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Attachments: EJ_4H method
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EJ_4H method

  • #41
  • Apr 19, 2006 8:11am Apr 19, 2006 8:11am
tnanks mmbmusa, i checked out your links. just confirmed to myself one more time that i am not going to follow this road. it might work for others, though
  • #42
  • Apr 19, 2006 8:18am Apr 19, 2006 8:18am
I just have published the best entry set up, I will tell many set ups that will enlighten your way to enter in any situation or avoid you to enter.
Ibo, where is it?
  • #43
  • Apr 19, 2006 9:55am Apr 19, 2006 9:55am
Please refer to the pdf file and you can see it is the second topic, after Definition with red color

Quoting sashazz
I just have published the best entry set up, I will tell many set ups that will enlighten your way to enter in any situation or avoid you to enter.
Ibo, where is it?
  • #44
  • Apr 19, 2006 10:24am Apr 19, 2006 10:24am
Sorry Ibo, i got it
  • #45
  • Apr 19, 2006 5:18pm Apr 19, 2006 5:18pm
Some people were talking about EURCHF. I went long based on the simultaneous break of a daily pin bar, pivot and 50 retrace. It's also a Knife trade if you use the pin bar instead of weekly trend direction.

Euro's system shows blue bars so this backs it up. I'm a bit worried about a repeat of the recent downturn which would seem likely to happen just by eyeballing the chart.

Someone mentioned going long on EURGBP. This is why you don't trade into resistance if you look at what happened since then. Set a buy stop on the other side of the MA next time

GBP seems much stronger than CHF right now (USDCHF looks like a coming reversal), and Euro seems to be weakening, so EURCHF has a good chance I think. The problem is, it's a lot of time to spend on a trade that'll probably make less than 50 pips
  • #46
  • Apr 20, 2006 3:21am Apr 20, 2006 3:21am
Ibo, are your system entering the on the retracement of GBP/USD or it somehow waiting for more confirmations of the downward move?
  • #47
  • Apr 20, 2006 3:22am Apr 20, 2006 3:22am
oops... entering the trade, I wanted to say
  • #48
  • Apr 20, 2006 4:09am Apr 20, 2006 4:09am
1st trade using IBO system. So far Ibo's rules have kept me out of a number of trades I would have probably taken and lost on. Waiting for the bar to close has been a great piece of information and helped save me pips.The colour change and arrow indicators are a great visual aid and certainly help to gain a little confidence in trade entry.
Surprisingly the time indicator (I thought redundant) is fantastic and has helped me feel in control and remain patient on waiting to enter a trade.

So far Ibo's system just keeping me out of losing trades as been a huge benefit.

Thanks Ibo.

Any comments on the trade I posted would be welcome.
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  • #49
  • Apr 20, 2006 4:13am Apr 20, 2006 4:13am
Quoting sashazz
oops... entering the trade, I wanted to say
Sashazz am writing the following based on what i thinking after reading your quote above....please ALL read very carefully.

Our only goal in trading should be to make MONEY. We establish our STYLE, we get a strategy/system that suits that STYLE and we back test the strategy/system to breaking point (on OUR data). We take it apart, put it back together, take it apart again and put it back together. We change this, change that, ask questions, ask more questions. We keep going until we have built incredible confidence in the system/strategy. We never trade a system until we have graded our performance on using the system (in my book, we should score 97% before even thinking about trading real money).



We always WAIT for the MARKET to come to US. We are not GAMBLERS and should never chase a Setup or the market.



Am writing the above because I can see some of us have not taken the time to understand or do the required homework on EJ’s 4Hrs method. What’s the difference between EJ’s 4Hr method and Vegas’s 4Hr Method? What were the creators of these strategies thinking? What can they see that we might not be seeing? What is their trading STYLE? When would they trade the strategies or stay out? WHY? Etc….



Happy Trading

MM
The greatest achievements are those that benefit others....
  • #50
  • Apr 20, 2006 6:17am Apr 20, 2006 6:17am
mmbmusa, thanks for your comment.

on the other note i just posted Sell Entry Order on 1.7798 on GBP/USD based on the EJ4 system. Any thoughts on that? Ibo, tell me if I am right or wrong, please?
  • #51
  • Apr 20, 2006 6:26am Apr 20, 2006 6:26am
lindsay, i think your stop/loss is too big. if you look at risk/rev ratio here, it is a questional trade, to me. did you go to the lower time frame to fine tune it?
  • #52
  • Edited 10:28am Apr 20, 2006 10:15am | Edited 10:28am
Quoting sashazz
mmbmusa, thanks for your comment.

on the other note i just posted Sell Entry Order on 1.7798 on GBP/USD based on the EJ4 system. Any thoughts on that? Ibo, tell me if I am right or wrong, please?
Sashazz,

Based on my limited knowledge of Ibo's 4hr method, it looks like your GBPUSD trade was valid, so only time will tell if it was a good trade or not. We're getting some whipsawing right now, but that's to be expected.

What about EUR/USD? Is anyone considering going short based on this method? We still have a couple of hours before the current 4-hr bar closes, but I want to get some opinions from the rest here. Given that there really is seemingly unlimited upside for EURUSD at this point, I'm a bit skittish about entering a short...

Ibo states that we shouldn't care too much about the slope of the 55 SMA until the price starts to approach it, so that's the logic I'm going off of...

- Ian
  • #53
  • Apr 20, 2006 10:30am Apr 20, 2006 10:30am
Sashazz, the answer to your pm is in the VWVB Daily Chart Analysis thread
post #594 thru #599. I am still not sure on my trend determination yet...

hope that helps, Scott


Quoting sashazz
lindsay, i think your stop/loss is too big. if you look at risk/rev ratio here, it is a questional trade, to me. did you go to the lower time frame to fine tune it?
  • #54
  • Apr 20, 2006 10:40am Apr 20, 2006 10:40am
thanks iboerma. actually, i changed it after i published my numbers to 1.7786.

Ibo! please, show how you did it or you still not in the trade? teach me please... i am eager to learn from you.
  • #55
  • Apr 20, 2006 10:49am Apr 20, 2006 10:49am
thanks smjones, i checked them out before i pmed you. they are too conceptual, i would say, or maybe this is just my poor english. i was hoping for couple of examples with your notes. especially from you successful week that you published before - i think this was a textbook week. i envy you for the beauty of there execution there. it is a white envy, though.


but no worries...
  • #56
  • Apr 20, 2006 10:52am Apr 20, 2006 10:52am
sure, I will look through my notes and find that and get back to you...
Scott


Quoting sashazz
thanks smjones, i checked them out before i pmed you. they are too conceptual, i would say, or maybe this is just my poor english. i was hoping for couple of examples with your notes. especially from you successful week that you published before - i think this was a textbook week. i envy you for the beauty of there execution there. it is a white envy, though.


but no worries...
  • #57
  • Apr 20, 2006 11:14am Apr 20, 2006 11:14am
Quoting sashazz
thanks smjones, i checked them out before i pmed you. they are too conceptual, i would say, or maybe this is just my poor english. i was hoping for couple of examples with your notes. especially from you successful week that you published before - i think this was a textbook week. i envy you for the beauty of there execution there. it is a white envy, though.


but no worries...
Sashazz,

I agree with you. I think the Vegas Wealth Builder system has some serious merit, but I found the interpretation of reversal candles, the use of multiple Fib levels based on currency pair and some other items left far too much to the imagination. The EJ model, at first glance, seems more intuitive and simple, though that is just my first impression. Some systems resonate with some traders while others don't. This is just my opinion.

I look forward to learning more about this method with you all in the coming weeks...

- Ian
  • #58
  • Apr 20, 2006 12:19pm Apr 20, 2006 12:19pm
I have a question for those of you, why are using MT4: There is a Fibonacci extension tool with the default values 61,8; 100; 161.8

I read somewhere before, and I did it this way: I added extensions to my regular Fibonacci tool, so that it draws retracements and extensions in one go at : 127. 2; 161.8; 2; 261.8. Why would the lines be at different places? And which one you think is correct? See yellow and magenta lines.
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  • #59
  • Apr 20, 2006 2:45pm Apr 20, 2006 2:45pm
Quoting eurusdtrader
ATTENTION:

I will post complementry stuff and tricks that you see will work, this is just a starting and you should take time to discover the aspects, this is why I did not post whole in a time, I appreciate questions and research on method with photos, so dont keep them for yourself and let poeple enjoy your attempts, you will get more feed backs rather than your own works.

I added one candle time indicator, you can get it and use for live monitoring and be aware when a 4hr candle will be closed (and you can enter that in your analysis)

Happy trading
Ibo
Hi Ibo,

Thanks so much for being generous with both your trading method and your willingness to help us all learn more about it. It looks very intriguing, to say the least.

I did have one big question for you. In the introduction to the method in your PDF document, you state: "When yellow line (55SMA) has a positive slope means the major trend is up and we buy, when pointing down we go short (sell)". However, later in your EUR/USD trade example, you say "In this type of entry the slope of yellow must not be regarded except when price is getting closer to that, because it may rebound from that and continue its major trend that would be our exit point."

What is your rule of thumb in determining whether or not to open a trade when the trading signal is in conflict with the direction of the 55 SMA? Do you just look at a timeframe above the 4H (say Daily) to confirm the trade signal?

Thanks,

Ian
  • #60
  • Apr 20, 2006 5:04pm Apr 20, 2006 5:04pm
Hello everybody,

Ian you asked a good question. We don't play with lines/MAs. my meaning of this type of entry was the best entry setup, you should recognize a decent trend then expect a good reversal (good distance between lines), so now you ask what is a decent trend, I have a short answer wait 1 day more and read it tomorrow in EJ_4H Method Part II.

Rgds
Ibo
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