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Higher low, lower high system

  • #4,081
  • Apr 21, 2011 3:27am Apr 21, 2011 3:27am
The 85/15 trade that I was hoping for on my trade (arrow left moved stop to BE and out) did play out perfectly on the next move up.
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  • #4,082
  • Apr 21, 2011 4:03am Apr 21, 2011 4:03am
Quoting Vantage
The 85/15 trade that I was hoping for on my trade (arrow left moved stop to BE and out) did play out perfectly on the next move up.
Followed by a beautiful looking HL marubozu/harami and trendline combo off 6485. Too bad I sat out due to news, because the PA certainly tipped things off...
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  • #4,083
  • Apr 21, 2011 4:11am Apr 21, 2011 4:11am
Quoting Auron112
Followed by a beautiful looking HL marubozu/harami and trendline combo off 6485. Too bad I sat out due to news, because the PA certainly tipped things off...
I am so ticked off about that earlier re-entry after the neg close 15 min candle against the clear trend, then no follow through for 10 mins. Thats practically saying buy me, guess I just wasn't thinking clearly/quickly enough after some time off.

Oh well we might drift here for a while pre US open. Had a good range today and for UK open so I really don't expect too much now and after missing out so far even if it does go rules say I'm out till next session.
  • #4,084
  • Edited 5:39am Apr 26, 2011 5:20am | Edited 5:39am
1 hr shooting star, 15 min neg close and 5 min lh with no lower wick. Short at 6492. Went to B/E when support/MS1 seemed to be holding. Out at B/E.

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Follow, don't anticipate.
  • #4,085
  • Apr 26, 2011 8:42am Apr 26, 2011 8:42am
Quoting Ian
1 hr shooting star, 15 min neg close and 5 min lh with no lower wick. Short at 6492. Went to B/E when support/MS1 seemed to be holding. Out at B/E.

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Nice trade Ian, tough out at BE, it happens. I hope to be back trading from tomorrow.
  • #4,086
  • Apr 26, 2011 9:45am Apr 26, 2011 9:45am
Quoting Vantage
Nice trade Ian, tough out at BE, it happens. I hope to be back trading from tomorrow.
Thanks Vantage, I did look slightly earlier at the close of this 15 min doji which, with the 1 hr SS, set up a system trade on the 5 min. Taking this could have yielded 20. However I passed due to the previous 15 min hammer, also would have been trading into big RN and day's open level so I left.

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Follow, don't anticipate.
  • #4,087
  • Apr 26, 2011 11:26am Apr 26, 2011 11:26am
Quoting Ian
Thanks Vantage, I did look slightly earlier at the close of this 15 min doji which, with the 1 hr SS, set up a system trade on the 5 min. Taking this could have yielded 20. However I passed due to the previous 15 min hammer, also would have been trading into big RN and day's open level so I left.

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Hi Ian
Yes its a pity it was right on the round number otherwise with the 1hr SS, that 15 min hammer that was followed by a SS would normally be a good 5 min lh sell.
  • #4,088
  • Apr 27, 2011 4:42am Apr 27, 2011 4:42am
hi vantage!

thanks for your great thread!!

did you trade the euro-session today? i found it extremely difficult to survive with tight ranges of 20/30 pips. perhaps you could share your trades today.

thanks you again for this wonderful thread ;-)
  • #4,089
  • Apr 27, 2011 8:03am Apr 27, 2011 8:03am
Quoting FXfreak
hi vantage!

thanks for your great thread!!

did you trade the euro-session today? i found it extremely difficult to survive with tight ranges of 20/30 pips. perhaps you could share your trades today.

thanks you again for this wonderful thread ;-)
Pleasure.

No its a public hol here and Mrs V suggested we have another day off after the funeral yesterday. She was right. If your head isn't right trade live at your own peril.

I'll post some charts now.
  • #4,090
  • Apr 27, 2011 8:25am Apr 27, 2011 8:25am
Quoting FXfreak
hi vantage!

thanks for your great thread!!

did you trade the euro-session today? i found it extremely difficult to survive with tight ranges of 20/30 pips. perhaps you could share your trades today.

thanks you again for this wonderful thread ;-)
If you are having a problem post your trades and charts and we can discuss. It is mainly a scalping type thread so if your mindset is different pls take care. Don't trade real money until you are comfortable.

OK 1hr shows some positive closes coming into Frankies hour (FH). A classic 85/15 trade where it stopped at that level identified by the high vol point of control line (brown POC).

Then we have a solid neg close on 1hr and neg closes/shooting stars on 15 min. So the thinking should be to sell any pullbacks. 5 min left arrow down a classic half hour reversal trade, lh little/no lower wick. Due to the obvious supp at 6493 you might have looked for that level to fail with a pip, thats fine it was so close to the low.

There is a 1 candle lh in between the left arrow and middle arrow, not my fave set up but even that would not have threatened a 20 pip stop. Anyway middle arrow down is going against a 15 min SS but it was a clear reject of the D pivot and a couple of other psych areas at 6480. Right arrow down 30 mins before major news right into Y's lows, and a POC area and would not be a trade we'd like even if it was a classic lh.

Hindsight is a wonderful thing though!
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  • #4,091
  • Apr 27, 2011 12:11pm Apr 27, 2011 12:11pm
hi vantage,

thanks for your answer. here are my two trades from today. if i look now at them everything seems to be so clear and easy...

http://i53.tinypic.com/9u40zl.gif

the first one was a short after m5 pin. i got stopped out because my sl-level was too low. where would you have put the sl?

if i analyze the second trade now i see a clear shs-situation and longs come into play. but i went short after the short-candle because i thought it was another lower high.

i'll try to post my trades tomorrow a little bit more realtime. as said it is easy to look now at the chart but when i was trading and sold the second time it was a lower high for me and the m5-candle gave me another nice reason to sell. i realized the divergence but ignored it. the losses are luckily small but i would like to have winners instead of small losers ;-)

thanks!
  • #4,092
  • Apr 28, 2011 3:19am Apr 28, 2011 3:19am
Quoting FXfreak
hi vantage,

thanks for your answer. here are my two trades from today. if i look now at them everything seems to be so clear and easy...

the first one was a short after m5 pin. i got stopped out because my sl-level was too low. where would you have put the sl?

if i analyze the second trade now i see a clear shs-situation and longs come into play. but i went short after the short-candle because i thought it was another lower high.

i'll try to post my trades tomorrow a little bit more realtime. as said it is easy to look now at the chart but...
From what I can see your left arrow trade should have given you an entry around 4672 and would have only given around an 11 pip pullback including spread so you should have been fine there.

Stops just above the last swing high or a little further if a decent level ie round number, pivot etc is there. So prob 4687.

On your 2nd sell right on the close. The 1hr closed a doji, it also had doji's on 15 min, divergence on 15 min and 5 min. It was also struggling to go through the highs of prev day + 21 Apr. So whilst it was a lh and the 15 min did have a shooting star there were also good reasons not to take it.

So maybe that was a tough one to call. Nothing works all the time unfortunately.
  • #4,093
  • Apr 28, 2011 3:19am Apr 28, 2011 3:19am
hi vantage,

thanks for your explanations!! here are the trades from today. we had another day with a range of 30 pips in the london-session whcih made trading with the trend not easy. on h1 there was a support-area at 22/32 and i was expecting a possible reversal in that area.

the first arrow shows my first short which was near that area and a dangerous one. i wanted to grab 10 pips but closed it at be when price came back.

the second arrow shows my first long. i was expecting a reversal and thought that this bullish bar is a first higher low. we also had a doji on h1. i exited that trade near the low for -10.

the third arrow shows a short at the break of the doji because the doji closed below the resistance. sl was hit at -10. i wouldn't take that trade now again. perhaps also a trade out of boredom :/

the fourth trade is another short because it was a resistance-area and we had lower highs and a lot of wicks on m1. exit with +10.

http://i54.tinypic.com/2wdsrcw.gif
http://i53.tinypic.com/1zgystf.jpg
http://i54.tinypic.com/erylj5.gif
  • #4,094
  • Apr 28, 2011 4:28am Apr 28, 2011 4:28am
Quoting FXfreak
hi vantage,

thanks for your explanations!! here are the trades from today. we had another day with a range of 30 pips in the london-session whcih made trading with the trend not easy. on h1 there was a support-area at 22/32 and i was expecting a possible reversal in that area.

the first arrow shows my first short which was near that area and a dangerous one. i wanted to grab 10 pips but closed it at be when price came back.

the second arrow shows my first long. i was expecting a reversal and thought that this bullish bar is a first higher low....
1st Q are you trading with real money? If yes thats a lot of trades in a short period.

Anything after the first hammer on 15 min was a bit risky selling. I see you took a hl but try and see trades as waves. A 1 candle hl ie 1 red neg candle in between your hl set ups are not the best. They are OK when pa is trending quite well.
  • #4,095
  • Edited 10:45am Apr 28, 2011 4:33am | Edited 10:45am
Mrs V took this one. The pa between 6675 and 6686 was very sluggish, never nice. Anyway 1 hr nice neg close then a SS that didn't want to go lower. So it could go higher from there. We didn't like the sluggish pa for a buy.

We had a hl and pa went to 92 area where it struggled same area as earlier. 15 min had a solid neg close that was much more convincing that the prev pa. Sometimes gu does have a hl that is not convincing and resumes prev direction.

This was a good 15 min lh, a slight variation but we took this sell for +22 when 50 level holding.

I have posted another 5 min chart next post so you can properly see where trade was taken.
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  • #4,096
  • Apr 28, 2011 4:38am Apr 28, 2011 4:38am
Quoting Vantage
Mrs V took this one. The pa between 6675 and 6686 was very sluggish, never nice. Anyway 1 hr nice neg close then a SS that didn't want to go lower. So it could go higher from there. We didn't like the sluggish pa for a buy.

We had a hl and pa went to 92 area where it struggled same area as earlier. 15 min had a solid neg close that was much more convincing that the prev pa. Sometimes gu does have a hl that is not convincing and resumes prev direction.

This was a good 15 min lh, a slight variation but we took this sell for +22 when 50 level holding....
Yuch chart looks fine on my computer but the screenshot is merging the side charts into main chart. Sold 6677.
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  • #4,097
  • Apr 28, 2011 4:49am Apr 28, 2011 4:49am
thanks a lot!

if you look at my m5-chart from eu in the euro-session: which opportunities/candles would you have taken for a buy/sell?
  • #4,098
  • Apr 28, 2011 7:04am Apr 28, 2011 7:04am
Quoting FXfreak
thanks a lot!

if you look at my m5-chart from eu in the euro-session: which opportunities/candles would you have taken for a buy/sell?
I'll rather show what I'd be looking at.

Arrow left clear lh.
2nd left, never followed through at worst small loss.
The x follows 2 15 min candles with decent lower wicks so thats not much of an option.
3rd arrow from right, 15 min turned negative again.
2nd from right, if I was to take this one with all the times its tried to fall there is no way I'd be letting a stop get hit.
Arrow right follows 1hr doji and 15 min engulfing close. This is perhaps one of the better trades as price has tried to go up and clearly failed.

I had little interest in buying eur or gu this am.
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  • #4,099
  • Edited 7:12am Apr 28, 2011 7:10am | Edited 7:12am
We weren't in front of the computer for the left arrow trade. 15 min flipped neg.

We tried the right arrow down but getting close to US news and it was always going to be if it goes fine otherwise BE. 15 min flipped neg again. Got a few pips up and then out at BE. I know thats extremely defensive but thats how we do it before news when anything could happen. Gave it a go no harm no foul.
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  • #4,100
  • Apr 29, 2011 1:38am Apr 29, 2011 1:38am
Good morning!

Although I don't know if trading today with bank holiday in GB is a good idea I took a short.

H1 at resistance, M15 turned bearish, entry from m5. any comments are appreciated :-)

http://i56.tinypic.com/flae7q.gif
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