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EJ_4H method

  • #501
  • Jan 15, 2007 6:34am Jan 15, 2007 6:34am
Thanks Ibo, this really helps in making this wonderful system better. This is truly an extraordinary system! Thank you.

Quoting eurusdtrader
Linus,
After setting your favorites, you should save a template. The next time, use that template to reload your favorite setting.
Cheers,
Ibo
Ekvattiekakkie
  • #502
  • Jan 16, 2007 11:03am Jan 16, 2007 11:03am
I have another question regarding entering during a trend. Part IV of the EJ_4H Method, shows clearly how one should go about in entering after a Retrace. My question is the position of the Stochs. Look at the attached Stochs. Earlier on they both showed an upward "long" position, and then later contradictory directions. Does this mean one can ignore them and enter a "short" position if the Sell Stop gets triggered?
Attached Image
Ekvattiekakkie
  • #503
  • Jan 17, 2007 4:45am Jan 17, 2007 4:45am

Please keep in mind that Price is the best indicator so you should give more importance and priority to line study. Plus, old indicators like RSI, STOCH and so on have been designed for stock market primarily years ago and they can not be leading indications in forex market which has a considerable turn over in comparison with stock exchange market.
Choose trades that are in the direction of main trend. As you can see short time EMA has crossed longer term one and the main trend is DOWN. Magenta bars' color confirms this fact. Last candles have bounded from EMA and have broken short term upside channel. Even you can fit a 1-2-3 pattern and all these indications call for a short trade. If you employ some line study techniques like fibo ratios I think you can find more reasons.
One of the best usages of old indicators is divergence. A divergence + breakout indicate a probable trustable indication to enter a trade in the direction of the breakout.
Old indicators will work better in range-bound market conditions.

I hope this will help,
Rgds,
Ibo


Quoting Linus
I have another question regarding entering during a trend. Part IV of the EJ_4H Method, shows clearly how one should go about in entering after a Retrace. My question is the position of the Stochs. Look at the attached Stochs. Earlier on they both showed an upward "long" position, and then later contradictory directions. Does this mean one can ignore them and enter a "short" position if the Sell Stop gets triggered?
  • #504
  • Edited 5:59am Jan 17, 2007 5:18am | Edited 5:59am
Thanks Ibo, it makes sense. Ok, I should have known, Price is King! Are these MA's Exponential, and not Simple, because I don't think I found these MA settings anywhere? Just to make 100% sure. Is it Exponential, applied to Median Price?

Thanks,
Linus
Ekvattiekakkie
  • #505
  • Jan 17, 2007 11:25am Jan 17, 2007 11:25am
Correction! I just found in the opening paragraph of the EJ_4H Method that it refers to the "Yellow 55SMA". So which one is better? SMA or EMA?

Thanx

Quoting Linus
Thanks Ibo, it makes sense. Ok, I should have known, Price is King! Are these MA's Exponential, and not Simple, because I don't think I found these MA settings anywhere? Just to make 100% sure. Is it Exponential, applied to Median Price?

Thanks,
Linus
Ekvattiekakkie
  • #506
  • Jan 18, 2007 3:45am Jan 18, 2007 3:45am
SMA, but it does not matter if you want to check EMAs too. Stick to the conceptions not settings.

Quoting Linus
Correction! I just found in the opening paragraph of the EJ_4H Method that it refers to the "Yellow 55SMA". So which one is better? SMA or EMA?

Thanx
  • #507
  • Jan 18, 2007 8:06am Jan 18, 2007 8:06am
Thanks Ibo

Quoting eurusdtrader
SMA, but it does not matter if you want to check EMAs too. Stick to the conceptions not settings.
Ekvattiekakkie
  • #508
  • Jan 26, 2007 4:16pm Jan 26, 2007 4:16pm
IBO,
Thank you for all of the time you spent on this thread. I followed both the 4 hour tunnel and Dial's knife. The one thing I struggled with was how to determine the direction of the trade. You answered this question for me.

Can you suggest some reading material on the 1- 2 - 3 set up? I see this mentioned and even charted but I still don't really understand it.

Also you once asked for an English speaker to help proof read documents. Did you have another one in progress?

Thanks
Joe
  • #509
  • Jan 26, 2007 5:56pm Jan 26, 2007 5:56pm
One more thing. Did anyone ever sign up for Private Mentoring?
  • #510
  • Edited Jan 29, 2007 8:06am Jan 27, 2007 7:43pm | Edited Jan 29, 2007 8:06am
Quoting nutmg12

Can you suggest some reading material on the 1- 2 - 3 set up? I see this mentioned and even charted but I still don't really understand it.
Try this link:

{link removed: see rule #3}
Ekvattiekakkie
  • #511
  • Jan 30, 2007 3:52pm Jan 30, 2007 3:52pm
Quoting Linus
Try this link:

{link removed: see rule #3}
Sorry Nutmg12, for some or other reason Merlin thought I was promoting a website I was affiliated with (spamming). I'm just a typical Newbie with no affiliations, trying to help, but anyways, you're on your own now. Just Google the 1-2-3- method.
Ekvattiekakkie
  • #512
  • Mar 10, 2007 12:54pm Mar 10, 2007 12:54pm
After installing the indicator on my chart, there are some lines appear. There are S, R, and pivot lines. A newbie question: What does M stand for?
  • #513
  • Mar 10, 2007 1:49pm Mar 10, 2007 1:49pm
midpivots
  • #514
  • Edited 3:01pm Mar 16, 2007 2:58pm | Edited 3:01pm
I searched the whole thread and others for a dual stochastics indicator. The files only have the template. Does anyone have this indicator?

Regards,
Rick

Sorry, I found it...it was the other template.
I'm a disciplined trader and that's the only way I trade.
  • #515
  • Apr 3, 2007 3:14pm Apr 3, 2007 3:14pm
I love this method and have been using it for a while now. Just have a quick question. Is it possible (does any know how to) add a simple sound when a Buy or Sell arrow appears (MT4) and possibly a popup window as to which pair? Sometimes I miss a good trade by 8-12 hours because I'm following another pair(s) and don't pay attention to some other charts.

Thanks
  • #516
  • Apr 13, 2007 12:17pm Apr 13, 2007 12:17pm
^ How long have you been forward testing it, Rob?
  • #517
  • Edited 2:56pm Apr 13, 2007 2:55pm | Edited 2:56pm
I followed this system since Nov 2006. I did a lot of simulation and forward test it, using demo account until Dec 2006. Live trade it since Jan 2007 and my account has been increasing since then. This system fits my personality and lifestyle.

My profitable trades are using the dual stochastics...especially when pairs went to overbought or oversold area and then reverses. Feb 26 to March 5 of GBP/JPY is heaven to me.

Rick
I'm a disciplined trader and that's the only way I trade.
  • #518
  • Apr 14, 2007 7:36am Apr 14, 2007 7:36am
Hello drick008,
It's nice that you are successful now.

It was your perseverance that made you successful. You have atuck to the rules and fit it for your personality. Patience is so important that many of young traders never follow. They waste their time in looking for a perfect one while there is no perfect one.

It is interesting for me that you have applied the method for GBPJPY. Personally I think that this method does not suit for trading the pair. I wonder that you proved the opposite.

Happy trading,
Ibo


Quoting drick008
I followed this system since Nov 2006. I did a lot of simulation and forward test it, using demo account until Dec 2006. Live trade it since Jan 2007 and my account has been increasing since then. This system fits my personality and lifestyle.

My profitable trades are using the dual stochastics...especially when pairs went to overbought or oversold area and then reverses. Feb 26 to March 5 of GBP/JPY is heaven to me.

Rick
  • #519
  • Apr 14, 2007 11:28am Apr 14, 2007 11:28am
Quoting scaramanga
^ How long have you been forward testing it, Rob?
I began using it on demo since early December and recently went live 5 weeks ago. I've been using EJ, with confirmation help from 4H MACD ("400 Pip/month"), and support/resistance to help me make decisions. So far it's provided me with nearly +1100 pips over the past 5 weeks, and averages +120pip/week since december.

I've got nothing but praise for EJ. I would actually be sitting somewhere around +1600 pip if I was more disciplined. USD/CAD this week, GBP/JPY, and EUR/USD previously cost me around 500 Pips from trying to catch reversals instead of just making trades with the trend, oh well I'm learning still.

Rob
  • #520
  • Apr 14, 2007 12:17pm Apr 14, 2007 12:17pm
Hi eurusdtrader,
Thanks for the compliment but I owe it to your system.
When I started looking into Forex, around Jan. 2006, I was looking for a perfect system that will give me a perfect signal. I was wrong. I beleive an indicator or signal is just telling me their is an opportunity. The entry, managing, and exiting a trade is a skill that I had to master. Your notes gave me a lot of entry strategies. I even printed them out and highlighted a lot of lines, so during simulation I wrote down where I can get in and see if I'm right or not. From this, I learned how to add positions during a trend and how to get back in if the trend continues.
GBP/JPY is the most profitable pair for me. Next is the GBP/USD. I see other pairs works fine but the return is much more on GBP/JPY and GBP/USD...pips-wise.
I want to thank you and those who contributed to this thread.

Rick
Quoting eurusdtrader
Hello drick008,
It's nice that you are successful now.

It was your perseverance that made you successful. You have atuck to the rules and fit it for your personality. Patience is so important that many of young traders never follow. They waste their time in looking for a perfect one while there is no perfect one.

It is interesting for me that you have applied the method for GBPJPY. Personally I think that this method does not suit for trading the pair. I wonder that you proved the opposite.

Happy trading,
Ibo
I'm a disciplined trader and that's the only way I trade.
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