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4H 5EMA System

  • #621
  • Oct 28, 2008 10:41pm Oct 28, 2008 10:41pm
I have just gone short

G/U @ 1.6004, SL 1.6120
E/J @ 123.16, SL 126.27

Am I on the right track?
John 3:16 - From THIS love no power on earth can me sever.
  • #622
  • Edited 11:32pm Oct 28, 2008 10:57pm | Edited 11:32pm
Quoting Kosomolate
I have just gone short

G/U @ 1.6004, SL 1.6120
E/J @ 123.16, SL 126.27

Am I on the right track?
It sounds right to me, I have my pending order in the same position it hasn't yet triggered because I put it on a bit late and price had gone up a bit in the mean time, if it goes down 6 pips from now though...

Edit: Mine has entered now at 1.6004 so It's all good.
Attached Image (click to enlarge)
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  • #623
  • Oct 28, 2008 11:09pm Oct 28, 2008 11:09pm
Quoting Kosomolate
I have just gone short

G/U @ 1.6004, SL 1.6120
E/J @ 123.16, SL 126.27

Am I on the right track?
You got it right except for the stop loss. The stop should be 1.6121 according to my charts. On the E/J your using the wrong bar. The bar that made the highest high is the setup bar not the one following it. After the highest high that setup bar is valid for 2 more bars following it, according to the rules. So on the E/J your sell stop should be 122.69 and the stop on that should be 127.45 or so. I say "or so" becasue everyones spread on the E/J is different and you might want to give it more than 5 pips like we do with the G/U.

By the way this is sterling...im at my cusins house. Ill be home in a bit and do the daily chart from my house.

-Sterling
  • #624
  • Oct 28, 2008 11:27pm Oct 28, 2008 11:27pm
Quoting Kosomolate
I have just gone short

G/U @ 1.6004, SL 1.6120
E/J @ 123.16, SL 126.27

Am I on the right track?
G/U I am exactly the same. E/J is another story. E/J I have 122.74. I believe you shorted under the last completed candle. It's a better entry than me, if we keep going down, but that candle is not an official setup candle.
Michael
  • #625
  • Oct 28, 2008 11:43pm Oct 28, 2008 11:43pm
My cusin just left my house and he will post a daily chart when he gets home.


@alllivemind
Have you been keeping track of all the trades from the E/J? If so what kind of pip profit have you been able to do per month? Are you using all the same rules that we are on the G/U?
  • #626
  • Oct 29, 2008 12:16am Oct 29, 2008 12:16am
Trade #22 stopped out for -167 pips

Trade #23 stopped out for -260 pips

Trade #24 stopped out for +246 pips. The red line on the chart is where the buy stop reversal trade was triggered.

Trade #25 - We are currently short from 1.6004 with the stop at 1.6121, when the reversal bar closes we will put the buy stop reversal trade in.

It was a pretty choppy day today and on this time frame we took a little hit but had a good buy trade at the end brought us to +786 pips for the month. Still doin pretty good but I think we could eek out +1100 buy the weeks end...I hope that is, we will just have to wait and see what the system does in this turbulant market. Durable goods and the FOMC meeting should set the direction of the move tomorrow if there is any suprises in the expectations. I feel like there is a lot of room up but lately what used to be "bad" news for a currency has been good lately. If anyone wants a further explination on that just PM me and ill explain what I mean. I would talk about it here but that has nothing to do with the system lol. Anyway happy trading and hopefully a happy short on the G/U!

-Sterling
Attached Image (click to enlarge)
Click to Enlarge Name: trade #22,#23,#24,#25.gif Size: 52 KB
Founder of Day Trading Forex Live
  • #627
  • Oct 29, 2008 12:25am Oct 29, 2008 12:25am
Quoting Hiranya
My cusin just left my house and he will post a daily chart when he gets home.


@alllivemind
Have you been keeping track of all the trades from the E/J? If so what kind of pip profit have you been able to do per month? Are you using all the same rules that we are on the G/U?
Been trading for about a week on E/J, doing quite well, I need to start keeping records but I don't and have no back testing. I use stairstepping, so if I have 10 microlots I raise by 2 if I lose then lower by 2 when I win, so average winner bigger than average loser. So if I keep returning to 10 from 12 and 14 I know we have at least 50% wins. If I bet two 10's in a row I know we have more than 50%. Not the best record keeping system, I'll try to do better, lol.
Sterling said we have about 60% wins, and that winners are average about twice the size of losers, so it stands to reason that we should have 2-3 of 10 trades be two winners in a row, or sometimes 3. I'm waiting for that to happen, that will be fun!
-M
  • #628
  • Oct 29, 2008 12:43am Oct 29, 2008 12:43am
Quoting alllivemind
Been trading for about a week on E/J, doing quite well, I need to start keeping records but I don't and have no back testing. I use stairstepping, so if I have 10 microlots I raise by 2 if I lose then lower by 2 when I win, so average winner bigger than average loser. So if I keep returning to 10 from 12 and 14 I know we have at least 50% wins. If I bet two 10's in a row I know we have more than 50%. Not the best record keeping system, I'll try to do better, lol.
Sterling said we have about 60% wins, and that winners are average about twice the size of losers, so it stands to reason that we should have 2-3 of 10 trades be two winners in a row, or sometimes 3. I'm waiting for that to happen, that will be fun!
-M

Yeah now that you mention it we havent really had that this month. It would be nice to close the month with that, thats for sure. How many pips are you up on the E/J?

-Sterling
Founder of Day Trading Forex Live
  • #629
  • Oct 29, 2008 12:46am Oct 29, 2008 12:46am
Quoting alllivemind
Been trading for about a week on E/J, doing quite well, I need to start keeping records but I don't and have no back testing. I use stairstepping, so if I have 10 microlots I raise by 2 if I lose then lower by 2 when I win, so average winner bigger than average loser. So if I keep returning to 10 from 12 and 14 I know we have at least 50% wins. If I bet two 10's in a row I know we have more than 50%. Not the best record keeping system, I'll try to do better, lol.
Sterling said we have about 60% wins, and that winners are average about twice the size of losers, so it stands to reason that we should have 2-3 of 10 trades be two winners in a row, or sometimes 3. I'm waiting for that to happen, that will be fun!
-M

We should do a back test on the E/J so we can see what the month profit would be. The way that you keep track of you wins to loss is good if you know that you are making money and that is all that maters . If sterling said that it is a 60% wins, i know that he back tested for one to two months. I am going to back test it my self and if you want to we can compare notes at a later time to see if we both got close to the samething. It would be bad ass if the E/J was as profitable as the G/U and if that is the case then i will be buying a bigger house lol.
  • #630
  • Oct 29, 2008 12:59am Oct 29, 2008 12:59am
Quoting Hiranya
We should do a back test on the E/J so we can see what the month profit would be. The way that you keep track of you wins to loss is good if you know that you are making money and that is all that maters . If sterling said that it is a 60% wins, i know that he back tested for one to two months. I am going to back test it my self and if you want to we can compare notes at a later time to see if we both got close to the samething. It would be bad ass if the E/J was as profitable as the G/U and if that is the case then i will be buying a bigger house lol.
You watchin the G/U Cuz? You can tell me thank you right now if you want. Im not refering to the system right now everyone else...its a side note lol.

-Sterling
Founder of Day Trading Forex Live
  • #631
  • Oct 29, 2008 1:06am Oct 29, 2008 1:06am
Quoting ekkuso
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 !!

We all use same timeframe. The only difference is the hour when a candle opens. Mine opens at 0,4,8,12,16,20. Others opens at 2,6,10,14,18,22.

Also i attach again my current chart wich is still long from yesterday with running profit of over 400 pips.
Attached Image (click to enlarge)
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  • #632
  • Oct 29, 2008 1:11am Oct 29, 2008 1:11am
Quoting AlexL
We all use same timeframe. The only difference is the hour when a candle opens. Mine opens at 0,4,8,12,16,20. Others opens at 2,6,10,14,18,22.

Also i attach again my current chart wich is still long from yesterday with running profit of over 400 pips.
Thats what I meant...open time not time frame. My bad.

-Steling
Founder of Day Trading Forex Live
  • #633
  • Oct 29, 2008 2:09am Oct 29, 2008 2:09am
ah...i c...different open time, yes that's it

by the way...go cable go...to the top !!!
  • #634
  • Oct 29, 2008 2:20am Oct 29, 2008 2:20am
the G/U trade got us out @ 1.6120

the candle on which we got stopped out qualifies as a set up candle
what should I do at this point? place another sell stop or reverse the trade by using my former SL as new entry point.

the E/J is still going on positively

pls someone reply

thanks in advance for your reply
John 3:16 - From THIS love no power on earth can me sever.
  • #635
  • Oct 29, 2008 2:33am Oct 29, 2008 2:33am
Quoting Kosomolate
the G/U trade got us out @ 1.6120

the candle on which we got stopped out qualifies as a set up candle
what should I do at this point? place another sell stop or reverse the trade by using my former SL as new entry point.

the E/J is still going on positively

pls someone reply

thanks in advance for your reply
When the current 4H bar closes you will put a sell stop 5 pips below its low.

-Sterling
Founder of Day Trading Forex Live
  • #636
  • Oct 29, 2008 2:34am Oct 29, 2008 2:34am
Quoting Kosomolate
the G/U trade got us out @ 1.6120

the candle on which we got stopped out qualifies as a set up candle
what should I do at this point? place another sell stop or reverse the trade by using my former SL as new entry point.

the E/J is still going on positively

pls someone reply

thanks in advance for your reply

I think this trade is similar to trade #7 from post #7(first page of this thread)...
  • #637
  • Oct 29, 2008 2:48am Oct 29, 2008 2:48am
Quoting Hiranya
We should do a back test on the E/J so we can see what the month profit would be. The way that you keep track of you wins to loss is good if you know that you are making money and that is all that maters . If sterling said that it is a 60% wins, i know that he back tested for one to two months. I am going to back test it my self and if you want to we can compare notes at a later time to see if we both got close to the samething. It would be bad ass if the E/J was as profitable as the G/U and if that is the case then i will be buying a bigger house lol.
When I quoted Sterling he was referring to the G/U. My little run is irrelevant to the long term success rate, especially in this current environment of trending systems heaven! We need to wait for a good EA to test a few years.
  • #638
  • Oct 29, 2008 2:52am Oct 29, 2008 2:52am
Quoting stersuhr
Yeah now that you mention it we havent really had that this month. It would be nice to close the month with that, thats for sure. How many pips are you up on the E/J?

-Sterling
I could go look, I just dont keep records like I should
  • #639
  • Oct 29, 2008 3:03am Oct 29, 2008 3:03am
when price goes the opposite direction that we did not send it and hits our SL and stopped us out.

I understand that the rule is to wait for that candle to close so that we see all it has to do, then place a reversal trade.

the question now is that:

should I use the former SL that was taken out as my new entry point for the reversal trade, and the former entry point as the new SL?

pls answer me in a simple way and dont refer me to any other post #7 because I have read everything but this aspect is not very clear to me

thanks a lot in advance for tolerating me
John 3:16 - From THIS love no power on earth can me sever.
  • #640
  • Oct 29, 2008 3:12am Oct 29, 2008 3:12am
Quoting Kosomolate
when price goes the opposite direction that we did not send it and hits our SL and stopped us out.

I understand that the rule is to wait for that candle to close so that we see all it has to do, then place a reversal trade.

the question now is that:

should I use the former SL that was taken out as my new entry point for the reversal trade, and the former entry point as the new SL?

pls answer me in a simple way and dont refer me to any other post #7 because I have read everything but this aspect is not very clear to me

thanks a lot in advance for tolerating me
The reversal trade goes at the original trades stop loss. I know you dont want a post but post #485 explains this very well. If I didnt answer it well please include a chart with your question and then I will be sure to get it.

-Sterling
Founder of Day Trading Forex Live
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