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Cornflower Hourly System

  • #561
  • Jul 4, 2007 6:27am Jul 4, 2007 6:27am
thnx for the EA. it is the first time and i think it would help me much along the way im learning more about forex. thnx to u guys.
  • #562
  • Jul 4, 2007 6:29am Jul 4, 2007 6:29am
btw @mizzu:
ur journal is truly showing that ur a pro trader. keep it up
u give inspirations to us newbies
  • #563
  • Jul 4, 2007 7:29am Jul 4, 2007 7:29am
Quoting yen44x
I took 2 trades during the early part of the Asian session, 1 winner & 1 loser.

First, the bad : AUD/CAD Long. I thought this was a trade with good potential . . . but someone forgot to tell all the other traders apparently. :surprised I may have tried to jump on board a developing trend too early, or it might just have been the whims of trading.

Now, the good : GBP/USD Long. I entered at 2.0163 when price retraced, and set a very modest target of 20 pips on 1 lot & 30 pips on the 2nd lot in anticipation of price stalling, at least temporarily, at 2.0200. As it turned out, the market did retreat just below 2.0200, but went high enough to reach my targets.
Now I'm no expert, mate, but re your attempted trade on AUD/CAD yesterday. Before you entered the trade, the price had been moving sideways for a while. I would have probably have drawn a resistance line across the top of them and waited for the price to pierce that before entering a trade. I know it's not strictly according to the rules (although I could be wrong), but it just seemed the most sensible thing to do. Sorry if I'm out of order, mate, but it's just my opinion.
Cheers.
  • #564
  • Edited Jul 5, 2007 1:27am Jul 4, 2007 10:43am | Edited Jul 5, 2007 1:27am
Quoting eyevoltage
Now I'm no expert, mate, but re your attempted trade on AUD/CAD yesterday. Before you entered the trade, the price had been moving sideways for a while. I would have probably have drawn a resistance line across the top of them and waited for the price to pierce that before entering a trade. I know it's not strictly according to the rules (although I could be wrong), but it just seemed the most sensible thing to do. Sorry if I'm out of order, mate, but it's just my opinion.
Cheers.
You very well could be right. My purpose in sharing losses publicly as well as wins is in the hope that other traders will analyze the trade and perhaps learn something from it that can be applied to their own trading.

Would I take the same trade again? Probably so. The pair was trending up before moving into the sideways pattern or channel. A channel is usually considered a continuation pattern, and the breakout will be in the direction of the trend more often than not.

My thinking was that the trade fit the parameters of a Cornflower trade, and responding to the signal has resulted in a lot more winners than losers for me lately. As it turned out, price ended up testing the 72 EMA before resuming the trend, and I was stopped out.

Oh well, enough self-analysis for one day.

Long live the Cornflower System. I've been trading for 6 years and feel like I've just discovered the "missing link", so thanks Felicia!
Greetings from Guanajuato, Mexico
  • #565
  • Jul 4, 2007 8:46pm Jul 4, 2007 8:46pm
My apologies in advance for trying everyone's patience with yet more Newbie questions that may have been answered somewhere in the previous 540 posts but missed by me.
On a 60 min chart and presuming an uptrend

1. If a pullback causes the 12 EMA to cross below the 24 EMA is it advisable to wait for them to cross back before taking a Long trade.

2. In the above situation but with price showing no signs of returning back to the uptrend and the shorter EMAs all having reversed, is it necessary to wait for price to break below the 72EMA before considering a Short trade.

3. Again, using 60 min chart and presuming an uptrend, what is the trigger for a Long trade. Do I have to wait for price to break back above the 12 EMA and if so, do I wait for the candle to close or is it just discretionary ie. guessing and hoping if there is no additional signal such as price hitting strong support or a reversal candle signal.

Thanks to everyone here for giving up their valuable time to help others. Until I saw this system, my trading has been just the "Triumph of Hope over Experience" Hopefully thanks to Cornflower this will now change.
  • #566
  • Jul 5, 2007 1:29am Jul 5, 2007 1:29am
Quoting Pipskateer
Hi there Felicia! Nothing but good stuff here at FF!!
Pipskateer, you have done an amazing job with your charts. Way to go!
  • #567
  • Jul 5, 2007 1:31am Jul 5, 2007 1:31am
Quoting Kev-K
Do you think that "paper trading" Cornflower for a few weeks would be beneficial? (just to see if I can make a go of it.) Probably gonna have to take my licks, and rather have them be on-paper! Any suggestions or pitfalls to look-out for?
Yes. Paper trade the system. You will get a feel for the nuances of how to trade it without risking any money. There is a rhythm to the market that can be discerned through every day trading, even if it is only on demo. Better to figure this out on demo than with real money.
  • #568
  • Jul 5, 2007 1:35am Jul 5, 2007 1:35am
Quoting kamsurin
My apologies in advance for trying everyone's patience with yet more Newbie questions that may have been answered somewhere in the previous 540 posts but missed by me.
On a 60 min chart and presuming an uptrend

1. If a pullback causes the 12 EMA to cross below the 24 EMA is it advisable to wait for them to cross back before taking a Long trade.

2. In the above situation but with price showing no signs of returning back to the uptrend and the shorter EMAs all having reversed, is it necessary to wait for price to break below the 72EMA before considering a Short trade.

3. Again, using 60 min chart and presuming an uptrend, what is the trigger for a Long trade. Do I have to wait for price to break back above the 12 EMA and if so, do I wait for the candle to close or is it just discretionary ie. guessing and hoping if there is no additional signal such as price hitting strong support or a reversal candle signal.

Thanks to everyone here for giving up their valuable time to help others. Until I saw this system, my trading has been just the "Triumph of Hope over Experience" Hopefully thanks to Cornflower this will now change.
1) Yes - the EMAs must be all aligned in the same direction. If not, it's a no trade.

2) Yes - the 72 EMA is what determines the trend. Above = long, below = short.

3) You can enter at the 12 EMA. You do not need to wait for a break. If you have a job, for instance, you can simply put an entry order there. Traders who can actively watch the market should use the MTF cornflower (60m, 30m, 15m, and 5m). Remember money manegement. Do not over-leverage yourself if you can't actively watch what is going on. Trade smaller, but aim bigger.
  • #569
  • Jul 5, 2007 1:37am Jul 5, 2007 1:37am
I'm still surprised there has been no discussion at all of the profit bands I recommended in post #281. Is anyone using these for profit taking?
  • #570
  • Jul 5, 2007 1:59am Jul 5, 2007 1:59am
EUR-JPY offered a Long opportunity today on the Cornflower System. Lot #1 just closed out at 20 pips profit and Lot #2 is still open.

I'm finding that Felicia's suggestion to take a look at the markets during the quiet of the early Asian session is working out quite well.

Here's the EUR/JPY chart:
Attached Image (click to enlarge)
Click to Enlarge Name: eur-jpy-07-0704-2.jpg (1000 x 700).jpg Size: 48 KB
Greetings from Guanajuato, Mexico
  • #571
  • Jul 5, 2007 2:10am Jul 5, 2007 2:10am
Hi Yen44x,
Why did you choose that bar to open your trade?
Terryed
  • #572
  • Jul 5, 2007 2:17am Jul 5, 2007 2:17am
Quoting terryed
Hi Yen44x,
Why did you choose that bar to open your trade?
Terryed
There was no real method to the madness on that trade other than I figured that trading during the U.S. session would be light with the holiday, so I waited an hour or so into the Asian session to look at the charts.
Greetings from Guanajuato, Mexico
  • #573
  • Jul 5, 2007 2:32am Jul 5, 2007 2:32am
thanks for reply Yen,
It's just that the bar before was a new high, did you
consider that?
Terry
  • #574
  • Jul 5, 2007 2:43am Jul 5, 2007 2:43am
Quoting terryed
thanks for reply Yen,
It's just that the bar before was a new high, did you
consider that?
Terry
My charts show a slightly higher high on the 3rd, but either way, I actually didn't consider it. (Not that it's not important . . . just trying to be honest). In retrospect, though, EUR/JPY has been establishing new highs for a couple of months now.

I'm currently trading the Cornflower System on a demo account, so I'm just basically taking every signal I recognize on a few currencies I've chosen to test it out with.
Greetings from Guanajuato, Mexico
  • #575
  • Jul 5, 2007 2:52am Jul 5, 2007 2:52am
It seems to me that UJ is giving a long signal around 122.66 in both 1H and 30M TF following Cornflower system.

Happy pips to all,

Hani
  • #576
  • Jul 5, 2007 5:00am Jul 5, 2007 5:00am
g/j long signal now at 246.84

noticed the long wick on H1.........setting up a run to the highs for today and tomolo.

  • #577
  • Jul 5, 2007 5:48am Jul 5, 2007 5:48am
NZD/USD is executing Cornflower perfectly!
  • #578
  • Jul 5, 2007 6:22am Jul 5, 2007 6:22am
Quoting henrycarol
g/j long signal now at 246.84

noticed the long wick on H1.........setting up a run to the highs for today and tomolo.

Closed for 40pips
  • #579
  • Jul 5, 2007 7:18am Jul 5, 2007 7:18am
Quoting henrycarol
Closed for 40pips

Great call, but what system were you using. Was it Cornflower or something else.
  • #580
  • Jul 5, 2007 7:25am Jul 5, 2007 7:25am
Quoting kamsurin
Great call, but what system were you using. Was it Cornflower or something else.
Mostly cornflower.......

And some risk taking......
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