218# Forex Galveston Trading System
High/Low points
Mouteki 2 bar high/low points
Submit by joy22 ( written ForexGalveston group: http://finance.groupe.yahoo/com/GalvestonForex/05/06/2012
Rules of Engagement:
The range of your last few high/low points is more than 20 pips. High/Low points on our charts are indicated by the red (high) and blue (low) circles. (also called “Mouteki 2 bar high/low points”) These are a high or low point with two bars on each side of them that didn’t make a new high or new low. We don’t use all red and blue circles when deciding if 20+ pips has been reached, we mainly use the points that have shown very little retracement.
The exception to this rule is only if your potential trade is in the direction of the overall trend. If so, less than a 20 pip range could still be acceptable, provided the other variables match.
Trade the right side of the range. If you are planning to go long, your entry would be in the bottom half of the range between your last few high/low points-closer to the low of the range. When shorting a currency, it would be the top end of the range. If you are in the direction of the overall trend then this rule is less important.
Before placing a trade, wait for a breakthrough of any decent support or resistance that’s nearby.Ideally, we like to see double confirmations. If there is a break of the trend line, we like to wait for a break of the nearest support or resistance as well.
We do this to avoid reversing our position on what is likely a small retracement. On our chart we have two examples of this. The first trade breaks the low price point, and then the trend line. The second trade breaks the trend line, and then the higher price point. During the upward move, we also have retracements that break the trend line, but not the support line, therefore we never reversed our trade.
In the pictures Forex Galveston Trading System in action.
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