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Cornflower Hourly System

  • #1,221
  • Dec 20, 2007 7:23pm Dec 20, 2007 7:23pm
I love these systems, give me more variety of trading styles.
"Diversification is an excuse for a lack of talent" ~FXC
  • #1,222
  • Dec 20, 2007 7:44pm Dec 20, 2007 7:44pm
Question: In an early post you said the Cornflower was especially good for the quieter Asian session: can the Guppy be used in any of the three sessions? I know this thread is strictly for the C.F. but I had just set up my charts with the 12 EMA's when I saw your quote. I also downloaded the "rules". Thanks, d.
  • #1,223
  • Dec 20, 2007 8:07pm Dec 20, 2007 8:07pm
Quoting piprac
Question: In an early post you said the Cornflower was especially good for the quieter Asian session: can the Guppy be used in any of the three sessions? I know this thread is strictly for the C.F. but I had just set up my charts with the 12 EMA's when I saw your quote. I also downloaded the "rules". Thanks, d.
Yes, so long as the market is moving. But it hasn't been often that I've found the Asian session worth my while.
  • #1,224
  • Dec 20, 2007 8:26pm Dec 20, 2007 8:26pm
The one thing which I always a problem with is: How does one tell if a retracement back to the EMA will actually be a retracement, and not actually break though it?
  • #1,225
  • Dec 20, 2007 8:46pm Dec 20, 2007 8:46pm
Quoting et_phonehome_2
The one thing which I always a problem with is: How does one tell if a retracement back to the EMA will actually be a retracement, and not actually break though it?
LOL! If you could do that every time, you'd have the holy grail.

One thing you can do is wait to see whether the trend is resuming after the pullback. You want a candle closing near the top or bottom of its range, and in the direction of the trend indicated by CF. The candle must also be "real," i.e., a decent pip range. In the Asian session you'll see candles whose range is less than 10 pips. Ignore those.
  • #1,226
  • Dec 21, 2007 11:55am Dec 21, 2007 11:55am
Great check list you posted. Thanks for sharing your system.Happy holidays.
  • #1,227
  • Jan 2, 2008 2:10am Jan 2, 2008 2:10am
Quoting tdion
Lever is a woman.
Huh... what gave you that idea tdion ??
  • #1,228
  • Jan 2, 2008 9:00am Jan 2, 2008 9:00am
Hi there,

Happy new year to all and hopefully 2008 will bring more pips to us all.

To lever,
Welcome back and looking forward to more brilliant ideas from you. Really enjoyed your other post in trading room. I'm just trying to suggest something here, and if you think that doesn't make any sense or does not comply with Cornflower, you may delete the post.

Now, regarding Cornflower, i have a suggestion regarding trade entry. As we all already knew, there is no clear signal in Cornflower to enter a trade, it is based on trader own judgement. We all looking at the same thing with different perspectives. Pullback and trend continuation is subject to individual interpretation and we dont have specific "number" or quantity to justify our decision. So, what i'm trying to share here is to look at specific "condition" to happen before we open a position.

Please refer to the attached chart.

It is based on basic S/R. The idea is to enter once the S/R is broken and all Cornflower rules must agree. Attached is a recent USD/CHF with a nice downtrend. The yellow line is where the support got broken and also where we open a short position. I know we might miss some pips here, but i think it can save us from false entry.

Happy trading to all
Attached Image (click to enlarge)
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  • #1,229
  • Jan 2, 2008 9:17am Jan 2, 2008 9:17am
Attached is the current chart for EUR/USD. Possible long entry if the resistance at 1.4700 is broken
Attached Image (click to enlarge)
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  • #1,230
  • Jan 3, 2008 8:35am Jan 3, 2008 8:35am
I played around with that idea as well. Also, I've been trying to minimise the pips lost by using short trend lines as well. They don't always work perfectly, but a lot of the time when the trend line is broken, it's usually a good signal for a re-entry. Anyway, see the examples and see what you think.
Cheers.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: cadjpy002.gif Size: 16 KB
  • #1,231
  • Jan 3, 2008 9:29am Jan 3, 2008 9:29am
That looks like playing with fire to me........

Quoting eyevoltage
I played around with that idea as well. Also, I've been trying to minimise the pips lost by using short trend lines as well. They don't always work perfectly, but a lot of the time when the trend line is broken, it's usually a good signal for a re-entry. Anyway, see the examples and see what you think.
Cheers.
  • #1,232
  • Jan 3, 2008 10:24am Jan 3, 2008 10:24am
Quoting tdion
That looks like playing with fire to me........
....but at the end of the day, all we're doing is kicking a few ideas around. I did suggest that the method wasn't perfect. Cyberwang's idea is a sound one, in that he's looking to try and "pin-point" a definite entry after a pull-back. I'm of the same opinion, and seeing as he's offered his suggestion and I've posted mine, perhaps others will join in with some more ideas.

Cheers
  • #1,233
  • Jan 3, 2008 6:53pm Jan 3, 2008 6:53pm
I guess thats what I've been doing, waiting for resistance to be broken. Like Cyberwang said; you'll miss out on some pips, but it is a fairly safe way to trade.
Quoting eyevoltage
....but at the end of the day, all we're doing is kicking a few ideas around. I did suggest that the method wasn't perfect. Cyberwang's idea is a sound one, in that he's looking to try and "pin-point" a definite entry after a pull-back. I'm of the same opinion, and seeing as he's offered his suggestion and I've posted mine, perhaps others will join in with some more ideas.

Cheers
FF journal: Peaks and Troffs
  • #1,234
  • Jan 3, 2008 6:58pm Jan 3, 2008 6:58pm
Quoting eyevoltage
....but at the end of the day, all we're doing is kicking a few ideas around. I did suggest that the method wasn't perfect. Cyberwang's idea is a sound one, in that he's looking to try and "pin-point" a definite entry after a pull-back. I'm of the same opinion, and seeing as he's offered his suggestion and I've posted mine, perhaps others will join in with some more ideas.

Cheers
Hi eyevoltage,
Good suggestion you have here. Do you have a minimum number of bars to draw a trendline? Do you wait for end of candle for trendline penetration before opening a position? Of course there is no perfect method, otherwise we would stop learning and sharing already. Keep it going!
Attached Image (click to enlarge)
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  • #1,235
  • Jan 3, 2008 7:11pm Jan 3, 2008 7:11pm
Quoting bogus
I guess thats what I've been doing, waiting for resistance to be broken. Like Cyberwang said; you'll miss out on some pips, but it is a fairly safe way to trade.
Hi Bogus,
Do you mind sharing charts of your trade? Do you have specific method/indicator to identify S/R level?
  • #1,236
  • Jan 4, 2008 5:50am Jan 4, 2008 5:50am
Quoting cyberwang
Hi eyevoltage,
Good suggestion you have here. Do you have a minimum number of bars to draw a trendline? Do you wait for end of candle for trendline penetration before opening a position? Of course there is no perfect method, otherwise we would stop learning and sharing already. Keep it going!
As with any pull-back system, it seems that there is no definite point where a re-entry can be considered. In other words, it's all purely discretionary, although I would bow to lever70 if she differs in her opinion regarding Cornflower! For me, however, (and you, cyberwang, it seems), a less discretionary point of re-entry might make decisions a little easier. Which is why I've been playing around with small TL's whilst demo-ing the system. During a pull-back, I would usually wait for at least 3 candles before drawing the TL. If the TL is broken inside the 8/12ema area, this can, a lot of the time but not always, signify the start of a decent move and well worth a trade re-entry. However, if price has pulled back into the 12/24 or the 24/72 area, then regardless of TL breaks, for me it would definitely be a wait and see period. I'd just prefer to handle TL breaks and re-entries around the 8/12ema zone, but that's just me. Oh, and my re-entries would always be at the opening of a new candle after a TL break. Trader's discretion will always (rightfully) be required, but anything that helps with his/her final decision can't be bad, can it?

Cheers.
  • #1,237
  • Jan 4, 2008 6:06am Jan 4, 2008 6:06am
Nicely said. Many experience traders said its diffcult to share the experience, sometime we have to discover it ourself. I guess discretion is one of them. As for me, like you said, i'm looking for clear entry to avoid "misjudge" and i guess this is due to lack of experience.

I'll play around your TL idea. Do you have specific pair for this type of entry?

Quoting eyevoltage
As with any pull-back system, it seems that there is no definite point where a re-entry can be considered. In other words, it's all purely discretionary, although I would bow to lever70 if she differs in her opinion regarding Cornflower! For me, however, (and you, cyberwang, it seems), a less discretionary point of re-entry might make decisions a little easier. Which is why I've been playing around with small TL's whilst demo-ing the system. During a pull-back, I would usually wait for at least 3 candles before drawing the TL. If the TL is broken inside the 8/12ema area, this can, a lot of the time but not always, signify the start of a decent move and well worth a trade re-entry. However, if price has pulled back into the 12/24 or the 24/72 area, then regardless of TL breaks, for me it would definitely be a wait and see period. I'd just prefer to handle TL breaks and re-entries around the 8/12ema zone, but that's just me. Oh, and my re-entries would always be at the opening of a new candle after a TL break. Trader's discretion will always (rightfully) be required, but anything that helps with his/her final decision can't be bad, can it?

Cheers.
  • #1,238
  • Jan 4, 2008 6:44am Jan 4, 2008 6:44am
Quoting cyberwang
Nicely said. Many experience traders said its diffcult to share the experience, sometime we have to discover it ourself. I guess discretion is one of them. As for me, like you said, i'm looking for clear entry to avoid "misjudge" and i guess this is due to lack of experience.

I'll play around your TL idea. Do you have specific pair for this type of entry?
No, no specific pair, mate. At present, I'm monitoring GBP/CHF, CAD/JPY and EUR/JPY. However, I guess any pair will do. My reasoning is that if this little method works with one pair, then I can't see any reaon why it shouldn't work with another. Not very scientific, I know, but each to his own, as they say. I'm aware that different pairs have their own particular characteristics, but a pull-back is a pull-back, no matter WHAT the pair, wouldn't you say? We'll just see how it goes.

Cheers
  • #1,239
  • Jan 4, 2008 7:33pm Jan 4, 2008 7:33pm
I'm looking at shorting nzd/usd. There is nice angle and separation of the mavs, its also below the 200 ema. It's making lower highs and lower lows. I'll be placing my stop above the previous peak at .7750, not as a stop to get out on, but to allow for spikes, and will bring it down once I see it carrying on my way.I think once it gets past .7650 it could be a nice trade.
Then again I could be wrong:
Attached Image (click to enlarge)
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FF journal: Peaks and Troffs
  • #1,240
  • Edited 2:23am Jan 5, 2008 2:00am | Edited 2:23am
It's funny how all of a sudden there are several members talking about using S & R and trend line breaks in helping to decide when to enter a Cornflower trade -- especially since previously, virtually during this entire thread, there has been almost no mention of this (using S & R breaks and TL breaks). I say this because, after following this thread and this system for SEVERAL months now, I have also VERY RECENTLY (beginning at the start of this past week) began using S & R for the first time with the Cornflower system in helping me decide when to enter (and exit) a trade! It's like everybody all at once is deciding to add this element to the system -- which is a good thing (in my opinion)!

What got me to consider using S & R is after my visit for the first time to the HectorTrader.com website. He has a system that is somewhat similar to the Cornflower in that his system also involves moving averages and basically entering off the bounce of those moving averages (though his MA's are different than the Cornflower MA's). The point here is not his system but instead I'm pointing out how he goes about trading. He has a lot of free videos and information on how to trade that has really, really helped me. He has a course he is selling, but I believe you can learn a lot from his free info without buying the course. Please don't interpret this as some sort of advertisement for his course. That is NOT why I mentioned it. I don't even own his course; I just studied his free videos. I am just giving out a tip to help out anyone looking to improve their trading -- for free. It really is one of the better forex sites I've visited.


Topgun
"Success is not a fantasy, it's a formula." - MTI
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