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Higher low, lower high system

  • #3,021
  • Sep 29, 2010 2:46am Sep 29, 2010 2:46am
Quoting orientos
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.
Well done mate.

Price at its best.

I took the L/H on EU

Always risky going counter trend.
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  • #3,022
  • Sep 29, 2010 2:57am Sep 29, 2010 2:57am
Jag - thanks for your response.

Not a good start to the day. Took a long on EU and got stopped out at 13608. Will remain flat until I see more direction.
  • #3,023
  • Sep 29, 2010 3:04am Sep 29, 2010 3:04am
Moved stop down to break even... and moved the tp down to 75 level.

Probably wont get there, but u just don't know.
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  • #3,024
  • Sep 29, 2010 3:08am Sep 29, 2010 3:08am
Previous resistance here... I closed... typically it acts as support.

My original TP level.
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  • #3,025
  • Sep 29, 2010 3:20am Sep 29, 2010 3:20am
Like I said .... You just don't know
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  • #3,026
  • Sep 29, 2010 3:31am Sep 29, 2010 3:31am
Hi there Musashi,

Ive recently just started using Renko's as they appear to give a much cleaner view, how are you finding them using this strategy, if you dont mind can you tell me what setting you have your renko chart set to please?

Also is this the only method you use to trade renko charts?

Regards

Rump.
  • #3,027
  • Sep 29, 2010 3:35am Sep 29, 2010 3:35am
Quoting rumpfunk
Hi there Musashi,

Ive recently just started using Renko's as they appear to give a much cleaner view, how are you finding them using this strategy, if you dont mind can you tell me what setting you have your renko chart set to please?

Also is this the only method you use to trade renko charts?

Regards

Rump.
If you mean is there another method other than price action based... the answer is not that I know of. I don't use Renko... it is inferior. I use 7R Bars and 15R Bars.
  • #3,028
  • Sep 29, 2010 3:39am Sep 29, 2010 3:39am
Support / Resistance / Round Numbers / Bar Patterns

That's it pretty much.
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  • #3,029
  • Sep 29, 2010 3:56am Sep 29, 2010 3:56am
Resistance breaks typically means price going to go up...
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  • #3,030
  • Sep 29, 2010 4:01am Sep 29, 2010 4:01am
Quoting Musashi
Resistance breaks typically means price going to go up...

How long have you been doing this, Musahsi? You make it look so easy!!
  • #3,031
  • Sep 29, 2010 4:03am Sep 29, 2010 4:03am
Vantage -

So, if looking at the EU - if this current M15 bar closes as a whopping bullish engulfing, then we can start to look for HH & HL on the M5?
  • #3,032
  • Sep 29, 2010 4:04am Sep 29, 2010 4:04am
Key Levels in the Market.

Doesn't get much more simpler than that.

Problem is always how to exit.

One thing that I have yet to make fully mechanical.

Best thing I have found is to exit at 00 25 50 75 levels.

Or around 1.5 : 1

Or trail positions using swings.
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  • #3,033
  • Sep 29, 2010 4:06am Sep 29, 2010 4:06am
Quoting Delite
How long have you been doing this, Musahsi? You make it look so easy!!
Nothing is easy. It takes alot of practice and alot of patience.

I have been a student of the markets for around 2years using time based charts and around 1year using range based charts.

Simple things are the best.
  • #3,034
  • Sep 29, 2010 4:11am Sep 29, 2010 4:11am
No point being long under that swing low there... hence where i moved stop to.

Market will go into chop mode very soon.
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  • #3,035
  • Sep 29, 2010 4:17am Sep 29, 2010 4:17am
Stopped out and the market goes short under that swing low.
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  • #3,036
  • Sep 29, 2010 4:28am Sep 29, 2010 4:28am
played the retest of res becomes supp, nice m15 reversal and h1 shooting star at res.
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  • #3,037
  • Sep 29, 2010 4:37am Sep 29, 2010 4:37am
Quoting orientos
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.

15 min chart is becoming more and more important for us.
  • #3,038
  • Sep 29, 2010 4:50am Sep 29, 2010 4:50am
I am staying remarkably calm considering I'm just about going to bust a gut!! This stopped being funny a week ago. You guessed it yet another major drop in connection.

We were watching this eu set up due to the strong trend its been showing. Nice 15 min hammers at key supp level (Mushashi got this one earlier nice one) and 5 min was a classic entry. Both charts showing CII divergence.

Classic double bttm/hl, at extreme, at key level with divergence, 5 min entry candle no upper wick ie picture perfect set ups that we look for and happen almost every day.

The help desk for internet co (Vodacom) say that (here I can almost hear the pages being turned in the What to Say to Irate Clients Booklet, and the telephone guy saying aha its excuse number 5) they are doing upgrades in the area had lots of complaints last week. Well this week is this week, I'l get a phone call from techies soon. I have officially written off this month and just want to get going for Oct. Far and away the worst month in ages.
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  • #3,039
  • Sep 29, 2010 4:55am Sep 29, 2010 4:55am
Quoting Delite
Jag - thanks for your response.

Not a good start to the day. Took a long on EU and got stopped out at 13608. Will remain flat until I see more direction.
Hi Delite
If you post a chart theres lots of people here that may be able to help with entry.

IF you took trade that I think you did it might have been after a high vol engulfing neg close on 15 min, which was a little risky.
  • #3,040
  • Sep 29, 2010 4:57am Sep 29, 2010 4:57am
Quoting Vantage
Hi Delite
If you post a chart theres lots of people here that may be able to help with entry.

IF you took trade that I think you did it might have been after a high vol engulfing neg close on 15 min, which was a little risky.
Will do - Use ProRealTime charts which I think I can post using the snip tool....will give it a shot!

Really sorry to hear about your internet woes. It is so stressful when that happens.
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