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Higher low, lower high system

  • #3,001
  • Sep 27, 2010 5:01pm Sep 27, 2010 5:01pm
Quoting reflex
This TL was not shown on 1st chart there were two TL coinciding for the 1st trade and the second one was close to the 15844 that why I would have been very carefull of the 15844 area on the short.

Chart below with other TL on.
I thought I would update these charts from earlier. As you can see it stoped around the 15844 area nearly coming off the TL (dotted one) this is something that would make me exit before target of 15824.
After this price came down to the 15844 area again and broke the TL (green arrow) this to me is a sign of weakness when the TL couldn't hold but there is usually a test of old extreme before the direction changes the test came at the H1 S/R at 15862 the area the 1st short was took off of earlier. After the test at No.1 on chart you had a LH to enter on at No.2 at an extreme and key area.

After the TL break at the green arrow showing weakness then the failure to breakout of 15862 target on this would then be 15824 (next H1 support) obviously again being carefull of 15844 still but didin't struggle to much to break it. and after it did break 15844 price went staright to target and ranged for a while.
I should have slept in this morning and traded NY instead lol.

I post these examples mainly to highlight all the good HL/LH setups that are there everyday off good areas. Also the more I write about the setups and post examples and trades the more times I go over it in my head which is good for my trading.

Cheers
Reflex.
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  • #3,002
  • Sep 28, 2010 2:16am Sep 28, 2010 2:16am
EU was the clearest H1 setup for me today.
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  • #3,003
  • Sep 28, 2010 3:21am Sep 28, 2010 3:21am
I wonder if we will get back up to the top of the channel on the 5min after news. DP at 15827 and H1 S/R at 15824 could be good place for shorts.

Cheers.
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  • #3,004
  • Sep 28, 2010 4:22am Sep 28, 2010 4:22am
Quoting reflex
I wonder if we will get back up to the top of the channel on the 5min after news. DP at 15827 and H1 S/R at 15824 could be good place for shorts.
Cheers.
Or not did struggle for a while but after the two HL hammers on the 5min the level gave in.
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  • #3,005
  • Sep 28, 2010 5:38am Sep 28, 2010 5:38am
I had 2 good trades this morning using crb10 hls. Both reversals of the overnight trend. Both triggered around the same time. I don't usually like to be in 2 trades at once but they looked good.

I hope others had the luck (or whatever it is)!

Steve
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  • #3,006
  • Sep 28, 2010 6:10am Sep 28, 2010 6:10am
I'm starting to get a serious sense of humour failure. Gu didn't look too nice so we had eu up. Were watching these nice vol hammers considering a 2b/hl on 5 min. Went offline for 3 hours (not platform all internet) and missed the 90 pip move up.
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  • #3,007
  • Sep 28, 2010 6:14am Sep 28, 2010 6:14am
Quoting zhdeef
I hope others had the luck (or whatever it is)!

Steve
Luck... I don't think so...

It's called reading price action.
  • #3,008
  • Sep 28, 2010 6:33am Sep 28, 2010 6:33am
Hello

Must say, you guys have one of the best threads on FF here! And there's no fighting (see Cable thread!)

Jag1966 and Reflex - your recent posts and charts have been really helpful. I wondered, though, how you played EU move today? The 8am H1 candle was a doji would you have waited for the next one to be more positive before entering a trade or would you have been happy to take the positive M15 candles as confirmation that a move was underway?

Hope someone has time to respond!

Good wishes to you all!
  • #3,009
  • Sep 28, 2010 6:52am Sep 28, 2010 6:52am
Quoting Delite
Hello

Must say, you guys have one of the best threads on FF here! And there's no fighting (see Cable thread!)

Jag1966 and Reflex - your recent posts and charts have been really helpful. I wondered, though, how you played EU move today? The 8am H1 candle was a doji would you have waited for the next one to be more positive before entering a trade or would you have been happy to take the positive M15 candles as confirmation that a move was underway?

Hope someone has time to respond!

Good wishes to you all!
haha I know what you mean about cable thread.
I would help but I only trade GU so I think its best jag or V explain how they would/did play the EU move they have been doing it longer. lol

Cheers.
  • #3,010
  • Sep 28, 2010 9:25am Sep 28, 2010 9:25am
There was a nice signal on the H1 indicating short first there was the broadening top which are bearish 90% of the time also the 5th point is normally the last. then the actuall bearish close 2b failed breakout above yesterdays high coming off the 15885 area S/R on h1. we then fell to next H1 support at 15824 (green arrow) went back up to 15862 H1 resistance for shorts.

Entrys at key areas for both trades 1st LH was right before news so I didn't do as I still haven't decided what to do about news trading the the other LH entry just before NYO was off minor S/R on H1 at 15806.

and once 15775 went obvious target was breakout zone and previous resistace from last friday in the 15729-15717 area.

Cheers.
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  • #3,011
  • Sep 28, 2010 9:40am Sep 28, 2010 9:40am
looks like theres lots of demand down at the breakout zone from last fri will be good to see what it does around the 15824 area (50ish% of the broadening top).
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  • #3,012
  • Sep 28, 2010 9:52am Sep 28, 2010 9:52am
Quoting Delite
Hello

Must say, you guys have one of the best threads on FF here! And there's no fighting (see Cable thread!)

Jag1966 and Reflex - your recent posts and charts have been really helpful. I wondered, though, how you played EU move today? The 8am H1 candle was a doji would you have waited for the next one to be more positive before entering a trade or would you have been happy to take the positive M15 candles as confirmation that a move was underway?

Hope someone has time to respond!

Good wishes to you all!
Hi Delite

I'm not sure if you mean 8am gmt or est, so I'll just comment in general.

(1)The principle I've tried to focus on are the hl/lh's at extremes ( 1 2 3 tops bottoms) and also 2b trades. There I've focused on 15 min candles at least giving some confirmation of turn. If you have a good 1 hr turn like a doji even better.

(2)The 2nd trade is where the 1hr, 15 and 5 min are confirming, ie pa is no longer at a turn.

You can get hl/lh's where pa is no longer at the extreme and they may occur 30, 40 50 pips or whatever from the turn. The difference here is if the 1hr has not given a turn signal. I don't like to take those trades (sometimes get suckered in to them unfortunately) where pa is many pips from an extreme and we haven't had a 1 hr close in that direction.

Long reply but in short if pa at an extreme you don't need to wait for more than good 15 min turn candles so a 1hr doji was good enough.
  • #3,013
  • Sep 28, 2010 10:41am Sep 28, 2010 10:41am
Quoting Vantage
Hi Delite

I'm not sure if you mean 8am gmt or est, so I'll just comment in general.

(1)The principle I've tried to focus on are the hl/lh's at extremes ( 1 2 3 tops bottoms) and also 2b trades. There I've focused on 15 min candles at least giving some confirmation of turn. If you have a good 1 hr turn like a doji even better.

(2)The 2nd trade is where the 1hr, 15 and 5 min are confirming, ie pa is no longer at a turn.

You can get hl/lh's where pa is no longer at the extreme and they may occur 30, 40 50 pips or whatever from the turn. The...
Terrific! Sorry for the short reply, but I need to dash to the vets! Can I come back tomorrow and post some trades?
  • #3,014
  • Sep 28, 2010 11:35am Sep 28, 2010 11:35am
Quoting Delite
Can I come back tomorrow and post some trades?
But of course, you're welcome.
  • #3,015
  • Sep 28, 2010 5:54pm Sep 28, 2010 5:54pm
Hi Dave - congratulations on 200+ pages and 3000+ posts. Great work thank you. And so the journey continues..............

Re your post 3006 M15 chart (and with the benefit of hindsight) - note the great CII divergence at the Double Top just before your missed LH. Think I am going to pay more attention to the M15 chart in future.
  • #3,016
  • Sep 29, 2010 2:02am Sep 29, 2010 2:02am
Quoting Delite
Hello

Must say, you guys have one of the best threads on FF here! And there's no fighting (see Cable thread!)

Jag1966 and Reflex - your recent posts and charts have been really helpful. I wondered, though, how you played EU move today? The 8am H1 candle was a doji would you have waited for the next one to be more positive before entering a trade or would you have been happy to take the positive M15 candles as confirmation that a move was underway?

Hope someone has time to respond!

Good wishes to you all!
Hi Delite,

I see Vantage answered this one for you.

I missed that opportunity because I had to go out.

Personally I would have chosen to trade Cable over EU because EU had dipped below the previous days low, that concerned me alot.

Also I like to wait for a H1 close above the high of the previous candles high to confirm the reversal before looking for m5 hl lh.
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  • #3,017
  • Sep 29, 2010 2:10am Sep 29, 2010 2:10am
This is my sort of H/L setup on the 7R bar chart.
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  • #3,018
  • Sep 29, 2010 2:16am Sep 29, 2010 2:16am
That should just about do it... moved stops up just under that 25 level.
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  • #3,019
  • Sep 29, 2010 2:26am Sep 29, 2010 2:26am
I chose eu this morning.
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  • #3,020
  • Sep 29, 2010 2:38am Sep 29, 2010 2:38am
Two nice cable HL trades for me so far on the 7R chart. Out of both trades at the next psych level. An identical trade also on E/J, which just goes to show the power of HL/LH at important levels.

Also nice CII div. which I didn't take.
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