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Cornflower Hourly System

  • #1,561
  • Sep 30, 2008 11:32pm Sep 30, 2008 11:32pm
Very well explained.. A couple of questions if you don't mind? Why those ema's? And do you trade just the 2 pairs?
Cheers, Bogus
FF journal: Peaks and Troffs
  • #1,562
  • Oct 1, 2008 1:43am Oct 1, 2008 1:43am
Quoting doggybones
Iceman,
does it mean that you trade just the EUR and GBP against USD with this system.

Thanks.
Doggy,

Yes, only GBPUSD and EURUSD. I have found they are the best to respond to EMA Retracements and tight spreads make it worth while.
Chance favors the prepared mind.
  • #1,563
  • Oct 1, 2008 1:47am Oct 1, 2008 1:47am
Quoting bogus
Very well explained.. A couple of questions if you don't mind? Why those ema's? And do you trade just the 2 pairs?
Cheers, Bogus
Bogus,

Those particular EMA's have just worked for me. That is all really. 16, 24, 43. All three have spiritual significance in the context of biblical scripture and certain scientific/God in nature connections. Me, being the believer that I am was naturally attracted to those and now they work.

Divine intervention...

Lastly, yes I only trade GBPUSD and EURUSD. Enough to watch and they work for me better than any other.

God Bless.
Chance favors the prepared mind.
  • #1,564
  • Oct 1, 2008 3:27pm Oct 1, 2008 3:27pm
Today was a fairly good trading day but I never woke up! So I ended up only taking a few trades in the NY session.

EURUSD had some good early setups. Box #1 and #2 both would have been profitable trades. Box #3 would have beena clear loss. What is tough about this trading technique lately is the straight down movement with no retrace that seems to happen very often. I awoke and just saw nothing but downside. Box #4 is where I finally went short at 4033. I took 25 and 46 pips with the second exit being at the bottom for the rest of the day. This is no greed type trading figuring the big move has already happened so lower lows in the NY session are far from likely. Box #5 is another trade that would have been a loser but I was not around for that one either.

GBPUSD was quite choppy again this morning. As I said though I did not wake up so the earlier trades were not entered. Box #1 is a nice setup but for a clear loss. Box #2 would have pulled 25pips for sure but nothing outside of that. Box #3 got very close to +25...that is a questionable trade and we all like to think we would have taken profit, moved the stop to breakeven, ect but who really knows unless you were in it?

Box #4 is a nice short that I did take but the pivot and EMA failed to hold price. -25 on that one. Box #5 was a good long that I took and grabbed +25 on both positions because I didn't feel comfortable being long in a USD Strong market....that proved to be true.

Also if you take a look at today's highs on the 5min chart and then pull up a traditional hourly cornflower, the 24ema gave some great opportunities. I wish I was trading that as well today!

God Bless.
Attached Image(s) (click to enlarge)
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Chance favors the prepared mind.
  • #1,565
  • Oct 1, 2008 7:53pm Oct 1, 2008 7:53pm
Hey Ice man I do not have a set amount on what I take but that chart was over 15 min and I got a hesitation on price action so I took the profit. I trust the 30 min and 1h more than I trust the 15 min. As for trading Cornflower I went live with it about 2 weeks ago and probably using it for 2 months roughly.
  • #1,566
  • Oct 2, 2008 12:52am Oct 2, 2008 12:52am
Here is a 4 hour trade I took last night, lets see how things play out. Glad to see others are going well with their cornflower trading too
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  • #1,567
  • Oct 2, 2008 11:59am Oct 2, 2008 11:59am
Quoting bob_inabottle
Here is a 4 hour trade I took last night, lets see how things play out. Glad to see others are going well with their cornflower trading too
Nice Job, Bob. USD Strength seems to be the thing because other economies are collapsing worse than America's. What targets and stop placement do you have?

God Bless.
Chance favors the prepared mind.
  • #1,568
  • Oct 2, 2008 12:01pm Oct 2, 2008 12:01pm
Quoting kodflakes
Hey Ice man I do not have a set amount on what I take but that chart was over 15 min and I got a hesitation on price action so I took the profit. I trust the 30 min and 1h more than I trust the 15 min. As for trading Cornflower I went live with it about 2 weeks ago and probably using it for 2 months roughly.
Kod,

I am glad to see that someone else is also trading live. Once you get the hang of it, the system is quite straightforward and simple. It can be tough with the 24 hour markets sometimes though because there are so many great setups just on one currency.

Do you have any specific currencies that you trade or do you take a look at them all?

God Bless.
Chance favors the prepared mind.
  • #1,569
  • Oct 2, 2008 1:37pm Oct 2, 2008 1:37pm
Last evening and today I only traded the EURUSD. There were profits in the GBP but I looked over my account statement of recent past and realized that there were many more losses in the GBP. I took a look at the price movement/structure and see many more violent spikes and decided to re-analyze whether I want to trade both or just focus on one. Today, I traded the EUR only.

Box #1 was from last evening and I did take that trade. I had to leave to I placed my stop and limits for both positions at +/-25pips. I took profit on that trade. Box #2 I missed and luckily I did because there was a fake breakout type movement that would have resulted in a loss.

Box #3 was another good trade that I missed as I was not home at the time. Box #4, 5, and 6 are excellent trades. I entered at #6 and proceeded to make +25 and +65 pips. Box #7 I entered but then exited at breakeven because I wanted to go back to sleep and things didn't look too promising. That was a mistake and I missed out on good profits.

Box #8 was another good trade but one that I missed. Darn what a great cornflower day! Box #9 I did enter and took +25 and +0...well actually +.5 but who cares about half a pip.

Box #10 I took +25 and +43 pips and decided that I was done. That type of winning streak is bound to become overtraded and that is exactly what would have happened if I traded Box #11. The market spiked and then returned to flat since then. Absolute patience is a must in trading. I realize that I can control my losses and never over trade then the profits will come like they did today. I might have missed some trades but I know full well that I would have taken them so I count them as profit too. That is how I knew not to trade any more today.

+208 pips today. I must be careful tomorrow as it might be a consolidation day and I will have to wait for clear trends if I want a good trade to produce.

God Bless.
Attached Image (click to enlarge)
Click to Enlarge Name: cornflower eurusd 5min 10-2-08.jpg Size: 121 KB
Chance favors the prepared mind.
  • #1,570
  • Oct 2, 2008 1:38pm Oct 2, 2008 1:38pm
iceman

I agree with the simplicity of the strategy. The pairs I have been looking at lately have been E/U, E/Y, G/U, G/Y, but have been looking for other pairs and found a set up on E/A that went for well over 100 pips but I just demoed it. I really havent found a pair that does not work yet. I ve been trying to get away from work so i can really put some time in to my trading but keep getting dragged back in. I look to put some charts up next week.
  • #1,571
  • Oct 2, 2008 2:08pm Oct 2, 2008 2:08pm
Hey Bob, On the 4 hour do you wait for a closed candle and put a stop at the other end. Ive been wondering about stop size on the 4 hour.
Nice work Iceman. Wise words.
FF journal: Peaks and Troffs
  • #1,572
  • Oct 2, 2008 2:21pm Oct 2, 2008 2:21pm
Iceman,

I have my stop at B/E now (.7931), so far when i am trading the 4 hour i dont have a set profit target on my 2nd lot, if the 8 and 12 cross back then i always get out then but for the mo just to ride the trend.

I dont worry about whats in the news and the word around, i find it just makes me jumbled up so for me the rule is always only trade what i see... not what i read hear or believe (its a lot easier for me to lose my opinion than my money)

But others seem to use that stuff and make it work for them Nice going with your 5 min trades keep it up.

Bob
  • #1,573
  • Edited 2:39pm Oct 2, 2008 2:37pm | Edited 2:39pm
Bogus,

Yeah do wait for the candle to close, i use only a 50 pip stop.... it seems a bit close but with trades like this they either go your way or they dont... so far no trades have been stopped because the stop was to close but i do really only trade the majors so that would help too.

Bob
  • #1,574
  • Oct 2, 2008 8:47pm Oct 2, 2008 8:47pm
Cool. Thats what I wanted to know. I agree, the good ones just run, if it turns back too far maybe its not a goody. Ill try out the 4 hour.
Cheers
Quoting bob_inabottle
Bogus,

Yeah do wait for the candle to close, i use only a 50 pip stop.... it seems a bit close but with trades like this they either go your way or they dont... so far no trades have been stopped because the stop was to close but i do really only trade the majors so that would help too.

Bob
FF journal: Peaks and Troffs
  • #1,575
  • Oct 3, 2008 3:21am Oct 3, 2008 3:21am
Quoting kodflakes
iceman

I agree with the simplicity of the strategy. The pairs I have been looking at lately have been E/U, E/Y, G/U, G/Y, but have been looking for other pairs and found a set up on E/A that went for well over 100 pips but I just demoed it. I really havent found a pair that does not work yet. I ve been trying to get away from work so i can really put some time in to my trading but keep getting dragged back in. I look to put some charts up next week.
Kod,

Do you have problems with getting stopped on G/Y? I couldn't deal with it and with the spread I just gave up on the pair.

Look forward to some of your charts.

Ice.
Chance favors the prepared mind.
  • #1,576
  • Oct 3, 2008 3:25am Oct 3, 2008 3:25am
Quoting bob_inabottle
Iceman,

I have my stop at B/E now (.7931), so far when i am trading the 4 hour i dont have a set profit target on my 2nd lot, if the 8 and 12 cross back then i always get out then but for the mo just to ride the trend.

I dont worry about whats in the news and the word around, i find it just makes me jumbled up so for me the rule is always only trade what i see... not what i read hear or believe (its a lot easier for me to lose my opinion than my money)

But others seem to use that stuff and make it work for them Nice going with your 5 min trades keep it up.

Bob
Bob,

I completely agree with all you say. In 4 hr trading you have to max out the trend. That is more important than anything.

And not worrying about news, ect....That is where I am at. I can't watch CNBC anymore. I don't pay attention to what econ reports are coming out. Nothing. I trade technicals and let the chips fall where they may.

It is true that some have a nack for fundamentals. I understand them but could never trade them.

Good job with your 4 hour charts as well. Let's all keep this thing alive!

God Bless.
Chance favors the prepared mind.
  • #1,577
  • Oct 3, 2008 8:29am Oct 3, 2008 8:29am
Bob

I noticed on your last chart you took the bounce off the 12 ma is that normal for you. Ive been using the bounce off of the 24 on lower time frames, after looking at the 4h I see why you do. Is that the normal bounce you use, also are using anyother indicaters with it stoch's, momentum, etc.

Kodlfakes
  • #1,578
  • Oct 3, 2008 9:35am Oct 3, 2008 9:35am
Well guys I wanted to look at some other pairs and see if this will work everywhere as I think it will. I found some on the EUR/GBP on the 4h, we have a great close almost on the 24 at the first box the checked candle had a high of .7988 and a low of .7917. It opened at .7976 uf you were to close on the end of this candle that would be 71 pips quite a move for this pair in my mind. Over the next few moves we get closes above the 24 and I would leave them alone as I want absolutely perfect formations on this pair. Then on the next pair we get an inverted hammer on the 24 so we have a candlestick confirming the Cornflower entry. so the open was at .7924 and it had a low of .7895 and at the end of the box a low of .7864. Well Im gonna spend the rest of the day looking thru some charts as I finnally have some time for it.
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  • #1,579
  • Oct 3, 2008 11:20am Oct 3, 2008 11:20am
kodflakes,

I take bounces off the 12 or 24, when a trend is moving sometimes it will only come back to the 12 so i set a stop entry below the low of that candle!

Bob
  • #1,580
  • Edited 12:50pm Oct 3, 2008 12:20pm | Edited 12:50pm
Well guys here is EY trade pre screw the taxpayer bill vote tight stop at 20 pips looking for a drop

got stopped too tight on stop

Alright here is the move I was looking for went 45 points in the wrong direction during the vote and just incase of the vote going the other way I wanted a tight stop. Have a good weekend all.
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