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Higher low, lower high system

  • #3,041
  • Sep 29, 2010 4:59am Sep 29, 2010 4:59am
Quoting Vantage
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...
Really sorry to hear about connection probs Vantage can you not get another phoneline and isp, I have two lines and isp's plus mobile broadband just in case.
  • #3,042
  • Sep 29, 2010 5:00am Sep 29, 2010 5:00am
Quoting Delite
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?
Its ranging at the moment between 3575 and 3612 (M R 2) and prob best set up is to trade the reaction to the extremes of range and crossing fingers you don't choose the entry to start trading range that is the one that fails.

It might just range for another hour or so until early US kicks in.
  • #3,043
  • Sep 29, 2010 5:06am Sep 29, 2010 5:06am
Quoting jag1966
Really sorry to hear about connection probs Vantage can you not get another phoneline and isp, I have two lines and isp's plus mobile broadband just in case.
Yeah looks like I'll have to try. The broadband I have now, their booklet said that there can be problems if other software is loaded so not having had problems like this before and to be honest here SA everyone prob as bad as the other I haven't tried.

I am looking at another broadband now.
  • #3,044
  • Sep 29, 2010 5:08am Sep 29, 2010 5:08am
Hi guys

Attached is my M5 chart for EU this morning. All times are BST.

I entered on the break of the high of the 8.10 candle ie at 13364 - which was obviously the peak. Duh!

Reasons - H1 candle at 07.00 was bullish engulfing. The M15 candles at 07.45 and 08.00 (to allow for LO) were both posting HH, therefore i skipped down to M5 and got it hopelessly wrong.

Does anyone have the time to ctitique this for me?

Thanks
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  • #3,045
  • Sep 29, 2010 5:11am Sep 29, 2010 5:11am
We did manage to sell this gu 5 min lh after 2 x 15 min shooting stars. Out at BE () when we got to about +19 and low looking to break down we had a very, very quick spike up. Tried to exit got re-quote, not paltforms fault jumped way too quick.
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  • #3,046
  • Sep 29, 2010 5:16am Sep 29, 2010 5:16am
Quoting Delite
Hi guys

Attached is my M5 chart for EU this morning. All times are BST.

I entered on the break of the high of the 8.10 candle ie at 13364 - which was obviously the peak. Duh!

Reasons - H1 candle at 07.00 was bullish engulfing. The M15 candles at 07.45 and 08.00 (to allow for LO) were both posting HH, therefore i skipped down to M5 and got it hopelessly wrong.

Does anyone have the time to ctitique this for me?

Thanks
Delite I regard that as a break out trade which I personally hate. You took an entry against a big upper wick. The entry was one candle earlier the hammer that had no upper wick. That trade would have given you chance to get to BE or a very small loss.

Using small stops the further you get away from right entry your risk increases substantially.

Hope this helps.
  • #3,047
  • Sep 29, 2010 5:20am Sep 29, 2010 5:20am
Quoting Vantage
Delite I regard that as a break out trade which I personally hate. You took an entry against a big upper wick. The entry was one candle earlier the hammer that had no upper wick. That trade would have given you chance to get to BE or a very small loss.

Using small stops the further you get away from right entry your risk increases substantially.

Hope this helps.
Perhaps have a look back over the posts that show entry candle, on sells you'll see typically little/no lower wick on entry candle and on buys little/no upper wicks.
  • #3,048
  • Sep 29, 2010 5:28am Sep 29, 2010 5:28am
Quoting Delite
Hi guys

Attached is my M5 chart for EU this morning. All times are BST.

I entered on the break of the high of the 8.10 candle ie at 13364 - which was obviously the peak. Duh!

Reasons - H1 candle at 07.00 was bullish engulfing. The M15 candles at 07.45 and 08.00 (to allow for LO) were both posting HH, therefore i skipped down to M5 and got it hopelessly wrong.

Does anyone have the time to ctitique this for me?

Thanks
I always mark all old supp / res that is below / above my entries , in this case 1.3635 was old h4 supp became res, 1.3648 was the high of that same h4 candle 8am fxpro time 15th april 2010.

There is quite a bit of h4 and daily res up here as you can see.
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  • #3,049
  • Edited 5:41am Sep 29, 2010 5:29am | Edited 5:41am
Vantage - thanks. Your rationale makes perfect sense. Should have sussed that candle wick. So many things to learn.. Is it like learning to drive, at some point some of the basic stuff becomes instinctive?

Oh, I also took the breakout because it was LO and normally, there is enough momentum to keep it going in one direction for some time. Apart from today, obviously!
  • #3,050
  • Sep 29, 2010 5:43am Sep 29, 2010 5:43am
Quoting jag1966
I always mark all old supp / res that is below / above my entries , in this case 1.3635 was old h4 supp became res, 1.3648 was the high of that same h4 candle 8am fxpro time 15th april 2010.

There is quite a bit of h4 and daily res up here as you can see.
Jag

Thanks. How far back do you go? I notice you also plot M15 and H1 S&R as the day progresses. If those levels are ignored do you then delete them?
  • #3,051
  • Sep 29, 2010 5:50am Sep 29, 2010 5:50am
Quoting Delite
Jag

Thanks. How far back do you go? I notice you also plot M15 and H1 S&R as the day progresses. If those levels are ignored do you then delete them?
I believe price makes it's own RECENT sr so I only plot levels that are most recent that i think will interfere with price.

Aprils were the next h4 candle LHs I could see above current price.

I leave old sr levels on that I think may be used as supp becomes res etc.
  • #3,052
  • Edited 5:59am Sep 29, 2010 5:54am | Edited 5:59am
Hi all this thread is busy this morning!

There have been three good setups for me so far on GU.
No.1 LO did its fake formed a 2b setup with the high of the SS 5min candle coming off 75 psych level then closing under H1 resistance at 15862 with of target 15824.
No.2 the trade V just posted good 15min candles also off the underneath of a bull TL target 15804 never hit though.
No.3 another LH close under the 15824 level off of a TL aswell target 15804.

Cheers.
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  • #3,053
  • Sep 29, 2010 6:07am Sep 29, 2010 6:07am
Quoting Delite
Oh, I also took the breakout because it was LO and normally, there is enough momentum to keep it going in one direction for some time. Apart from today, obviously!
We look in and around LO as prime times for reversals and chances for hl/lh and 2b trades. See Reflex's post above.
  • #3,054
  • Sep 29, 2010 6:08am Sep 29, 2010 6:08am
The techie from broadband co says improvements will take up to 6 weeks to finish!!!!
  • #3,055
  • Sep 29, 2010 6:13am Sep 29, 2010 6:13am
Quoting Vantage
15 min chart is becoming more and more important for us.
I had started to drift away from the 15min for a bit but using it again I forgot how much it helps. I think especially on days like today when the 5min candles aren't very clear the 15min can help you loads in finding the good HL/LH trades to take.
  • #3,056
  • Sep 29, 2010 6:16am Sep 29, 2010 6:16am
Quoting Vantage
We look in and around LO as prime times for reversals and chances for hl/lh and 2b trades. See Reflex's post above.

I can't believe I got sucked into that fakeout. A classic case of trading what you believe is going to happen rather than applying common sense and trading what you see.

Thanks again
  • #3,057
  • Sep 29, 2010 6:27am Sep 29, 2010 6:27am
Just closed short on pound... easily identify the lower highs got in on the pull back after the break of the daily low.
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  • #3,058
  • Sep 29, 2010 7:28am Sep 29, 2010 7:28am
Quoting Vantage
We look in and around LO as prime times for reversals and chances for hl/lh and 2b trades. See Reflex's post above.

Does the NY open offer similar opportunities or is it more straightforward?
  • #3,059
  • Sep 30, 2010 1:21am Sep 30, 2010 1:21am
Might be something in shorting the pound here.

Just under swing low and 25 level.
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  • #3,060
  • Sep 30, 2010 1:22am Sep 30, 2010 1:22am
EU potential as well.
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