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Higher low, lower high system

  • #4,281
  • Jun 13, 2011 3:30am Jun 13, 2011 3:30am
Quoting pgd
Understood.

Reasons for selection of those particular ma types / periods ?
Most ma's of a similar number are too close to make a real difference. I prev used 5 ema 3 shift and switched to 8 lwma. Cannot remember why, just needed a close ma that hugs price so that crosses will give a hl/lh away easily.

20 ema, I found 34 ema a little too lagging and there was another thread that used 20 ema. Also trading above/below an ema is like trading above/below the same number rsi 0 line. So 20 ema = 20 rsi yes its true have a look. I preferred a slightly shorter rsi, 34 too long and 14 just a little short. 20 seemed a good balance.
  • #4,282
  • Jun 13, 2011 3:56am Jun 13, 2011 3:56am
Quoting pgd
Sure! it's a free indicator i downloaded a while back.
Here you go.
i've set the default to 60 min candles.
you'll need to apply it twice to each chart setting TimeFrame at 60 then at 15.

cheers.
Thanks for your sharing.

Regards,
  • #4,283
  • Jun 13, 2011 4:12am Jun 13, 2011 4:12am
2 possibilities this am.

HL buy 5 min little/no upper wick. 1hr up above 8 lwma, 15 min pos close. 100% system trade.

The sell didn't get that one. 1hr closed with an upper wick, 15 min upper wick, doji then shooting star. 5 min lh little/no lower wick, we just passed on it.
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  • #4,284
  • Jun 13, 2011 4:14am Jun 13, 2011 4:14am
Quoting Vantage
2 possibilities this am.

HL buy 5 min little/no upper wick. 1hr up above 8 lwma, 15 min pos close. 100% system trade.

The sell didn't get that one. 1hr closed with an upper wick, 15 min upper wick, doji then shooting star. 5 min lh little/no lower wick, we just passed on it.
I'm out to shops now lets see what US session brings, cheers.
  • #4,285
  • Jun 13, 2011 4:26am Jun 13, 2011 4:26am
Quoting Vantage
2 possibilities this am.

HL buy 5 min little/no upper wick. 1hr up above 8 lwma, 15 min pos close. 100% system trade.

The sell didn't get that one. 1hr closed with an upper wick, 15 min upper wick, doji then shooting star. 5 min lh little/no lower wick, we just passed on it.
Vantage, just wondering if there was a particular reason you passed on this one. I'm currently short from 6270, stop at BE. I liked that area for a possible reversal after looking at the 4 hr chart.

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Follow, don't anticipate.
  • #4,286
  • Jun 13, 2011 6:49am Jun 13, 2011 6:49am
Quoting Ian
Vantage, just wondering if there was a particular reason you passed on this one. I'm currently short from 6270, stop at BE. I liked that area for a possible reversal after looking at the 4 hr chart.

Attachment
Hi Ian
We got distracted for different reasons (I'm chairman of the estate home owners association where we stay and as much as I say no meetings/phone calls around that time guess what!! Mrs V had a coughing session with her mum to sort out. Shame the old dear said this morning that she is so happy with us that she prayed this morning for God to keep her around just a little longer ).

I know it was a key area and I know its trade what you see not what you think but for some reason we thought the move up would continue. Still it would have been 20 pips down to 50 level where I'm sure we would have exited.

I am also sure I would have been happy to buy despite the neg 1hr to follow the 15 min up. Don't know why I thought it but that morning star on 15 min (down candle, doji, pos candle) would have had me tempted, left arrow up.

If we missed that there was another 100% system trade pos 1hr above 8 lwma, pos 15 min, 5 min hl little/no upper wick but I was still out. Red lines show where 1hr closed. Ma's confirming nicely.
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  • #4,287
  • Jun 13, 2011 7:11am Jun 13, 2011 7:11am
Quoting Vantage
Hi Ian
We got distracted for different reasons (I'm chairman of the estate home owners association where we stay and as much as I say no meetings/phone calls around that time guess what!! Mrs V had a coughing session with her mum to sort out. Shame the old dear said this morning that she is so happy with us that she prayed this morning for God to keep her around just a little longer ).

I know it was a key area and I know its trade what you see not what you think but for some reason we thought the move up would continue. Still it would...
Hi pg
Further to the discussions on taking trades when 1hr closes. You'll see on the above that the move happened right on close of 1hr. Just another example, it happens often.
  • #4,288
  • Jun 13, 2011 7:39am Jun 13, 2011 7:39am
Quoting Vantage
Hi Ian
We got distracted for different reasons (I'm chairman of the estate home owners association where we stay and as much as I say no meetings/phone calls around that time guess what!! Mrs V had a coughing session with her mum to sort out. Shame the old dear said this morning that she is so happy with us that she prayed this morning for God to keep her around just a little longer ).

I know it was a key area and I know its trade what you see not what you think but for some reason we thought the move up would continue. Still it would...
OK, thanks for that.

Took +20 on the system trade you mention up from 6288. Stupidly didn't TP at the support turned resistance area 6320ish when those 5 min upper wicks started appearing but had my stop hit on the pullback. Still +20 is +20.

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Follow, don't anticipate.
  • #4,289
  • Jun 13, 2011 7:50am Jun 13, 2011 7:50am
Quoting Ian
OK, thanks for that.

Took +20 on the system trade you mention up from 6288. Stupidly didn't TP at the support turned resistance area 6320ish when those 5 min upper wicks started appearing but had my stop hit on the pullback. Still +20 is +20.

Attachment
Great trade Ian. Love it.

Mrs V popped her head in and is fine with 20 pips. She's rattling on now (going into switch off yes dear mode now) about thats it take your 2-3 20 pip trades per day bank and you're golden speech!!
  • #4,290
  • Jun 13, 2011 7:54am Jun 13, 2011 7:54am
My entry on EUR/USD this morning. I'm just wondering if it was a valid one ... 1H was a negative close,but... 15M was a positive Pinbar from a strong S/R level, the price was above 5M 8LWMA and has just crossed 1H 8LWMA (purple line).

Would you qualify this as a good setup Vantage ?
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"A goal without a plan is just a wish" - Antoine de Saint-Exupery
  • #4,291
  • Jun 13, 2011 8:24am Jun 13, 2011 8:24am
Quoting trzcinek
My entry on EUR/USD this morning. I'm just wondering if it was a valid one ... 1H was a negative close,but... 15M was a positive Pinbar from a strong S/R level, the price was above 5M 8LWMA and has just crossed 1H 8LWMA (purple line).

Would you qualify this as a good setup Vantage ?
Good 15 min candle from the supp area in and around London open ie don't have to wait for 1hr to turn. So yes thats a valid double bottom trade.
  • #4,292
  • Jun 13, 2011 11:42am Jun 13, 2011 11:42am
Till how long after the LO, we may disregards 1H close if 15M gives a good signal ? Just one hour or more ?

Here is another EURUSD trade I took this afternoon. 1H closed with a nice positive pinbar, positive close of 15M. The only thing, I probably triggered the trade a bit too early since the 5M candle did not exceed the setup candle for 1 pip.

First half of the trade closed for +14 pips, then the price reversed and I closed the second half for +8 pips.

3 trades on EURUSD today all 3 with profit, in total +52 pips :-)
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"A goal without a plan is just a wish" - Antoine de Saint-Exupery
  • #4,293
  • Jun 13, 2011 5:21pm Jun 13, 2011 5:21pm
Last trade of the day looked like a nice setup. Nice negative close of 1H, nice big negative candle on 15M, price crossed 8LWMA on 5M and also on 1H ....entry on the red vertical line.

But I lost this one ... wasn't it a good setup ? Probably it was not a good idea to take this trade at this time of the day (5.45 PM) ?

Maybe, I should have taken profit when the trade was +13 or at least move the SL to BE ... :-/

Instead, I got stopped out for -16 pips and I finish the day with +36 pips.
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"A goal without a plan is just a wish" - Antoine de Saint-Exupery
  • #4,294
  • Jun 14, 2011 1:41am Jun 14, 2011 1:41am
Quoting trzcinek
Till how long after the LO, we may disregards 1H close if 15M gives a good signal ? Just one hour or more ?

Here is another EURUSD trade I took this afternoon. 1H closed with a nice positive pinbar, positive close of 15M. The only thing, I probably triggered the trade a bit too early since the 5M candle did not exceed the setup candle for 1 pip.

First half of the trade closed for +14 pips, then the price reversed and I closed the second half for +8 pips.

3 trades on EURUSD today all 3 with profit, in total +52 pips :-)
Yes about an hour but like in all things trading SR levels PA key.

52 pips with small stops ie great MM is massive easily 3% or more from 1% risk. Great stuff.
  • #4,295
  • Jun 14, 2011 1:51am Jun 14, 2011 1:51am
Quoting trzcinek
Last trade of the day looked like a nice setup. Nice negative close of 1H, nice big negative candle on 15M, price crossed 8LWMA on 5M and also on 1H ....entry on the red vertical line.

But I lost this one ... wasn't it a good setup ? Probably it was not a good idea to take this trade at this time of the day (5.45 PM) ?

Maybe, I should have taken profit when the trade was +13 or at least move the SL to BE ... :-/

Instead, I got stopped out for -16 pips and I finish the day with +36 pips.
Hi trzcinek
Prob the time of day. London close time can have predictable counter days trend moves but relatively small, before continuing back in direction of days trend. If I have any doubts I'm quite happy to exit at BE especially to protect a +52 day. That 5 min hammer at the 50 psych level was a warning perhaps.

Not sure if you usually trade at this time of day. If its relatively new to you have a good check on previous charts to see what kind of pa occurs. History and charts repeat.
  • #4,296
  • Jun 14, 2011 1:58am Jun 14, 2011 1:58am
Quoting Vantage
Hi trzcinek
Prob the time of day. London close time can have predictable counter days trend moves but relatively small, before continuing back in direction of days trend. If I have any doubts I'm quite happy to exit at BE especially to protect a +52 day. That 5 min hammer at the 50 psych level was a warning perhaps.

Not sure if you usually trade at this time of day. If its relatively new to you have a good check on previous charts to see what kind of pa occurs. History and charts repeat.
Hi T
That 5 min hammer would have had me worried.
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  • #4,297
  • Edited 2:34am Jun 14, 2011 2:20am | Edited 2:34am
A bullflag b/o after an H1 hammer at today's open and yest's high
Retrace to b/o area formed HL.

entry: 14437
exit part: 1.4465 where it stalled.
Targetting 14530/35 Res. area for balance.
s/l at b/e.
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  • #4,298
  • Jun 14, 2011 3:00am Jun 14, 2011 3:00am
Quoting pgd
A bullflag b/o after an H1 hammer at today's open and yest's high
Retrace to b/o area formed HL.

entry: 14437
exit part: 1.4465 where it stalled.
Targetting 14530/35 Res. area for balance.
s/l at b/e.
Hi pg
Thats a very nice trade and whilst we (well Mrs V was in front of computer) were looking at a buy the 5 min close had a bit of a wick so we left it. The entry you took is not one we'd normally do, looks like skills from psych levels pivots and trendlines thread showing!!
  • #4,299
  • Edited 5:07am Jun 14, 2011 4:46am | Edited 5:07am
Quoting Vantage
Hi pg
Thats a very nice trade and whilst we (well Mrs V was in front of computer) were looking at a buy the 5 min close had a bit of a wick so we left it. The entry you took is not one we'd normally do, looks like skills from psych levels pivots and trendlines thread showing!!
Vantage,

I agree it's not strictly a system entry except for the H1 hammer that started the process. the bull flag, i guess, was borrowed from ev's thread and perhaps i should have posted this one there.

these are the factors that prompted me to take it in spite of the m5 upper wicks and the preceding m15 red candle:

1.
the m15 candle before the previous red one was a strong impulse up, it closed near the top and was an IB/harami to the one before that.

2.
the m15 candle just before the entry candle was a small retrace to that impulse as is often seen before a continuation of an impulse.

3.
on D1, yest's candle formed a bullish piercing line after a gap down open. so I was expecting an upward continuation today or at least some display of strength above yest's high to accommodate a decent trade.

your comments?

thanks.
  • #4,300
  • Jun 14, 2011 5:05am Jun 14, 2011 5:05am
Quoting pgd
Vantage,

I agree it's not strictly a system entry except for the H1 hammer that started the process. the bull flag, i guess, was borrowed from ev's thread and perhaps i should have posted this one there.

these are the factors that prompted me to take it in spite of the m5 upper wicks and the preceding m15 red candle:

1.
the m15 candle before the previous red one was a strong impulse up, it closed near the top and was an IB/harami to the one before that.

2.
the previous m15 candle was a small retrace to that impulse as is often seen before a...
Hi pg
I don't want to go too much off the threads topic which has remained fairly rigid over the years. On your method it was a great trade. We would have been in on the pos close 5 min if the wick wasn't so high.

Guys that like this style can pop into the psych levels thread as the two methods do compliment each other a lot. I accept that we will miss some trades like this one but as I haven't been able to enter such trades with the consistency needed then I'll pass.
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