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4H 5EMA System

  • #941
  • Nov 8, 2008 9:31pm Nov 8, 2008 9:31pm
We took the short trade with the letter R. Is the candle with the red arrow on it a new setup bar? ( it has not a Lower Low than the previous 2nd Setup bar). In order to qualify as a setup bar, does the candle also must form a lower low than the previous bar( in short) and higher high( in long) than the previous bar? I dont wanna complicate things but we have lots of situations where i get confused..
Thanks a bunch stersuhr
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  • #942
  • Nov 8, 2008 9:52pm Nov 8, 2008 9:52pm
Quoting JokeR
We took the short trade with the letter R. Is the candle with the red arrow on it a new setup bar? ( it has not a Lower Low than the previous 2nd Setup bar). In order to qualify as a setup bar, does the candle also must form a lower low than the previous bar( in short) and higher high( in long) than the previous bar? I dont wanna complicate things but we have lots of situations where i get confused..
Thanks a bunch stersuhr
The setup and reversal for the short was not valid. The setup bar touches both EMA's and therefore is not valid(thats in the rules). The bar you have mentioned is not the setup bar because it does not make the lowest low. The bar that made the lowest low and it has two bars following it to trigger the buy. If the two setup bars following the setup bar do not trigger the trade then it is cancelled, and then the third bar could be considered the setub bar if it meets the rules for a setup bar.

-Sterling
Founder of Day Trading Forex Live
  • #943
  • Nov 9, 2008 3:55am Nov 9, 2008 3:55am
Hi Stersuhr,

I found a link http://www.forexfactory.com/showthread.php?t=118631 to the expert advisor using this method.

Any comment or you have one completed on your own programmer?
  • #944
  • Nov 9, 2008 6:35am Nov 9, 2008 6:35am
Quoting stersuhr
Alpari-us and alpari-uk are two different companies, but they are still a bucket shop broker, so if you are a profitable trader im sure both will do it to you in time. I knew not to take that much in one week that my own fault to some extent.

-Sterling
Is there any 'honest' MT4 broker out there which you could use an EA/trade profitably with? I here good things about Dukascopy ( Swiss based) but there not MT4 and require and very high deposit. MT4 is very vulnerable to broker manipulation in general but is so user friendly for most traders.
  • #945
  • Nov 9, 2008 7:46am Nov 9, 2008 7:46am
Quoting petersurrey
Is there any 'honest' MT4 broker out there which you could use an EA/trade profitably with? I here good things about Dukascopy ( Swiss based) but there not MT4 and require and very high deposit. MT4 is very vulnerable to broker manipulation in general but is so user friendly for most traders.
I should probably clear this up. I think of all the MT4 brokers I've been with Alpari is the most honest. They never screwed me by stop hunting or anything like that. Its just they pissed me off when they put a 10 second delay on all my orders. I trade 50 million in volume with them last week and that should be worth something you would think, but it wasent. As far as trading the 4H system with them that will be fine. You don't need fast execution for this sytem. All your orders are pending orders and they will still execute those instantly even if your account gets flagged. I would have still traded with them I was just mad. If you don't scalp I don't think they will ever flag you tho.-Sterling.
Founder of Day Trading Forex Live
  • #946
  • Nov 9, 2008 7:54am Nov 9, 2008 7:54am
Quoting forex888
Hi Stersuhr,

I found a link http://www.forexfactory.com/showthread.php?t=118631 to the expert advisor using this method.

Any comment or you have one completed on your own programmer?
That EA...from what I have heard does not trade the system as it was intended. I will have a EA in a week or two for everyone, just give me a little bit of time. One guys is still in the process of getting the EA to trade properly and is doing a good job of it. Also I'm going to have ferrufx make one so will have two incase one starts having problem...as I said before I just need a little time to get this done for you guys.-Sterling
Founder of Day Trading Forex Live
  • #947
  • Nov 9, 2008 8:45am Nov 9, 2008 8:45am
I've create a new thread for the 1st Sterling Challenge.

Come and have a look.

Title: Sterling Challenge 1
  • #948
  • Nov 9, 2008 1:28pm Nov 9, 2008 1:28pm
Quoting petersurrey
Is there any 'honest' MT4 broker out there which you could use an EA/trade profitably with? I here good things about Dukascopy ( Swiss based) but there not MT4 and require and very high deposit. MT4 is very vulnerable to broker manipulation in general but is so user friendly for most traders.
I have traded with this Swiss based broker http://www.migfx.ch (http://www.migfx.ch/) and haven't any problems. I have also account at Dukascopy, but I have noticed that many times the spreads are larger at Dukascopy for example for GBP/USD. I like MIG Investment very much.
  • #949
  • Nov 9, 2008 9:21pm Nov 9, 2008 9:21pm
Hey guys im doing the daily chart from Fairfax county in Virginia tonight and will be for the rest of the week. Hope to be home Monday at the latest. Anyway were up +411 for the month, and are currently in profit +90 pips or so but thats not a closed position so I wont count that in the total profit for the month. The current trade is as follows.

Trade #10 - Long from 1.5861 The market closed on friday with a setup bar to go long and when the market gapped up it triggered the long trade and therefore we are now long and have a stop at 1.5754 along with a reversal short entry there as well.

Some other news is that we have are first contestant for the 4H 5EMA challenge. I wont be back till next monday and so probably wont start the challenge till the following so about two weeks. I hope by then to have atleast one functioning EA.

-Sterling
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Founder of Day Trading Forex Live
  • #950
  • Nov 9, 2008 9:32pm Nov 9, 2008 9:32pm
Quoting stersuhr
Hey guys im doing the daily chart from Fairfax county in Virginia tonight and will be for the rest of the week. Hope to be home Monday at the latest. Anyway were up +411 for the month, and are currently in profit +90 pips or so but thats not a closed position so I wont count that in the total profit for the month. The current trade is as follows.

Trade #10 - Long from 1.5861 The market closed on friday with a setup bar to go long and when the market gapped up it triggered the long trade and therefore we are now long and have a stop at 1.5754 along with a reversal short entry there as well.

Some other news is that we have are first contestant for the 4H 5EMA challenge. I wont be back...
Sterling,
How come your long entry is from 1.5861?
When the market opened today and gapped the new candle price started at around 1.5764 and that is where I entered a buy is that correct?
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  • #951
  • Nov 9, 2008 10:05pm Nov 9, 2008 10:05pm
Quoting viperzz
Sterling,
How come your long entry is from 1.5861?
When the market opened today and gapped the new candle price started at around 1.5764 and that is where I entered a buy is that correct?
The long entry should of been at 1.5761. I just talk with sterling and he told me that he did not have his contacts in and hit the 8 by accident.
  • #952
  • Nov 9, 2008 10:33pm Nov 9, 2008 10:33pm
Quoting Hiranya
The long entry should of been at 1.5761. I just talk with sterling and he told me that he did not have his contacts in and hit the 8 by accident.
Cool, Thanks!
  • #953
  • Nov 10, 2008 9:29am Nov 10, 2008 9:29am
Long closed for -151 pips loss
  • #954
  • Nov 10, 2008 10:12am Nov 10, 2008 10:12am
At trade #14 we had two huge bars down, the last of which was the lowest low of the move down, and thus was are setup bar. The next two bars did not make a proper setup bar and so the trade was cancelled per the rules. Being that the trade was cancelled, we now look for new setup bars. This came on the third bar after the second huge bar down (trade #15). Hope all this makes sense, as always if not please ask.

-Sterling[/quote]

Hi All,
Been studying the system and came to a statement I don't understand. Should the statement 'trade was cancelled' read 'order was cancelled'?
If it does mean order was cancelled, where in the rules does it say this?
Sorry if this is a basic question but I thought I had understood it till I read this!
You don't have to be right, just don't be too wrong
  • #955
  • Nov 10, 2008 10:31am Nov 10, 2008 10:31am
Hi All,
Been studying the system and came to a statement I don't understand. Should the statement 'trade was cancelled' read 'order was cancelled'?
If it does mean order was cancelled, where in the rules does it say this?
Sorry if this is a basic question but I thought I had understood it till I read this![/quote]



When a setup bar is formed, we place our entry order according to the rules, this order should be triggered within the next 2 bars, if it is not the setup bar is no longer valid therefore we cancel the entry order and wait for a new valid setup bar
Regards
  • #956
  • Nov 10, 2008 11:05am Nov 10, 2008 11:05am
Thanks, Howard - all is clear again!
You don't have to be right, just don't be too wrong
  • #957
  • Nov 10, 2008 2:50pm Nov 10, 2008 2:50pm
Quoting ivonivon
Long closed for -151 pips loss
The long was closed for a -8 pip loss not -151. I wrote the entry wrong yesterday and will clarify when I get to a computer.-sterling
Founder of Day Trading Forex Live
  • #958
  • Nov 10, 2008 2:54pm Nov 10, 2008 2:54pm
hi sterling,

thanks for helping us..

i have 1 question, i have attached a chart, you see the bar with the red arrow, is not touching the upper 5 ema line, so i was SHORT before that bar, Do I put my stop for my short at the red arrow bar high and enter a Buy order there after the next bar open?...what would u do?

Thank you
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  • #959
  • Nov 10, 2008 6:55pm Nov 10, 2008 6:55pm
Quoting zima805
hi sterling,

thanks for helping us..

i have 1 question, i have attached a chart, you see the bar with the red arrow, is not touching the upper 5 ema line, so i was SHORT before that bar, Do I put my stop for my short at the red arrow bar high and enter a Buy order there after the next bar open?...what would u do?

Thank you
The red bar with the arrow as you said it doesn't touch the high ema, so you would now move your stoploss and a buy stop above that bars high when it closes as it is a new setup bar for a Buy. Since it is already closed you should have already done it by now as well put in a SL for the pending Buy you placed beneath the low of this new setup bar. The next (most recent) open bar on your chart since it has already made a lower low, when it closes assuming your buy stop isn't triggered in the mean time, it will be the new setup bar so then move your SL and pending buy above it's high.
Hope that helps,
  • #960
  • Nov 10, 2008 10:28pm Nov 10, 2008 10:28pm
Hello everyone, I have only been following this forum fo about 2 weeks and im rather inpressed with this system and thank you all for the info that you post. I have been scalping using the system and doing really well,this morning in Australia i did my setup and picked up + 177 pips if my adding up is correct, last friday it was + 224 and monday it was +258, i only have proof of today because im doing a lot of testing and trading and it a mess, my figures that is, last week i used the 4 H chart and to day i used the one Hr chart, see below, i hope i uploaded the statement correctly. I was only in the trades for about 40 minutes or less and if i had been a bit quicker closing the inprofits i would be up a few more pips, when the trades are entered i close out any that turn against me and let the winners rum, i have a pip targer which is any amount over 100 pips, a little ambisious i think,but 40 would be good.I will post my results each day, and any comment would be good.
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