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Higher low, lower high system

  • #4,561
  • Aug 8, 2011 12:22am Aug 8, 2011 12:22am
Hell of a clear trade on 15 min gold chart.. didnt take but have been watching unfold..Interesting times.. wonder were it will end..????
  • #4,562
  • Aug 8, 2011 3:24am Aug 8, 2011 3:24am
Quoting danc
Hell of a clear trade on 15 min gold chart.. didnt take but have been watching unfold..Interesting times.. wonder were it will end..????
I will admit to the level of pooh in this world having me a little nervous.

Anyway 1hr closed as a large hammer right on its lows. Made this lh quite straight forward. Even if the 25 level was a small SR area it was there for 15 mins with no real bounce higher so we were happy to sell on the 5 min lh little/no lower wick move below 25 level.

Whilst we think the move up earlier was the LO head fake we were happy to exit with +20.
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  • #4,563
  • Aug 8, 2011 5:52am Aug 8, 2011 5:52am
I wasn't in front of computer for this one.

4hr closed red shooting star, 1hr a neg close (sort of an evening star pattern). 5 min chart shows a 60 odd pip bounce from 111.40 area, then a 30 pip bounce then 25 mins of virtually no bounce. 5 min lh little/no lower wick, 5 min emas nicely stacked.
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  • #4,564
  • Aug 8, 2011 6:11am Aug 8, 2011 6:11am
Quoting Vantage
I wasn't in front of computer for this one.

4hr closed red shooting star, 1hr a neg close (sort of an evening star pattern). 5 min chart shows a 60 odd pip bounce from 111.40 area, then a 30 pip bounce then 25 mins of virtually no bounce. 5 min lh little/no lower wick, 5 min emas nicely stacked.
Hi Vantage, what is your long ema? I assume the other two are 8lwma, 21ema.
Follow, don't anticipate.
  • #4,565
  • Aug 8, 2011 6:14am Aug 8, 2011 6:14am
Quoting Ian
Hi Vantage, what is your long ema? I assume the other two are 8lwma, 21ema.
96 lwma to approx the 1hr 8 lwma.
  • #4,566
  • Aug 8, 2011 6:19am Aug 8, 2011 6:19am
Quoting Vantage
96 lwma to approx the 1hr 8 lwma.
Ok, thanks.
Follow, don't anticipate.
  • #4,567
  • Aug 8, 2011 8:57am Aug 8, 2011 8:57am
So, I hope this makes sense... I am posting an hour chart and a M5 chart. The blue line represents the close if the H1 Candle. So when the M5 chart shows a pullback then closes above/below the the cloes of the H1 candle, then you join at the break of that candle.

Does that make sense?
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  • #4,568
  • Aug 8, 2011 9:24am Aug 8, 2011 9:24am
Quoting Delite
So, I hope this makes sense... I am posting an hour chart and a M5 chart. The blue line represents the close if the H1 Candle. So when the M5 chart shows a pullback then closes above/below the the cloes of the H1 candle, then you join at the break of that candle.

Does that make sense?
Hi Delite

I do not focus on the high/low of a 1hr candle per se. The only reason it happened on my post above is because the 5 min lh just happened to coincide with the close of the 1hr. Thats fine when that happens but its not a determining factor for a trade.

NB it appears that the earlier move up to 1.44 was the head fake so on a normal day we'd be expecting sells to dominate.

The attached red lines just show 2 of the 1hr closes. The left lh happens below the 1hr low. The right arrow down, the 5 min lh happens above the 1hr low.

In a nutshell after LO has shown its hand chances are direction for the day has been set. 1hr close should then determine direction. Once that has been done I'll look for hl/lh's wherever they occur.
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  • #4,569
  • Aug 9, 2011 1:06am Aug 9, 2011 1:06am
The intervention by CHF central bank has changed the eurchf trades somewhat in that its now not a one way trade only. I'm still focused on selling though, euro zone too big a problem to avoid money moving to safe haven's.
  • #4,570
  • Aug 9, 2011 3:41am Aug 9, 2011 3:41am
Havnt got time to post a chart but EU..ud looks short and lower hi ish on 1 hr 15 and 5.... also 2 bearish looking 4 hr candles and failing on week and pivot points.. fozzy looks bearish.. am short.... worth a look..Fozzy failing under 50% point..
  • #4,571
  • Aug 9, 2011 3:50am Aug 9, 2011 3:50am
Hi Vantage

Thanks for your comments. The reason why I now wait for a M5 close above/below the H1 close, is that it seems to reduce whipsaws. I may just be being cautious, but it seems to work.

Have a great day!
  • #4,572
  • Aug 9, 2011 3:59am Aug 9, 2011 3:59am
Quoting danc
Havnt got time to post a chart but EU..ud looks short and lower hi ish on 1 hr 15 and 5.... also 2 bearish looking 4 hr candles and failing on week and pivot points.. fozzy looks bearish.. am short.... worth a look..Fozzy failing under 50% point..
Hi Dan, I was watching the 15 min evening star pattern rejection of all the D,W,M pivots but I couldn't find a nice 5 min lh to enter on after the hourly negative close. Turned into a nice 15/85 trade. Price holding below the daily pivot so still watching for a move lower.

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Follow, don't anticipate.
  • #4,573
  • Aug 9, 2011 4:02am Aug 9, 2011 4:02am
Quoting Ian
Hi Dan, I was watching the 15 min evening star pattern rejection of all the D,W,M pivots but I couldn't find a nice 5 min lh to enter on after the hourly negative close. Turned into a nice 15/85 trade. Price holding below the daily pivot so still watching for a move lower.

Attachment


Hi Ian

Do you have time to explain a 15/85 trade?

Thanks!
  • #4,574
  • Aug 9, 2011 4:03am Aug 9, 2011 4:03am
Quoting danc
Havnt got time to post a chart but EU..ud looks short and lower hi ish on 1 hr 15 and 5.... also 2 bearish looking 4 hr candles and failing on week and pivot points.. fozzy looks bearish.. am short.... worth a look..Fozzy failing under 50% point..
Scratching my head on eur and gu at the mo. 1 day up 1 day down 1 day up ................... 4hr up then a doji just closed, so yes could be sells.
  • #4,575
  • Aug 9, 2011 4:04am Aug 9, 2011 4:04am
EC provided the only system trade I could see but I missed it. Would have been trading into RN/daily open so not sure I would have taken it plus my spread on EC is horrible at the moment.

Looks like a good trade now as its dropped 100 pips!

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Follow, don't anticipate.
  • #4,576
  • Aug 9, 2011 4:06am Aug 9, 2011 4:06am
Quoting Delite
Hi Ian

Do you have time to explain a 15/85 trade?

Thanks!
Often if price goes lower through 15 level it will break RN to hit 85. And if rising through 85 will run to 15. Stop sweeps basically.
  • #4,577
  • Aug 9, 2011 4:08am Aug 9, 2011 4:08am
Quoting Delite
Hi Ian

Do you have time to explain a 15/85 trade?

Thanks!
Hi Delite, See this post by V,

http://www.forexfactory.com/showthre...70#post4464170
Follow, don't anticipate.
  • #4,578
  • Edited 4:16am Aug 9, 2011 4:13am | Edited 4:16am
Quoting Vantage
Scratching my head on eur and gu at the mo. 1 day up 1 day down 1 day up ................... 4hr up then a doji just closed, so yes could be sells.
.. I agree got caught last nite trying to be 2 smart.. may be doing the same to nite..but just as Ian said.. its under weekly month ly and day pivots at the mo and that round number at 4300.. if u go back on daith this area shows some serious resistance way back..so have taken a possie and will add to if Pact indicates....but really just one big side ways move.. but as we speak 15/5/1 indicate hier ground..i thought i was up for the cup about 3 bars back on the 15..
  • #4,579
  • Aug 9, 2011 4:20am Aug 9, 2011 4:20am
With eur and gu all over the place still favour eurchf.

Left red line shows the neg 1hr close and arrow down the lh, as per Ian's post. Right red line shows the 4hr shooting star close little/no lower wick. 5 min lh closed right on the 1hr/4hr candle closes.

Much prefer focus there as eur and gu at the moment seems finding a trade is forcing things a little.
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  • #4,580
  • Aug 9, 2011 4:25am Aug 9, 2011 4:25am
Ian and V

Thanks. That is a really useful observation.

Just out of interest have you looked at trading gold or crude using your system trades? It looks as if it will work well, and may give a useful alternative for days when forex is sideways.

Also, V - I saw on your blog that you are trading London close. How is that working out for you?
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