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Higher low, lower high system

  • #4,801
  • Aug 26, 2011 5:43am Aug 26, 2011 5:43am
Quoting danc
Dragon Daily .. real reason i took this trade..note as per arrows on chart and Fozzy.. also clear as on 15 min chart..
Feel free to discuss D, 4hr, 1hr charts for divergence with good candles my friend!!
  • #4,802
  • Aug 26, 2011 6:04am Aug 26, 2011 6:04am
Not giving back too many of these pips... +75 and +50 secured.

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  • #4,803
  • Aug 26, 2011 7:30am Aug 26, 2011 7:30am
Great stuff M.
  • #4,804
  • Aug 26, 2011 7:34am Aug 26, 2011 7:34am
Quoting Vantage
Great stuff M.
You like that, you'll love this one.

Good area on the chart for sellers to re-enter the market.

Previous intraday support. 00 level, 50-60% of daily range pull back.

You know the drill..

Switched to the M1 chart to move stop down above swing points.

Looking good open trade over +50 pips.

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  • #4,805
  • Aug 26, 2011 7:47am Aug 26, 2011 7:47am
Alright I can't handle this anymore... need to move stop down price moved to within a few pips of the A.D.R.

I'm taking this profits..

+74 pips..
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  • #4,806
  • Aug 26, 2011 7:51am Aug 26, 2011 7:51am
Quoting Musashi
You like that, you'll love this one.

Good area on the chart for sellers to re-enter the market.

Previous intraday support. 00 level, 50-60% of daily range pull back.

You know the drill..

Switched to the M1 chart to move stop down above swing points.

Looking good open trade over +50 pips.

yes, Musashi.

that re-entry area was inviting...
managed to get 6290 to 6250, 6220.
  • #4,807
  • Aug 26, 2011 8:01am Aug 26, 2011 8:01am
Outstanding M and pg!!

Well I have had the most stunning end of the week. I had a flat start then a good day and was BE on this mornings trade.

Switched on the computer after I got back in (Bernanke break) and saw eurchf was on an absolute tear. I suppose if you squint your eyes and tilt your head to the right you might be able to convince yourself its a hl.

Anyway I've just been trading the tear through the psych levels, entry 1565 exit 1675. 10 mins.

Hey sometimes good things happen at unexpected times!!! I will admit this one raised the pulse just a little.

Sorry no screen shot just happened all too quick.
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  • #4,808
  • Aug 29, 2011 11:43pm Aug 29, 2011 11:43pm
I cant really see any of the ones i follow... and find my self trying to force it.. better i leave alone... on this chart i see the 4 hr pinny of sorts marked with arrowand current 4 looks bearish at the mo..I see a diversion of sorts on the Fozzy..and those 2 lines above are weekly fibo resistance lines.. 50% and 618%so will monitor on 5 min and try to get a short.. not comfortable with at all.. to me all of them seem very tight if thaats the word.. am also watching Aussie... also looks shortish to me..
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  • #4,809
  • Aug 30, 2011 12:08am Aug 30, 2011 12:08am
Quoting danc
I cant really see any of the ones i follow... and find my self trying to force it.. better i leave alone... on this chart i see the 4 hr pinny of sorts marked with arrowand current 4 looks bearish at the mo..I see a diversion of sorts on the Fozzy..and those 2 lines above are weekly fibo resistance lines.. 50% and 618%so will monitor on 5 min and try to get a short.. not comfortable with at all.. to me all of them seem very tight if thaats the word.. am also watching Aussie... also looks shortish to me..
4500 is a definite SR area so at the moment I'm thinking the move down is a poss head fake. No trades for me yet.
  • #4,810
  • Edited 12:35am Aug 30, 2011 12:18am | Edited 12:35am
Quoting Vantage
4500 is a definite SR area so at the moment I'm thinking the move down is a poss head fake. No trades for me yet.
Certainly an obvious level of previous support in that area on the chart.

As so often happens price finds some sort of resistance at that point.

Didn't get to take this trade, however a short after that small congestion break would of been ideal.

If you doubt the importance of S/R levels. You only need to look at any price chart and see how price is affected by those levels.
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  • #4,811
  • Aug 30, 2011 1:01am Aug 30, 2011 1:01am
Some resistance is evident at this previous support level intraday at this 00 level.

Selling in this region could be a good idea.
  • #4,812
  • Aug 30, 2011 1:56am Aug 30, 2011 1:56am
How does this relate to elliot wave? or does it have nothing to do with it?
  • #4,813
  • Aug 30, 2011 2:05am Aug 30, 2011 2:05am
Range break followed by the retest then the resulting move.

+52 Pips
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  • #4,814
  • Aug 30, 2011 2:27am Aug 30, 2011 2:27am
We bought the S area when we had a 15 min hammer. That hit stop.

Weren't quite quick enough to sell around 84 but got a sell below 4475 for a nice move down.

2nd sell exited just above 25 to get back most of 1st loss trade.

Mrs V wanted us to exit and I wanted to let go. She won so it could have been a much better day and I cannot help feeling a little disappointed about the session. Oh well pips is pips and in Mrs V's defence the Lo initial session has not been great in last few weeks.
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  • #4,815
  • Aug 30, 2011 2:42am Aug 30, 2011 2:42am
Quoting Vantage
We bought the S area when we had a 15 min hammer. That hit stop.
Also have to say when I said 'we' that wasn't quite right Mrs V did not want us to buy there. That was my call. She wanted us to sell the lh around 4484. Being in the buy still we didn't get that set up quickly enough.

Despite the likelihood of LO head fakes she prefers to want to trade in direction of good ma angle on 5 min. Thats her fave, simple, description of trend at the mo. Still cannot figure out how she thought that buy wouldn't work and what she will do on the numerous days when it does.

Like I've said before she prefers the trend trades and not the turns.
  • #4,816
  • Aug 30, 2011 2:45am Aug 30, 2011 2:45am
Quoting Vantage
We bought the S area when we had a 15 min hammer. That hit stop.

Weren't quite quick enough to sell around 84 but got a sell below 4475 for a nice move down.

2nd sell exited just above 25 to get back most of 1st loss trade.

Mrs V wanted us to exit and I wanted to let go. She won so it could have been a much better day and I cannot help feeling a little disappointed about the session. Oh well pips is pips and in Mrs V's defence the Lo initial session has not been great in last few weeks.

Morning V!

Don't be disappointed - until the silly summer season ends, it is difficult to know when price will run.

Re your long this morning - something i have noticed, is that price will often return to and test/break the LO. In your example today, where you took the long, price moved back to the LO and then continued down.

If the move is really strong, then it may not return at all, or maybe just one candle will touch, but it does seem quite relevant.

PS hope I'm not telling you something you already know!
  • #4,817
  • Aug 30, 2011 2:47am Aug 30, 2011 2:47am
At 17 pips or so for this set up candle we did not sell again below 25 level, it was close to a couple of high vol POC lines and W M2 at 4412 (which was my target on 2nd sell).

With a decent range done we'll leave now till pre US session.
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  • #4,818
  • Aug 30, 2011 2:53am Aug 30, 2011 2:53am
Quoting Delite
Morning V!

Don't be disappointed - until the silly summer season ends, it is difficult to know when price will run.

Re your long this morning - something i have noticed, is that price will often return to and test/break the LO. In your example today, where you took the long, price moved back to the LO and then continued down.

If the move is really strong, then it may not return at all, or maybe just one candle will touch, but it does seem quite relevant.

PS hope I'm not telling you something you already know!
We were below LO price which can easily get defended. The move 20-30 pips below the range to the x just seemed like a typical LO head fake move.

They can always fail of course but the majority of time it will work. The give away I suppose was when that hl failed (arrow up), gave a lh (left arrow down) and the 1hr then closed neg (red line) setting up a nice lh.

Can't win them all.
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  • #4,819
  • Aug 30, 2011 9:03am Aug 30, 2011 9:03am
Quoting Musashi
Range break followed by the retest then the resulting move.

+52 Pips
Hey M, What made you decide to take that second retest after the break instead of the first ?

Dan
  • #4,820
  • Aug 30, 2011 12:45pm Aug 30, 2011 12:45pm
Quoting dan89
Hey M, What made you decide to take that second retest after the break instead of the first ?

Dan
I wasn't around for the first one, but I was here for the second one. Made it easy for me.
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