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4H 5EMA System

  • #601
  • Oct 28, 2008 8:56am Oct 28, 2008 8:56am
I think I got alot of the bugs worked out and found out why there were missing trades for some of you. If there are any errors with this EA please post them at http://www.forexfactory.com/showthread.php?t=118631 so we don't clutter up this thread .

Thanks
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File Type: mq4 4HR5EMASystemV1.5.mq4   9 KB | 605 downloads
  • #602
  • Oct 28, 2008 10:51am Oct 28, 2008 10:51am
Quoting stersuhr
Trade #22 was stopped out for -167 pips and we are currently short from 1.5498 with a stop of 1.5758.

-Sterling
Sterling,

That short trade is still open. I have also put the pending buy-stop order after the reversal bar from 08:00 has closed.

The bar from 12:00 made another valid setup bar (slightly higher high and a higher low). Do we place another sell-stop ?...or we keep the current short and the pending buy-stop?

thanks.
  • #603
  • Edited 12:53pm Oct 28, 2008 11:56am | Edited 12:53pm
Hi Sterling,

I've some question about weekend. I found in first post rule: "Trades are not carried into the weekend. Close all open trades 5 minutes before your broker (http://www.forexfactory.com/brokers.php) closes. On Sunday at open put your trade in if nothing has changed. If the gap gives a signal the other direction open the trade in the direction of the new signal."

I can't find post where You add this rule, so my question. I'm analyst and programmer and I like precision (I make some activity diagrams for this strategy and plan to make EA later). What do You mean by "nothing has changed" - does it mean that Sunday open price is about X pips from Friday Close ? How much is X ?
Second question - there is old trading strategy of trading gap - closing gap. If gap gives a signal (in other direction) it could be stoped by price closing that gap. So maybe is better to trade first setup bar on Sunday/Monday ?

Thanks,

Andrew
  • #604
  • Oct 28, 2008 2:21pm Oct 28, 2008 2:21pm
Quoting viperzz
I'm thinking if it hits that stop loss, it should be reversed into a buy...so a buy stop there should be there as well, just going by the rule that you always place a reverse order with your stop after the bar that triggered the trade( reverse) closes which is has done. I have put a buy stop there at the same as the SL, of course I could be wrong. But if we don't put a buy there the price could hit the SL and just keep going up and up and up and we won't be in it?
Yeah the short got stopped out and we are in a buy. Ill have the daily chart later with the current pip count.

-Sterling
Founder of Day Trading Forex Live
  • #605
  • Oct 28, 2008 2:23pm Oct 28, 2008 2:23pm
Quoting kien27
Hi Viper and Sterling,

i trade from a different time frame, thus the bars are slightly different, but when we entered the short trade the reverse bar although did not hit our stop it didn't hit the lower 5EMA line etheir, therefore not qualifying as a setup bar for the long side. do we still place the reversal buy according to the rules? once the bar has ended. please confirm.
Yes you always have a reversal order at the stop loss. You put the reversal order in once the reversal bar closes.

-Sterling
Founder of Day Trading Forex Live
  • #606
  • Oct 28, 2008 2:25pm Oct 28, 2008 2:25pm
Quoting fx-char
Sterling,

That short trade is still open. I have also put the pending buy-stop order after the reversal bar from 08:00 has closed.

The bar from 12:00 made another valid setup bar (slightly higher high and a higher low). Do we place another sell-stop ?...or we keep the current short and the pending buy-stop?

thanks.
Please post a chart I use alpari which is a different time frame I believe.

-Sterling
Founder of Day Trading Forex Live
  • #607
  • Oct 28, 2008 2:29pm Oct 28, 2008 2:29pm
Quoting Andrew_e
Hi Sterling,

I've some question about weekend. I found in first post rule: \"Trades are not carried into the weekend. Close all open trades 5 minutes before your broker (\"http://www.forexfactory.com/brokers.php\") closes. On Sunday at open put your trade in if nothing has changed. If the gap gives a signal the other direction open the trade in the direction of the new signal.\"

I can't find post where You add this rule, so my question. I'm analyst and programmer and I like precision (I make some activity diagrams for this strategy and plan to make EA later). What do You mean by \"nothing has changed\" - does it mean that Sunday open price is about X pips from Friday Close ? How much is X ?
Second question - there is old trading strategy of trading gap - closing gap. If gap gives a signal (in other direction) it could be stoped by price closing that gap. So maybe is better to trade first setup bar on Sunday/Monday ?

Thanks,

Andrew
What I mean is did market gap and stop the trade you were in Friday out? If it did that you would enter in the other direction because it was stopped out. Basically the best way I can explain that is think of it as there being no weekend and everything is normal. So if there is a buy signal you buy like there was never a gap and if the trade you had on friday should still be there then re-enter it. If the last bar on friday was a setup bar and market gapped and triggered that trade then enter it. Just trade the system as normal, just dont have a position or orders over the weekend. I hope this makes sense.

-Sterling
Founder of Day Trading Forex Live
  • #608
  • Oct 28, 2008 3:00pm Oct 28, 2008 3:00pm
Quoting stersuhr
Please post a chart I use alpari which is a different time frame I believe.

-Sterling
Attached is a screen shot(Alpari US). I was short from 1.5498 with S/L 1.5758. That trade was placed on the candle indicated with the 1-st red arrow. Then after the closure of the reversal bar(the one immediately after the setup bar) I placed the reversal order to go to the other side. It was a buy-stop from 1.5758 with S/L 1.5471. At the time of writing this order was activated.

I still have not placed a sell-stop order at the bar indicated with the second red arrow.

Is this OK?
Attached Image (click to enlarge)
Click to Enlarge Name: 28_oct_sample.gif Size: 15 KB
  • #609
  • Oct 28, 2008 3:17pm Oct 28, 2008 3:17pm
This is my chart.
As you can see i'm still long for about 16 hours now with almost 300 pips profit.
Attached Image (click to enlarge)
Click to Enlarge Name: gu3.gif Size: 21 KB
  • #610
  • Oct 28, 2008 4:10pm Oct 28, 2008 4:10pm
Thanks for the great method. Just seems to be alot of questions late in the thread about the rules over and over which indicates some ambiguity or lack of clarity. Just a suggestion... maybe the rules could be distilled down with all the exceptions clearer. It just seems more trade discussion would ensue and less questions on proper setups and reversals could be possible. But again anything making Pips is worth one's individual time and effort.


  • #611
  • Oct 28, 2008 4:53pm Oct 28, 2008 4:53pm
Quoting fx-char
Attached is a screen shot(Alpari US). I was short from 1.5498 with S/L 1.5758. That trade was placed on the candle indicated with the 1-st red arrow. Then after the closure of the reversal bar(the one immediately after the setup bar) I placed the reversal order to go to the other side. It was a buy-stop from 1.5758 with S/L 1.5471. At the time of writing this order was activated.

I still have not placed a sell-stop order at the bar indicated with the second red arrow.

Is this OK?
You should have the stop loss and the sell stop 5 pips below the bar with the second arrow. Other than that it looks good.

-Sterling
Founder of Day Trading Forex Live
  • #612
  • Oct 28, 2008 4:55pm Oct 28, 2008 4:55pm
Quoting AlexL
This is my chart.
As you can see i'm still long for about 16 hours now with almost 300 pips profit.
Yeah the other time frame has definatly been more profitable the last few trades. No complaining when its the other time frames turn to have better results! lol

-Sterling
Founder of Day Trading Forex Live
  • #613
  • Oct 28, 2008 5:02pm Oct 28, 2008 5:02pm
Quoting Pipsnagger
Thanks for the great method. Just seems to be alot of questions late in the thread about the rules over and over which indicates some ambiguity or lack of clarity. Just a suggestion... maybe the rules could be distilled down with all the exceptions clearer. It just seems more trade discussion would ensue and less questions on proper setups and reversals could be possible. But again anything making Pips is worth one's individual time and effort.

Im more than happy to re-write ANY rule someone brings to my attention. If it needs to be worded different or whatever. That being said I dont cater to lazy. This system does take a bit of effort to learn but once you do its a piece of cake to trade it, the setups appear without a thought. I spent a few hours breaking down every trade for the month of Sept. If someone where to print out the rules and go over every trade for that month that I have already brokedown with prices, they would have a full understanding of the system, IMO. That being said if someone dosent want to read the entire thread thats fine, I dont care but atleast read the rules and try to understand the posted charts from Sept before asking me questions. You are right tho there are a lot of questions about rules but I dont mind that. If anyone needs a rule clarified or re-written in a better way just ask and ill do it.

-Sterling
Founder of Day Trading Forex Live
  • #614
  • Oct 28, 2008 5:18pm Oct 28, 2008 5:18pm
thank God the main man sterling is here, welcome sir.

Pls in a nutshell can you just sumarise what trades you have placed today and how well or bad they have gone, so that I can have more confidence that I am doing exactly what the master himself is doing.

I am waiting

thanks very much in advance
John 3:16 - From THIS love no power on earth can me sever.
  • #615
  • Oct 28, 2008 7:41pm Oct 28, 2008 7:41pm
Quoting Kosomolate
thank God the main man sterling is here, welcome sir.

Pls in a nutshell can you just sumarise what trades you have placed today and how well or bad they have gone, so that I can have more confidence that I am doing exactly what the master himself is doing.

I am waiting

thanks very much in advance

From what i see there was two bad trades that are for a -340 pips, but the long that we are in is +270 right now. That is what i see and i am by no means the master ster lol..
  • #616
  • Oct 28, 2008 8:20pm Oct 28, 2008 8:20pm
Well, we got whipped around after our big winner, but I hope everyone kept the faith and is well in profits on this current trade. I am up +264 pips and were having just a little pullback. The momentum hints that we may be having a much bigger correction. But the current candle that will end in 1 hr and 45 mins is a setup bar and it is setting new lows for itself as I type. When it closes I will set my reversal order stops 5 pips below the low. So I hope we don't get chopped again. Oh well at least it's a short candle so if cable screams up and we are short we will be back to being long again soon.
On the other hand, I'm playing with a very small position size on my 8 hr chart. I went long at 1.5523 yesterday during the 16:00 candle and did not experience the chop we suffered so far this week. I'm up over 500 pips and the current candle doesn't close for over 5 1/2 hours. I also have very small positions in the EUR/JPY that have done quite well today.
Thanks Sterling for a great system!
Michael
  • #617
  • Oct 28, 2008 8:43pm Oct 28, 2008 8:43pm
Well, I've traded for a week now, and I've found that this system works great!!

Yeah, difference in time frame makes difference result of profit/loss...but I think it's fair enough. With my time frame (same as AlexL), I suffer quite a loss on 22 oct (after the big waves down), but now take a "better" profit

Anyway, keep posting everybody...it's just keep me learning something new..

Thanks to all !!
  • #618
  • Oct 28, 2008 8:56pm Oct 28, 2008 8:56pm
EA does not open a reversal trade after setup bar is triggered. And EA does not change SL when we have a new setup bar. Don't take this the wrong way, but do you understand the strategy?

TimeFreedom

Quoting maxss280
I think I got alot of the bugs worked out and found out why there were missing trades for some of you. If there are any errors with this EA please post them at http://www.forexfactory.com/showthread.php?t=118631 so we don't clutter up this thread .

Thanks
  • #619
  • Oct 28, 2008 9:20pm Oct 28, 2008 9:20pm
Quoting alllivemind
Well, we got whipped around after our big winner, but I hope everyone kept the faith and is well in profits on this current trade. I am up +264 pips and were having just a little pullback. The momentum hints that we may be having a much bigger correction. But the current candle that will end in 1 hr and 45 mins is a setup bar and it is setting new lows for itself as I type. When it closes I will set my reversal order stops 5 pips below the low. So I hope we don't get chopped again. Oh well at least it's a short candle so if cable screams up and we are short we will be back to being long again soon.
On the other hand, I'm playing with a very small position size on my 8 hr chart. I went long at 1.5523 yesterday during the 16:00 candle and did not experience the chop we suffered so far this week. I'm up over 500 pips and the current candle doesn't close for over 5 1/2 hours. I also have very small positions in the EUR/JPY that have done quite well today.
Thanks Sterling for a great system!
Michael
Yeah I was looking at the G/Y and its taken somewhere around 3000 pips in the last two weeks. Tho that is above average for the G/Y it shows the power of this system. Someone posted what happened today, and that kinda made me laugh. What happened? We lost 2 trades thats what happened. No big deal were still up around +500 pips and up +250 on this trade. So what happened, what happened is were having a hell of a month, thats what happened.
  • #620
  • Oct 28, 2008 9:35pm Oct 28, 2008 9:35pm
Quoting Hiranya
Yeah I was looking at the G/Y and its taken somewhere around 3000 pips in the last two weeks. Tho that is above average for the G/Y it shows the power of this system. Someone posted what happened today, and that kinda made me laugh. What happened? We lost 2 trades thats what happened. No big deal were still up around +500 pips and up +250 on this trade. So what happened, what happened is were having a hell of a month, thats what happened.
HaHa! Good answer! I agree!
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