Cornflower Hourly System

Thank you so much for your detail explanation Felicia! I will try the 5M tomorrow during the US session. Thanks a lot!

Hey, nice +65 pip gain on GBPUSD today before the dump....worked well !!

Sweet, Sejake. That hourly setup was perfect. Glad you were out before the news. I took 20 off that. What is the EA you have attached to your chart?

The EA converts the price to a file so I can use it in various third party charting programs.

Regards,

Sejake

lever70,

I've already thanked you here before and told you that I use your method, but in a different light. Since it has been so successful for me, I thought I'd share with everyone my way of trading your method. And if it is deemed inappropriate or irrelevant, then let me know.

I'm not sure if anyone has read Jacko's thread in Journal Factory, but let me be the first to tell you that it is a million units in gold. Simple, but extremely effective. Combined with your entries, it is basically Pipsgiving with a fat pip-turkey.

I use Jacko's method to determine the trend:

1) Daily chart

If Price goes from bottom left to top right, the trend is up. If price goes from top left to bottom right, trend is down.

2) 3-Hour chart (4-hour would work, I'm sure)

If Price goes from bottom left to top right, the trend is up. If price goes from top left to bottom right, trend is down.

3) 1-Hour chart

If Price goes from bottom left to top right, the trend is up. If price goes from top left to bottom right, trend is down.

I know what you're thinking... DUH. That's what I thought, too.

Now, if all three timeframes are in an uptrend, then use your entry method for long entries as usual. Vice versa for shorts.

My sole issue with your method was its Risk:Reward. 50 pips risked for 20 pips gained means you better be pretty darn accurate and generate a lot of wins. So, what I do is let the trades run until I look at the hourly chart and it no longer shows the trend I'm in. This improves the Risk:Reward greatly; especially when you are jumping in a long-term trend.

Basically, if I'm long and the hourly chart is going from top left to bottom right, then I exit.


Why am I telling you this? Because I am up 667 pips from the beginning of last week. This represents a 32% increase of my account all in one week and a half's time.

Thanks again and I hope this helps,

Kevin

Here are my current trades:

The amount of zoom put on a chart totally controls whether it shows an uptrend or downtrend using the method you described.

Look at a current GBP/USD 1HR chart.

Zoom it all the way out- you have a marked uptrend.

Zoom it all the way in- you have a marked downtrend.

As you zoom through it, you go from an uptrend, to a sideways trend, to a downtrend.

This is why using multiple timeframes is key... I try to include about 100 or so candles in my chart window.

Good luck,

Kevin

Hello

Nice system

can someone Code an indicator that alert when 8,12,24 EMA's Cross?

Thank you

Kharvell, great trading. Glad to see that this system with the ridiculous name is working for you.

Today we had multiple opportunities for entry on cable.

http://img465.imageshack.us/img465/8...flower4sp3.gif

Every pullback to the 12 EMA was tradable. If you were using the 5 min you could have timed these nicely. I suspect we will get a deeper pullback in the next 24+ hours as traders position themselves for NFP; how far is anyone's guess. There are also two news events that pose event risk, so be on your toes.

One other thing, I am not risking 50 pips to make 20. The 50 pip stop is if you are trading longer-term like Kharvell. When I am looking to make 20 intraday my stop is tight, about 10 pips. Of course, it is good to let it run past 20 if it clearly wants to.

Kevin, I don't understand "top left to bottom right..." what are you talking about? Looks like you trade the CAD/JPY quite a bit. I have never traded this pair. Will take a look at it.

Regarding R:R
Here is a little program I wrote to help me track my trades, P/L, etc. I offered this also to all of Phil's MACD traders. Use the spinner to adjust SL. I have also incorporated the R/R program into this one. Send me an email if you can use it. Feel free to suggest any improvements as I use it everyday.


To your success,
[email protected]

Do we use the same method for a bounce as we do for a cross?


So would it be a good idea to wait for pulback on the euro/usd at about 9:00 central time?
Thanks in advance.

We don't trade crosses. Crosses merely indicate trend direction. We pullbacks/trend resumptions from key EMAs, or the breakout from the 72 EMA on the 30M chart, or the breakout from a congestion area above or below the 72 EMA. The longer term exit is the 12 crossing the 24 on the 1 hr chart.

As for EURUSD, I would not enter a position the day before NFP after the peak of the NY session. In fact, let's make that a rule:

No new positions are to be entered after 10am NY Time on the day before non-farm payroll. Holding positions is at the trader's discretion, but an exit is recommended if you are in profit.

Expect a lot of choppiness until NFP and perhaps a pullback to the 72 EMA.

Hi and thanks for sharing!

Don't you wait for candle close? Do you use a moment of price pulling into area, not candle-close?

Then how do you know that it's pullback, not trend changing?

Thank you!

short on USD/CHF @ 1.2152 closed @ 1.2105. It is still going down - I think it will hit the next stop @.2094 but I am happy with 47 pips.

+47 pips gain

Could you please explain: how did you entered short if EMA72 showing up-trend? I mean WHY did you used this movement as break EMA72 and not as pull down? Well, why short?

Thank you!

Look at the chart and price action. This is a counter trend on 4H target is 72EMA. The reasons why I took this trade are:

1. Prev candle showing bearish engulfing
2. MACD confirmation round top - short direction
3. R:R is good +50 pips to 72EMA

Once price breaks 74.2 fib, it will likely to continue to 100 as you can see on the chart but I closed my position knowing that the 72EMA is present. I hope this make sense.

Chart correction: Bearish Engulf instead of Bullish

Now clean. Thank you!

EUR/USD just broke the 72EMA so here is my next pending trade. I might let this one stay open over the weekend.

+10 pips so far.

I'm impressed! Good job!