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Cornflower Hourly System

  • #881
  • Aug 22, 2007 2:57am Aug 22, 2007 2:57am
Hi ya Bunton,

thanks for these excellent words of wisdom, you've given me an answer to something i couldn't work out that has been destroying my confidence and my money....A HUGE thanks for putting this on here!!!!

Adrian

Quoting bunton
FX_Lane, I would rather not do this as you would not benefit. Study the CF and follow the plan. you might alter things to your taking and style. I just don't think following leads from forums teaches you how to trade. In fact 100 people could take the exact entry using a system and get very different results. Some would win and some would lose. Point is find what you are comfortable and run with it.

Since I'm talking about systems most newby's (ME) will not give a system enough time to run through different conditions. They might make a few bad trades and think the system is no good. It is not the system probably but market conditions. Next they jump into another system and the cycle repeats over and over again. This has a negative effect on capital and happens more often then we think..

As for not trading it has been said that cash is a position and nothing wrong with staying in cash if you see things don't look right with your pairs. We don't need to trade everyday and it happens I was off from work today and did not take a single trade. This tells me I might be learning discipline. If we as traders can exercise a little discipline we might be better off in the long run...

FX_Lane, great job on having the disipline to stay out..
  • #882
  • Edited 5:31am Aug 22, 2007 5:24am | Edited 5:31am
Quoting jolimoney
Hi.... again....

This is third time i have read thru this thread.... but a stil don't get it. I stil don't understand when to enter a trade.

It seems to be very discrationary.... to say at least.... almost like the EMA's just showing the direction and "go-with-the-flow-when-ever-you-want".

I have read about bouncing of the 24 ema etc. But when? Shall i take position before the candle is closed? Seems strange to me anyway...

I'm intresteed in the conservative entry...

So i need the price to move into the area of 12 and 24 ema. But then what? Shall i just take a long position no matter what (if 8, 12 and 24 ema is over 72 ema) or shall i wait for the candle to close... and if it closes... then what...

As you can see i really don't understand how to trade this system. I do like that it's not mechanical, but there must be able to get more clear entry rules?
i.e: What to wait for berfore the correct sets up?
What to wait for when there is time to take the position.


Please some one... help me out here or do i really need to abandon this system?
I really would like to try this system out....

/ JoLi

P.S. I can't find the .pdf-file that Bunton speaks of... the only one i have seen is the .pdf-doc at http://forexfactory.com/showthread.php?t=26596 but there's no chart's to explain there.... DS

Hello mate, and first of all, well done for actually having the nerve to admit to all and sundry that you've been through this thread 3 times yet the method still mystifies you. A lot of newbies out there wouldn't have had the balls to do that, mate, quite honestly, and they'd have moved on to something else by now. So give yourself a pat on the back!

As for the method itself......the best thing about Cornflower is that, once you understand the simple rules, you can adapt it to your own way of trading. It's so versatile, I kid you not. The original rules basically say to trade pull-backs on the 1H charts and break-outs on the 30m charts, which gives you a good start. You can trade pull-backs after price has touched 24ema, 12ema or 8ema, depending on how fast and strong the trend is. A strong trend often gives the price no time to retrace to the 12ema, never mind the 24ema, before it's off again on its travels. So at time likes that, you have to be really on the ball to spot a pull-back to the 8ema. However, when the trade is a bit more pedestrian, then a nice pull-back to the 12 or the 24 is just the ticket to prepare you for entering what could be a nice trade.

On the 30min chart, watch for what looks like a trend change. The 8, 12 and 24, will all show signs of reversing, and when they do and cross the 72, that's your break-out, and a clear opportunity for a nice long or short trade, depending on direction.

I know that Felicia doesn't recommend this, but you CAN do all this on the 15min charts as well, but if she doesn't recommend it, then you can be sure that there's a good reason. However, by her own admission, it CAN be scalped on the 5min and the 1min charts, and I've proved that to myself just lately by joining in the action. Fast and furious, but a lot of fun!

Anyway, mate, just thought I'd offer you my own view on all this, but in the end, it's down to you and you alone how you handle it. It's a great system.....stick with it, adapt to it, and you'll never regret it, I promise.

Nevertheless, PLEASE read the pdf we've all been on about. It's an artform in itself! Also, try and study as many charts as possible that people have posted, and try working out WHY they did what they did. Best of luck, mate.

Cheers
  • #883
  • Aug 22, 2007 7:00am Aug 22, 2007 7:00am
Quoting bunton
Here is an example as I interrupt the CF. we have USD/CAD it flagged a buy signal (aggressive) off the chart on the left. Now if you did not buy off the 30min chart you do nothing. The 1hr chart still does not have the proper EMA’s set up. Once the 24ema gets above the 72ema we now have a qualified uptrend and one can look to get long on a pullback. As for exact place to do so is up to the trader. So I think yes this system is discretionary. You decide if and when you get in based off the latest info you have on your charts. Can it be set up mechanically? Not sure as I would not do it.

http://img206.imageshack.us/img206/7...dcadkj5.th.png

JoLi, not sure where I found the PDF's but they are in the thread.
You can see by using the 1hr chart and having some patience you would have avoided a bad trade in USD/CAD..
Check Mate GAME OVER
  • #884
  • Aug 22, 2007 7:52am Aug 22, 2007 7:52am
Quoting Clansman
I see it has passed through my M2 pivot point at midnight (ET) last night and is currently testing the CPP (central pivot point.) That's a 70 pip rise, and we still don't know which direction it is going to take when it breaks out of the Bear flag on the Daily chart.

Cornflower suggests it is going to keep going up. The 8 and 12 ema"s are running a little close on the 15M and 5M for me, so I'll wait to take an entry.
Bunton,

I'm glad I waited on trading the USD/CAD. Shortly after updating my daily pivots last night at midnight ET, I watched the ema's line up for a downtrend.

Thanks again Lever,.....it's a great system.
  • #885
  • Edited 8:37am Aug 22, 2007 8:20am | Edited 8:37am
Clansman..... eyevoltage..... Thanks

Really good info. I will go back to the post and indeed read the .pdf-files over and over again til i know every bit of this system.

Quote
You can trade pull-backs after price has touched 24ema, 12ema or 8ema, depending on how fast and strong the trend is.
Shall i wait for a close of the candle or just go go go as soon it toches the 24ema? I have allways learned and traded at close of the candle.

Regards / JoLi
  • #886
  • Aug 22, 2007 2:15pm Aug 22, 2007 2:15pm
I've studied pdf file over the weekend and now to the charts.

This is my first paper trade on $JPY using the 1h chart to get a feel for it. Waiting for a pullback in between the 12 and 24MA. I was hoping for a touch of the 24MA but it came 2pips short. If I do understand this system correctly one could have put a entry order on the 24MA (buy limit order at 114.84).

Therefor I entered with market order (buy @ 114.88)) on the move away from 24MA in the direction of the move (upwards). I've closed the trade for 20pips profit.

I hope I am on the right track but that is how I understand it.
Attached Image (click to enlarge)
Click to Enlarge Name: 200708022 corn 1.jpg Size: 57 KB
Willem Forex recipe for success = Patience, discipline & hard work.
  • #887
  • Aug 22, 2007 2:34pm Aug 22, 2007 2:34pm
Today did not go very well and so we took a -25 pips on AUD/JPY. Ya can't win then all.
Check Mate GAME OVER
  • #888
  • Aug 22, 2007 4:42pm Aug 22, 2007 4:42pm
My AUD/JPY trade was entered @ 92.54 and went down since entry. I used the 5 min chart and the problem was that price was not above the 50 ma. The pair took off after I got stopped out. It is tempting to chase the price but I did not do this. Amazing how I managed to take a hit when the price went up near 100 pips.. Well lesson learned was ensure ma's are in proper order before pulling the trigger. My thinking was correct but timing was off by about 10 minutes.
Check Mate GAME OVER
  • #889
  • Aug 22, 2007 4:47pm Aug 22, 2007 4:47pm
Quoting jolimoney
Clansman..... eyevoltage..... Thanks

Really good info. I will go back to the post and indeed read the .pdf-files over and over again til i know every bit of this system.


Shall i wait for a close of the candle or just go go go as soon it toches the 24ema? I have allways learned and traded at close of the candle.

Regards / JoLi
Hello again, mate.
My thoughts on this one is that it's always best to wait to see what the next candle is going to do. You may get the price heading towards the 12 or the 24ema and sometimes it'll come to a grinding halt right on the MA, with the next candle showing signs of a definite reversal, which is what you want. Other times, the next candle could carry merrily on in the same direction, crossing towards the 72ema. At times like that, you have to wait for the price to come back across the 24ema before entering the trade. Of course, nothing is guaranteed, but if it's gone into the 24-72 zone and reversed, then it's starting to look likely that it's going to provide a nice little trade.

Really, it's all about one's own judgement. Watch the candles and try and read what they're tellling you. With the Cornflower system, you don't need any indicators other than the candles, the MA's and (for me, at least) pivot points, with the odd trend line thrown in now and again. Pivot points stop me from entering trades with bad Risk/Reward Ratios, but at the same time, give me clear targets to work towards.

Works for me, mate, and it'll work for you, once you've got a routine established.

Cheers
  • #890
  • Aug 22, 2007 5:02pm Aug 22, 2007 5:02pm
Quoting Golfer
I've studied pdf file over the weekend and now to the charts.

This is my first paper trade on $JPY using the 1h chart to get a feel for it. Waiting for a pullback in between the 12 and 24MA. I was hoping for a touch of the 24MA but it came 2pips short. If I do understand this system correctly one could have put a entry order on the 24MA (buy limit order at 114.84).

Therefor I entered with market order (buy @ 114.88)) on the move away from 24MA in the direction of the move (upwards). I've closed the trade for 20pips profit.

I hope I am on the right track but that is how I understand it.
Nice trade, me old mate. I didn't know you were into this system, but it's a nice surprise to see the familiar looking charts popping up on the thread!!

Good luck, pal.
Cheers
  • #891
  • Aug 22, 2007 6:30pm Aug 22, 2007 6:30pm
Wow when I miss them I sure miss them.. I could kick myself in the ****
Check Mate GAME OVER
  • #892
  • Edited 11:46pm Aug 22, 2007 11:19pm | Edited 11:46pm
Hello pipskateer,

I have sent you an email through the forum's email system but just to make sure that my communication reaches you, here is my question (pasting my email):

"I came across one of your charts posted by you on CF thread. It has all the cool stuff right on the chart like - R1, R2, etc., timings at different markets, ADR, MACD, STR, EMA, etc. (in flat lines) and some other stuff.

I use MT4 as well and would really love to format my charts in that manner, could you please tell me how I can do that?

You can email me at apurvam [AT] gmail [DOT] com

Thanks,
-Apurva."

I will be expecting a reply from you .

Thanks again,
-Apurva.


Quoting Pipskateer
I was going over the charts earlier and found this setup in progress, left over from the close of trading on Friday... I don't trade Fridays after about noon or so EST, so I didn't see it until today. Considering the weekend break, I'd wait for more confirmation that price was going to move UP before taking a position, but this signal meets the CF criteria. Note the final hammer candle with the very long wick. Also, you can see that price had deflected off the Daily R2 resistance level pivot point, came back down to the Daily R1 and then bounced back up, making the previous R1 a SUPPORT level now. These are good indications of where price might be headed when trading reopens, but I would have preferred an entry closer to the 166.50 area. Also, the higher TF charts support a long entry and several of the lower TF's do too. We'll see where it goes...

http://www.creations4christ.com/fore...0cf%20long.gif
  • #893
  • Aug 23, 2007 2:51am Aug 23, 2007 2:51am
Hi everyone !
Am trying today for the first time to trade life;
on a day like today ; GBP /US and EU/USD are in between the 12/24, but the EMA's are flattening out , do we trade or not?
would appreciate very much some help,
Thanks to all of you for your posts till now,
Vanupips
  • #894
  • Aug 23, 2007 3:14am Aug 23, 2007 3:14am
http://img250.imageshack.us/img250/8215/36652352mj4.jpg

thanx to lever70 for a wonderfull system...

cheers.
  • #895
  • Aug 23, 2007 3:16am Aug 23, 2007 3:16am
Thanx again Eyevoltage!

I think i'm starting to understand this system. The system will tell you were the price most probably will go. If all MA's is over 72 ema there is more potential to a long trade....

Then one wait, wait and wait until the price takes a breather, and if it goes all the way back to 24ema there is a big oppuruoity (price goes to 12 ema i slightly less big opputonity) to take a position with a good price.

Wait until the next candle close to see were the price might go. If it goes against the trend.... then ofcourse don't trade.... if it goes with the trend then it is a go go go.

To spice things up a little one can use the 30 min chart to pin point the entry. One could also use the 5min chart to pin point the entry even more.

/ JoLi
  • #896
  • Aug 23, 2007 6:26am Aug 23, 2007 6:26am
I went long on the AUD/JPY at 94.30. Used a trailing stop of 50 pips and was finally stopped out at 95.50 for a 120 pip run. Price has pulled back on the 5M and 15M charts, and just barely touching the 8ema on the 30M. I am waiting to see if price will continue in the same direction and try to penetrate my M4 pivot, or if it is going to work its way back down.
  • #897
  • Aug 23, 2007 6:37am Aug 23, 2007 6:37am
Quoting Clansman
I went long on the AUD/JPY at 94.30. Used a trailing stop of 50 pips and was finally stopped out at 95.50 for a 120 pip run. Price has pulled back on the 5M and 15M charts, and just barely touching the 8ema on the 30M. I am waiting to see if price will continue in the same direction and try to penetrate my M4 pivot, or if it is going to work its way back down.

Awesome job I just could not get a pullback on the 1 hr chart.. Man 120 pips is just great...
Check Mate GAME OVER
  • #898
  • Edited 7:22am Aug 23, 2007 6:59am | Edited 7:22am
Quoting jolimoney
Thanx again Eyevoltage!

I think i'm starting to understand this system. The system will tell you were the price most probably will go. If all MA's is over 72 ema there is more potential to a long trade....

Then one wait, wait and wait until the price takes a breather, and if it goes all the way back to 24ema there is a big oppuruoity (price goes to 12 ema i slightly less big opputonity) to take a position with a good price.

Wait until the next candle close to see were the price might go. If it goes against the trend.... then ofcourse don't trade.... if it goes with the trend then it is a go go go.

To spice things up a little one can use the 30 min chart to pin point the entry. One could also use the 5min chart to pin point the entry even more.

/ JoLi
Hello mate.
It looks as if you're getting there. However, just a couple of comments. Waiting for the next candle to close is up to you, mate. Some do and some don't. It's purely a matter of choice. The purists will tell you that waiting is the correct thing to do, but others will say no, get on board ASAP! My advice is to judge each case on its merits, and act accordingly. If the signals all look right to you, and you're feeling confident about the trade, then go for it. Otherwise, stay out and watch, entering only when you feel at ease with your decision. What is right or wrong to YOU is the only thing that matters when it comes right down to it.
Your end comments regarding using smaller TF's to pin-point entries is spot on. You're further along than you think, mate!
I'd like to suggest that you study all the charts you can get hold of, mate, so you can see where other people succeeded or failed. Go back to the "Trading Systems" page, scroll down to where "Cornflower 1hr method" is, and you'll see a little paper-clip. Click on that, and a new window will open with all the attachments that people have submitted since the thread began. LOADS of charts, I promise you! Study them and learn.

Take care, mate, and keep on keepin' on.
Cheers
  • #899
  • Edited 7:27am Aug 23, 2007 7:09am | Edited 7:27am
Quoting Clansman
I went long on the AUD/JPY at 94.30. Used a trailing stop of 50 pips and was finally stopped out at 95.50 for a 120 pip run. Price has pulled back on the 5M and 15M charts, and just barely touching the 8ema on the 30M. I am waiting to see if price will continue in the same direction and try to penetrate my M4 pivot, or if it is going to work its way back down.
Really nice trade, mate. Can I ask you why you entered the trade at that particular point? Was it because it seemed like a strong trend? On my chart, it was right on the M3 line, so I'm wondering if you deliberately entered there, and targeted the M4 line?

Whatever the reasons, it was a nice profitible trade, and that's the main thing!
Well done, mate.
Cheers.
  • #900
  • Aug 23, 2007 8:17am Aug 23, 2007 8:17am
Quoting beatentrader
http://img250.imageshack.us/img250/8215/36652352mj4.jpg

thanx to lever70 for a wonderfull system...

cheers.

http://img211.imageshack.us/img211/5945/68855568xq2.jpg

went long @ 1.3562
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