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Cornflower Hourly System

  • #1,041
  • Oct 1, 2007 3:01pm Oct 1, 2007 3:01pm
God damn! Congratulations on maybe the easiest to understand system out there with the minimum of clutter. I too hate using indicators as I feel they control my judgment, which isn't a great thing to happen

Anyhow, thank you 1,000 times. To show my appreciation I sat and read the WHOLE thread (even eating my dinner reading!) which has taken a gob-smacking 6 hours. Well worth the time investment.

Thanks everybody for the constant input.

Bluefrog
  • #1,042
  • Oct 2, 2007 3:28am Oct 2, 2007 3:28am
Hi Shinny,

I was wondering if you are using MT4 and if so where could i find the MACD indicator which you use with the CF system if it is a different one to the standard in MT4....

Thanks in advance,
Adrian




Quoting shinny
Hi Joe, Yes you have it. Look at Philip Nel's thread on macd entry, i think combining that with the cornflower is as near to perfection as you will get. I dont normally trade too much on a monday, but had 70 pips of nzd/usd and 35 pips of eurchf and 25 pips of euraud today. Not a bad day!

The age old saying of buy dips and sell rallies fith perfectly with this system and my style. The MACD just helps with confirmation of a resumption in the trend after a dip or rally. I scan the hourly charts, looking for a reversal, then use 5 and 15 minute charts to time my entry (i find the 15 min better). If timed right, you rarely get more than 15 pips against you, and i dont think I have had more than 20, which is nice.

How do I post a chart??

Cheers and long live the pips!!!

Shinny
  • #1,043
  • Oct 2, 2007 5:30am Oct 2, 2007 5:30am
Hello

Had a signal to go long USD/CHF in the last hour so that is what I have open now ... to say the least, this is a great system. I went from $8k to $17k trading only cornflower... then went back to $10k when I seemingly got "bored with making money" and tried other strategies.

Stick to what works, period.

Cheers.
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  • #1,044
  • Oct 2, 2007 7:20am Oct 2, 2007 7:20am
Quoting lifegauge
Hello

Had a signal to go long USD/CHF in the last hour so that is what I have open now ... to say the least, this is a great system. I went from $8k to $17k trading only cornflower... then went back to $10k when I seemingly got "bored with making money" and tried other strategies.

Stick to what works, period.

Cheers.
Hey lifegauge,how long did it take you to do that $8k-$17k with cornflower?
  • #1,045
  • Oct 2, 2007 8:21am Oct 2, 2007 8:21am
Quoting lifegauge
Hello

Had a signal to go long USD/CHF in the last hour so that is what I have open now ... to say the least, this is a great system. I went from $8k to $17k trading only cornflower... then went back to $10k when I seemingly got "bored with making money" and tried other strategies.

Stick to what works, period.

Cheers.
do u trade on real account ?
  • #1,046
  • Oct 2, 2007 8:39am Oct 2, 2007 8:39am
Thanks for the tip on the MACD shinny. It functions quite well as a guide after the pb's. Excellent! I have another question, if you would be so kind. Do you also have a stop/take profit strategy that is influenced by the MACD? Are you using certified Cornflower profit taking and money management? That would help.

By the way posting charts is fairly simple.
First: right click on your chart and from the menu select "save as picture"
Second: select "active chart (as is)" then click on "save"
Third: select the paper clip symbol in the menu above this active window and a new window will open that has a couple of "browse buttons" which permit you to find the file on your drive. I think the last step is fairly self explanatory. Hope that helps...

OOOps - I just realized you might not be using MT4.. so the first steps might not help you...



Quoting shinny
Hi Joe, Yes you have it. Look at Philip Nel's thread on macd entry, i think combining that with the cornflower is as near to perfection as you will get. I dont normally trade too much on a monday, but had 70 pips of nzd/usd and 35 pips of eurchf and 25 pips of euraud today. Not a bad day!

The age old saying of buy dips and sell rallies fith perfectly with this system and my style. The MACD just helps with confirmation of a resumption in the trend after a dip or rally. I scan the hourly charts, looking for a reversal, then use 5 and 15 minute charts to time my entry (i find the 15 min better). If timed right, you rarely get more than 15 pips against you, and i dont think I have had more than 20, which is nice.

How do I post a chart??

Cheers and long live the pips!!!

Shinny
  • #1,047
  • Oct 2, 2007 8:50am Oct 2, 2007 8:50am
Hi Joe, I use good old s/r to determine when to jump off. Also, when MACD goes neutral (ie 0 line), its usually a good time to get off as price quite often changes direction or stalls, unless there are no barriers in the way of further price trend continuation. A lower/higher close on the smaller time frames builds up to a lower/higher close on the higher time frames, so discretion is paramount. I use good money management ie, 90% of good money management is getting in the trade at the right time, so my stops are quite tight. TP when the move runs out of steam.

I do use mt4 for charting, so will post asap.

good luck, shinny


I have another question, if you would be so kind. Do you also have a stop/take profit strategy that is influenced by the MACD? Are you using certified Cornflower profit taking and money management? That would help.
Nobody can be told what The Matrix is. You'll have to see it yourself.
  • #1,048
  • Oct 2, 2007 11:11am Oct 2, 2007 11:11am
Quoting monikroc
Hey lifegauge,how long did it take you to do that $8k-$17k with cornflower?
Frankly, it took me somewhere around 5 trading days...
  • #1,049
  • Oct 2, 2007 11:18am Oct 2, 2007 11:18am
Quoting 4newbie
do u trade on real account ?

Yes, it was (unbelievably) a real account. So you can imagine the pain I felt when it went from $17 to $10. In less than half the time it took me to get from $8 to $17.

My point is, stick to what works and don't change the system. Like what Lever70 said somewhere ... if you took the right trade, it goes your way almost immediately. A little trick I had was to take half my bets off the table if/when the trade goes my way within the first 30 mins to 1 hour, and let the other half of my position ride. If prices came back down I may enter with another full position and do the same thing ... take half off if the trade goes my way within the first 30 mins to 1 hour.

I'm not even sure if this makes sense but to me it sure did, and that's what I'm going to do after I take a few days break off trading. It sure stinks to make 100% return and only to lose 50% to get back to where you were before.

Oh, and another mistake I made was when I attempted to modify this system or use another system to trade, I even doubled my position sizes. Big mistake, too early for that.

Thanks lever70 for sharing your ideas.

---
  • #1,050
  • Oct 2, 2007 12:26pm Oct 2, 2007 12:26pm
Who here most of the time uses multiple time frames for confirmation to enter a Cornflower trade? If so, what time frames do you use for confirmation?

I'm considering ONLY taking a trade if several time frames line up correctly. I'd really like to know if others here are doing the same thing and if you have noticed it working out better than just taking a trade without looking at the other time frames.
"Trading is a mental sport." - Ziad Masri
  • #1,051
  • Oct 2, 2007 2:44pm Oct 2, 2007 2:44pm
Firstly, thanks Lever. Your system is great.
Quickdraw, I have 2 charts up on one screen. The 1 hour and the 5 minute. Firstly I will look at the currency pair using naked candles from monthly down drawing in support and res, and trendlines as I go to get a good idea of whats what. I then have cornflower up on 1hr amd 5 min, and don't take a trade unless they are aligned. I have them horizontally across my screen, easier to see.
Nice trade Lifeguageon the $/Swissy.
FF journal: Peaks and Troffs
  • #1,052
  • Oct 2, 2007 6:13pm Oct 2, 2007 6:13pm
Thanks Lever70 for sharing your idea, and I will try the Cornflower Hourly System
  • #1,053
  • Oct 2, 2007 6:58pm Oct 2, 2007 6:58pm
Quoting Quickdraw
Who here most of the time uses multiple time frames for confirmation to enter a Cornflower trade? If so, what time frames do you use for confirmation?

I'm considering ONLY taking a trade if several time frames line up correctly. I'd really like to know if others here are doing the same thing and if you have noticed it working out better than just taking a trade without looking at the other time frames.
Quickdraw,

I use the 1H, 30M, 15M, and the 5M TF's when making my entries. On page 66, post # 988, I have attached the charts for a GBP/JPY trade.
  • #1,054
  • Oct 2, 2007 8:01pm Oct 2, 2007 8:01pm
Someone tell me if this could be another setup on the USD/CHF?
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  • #1,055
  • Oct 2, 2007 8:18pm Oct 2, 2007 8:18pm
Hi Lifegauge. I see where you're coming from, but I'm going to leave it. I prefer to see the mavs turning up for a long call. The lower timeframes are flat, and its in an over all downtrend.
This is just my 2 cents worth.
FF journal: Peaks and Troffs
  • #1,056
  • Oct 2, 2007 8:23pm Oct 2, 2007 8:23pm
I had an order in for a short on the E/$ but pulled it before. The hourly had all the mavs in a row, and the 5 min was stacked nicely. I was waiting for a drop below 1.4140 as an entry. It turned up on the 5 min so I'm looking for something else. To go long I'd like to see it break the downtrend line from the recent high.
FF journal: Peaks and Troffs
  • #1,057
  • Oct 2, 2007 8:28pm Oct 2, 2007 8:28pm
Thanks, good call there.
Reminds me how important it is to look at the lower time frames and see everything lined up before taking the trade.

Remember, if its a good trade it goes your way very quickly!
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  • #1,058
  • Oct 2, 2007 8:32pm Oct 2, 2007 8:32pm
Quoting bogus
I had an order in for a short on the E/$ but pulled it before. The hourly had all the mavs in a row, and the 5 min was staked nicely. I was waiting for a drop below 1.4140 as an entry. It turned up on the 5 min so I'm looking for something else. To go long I'd like to see it break the downtrend line from the recent high.

At first look this spike may be a better entry if it is rejected by the 24ema on the hourly. However, it looks like the 5 minute time frame for EUR/USD is a little flat so ... beware?
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  • #1,059
  • Oct 2, 2007 8:46pm Oct 2, 2007 8:46pm
Yeah. A rejection and the mavs turned down would be good. Its at the bottom of its channel, and if it breaks down would be a nice head and shoulders pattern.
FF journal: Peaks and Troffs
  • #1,060
  • Oct 3, 2007 12:32am Oct 3, 2007 12:32am
Lifeguage, after your call on the swissy, I had a look at it and am watching it closely.Its just bounced off support horizontally and a trendline from yesterday on hourly chart. It needs to break the downtrendline, then I'll enter (if it does) using cornflower.C.O.T data supports this.
FF journal: Peaks and Troffs
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