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4H 5EMA System

  • #401
  • Oct 22, 2008 3:43pm Oct 22, 2008 3:43pm
Quoting Arnold49
thanks, I get that now, but what would have happened if that downspike had gone down a little further and taken out the stop from the previous trade, would you have been out of the market waiting for a new setup bar or would you reverse and go short?

thanks Steve.
That candle could have ran as far as it wanted to in either direction. I made the rule that when a situation like this happens you take the price you entered and the most amount of pips you were in profit, cut that in half and put the stop there. So if your 300 pips in profit and have a canceled trade like this you would move the stop to +150 pips and wait for the next setup to move the stop and put a reversal order in. I used to put the stop back to the original location but then we got into this trade and were up like 1000 pips and I thought that is a stupid rule to do that so I made the new one.

As far as that trade goes tho the sell stop before it was cancelled becasue the trade failed so we were waiting for a new setup bar. At that point I moved the stop back to the original location ( I hadent made the new rules yet) but now we would have put the stop at half the max profit. Either way it wouldnt have affected the outcome. Hope that clears things up. Me and my cuz Eric are going to re-write the rules more clearly tonight so I hope that makes it easier to understand. None of the rules will change tho.

-Sterling
Founder of Day Trading Forex Live
  • #402
  • Oct 22, 2008 3:54pm Oct 22, 2008 3:54pm
thanks,
your explanation was very helpful,

due to your system I have nearly doubled my account!
so as you can understand I really want to know it inside out.

thanks again,
Steve.
  • #403
  • Oct 22, 2008 4:02pm Oct 22, 2008 4:02pm
Hello, i wanted to double check if this trade is in the right way, so i know i understood the system the way it is supposed to be, thanks for sharing your system.
PD: Notice that this trade has not happened yet, and might not happen
Attached Image (click to enlarge)
Click to Enlarge Name: Upcoming Trade 4-49-14 PM.png Size: 42 KB
  • #404
  • Oct 22, 2008 4:24pm Oct 22, 2008 4:24pm
Quoting Ronald Raygun
Questions in Blue
All hail Ronald Raygun!

I was beginning to wonder when you would show your face on this thread. Please Stersur, do give him all the information he needs cos i guess he's planning to make an EA for the system. Pity you said you have already paid someone to programme an EA but i am quite sure Ronald would do a great job on it.

Who knows maybe we can adopt the same system using the 1HR TF with an EA in place!

same system + lesser TF = more pips
Less is more...
  • #405
  • Oct 22, 2008 4:31pm Oct 22, 2008 4:31pm
Quoting ajantala
All hail Ronald Raygun!

I was beginning to wonder when you would show your face on this thread. Please Stersur, do give him all the information he needs cos i guess he's planning to make an EA for the system. Pity you said you have already paid someone to programme an EA but i am quite sure Ronald would do a great job on it.

Who knows maybe we can adopt the same system using the 1HR TF with an EA in place!

same system + lesser TF = more pips
I've been around for awhile actually. But yes, I do intend to code an EA for the november edition of your challenge.
That system is going to go up against a weekly trending system I've come up with. Both are completely mechanical and thus there will be no human error.
  • #406
  • Oct 22, 2008 4:35pm Oct 22, 2008 4:35pm
Quoting Arnold49
thanks,
your explanation was very helpful,

due to your system I have nearly doubled my account!
so as you can understand I really want to know it inside out.

thanks again,
Steve.

Hehehe.

Arnold i hope you are clinging tightly to your money management rules? I don't doubt the fact that you can double your account with this system especially considering the recent carrousellic move the market is experiencing. Just a piece of advise cos in forex trading its not how well but how far that determines your eventual success.
Less is more...
  • #407
  • Oct 22, 2008 4:47pm Oct 22, 2008 4:47pm
Quoting ajantala
Hehehe.

Arnold i hope you are clinging tightly to your money management rules? I don't doubt the fact that you can double your account with this system especially considering the recent carrousellic move the market is experiencing. Just a piece of advise cos in forex trading its not how well but how far that determines your eventual success.

money management is not really a problem, theres not much to manage LOL!

seriously though, yes I am fully aware of what you mean.

Steve.
  • #408
  • Oct 22, 2008 4:56pm Oct 22, 2008 4:56pm
the current bar is coming to a close, no new low or high, so no change?

hope that is right

Steve.
  • #409
  • Oct 22, 2008 5:20pm Oct 22, 2008 5:20pm
Quoting robby2007
Hello, i wanted to double check if this trade is in the right way, so i know i understood the system the way it is supposed to be, thanks for sharing your system.
PD: Notice that this trade has not happened yet, and might not happen
You got it right Robby.

-Sterling
Founder of Day Trading Forex Live
  • #410
  • Oct 22, 2008 5:32pm Oct 22, 2008 5:32pm
Could you post the rules as they stand and I will write an EA.

Duncan
  • #411
  • Oct 22, 2008 5:34pm Oct 22, 2008 5:34pm
Quoting Ronald Raygun
I've been around for awhile actually. But yes, I do intend to code an EA for the november edition of your challenge.
That system is going to go up against a weekly trending system I've come up with. Both are completely mechanical and thus there will be no human error.
Are you intending to make an EA for this and run the EA's head to head? Or run both systems manually and post your trades in your own thread. Im having ferrufx make one. It wont be to costly so no big deal. Plus from what I hear hes the best. Ronald I also hear is very good at it.

-Sterling
Founder of Day Trading Forex Live
  • #412
  • Oct 22, 2008 5:40pm Oct 22, 2008 5:40pm
Quoting ajantala
Hehehe.

Arnold i hope you are clinging tightly to your money management rules? I don't doubt the fact that you can double your account with this system especially considering the recent carrousellic move the market is experiencing. Just a piece of advise cos in forex trading its not how well but how far that determines your eventual success.
Yeah MM is very important. I've said it before and Ill say it again...dont trade more than 1 mini lot per $2000 in your account. This will allow for any drawdown because they do happen.

-Sterling
Founder of Day Trading Forex Live
  • #413
  • Oct 22, 2008 5:43pm Oct 22, 2008 5:43pm
Quoting Arnold49
the current bar is coming to a close, no new low or high, so no change?

hope that is right

Steve.
You got it right Arnold no change to the current buy stop order.

-Sterling
Founder of Day Trading Forex Live
  • #414
  • Oct 22, 2008 5:46pm Oct 22, 2008 5:46pm
Quoting Duncan
Could you post the rules as they stand and I will write an EA.

Duncan
Thanks for the offer Ducan. The rules are on the first page. I plan on rewording all the rules and putting them in a better order tonight so if you can wait till you see those posted to get the rules from that would be better. The rules are not going to change at all they are just going to be written in a better way so they are easier to understand. Thanks again Duncan, it is much appreciated!

-Sterling
Founder of Day Trading Forex Live
  • #415
  • Oct 22, 2008 6:21pm Oct 22, 2008 6:21pm
Yes there is an EA for this system but it is not very profitable yet.... I created another post in the programming section so I wouldn't clutter this thread up with EA nonsense

That thread can be found at
http://www.forexfactory.com/showthread.php?p=2298263#post2298263
  • #416
  • Oct 22, 2008 6:52pm Oct 22, 2008 6:52pm
Quoting maxss280
Yes there is an EA for this system but it is not very profitable yet.... I created another post in the programming section so I wouldn't clutter this thread up with EA nonsense

That thread can be found at
http://www.forexfactory.com/showthread.php?p=2298263#post2298263

Have you been able to use the EA for any demo or live trades??? If so what was the result of the EA?
  • #417
  • Oct 22, 2008 8:22pm Oct 22, 2008 8:22pm
Maxss280;

Don't take offense, but your EA does not follow the rules. Sterling can you please test the EA to confirm what I am saying?

TimeFreedom

Quoting maxss280
Yes there is an EA for this system but it is not very profitable yet.... I created another post in the programming section so I wouldn't clutter this thread up with EA nonsense

That thread can be found at
http://www.forexfactory.com/showthread.php?p=2298263#post2298263
  • #418
  • Oct 22, 2008 9:01pm Oct 22, 2008 9:01pm
Quoting TimeFreedom
Maxss280;

Don't take offense, but your EA does not follow the rules. Sterling can you please test the EA to confirm what I am saying?

TimeFreedom
Will do.

-Sterling
Founder of Day Trading Forex Live
  • #419
  • Oct 22, 2008 9:58pm Oct 22, 2008 9:58pm
Trade #17 continues to move in are favor, and is now up over +1,100 pips. At point #1 on the chart we had are second to last setup bar. The two bars following it could not make a higher high to trigger are buy stop so the trade was cancelled.

At point #2 on the chart we have are next setup bar. The trade before was cancelled so on the next bar we start looking for a setup bar again. This bar qualified for that because it broke the lower EMA by atleast 5 pips. Once again there was no reversal bar within two bars following so the trade is cancelled.

Sense we have no setup bar we have no where to put are stop. In this case (I havent wrote this into the rules yet, it hasent effected any trades but it might someday) you look at the maximum number of pips you were in profit and devide that number by two. So on this trade we went short at 1.7365 and it hit a low of 1.6134 for a max profit of +1,231 pips. You know devide the max pips in half and you come up with 615 pips. So you lock in 615 pips and the new stop is 1.6750. Now of course when we get the next setup bar you will use that but this rule is for when we have a failed setup bar and are in profit and need a stop.

-Sterling
Attached Image (click to enlarge)
Click to Enlarge Name: trade #17,#18 cont..gif Size: 50 KB
Founder of Day Trading Forex Live
  • #420
  • Oct 22, 2008 10:49pm Oct 22, 2008 10:49pm
It's about midnight EST. The current bar broke the lower ema so is a setup bar. It will close in 2 hours. Our stop will go 5 pips plus spread over the high, currently 1.6260, and will lock in a LOT of profit!
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