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Higher low, lower high system

  • #6,541
  • Aug 7, 2013 6:11am Aug 7, 2013 6:11am
Quoting Vantage
I am in a CAD buy from yesterday after the engulfing 1hr close. We are testing the 29 May highs 1.0420 area. Just over 50 pips up at the moment we'll see how it works out.
CAD is marginally above where we were on previous post but we have now had a 1hr HL which bodes well for the trade.

An AUD sell was exited at BE.

We have a EURAUD buy also from this morning but there has been no real move from London open, so its down to US session.

As usual will post charts when trades are finished if they play out.
  • #6,542
  • Aug 7, 2013 7:36am Aug 7, 2013 7:36am
Eur/Jpy

The retrace was not as severe on this pair as some of the others. My logic for what its worth is that it is weaker. I identified 3B reversal, indicating a possible double top. Was a bit late in getting in.
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  • #6,543
  • Aug 7, 2013 8:21am Aug 7, 2013 8:21am
Quoting Vantage
{quote} CAD is marginally above where we were on previous post but we have now had a 1hr HL which bodes well for the trade. An AUD sell was exited at BE. We have a EURAUD buy also from this morning but there has been no real move from London open, so its down to US session. As usual will post charts when trades are finished if they play out.
EURAUD was exited at just below BE.

CAD buy at 1.0366, now sitting at the May/June '12 high/W R1. If we get through this level then potential for significant move higher is there.
  • #6,544
  • Aug 7, 2013 8:24am Aug 7, 2013 8:24am
Quoting mt2
Eur/Jpy The retrace was not as severe on this pair as some of the others. My logic for what its worth is that it is weaker. I identified 3B reversal, indicating a possible double top. Was a bit late in getting in. {image}
And the 1hr has now completed a nice evening star pattern so hopefully run down will continue.
  • #6,545
  • Aug 7, 2013 8:58am Aug 7, 2013 8:58am
Quoting Vantage
{quote} EURAUD was exited at just below BE. CAD buy at 1.0366, now sitting at the May/June '12 high/W R1. If we get through this level then potential for significant move higher is there.
I completely stiched up a GU trades exit last week and in danger of doing the same with CAD. Hit an identified, significant SR level/W pivot and I'm not exiting at close to +80. Some people are obviously much better than me at the whole work/trade thing.

Can someone take me out back, beat the crap out of me until I get it through my thick skull that +80 is fine when you cannot give something your complete attention. Make a bad mistake once is bad, doing it twice is purely my own stupidity. Will not make this error a 3rd time. Just in case you haven't guessed not happy.
  • #6,546
  • Aug 7, 2013 9:31am Aug 7, 2013 9:31am
Quoting Vantage
{quote} I completely stiched up a GU trades exit last week and in danger of doing the same with CAD. Hit an identified, significant SR level/W pivot and I'm not exiting at close to +80. Some people are obviously much better than me at the whole work/trade thing. Can someone take me out back, beat the crap out of me until I get it through my thick skull that +80 is fine when you cannot give something your complete attention. Make a bad mistake once is bad, doing it twice is purely my own stupidity. Will not make this error a 3rd...
Could be just a nice big bounce off Friday/Monday's highs

Looks like it's going your way again. CAD news was not good.
Follow, don't anticipate.
  • #6,547
  • Aug 7, 2013 11:40pm Aug 7, 2013 11:40pm
8 Aug 2013
EUR - The smaller bounces lower from 1.3300 did see that level fail and we have moved above. D closed positive near the 31 July high. 4hr on higher high higher low. We are approaching another key resistance level 1.3400/3415. Bias up.

GU - D closed positive on a big move up reacting to news, stopping at an identified resistance level on D/W M1. Virtually no move lower in Asian session. Bias up.

EJ - D closed negative. 4hr on lower high lower low flow. We are in the area of 5-11 July lows so we can move up from here but bias down.

EURAUD - D closed a shooting star but is still on higher high and higher low. 4hr on a lower high, with a 150 pip fall already this morning no idea what this pair can still do. Short term bias down.

AUD - D closed a hammer. 4hr on higher high higher low. Bias up.
  • #6,548
  • Aug 8, 2013 1:48am Aug 8, 2013 1:48am
Quoting Vantage
{quote} EURAUD was exited at just below BE. CAD buy at 1.0366, now sitting at the May/June '12 high/W R1. If we get through this level then potential for significant move higher is there.
Saw that US$ appeared weak this morning against EUR, GU and AUD so exited at +49. Whilst I was unhappy with missing the exit yesterday (greed) am happy with the call to exit here. Even if weak $ changes and CAD runs up, happy with this call.
Attached Image (click to enlarge)
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  • #6,549
  • Aug 8, 2013 7:55am Aug 8, 2013 7:55am
In a EURAUD sell from this morning. 1hr push up after LO then a doji. 15 min double top, 3 bar reversal close, in at 1.4716. After 3 hrs of sideways we are finally going lower. Will post charts later if worthwhile.
  • #6,550
  • Aug 8, 2013 8:16am Aug 8, 2013 8:16am
Quoting Vantage
In a EURAUD sell from this morning. 1hr push up after LO then a doji. 15 min double top, 3 bar reversal close, in at 1.4716. After 3 hrs of sideways we are finally going lower. Will post charts later if worthwhile.
The lack of follow through lower and the failure to give this mornings lows a go is a bit of a concern. This trade gets very little room.
  • #6,551
  • Aug 8, 2013 8:21am Aug 8, 2013 8:21am
Quoting Vantage
{quote} The lack of follow through lower and the failure to give this mornings lows a go is a bit of a concern. This trade gets very little room.
At BE, one of those where I couldn't give two hoots if BE gets tagged and then we fall. Something fishy with this mornings 170 pips fall in Asian session, and now no follow through.
  • #6,552
  • Aug 8, 2013 8:27am Aug 8, 2013 8:27am
Quoting Vantage
{quote} At BE, one of those where I couldn't give two hoots if BE gets tagged and then we fall. Something fishy with this mornings 170 pips fall in Asian session, and now no follow through.
Off to make some tea and then off home (early) as its a public holiday here tomorrow. When I get back EURAUD will have broken lower as I never doubted this sell for a second. That's my story and I'm sticking to it.
  • #6,553
  • Aug 8, 2013 8:32am Aug 8, 2013 8:32am
Quoting Vantage
{quote} Off to make some tea and then off home (early) as its a public holiday here tomorrow. When I get back EURAUD will have broken lower as I never doubted this sell for a second. That's my story and I'm sticking to it.
Seems that my wishful thinking skills are not what they used to be.
  • #6,554
  • Aug 8, 2013 8:33am Aug 8, 2013 8:33am
Quoting Vantage
{quote} Off to make some tea and then off home (early) as its a public holiday here tomorrow. When I get back EURAUD will have broken lower as I never doubted this sell for a second. That's my story and I'm sticking to it.
I hope you're right (of course you are). I'm currently long AU at 0.9076 after the morning star earlier, also now at BE as we're hovering around earlier highs and with W_M3 and 9100 just ahead not taking any chances either.
Follow, don't anticipate.
  • #6,555
  • Aug 8, 2013 8:40am Aug 8, 2013 8:40am
Quoting Ian
{quote} I hope you're right (of course you are). I'm currently long AU at 0.9076 after the morning star earlier, also now at BE as we're hovering around earlier highs and with W_M3 and 9100 just ahead not taking any chances either.
Hi Ian

Nice one, pity they don't always follow through.

AUD same story as EURAUD. How much can you expect them to continue after such strong moves in Asian session on news? Oh well tea is almost done and the battle continues .................
  • #6,556
  • Aug 8, 2013 10:29am Aug 8, 2013 10:29am
Quoting Vantage
{quote} Hi Ian Nice one, pity they don't always follow through. AUD same story as EURAUD. How much can you expect them to continue after such strong moves in Asian session on news? Oh well tea is almost done and the battle continues .................
The USD was kinder against the AUD than the EUR just missing my BE stop by 3 pips. Getting late in the day so I closed out at MR3 9116 for +40. This also made it an 85/15 trade (old habits die hard.)
Attached Image (click to enlarge)
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Follow, don't anticipate.
  • #6,557
  • Aug 8, 2013 7:15pm Aug 8, 2013 7:15pm
Quoting Vantage
In a EURAUD sell from this morning. 1hr push up after LO then a doji. 15 min double top, 3 bar reversal close, in at 1.4716. After 3 hrs of sideways we are finally going lower. Will post charts later if worthwhile.
My position was at 1.4718..Good to see i'm in line with you..yippy..!!!!
My Mantra - Go with the flow until a key level is hit
  • #6,558
  • Aug 8, 2013 11:54pm Aug 8, 2013 11:54pm
Quoting Ian
{quote} The USD was kinder against the AUD than the EUR just missing my BE stop by 3 pips. Getting late in the day so I closed out at MR3 9116 for +40. This also made it an 85/15 trade (old habits die hard.) {image}
Very nice trade. On the 85/15 the more things change the more they stay the same.
  • #6,559
  • Aug 8, 2013 11:58pm Aug 8, 2013 11:58pm
Quoting Ian
{quote} The USD was kinder against the AUD than the EUR just missing my BE stop by 3 pips. Getting late in the day so I closed out at MR3 9116 for +40. This also made it an 85/15 trade (old habits die hard.) {image}
Forgot to say if that chart isn't a perfect go with the flow higher high higher low then I don't know what is. Nice.
  • #6,560
  • Aug 9, 2013 12:15am Aug 9, 2013 12:15am
I am posting this as a comment on post at Vantage..cause I cant figure out how to post there..

Great comment V ,great post.. Hour and day HuH?? MM good stuff the whole lot.. gonna read this again and again.. Thanks
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