Taiwan
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How do you determine you have a lower high on the far right of your chart?
How do you determine you have a lower high on the far right of your chart?
I hope Art wont mind me answering this one.
This is my take on it, based on a 7am start of session GMT, the high achieved was around 106.76 and early PA suggest the BRN at $107 was blocking move up.
Therefore any move lower that fails to make LLs will retrace back to resistance and make a LH, unless it of course it goes onto to break the high of session, in which case we will see HHs for the session.
As it turned out S1 @ 106.65 gave way and turned resistant, then there were two big tests from below and they both failed. This confirms for the timebeing R is moving down. These two tests of S1 produce LHs underneath the S1 level, and I think it was the RH test you were referring to.?
You can see LLs were blocked down around 106.24 - 106.20 so price retraced back up retest previous resistance as it had done earlier @ 10.30 ish GMT. I think the second major retest (12.37 GMT)did move higher just, dep on which broker you use but they key thing is it has not breached session high/or S1. These levels holding and a clear indication of direction.
What was encouraging was the break of the LOW @ $106.30 area (it must give way if price cant go up and break S1) and the LHs under $106.50 as these LHs were effectively rejecting the MP level so the low should go now as R had moved down again.
Hope that helps
Speed
This is my take on it, based on a 7am start of session GMT, the high achieved was around 106.76 and early PA suggest the BRN at $107 was blocking move up.
Therefore any move lower that fails to make LLs will retrace back to resistance and make a LH, unless it of course it goes onto to break the high of session, in which case we will see HHs for the session.
As it turned out S1 @ 106.65 gave way and turned resistant, then there were two big tests from below and they both failed. This confirms for the timebeing R is moving down. These two tests of S1 produce LHs underneath the S1 level, and I think it was the RH test you were referring to.?
You can see LLs were blocked down around 106.24 - 106.20 so price retraced back up retest previous resistance as it had done earlier @ 10.30 ish GMT. I think the second major retest (12.37 GMT)did move higher just, dep on which broker you use but they key thing is it has not breached session high/or S1. These levels holding and a clear indication of direction.
What was encouraging was the break of the LOW @ $106.30 area (it must give way if price cant go up and break S1) and the LHs under $106.50 as these LHs were effectively rejecting the MP level so the low should go now as R had moved down again.
Hope that helps
Speed
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Taiwan
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So reason for the entry was 106.50, .50 being the psychological level for resistance plus the prior LH @ 106.70 and the SI being rejected. The reason IS NOT it made a LH @ 106.50 because LH can not be confirmed until it makes a LL when the price breaks the 106.32 level. Therefore at the time of the entry no LH existed and can not be used as a entry technique.
this method is based on prior confirmed LH from a pivot and used of psychological numbers i.e 00,50's. for support or resistance.
Assuming Art did enter where I think he did then yes,
1. there had been a previous LL and price had retraced back to form LHs under the 50 level and the S1.
Essentially you are looking at a high of session (HH meets initial resistance), followed by LLs (market showing intentions + initial support), price retraces back up away from LLs to make a LH under previous High/Resitance, and so it carrys on until the bias changes.
This is how market moves
2. As S1 is only 15 pips away @ 65 I have a high expectancy that 50 will give way so I am not worried about the 50 level in this instance and I am confident that $106 will get a good test.
3. You cannot be 100% sure that there wil be another LL (if we did we would all be winners lol), but the evidence of LHs failing to break the existing high, or appearing under lower levels like S1 and the 50 level increase that probability and if the LHS and LLs are getting lower that means R is moving lower so either the LL must break down or we get a reversal and thats why we have a hard stop.
4. So combined with pivots, BRNs, 50 levels and PA yes this is very high prob trading that gives you and edge with exc R:R
5. And its a very clean chart
Regards
Speed
1. there had been a previous LL and price had retraced back to form LHs under the 50 level and the S1.
Essentially you are looking at a high of session (HH meets initial resistance), followed by LLs (market showing intentions + initial support), price retraces back up away from LLs to make a LH under previous High/Resitance, and so it carrys on until the bias changes.
This is how market moves
2. As S1 is only 15 pips away @ 65 I have a high expectancy that 50 will give way so I am not worried about the 50 level in this instance and I am confident that $106 will get a good test.
3. You cannot be 100% sure that there wil be another LL (if we did we would all be winners lol), but the evidence of LHs failing to break the existing high, or appearing under lower levels like S1 and the 50 level increase that probability and if the LHS and LLs are getting lower that means R is moving lower so either the LL must break down or we get a reversal and thats why we have a hard stop.
4. So combined with pivots, BRNs, 50 levels and PA yes this is very high prob trading that gives you and edge with exc R:R
5. And its a very clean chart
Regards
Speed
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The exit (far right) was more due to Red News and US Session Open being 15 minutes away than HLs. How did I know that this was going to be the bottom? I didn't! However, I was watching the chart very intensily at that point, and where price was moving down easily prior to my exit it appeared to be struggling to get lower, so I took the clue to exit.
Hope that helps.
Nothing this morning due to a Doctor’s appointment.
Post 13:30 (BST) I could just feel a sell coming and was not drawn in to what was a valid buy until Price Action failed to reach 105.50 MP. I saw a blip above 105 at 14:48 I could resist my urge to sell no longer and sold at 104.95 at 14:51, and exited at 104.31 20 minutes later having made my target.
Post 13:30 (BST) I could just feel a sell coming and was not drawn in to what was a valid buy until Price Action failed to reach 105.50 MP. I saw a blip above 105 at 14:48 I could resist my urge to sell no longer and sold at 104.95 at 14:51, and exited at 104.31 20 minutes later having made my target.
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A tale of two trades today.
The first trade at around 9 BST when prices failed to break through Pivot (on my charts), and entered on a subsequent Lower High. Followed price down to 103, but soon after it broke through there was a significant retrace and failed to get back to BRN, closed for +25 pips.
Second trade at around 11 BST on a failure to make 103.50. I only needed 25 pips and set a limit order accordingly, and I just made this at 13:15.
Done and dusted and off to enjoy some sunshine.
I need to do some jobs around the place and next week seems like a good opportunity to get them done, so I will take this opportunity to wish everyone a Happy Easter.
The first trade at around 9 BST when prices failed to break through Pivot (on my charts), and entered on a subsequent Lower High. Followed price down to 103, but soon after it broke through there was a significant retrace and failed to get back to BRN, closed for +25 pips.
Second trade at around 11 BST on a failure to make 103.50. I only needed 25 pips and set a limit order accordingly, and I just made this at 13:15.
Done and dusted and off to enjoy some sunshine.
I need to do some jobs around the place and next week seems like a good opportunity to get them done, so I will take this opportunity to wish everyone a Happy Easter.
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The Leopard
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Taiwan
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You have no idea what you are doing. New traders take note.
The Leopard
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You damn right you confused, suckah.
Thats more than a little unfair buddy.
Art has taken time out to answer any questions you have put to him. Then you come out with a statement like yours without explaining why.
If this method is not for you then fine, but be good enough to explain your statement and why its not for you.
Different strokes for different blokes, if you get what i mean
Cheers
Speed
Maybe you are one who is confused fella.
If you want to contribute to this thread then fine im sure they guys will discuss any input you have that is factual and adds value, but if all you want to do is act like a child, respectfully please do that somewhere else, lifes too short
Must admit that vid did make me smile tho lol.
Cheers
Speed
Hi KCTiger / HiArt99 could you tell me what time frame you prefer to use when determining the lower highs etc for your entry. I tried the 'trading by numbers' system a couple of years back without much success and I am now going to give it another go.
Cheers
Denny
Cheers
Denny
prophetable
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Gday Art & KC,
Just wondering if you could tell me which Pivot indicator you use in MT4?
After viewing your charts for the last month - i would like to get the same Pivots etc automatically if possible.'
It goes without saying that these must match up with the Livecharts pivot calcs.
Currently i manually place the S/R/Pivot lines.
I do have an indicator that places the RNs and MPs on my charts.
Cheers
Just wondering if you could tell me which Pivot indicator you use in MT4?
After viewing your charts for the last month - i would like to get the same Pivots etc automatically if possible.'
It goes without saying that these must match up with the Livecharts pivot calcs.
Currently i manually place the S/R/Pivot lines.
I do have an indicator that places the RNs and MPs on my charts.
Cheers
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