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Higher low, lower high system

  • #3,661
  • Dec 13, 2010 1:41am Dec 13, 2010 1:41am
Quoting jag1966
Eu LH and gap fill and a Oil HL trade too. Keep it simple.
Nice jag, the 1hr 3 tap, is that from the trade what you see thread?
  • #3,662
  • Dec 13, 2010 1:50am Dec 13, 2010 1:50am
Quoting Vantage
Nice jag, the 1hr 3 tap, is that from the trade what you see thread?
Hi Dave,

yes it is. Once you see these other traits of PA you can't "un-notice" them.

You know what I mean. It's all just about a few candles making a trend really. Beautiful isn't it.
  • #3,663
  • Dec 13, 2010 3:21am Dec 13, 2010 3:21am
The 1hr neg candle never followed through lower, 15 min pos close then a hammer. Nice 5 min hl, little/no upper wick. At +10 moved stop to BE, news in 10 mins and I don't know how au will react.
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  • #3,664
  • Dec 13, 2010 3:59am Dec 13, 2010 3:59am
Quoting Vantage
The 1hr neg candle never followed through lower, 15 min pos close then a hammer. Nice 5 min hl, little/no upper wick. At +10 moved stop to BE, news in 10 mins and I don't know how au will react.
We had 2 or 3 quick losses of contact (theres rain in the air) so as is our way we exited with +12.
  • #3,665
  • Dec 13, 2010 4:28am Dec 13, 2010 4:28am
Was looking for something else but spotted this nice 5M 2B. Entered after 1M bounced down off the xx75. There was a lower wick but took it anyway. Was watching what happened at xx62 as there's a 15M lower TL there. But price broke straight through that and had only a little pause at xx50 where I was planning to close - then continued a few more pips.

(The 2B caught me out as a 15M TL break - clear mistake given DP and 5800 are just above and there was no 1M HL . But just glad the 2B came along to save the day).

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  • #3,666
  • Dec 13, 2010 4:57am Dec 13, 2010 4:57am
Quoting saylu
Was looking for something else but spotted this nice 5M 2B. Entered after 1M bounced down off the xx75. There was a lower wick but took it anyway. Was watching what happened at xx62 as there's a 15M lower TL there. But price broke straight through that and had only a little pause at xx50 where I was planning to close - then continued a few more pips.

(The 2B caught me out as a 15M TL break - clear mistake given DP and 5800 are just above and there was no 1M HL . But just glad the 2B came along to save the day).

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Looks like a great trade to me, nice one.
  • #3,667
  • Edited 1:31am Dec 14, 2010 1:20am | Edited 1:31am
Hi guys

Forgive me if I have missed this - the answer may be buried within the thread, but I don't recall seeing it.

Do you have a minimum requirement for a retrace to be valid? Should the HL, for example, retrace at least 2 or 3 candles before it is valid? Or should it retrace at least 61.8% of the first swing?

Any advice gratefully received!

Many thanks
  • #3,668
  • Dec 14, 2010 1:55am Dec 14, 2010 1:55am
Quoting Delite
Hi guys

Forgive me if I have missed this - the answer may be buried within the thread, but I don't recall seeing it.

Do you have a minimum requirement for a retrace to be valid? Should the HL, for example, retrace at least 2 or 3 candles before it is valid? Or should it retrace at least 61.8% of the first swing?

Any advice gratefully received!

Many thanks
No fixed rules, I do prefer a multiple candle set up. As Islander has often said wait 20 mins and start again. If price action appears really strong we'll look at 1 candle hesitations. So preference is multiple candle set ups.
  • #3,669
  • Dec 14, 2010 1:59am Dec 14, 2010 1:59am
Quoting Vantage
No fixed rules, I do prefer a multiple candle set up. As Islander has often said wait 20 mins and start again. If price action appears really strong we'll look at 1 candle hesitations. So preference is multiple candle set ups.
Thanks. I have often wondered about those really strong pushes which you can get at LO - it often seems impossible to get into them, unless you accept a one candle pullback or drop down to the M1 chart and then use a LH/HL.

I am trying to confine myself to just taking the first retrace. This can mean missing big moves like yesterday, but the consistency of it should pay off.

Hope all is well in SA. Very wintery in the UK!

Best wishes
  • #3,670
  • Dec 14, 2010 5:47am Dec 14, 2010 5:47am
Oil was kind to me again this morning. H1 hl off support.
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  • #3,671
  • Dec 14, 2010 7:58am Dec 14, 2010 7:58am
Quoting Delite
Thanks. I have often wondered about those really strong pushes which you can get at LO - it often seems impossible to get into them, unless you accept a one candle pullback or drop down to the M1 chart and then use a LH/HL.

I am trying to confine myself to just taking the first retrace. This can mean missing big moves like yesterday, but the consistency of it should pay off.

Hope all is well in SA. Very wintery in the UK!

Best wishes
Had first swim of the year on Sat, 23 deg C it was lovely. Unfortuantely (mad dogs and Englishmen go out in the noon day sun) got my butt (not literally my back/shoulders) burnt to a crisp. Its been raining and cloudy ever since thank goodness as I'm doing my tomatoe impression!!

First retrace is the best trade!!

Anyway this was a nice one this am, first retrace on move up, 1hr up, 15 min up, hl little/no upper wick and the hl was spread over 4 candles counting the first push up to 3443.

3450 could see some issues being the Nov2010 support area.
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  • #3,672
  • Dec 14, 2010 8:02am Dec 14, 2010 8:02am
Quoting jag1966
Oil was kind to me again this morning. H1 hl off support.
Very nice again jag. Been watching oil for a few days now, seems to spend half the time moving smoothly and half the time on steroids. Overall based on 1hr, 15 min 5 min hl/lh does not seem wierder than anything else.

Haven't traded it yet though.

Cheers.
  • #3,673
  • Dec 14, 2010 8:08am Dec 14, 2010 8:08am
Quoting Delite
Thanks. I have often wondered about those really strong pushes which you can get at LO - it often seems impossible to get into them, unless you accept a one candle pullback or drop down to the M1 chart and then use a LH/HL.
If LO has had a longish run going into it and continues on chances are we'll leave it. Can all to easily switch on you after a decent move already.

If LO has had a move and a candle or two stall we may try and jump on.
  • #3,674
  • Dec 14, 2010 8:10am Dec 14, 2010 8:10am
Quoting Vantage
Had first swim of the year on Sat, 23 deg C it was lovely. Unfortuantely (mad dogs and Englishmen go out in the noon day sun) got my butt (not literally my back/shoulders) burnt to a crisp. Its been raining and cloudy ever since thank goodness as I'm doing my tomatoe impression!!

First retrace is the best trade!!

Anyway this was a nice one this am, first retrace on move up, 1hr up, 15 min up, hl little/no upper wick and the hl was spread over 4 candles counting the first push up to 3443.

3450 could see some issues being the Nov2010 support...
Sunburn - poor you! still, its hard to feel too much sympathy when the forecasters keep telling us that we will be enjoying Arctic conditions again by the weekend...!!

Thanks for all of your help. You and Jag have really helped me achieve some clarity of thought.
  • #3,675
  • Dec 14, 2010 8:14am Dec 14, 2010 8:14am
Quoting Delite
Sunburn - poor you! still, its hard to feel too much sympathy whe the forecasters keep telling us that we will be enjoying Arctic conditions again by the weekend...!!

Thanks for all of your help. You and Jag have really helped me achieve some clarity of thought.
Things will turn, you'll get your summer, probably on a Thursday in Aug between 12 and 3.
  • #3,676
  • Dec 14, 2010 8:19am Dec 14, 2010 8:19am
Quoting Vantage
Things will turn, you'll get your summer, probably on a Thursday in Aug between 12 and 3.
Wow - you think we are going to get such a long spell....?!
  • #3,677
  • Dec 14, 2010 8:20am Dec 14, 2010 8:20am
Quoting Delite
Thanks for all of your help. You and Jag have really helped me achieve some clarity of thought.
I do like to swop and change squiggly lines but in essence picking your time frame of choice (mine 1hr and 15 min) and then taking hl/lh from 5 min has a high % win rate. Chuck in some healthy concern as to certain times of day and you can be successful. It doesn't need to be overly complicated.

Yes its always a pleasure to see jags simple charts.
  • #3,678
  • Dec 14, 2010 8:29am Dec 14, 2010 8:29am
I had visitors and missed this one.

1hr neg close engulfing candle, 15 min neg close, 5 min lh little/no lower wick. If 5850 was a key level the smaller bounces up from there a good indication it would fail.
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  • #3,679
  • Dec 14, 2010 8:31am Dec 14, 2010 8:31am
Quoting Longle
..
Don't be shy...
  • #3,680
  • Dec 14, 2010 8:42am Dec 14, 2010 8:42am
Quoting Vantage
I had visitors and missed this one.

1hr neg close engulfing candle, 15 min neg close, 5 min lh little/no lower wick. If 5850 was a key level the smaller bounces up from there a good indication it would fail.
The reason why I repeat this stuff is because literally thats my trading check list. After some consideration of supp/rest areas and times of day the check list for trend trades:

1hr pos/neg close candle above/below 1hr 8 lwma.
15 min pos/neg close candle (and keep them lining up in direction of trade).
5 min hl/lh, I check size of 5 min candle, size of move that set up hl/lh then its size of wick (on the side in direction of trade).
Price must move that 1 pip or so beyond the extreme of set up candle.

Just as an example, here on eur this am 1hr was nicely up. A nice 5 hl followed this 15 min shooting star. Everything else was fine except the 15 min shooting star. Thats not a trade I'd be happy taking.
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