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Cornflower Hourly System

  • #1,601
  • Edited 11:36am Oct 14, 2008 11:07am | Edited 11:36am
Iceman,

Thanks for your wonderful explaination^^
What I wonder is how do u adjust the take profit of 2nd position
since I saw u got +25, sometimes +43, +52, +80... ?

The second question is where should I put the entry, 24EMA or 43EMA?
Because sometimes u enter at 43EMA,
but 24EMA is your first choice nearly 90% of position.

Thank you for answering my questions ^^

God Bless
  • #1,602
  • Oct 14, 2008 11:54am Oct 14, 2008 11:54am
Quoting qwer2004
Iceman,

Thanks for your wonderful explaination^^
What I wonder is how do u adjust the take profit of 2nd position
since I saw u got +25, sometimes +43, +52, +80... ?

The second question is where should I put the entry, 24EMA or 43EMA?
Because sometimes u enter at 43EMA,
but 24EMA is your first choice nearly 90% of position.

Thank you for answering my questions ^^

God Bless
Qwer,

My decision to take profit is based off of a few things. First is if there is a pivot line close I will take profit a bit short of that. Second, on monday's there is usually more follow through for whatever reason so I will be more patient and take profit at a higher level. Third, I take profit on both positions at +25 when I have had somewhat of a losing day and just need the pips and the market isn't really following through. That has burnt me though because sometimes the real trends happens in the NY afternoon which is my favorite time to trade because there is less whipsaw volatility.

I take most positions at the 24 ema but I have changed a couple of things and have mentioned these sparingly. I don't really trade the GBPUSD much anymore except on monday's because there is more trending movement BUT I still compare what is going on in the GBPUSD with the EURUSD.

That is because if, for example, there is a downtrend and both are retracing I will take a look over to the GBP. If the GBP has already broken the 24 and 43 to the upside then I will move my entry on the EUR to the 43. That way I know that I have a less chance of getting stopped. I don't really reference this too often in my descriptions so I thank you for asking that great question.

God Bless you too and I hope I answered your questions fully.
Chance favors the prepared mind.
  • #1,603
  • Oct 14, 2008 12:00pm Oct 14, 2008 12:00pm
Very frustrating day for me. Box #1-3 are overnight trades that were perfect that I was not around for. Hey! I've got to sleep sometime!! Those trades would have helped me out too.

Box #4 is my first trade of the morning which resulted in a -25 and -25 loss. Tough too because the market came right back down. Box #5 was the same setup but the EUR rocketed upwards after that entry for another -25 and -25.

So I thought for sure that this would be a perfect retrace on the upside but Box #6 was another loser for -25 and -25. I didn't really like the trade becaue of the stiff resistance at R1 but I had to take if in hopes of higher highs.

Box #7 was a nice setup that I actually entered just a little above the 24 at the first spike upward. This is where I took +25 and +25 because I just wanted to make back what was lossed.

A tough day where there was plenty of movement but no clean retracements early enough in the trend. So -100 pips on the day. Not too bad after yesterday and if we could all stay up 24hours a day I could get a lot more pips in the bank!

God Bless.
Attached Image (click to enlarge)
Click to Enlarge Name: cornflower eurusd 5min 10-14-08.jpg Size: 131 KB
Chance favors the prepared mind.
  • #1,604
  • Oct 14, 2008 12:32pm Oct 14, 2008 12:32pm
Quoting iceman777
Qwer,

My decision to take profit is based off of a few things. First is if there is a pivot line close I will take profit a bit short of that. Second, on monday's there is usually more follow through for whatever reason so I will be more patient and take profit at a higher level. Third, I take profit on both positions at +25 when I have had somewhat of a losing day and just need the pips and the market isn't really following through. That has burnt me though because sometimes the real trends happens in the NY afternoon which is my favorite time to trade because there is less whipsaw volatility.

I take most positions at the 24 ema but I have changed a couple of things and have mentioned these sparingly. I don't really trade the GBPUSD much anymore except on monday's because there is more trending movement BUT I still compare what is going on in the GBPUSD with the EURUSD.

That is because if, for example, there is a downtrend and both are retracing I will take a look over to the GBP. If the GBP has already broken the 24 and 43 to the upside then I will move my entry on the EUR to the 43. That way I know that I have a less chance of getting stopped. I don't really reference this too often in my descriptions so I thank you for asking that great question.

God Bless you too and I hope I answered your questions fully.
Thanks a LOT ^^
I really appreicate your help, your posts everyday and what others did.

God Bless
  • #1,605
  • Oct 14, 2008 2:38pm Oct 14, 2008 2:38pm
Hi ya Everyone,

Great posts and charts Iceman777, Bob_inabottle, and Kodflakes....thanx muchly for the in depth info ..

Iceman777, I was wondering if you could tell me or post your pivot line indicator here and is it actually used on only the 5min or can it be used on a higher TF?

Good to see everyone having great success with this system ..

Adrian
  • #1,606
  • Oct 14, 2008 4:49pm Oct 14, 2008 4:49pm
Hey all I had a really frustating day as well Iceman so I went back and reread some rules found some of the instances I was forgetting. This style was set to catch the first move as you can see in my posts here I missed these but wow the would have been great. These are on the 15m so now Im looking for them on the 30m. One is the GY and the other is the EY. But since I was looking for every hit that closed or bounced off of the area in the 12-24 and took some losses today I thought it might be good to share.
Attached Image (click to enlarge)
Click to Enlarge Name: cornflower.JPG Size: 31 KB
Attached Image
  • #1,607
  • Oct 15, 2008 1:11am Oct 15, 2008 1:11am
Quoting aarangio
Hi ya Everyone,

Great posts and charts Iceman777, Bob_inabottle, and Kodflakes....thanx muchly for the in depth info ..

Iceman777, I was wondering if you could tell me or post your pivot line indicator here and is it actually used on only the 5min or can it be used on a higher TF?

Good to see everyone having great success with this system ..

Adrian
You're welcome Adrian. I will try to attach pivot indicator.

God Bless.
Attached File(s)
File Type: mq4 Pivots.mq4   6 KB | 428 downloads
Chance favors the prepared mind.
  • #1,608
  • Oct 15, 2008 2:07am Oct 15, 2008 2:07am
Great BIG thanks for that Iceman777 ..
Sorry, i was also wondering what TF's could I use that on as well?

Also I was wondering on these settings have you just changed the 50 to 43 and the 21 to 24?
Post#89
http://www.forexfactory.com/showthre...t=26205&page=6

Big thanx,
Adrian

Quoting iceman777
You're welcome Adrian. I will try to attach pivot indicator.

God Bless.
  • #1,609
  • Oct 15, 2008 2:55am Oct 15, 2008 2:55am
Ive been missing trades lately but noticed something on the 5m I noticed that using the 8, 12, 24 as an indicator in a sense. Now once they cross I noticed that they tend to move but lately the cornflower pull back just does not seem to happen till late in the move. So I started looking for the cross highlighted with a blue square then looking for the first pull back and a close, real close to the 24 only. The attached chart shows two of these entries and a cornflower opportunity that I missed that I just put a green circle with an arrow in it.

There is so much up and down movement Im thinking this can be good way to catch these mini trends. If I remember right Iceman is trading real similar to this. Looks that you can put a real tight stop on this as well. Im going thru old charts and with these agzact rules you can know if it fails in the next 5m candle or set your stop above/below the previous candles high/low. As soon as I get more real time trades Ill post
Attached Image (click to enlarge)
Click to Enlarge Name: gy5 minute cornflower 10_15 149am.JPG Size: 57 KB
  • #1,610
  • Oct 15, 2008 2:25pm Oct 15, 2008 2:25pm
Quoting aarangio
Great BIG thanks for that Iceman777 ..
Sorry, i was also wondering what TF's could I use that on as well?

Also I was wondering on these settings have you just changed the 50 to 43 and the 21 to 24?
Post#89
http://www.forexfactory.com/showthre...t=26205&page=6

Big thanx,
Adrian
Aarangio,

I believe you can use that pivot file for any TF.

Yes, I only changed to 43 from 50 and 24 from 21. I also changed the 12 to 16. Hope this helps!

God Bless.

I will post today's trades tomorrow because I am still in a EUR trade that developed quite late after this big trend finally pulled back!
Chance favors the prepared mind.
  • #1,611
  • Oct 15, 2008 5:54pm Oct 15, 2008 5:54pm
Here is ome from ey got in 134.18 at the close of the arrow Im at break even right now looking for an exit.
Attached Image (click to enlarge)
Click to Enlarge Name: ey 5m corn 10_15 550pm.JPG Size: 87 KB
  • #1,612
  • Oct 15, 2008 9:27pm Oct 15, 2008 9:27pm
Quoting kodflakes
Here is ome from ey got in 134.18 at the close of the arrow Im at break even right now looking for an exit.
Well got a signal to exit at 135.38
  • #1,613
  • Oct 16, 2008 8:58am Oct 16, 2008 8:58am
Some crazy markets with all of the frenzy you would think that some systems would fall apart but trading a retracement of a trend has kept working.

Box #1 is a trade that I wasn't awake for and would have resulted in -25 pips. Box #2 is a nice trade that I took but resulted in a -25 and -25 loss. Box #3 was what I thought, a nice trade but missed my initial profit by 2 pips or so and I took a -25 and -25 loss becaue of the spike up.

Box #4 was a solid trade that I was quite motivated to take. After the spike upward failed and the EMA's hadn't even had time to squeeze together or reverse to the upside, I knew that I could take that short. I took +25 and just a simple +50 on that one since there was no profit targets that I could muster up.

Box #5 was another nice trade that I also took +25 and +50. I was a bit worried because of the close proximity of the S1 line but it broke through quite easily and hit my limit.

So yesterday was +50 pips. Not too bad at all.

God Bless.
Attached Image (click to enlarge)
Click to Enlarge Name: cornflower eurusd 5min 10-15-08.jpg Size: 119 KB
Chance favors the prepared mind.
  • #1,614
  • Oct 16, 2008 11:11am Oct 16, 2008 11:11am
Quoting iceman777
Box #2 is a nice trade that I took but resulted in a -25 and -25 loss.
That cracks me up , very good work on getting some pips in tough times.... both of you
  • #1,615
  • Oct 16, 2008 11:57am Oct 16, 2008 11:57am
Quoting iceman777
Aarangio,

I believe you can use that pivot file for any TF.

Yes, I only changed to 43 from 50 and 24 from 21. I also changed the 12 to 16. Hope this helps!

God Bless.

I will post today's trades tomorrow because I am still in a EUR trade that developed quite late after this big trend finally pulled back!
Hi ya Iceman777,

Big thanks for your help once again ..

I'm using a 5/12/24/50 Cornflower set up blended in with the Bagovino method and it's working well through this crazy market..
Geeze!!...and i was starting to think i was the only one getting tossed around the last few days in this market ..

Good trading to everyone..

Adrian
  • #1,616
  • Oct 16, 2008 11:19pm Oct 16, 2008 11:19pm
Well things are alittle slow right now at 2am EST. So I will update yesterday's trades.

Box #1 is a trade that I missed but would have beena nice profit. Box #2 is when I woke up and saw that the GBP hadn't retraced at all so I took the short at the 43 instead. Perfect entryand took +25 and +44 at the S1 Pivot.

Box #3 was a nice setup but continued to fall so -25 and -25. Box #4 is was a short on the retrace after a breathrough of the longer term EMA. It has worked most of the time but this was some choppy movement at the time in comparison to the EMA's. -25 and -25 on that one too.

Box #5 was not a trade I wanted to even take because of the double top formation at the pivot line so I only took a single position. -25.

Box #6 is where I got my redemption and played the retrace/breakout of the longer term EMA. 3485 entry and exits at 3460 and 3421 for +25 and +64. The reason I chose 3421 is because of the recent low at boxes #3 and #4.

Box #7 hit nicely for +25 and +0. Just enough of a spike downward to give me that profit. Glad I was watching of I would have missed the breakeven move for my stop. Box #8 is a place where a lot of entries could have taken place but I usually wait at this point for lower lows or a new trend to the upside. Easy profit could have been taken too because of all the bouncing around.

Box #9 was a perfect trade that I took +25 on one position.

So today I missed some profit but still took in 83 pips on the day. Missed that magical 100 though.

God Bless you all.
Attached Image (click to enlarge)
Click to Enlarge Name: cornflower eurusd 5min 10-16-08.jpg Size: 130 KB
Chance favors the prepared mind.
  • #1,617
  • Oct 16, 2008 11:25pm Oct 16, 2008 11:25pm
Quoting aarangio
Hi ya Iceman777,

Big thanks for your help once again ..

I'm using a 5/12/24/50 Cornflower set up blended in with the Bagovino method and it's working well through this crazy market..
Geeze!!...and i was starting to think i was the only one getting tossed around the last few days in this market ..

Good trading to everyone..

Adrian
Aarangio,

It is funny that you mention the bagovino method. I was sort of mixing the two at one point as well! I loved it but I wanted to focus on one method and this turned out to be the one that I was most comfortable with.

If you are getting tossed around (meaning losing money) remember this: risk is the only thing that a trader can control. You know what you can lose if you set a stop. Keep trading until the probabilities of your edge take a hold.

Seems like some good movement earlier that was missed on the EUR. GBP has been very choppy yesterday and somewhat today. If both get back into a trend then we can expect things to be nice to us again. I don't know if that will happen though with how much correction we have had recently. Just my two cents.

God Bless you, friend.
Chance favors the prepared mind.
  • #1,618
  • Oct 16, 2008 11:28pm Oct 16, 2008 11:28pm
Quoting bob_inabottle
That cracks me up , very good work on getting some pips in tough times.... both of you
Hey Bob! You better watch your mouth!! Hahaha. J/K. Please show us your infinite wisdom on the 4hourly chart. I enjoy your trade examples and thanks to you and kod we are keeping this thing alive.

Many others are beginning to participate as well. Hopefully our trials and successes can contribute to someone's "lightbulb" someday.

God Bless you.
Chance favors the prepared mind.
  • #1,619
  • Oct 17, 2008 3:00am Oct 17, 2008 3:00am
Thanks Ice for your nice words, People sit up and read what Iceman777 has to say... he has been pulling some pretty nice pips day.... after day.

Now this here 4 Hour has not been giving anything away this week, I took a EUR trade tonight... not feeling that super about it but the trade was there so lets see how she plays out.

Cornflower Rocks
  • #1,620
  • Oct 17, 2008 3:33am Oct 17, 2008 3:33am
1st Profit target hit, free trade now
Attached Image (click to enlarge)
Click to Enlarge Name: Eur.jpg Size: 117 KB
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