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Higher low, lower high system

  • #1,961
  • Jul 26, 2010 3:46am Jul 26, 2010 3:46am
I hope the charts clearly show why I traded AU long and GJ short.
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  • #1,962
  • Jul 26, 2010 5:40am Jul 26, 2010 5:40am
Prev 1hr was positive close but this was a lh below that 1hr low. Out half at +38, moved stop to just above 50 level, bal at +18.
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  • #1,963
  • Jul 26, 2010 5:43am Jul 26, 2010 5:43am
Missed the lh at 5482, pity, sold the lh at 65, out half at +16 bal at BE.
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  • #1,964
  • Jul 26, 2010 5:44am Jul 26, 2010 5:44am
After ej had doji on 1 hr we had a hl buy at 112.50 out -11.
  • #1,965
  • Jul 26, 2010 5:54am Jul 26, 2010 5:54am
Quoting Vantage
Missed the lh at 5482, pity, sold the lh at 65, out half at +16 bal at BE.
Hi Vantage what were your reasons for this trade I see it was against a 15min bullish close did you ignore that becasue of the strong bearish candle on the hour and the down momentum on the 15min?

Cheers Reflex
  • #1,966
  • Jul 26, 2010 6:11am Jul 26, 2010 6:11am
Quoting Vantage
After ej had doji on 1 hr we had a hl buy at 112.50 out -11.
Same here, but I took a bigger loss as I've decided to relax my exit conditions slightly. Luckily I got in on the earlier EJ fall from 112.80 to just under 112.50, but it wasn't quite a trade per the system in the thread so I won't go into detail. Still a nice LH though.
  • #1,967
  • Jul 26, 2010 6:12am Jul 26, 2010 6:12am
Quoting reflex
Hi Vantage what were your reasons for this trade I see it was against a 15min bullish close did you ignore that becasue of the strong bearish candle on the hour and the down momentum on the 15min?

Cheers Reflex
It was one of those slightly against the rules trades that you can go into if you believe there's enough to justify your actions. The 1hr as you say was strongly down the 15 min push up was an inside bar that closed with a 5 min shooting star at the 75 psych level. When the next 5 min closed lower (for a perfect lh) we believed the move down was not over and 125 pip range may continue (although we were aware that we were going against Fri's strong close).

So it was 15 min inside bar, reject of 75 level, 5 min shooting star followed by a lower close for a perfect 5 min lh.

We initially had first target of 5435 at W M3, but the failure of break below Fri's high was a big signal.

We actually wanted to buy the small pos candle just above 5450 but chickened out.
  • #1,968
  • Jul 26, 2010 6:14am Jul 26, 2010 6:14am
Quoting Auron112
Same here, but I took a bigger loss as I've decided to relax my exit conditions slightly. Luckily I got in on the earlier EJ fall from 112.80 to just under 112.50, but it wasn't quite a trade per the system in the thread so I won't go into detail. Still a nice LH though.
By then we were trading below the prev 1hr low as mentioned above and I think your entry took out the low of the pos 15 min candle so thats a good lh trade I think.
  • #1,969
  • Jul 26, 2010 6:19am Jul 26, 2010 6:19am
Looking at vol seems like Aug holidays are starting early.

Possibly this is not actually the right time to start exiting half at key area and letting bal run.
  • #1,970
  • Jul 26, 2010 6:19am Jul 26, 2010 6:19am
Quoting Vantage
By then we were trading below the prev 1hr low as mentioned above and I think your entry took out the low of the pos 15 min candle so thats a good lh trade I think.
Yes, it more or less conforms to the rules of the thread. My entry conditions were slightly different but like I said, still a nice LH and a good trade.
  • #1,971
  • Jul 26, 2010 6:32am Jul 26, 2010 6:32am
Quoting Vantage
It was one of those slightly against the rules trades that you can go into if you believe there's enough to justify your actions. The 1hr as you say was strongly down the 15 min push up was an inside bar that closed with a 5 min shooting star at the 75 psych level. When the next 5 min closed lower (for a perfect lh) we believed the move down was not over and 125 pip range may continue (although we were aware that we were going against Fri's strong close).

So it was 15 min inside bar, reject of 75 level, 5 min shooting star followed by a lower...
ok cheers for the help.
  • #1,972
  • Jul 26, 2010 9:42am Jul 26, 2010 9:42am
Was out at the shops and missed this perfect system trade in line with pos 1hr close, pos 15 min close, nice 5 min hl little no upper wick on entry candle.

Just showing as yet another example.
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  • #1,973
  • Jul 26, 2010 11:22am Jul 26, 2010 11:22am
Quoting Vantage
Was out at the shops and missed this perfect system trade in line with pos 1hr close, pos 15 min close, nice 5 min hl little no upper wick on entry candle.

Just showing as yet another example.
Hi Vantage,

I don't think the H1 had closed until after your red arrow showing the potential long entry, it was my understanding we had to wait for the candle to close first.

My apologies if I misunderstood.
  • #1,974
  • Jul 26, 2010 3:30pm Jul 26, 2010 3:30pm
Quoting jag1966
Hi Vantage,

I don't think the H1 had closed until after your red arrow showing the potential long entry, it was my understanding we had to wait for the candle to close first.

My apologies if I misunderstood.
The 5min candle closed at the same time as the 1hr candle in this case. It is fairly common to see trades where the 5min entry candle closes along with the 15min or 1hr candle that signals the potential trade opportunity.
  • #1,975
  • Jul 27, 2010 1:01am Jul 27, 2010 1:01am
Banging up against some tough levels here. As usual we'll be looking at size of bounces for clues if we're going higher or not. See Y for size of bounce in US session.
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  • #1,976
  • Jul 27, 2010 4:06am Jul 27, 2010 4:06am
Got distracted and missed prob trade of day so far on ej but never mind.

First trade was a gu lh against the pos close 15 min but it was another inside bar and we had a lower close on 5 min followed by a shooting star.

Scalped 11 pips.
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  • #1,977
  • Edited 10:54am Jul 27, 2010 4:08am | Edited 10:54am
A 1 min lh when it couldn't even retrace to D pivot 5472/75 area. Out at dble btm for 9. I see it has gone lower but in view of small ranges and poor vol reasonably happy.
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  • #1,978
  • Jul 27, 2010 4:20am Jul 27, 2010 4:20am
Your thread has transformed my trading, better entries, better discipline, better price action recognition and a better understanding of the flow of the price with the Asian close, Frankfurt open and London open.

Onwards and upwards, I owe you a drink bigtime V.
  • #1,979
  • Jul 27, 2010 5:37am Jul 27, 2010 5:37am
Quoting jag1966
Your thread has transformed my trading, better entries, better discipline, better price action recognition and a better understanding of the flow of the price with the Asian close, Frankfurt open and London open.

Onwards and upwards, I owe you a drink bigtime V.
My pleasure, in turn I owe a lot to Islander.
  • #1,980
  • Jul 27, 2010 5:48am Jul 27, 2010 5:48am
Quoting Vantage
Banging up against some tough levels here. As usual we'll be looking at size of bounces for clues if we're going higher or not. See Y for size of bounce in US session.
Price fell around 85 pips this am from the 5525 level, only around 30 pips from recent high. That would suggest to me we are headed up. TWT.
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