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4H 5EMA System

  • #521
  • Oct 26, 2008 10:32pm Oct 26, 2008 10:32pm
Quoting alllivemind
As of this writing, the first bar of the week on Alpari looks like a setup bar. I closes at 7 pm PST and so I believe our first trade of the week will be to go long 5 pips plus spread above the high, which currently is 1.5877. So unless that high is broken in the next 30 minutes my order will be 1.5886 (long). The low of the current setup bar is 1.5654 so my sell stop and reversal trade will be 1.5649. Of course, that short signal is good only if the long order is filled.
Michael

edit: wow! right after I posted it dropped over 100 pips in less than 10 mins, so the odds of that long trade being filled just went down. Since we are not in a trade, I don't know that there is any official short signal. Sterling, given the 50% rule that got us out of our short last week, would you have a short entry below the recent low?
You got it right on the buy limit order. The first bar of the week was a setup bar to go long. As for an entry to go short there isnt one. We exited the trade on Friday because of the 50% retracement rule and we have to wait for a proper entry.

-Sterling
Founder of Day Trading Forex Live
  • #522
  • Oct 26, 2008 10:39pm Oct 26, 2008 10:39pm
Quoting stersuhr
You got it right on the buy limit order. The first bar of the week was a setup bar to go long. As for an entry to go short there isnt one. We exited the trade on Friday because of the 50% retracement rule and we have to wait for a proper entry.

-Sterling
Thanks Sterling,
That's how I set it up. Those on the alternate TF are already long.
  • #523
  • Oct 26, 2008 10:45pm Oct 26, 2008 10:45pm
Quoting alllivemind
Thanks Sterling,
That's how I set it up. Those on the alternate TF are already long.
Which timeframe would that be?

-Sterling
Founder of Day Trading Forex Live
  • #524
  • Oct 26, 2008 11:01pm Oct 26, 2008 11:01pm
[quote=alllivemind;2305760]As of this writing, the first bar of the week on Alpari looks like a setup bar. I closes at 7 pm PST and so I believe our first trade of the week will be to go long 5 pips plus spread above the high, which currently is 1.5877. So unless that high is broken in the next 30 minutes my order will be 1.5886 (long). The low of the current setup bar is 1.5654 so my sell stop and reversal trade will be 1.5649. Of course, that short signal is good only if the long order is filled.
Michael

alllivemind
Do you trade this on the 4 hr in pst time...it is a challenge getting up at 3:oo am to check the 4 hr candle. No? Any thoughts on maybe an 8 hour span on a broker who has 8 hour candles i.e. gft. I like Pips but I also like to sleep 5 to 7 hours without a wake up...
  • #525
  • Oct 26, 2008 11:03pm Oct 26, 2008 11:03pm
Ive been with Alpari-us for a while and 6 on there charts is always midnight for me, but now its 5??? Anyone know whats up with that?

-Sterling
Founder of Day Trading Forex Live
  • #526
  • Oct 26, 2008 11:14pm Oct 26, 2008 11:14pm
Quoting stersuhr
Ive been with Alpari-us for a while and 6 on there charts is always midnight for me, but now its 5??? Anyone know whats up with that?

-Sterling
Europe changed their times. It's "Fall Back" for them. They're all on standard time now. The US will do the same next week.
  • #527
  • Oct 26, 2008 11:22pm Oct 26, 2008 11:22pm
Quoting Ronald Raygun
Europe changed their times. It's \"Fall Back\" for them. They're all on standard time now. The US will do the same next week.
lol its true the simplest answers are usually right...that didnt even cross my mind.

-Sterling
Founder of Day Trading Forex Live
  • #528
  • Oct 27, 2008 12:07am Oct 27, 2008 12:07am
alllivemind
Do you trade this on the 4 hr in pst time...it is a challenge getting up at 3:oo am to check the 4 hr candle. No? Any thoughts on maybe an 8 hour span on a broker who has 8 hour candles i.e. gft. I like Pips but I also like to sleep 5 to 7 hours without a wake up...[/quote]

I have no problem getting up just for 5 min, that's all it takes. I am looking into 8 hr charts though, but don't have the time to manually research it. I suspect they may be more profitable, and hope that when a EA comes out that someone with the know how can test 8 hr TF. I have heard that there is a conversion program that works on MT4 type platforms to give us 8 hr charts. Does anyone know how it works?
  • #529
  • Oct 27, 2008 12:11am Oct 27, 2008 12:11am
Quoting alllivemind
alllivemind
Do you trade this on the 4 hr in pst time...it is a challenge getting up at 3:oo am to check the 4 hr candle. No? Any thoughts on maybe an 8 hour span on a broker who has 8 hour candles i.e. gft. I like Pips but I also like to sleep 5 to 7 hours without a wake up...
I have no problem getting up just for 5 min, that's all it takes. I am looking into 8 hr charts though, but don't have the time to manually research it. I suspect they may be more profitable, and hope that when a EA comes out that someone with the know how can test 8 hr TF. I have heard that there is a conversion program that works on MT4 type platforms to give us 8 hr charts. Does anyone know how it works?[/quote]

If you think the stops are big on the 4H chart with this system, youll have huge stops with a 8H chart. But if its more profitable then thats alright I guess.

-Sterling
Founder of Day Trading Forex Live
  • #530
  • Oct 27, 2008 4:00am Oct 27, 2008 4:00am
At the time of writing 9am GMT (5am EST), the system is still flat according to the reverse trade rules.

Is this what every one is seeing?
Regards
  • #531
  • Edited 5:10am Oct 27, 2008 4:54am | Edited 5:10am
Quoting alllivemind
alllivemind
Do you trade this on the 4 hr in pst time...it is a challenge getting up at 3:oo am to check the 4 hr candle. No? Any thoughts on maybe an 8 hour span on a broker who has 8 hour candles i.e. gft. I like Pips but I also like to sleep 5 to 7 hours without a wake up...
I have no problem getting up just for 5 min, that's all it takes. I am looking into 8 hr charts though, but don't have the time to manually research it. I suspect they may be more profitable, and hope that when a EA comes out that someone with the know how can test 8 hr TF. I have heard that there is a conversion program that works on MT4 type platforms to give us 8 hr charts. Does anyone know how it works?[/quote]

I can try to manually backtest the 8 hr TF....but my chart bars would be 4am, 12 noon, 8pm, 4am... I'll see what I can do in the next few days. Attached is a pic of 8 hr GU.

Would we use the same rules ..ie 5 pips above and below, or would we give it a bit more room to trigger??
Attached Image (click to enlarge)
Click to Enlarge Name: GBP_USD Spot.png Size: 14 KB
  • #532
  • Oct 27, 2008 5:14am Oct 27, 2008 5:14am
Quoting alllivemind
alllivemind
Do you trade this on the 4 hr in pst time...it is a challenge getting up at 3:oo am to check the 4 hr candle. No? Any thoughts on maybe an 8 hour span on a broker who has 8 hour candles i.e. gft. I like Pips but I also like to sleep 5 to 7 hours without a wake up...
I have no problem getting up just for 5 min, that's all it takes. I am looking into 8 hr charts though, but don't have the time to manually research it. I suspect they may be more profitable, and hope that when a EA comes out that someone with the know how can test 8 hr TF. I have heard that there is a conversion program that works on MT4 type platforms to give us 8 hr charts. Does anyone know how it works?[/quote]

Here is the indicator which gives you 8hr or any other TF for MT4, if anybody would like to test the system on 8 hr time frame
Attached File(s)
File Type: mq4 Period_Converter_Opt.mq4   15 KB | 496 downloads
Regards
  • #533
  • Oct 27, 2008 5:19am Oct 27, 2008 5:19am
Quoting howard
I have no problem getting up just for 5 min, that's all it takes. I am looking into 8 hr charts though, but don't have the time to manually research it. I suspect they may be more profitable, and hope that when a EA comes out that someone with the know how can test 8 hr TF. I have heard that there is a conversion program that works on MT4 type platforms to give us 8 hr charts. Does anyone know how it works?
Here is the indicator which gives you 8hr or any other TF for MT4, if anybody would like to test the system on 8 hr time frame[/quote]

Hi Howard:

Can this converter change my Mt4 timeframes (interbankfx) from 00:00, 4:00, 8:00, 12:00 etc... to 2:00, 6:00, 10:00 etc... like alpari charts??
  • #534
  • Oct 27, 2008 5:42am Oct 27, 2008 5:42am
Quoting batesmotel
Here is the indicator which gives you 8hr or any other TF for MT4, if anybody would like to test the system on 8 hr time frame
Hi Howard:

Can this converter change my Mt4 timeframes (interbankfx) from 00:00, 4:00, 8:00, 12:00 etc... to 2:00, 6:00, 10:00 etc... like alpari charts??[/quote]

No, it can generate any time frame chart but the start of candles is dependent on the broker's servers.

The only way to change bars' start and close is to change broker.
Regards
  • #535
  • Oct 27, 2008 11:25am Oct 27, 2008 11:25am
Quoting howard
Hi Howard:

Can this converter change my Mt4 timeframes (interbankfx) from 00:00, 4:00, 8:00, 12:00 etc... to 2:00, 6:00, 10:00 etc... like alpari charts??
No, it can generate any time frame chart but the start of candles is dependent on the broker's servers.

The only way to change bars' start and close is to change broker.[/quote]

Hey howard thanks for the indicator...im interested in trying 8 hour candles. I might backtest that tonight...if I do ill post my results.

-Sterling
Founder of Day Trading Forex Live
  • #536
  • Oct 27, 2008 11:34am Oct 27, 2008 11:34am
Quoting howard
At the time of writing 9am GMT (5am EST), the system is still flat according to the reverse trade rules.

Is this what every one is seeing?
Yeah the system is still flat for the week. I put the indictor into the idnicator section of alpari and loaded it and it dosent do anything. Anyone know what im doing wrong?

-Sterling
Founder of Day Trading Forex Live
  • #537
  • Oct 27, 2008 12:37pm Oct 27, 2008 12:37pm
Quoting stersuhr
Yeah the system is still flat for the week. I put the indictor into the idnicator section of alpari and loaded it and it dosent do anything. Anyone know what im doing wrong?

-Sterling
Sterling,
I do see that we are flat so far for the week, but shouldn't we have a buy order above the last setup bar, (8:00 Alpari)? The high of that bar is 1.5661. For me that order would be 1.5670.

edit: I typed in the above, over 50 pips away, within 10 minutes the market screamed up and filled my order, so I am now long at 1.5670. Anyone else?
  • #538
  • Oct 27, 2008 12:51pm Oct 27, 2008 12:51pm
Allivemind

I'm with you...long same price
  • #539
  • Oct 27, 2008 1:00pm Oct 27, 2008 1:00pm
Quoting alllivemind
Sterling,
I do see that we are flat so far for the week, but shouldn't we have a buy order above the last setup bar, (8:00 Alpari)? The high of that bar is 1.5661. For me that order would be 1.5670.

edit: I typed in the above, over 50 pips away, within 10 minutes the market screamed up and filled my order, so I am now long at 1.5670. Anyone else?
the way I saw it was:
the first bar was a valid setup bar,the next two didn't trigger a buy so became invalid, the next bar was a valid setup bar and the last bar broke it's high, so now i'm long from 1.5499

Steve.
  • #540
  • Oct 27, 2008 1:06pm Oct 27, 2008 1:06pm
Quoting Arnold49
the way I saw it was:
the first bar was a valid setup bar,the next two didn't trigger a buy so became invalid, the next bar was a valid setup bar and the last bar broke it's high, so now i'm long from 1.5499

Steve.
Steve, are you using the Alpari or those timeframes? Seems to me that you are. Although you got a much better entry than we did it is not the system. Are you using the Alpari bar of 12:00? That is not a setup bar, as it did not make a lower low. The bar before it is. At this point though, I wish I was long at your price!
Michael
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