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Higher low, lower high system

  • #2,541
  • Aug 18, 2010 3:38am Aug 18, 2010 3:38am
Quoting Musashi
Patience and a lot of screen time. Study how price moves, how it forms continuation patterns and how it forms reversal patterns, how price moves at a key level of S/R and round numbers.

Above all else have an exit strategy.
Also if you see a reason to exit a trade before it hits your Stop Loss, then don't hesitate as the first exit is usually the cheapest.

  • #2,542
  • Aug 18, 2010 3:45am Aug 18, 2010 3:45am
Quoting reflex
Hi all no trades so far today for me. Looks like we might retrace a bit now the upper TL has been broke may go and test extreme and make LH setup.
and Vantage can you have a look at the chart below and tell me if this is what you call a 2B.

Thanks
It went 1 pip higher so I suppose that qualifies, so whether its really a 2b or DT is about the same. I'd like to see pa go a few pips higher to say its a 2b though.

Off to make some lunch.
  • #2,543
  • Aug 18, 2010 3:45am Aug 18, 2010 3:45am
Well I sure hope someone is learning something and I'm not totally wasting my time, because the knowledge I have is very valuable
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  • #2,544
  • Aug 18, 2010 3:49am Aug 18, 2010 3:49am
Quoting Musashi
Also if you see a reason to exit a trade before it hits your Stop Loss, then don't hesitate as the first exit is usually the cheapest.

For a while there I was guessing that your unofficial stop was if first RB closed against your position, then if 2nd bar continues against you then you exit. I was just wondering.
  • #2,545
  • Aug 18, 2010 3:52am Aug 18, 2010 3:52am
1st trade of the day agaist a strong up move so I will be carefull.

forgot to enlarge writting on chart it say LH short with target of DP/600 RN
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  • #2,546
  • Aug 18, 2010 4:01am Aug 18, 2010 4:01am
holding daily mid resistance 1 and 20EMA at the moment.
  • #2,547
  • Aug 18, 2010 4:29am Aug 18, 2010 4:29am
5 Trades Today, 5 Winners for +10.17% increase to equity today.

+42.5% overall
  • #2,548
  • Edited 5:30am Aug 18, 2010 5:12am | Edited 5:30am
Quoting reflex
1st trade of the day agaist a strong up move so I will be carefull.

forgot to enlarge writting on chart it say LH short with target of DP/600 RN
Out +1.5pips reason a HL on the 5min.
And I think I gave it long enough I'd rather look for another trade when it breaks out of this little range.
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  • #2,549
  • Aug 18, 2010 5:49am Aug 18, 2010 5:49am
Quoting Vantage
It went 1 pip higher so I suppose that qualifies, so whether its really a 2b or DT is about the same. I'd like to see pa go a few pips higher to say its a 2b though.

Off to make some lunch.
Missed this post at 1st thanks for explaining.
  • #2,550
  • Aug 18, 2010 6:56am Aug 18, 2010 6:56am
I missed this one which I'm not happy about. Was a nice LH setup off psych level.
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  • #2,551
  • Aug 18, 2010 11:21pm Aug 18, 2010 11:21pm
Morning all.

GU yesterday a nice doji so I'd normally be thinking up from this obvious supp at 5550.

However the move up was very quickly pushed down in US session. So I'm thinking a push down from here, we'll see if 5510 is defended as strongly as Y. If yes then 125 range up may start from there, if not rare down day with no LO head fake move up.
  • #2,552
  • Aug 18, 2010 11:36pm Aug 18, 2010 11:36pm
Morning V. I'll guess we'll see what PA brings. Can I ask a question about 2B reversals? I seem to have quite a few failures in contrast to your other set-ups. Is it just me, or are they perhaps just a little less reliable? Thanks.
  • #2,553
  • Aug 18, 2010 11:41pm Aug 18, 2010 11:41pm
Quoting orientos
Morning V. I'll guess we'll see what PA brings. Can I ask a question about 2B reversals? I seem to have quite a few failures in contrast to your other set-ups. Is it just me, or are they perhaps just a little less reliable? Thanks.
I don't think they are less reliable but as always I'd choose my battles. So you'd need to see nice M or W pattern at a key level. Also 15 min should still make sense candles/vol. I wouldn't take 2b (or hl/lh) against a strong trend unless you reasons are really clear.
  • #2,554
  • Aug 18, 2010 11:48pm Aug 18, 2010 11:48pm
Thanks V. I shall be a little more carefull in future and will continue to trade them in small lots until I master them.
  • #2,555
  • Aug 19, 2010 12:30am Aug 19, 2010 12:30am
Quoting orientos
Thanks V. I shall be a little more carefull in future and will continue to trade them in small lots until I master them.
There was an ej 2b set up that worked a little better than this gu we took.

Gu lh sell from 7RB, against the 15 min but the last close was pos but zero follow through. Was perhaps a little risk and we traded below normal. Exit at bounce from 25 for +16.
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  • #2,556
  • Aug 19, 2010 12:45am Aug 19, 2010 12:45am
I hope a few people made some pips on that run south on E/J and G/U. +21 for me on E/J , with exit near my target of XX50. I should have reversed for a some more pips (Islander style)
  • #2,557
  • Aug 19, 2010 1:40am Aug 19, 2010 1:40am
Nice 1 min HL with CI div on 5min off 510 area from yesterday that you mentioned earlier V shame so close to news.
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  • #2,558
  • Aug 19, 2010 1:45am Aug 19, 2010 1:45am
Quoting orientos
I hope a few people made some pips on that run south on E/J and G/U. +21 for me on E/J , with exit near my target of XX50. I should have reversed for a some more pips (Islander style)
We had just gotten in the gu sell.

Then we had a -13 on an ej hl after 3 big lower wicks on 15 min.

Don't often do this but the move up was strong post news. Exit on RN for +20.
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  • #2,559
  • Aug 19, 2010 1:47am Aug 19, 2010 1:47am
Tried another hl from 7RB at 5598, went up nicely when move above RN failed we exited at BE.
  • #2,560
  • Aug 19, 2010 2:06am Aug 19, 2010 2:06am
That's it for me - dinnertime now. Small loss on a failed 2B reversal (again) and +21 on another trade for +2.0% equity gain. There were not many opportunities on E/J that I could find. Good trading guys.
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