very impressive!!
bj
bj
BJ
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DislikedWhen price breaks the lower EMA your looking for a buy, when price breaks the higher EMA your looking for a sell. The arrows are only pointing to the reversal bar and setup bar and they indicate nothing more than that.
1.) The setup bar makes the lowest low and is followed up by a bar that breaks the setup bars high. You buy when the reversal bar breaks the setup bars high by 5 pips. You have to include spread on a buy so you should place a buy stop 8 pips (that includes my spread) above the setup bars high. Inital stop 5 pips below the low of the setup bar. Trade played out as follows.
Buys stop - 1.8531
Stop loss - 1.8452
Took profit at 1.8561 when a signial to go short was given. +30 pips
2.) Setup bar breaks the higher 5 EMA by well over 5 pips and is followed by a reversal bar that breaks its low.
Sell stop - 1.8561
Stop loss - 1.86675
Took profit at 1.8413 when a signal to go long was given. +148 pips
3.) This is kinda unfortunate that there was a buy signal given but rules are rules. My broker opened up after the weekend at 1.8278
Buy stop - 1.8413
Stop loss - 1.8327
My broker opened up after the weekend at 1.8278 which was below my stop and therefore triggered my stop loss at that price. -135 pips
4.) Since you were stopped out when price opened on sunday you should reverse your trade at that price. Remember the rules state that you should have a order to go the other way at your stop loss. The stop on this trade was very big and is not a usual stop. It is only because the market gapped down so far. On a reversal trade like this stop are to be place above the highs in the previous trade (in the case of a short) if you were long they would be placed below the lows of the previouos trade.
Shorted when market opened at - 1.8278
Stop loss -1.8474
Took profit when a buy signal was given at 1.8065. +213 pipsIgnored
DislikedGee.... I hope I haven't messed up (ooops!!) As far as I can read my chart, the last closed bar (bullish) was the new set up bar. Therefore I placed a buy stop 8 pips above it..... and it got hit by the current bar, so I guess I am long.Ignored
DislikedThe setup bar is still the one shown with an arrow on my chart.
NO LONGS YET
If the current 4h bar closes without triggering the buy stop at the top of the setup bar, then the shown setup bar will be invalid and we will look for a new setup bar.Ignored
DislikedThe setup bar is still the one shown with an arrow on my chart.
NO LONGS YET
If the current 4h bar closes without triggering the buy stop at the top of the setup bar, then the shown setup bar will be invalid and we will look for a new setup bar.Ignored
DislikedHoward,
Why would you still put your setup bar two bars away from the current one? When you have another bar meeting the same requirement as the previous i.e. at least 5 pips below the 5-EMA in this case, you move on to the next bar making it the setup bar and if the bar after it doesn't pan out to be the reversal bar you are waiting for you make it also your new setup bar AS LONG AS it penetrates the low of the 5-EMA otherwise you wait two more bars to see if the trade reverses and if it doesn't, you start looking for a new setup bar all over again.
Besides, consider the profit you would have lost if you use the bar in your picture as the setup bar.
Presently, we should be going long as indicated on the pix file attached.Ignored
DislikedHoward,
Why would you still put your setup bar two bars away from the current one? When you have another bar meeting the same requirement as the previous i.e. at least 5 pips below the 5-EMA in this case, you move on to the next bar making it the setup bar and if the bar after it doesn't pan out to be the reversal bar you are waiting for you make it also your new setup bar AS LONG AS it penetrates the low of the 5-EMA otherwise you wait two more bars to see if the trade reverses and if it doesn't, you start looking for a new setup bar all over again.
Besides, consider the profit you would have lost if you use the bar in your picture as the setup bar.
Presently, we should be going long as indicated on the pix file attached.Ignored
Dislikedgreen is reversal bar?-A proper reversal bar has a higher low for a long.
set up bar- Candle must go below the 5EMA by 5 pips for it to be concendered a setup bar - why last bar isnt set up bar?
thx for answerIgnored
DislikedAccording to Rule 5, green candle does not qualify as a setup bar. \"It must also touch either the lower 5EMA or the higher 5EMA, not both.\"
My green candle (from 00:00 CST) fails to touch the lower 5EMA (it is fully below it) so if we are going strictly by the rules it does not qualify. The next candle (04:00 CST) does qualify as a setup bar, and so when it closes I will be looking to jump in long if price goes above its high by 8 pips.
Ignored
DislikedHoward,
Why would you still put your setup bar two bars away from the current one? When you have another bar meeting the same requirement as the previous i.e. at least 5 pips below the 5-EMA in this case, you move on to the next bar making it the setup bar and if the bar after it doesn't pan out to be the reversal bar you are waiting for you make it also your new setup bar AS LONG AS it penetrates the low of the 5-EMA otherwise you wait two more bars to see if the trade reverses and if it doesn't, you start looking for a new setup bar all over again.
Besides, consider the profit you would have lost if you use the bar in your picture as the setup bar.
Presently, we should be going long as indicated on the pix file attached.Ignored
Dislikedok, thanks,I have moved it now anyway.
I just wanted to clarify the rules, I thought as the last few bars were below the MA they don't count as setup bars.
Steve.Ignored
DislikedStersur,
since you've modified the rules about holding a trade over the weekend i guess trade #3 made here should not be considered right? Just going over the whole thread again and found out this previous message you posted.
PS: I'm predicting this post is gonna net more replies than the 4HR MACD, anyone wanna bet on that?Ignored