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Higher low, lower high system

  • #4,121
  • May 10, 2011 9:46am May 10, 2011 9:46am
Quoting Vantage
I did get a pm asking me to clarify trades at extremes v using 1hr. The last 2 days have given some great examples.

Y's eur had good 15 min candle coinciding with the arrow left candle, entry 4385 area. HL at recent price extreme. Then a 2b type sell at recent extreme, 15 min shooting star.

The x above 4425 is NOT a buy. Its a continuation hl, however we are 70 odd pips into a move BUT the 1hr has not closed yet. We hate those and avoid. The x above 4375 was very close to news and we left it.
So we trade hl/lh's at extremes if pa has moved away from the extreme (prob 2nd or 3rd hl/lh in move) we want to be trading in direction of a closed 1hr candle.

Not forgetting of course S R levels trumps all.
  • #4,122
  • Edited 4:19pm May 10, 2011 3:00pm | Edited 4:19pm
Hi Vantage, Thanks for great analysis of last two days. Unfortunately I have been rather busy during the day and only following GU intermittantly so didn't catch anything.

Quoting Vantage
Y's eur had good 15 min candle coinciding with the arrow left candle, entry 4385 area. HL at recent price extreme.
First EU trade Monday a.m you refer to I am having difficulty seeing the hl on the 5 min chart. On my chart I see the low (marked by red arrow) then a doji then break of doji to upside with a bar with no upper wick. However I don't really see the pullback on the 5 min and hence can't see it as a hl. Can you explain what I am missing?

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Quoting Vantage
we are way below our 5 day ATR so that makes a London close trade unlikely.
Could you expand on what a London close trade is and why being below the ATR affects it?
Follow, don't anticipate.
  • #4,123
  • May 11, 2011 1:59am May 11, 2011 1:59am
Quoting Ian
First EU trade Monday a.m you refer to I am having difficulty seeing the hl on the 5 min chart. On my chart I see the low (marked by red arrow) then a doji then break of doji to upside with a bar with no upper wick. However I don't really see the pullback on the 5 min and hence can't see it as a hl. Can you explain what I am missing?
Possibly to answer my own question - if the left arrow is the low then the right arrow is the hl? If so then all is clear.

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Follow, don't anticipate.
  • #4,124
  • May 11, 2011 2:43am May 11, 2011 2:43am
Quoting Ian
Hi Vantage, Thanks for great analysis of last two days. Unfortunately I have been rather busy during the day and only following GU intermittantly so didn't catch anything.



First EU trade Monday a.m you refer to I am having difficulty seeing the hl on the 5 min chart. On my chart I see the low (marked by red arrow) then a doji then break of doji to upside with a bar with no upper wick. However I don't really see the pullback on the 5 min and hence can't see it as a hl. Can you explain what I am missing?

Attachment


Could you expand...
I don't really discuss the difference between a nice wave hl, and a 3-5 candle double bottom type hl where the lows of the last candles are either forming double bottoms or slightly higher lows.

On London close I'll send a pm.
  • #4,125
  • May 11, 2011 2:49am May 11, 2011 2:49am
Had very poor platform connection this am so no idea whats happening, no trades, no charts!!
  • #4,126
  • May 11, 2011 3:20am May 11, 2011 3:20am
Just got back up and running. News out shortly so will wait for that.

Did see this one, for info only not taken. 1hr hammer. 15 min engulfing close, 5 min hl coincides with 15 min close. Little/no upper wick and turns out to be a perfect 85/15 trade.
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  • #4,127
  • Edited 3:51am May 11, 2011 3:24am | Edited 3:51am
EU push down towards pivot after LO. 15 min doji/inside bar couldn't push lower towards pivot. 5 min hl - entry 1.4386 - stop now at BE waiting to see if 4400 will hold.

Edit: Out at Y high 4414 for +28

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Follow, don't anticipate.
  • #4,128
  • May 11, 2011 3:35am May 11, 2011 3:35am
Can't post a chart right now, but took a nice LH just before LO on E/U. There was a confluence of R1,yH and today's Open and the price fell away to the DP. Entry just below the RN and out for +25.
  • #4,129
  • May 11, 2011 4:05am May 11, 2011 4:05am
Quoting Ian
EU push down towards pivot after LO. 15 min doji/inside bar couldn't push lower towards pivot. 5 min hl - entry 1.4386 - stop now at BE waiting to see if 4400 will hold.
Out at Y high 4414 for +28. Divergence starting to develop on 5 min.

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Follow, don't anticipate.
  • #4,130
  • May 11, 2011 4:26am May 11, 2011 4:26am
Quoting orientos
Can't post a chart right now, but took a nice LH just before LO on E/U. There was a confluence of R1,yH and today's Open and the price fell away to the DP. Entry just below the RN and out for +25.
I see the trade you mean, nice one.
  • #4,131
  • May 11, 2011 4:27am May 11, 2011 4:27am
Quoting Ian
Out at Y high 4414 for +28. Divergence starting to develop on 5 min.

Attachment
Nice 85/15 trade again.
  • #4,132
  • May 11, 2011 4:29am May 11, 2011 4:29am
BOE inflation report and King speaking so "I'll be back" for US session.
  • #4,133
  • Edited 4:44am May 11, 2011 4:34am | Edited 4:44am
Quoting Vantage
Nice 85/15 trade again.
Yes should have held on for that extra pip.

Congrats and thanks for your 4000 most of which (if not all) I have read.
Follow, don't anticipate.
  • #4,134
  • May 11, 2011 6:10am May 11, 2011 6:10am
Quoting Ian

Congrats and thanks for your 4000 most of which (if not all) I have read.
And an excellent 4000 at that. Long may it continue!
  • #4,135
  • May 11, 2011 6:31am May 11, 2011 6:31am
Missed this one unfortunately. 1 hr down, 15 min down, 5 min lh break of overnight support, target would have been daily pivot.

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Follow, don't anticipate.
  • #4,136
  • Edited 7:47am May 11, 2011 7:33am | Edited 7:47am
Quoting Ian
Missed this one unfortunately. 1 hr down, 15 min down, 5 min lh break of overnight support, target would have been daily pivot.

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Yes another solid set up. Mrs V was watching whilst I was pottering around but we have had no trades today. Pity not had poor connectivity like this for some time.

Anyway some more examples. Arrow left nice 5 min hl little/no upper wick, 15 min hammer.

Arrow right is after the 1hr SS closed, a nice hl with no upper wick, 15 min closes at same time. Turns out to be a nice 85/15 trade. At the end of a 170 pip run with 1hr SS I wouldn't have taken that as a first trade.
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  • #4,137
  • May 12, 2011 3:12am May 12, 2011 3:12am
Was watching this one closely but decided to leave due to slightly weak close of the 8.05BST bar below the poc. Also couldn't push above high of bar 10 mins earler.

1 hr doji, 15 min dojis plenty of lower wicks, consolidation just above daily open, couldn't close below. Last 15 min bar, inside bar positive close, 5 min hl - thought was slightly weak as mentioned.

If it had closed with no upper wick around 4204/5 I would have taken it. Would have been good for +20.

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Follow, don't anticipate.
  • #4,138
  • May 12, 2011 4:16am May 12, 2011 4:16am
I had this one set up at the close of the red hammer. Typical FH reversal. Mrs V had a flat tire and I had to sort that out. Just got in now.

Just a little miffed (not with Mrs V) but what can you do.
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  • #4,139
  • May 12, 2011 4:20am May 12, 2011 4:20am
Quoting Vantage
I had this one set up at the close of the red hammer. Typical FH reversal. Mrs V had a flat tire and I had to sort that out. Just got in now.

Just a little miffed (not with Mrs V) but what can you do.
Of course when you have a good trade like that you can also look at the next move up to the days open/50 combo 90 mins later. 15 min SS and 2 5 min hammers at the SR area.
  • #4,140
  • Edited 8:22am May 13, 2011 3:06am | Edited 8:22am
EU 1 hr pos close, 15 min bounce off support, pos close above 4250, 5 min hl nice bar v small upper wick. Entry 1.4262, closed at 4302 for +40 at 9.00 am as Trichet due to speak.

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Follow, don't anticipate.
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