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4H 5EMA System

  • #361
  • Oct 22, 2008 6:23am Oct 22, 2008 6:23am
Quoting brainjt
this is reverse bar,? did you close short and are you long? correct entry 1,6436
SL low reverse bar + 5 + spread and also now there also sell stop?
colud you please answer my comments is oh key?
my entry at 1,6384 wasnot certainly correct, I tried only go to demo trading
bj
Please make sure so say your charts starting time. The room trades off of the times 2,6,10 AM and PM for new 4H candles. This will help clear things up if there is someone knew and they see 2 different looking charts.

-Sterling
Founder of Day Trading Forex Live
  • #362
  • Oct 22, 2008 6:25am Oct 22, 2008 6:25am
Quoting earret
I thought we would not enter into a long until price goes 5 pips beyond the high of the current setup bar at 1.6563.
You got it right. That bar made the lowest low and is therefore the setup bar. It now has two bars following that to trigger the buy.

-Sterling
Founder of Day Trading Forex Live
  • #363
  • Oct 22, 2008 6:28am Oct 22, 2008 6:28am
Quoting howard
The same applies to EJ if any one is following it

If the current bar closes without triggering the buy stop, it will become the new setup bar
Howard has it right as far as the system goes. The bar your chart is pointing to made a higher low that the bar howard was pointing to. Yes they both broke the 5EMA but so did all the other ones on the way down as well, and you kept using the lowest bar on the way down right. Same goes for the bottom.

-Sterling
Founder of Day Trading Forex Live
  • #364
  • Oct 22, 2008 6:30am Oct 22, 2008 6:30am
Quoting fx-char
IMHO you guys are using different broker, that closes 4H bars in different time zones. Therefore on the chart provided by Howard the condition is not met, while on your it is....
Yeah the charts are different...your both right.

-Sterling
Founder of Day Trading Forex Live
  • #365
  • Edited 6:42am Oct 22, 2008 6:32am | Edited 6:42am
Quoting killertrader
According to Rule 5, green candle does not qualify as a setup bar. \"It must also touch either the lower 5EMA or the higher 5EMA, not both.\"

My green candle (from 00:00 CST) fails to touch the lower 5EMA (it is fully below it) so if we are going strictly by the rules it does not qualify. The next candle (04:00 CST) does qualify as a setup bar, and so when it closes I will be looking to jump in long if price goes above its high by 8 pips.

Ok Im going to have to re word the rules on that one. By touch I mean go threw it and if it never touches it because its completly threw it, that means it definatly broke it. All it has to do is go threw it by 5 pips but if its completly below it and broke it by 500 pips thats ok to, 5 pips is just the minimum no maximum.

Ill be back around 3:30 to answer questions and post the chart for the day.

-Sterling
Founder of Day Trading Forex Live
  • #366
  • Oct 22, 2008 7:25am Oct 22, 2008 7:25am
Has anyone written an EA for this yet?

Duncan
  • #367
  • Oct 22, 2008 7:27am Oct 22, 2008 7:27am
Quoting howard
The setup bar is still the one shown with an arrow on my chart.

NO LONGS YET

If the current 4h bar closes without triggering the buy stop at the top of the setup bar, then the shown setup bar will be invalid and we will look for a new setup bar.
The bar with the arrow is no longer valid and the bar with the tick sign will be our new setup bar when closed at 2pm EST 6pm GMT
Attached Image (click to enlarge)
Click to Enlarge Name: gu 4h.gif Size: 18 KB
Regards
  • #368
  • Oct 22, 2008 7:29am Oct 22, 2008 7:29am
Quoting howard
The bar with the arrow is no longer valid and the bar with the tick sign will be our new setup bar when closed at 2pm EST 4pm GMT
The light blue one, right?
Less is more...
  • #369
  • Oct 22, 2008 7:32am Oct 22, 2008 7:32am
Quoting howard
The bar with the arrow is no longer valid and the bar with the tick sign will be our new setup bar when closed at 2pm EST 6pm GMT
Hi Sterling

Please confirm if this is correct
Regards
  • #370
  • Oct 22, 2008 7:33am Oct 22, 2008 7:33am
Quoting ajantala
The light blue one, right?
Yes the last bar
Regards
  • #371
  • Oct 22, 2008 8:27am Oct 22, 2008 8:27am
Quoting howard
Yes the last bar
you got it right howard! Thank for answering questions when I'm not around, its much appreciated!-sterling
Founder of Day Trading Forex Live
  • #372
  • Oct 22, 2008 8:36am Oct 22, 2008 8:36am
......
Never sell @ lower upward channel unless breacked and vise versa .
  • #373
  • Edited 8:57am Oct 22, 2008 8:40am | Edited 8:57am
Does the time zone ones broker uses affect the success of this system?
GBPUSD just did a crazy thing just now, it went against my buy trade by -204 pips but i already setup the reversal trade now so i am about 27 pips up on that presently! This wouldn't have happened with other brokers using different time zones i guess.
Less is more...
  • #374
  • Oct 22, 2008 8:57am Oct 22, 2008 8:57am
Quoting ajantala
Does the time zone ones broker uses affect the success of this system?
GBPUSD just did a crazy thing just now, it went against my buy trade by -204 pips but i already setup the reversal trade now so i am about 27 pips up on that presently!
In the long run maybe not but short term the results are different.

As I mentioned above for the bars closing at 2,6,10 EST, no longs were triggered and the position is still short
Regards
  • #375
  • Oct 22, 2008 9:11am Oct 22, 2008 9:11am
For the 12, 4, 8 CST brokers, if I am doing this correctly, a long was triggered, got stopped out, and now we are short again.
  • #376
  • Oct 22, 2008 9:35am Oct 22, 2008 9:35am
Quoting killertrader
For the 12, 4, 8 CST brokers, if I am doing this correctly, a long was triggered, got stopped out, and now we are short again.
Yeah killertrader, guess we are both brothers-in-distress for now but i have no doubt it would be profitable in the long run.
Less is more...
  • #377
  • Oct 22, 2008 9:38am Oct 22, 2008 9:38am
Quoting ajantala
Yeah killertrader, guess we are both brothers-in-distress for now but i have no doubt it would be profitable in the long run.
I'm confident in it. But I missed getting filthy rich on the long short like these other guys.
  • #378
  • Oct 22, 2008 9:42am Oct 22, 2008 9:42am
Quoting killertrader
I'm confident in it. But I missed getting filthy rich on the long short like these other guys.
You can say that again!
Less is more...
  • #379
  • Oct 22, 2008 9:56am Oct 22, 2008 9:56am
Quoting Duncan
Has anyone written an EA for this yet?

Duncan
Price action of late has been favorable for a trending system. How has this system performed during the tight ranging of early summer?
  • #380
  • Oct 22, 2008 10:53am Oct 22, 2008 10:53am
Quoting ajantala
Does the time zone ones broker uses affect the success of this system?
GBPUSD just did a crazy thing just now, it went against my buy trade by -204 pips but i already setup the reversal trade now so i am about 27 pips up on that presently! This wouldn't have happened with other brokers using different time zones i guess.
I havent backtested the 4, 8, 12 4H candle close but I think over the course of months it would all even out. It wouldnt make sense for one time to work and the other not to. IMO

-Sterling
Founder of Day Trading Forex Live
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