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Higher low, lower high system

  • #4,721
  • Aug 22, 2011 4:47pm Aug 22, 2011 4:47pm
Quoting Ian
Had to go out and missed two possible system entries during NY session.

1 hr closed negative after several upper wicks.

15 min negative close, 5 min lh below all ma's little/no lower wick. Entry would have been 4410 (left arrow). Trading down towards double POC/RN combo but room to get to B/E on a bounce. Probably would have gone to B/E after hammer off those levels but a 15 pip stop would have held through the next LH.

Price bounced back up to the 4420 level and formed a 15 min SS/doji. 5 min bearish engulfing with no lower wick. Entry would...
.. Nice Charts ,,Ian.. well played..
  • #4,722
  • Aug 22, 2011 11:31pm Aug 22, 2011 11:31pm
I took this one the wrong way and got snotted.. stll reckon the DXY is up tonite..
  • #4,723
  • Aug 22, 2011 11:34pm Aug 22, 2011 11:34pm
took this one the wrong way and got snotted.. stll reckon the DXY is up tonite..

http://www.forexfactory.com/images/m...ading_dark.gif

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  • #4,724
  • Aug 23, 2011 2:13am Aug 23, 2011 2:13am
Hi danc
Not sure what trade you took there?
  • #4,725
  • Aug 23, 2011 2:33am Aug 23, 2011 2:33am
Still plenty of support evident at this previous resistance level.

The fact that price failed to break lower is a really good indication of higher prices.
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  • #4,726
  • Aug 23, 2011 2:40am Aug 23, 2011 2:40am
Quoting Musashi
Still plenty of support evident at this previous resistance level.

The fact that price failed to break lower is a really good indication of higher prices.
I was late again this am and not traded. There might be a problem here 6560 area but as usual we'll wait and see what reaction is and it looks like those answers will come in US session and the London close overlap. At the mo potential for H+S.
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  • #4,727
  • Aug 23, 2011 2:53am Aug 23, 2011 2:53am
Great thread Vantage,

Your a generious genius!!! Thanks for your knowledge!!
I look forward to contributing to your thread, even though i am 4 years too late....

Can I ask for confirmation on the atached chart.

This looks like a 2b trade to me? Am i correct?

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  • #4,728
  • Aug 23, 2011 3:05am Aug 23, 2011 3:05am
Quoting Vantage
Hi danc
Not sure what trade you took there?
on the 5 min i attemped to short it.. on the pin which faulterd on the week and day pin bar..then it went up to the 4400 point.. decided to wait untill it broke above this point.. had to go out for 20 min came back and it had gone..
  • #4,729
  • Aug 23, 2011 3:13am Aug 23, 2011 3:13am
Quoting xxxxLearner
Great thread Vantage,

Your a generious genius!!! Thanks for your knowledge!!
I look forward to contributing to your thread, even though i am 4 years too late....

Can I ask for confirmation on the atached chart.

This looks like a 2b trade to me? Am i correct?

Attachment

Not according to my understanding of a 2B reversal pattern.

This is what I call a reversal pattern. Failure to make a H/H followed by a break of a H/L. This is a typical 1.2.3 pattern and it can be found in trend continuation as well as reversals.

Probability of success is not that great on reversal patterns. However they can be very profitable as traders look to Take Profits, and exit quickly.

Once price has reached the Average range for the day, the chance of a reversal and pull back to some intraday support level is greater. Having a previous resistance level in the vicinity of the patterns will also improve the chance of a successful trade.
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  • #4,730
  • Aug 23, 2011 3:25am Aug 23, 2011 3:25am
Quoting Vantage
Hi danc
Not sure what trade you took there?

This is what i did V.. i took a short trade on the 5 min off that pin bar with volume that failed off the week and day pivots..i had only just woken up and wasnt looking at the bigger picture.. and then it went throu to the 4400 point and started to consolidate..was going to buy on break of.. had to do some thing for 5m which ended up taking 25.. AND....woosha
Am totaly Pissed with my self.. it was so clear..Think i will just leave the bldy thing alone for the rest of the night..
  • #4,731
  • Aug 23, 2011 3:26am Aug 23, 2011 3:26am
The use of Fib Retracement tool and the Fib clusters can give a good level to exit counter daily trend, and look to get back onto the direction of the initial movement.
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  • #4,732
  • Aug 23, 2011 3:31am Aug 23, 2011 3:31am
Quoting Musashi
The use of Fib Retracement tool and the Fib clusters can give a good level to exit counter daily trend, and look to get back onto the direction of the initial movement.
Still using Range Bars, or moving back to time based candles ?
  • #4,733
  • Aug 23, 2011 3:32am Aug 23, 2011 3:32am
Thanks Musashi.

I appreciate your reply, and exit strategy.

I was so sure this was a 2b reversal....oh well........will post more!!
  • #4,734
  • Aug 23, 2011 3:42am Aug 23, 2011 3:42am
Quoting dan89
Still using Range Bars, or moving back to time based candles ?
Both my friend, looking at some longer time frame based charting, the tick based bars required quite a bit more screen time. Especially on the smaller bar ranges.
  • #4,735
  • Aug 23, 2011 3:47am Aug 23, 2011 3:47am
Just going sideways, no real conviction either way. Adding some weight to the potential possibility of a take profit phase about to occur.

You can see the mini triangle formed.
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  • #4,736
  • Aug 23, 2011 4:00am Aug 23, 2011 4:00am
Quoting xxxxLearner
Great thread Vantage,

Your a generious genius!!! Thanks for your knowledge!!
I look forward to contributing to your thread, even though i am 4 years too late....

Can I ask for confirmation on the atached chart.

This looks like a 2b trade to me? Am i correct?

Attachment
Hi xl Welcome

I've seen M's comments, but that does seem like a 2b to me, "In an uptrend, if prices penetrate the previous high but fail to carry through and immediately drop below the previous high, the trend is apt to reverse. The converse is true for downtrends".
  • #4,737
  • Edited 4:22am Aug 23, 2011 4:02am | Edited 4:22am
Likely to be a support region as indicated. Just moved my stop down to reduce risk, no point risking more than is needed in this sort of trade.

Not working out... likely to get stopped out around here, don't really want to be short if price breaks above this level. Quite happy to take the - 10 pips if it breaks higher here.
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  • #4,738
  • Aug 23, 2011 5:40am Aug 23, 2011 5:40am
Quoting Vantage
Hi xl Welcome

I've seen M's comments, but that does seem like a 2b to me, "In an uptrend, if prices penetrate the previous high but fail to carry through and immediately drop below the previous high, the trend is apt to reverse. The converse is true for downtrends".

Thanks very much for the reply.

At least you confirmed I am looking at the reversal patterns correctly.

I will post more along the way, If possible I would appreciate your feed back if you have time!!
  • #4,739
  • Aug 23, 2011 7:31am Aug 23, 2011 7:31am
Quoting xxxxLearner
Thanks very much for the reply.

At least you confirmed I am looking at the reversal patterns correctly.

I will post more along the way, If possible I would appreciate your feed back if you have time!!
Always will try and help, theres lots of guys also that can help.

Y was one of those bad luck days. I was in front of the computer for one trade only and that was the losing one, it happens.

Eur had some nice 15 min turn candles at 4350. Excluding that trade right on LO when the 1hr closed positive it suggested the move down was the head fake and move up would dominate.

There were 2 hl's, then the x failed trade (yes the one I got) and then a good common sense buy above 4400, arrow right.
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  • #4,740
  • Aug 23, 2011 7:34am Aug 23, 2011 7:34am
I wasn't in front of computer this am but this looks a solid set up. Red line shows pos close 1hr and hl follows almost immediately.
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