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Cornflower Hourly System

  • #501
  • Jun 30, 2007 10:50am Jun 30, 2007 10:50am
Dear Sir,

I have been reading, with great attention and interest, your posts regarding your Cornflower system. However, I am hopelessly lost in the details of what a "proper" setup might look like . . . both "long" and "short."

I am particularly annoyed with myself because I consider myself to be reasonably intelligent young man.

Specifically, I am having great difficulty recognizing a good setup from a poor one. I realize that trendline agreement between the various time-frames is important. Additionally, I do understand the concept of the EMA's to price. However, I am snowed under with what a typical LONG and SHORT setup might look like.

Any advice or JPG's that illustrates the point would be greatly appreciated. Again, many thanks for your dedication and obvious expertise!

Kevin K
Cal -USA
  • #502
  • Edited 7:28pm Jun 30, 2007 4:48pm | Edited 7:28pm
Quoting Kev-K
Dear Sir,

I have been reading, with great attention and interest, your posts regarding your Cornflower system. However, I am hopelessly lost in the details of what a "proper" setup might look like . . . both "long" and "short."

I am particularly annoyed with myself because I consider myself to be reasonably intelligent young man.

Specifically, I am having great difficulty recognizing a good setup from a poor one. I realize that trendline agreement between the various time-frames is important. Additionally, I do understand the concept of the EMA's to price. However, I am snowed under with what a typical LONG and SHORT setup might look like.

Any advice or JPG's that illustrates the point would be greatly appreciated. Again, many thanks for your dedication and obvious expertise!

Kevin K
Cal -USA
Hi Kevin,

I'll give it a whirl for you. Sounds like you and I learn in similar ways. I can get a pretty good handle on the concepts and have it pretty straight in my mind, but I also need to have the visual frame of reference to solidify my thinking.

These charts are on the H1 timeframe and represent Cornflower setups as described in Lever70's first post in this thread where price has pulled back against the prevailing trend and has touched or entered the area between the 12 and 24 EMA's.

I think the text of Lever70's first post actually says that price should pullback BETWEEN the 12/24 EMA's. So, someone please correct me if I'm wrong, but I think it was said later in the thread that a "touch" of the 12 EMA was also acceptable. Either way, the signals I've shown here were good trades.


http://www.creations4christ.com/forex/cf-long.gif


http://www.creations4christ.com/forex/cf-short.gif


Once a Cornflower trade signal is identified, I think the difference between a good setup and a poor one has more to do with whether the trade you see forming IS or IS NOT confirmed by the higher and lower timeframes immediately surrounding H1. I also prefer taking H1 trades that are in the direction of the prevailing longer term trend from at least on the Day chart. It also helps if the M30 and M15 charts are headed the same way. If you are working with a nice, steady trend on the H1, then the surrounding timeframes should provide a confluence correlation with the H1. I don't like working with trends that are too steep or too shallow, somewhere between a 60 degree to 30 degree slope works best for me.

I also rely a lot on candle formations around the Cornflower signal points. I notice a lot of hammers, dojis, and spinning tops that seem to form where these signals occur. Just more confluence of indicators to point the way...

Best wishes on your trading!
  • #503
  • Jun 30, 2007 4:58pm Jun 30, 2007 4:58pm
Quoting IRISH37
I am now looking at fibo emas 233 and 377 to see if they catch retracements. Check out cable and the fibo emas!
I-37, been using the 233 for sometime now and it works very well on most timeframes. Attached is a 4 hr EuroUSd pic that captured some very nice turns and trends.

Sejake
Attached Image (click to enlarge)
Click to Enlarge Name: 4hr 233 simple trend.jpg Size: 103 KB
  • #504
  • Jun 30, 2007 5:53pm Jun 30, 2007 5:53pm
I just realized that I had described and posted charts for only ONE type of Cornflower entry....the conservative PULLBACK entry. There is also a more aggressive entry called the INITIAL entry. This involves a signal from the M30 chart where price action moves across the 72 EMA and a candle closes "with authority" (meaning the close was near the top or bottom of its range). Also, the 8/12/24 lines should already be stacked in correct order prior to crossing the 72 EMA following price action.

Here is a chart with an example.

http://www.creations4christ.com/fore...al%20short.gif
  • #505
  • Jun 30, 2007 6:12pm Jun 30, 2007 6:12pm
I haven't read through the entire thread yet so forgive me if this question may already have been asked, but what type of ema's are we using? What I mean is that there is an option when setting an ema on our charts to apply the Close, Open, High, or Low to it. Which one do we apply?
"Trading is a mental sport." - Ziad Masri
  • #506
  • Jun 30, 2007 6:42pm Jun 30, 2007 6:42pm
Quoting Quickdraw
I haven't read through the entire thread yet so forgive me if this question may already have been asked, but what type of ema's are we using? What I mean is that there is an option when setting an ema on our charts to apply the Close, Open, High, or Low to it. Which one do we apply?
The first post in this thread will answer your questions - the posts on this page will show you the entry points (thanks to Pipskateer).
Old Benjamin was right
  • #507
  • Jun 30, 2007 7:38pm Jun 30, 2007 7:38pm
Quoting eskelapa-forex
Thank you for your help. it is working now my place is gmt+7
DST : false but i don't know my broker TZ
does anybody here know what the TZ for liteforex?
It's easy enough to find out....when your broker platform comes back online during market hours, just find out what time it is currently in the GMT zone and compare it with the time on the current H1 bar that opened on your broker platform. That should tell you the difference between your broker's time and GMT. Glad you got it working!
  • #508
  • Jun 30, 2007 7:42pm Jun 30, 2007 7:42pm
Quoting pip_hunter

Hi Tdion,

Jacko explains it pretty well, but I personally use the same template on the 4hr and really not even that. I use trendlines starting on the monthly and this is how it goes.
Monthly - Dotted line (red)
Weekly - Solid (red)
Daily - Yellow
4hr - Blue

I then look for support and resistance areas. What I have done and seems to work well is during my back tests of different ideas is, I go back at least 2 years of data. While I am doing my tests, I place an infinity parallel line at major areas of S&R and leave them be.
Sometimes price will hit those months later, well be on your one or two monitors and you will be the wiser.

Or if you use a different chart service for testing and trading, just jot down the S&R numbers and then place them on your chart. Many times they are whole numbers.

I feel more comfortable and profitable going in the direction of the Red lines. I will still trade the blue and yellow if they are going in opposite direction, but I will be less tolerant of trade if it goes against the Reds.

Hope that helped,
PH

Good strategy PH...always helps to know where those major S/R levels are...
  • #509
  • Jun 30, 2007 7:57pm Jun 30, 2007 7:57pm
Quoting rjb1024
G'day all.
Great thread! Thanks Lever and all contributors for the knowledge shared. In the spirit of sharing I have attached version-1 of my mt4 indicator which plots all 4 ma's on a chart. Apologies if someone has already contributed a similar one. Version-2 of the indicator will be released next week and will dynamically adjust the ma lengths based on:
+ currency pair
+ chart period (m30, h1 etc)
+ market conditions ( i have to think about this some more )

Cheers ... rjb (Australia)
Hi Rjb,

Thanks for sharing your indicator. I think if they are used as "tools", indicators can be a very good thing to help us trade. It seems when we begin to rely on a particular indicator to do our trading for us is when we begin to get into trouble.

Having said that, I would like to suggest a couple things that you might consider adding to your indy for enhancements.

#1. Would be nice if there could be an arrow drawn UP or DOWN on the chart for when a "PULLBACK" trade signals on the H1 chart with either a touch or cross of the 12 EMA. Also, you could have another signal from the M30 chart for a Cornflower "INITIAL" entry at the close of a candle crossing the 72 EMA.

#2. Also have the option of having audible/pop-up alerts and email alerts for these signals with on/off toggle ability.

I think those additions would be helpful. Thanks again for sharing your work!
  • #510
  • Jun 30, 2007 8:20pm Jun 30, 2007 8:20pm
Quoting Pipskateer
Good strategy PH...always helps to know where those major S/R levels are...
Hi Pipskateer,

Price always remembers where it's been.


PH
  • #511
  • Jun 30, 2007 10:16pm Jun 30, 2007 10:16pm
Quoting Lou G
The first post in this thread will answer your questions - the posts on this page will show you the entry points (thanks to Pipskateer).
I think you may have misunderstood my question, because the first post of this thread does not give the answer to the question I have asked. My question was: Do we we set the ema(s) at Close, Open, High, or Low? In case you didn't know, whenever you place an ema on the chart then you have to use one of these options (there are actually more options with some charts, but these are the main ones). If you do not use the drop down box (when choosing an ema) then it will automatically give you what is currently set there. In my case, the current setting in my drop down box on my chart for the ema is the "Close" setting. Am I suppose to leave it there or do I change it to one of the other ema settings?
"Trading is a mental sport." - Ziad Masri
  • #512
  • Jun 30, 2007 10:20pm Jun 30, 2007 10:20pm
Quoting DonaldInvest
If you guys seek a robust and strong system look at Philip thread, it's much hard then this, that's why it is worth.
Nevertheless thank you Felicia you have some nice points here.
Which thread are you talking about? Philip has more than one thread...
"Trading is a mental sport." - Ziad Masri
  • #513
  • Jun 30, 2007 10:45pm Jun 30, 2007 10:45pm
Quoting Quickdraw
I think you may have misunderstood my question, because the first post of this thread does not give the answer to the question I have asked. My question was: Do we we set the ema(s) at Close, Open, High, or Low? In case you didn't know, whenever you place an ema on the chart then you have to use one of these options (there are actually more options with some charts, but these are the main ones). If you do not use the drop down box (when choosing an ema) then it will automatically give you what is currently set there. In my case, the current setting in my drop down box on my chart for the ema is the "Close" setting. Am I suppose to leave it there or do I change it to one of the other ema settings?
Here you go:
http://www.forexfactory.com/showpost...&postcount=308
Greetings from Guanajuato, Mexico
  • #514
  • Jun 30, 2007 10:59pm Jun 30, 2007 10:59pm
Quoting Pipskateer
Hi Kevin,

I'll give it a whirl for you. Sounds like you and I learn in similar ways. I can get a pretty good handle on the concepts and have it pretty straight in my mind, but I also need to have the visual frame of reference to solidify my thinking.

These charts are on the H1 timeframe and represent Cornflower setups as described in Lever70's first post in this thread where price has pulled back against the prevailing trend and has touched or entered the area between the 12 and 24 EMA's.

I think the text of Lever70's first post actually says that price should pullback BETWEEN the 12/24 EMA's. So, someone please correct me if I'm wrong, but I think it was said later in the thread that a "touch" of the 12 EMA was also acceptable. Either way, the signals I've shown here were good trades.


http://www.creations4christ.com/forex/cf-long.gif


http://www.creations4christ.com/forex/cf-short.gif


Once a Cornflower trade signal is identified, I think the difference between a good setup and a poor one has more to do with whether the trade you see forming IS or IS NOT confirmed by the higher and lower timeframes immediately surrounding H1. I also prefer taking H1 trades that are in the direction of the prevailing longer term trend from at least on the Day chart. It also helps if the M30 and M15 charts are headed the same way. If you are working with a nice, steady trend on the H1, then the surrounding timeframes should provide a confluence correlation with the H1. I don't like working with trends that are too steep or too shallow, somewhere between a 60 degree to 30 degree slope works best for me.

I also rely a lot on candle formations around the Cornflower signal points. I notice a lot of hammers, dojis, and spinning tops that seem to form where these signals occur. Just more confluence of indicators to point the way...

Best wishes on your trading!
great chart/explanation, ...When is the exact entry?? At the close of the candle that the arrow is pointing to?? Or is there a wait and see on the very next candle?? Can you clarify?

thanks

generalz
  • #515
  • Jun 30, 2007 11:18pm Jun 30, 2007 11:18pm
Quoting yen44x
Here you go:
http://www.forexfactory.com/showpost...&postcount=308
yen44x,

Thanks so much for the answer... that was exactly what I was looking for!
"Trading is a mental sport." - Ziad Masri
  • #516
  • Jul 1, 2007 4:48am Jul 1, 2007 4:48am
hello felicia nice thread here, i'll try this method for 1 month then i'll go live with it , thanks for sharing this method
  • #517
  • Jul 1, 2007 8:25am Jul 1, 2007 8:25am
Thank you Pipskateer for your charts with the big, colourful arrows pointing out how an entry setup looks. It makes it very clear to me now. I'm new to cornflower so I'll demo for a bit to see if it's for me or not
  • #518
  • Jul 1, 2007 9:18am Jul 1, 2007 9:18am
Quoting pip_hunter
Hi Pipskateer,

Price always remembers where it's been.


PH
Sure seems that way doesn't it...like it has a "mind" of its own. Of course, we know that Fibo's and other levels of S/R work because so many traders (esp the BIG money traders...) use them. Just makes sense to go with the flow, eh?
  • #519
  • Jul 1, 2007 9:36am Jul 1, 2007 9:36am
Quoting generalz
great chart/explanation, ...When is the exact entry?? At the close of the candle that the arrow is pointing to?? Or is there a wait and see on the very next candle?? Can you clarify?

thanks

generalz
Hi Generalz,

This is just my non-professional opinion, but for me, a "touch" of the 12 EMA line is enough for an entry signal (although it's a less conservative approach) PROVIDED THAT.....

#1. The CF signal points to the direction of the prevailing overall trend on the H1 and higher charts.

#2. The lower charts (at least M30) also support the direction of the H1 move, which I find they usually do if the H1 chart already has a nice steady ongoing trend at the time of the signal.

I think the more conservative approach would be to wait for the candle which made the signal to close. This will also give you the opportunity to see if that particular candle turns out to be an exhaustion or reversal candle, such as a doji, hammer, or spinning top which would give you even more confidence that price was going to move ahead in the direction you want it to go.
  • #520
  • Jul 1, 2007 9:37am Jul 1, 2007 9:37am
Quoting jafar00
Thank you Pipskateer for your charts with the big, colourful arrows pointing out how an entry setup looks. It makes it very clear to me now. I'm new to cornflower so I'll demo for a bit to see if it's for me or not
Cool! Glad they helped!
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