DislikedOops, thanks, missed that one, taking out the low of the 1hr pos close bar.Ignored
Higher low, lower high system
- #4,543
- Aug 2, 2011 6:55am Aug 2, 2011 6:55am
Vantage,
took this LH entry at 10971.
has been quite a laggard.
probably the wrong time of the day to enter...
your comments?
The 1 hr 11.00 (FxPro time) bar closed a bit too high for me to consider a short system trade off it. However the 15 min turned around nicely off the day's open level giving a lh entry at about 109.71 as you say.
If I had taken it I would probably have had my stop down to BE after the failure of the second push down after the test of 75 level.
I was looking at EU at the same time which had a much better 1 hr rejection bar. The 15 min had turned round earlier and I probably would have taken it if it had not been trading into Y's low. That one was good for 20 pips in the end.
Follow, don't anticipate.
Just shorted EC as shown below, but the second candle after my entry unfortunately took out my 10 pip stop. Oh well, it happens. The trade was still a good one nonetheless. Next please!
Attachment
Without being wise after the event - why not put your stop above the last swing high?
The reason is quite simple actually. I use a fixed SL, fixed TP algo to enter trades.
This way, I only have to make adjustments to the lot sizes required as the currencies go up and down, but when there's a trade, I only have to click a single button to be in a trade.
While there's no denying it makes sense to put your stop above/below the previous swing high/low from a technical point of view, it requires tailoring your stop, take profit and lot size for each trade, which requires precious time.
This way, I only have to make adjustments to the lot sizes required as the currencies go up and down, but when there's a trade, I only have to click a single button to be in a trade.
While there's no denying it makes sense to put your stop above/below the previous swing high/low from a technical point of view, it requires tailoring your stop, take profit and lot size for each trade, which requires precious time.
It's not about how much you make, it's about how much you don't lose.
The reason is quite simple actually. I use a fixed SL, fixed TP algo to enter trades.
This way, I only have to make adjustments to the lot sizes required as the currencies go up and down, but when there's a trade, I only have to click a single button to be in a trade.
While there's no denying it makes sense to put your stop above/below the previous swing high/low from a technical point of view, it requires tailoring your stop, take profit and lot size for each trade, which requires precious time.
EC can indeed have bigger swings, but I'm not yet sure that's a reason to start using a bigger stop. This one particular setup didn't take off immediately, but if you look at previous examples of this type of setup, you'll see price taking off without looking back a lot, if not most of the times. Just go through your own attachment history and you'll find enough examples. 
It's not about how much you make, it's about how much you don't lose.
