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4H 5EMA System

  • #721
  • Oct 30, 2008 12:15pm Oct 30, 2008 12:15pm
Hi Mike.

I don't use 8hr timeframe. I use 4hr timeframe. But the candle open times for my broker ar different from those of the other users. Mine opens at 0,4,8,12,16,20 and for others at 2,6,10,14,18,22 .
  • #722
  • Edited 2:18pm Oct 30, 2008 1:50pm | Edited 2:18pm
One of the things I really like about this system is that if I'm a little late for the candle change, it usually doesn't matter. Also, if the candle is changing in say 1/2 hour, and a new setup bar is forming, and price is far from the reversal new stop, and I have something to do, I can just enter my reversal order early and leave or go to sleep. But right now we are forming a setup candle that will complete in about 10 mins and price is very close to where our reversal to go long will be.
So this is one of the cases where I will enter my order ASAP when the candle closes.
Michael

edit: I hope the newbies read my post above in time. It only took seven minutes from the candle close to fill our order. Sometimes I have to enter just a little early as I have a broker with only a 1 pip spread on the G/U but they won't let me enter a buy stop closer than about 15 pips from the price.
  • #723
  • Oct 30, 2008 2:32pm Oct 30, 2008 2:32pm
BUY STOP:

long G/U @ 1.6471
SL @ 1.6205

somebody confirm if I have done the correct thing

the previous short end with -50 pips loss.

confirm this too let me know if I am the only one that ended like so.
John 3:16 - From THIS love no power on earth can me sever.
  • #724
  • Oct 30, 2008 2:51pm Oct 30, 2008 2:51pm
Quoting Kosomolate
BUY STOP:

long G/U @ 1.6471
SL @ 1.6205

somebody confirm if I have done the correct thing

the previous short end with -50 pips loss.

confirm this too let me know if I am the only one that ended like so.
I have 1.6469 long, I have 4 pip spread. Do you have a 6 pip spread?
Also, I booked 41 pips profit on the short. On Alpari, the setup bar was the 04:00 bar. The bar after that had exactly the same high on my platform, which is a demo, @1.6670. So the first bar is the setup, and the low is 1.6515. I went short @ 1.6510.
-Michael
ps my wish from a recent post came true, 2 winners in a row!
  • #725
  • Oct 30, 2008 3:15pm Oct 30, 2008 3:15pm
Quoting alllivemind
I have 1.6469 long, I have 4 pip spread. Do you have a 6 pip spread?
Also, I booked 41 pips profit on the short. On Alpari, the setup bar was the 04:00 bar. The bar after that had exactly the same high on my platform, which is a demo, @1.6670. So the first bar is the setup, and the low is 1.6515. I went short @ 1.6510.
-Michael
ps my wish from a recent post came true, 2 winners in a row!
how far Mike you are always there to answer me lots of thanks

the bars have the same high too the last one was the set up bar, and the one that follows broke the low and trigger the short for us, it went far and the next bar also went pretty far down but retraced back past the entry point 1.6414.

I then dont know how you got the 41 pips because the bar became another long entry signal which we are currently.

kos
John 3:16 - From THIS love no power on earth can me sever.
  • #726
  • Oct 30, 2008 3:29pm Oct 30, 2008 3:29pm
Quoting Kosomolate
how far Mike you are always there to answer me lots of thanks

the bars have the same high too the last one was the set up bar, and the one that follows broke the low and trigger the short for us, it went far and the next bar also went pretty far down but retraced back past the entry point 1.6414.

I then dont know how you got the 41 pips because the bar became another long entry signal which we are currently.

kos
Easy, My short was 1.6510, reversed at 1.6469= +41 pips. I just double checked on the chart, looks right to me....
  • #727
  • Oct 30, 2008 5:11pm Oct 30, 2008 5:11pm
I quite appreciate the effort that has gone into this 4HR EMA cos it gives me some breathing space from the screen.

however I guess I started in a very tight and discouraging period, I have not been able to catch a pip

sterling, hiranya any word of encouragement and assurance from you and possibly any other member who has used it for some time and has benefitted from it. pleasssssssssssssssssssssssssssssssssse!!

ps when is the EA likely to be ready?
John 3:16 - From THIS love no power on earth can me sever.
  • #728
  • Oct 30, 2008 5:53pm Oct 30, 2008 5:53pm
Quoting Kosomolate
I quite appreciate the effort that has gone into this 4HR EMA cos it gives me some breathing space from the screen.

however I guess I started in a very tight and discouraging period, I have not been able to catch a pip

sterling, hiranya any word of encouragement and assurance from you and possibly any other member who has used it for some time and has benefitted from it. pleasssssssssssssssssssssssssssssssssse!!

ps when is the EA likely to be ready?
Me again! Keep the faith, brother! I've been using it live for over 2 weeks and love it! I dont keep great records, but I'm sure I'm over 1000 pips ahead Sterling says use 1 lot per $10,000 and that you may have an occasional drawdown of 600 pips or so, but that you will average 500-600 pips/month. My advice for beginners is to start with half that amount or even less. I have over 10k, but I started with 10 microlots, now I trade 20. I cannot emotionally handle a 30% drawdown right now, so I am building up slowly. The G/U goes on runs, big ones, up and down. Sometimes it chops us and we can have 2,3, or 4 losers in a row. But the system guarantees that when a big move comes, we will be in it. The last big drop we made over 1000 pips on the last big downmove, and I just banked about 800+ on the 8 hour chart in this recent rally.
The key to confidence is not just a good system, but money management.
Michael
  • #729
  • Oct 30, 2008 6:06pm Oct 30, 2008 6:06pm
Quoting alllivemind
Me again!...
Hi allivemind seems you have been profitable on the 8 hour, what are the advantages and disadvantages when compared to the 4 hour. your 10 micro lots is it not the same as one mini lot ($1 per pip) ?
LISTEN TO MR FUNDAMENTAL AND MR TECHNICAL
  • #730
  • Oct 30, 2008 6:18pm Oct 30, 2008 6:18pm
Quoting okehiedon
Hi allivemind seems you have been profitable on the 8 hour, what are the advantages and disadvantages when compared to the 4 hour. your 10 micro lots is it not the same as one mini lot ($1 per pip) ?
Yes on the 10 microlots=1 minilots, $1 per pip. 8 hour will have larger stops, but a smoother ride once we get on a long run. I am new at this so we'll see more as we go. See my post #687 for some advanced money management ideas.
  • #731
  • Oct 30, 2008 7:55pm Oct 30, 2008 7:55pm
I registered just to say thank you Sterling for this fantastic system!! I've been through a handful of systems, most are profitable but I'm either glued to the computer for hours at a time or I'm spending days and days and days waiting for a good setup on daily candles.

This system is simple once you get the hang of it, and brings in some serious pips. Best of all it provides you with just enough "action" to still have fun trading FX, but you get enough time away from the charts that you don't see them in your dreams.

I know you've put a ton of work into this for no personal gain, and I just want to let you know that people truly appreciate it. I have a feeling this system will be in my forex toolbox for as long as I trade.

-Travis
  • #732
  • Oct 30, 2008 9:07pm Oct 30, 2008 9:07pm
Quoting alllivemind
Easy, My short was 1.6510, reversed at 1.6469= +41 pips. I just double checked on the chart, looks right to me....
Your right alllivemind. The next bar made the same high but it also triggered your trade so it was a +41 pips profit.

-Sterling
Founder of Day Trading Forex Live
  • #733
  • Oct 30, 2008 9:11pm Oct 30, 2008 9:11pm
Quoting Kosomolate
I quite appreciate the effort that has gone into this 4HR EMA cos it gives me some breathing space from the screen.

however I guess I started in a very tight and discouraging period, I have not been able to catch a pip

sterling, hiranya any word of encouragement and assurance from you and possibly any other member who has used it for some time and has benefitted from it. pleasssssssssssssssssssssssssssssssssse!!

ps when is the EA likely to be ready?
I guess the best encourgment is that this system is still WELL in profit for the month! If you are trading 1 mini per $2000 you will survive ANY draw down this system can throw at you. The next 1000 pips trade can be the next one. Take every trade for a month and you will be in profit...not just a small one either a large one. You have to trade this system without emotion and just follow the rules and it has proven itself to make money. Keep trading and you will make money!!!!

-Sterling
Founder of Day Trading Forex Live
  • #734
  • Oct 30, 2008 9:12pm Oct 30, 2008 9:12pm
Quoting alllivemind
Me again! Keep the faith, brother! I've been using it live for over 2 weeks and love it! I dont keep great records, but I'm sure I'm over 1000 pips ahead Sterling says use 1 lot per $10,000 and that you may have an occasional drawdown of 600 pips or so, but that you will average 500-600 pips/month. My advice for beginners is to start with half that amount or even less. I have over 10k, but I started with 10 microlots, now I trade 20. I cannot emotionally handle a 30% drawdown right now, so I am building up slowly. The G/U goes on runs, big ones, up and down. Sometimes it chops us and we can have 2,3, or 4 losers in a row. But the system guarantees that when a big move comes, we will be in it....
I actually recommend 1 standard lt per $20,000 not $10,000.

-Sterling
Founder of Day Trading Forex Live
  • #735
  • Oct 30, 2008 9:16pm Oct 30, 2008 9:16pm
Quoting tlindle
I registered just to say thank you Sterling for this fantastic system!! I've been through a handful of systems, most are profitable but I'm either glued to the computer for hours at a time or I'm spending days and days and days waiting for a good setup on daily candles.

This system is simple once you get the hang of it, and brings in some serious pips. Best of all it provides you with just enough \"action\" to still have fun trading FX, but you get enough time away from the charts that you don't see them in your dreams.

I know you've put a ton of work into this for no personal gain, and I just want to let you know that people truly appreciate it. I have a feeling this system will be in my...
Hey man I appreciate the kind words. Its people like you that keep me going!!! To anyone just watching this system and not yet a registered user in ForexFactory I ask you why. If you would do one thing for the effort I put into this, it is to become a ForexFactory member and post in this thread. Your thought, questions, suggestions will help everyone and I would greatly appreciate it. Thanks tlindle for registering and hope to see you around here!!!

-Sterling
Founder of Day Trading Forex Live
  • #736
  • Oct 30, 2008 9:35pm Oct 30, 2008 9:35pm
Hey guys,

Trade #25 got stopped out for -117 pips

Trade #26 got stopped out for -208 pips

Trade #27 we got long when trade #26 got stopped out and exited when we got a short signal. +28 pips

Trade #28 was exited for +39 pips when we got a signal to go long.

Trade #29 is still active. We are long from 1.6471 with are stop at 1.6205. We should also have a sell stop order at 1.6205 and the stop loss for the short order is 1.6504 at this point.

We are currently up +528 for the month. Going threw a bit of a choppy period if you are using Alpari's 4H close times. If you are using the 4H close of 0,4,8,12 you are in a bit of an oasis!!! Glad to see those using that time frame are making money, that makes me feel good to know im helping people. When we get the completed EA you will be able to trade both closes and that should smooth the profits and make getting to the 600+ pips a month a little less choppy. Of course if your trading both time frames with an EA you should be able to average 1200+ pips a month or more.

About the EA: The guy making it said he is still decoding it and that it is quite a complicated EA. He is still working out the bugs that come with making an EA, but I think were on the home stretch when it comes to the EA. Ill keep everyone informed and let you guys know when it is completed! Stay tuned.

-Sterling
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Founder of Day Trading Forex Live
  • #737
  • Oct 30, 2008 10:35pm Oct 30, 2008 10:35pm
Hi Sterling
First of all i thank you very much for this wonderful system and time and effort you are making to teach us and answer all the questions.Thank you very much.
I have a question on trade #29 on the chart of the day today.
I thought on completion of reversal bar you move the stop to 5 pips below the low of reversal bar (the bar with blue arrow on trade #29) which was 1.6331 and we put reversal trade to sell at 1.6331 with stop loss at 1.6504.So trade #29 should have been stopped out.Could you please clarify this for me as i am still learning the system.
Bhupinder
  • #738
  • Edited 11:07pm Oct 30, 2008 10:37pm | Edited 11:07pm
Quoting stersuhr
Hey guys,
Trade #29 is still active. We are long from 1.6471 with are stop at 1.6205. We should also have a sell stop order at 1.6205 and the stop loss for the short order is 1.6504 at this point.

Glad to see those using that time frame are making money Of course if your trading both time frames with an EA you should be able to average 1200+ pips a month or more.

-Sterling
the 00:00 bar on alpari just closed crossing the low 5EMA more than 5 pips touching the high 5EMA but not crossing it

what is the next thing to do?

- simply remain in the long position as in trade #29 cos the 16:00 bar has the lower low OR
- move the SL from the low of 00:00 bar to the low of the current 04:00 bar

may I have some confirmation

and another shady area to me is that sterling said we should wait for the reversal bar to close before placing our reversal trade, that is if we were stopped out and now that he said we should have our sell stop @ 1.6205

wont this sell stop trigger as soon as the trade got stopped out at this point?
John 3:16 - From THIS love no power on earth can me sever.
  • #739
  • Oct 30, 2008 11:41pm Oct 30, 2008 11:41pm
Quoting bhupinder
Hi Sterling
First of all i thank you very much for this wonderful system and time and effort you are making to teach us and answer all the questions.Thank you very much.
I have a question on trade #29 on the chart of the day today.
I thought on completion of reversal bar you move the stop to 5 pips below the low of reversal bar (the bar with blue arrow on trade #29) which was 1.6331 and we put reversal trade to sell at 1.6331 with stop loss at 1.6504.So trade #29 should have been stopped out.Could you please clarify this for me as i am still learning the system.
Bhupinder
Your inital stop stays 5 pips below the setup bar. Had the reversal bar also qualified as a setup bar to go short then the stop would be moved 5 pips below it.

-Sterling
Founder of Day Trading Forex Live
  • #740
  • Oct 30, 2008 11:44pm Oct 30, 2008 11:44pm
Quoting Kosomolate
the 00:00 bar on alpari just closed crossing the low 5EMA more than 5 pips touching the high 5EMA but not crossing it

what is the next thing to do?

- simply remain in the long position as in trade #29 cos the 16:00 bar has the lower low OR
- move the SL from the low of 00:00 bar to the low of the current 04:00 bar

may I have some confirmation

and another shady area to me is that sterling said we should wait for the reversal bar to close before placing our reversal trade, that is if we were stopped out and now that he said we should have our sell stop @ 1.6205

wont this sell stop trigger as soon as the trade got stopped out at this point?


Well first the bar that was at 00:00 never hit the higher ema it was 8 pips below. I do not know what sterling has said about the reversal but any time that i put in a trade i have a reversal order in the market at the stop loss. besides that the 00:00 bar never made a lower low in other words you are in a long already so if that bar never made a lower low you are still in a long. I hope that clears up a little
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