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Higher low, lower high system

  • #1,701
  • Jul 6, 2010 7:36am Jul 6, 2010 7:36am
try taking partial profits and move stop to BE later
after the second retest of the area

Quoting reflex
Any advice on how I could have managed that trade Vantage maybe when Asian high was hit my stop could have been put above the bar that broke the previous swing low so exit would have been at 15172?
  • #1,702
  • Jul 6, 2010 7:38am Jul 6, 2010 7:38am
The entry area for the trades was just tested
maybe we see it drop now

the setups were at 10:40 and 11:00 GMT

cheers

Thomas

Quoting tdeu
Hi,

Look at the short setups from 13:40 and 14:00 your time zone.

Max pips on both 35!!

cheers

Thomas
  • #1,703
  • Jul 6, 2010 7:59am Jul 6, 2010 7:59am
hi guys,

do your self a favor and draw a box with the levels of the H1 dojis on all three pairs (GU,EJ,EU).

Then watch what happens at the boundaries. Fades.

Only GU had a tradable breakout.

watch what happened to a 5min candle, that sticked it's head (or feet) out of the range a couple of candles later

the same thing on M5 - draw a range from the last doji...
10:55 on EJ and 11:05 on EU (although EU had a nice break long at 12:15)

Cheers

Thomas
  • #1,704
  • Jul 6, 2010 8:04am Jul 6, 2010 8:04am
Quoting tdeu
try taking partial profits and move stop to BE later
after the second retest of the area
Cheers tdeu I have never liked taking partial profits because when I do get a good run I like having a full stake on. Do you mean once you have entered a trade and its gone your way wait for it to come back and test your entry before putting stops to BE?

Cheers Reflex
  • #1,705
  • Jul 6, 2010 8:13am Jul 6, 2010 8:13am
sometimes entries are tested a couple of times
but sometimes it turns on you

figure it out from your W/L ratio

or take only 1/3rd profit at 1:1 and move stop accordingly


Quoting reflex
Cheers tdeu I have never liked taking partial profits because when I do get a good run I like having a full stake on. Do you mean once you have entered a trade and its gone your way wait for it to come back and test your entry before putting stops to BE?

Cheers Reflex
  • #1,706
  • Edited 9:30am Jul 6, 2010 8:27am | Edited 9:30am
very often it retraces (50-76%) the shooting star/hammer/engulfing you entered on

like the 6:35GMT hammer on GU this morning (5 candles later - 50% retrace)

especially if you traded the candle that formed the swing high or low


Quoting tdeu
sometimes entries are tested a couple of times
but sometimes it turns on you

figure it out from your W/L ratio

or take only 1/3rd profit at 1:1 and move stop accordingly
  • #1,707
  • Jul 6, 2010 9:29am Jul 6, 2010 9:29am
Quoting reflex
Any advice on how I could have managed that trade Vantage maybe when Asian high was hit my stop could have been put above the bar that broke the previous swing low so exit would have been at 15172?
I think when you have such an up/down day protecting yourself comes first. Its always a pain when hindsight shows if you moved your stop at x instead of y you'd have stayed in. How did you do today, the potential to get on the wrong side of trades was massive on a day like today, if you avoided that fair enough the good days will come.
  • #1,708
  • Jul 6, 2010 10:01am Jul 6, 2010 10:01am
the guy from the book "Reading price charts..."

calls this barb wire - so true...



Quoting tdeu
hi guys,

do your self a favor and draw a box with the levels of the H1 dojis on all three pairs (GU,EJ,EU).

Then watch what happens at the boundaries. Fades.

Only GU had a tradable breakout.

watch what happened to a 5min candle, that sticked it's head (or feet) out of the range a couple of candles later

the same thing on M5 - draw a range from the last doji...
10:55 on EJ and 11:05 on EU (although EU had a nice break long at 12:15)

Cheers

Thomas
Attached Image (click to enlarge)
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  • #1,709
  • Jul 6, 2010 10:02am Jul 6, 2010 10:02am
tdeu,

could you post a chart regarding drawing rages around doji?

thanks,
  • #1,710
  • Jul 6, 2010 10:06am Jul 6, 2010 10:06am
nice trade on EU after news

trapped shorts helped to go north
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  • #1,711
  • Jul 6, 2010 10:06am Jul 6, 2010 10:06am
Quoting Vantage
I think when you have such an up/down day protecting yourself comes first. Its always a pain when hindsight shows if you moved your stop at x instead of y you'd have stayed in. How did you do today, the potential to get on the wrong side of trades was massive on a day like today, if you avoided that fair enough the good days will come.
I think when I move my stops to BE once its gone 15pips my way I feel alot more relaxed knowing its a free trade and find I concentrate on the chart alot more than the Profit/loss. Like you say the good days will come so I'm happy to get a few BE knowing that 75% of the time it will go 100-125pips.
I didn't do too bad today the trade I posted wasn't actually the 1st trade I did I just didn't post the 1st becasue it was a 1min entry that wasn't really a trade I was just being impatient and wanted to trade. Today I am down 10pips 3 months ago before I started trading this method that would have been 100 pips HAHA.
Were there trades for you today on other pairs?

Cheers Reflex
  • #1,712
  • Jul 6, 2010 10:10am Jul 6, 2010 10:10am
see post before yours

just take high and low of the doji - the top of the 5min doji looks perfect as a boundary for this range

look how many wicks end at 110.58

I have two daily S/R at 110.50 and 110.70 - that is maybe the cause for it?

Quoting bpips
tdeu,

could you post a chart regarding drawing rages around doji?

thanks,
  • #1,713
  • Jul 6, 2010 10:44am Jul 6, 2010 10:44am
Quoting reflex
I think when I move my stops to BE once its gone 15pips my way I feel alot more relaxed knowing its a free trade and find I concentrate on the chart alot more than the Profit/loss. Like you say the good days will come so I'm happy to get a few BE knowing that 75% of the time it will go 100-125pips.
I didn't do too bad today the trade I posted wasn't actually the 1st trade I did I just didn't post the 1st becasue it was a 1min entry that wasn't really a trade I was just being impatient and wanted to trade. Today I am down 10pips 3 months ago before...
No, I missed the big moves that were too early for me, and just got to computer after the FO move. The gu set ups looked good there just wasn't follow through.
  • #1,714
  • Jul 6, 2010 10:47am Jul 6, 2010 10:47am
Quoting reflex
Today I am down 10pips 3 months ago before I started trading this method that would have been 100 pips HAHA.
Reflex I know you are saying this as a joke but if thats half true do you realise how big that is??? What you'd have to do to recover from -50, -100, and the pressure that puts on your trading.
  • #1,715
  • Jul 6, 2010 11:26am Jul 6, 2010 11:26am
Quoting Vantage
Reflex I know you are saying this as a joke but if thats half true do you realise how big that is??? What you'd have to do to recover from -50, -100, and the pressure that puts on your trading.
There have been -50 and more days when I was trying to trade the 1 minute (every LH/HL!) but just couldn't do it this was before I read your thread and wasn't using larger tfs. I have been trading full time now for 6 months with money I saved up from work. and now I try to only trade 100% system trades there haven't been any -50 days usually if it a losing day and theres not many its 15-20 at most.
I am trying to learn a bit more about longer tfs so that my tragets for the london 100 pip run can be a bit better and I have a better idea of where it might reverse/retrace if you get time to post some longer tf analysis in the future as well as hl/lh I would be greatfull but if you don't want to put that on this thread thats fine.

Cheers Reflex.
  • #1,716
  • Jul 6, 2010 1:22pm Jul 6, 2010 1:22pm
Hi,

have a look back at EJ where the news spike from ISM Non-Manufacturing ends
50% retracement of the 6:35GMT hammer!!!!!!

I think it's essential to take some profit, if you're not having traded one of the extremes of the day...
unless you have a nice and clean trend developing after your entry... very lucky

cheers

Quoting tdeu
very often it retraces (50-76%) the shooting star/hammer/engulfing you entered on

like the 6:35GMT hammer on GU this morning (5 candles later - 50% retrace)

especially if you traded the candle that formed the swing high or low
  • #1,717
  • Jul 6, 2010 2:31pm Jul 6, 2010 2:31pm
Quoting tdeu
Hi,

have a look back at EJ where the news spike from ISM Non-Manufacturing ends
50% retracement of the 6:35GMT hammer!!!!!!

I think it's essential to take some profit, if you're not having traded one of the extremes of the day...
unless you have a nice and clean trend developing after your entry... very lucky

cheers
Cheers for the help.
  • #1,718
  • Jul 7, 2010 1:21am Jul 7, 2010 1:21am
Quoting reflex
I am trying to learn a bit more about longer tfs so that my tragets for the london 100 pip run can be a bit better and I have a better idea of where it might reverse/retrace if you get time to post some longer tf analysis in the future as well as hl/lh I would be greatfull but if you don't want to put that on this thread thats fine.

Cheers Reflex.
OK this is my take but there are much better guys out there than me. Some proviso's. I am prepared to be dragged around by the nose from 1 hr chart ie I'll follow (100% system trades) until we get a hl/lh at what seems like a good turn place then we'll look to change direction. I don't know where the markets going (and I don't really care).

I start on daily which is showing a shooting star IF it goes lower 4973 is as likely a target as any. D shows R at 5220 and S at 5100 in addition to the red lines ie theres lots of places for turns and I don't know who will win those battles.

Then I'll look at 1 hr and see poss places where there may be bounces to TP, always looking to re-enter (assumes I can beat off the Mrs V +20 bank indi). 1 hr shows lots of turn areas and 5025-40 looks like a tough area.

Any turn gives potential to re-draw the 125 pip target and I just search charts for those likely areas.
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  • #1,719
  • Jul 7, 2010 1:45am Jul 7, 2010 1:45am
Small loss to start the day. Knew it was a little risky with FH not really moving but gave it a go with tight stop management. I wanted momentum on my side and if I didn't have it I was getting out quick. Will now wait to see what London brings.
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  • #1,720
  • Jul 7, 2010 1:57am Jul 7, 2010 1:57am
Quoting Auron112
Small loss to start the day. Knew it was a little risky with FH not really moving but gave it a go with tight stop management. I wanted momentum on my side and if I didn't have it I was getting out quick. Will now wait to see what London brings.
I took exactly the same trade lucky to have gotten out at BE. 100% system as your charts show.
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