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4H 5EMA System

  • #141
  • Edited 3:52pm Oct 10, 2008 7:07am | Edited 3:52pm
Hi Sterling and Mike.
I got it worked out, I had to reset the parameters and change the fid type. I'm ready to start trading now. It's great having help from you guys, and I look forward to this trading system and finally making some money, and not having to try and second guess these pairs.

So Sterling, whats the first step for me while I'm studying your instructions and rules. Where are you now, in or out of a trade, and where would I enter to be in steplock with you now?

Again thanks for the kind help

MGH
LR
  • #142
  • Oct 10, 2008 9:40am Oct 10, 2008 9:40am
Trade #6 update Long G/U from 1.7046

Stop loss - 1.6770


Trade #5 got stopped out for +192 pips

The candle with the arrow above it is the current setup bar when it closes. After the close we will move are stop to 5 pips below that and also put in are sell stop 5 pips below that as well.

-Sterling
Attached Image (click to enlarge)
Click to Enlarge Name: trade #6.gif Size: 49 KB
Founder of Day Trading Forex Live
  • #143
  • Oct 10, 2008 9:41am Oct 10, 2008 9:41am
Quoting Mgh
Hi Sterling and Mike.
I got it worked out, I had to reset the parameters and change the fid type. I'm ready to start trading now. It's great having help from you guys, and I look forward to this trading system and finally making some money, and not having to try and second guess these pairs.
I'm tired of losing and my bank account hates it too, not to mention my wife

So Sterling, whats the first step for me while I'm studying your instructions and rules. Where are you now, in or out of a trade, and where would I enter to be in steplock with you now?

Again thanks for the kind help

MGH
Basically the most important part is never trade more than 1 standard lot per $20000 in you account. If you have $2000 then trade 1 mini. I post my trades every 4 hours 2,6,10 AM and PM. Just taking my trades will give you my same results and give you time to learn the system yourself. If I can be of any more assistance let me know.

-Sterling
Founder of Day Trading Forex Live
  • #144
  • Edited 10:51am Oct 10, 2008 10:40am | Edited 10:51am
Chart Entries and exits explained
When price breaks the lower EMA your looking for a buy, when price breaks the higher EMA your looking for a sell. The arrows are only pointing to the reversal bar and setup bar and they indicate nothing more than that.

1.) The setup bar makes the lowest low and is followed up by a bar that breaks the setup bars high. You buy when the reversal bar breaks the setup bars high by 5 pips. You have to include spread on a buy so you should place a buy stop 8 pips (that includes my spread) above the setup bars high. Inital stop 5 pips below the low of the setup bar.

Does this mean that you will change your stop loss from 1.6770 to 5 ticks below the close of this new candle, and then add a new entry sell stop also 5 ticks below the close of this candle. So if this candle closes down, you will go from being long to being short?
You are now long from 1.7046

Stop loss - 1.6770


Trade #5 got stopped out for +192 pips

The candle with the arrow above it is the current setup bar when it closes. After the close we will move are stop to 5 pips below that and also put in are sell stop 5 pips below that as well.

Thanks again.....
LR
  • #145
  • Oct 10, 2008 11:00am Oct 10, 2008 11:00am
Quoting Mgh
Chart Entries and exits explained
When price breaks the lower EMA your looking for a buy, when price breaks the higher EMA your looking for a sell. The arrows are only pointing to the reversal bar and setup bar and they indicate nothing more than that.

1.) The setup bar makes the lowest low and is followed up by a bar that breaks the setup bars high. You buy when the reversal bar breaks the setup bars high by 5 pips. You have to include spread on a buy so you should place a buy stop 8 pips (that includes my spread) above the setup bars high. Inital stop 5 pips below the low of the setup bar.

Does this mean that you will change your stop loss from 1.6770 to 5 ticks below the close of this new candle, and then add a new entry sell stop also 5 ticks below the close of this candle. So if this candle closes down, you will go from being long to being short?
You are now long from 1.7046

Stop loss - 1.6770


Trade #5 got stopped out for +192 pips

The candle with the arrow above it is the current setup bar when it closes. After the close we will move are stop to 5 pips below that and also put in are sell stop 5 pips below that as well.

Thanks again.....



I think you have it! When price closes at 2PM EST we will adjust the stop loss to 5 pips below the current bar and put a sell stop order at the same price.-sterling
Founder of Day Trading Forex Live
  • #146
  • Oct 10, 2008 11:10am Oct 10, 2008 11:10am
Your explanations are very clear, thank you

Because of the G7 meeting and extreme market turmoil, would it be prudent to exit for the weekend and not have to worry about a hugh gap, that might be in the opposite direction of our trade?
Just a thought...

My chart shows a low of 1.6956 on the last candle, so I put a sell stop at 1.6951 plus spread, right?
Is your 2,6,10 am EST?

MGH
LR
  • #147
  • Oct 10, 2008 11:21am Oct 10, 2008 11:21am
Quoting Mgh
Your explanations are very clear, thank you

Because of the G7 meeting and extreme market turmoil, would it be prudent to exit for the weekend and not have to worry about a hugh gap, that might be in the opposite direction of our trade?
Just a thought...

My chart shows a low of 1.6956 on the last candle, so I put a sell stop at 1.6951 plus spread, right?

MGH
yep that's where the stopped will be moved to at 2. You don't have to include spread on the sell, only on the buy. Think about it for a minute I'm sure it will make sense. if not ill explain it better when I'm home and not on my phone. Not only will the stop be there but also the sell stop order, and ill give a stop loss. As far as not being in the market over the weekend, I always leave my trades in. This is a 50 50 gamble and over time should average out the same so I figure why not. You can do as you like tho.-Sterling
Founder of Day Trading Forex Live
  • #148
  • Oct 10, 2008 11:52am Oct 10, 2008 11:52am
Well, since I'm just going to start trading your system for the first time, I'll wait until Monday to begin, I don't want to be in the market this weekend.

I think I'm going to love this system

Just a note, GBP is at a key support going back to January 2006, if that breaks there could be a significant follow through to the downside, and if I understand your system, it would keep us in for the long haul. If it bounces up, then we'll be for that to. This is exactly the type of system I've been looking for, and the draw downs are very reasonable.

Have a great weekend and I hope your up 500 ticks on Monday.
LR
  • #149
  • Edited 1:35pm Oct 10, 2008 12:59pm | Edited 1:35pm
Trade #6 update

Stop loss - 1.6922

Sell stop - 1.6922

Sell stops stop loss -1.7186

Price is moving fast so get the order in fast if your gonna take it.

-sterling
Founder of Day Trading Forex Live
  • #150
  • Oct 10, 2008 1:51pm Oct 10, 2008 1:51pm
Quoting stersuhr
Trade #6 update

Stop loss - 1.6922

Sell stop - 1.6922

Sell stops stop loss -1.7186

Price is moving fast so get the order in fast if your gonna take it.

-sterling

why stoop loss 1.6922 .. for which entry this stoop loss , i got confuse
Never sell @ lower upward channel unless breacked and vise versa .
  • #151
  • Oct 10, 2008 1:55pm Oct 10, 2008 1:55pm
Image worth more than 1000 of words..

frinds here try to insert charts..and so explanation .. just to be every thing clear for us ... i am rally happy with this strategy


thanks for stersuhr
Never sell @ lower upward channel unless breacked and vise versa .
  • #152
  • Oct 10, 2008 1:59pm Oct 10, 2008 1:59pm
My chart doesn't have a 5 point price near 1.6922, would you please post a chart with your entry. The last candle has a low of 1.6956 on my chart
LR
  • #153
  • Oct 10, 2008 2:02pm Oct 10, 2008 2:02pm
Hey Howard

Let me think about that over the weekend...my job doesn't really afford me the ability to devote the time to post trade updates. What sterling does is definitely time consuming and we all appreciate that.

With that being said i do not want commit to something that I cannot keep up with simply because I cannot be available to post on a regular basis...that would be an injustice to what Sterling has accomplished with this thread.

On that note if you can be readily available for questions or comments and would like to post your test results of the Eur/Jpy pair or anyone else who can for that matter I will gladly defer to that individual with more time...just as long as all entries and exits follow the rules that Sterling has provided.

Please don't take this the wrong way...I am just not sure that I can be as available as one should be that is posting trade calls.

Mike


Quoting howard
Hi Mike

I see that Sterling is happy that you post your test results on EUR/JPY here, however it would be great if you could post all your trades in realtime using a charting with 4 hourly bars closing at the same times of 2-6-10 as sterling uses.
As you mentioned if we could achieve a good number of pips in a month on two pairs which move independently, that is all we need and is a great achievement with a pure mechanical system with no emotions involved.
  • #154
  • Oct 10, 2008 2:08pm Oct 10, 2008 2:08pm
wouldent you have been stopped out on your long trade and wasnt that trade in profit like 200PIPS?? im not sure i get this a trade in 200pips profit should never become a loss

isnt this the case for the recent move? or iam not understanding the system
  • #155
  • Oct 10, 2008 2:11pm Oct 10, 2008 2:11pm
Quoting avatarx51
wouldent you have been stopped out on your long trade and wasnt that trade in profit like 200PIPS?? im not sure i get this a trade in 200pips profit should never become a loss

isnt this the case for the recent move? or iam not understanding the system
You need to go back and read the entire thread. He closed that trade for +192 pips.
  • #156
  • Oct 10, 2008 6:07pm Oct 10, 2008 6:07pm
Quoting WedWed
why stoop loss 1.6922 .. for which entry this stoop loss , i got confuse
The stop loss was for trade #6 and it was actually 1.8920 not 22, typo my bad. The sell stop triggered so that would be concidered trade #7. We are still currently in trade #7 with the original stop.

-Sterling
Founder of Day Trading Forex Live
  • #157
  • Oct 10, 2008 6:10pm Oct 10, 2008 6:10pm
Quoting Mgh
My chart doesn't have a 5 point price near 1.6922, would you please post a chart with your entry. The last candle has a low of 1.6956 on my chart
Heres the chart for the current short position. The red arrow is the setup bar and the blue arrow is the reversal bar. Hope this helps.

-Sterling
Attached Image (click to enlarge)
Click to Enlarge Name: trade #6.gif Size: 50 KB
Founder of Day Trading Forex Live
  • #158
  • Oct 10, 2008 6:14pm Oct 10, 2008 6:14pm
Quoting avatarx51
wouldent you have been stopped out on your long trade and wasnt that trade in profit like 200PIPS?? im not sure i get this a trade in 200pips profit should never become a loss

isnt this the case for the recent move? or iam not understanding the system
It was never 200 pips in profit, more like 100 pips, and we werent "stopped out" in the classic sense. The market gave a sell signal at which point we closed the long for a loss and went short per the rules.

-Sterling
Founder of Day Trading Forex Live
  • #159
  • Edited 6:41pm Oct 10, 2008 6:22pm | Edited 6:41pm
We are currently short from 1.6920 with are stop at 1.7186.

Trade #1 -106 pips
Trade #2 -147 pips
Trade #3 +131 pips
Trade #4 -45 pips
Trade #5 +192 pips
Trade #6 -126 pips
Trade #7 pending

For the week we are negative -101 pips. Not a bad drawdown, but not a good week by any means. Ive never had a negative month in the last year with this system and I dont think its going to start now. By the end of Oct this system WILL be in positive pips. Please feel free to quote that last sentence Nov 1st

-Sterling
Founder of Day Trading Forex Live
  • #160
  • Oct 10, 2008 10:33pm Oct 10, 2008 10:33pm
I have been looking at this system and so far this is one of the best systems that i have seen on this fourm. It is so easy the baby on the e-trade commercials could trade this system using his blackberry phone. I have back tested all systems that i like and all i have to say is hell of a good job stersuhr. I will love to make BIG PIPS with this system for any one that polled this system as a NO you should really learn to trade this system, if you could not trade this you should find a new job or listen to what every one has to say about how to trade. I my self am a newbie and this is a great system for newbies. Again great job on this one and thanks..I do have to say that it was a little scared to leave the trade in for the weekend for a newbie but as i look in the past i wish that i would of. Anyone that follows the system is going to make some good pips. I will be following all rules as of monday so i will post my trades on this tread. I am going to injoy trading with every one trading this system.. good luck to all and happy trading this monday...
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