A quick look at the synergy candles should give a quick visual clue as to where I may be going.
If you don't risk, you don't ever have to lose.
Higher low, lower high system
- #4,241
- Jun 10, 2011 4:43am Jun 10, 2011 4:43am
- #4,242
- Jun 10, 2011 5:05am Jun 10, 2011 5:05am
- Joined Mar 2007 | Status: Trader | 7,195 Posts
Hi V,
How have Mrs V and you been doing? Wishing good health to everyone here.
May I ask,
1. What's thiese 'POC' lines? Are they being pivots associate with volumes?
where could I get it?
2. How do you utilise 21sma in 5min tf?
Cheers, mate!
POC lines show the highest vol on that day and provide great additional areas. I regard them as a band but it is amazing how they often work almost to the pip. Indi attached.
20 ema, as a nice visual trend reference with the 8 lwma. Mrs V is wanting to go more and more with trend. It could easily be dispensed with. I like them but am aware of their limitations ie the time needed to turn. EJ 1hr massive lower wick, 15 min red line shows close of 1hr candle. The reaction on 15 min after are 2 hammers giving good chance of move up. MA's not budged up but pa clearly suggesting hl move up on the cards.
I was posting like mad, not looking at charts, not fussed a good morning.
- #4,243
- Jun 10, 2011 5:19am Jun 10, 2011 5:19am
- Joined Mar 2007 | Status: Trader | 7,195 Posts
Vantage, have you migrated to Heiken Ashi territory or is this just an illustrative chart to make a point? There's been a mass migration to HA charts recently and I'm just wondering whether they got you too.
Get the trend right with good tight entries. The trades from today with same MM would need a 240 pip move if a 60 pip stop used. 300 pip run needed if 75 pip stop used. Those kinds of stops can easily be required from 4 hr swing highs/lows. Now I know how intoxicating it can be to say wow I got 120 pips but when I look at these numbers I keep myself nicely in check.
Next target 120 pip trades from 15 pip entries, now that'll be fun. If I don't get that right we'll be thankful for what we have and carry on.
Mrs V is just, just on the point of letting trades run but we were well aware today that ATR exceeded, 4hr chart length of HA run etc etc so letting go further not really an option.
- #4,246
- Jun 10, 2011 5:57am Jun 10, 2011 5:57am
- Joined Mar 2007 | Status: Trader | 7,195 Posts
Thanks for the explanation, Vantage. Whatever happened to using TrendMagic (or Supertrend or StepMovingAverage) to let trades run? I know this isn't perhaps the best indicator, but on trending days it works really well. Maybe Mrs V should have another look at it?
Anyway long story short I don't want her going into mental overload trying to push 2 ideas at same time. She has a blunt spoon and I have one left!!
Also as when all is said and done system is good, works well, for some reason I'm always tinkering thinking I can improve.
- #4,247
- Jun 10, 2011 6:11am Jun 10, 2011 6:11am
EU system trade.
1 hr shooting star rejection of MS1 in downtrend.
15 min upper wicks/shooting stars followed by two hammers which failed with a 15 min solid negative close.
5 min lh with little/no lower wick after break of recent support at 75 level. Solid close below ma's. Targeting earlier low.
Entry at 1.4466 - target 1.4446 hit out for +20.
1 hr shooting star rejection of MS1 in downtrend.
15 min upper wicks/shooting stars followed by two hammers which failed with a 15 min solid negative close.
5 min lh with little/no lower wick after break of recent support at 75 level. Solid close below ma's. Targeting earlier low.
Entry at 1.4466 - target 1.4446 hit out for +20.
Follow, don't anticipate.
- #4,249
- Jun 10, 2011 6:40am Jun 10, 2011 6:40am
GU system trade. Same time as EU trade.
1 hr pos close but large upper wick and couldn't close above the 8lwma. Overall trend down.
15 min SS off RN followed by neg close.
5 min lh no lower wick, entry below W_S1/S2 combo at 1.6286. Set a limit order to TP at 1.6266 for +20. Got to 6270 before reversing. Out at BE.
Now need to catch up with all today's posts.
1 hr pos close but large upper wick and couldn't close above the 8lwma. Overall trend down.
15 min SS off RN followed by neg close.
5 min lh no lower wick, entry below W_S1/S2 combo at 1.6286. Set a limit order to TP at 1.6266 for +20. Got to 6270 before reversing. Out at BE.
Now need to catch up with all today's posts.
Follow, don't anticipate.
- #4,250
- Jun 10, 2011 6:47am Jun 10, 2011 6:47am
Welcome back, nice one Ian. Time for lunch, Mrs V's superb mince leftovers.
Only traded today, 1 GU loser above 6300 earlier when I got faked out at 10.45. 1 winner, 1 BE, both posted so pretty much even for the week so far.
Maybe a chance to get ahead after US news? We'll see.
Hope lunch was good.
Follow, don't anticipate.
- #4,256
- Jun 11, 2011 1:45pm Jun 11, 2011 1:45pm
- Joined Mar 2007 | Status: Trader | 7,195 Posts
1. On my charts (first arrow) the pinbar on which you shorted EU was after a negative close of 1H but also just after a positive close of 15 min. Does it count as valid setup or you decided to enter because the PA was giving a strong signal (Pinbar) ?
2. For this two sessions on Friday I identified just one other setup (red line). Is it a valid setup and are there any other valid setups on this chart ?
3. Do you still use the Better Volume indicator ? Is it really efficient for the entries ? I decided to drop the Currency Strength indicator for...
1. Just wanted to confirm that I didn't take that trade on eur, just posted it as it looked so good. Yes it was a pos close 15 min hammer but it was small and its close was below the open of prev candle. The question after the hammer is what is the reaction? It was a clear strong lh shooting star/pinbar and I suppose an evening star type set up (prob my fave multi candle formation). I also believe IF you are going to stretch a rule then do it with the trend and that was down for last 3 days. Short term trend was also down as the ma's on 15 and 5 min both confirm. If the hammer on 15 min was stronger with a close at top of prev candle I think I wouldn't have considered it. If in doubt go with the trend, it at least gives you a chance. Making a mistake against the trend tends to punish you very quickly. Finally if you see you are on the wrong end of too many 15 min candles then be stricter on that rules application.
2. Red line on your above chart 100% right. I also see the arrow down as a sell. 1 hr doji, 15 min small hammer and this lh took out the low of 15 min. I also see the arrow up as a buy. In and around LO you don't need to wait for a 1hr to close and 15 min had a hammer, doji, hammer (with a higher close than prev 2 candles), 45 mins for a clear hl to form.
3. We decided that the currency meter did not add enough (and if I cannot prove worth to Mrs V she gets out the blunt spoon/sharp stick whichevers closest). I decided to drop better vol. Whilst I believe it is a superb tool I am grateful for the focus it gave me looking at/appreciating candles. What we are doing appears to be working so I have also left it, partly because at my age taking the time to learn the BV jargon a bit much.
Cheers
PS Beers are out, braai (barbeque) is going and Bon Jovi
Crush Tour dvd on, I'm outta here, have a good 'un.
