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Higher low, lower high system

  • #2,081
  • Aug 9, 2010 1:58am Aug 9, 2010 1:58am
Nice 2B trade there. I was looking for that but Roy's Magnified Market Price indicator visually hid the top from me. Guess what - it's now been moved to another corner.
  • #2,082
  • Aug 9, 2010 2:02am Aug 9, 2010 2:02am
Quoting Vantage
2b counter trend scalp +14.

Interesting. I checked four sets of charts and all had that as a double top, only FxPro had it actually break by a couple pips. Care to share you reasons for entry and exit on this one? There was definitely some selling at the level given the 5min bar at 6:05GMT and once those two more recent bars failed to push higher we were likely to fall some leading into London open. Good way to start the week.
  • #2,083
  • Aug 9, 2010 2:36am Aug 9, 2010 2:36am
I use FXPro, and as you pointed out it did show a high by a few pips. For me, I was looking for a reason to justify a short because my M15 chart showed this was the third attempt to break 1.6000.
  • #2,084
  • Aug 9, 2010 2:44am Aug 9, 2010 2:44am
Quoting Vantage
2b counter trend scalp +14.
I took a wedge breakout long on AU, h1 engulfing candle, M15 2b pattern, your m5 hl entry.

EJ was a beauty as well
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au.gif Size: 33 KB
Click to Enlarge Name: ej.gif Size: 39 KB
  • #2,085
  • Aug 9, 2010 2:47am Aug 9, 2010 2:47am
Quoting orientos
I use FXPro, and as you pointed out it did show a high by a few pips. For me, I was looking for a reason to justify a short because my M15 chart showed this was the third attempt to break 1.6000.
There was a lot of supply out there, to be sure. Plus, FH was unlikely to sustain the break and some sort of pullback was likely even if an unexpected move up was to continue after LO. Overall a pretty low risk play for counter-trend. I wasn't around so I missed out on the entire FH move.

I just thought it would be helpful to provide additional details for the trade in the post. I'm guessing Vantage was just in a hurry though.
  • #2,086
  • Aug 9, 2010 3:28am Aug 9, 2010 3:28am
Quoting Auron112
Interesting. I checked four sets of charts and all had that as a double top, only FxPro had it actually break by a couple pips. Care to share you reasons for entry and exit on this one? There was definitely some selling at the level given the 5min bar at 6:05GMT and once those two more recent bars failed to push higher we were likely to fall some leading into London open. Good way to start the week.
The 2nd 15 min upper wick candle candle 7.15 closed on lower vol suggesting lack of buyers. Then the 2b set up at M R1 5985 sell per system.

We were expecting more move up so when we had some stall at W M3 5968 we were happy with this as a scalp, ie we were going in with this in mind.
  • #2,087
  • Aug 9, 2010 3:32am Aug 9, 2010 3:32am
Quoting Auron112
There was a lot of supply out there, to be sure. Plus, FH was unlikely to sustain the break and some sort of pullback was likely even if an unexpected move up was to continue after LO. Overall a pretty low risk play for counter-trend. I wasn't around so I missed out on the entire FH move.

I just thought it would be helpful to provide additional details for the trade in the post. I'm guessing Vantage was just in a hurry though.
We were actually set up for a potential sell anywhere from 5985 to 6015. As mentioned it couldn't get there the 15 mn lack of vol was a clincher. I'll mention fxpro vol seems to be very good compared to Malcb's so I'm placing a lot of faith in it.
  • #2,088
  • Aug 9, 2010 3:32am Aug 9, 2010 3:32am
Quoting jag1966
I took a wedge breakout long on AU, h1 engulfing candle, M15 2b pattern, your m5 hl entry.

EJ was a beauty as well
Nice one looks like au works well for you.
  • #2,089
  • Edited 12:37pm Aug 9, 2010 3:35am | Edited 12:37pm
Took this lh sell. 2 x 15 min shooting stars, the 2nd one on lower vol. 5 min shooting star. Darn it just missed our exit we were looking for it to get to pivot/25 and missed with 4 or 5 pips. Out at BE after getting to +15.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.gif Size: 21 KB
  • #2,090
  • Aug 9, 2010 3:39am Aug 9, 2010 3:39am
Trade what you see not what you think so I'm hoping to see a nice low between here and 5900 with D P, 50% of Fri's range and supp from Fri's London session high in between 50 and RN.
  • #2,091
  • Aug 9, 2010 4:24am Aug 9, 2010 4:24am
Quite the choppy little mess we have this morning. Like you V, I wanted to see GU push a bit lower into that Fri resistance point. With this 1hr close though, it looks like we may not get there. That said, since we closed below our support area maybe we are in for another push down. Basically just no mans land right now. EJ isn't any better...
  • #2,092
  • Aug 9, 2010 4:50am Aug 9, 2010 4:50am
Hi guys,

no it "may not get there". The session low was at long-term trend-line support, and that might be the end of the downside for a while.

Attached charts are one and the same in different time frames - H4 and M5.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cable h4 9 aug.gif Size: 25 KB
Click to Enlarge Name: cable m5 9 aug.gif Size: 21 KB
  • #2,093
  • Aug 9, 2010 4:57am Aug 9, 2010 4:57am
Quoting medici
Hi guys,

no it "may not get there". The session low was at long-term trend-line support, and that might be the end of the downside for a while.

Attached charts are one and the same in different time frames - H4 and M5.
I think you're right. Especially if this 1hr closes above the previous support level (which it almost surely will), we should be moving up. I'll be trading a bit later than usual today by the looks of things thanks to waiting on that choppy action.
  • #2,094
  • Aug 9, 2010 4:58am Aug 9, 2010 4:58am
Quoting medici
Hi guys,

no it "may not get there". The session low was at long-term trend-line support, and that might be the end of the downside for a while.

Attached charts are one and the same in different time frames - H4 and M5.
Thanks, thats more ammo to back up my thoughts, just as the top end of that channel does on the upside.
  • #2,095
  • Aug 9, 2010 5:02am Aug 9, 2010 5:02am
Quoting Auron112
I'll be trading a bit later than usual today by the looks of things thanks to waiting on that choppy action.
I'm just hoping to stay awake.
  • #2,096
  • Aug 9, 2010 5:04am Aug 9, 2010 5:04am
Quoting Vantage
I'm just hoping to stay awake.
http://www.youtube.com/watch?v=JKlvNv2iQCo&feature=av2n
  • #2,097
  • Edited 8:51am Aug 9, 2010 5:59am | Edited 8:51am
Quoting Vantage
Thanks, thats more ammo to back up my thoughts, just as the top end of that channel does on the upside.
It might be an interesting morning tomorrow. The trend line support meets the 1.60 level at around 9.30 UK time - classical reversal time and tomorrow trade balance data release.

One possible scenario in attached chart.
Attached Image (click to enlarge)
Click to Enlarge Name: cable m30 9 aug.jpg Size: 96 KB
  • #2,098
  • Aug 9, 2010 6:12am Aug 9, 2010 6:12am
hello,
hope house, i hope traders did take this trades this morning
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur and gbp.gif Size: 44 KB
Click to Enlarge Name: gbp and dollar.gif Size: 40 KB
We do not see things as they are; we see things as we are.
  • #2,099
  • Aug 9, 2010 6:14am Aug 9, 2010 6:14am
Quoting medici
It might be a interesting morning tomorrow. The trend line support meets the 1.60 level at around 9.30 UK time - classical reversal time and tomorrow trade balance data release.

One possible scenario in attached chart.

An interesting scenario indeed. I'm also watching the charts from the perspective of the upcoming news release influencing today's action. Seems a lot of people think we are heading straight up today. Not ruling it out, but it would make sense to me if we go in a bit of a holding pattern until we see what the release brings.

On another note, it's good to see you around again Medici. I've always taken great interest in your analysis, and your longer-term perspective (at least compared to some of us) is very welcome in this thread. I'm sure Vantage would agree.
  • #2,100
  • Aug 9, 2010 6:17am Aug 9, 2010 6:17am
hapy to see this ... i took just +15. have nice day Van
Quoting Vantage
2b counter trend scalp +14.
We do not see things as they are; we see things as we are.
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