the second one crossing the 8lwma?

Cheers

Thomas

Quoting Vantage
I'm posting this as hindsight is a great tool.

We had 3 BE buys where we looked for the 5065 level to break. As a result we got scared off the trade. We were trying to buy into what proved to be a tough area with lots of 1hr upper wicks which is why the upper line in the indi window was solid red (when we were trying to buy).

When the 100% system trade eventually comes (including my often discussed small bounce from key area, 5075 in this case) we had long since lost belief in this move.

For the record 100% system trade right on that tough...
  • #1,556
  • Jun 28, 2010 3:32pm Jun 28, 2010 3:32pm
Had a nice short on EU. I had to set a small tp cause I was out of room only took +8 but had double lots on this one so made my day.
Attached Image (click to enlarge)
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  • #1,557
  • Edited 4:00pm Jun 28, 2010 3:47pm | Edited 4:00pm
Hi Vantage Im doing very well with your method on EU thank you for all the information you have provided.

I dont remember reading anywhere what is the indicator at the bottom of your chart the three rows of squares. Im guessing a mtf indi of some sort and not sure if you incorporate this into your trade plan.

thanks much
  • #1,558
  • Jun 28, 2010 7:07pm Jun 28, 2010 7:07pm
Quoting Vantage
Sorry wasn't clear, 1hr/4hr S/R levels placed on say 15 min chart.
Hi Vantage,

Like this ?
Attached Image (click to enlarge)
Click to Enlarge Name: vantage sr.gif Size: 17 KB
Attached File(s)
File Type: mq4 SR_Barry_Eli_MTF_ammended.mq4   7 KB | 499 downloads
Money grows on the tree of persistence
  • #1,559
  • Jun 28, 2010 8:36pm Jun 28, 2010 8:36pm
Quoting bpips
Hi Vantage Im doing very well with your method on EU thank you for all the information you have provided.

I dont remember reading anywhere what is the indicator at the bottom of your chart the three rows of squares. Im guessing a mtf indi of some sort and not sure if you incorporate this into your trade plan.

thanks much
Hey bpips check out this thread where Royston coded the indicator. http://www.forexfactory.com/showthread.php?t=234062

Nice to see you're still trading well V, even if it's not up to your crazy high standards haha.

trublu
  • #1,560
  • Jun 28, 2010 9:51pm Jun 28, 2010 9:51pm
Quoting trublu
Hey bpips check out this thread where Royston coded the indicator. http://www.forexfactory.com/showthread.php?t=234062

Nice to see you're still trading well V, even if it's not up to your crazy high standards haha.

trublu
Hey trublu thanx i will give it a look. Maybe it will give me a little edge.
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