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Higher low, lower high system

  • #4,181
  • Edited 5:41pm May 22, 2011 5:30pm | Edited 5:41pm
Quoting Vantage
OK, which script do you use?

The currency strength meter is that freely available and really effective? I see in that last eur sell, eur was only marginally weaker than $, 2.8 to 1.8 (or whatever) so I was wondering. I tried one CSM for a while and still intrigued by the idea but Mrs V not convinced which = hates with a passion, take off the charts. Yes I did say she was a tough nut to crack, if not proven better for her she's not interested .
Here is the link to 'The Dance', you can download the scripts from The Dance Tools.zip. file.

http://www.forexfactory.com/showthread.php?t=224697

I think 'The Dance' thread is worth reading and it can in some places be complementary to your trading methods. I'm sure 'The Dance' setups may work for some people, but personally I decided to stick to rather conservative PA trading :-)

Regarding the currency strength meter and P&I analysis, I use it only as an add-on to the PA trading it gives me some better feeling of the market. On the trade I have taken there was a quick change of the USD strength over EUR, which could suggest that the tendency will continue at least during the London / New York overlap. And actually this time I was right since at the end of the first move it was 6.8 to 1 for USD (see attachement) :-)

I know some guys who trade only that and it works for them :-)

I put the xMeter in the attachement, so you can play with it. It is an EA but works just like a regular indicator, the only thing is to put it in the 'experts' folder.

I will be travelling next week, but I hope You guys will have nice trading !
Attached Image (click to enlarge)
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Attached File(s)
File Type: ex4 !xMeter v 1.3.ex4   21 KB | 329 downloads
"A goal without a plan is just a wish" - Antoine de Saint-Exupery
  • #4,182
  • May 23, 2011 2:55am May 23, 2011 2:55am
Quoting trzcinek
Here is the link to 'The Dance', you can download the scripts from...
Thanks T, enjoy your travels.
  • #4,183
  • May 23, 2011 2:58am May 23, 2011 2:58am
I was not happy to have missed this eur trade. Against the pos close 15 min candles but we moved up to the 75 S area that became R. A nice neg close lh.
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  • #4,184
  • May 23, 2011 3:02am May 23, 2011 3:02am
Did get this gu trade. Price pushed up to POC line just above the 75 level. Upper wick and angle of ma's clearly down. 5 min closed pos SS, then a lh red SS little/no lower wick.

Out 60% at +22, stop to -7, when the move didn't want to go below lows of 19 May exited balance at +26. At least Mrs V gave it a chance!! Progress.
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  • #4,185
  • May 23, 2011 3:20am May 23, 2011 3:20am
Hi V. I took this trade also and exited the lot at only +19. Exits are the bane of my life - I am convinced there is no perfect mechanical exit technique and it's just a matter of weighing up a whole range of factors. Still, it's a nice problem to have!
  • #4,186
  • May 23, 2011 3:39am May 23, 2011 3:39am
Quoting orientos
Hi V. I took this trade also and exited the lot at only +19. Exits are the bane of my life - I am convinced there is no perfect mechanical exit technique and it's just a matter of weighing up a whole range of factors. Still, it's a nice problem to have!
Yes if your biggest problem in life is that then you're doing fine!!

Mrs V has just gone to watch the American Idols top 3 results show and its my job to call trades. Having got 20+ banked its only solid set ups from here.
  • #4,187
  • May 24, 2011 2:43am May 24, 2011 2:43am
BE on this one, was targeting DP. Entry 6120, got to about +19/20 very briefly before reversing.

Attached Image (click to enlarge)
Click to Enlarge Name: gu_20110524-m5.gif Size: 15 KB


Attached Image (click to enlarge)
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Follow, don't anticipate.
  • #4,188
  • May 24, 2011 3:09am May 24, 2011 3:09am
Quoting Ian
BE on this one, was targeting DP.
Stop moved too early again, but I didn't like the PA - 15 min neg close with large upper wick, divergence starting to show on the 5 min, upper wick and a 5 min shooting star. Better safe than sorry.

Attached Image (click to enlarge)
Click to Enlarge Name: gu_20110524-m5.gif Size: 16 KB
Follow, don't anticipate.
  • #4,189
  • May 24, 2011 3:23am May 24, 2011 3:23am
....and we have news shortly.
  • #4,190
  • May 24, 2011 5:15am May 24, 2011 5:15am
Quoting Ian
BE on this one, was targeting DP. Entry 6120, got to about +19/20 very briefly before reversing.

Attachment

Attachment
Mrs v saying "you see". Anyway looks like a pretty good day to miss trading if you have to. I am off out again shortly so hoping the trading after US news will be good.
  • #4,191
  • May 24, 2011 5:36am May 24, 2011 5:36am
Quoting Vantage
Mrs v saying "you see". Anyway looks like a pretty good day to miss trading if you have to. I am off out again shortly so hoping the trading after US news will be good.
Yes the dilemma over whether to take the 20 on a limit order or to hold on through drawdown and wait for an obvious target like the DP this morning.

Doing neither I ended up with nothing but was probably being over cautious after mistakes made on Friday.
Follow, don't anticipate.
  • #4,192
  • May 24, 2011 8:16am May 24, 2011 8:16am
I'm not generally an ea person but this http://www.forexfactory.com/showthread.php?t=295396 is an interesting method of trading a lh/hl and for those that are that way inclined they'll need demo helpers to see what settings are working.
  • #4,193
  • May 25, 2011 5:20am May 25, 2011 5:20am
1 hr up, 15 min up, 5 min hl above MS1/4050 area. Entry 4063. Pushed up through pivot to POC which would have been a good TP. Decided to see if an 85/15 trade would play out so stop to BE.

Price came down to test Pivot/4075 area and formed another hl. Stop to 4071 just below the swing low. Price then stayed around this area, lower wicks on 5 min giving encouragement but eventually stopped for +8.

Edit: Looks like GU would have been the one to follow today

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Follow, don't anticipate.
  • #4,194
  • May 25, 2011 8:07am May 25, 2011 8:07am
There were several trades today, starting with the first positive close on 1hr. 3rd trade -13 and we were in that trade when gu hl just below 6200 went. We thought about taking that also but RN stopped us. Oh 3rd trade had a big upper wick on 15 min, followed by a hammer so we thought it was safe to re-enter, lots of days that'll carry on going. If we are up we'll carry on going in such cases.
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  • #4,195
  • Edited 11:02am May 27, 2011 10:49am | Edited 11:02am
Choppy sideways action for most of the day. Didn't see anything I liked much until this one. Took as nice angle and separation of the ma's.

System trade, 1 hr hammer in overall uptrend, 15 min hammer rejection of 6450 level, 5 min hl little/no upper wick. Entry at 6458. Set a tp at +20 as late in the day Friday and weekly pivot/psych level combo around this area. Hence out at 6478. Didn't want to push it after a mediocre week. +1.35% on account for the week.
Attached Image(s) (click to enlarge)
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Follow, don't anticipate.
  • #4,196
  • Jun 1, 2011 1:39am Jun 1, 2011 1:39am
Had a bit of a long weekend break last week and last couple of days trying to ditch some flu. Not sure how long I'll be around, would love to pick up a few pips and jump into bed again, we'll see.
  • #4,197
  • Jun 1, 2011 2:10am Jun 1, 2011 2:10am
You haven't missed much V. Let's hope there's some movement today - it's always good for the flu, I hear!
  • #4,198
  • Jun 1, 2011 3:16am Jun 1, 2011 3:16am
Quoting Vantage
Had a bit of a long weekend break last week and last couple of days trying to ditch some flu. Not sure how long I'll be around, would love to pick up a few pips and jump into bed again, we'll see.
Hope you'll be feeling better soon. As Orientos says you haven't missed much.

I took this just before LO. Was trading into the pivot but the reversal was off a key area and extreme so watching closely to see if the pivot would give way.

15 min high volume hammer off today's open/6450 area, which was also an S/R area on Friday/Monday, with divergence indicating that there might be buyers at this level.

5 min hl little/no upper wick, entry at 6466. Hesitated a bit around the POC/pivot area but eventually broke through. Out at 6486 for +20 when price failed to follow through to the MR1/POC/6500 area.

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Follow, don't anticipate.
  • #4,199
  • Jun 1, 2011 10:18am Jun 1, 2011 10:18am
Quoting Ian
Hope you'll be feeling better soon. As Orientos says you haven't missed much.

I took this just before LO. Was trading into the pivot but the reversal was off a key area and extreme so watching closely to see if the pivot would give way.

15 min high volume hammer off today's open/6450 area, which was also an S/R area on Friday/Monday, with divergence indicating that there might be buyers at this level.

5 min hl little/no upper wick, entry at 6466. Hesitated a bit around the POC/pivot area but eventually broke through. Out at 6486 for +20 when...
Very nice trade. We didn't last long watching charts at all but feeling much better now and hopefully will be back tomorrow.
  • #4,200
  • Jun 2, 2011 3:36am Jun 2, 2011 3:36am
Vantage, hope flu is on the wane now.

I missed this but wondered if you would have taken/considered GU sell at 8.20 UK time.

1 hr was solid lower close but still within overnight range. 15 min was pos close inside bar which failed to break higher. 5 min lh closing at day's open.

Easy to say but in retrospect I might have taken a sell just below most recent support at 6325 (also below MS1/yest low/poc combo) on failure of 15 min bar, possibly exiting after high volume doji which failed to break lower for +10-15.

Attached Image (click to enlarge)
Click to Enlarge Name: gu_20110602-m5.gif Size: 18 KB
Follow, don't anticipate.
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