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Higher low, lower high system

  • #2,641
  • Aug 24, 2010 3:33am Aug 24, 2010 3:33am
Quoting Vantage
We had a -4 re-entry on gu and missed ej running its stops.

Did get this lh pullback to psych level for +33.
I'm guessing you're liking these range bars? Seems you've had pretty good success with them so far playing them in your 1min style. Breakouts from a range with a pullback to psych level seem to be excellent expectancy trades. Especially considering we can get in at a very good price much of the time.

I'm still testing them mostly (although I did take the same range bar trade you did from earlier) but from what I've seen so far they are a solid tool for breakout and strong trend / steep EMA trading.
  • #2,642
  • Aug 24, 2010 3:42am Aug 24, 2010 3:42am
Quoting Auron112
I'm guessing you're liking these range bars? Seems you've had pretty good success with them so far playing them in your 1min style. Breakouts from a range with a pullback to psych level seem to be excellent expectancy trades. Especially considering we can get in at a very good price much of the time.

I'm still testing them mostly (although I did take the same range bar trade you did from earlier) but from what I've seen so far they are a solid tool for breakout and strong trend / steep EMA trading.
Yes where they agree with trades that we woud have considered from 1 min and strong trend like you say they seem to work well.

As I've also mentioned unless strong trend we don't take 7RB one candle lh/hl moves (like system II with irony thread does on a 5 min chart). Must be say 3 candle wave. Reason being unless strong trend (again you'll know that when you see it) 7 pips often not enough of a hesitation. Brings me back to the old Islander adage wait 20 mins and repeat.
  • #2,643
  • Aug 24, 2010 3:44am Aug 24, 2010 3:44am
Quoting Auron112
You are much braver than I, my friend, but then again I suppose with a name like Musashi that is to be expected. I'm not touching longs until we at least get a HH and hold above 5400. Will need some other signals through VSA and higher TFs as well, most likely. Hope it works out for ya.

Edit: I should also mention that I have a potential support level in here at 5380 (March 17th high) so I am a little wary in both directions right now. I basically want to see something definitive in either direction before I jump in.
I'm guessing the 15R reversal setup will be more valid.
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  • #2,644
  • Aug 24, 2010 3:47am Aug 24, 2010 3:47am
The exit is my biggest downfall... I am yet to find a decent exit strategy other than S/R zones and round numbers.
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  • #2,645
  • Aug 24, 2010 3:49am Aug 24, 2010 3:49am
Just hit exit button almost 2:1 trade.
  • #2,646
  • Aug 24, 2010 3:57am Aug 24, 2010 3:57am
Quoting Musashi
Just hit exit button almost 2:1 trade.
Very nice there Musashi, nice counter trend.

I'd like to help you with exits but that's not likely to prove worthwhile, my knowledge can be written on the back of a matchbook with a paintbrush.

Come end of Aug hol's will be giving that a go again though, letting them run after 9am gmt.
  • #2,647
  • Aug 24, 2010 3:58am Aug 24, 2010 3:58am
Then it sounds like your exits are on point lol
  • #2,648
  • Aug 24, 2010 4:44am Aug 24, 2010 4:44am
Should i say possible Lower High setting up on ej 7r?

A very good trader here told me to be patient and wait for the prime setups.

It's a difficult skill to master I must say.
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  • #2,649
  • Aug 24, 2010 4:49am Aug 24, 2010 4:49am
I gotta say these setups are very good.

1.5:1 R:R trade
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  • #2,650
  • Aug 24, 2010 4:55am Aug 24, 2010 4:55am
Vantage notice how price respecting those phsyc levels as you call them (every 25 pips)

Price setups at those levels are high probability trades in my opinion.

Pay close attention to them.
  • #2,651
  • Aug 24, 2010 4:56am Aug 24, 2010 4:56am
Quoting Musashi
I gotta say these setups are very good.

1.5:1 R:R trade
I was away from computer but when a counter trend move runs out of steam and you get a nice signal back in line with the trend its great!!

Nice one.
  • #2,652
  • Aug 24, 2010 4:57am Aug 24, 2010 4:57am
Quoting Musashi
Vantage notice how price respecting those phsyc levels as you call them (every 25 pips)

Price setups at those levels are high probability trades in my opinion.

Pay close attention to them.
Yep gu loves them (00, 25, 50, 75) and it seems that ej is an even bigger fan.
  • #2,653
  • Aug 24, 2010 5:00am Aug 24, 2010 5:00am
Quoting Vantage
I was away from computer but when a counter trend move runs out of steam and you get a nice signal back in line with the trend its great!!

Nice one.
Can someone please give me a good way to trail positions

Way more than 1.5:1 in that move...
  • #2,654
  • Aug 24, 2010 5:17am Aug 24, 2010 5:17am
I guess there's no such thing as a perfect exit strategy
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  • #2,655
  • Aug 24, 2010 5:28am Aug 24, 2010 5:28am
Quoting Musashi
Can someone please give me a good way to trail positions

Way more than 1.5:1 in that move...
When a 150 pip move has happened grab what you can, but that you know.

Put sdx sweetspots on your charts for 25/75 in addition to half/round numbers.

Be prepared to exit half-75% of trade at psych levels, if trade continues and you get another entry do it. Move stop on 1st trade to last hl/lh. Once move had decent run exit all.

Thats the plan from Sept anyway.
  • #2,656
  • Aug 24, 2010 5:29am Aug 24, 2010 5:29am
Quoting Musashi
Can someone please give me a good way to trail positions

Way more than 1.5:1 in that move...

I always find the 3 bar trailing stop maximises profit although the technique is untested on m7 charts. Wait for price to move in your favour atleast 3 bars then move stop to BE. Then every time a candle closes in your favour, move your stop to the high/low of the closest candle. I usually wait until there is nice bullish/bearish candle before i move my stop to BE so i dont get wiggled out and there are a few variations also.
  • #2,657
  • Aug 24, 2010 5:48am Aug 24, 2010 5:48am
You don't need to be a rocket scientist to notice some sort of pattern on this chart.

Can you trade it though.
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  • #2,658
  • Aug 24, 2010 6:00am Aug 24, 2010 6:00am
Quoting Musashi
You don't need to be a rocket scientist to notice some sort of pattern on this chart.

Can you trade it though.
And you don't have to get them all, a few high prob lh/hl set ups in direction of trend using the psych levels should do nicely.

M a guy with your skills should quickly pick up this tweak.
  • #2,659
  • Aug 24, 2010 6:13am Aug 24, 2010 6:13am
Quoting Vantage
And you don't have to get them all
Yes this is what I need to come to grips with.

  • #2,660
  • Aug 24, 2010 8:26am Aug 24, 2010 8:26am
Hi Vantage,

I read the detail clue on page 1.

A cross of an 8 lwma on 5 min chart gives an easy visual clue of a higher low or lower high in most cases.

It is mean 8 lwma on H1 cross with 8 lwma on 5 min ? and we look for HL or HH for entry after the cross ?


Thanks,
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