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Cornflower Hourly System

  • #1,101
  • Oct 15, 2007 9:02pm Oct 15, 2007 9:02pm
Quoting depictureboy
Correct, it is for education expenses. Its refreshing to see someone who has his/her children thinking so far ahead. My own preference(for our children) is to get their education paid up, so that then they can do their own IRA's once they actually start working(whether its summer jobs or after college or trade school)
Thanks, if we teach them now,...then they will not have any surprises or disappointments later. We have another option for the education needs of these last three. Having them show an interest in the forex market was both a surprise and an opportunity. If they decide to learn the markets and keep trading, then by the time they are in their twenties, they will be proficient enough to earn a good living. If they decide instead to travel a different path, then at least they will have a working understanding of the markets and the forces that drive them. As is always the case with children,...their path is their path. All we can do is give them a good moral compass, and guide them as best we can.
  • #1,102
  • Oct 15, 2007 10:26pm Oct 15, 2007 10:26pm
Quoting bogus
Nice trade Clansman Can I ask where you placed your stop on that trade? I've been having a bit of trouble with my stops. I want to keep my risk/reward to at least 1:1, but I keep getting stopped out with the trade only to run on.
I set my stops between 50 and 100 pips (depending on the currency.) That being said, if you have timed the entry correctly you should only see a reversal of 20 to 25 pips after entry. Once I am in profit I move my stops up to keep my profit. When moving stops the distance behind price is really dependent on the volatility of the currency at the time. If it looks like a trend is running out of steam, then I keep my stop close. If on the other hand the trend is strong, but whipsawing its way up (or down,) then I keep my stops farther out. Setting targets of 20 or 30 pips and collecting is a solid way to increase your trading account.

Keeping a 1:1 risk/reward ratio is a good goal, however, it can also limit your profits. Now before everyone starts screaming, let me explain my thinking. If a trader consistently has 6 or 7 successful trades out of every 10 trades, he can with careful money management increase his account. For example, if a person sets his stops for 20 pips and his TP for 20 pips, his risk/reward is 1:1. Using the numbers from above we know we will hit the stop loss 3 or 4 times out of every 10. That equates to 60 to 80 pips lost. However, 6 to 7 successful trades equals 120 to 140 pips. This gives a profit over the 10 trades of 40 to 80 pips. Carefully increasing the number of lots as the account balance increases, will over a period of time develop the trader's income to the level he or she desires. Being consistent and disciplined in one's trading will in time lead to success. As I'm sure you have realized, it does not happen over night.

I hope my ramblings have been of help.
  • #1,103
  • Oct 15, 2007 10:37pm Oct 15, 2007 10:37pm
Thanks. I've been backtesting since I posted on my past trades and my stops have been way too tight. I think it comes down to belief in the system. If all the mavs are stacked in order, thats about as much guarantee as I can expect in this game. I'm going to set a wider stop but only as a backstop, not as a "get out".
Cheers, Bogus
FF journal: Peaks and Troffs
  • #1,104
  • Oct 15, 2007 10:44pm Oct 15, 2007 10:44pm
Quoting bogus
Another question for anyone; do most people stalk one pair and wait for an "A grade" set up and put multiple lots on, OR do you put trades on as per Levers rules with just one lot, on different pairs?
What I'm getting at is it better to concentrate on 1 and put all your eggs in one basket or diversify. Last night I saw 4 set ups but only took 1. I took the A/$, but left the U/$, c/$ & G/$. I had my stop too tight on the Aussie and got stopped out. If i'd have taken all the trades I saw and cut the slow ones and gone for a 20 pip T.P I'd be pretty happy this morning.
Any comments would be appreciated.Thanks.
I started with two currencies, the EUR/USD and the GBP/USD. After becoming familiar with their personalities, I then added the USD/CHF. I currently have eight currencies I am following. On my screen, I have eight 1H charts. When one (or more) of the charts shows a setup starting to take shape, I then switch to 30M charts, and down to the 15M and 5M when needed.

If I am trading multiple currencies, I use less lots per trade than if I were trading only one currency.
  • #1,105
  • Oct 16, 2007 12:00am Oct 16, 2007 12:00am
Great, that makes sense. I'm watching the Aussie for a retrace, but am a bit bullish on it. I'll trade the charts but think it will get to $ for $.
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FF journal: Peaks and Troffs
  • #1,106
  • Oct 16, 2007 12:37am Oct 16, 2007 12:37am
Quoting bogus
Great, that makes sense. I'm watching the Aussie for a retrace, but am a bit bullish on it. I'll trade the charts but think it will get to $ for $.
I'm watching it too. There is a histogram divergence showing a possibility for it to move upward. It is also bouncing off of my M2 pivot (see chart.)
Attached Image (click to enlarge)
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  • #1,107
  • Oct 16, 2007 5:03pm Oct 16, 2007 5:03pm
Im guessing you took the trade on your chart from between 15:00 and 18:00 and got your 20 pips at least out of it before it bounced correct??
  • #1,108
  • Oct 16, 2007 10:10pm Oct 16, 2007 10:10pm
Quoting freed14
Im guessing you took the trade on your chart from between 15:00 and 18:00 and got your 20 pips at least out of it before it bounced correct??
That is a good guess, but I wasn't in the market at that time. My charts are set for Eastern Time, however, I live on the West Coast, and trade mainly the London session (although I do trade the Asian and New York sessions on an irregular basis.)

I did trade the AUD/USD, but I did not enter until after 0300 ET. I waited to see which way price was going to head. I was looking at a double bottom at my M2 pivot point, histogram divergence suggesting a possible move up and price was also looking like a CF retracement was starting. To muddy the waters a little more, the Swiss Retail Sales numbers were coming out at 0315 ET. As you can see by the charts, price bounced off the 72 ema and my Central Pivot Point at approximately 0300. I watched the 5M chart and went short at 8967 after price penetrated my M2. At 8917, I decided to take the money and run.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: AUDUSD 5M.JPG Size: 105 KB
  • #1,109
  • Edited Oct 17, 2007 4:47am Oct 16, 2007 11:18pm | Edited Oct 17, 2007 4:47am
Thanks for showing the trade. I haven't been using pivots with this system but maybe I should. Are you using Levers settings on the 5 minute or Phillip Nells? I've put a 200 EMA on my 5 min chart & and only go short or long if the 50 ema is on the right side of it. I've given my stops a bit more room to breathe and have had 2 profitable trades since yesterday, although I missed the big drop.
Cheers
currently short the G/Y
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FF journal: Peaks and Troffs
  • #1,110
  • Oct 17, 2007 4:49am Oct 17, 2007 4:49am
Quoting bogus
Thanks for showing the trade. I haven't been using pivots with this system but maybe I should. Are you using Levers settings on the 5 minute or Phillip Nells? I've put a 200 EMA on my 5 min chart & and only go short or long if the 50 ema is on the right side of it. I've given my stops a bit more room to breath and have had 2 profitable trades since yesterday, although I missed the big drop.
Cheers
currently short the G/Y
On the 1H, 30M, 15M, and 5M charts I use the standard Cornflower 8, 12, 24, and 72 ema's. On my 4H charts I use bullrock's 10, 15 30, and 90 ema's (I am still forward testing the 4H charts for position trading.) When I start to analyze the charts for the day's trading, I use the 200 ema on my Daily charts to show the overall trend (I've attached a link to how trade below.)

Glad to hear loosening your stops helped add some pips to your account.


http://www.forexfactory.com/showpost...&postcount=913
  • #1,111
  • Oct 17, 2007 9:43pm Oct 17, 2007 9:43pm
I'll wait and see what develops
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FF journal: Peaks and Troffs
  • #1,112
  • Oct 17, 2007 9:47pm Oct 17, 2007 9:47pm
! hour chart
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FF journal: Peaks and Troffs
  • #1,113
  • Oct 18, 2007 12:26pm Oct 18, 2007 12:26pm
Looks like heavy consolidation, hope I can catch th ebreak out.
  • #1,114
  • Oct 18, 2007 4:05pm Oct 18, 2007 4:05pm
Quoting bogus
Nice trade Clansman Can I ask where you placed your stop on that trade? I've been having a bit of trouble with my stops. I want to keep my risk/reward to at least 1:1, but I keep getting stopped out with the trade only to run on.
I have followed my stop loss from my equity days. I take the ATR (average true range) on a 30M chart and multiply it by 3 and then divide that by 1.5.

It works for me pretty well.

That's my thoughts.

MG
  • #1,115
  • Oct 18, 2007 7:42pm Oct 18, 2007 7:42pm
Howdy Matrix,

I checked the math there... and I think you can just double the atr value to get the same result..

Check it and see, maybe it'll save ya a bit of time. (no, I'm not trying to be a wise ass..)

Joe

Quoting Matrixxdg
I have followed my stop loss from my equity days. I take the ATR (average true range) on a 30M chart and multiply it by 3 and then divide that by 1.5.

It works for me pretty well.

That's my thoughts.

MG
  • #1,116
  • Oct 18, 2007 8:28pm Oct 18, 2007 8:28pm
Thanks, I'll test it out.
Quoting Matrixxdg
I have followed my stop loss from my equity days. I take the ATR (average true range) on a 30M chart and multiply it by 3 and then divide that by 1.5.

It works for me pretty well.

That's my thoughts.

MG
FF journal: Peaks and Troffs
  • #1,117
  • Oct 18, 2007 8:29pm Oct 18, 2007 8:29pm
What period do you use for ATR, 14?
FF journal: Peaks and Troffs
  • #1,118
  • Oct 23, 2007 11:45pm Oct 23, 2007 11:45pm
Is anyone watching this pair. Looks like its setting up for a fall.
FF journal: Peaks and Troffs
  • #1,119
  • Oct 24, 2007 11:58am Oct 24, 2007 11:58am
I've been reading this thread with great interest and have been taking some of the setups in a demo account. I'm wondering if someone can comment on the attached chart. There are several instances where the price touches the 12 or 24 while on it's way down. Which ones are valid Cornflower setups?
Thanks,
CanuckCT
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY M30 - Oct 24, 2007.JPG Size: 63 KB
  • #1,120
  • Oct 24, 2007 7:22pm Oct 24, 2007 7:22pm
Ive shorted the $/Y & G/Y on the 5 min chart a while ago. There are 2 trendlines in place, but apart from that, nothing says "up" to me.
Coments welcome.
Attached Image (click to enlarge)
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FF journal: Peaks and Troffs
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