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4H 5EMA System

  • #1,461
  • Nov 24, 2008 12:36am Nov 24, 2008 12:36am
Quoting piptrees
Hi Ivon,

I am also in the long now. Didnt take the signal to go short becos i think that the set up bar(with red arrow over it) may not have been intended to be used as a set up bar cos it is essentially only a 1 hr bar. So when the candle opened on Sunday, I just did a long as per the rules and stuck to it until now.

Any one any ideas on this?
well, sterling, what's your position now?
I go long because i checked RECENTLY that price is above the setup bar.
how do you decide that we go long or go short? is it when the market open in its early time?
  • #1,462
  • Nov 24, 2008 12:44am Nov 24, 2008 12:44am
Quoting piptrees
Hi Ivon,

I am also in the long now. Didnt take the signal to go short becos i think that the set up bar(with red arrow over it) may not have been intended to be used as a set up bar cos it is essentially only a 1 hr bar. So when the candle opened on Sunday, I just did a long as per the rules and stuck to it until now.

Any one any ideas on this?

piptrees i do not know where you charting comes from but it is a lot different then what my charts are. You would of had a short order in on your chart but with my charts i had no short and i am still long. You are right with the gap for the open,the bar with your red arrow that is the new set up bar. On my charts the bar after my open bar never came down to put my in a short tho. I have a stop loss for my buy and that is a 1.4836 and my short stop is at the same price.
  • #1,463
  • Nov 24, 2008 12:52am Nov 24, 2008 12:52am
Sterling and for those using Alpari,
Right now we are long from about 1.4942 right?
With SL sell stop at about 1.4836.

I've misssed out on the last few trades and todays open being busy/sleeping etc...
Just checking.
  • #1,464
  • Nov 24, 2008 12:53am Nov 24, 2008 12:53am
Hi,

I am with IBFX and the 4 hr times are 00:00, 4:00, 8:00, 12:00, 16:00, 20:00 GMT. I went long when the candle opened at the price of 1.4951.Then it turned out that this first candle(with red arrow) became a set up bar for the next candle that opened. Should I have taken the short based on the chart? I didnt do so because as stated in my previous post, the first candle was only for a 1 hour duration.

Thanks for replying.
  • #1,465
  • Nov 24, 2008 1:06am Nov 24, 2008 1:06am
Quoting piptrees
Hi,

I am with IBFX and the 4 hr times are 00:00, 4:00, 8:00, 12:00, 16:00, 20:00 GMT. I went long when the candle opened at the price of 1.4951.Then it turned out that this first candle(with red arrow) became a set up bar for the next candle that opened. Should I have taken the short based on the chart? I didnt do so because as stated in my previous post, the first candle was only for a 1 hour duration.

Thanks for replying.

OK thats why your charts diffrent they are two hours behind my charts, your open price is right. All the back test where done using alpari-us so if you want to trade the same times i would go and open a alpari account. The only reason that i say that is because i dont know what kind of profit or loss of profit you will have with the platform IBFX 4hr charts vs alpari 4hr chart.
  • #1,466
  • Nov 24, 2008 1:09am Nov 24, 2008 1:09am
Quoting viperzz
Sterling and for those using Alpari,
Right now we are long from about 1.4942 right?
With SL sell stop at about 1.4836.

I've misssed out on the last few trades and todays open being busy/sleeping etc...
Just checking.

Your stop loss is right but your long entry should of been at the open and that price would of been 1.4957
  • #1,467
  • Nov 24, 2008 1:44am Nov 24, 2008 1:44am
Quoting ivonivon
well, sterling, what's your position now?
I go long because i checked RECENTLY that price is above the setup bar.
how do you decide that we go long or go short? is it when the market open in its early time?
Were long right now. I think you might need to read over the rules. I took the time to outline on a chart every trade in september. These are on the first page and second. I reccomend printing the rules and then looking at those charts. It well worth your time. This is a system anyone can replicate and it averages 500-600 pips a month. Like I said knowing this system and understanding why it works is well worth you time. Glad to see you in hear and I look forward to your future posts.

-Sterling
Founder of Day Trading Forex Live
  • #1,468
  • Nov 24, 2008 1:46am Nov 24, 2008 1:46am
Quoting viperzz
Sterling and for those using Alpari,
Right now we are long from about 1.4942 right?
With SL sell stop at about 1.4836.

I've misssed out on the last few trades and todays open being busy/sleeping etc...
Just checking.
The stop and the reversal trade should be 1.4856 because the last bar had the same high thus becoming the new setup bar.

-Sterling
Founder of Day Trading Forex Live
  • #1,469
  • Nov 24, 2008 1:48am Nov 24, 2008 1:48am
Quoting piptrees
Hi,

I am with IBFX and the 4 hr times are 00:00, 4:00, 8:00, 12:00, 16:00, 20:00 GMT. I went long when the candle opened at the price of 1.4951.Then it turned out that this first candle(with red arrow) became a set up bar for the next candle that opened. Should I have taken the short based on the chart? I didnt do so because as stated in my previous post, the first candle was only for a 1 hour duration.

Thanks for replying.
I reccomend to you and to everyone in the room to get a demo with Alpari. Its what I use for the standard in the room. The demo takes 5 minutes to make and it will help everyone out if they see the same thing that I use. I dont reccomend a live account with them tho. Thats a long story and if you wanna know why I dont reccomend them to go live with PM me.

-Sterling
Founder of Day Trading Forex Live
  • #1,470
  • Nov 24, 2008 2:31am Nov 24, 2008 2:31am
Quoting stersuhr
The stop and the reversal trade should be 1.4856 because the last bar had the same high thus becoming the new setup bar.

-Sterling
Sterling/ Hiranya

Thanks for the confirmation, yes I missed the open this morning so didn't know the exact point we entered again.
Good to know that when two consecutive setup bars have the same high or low the most recent becomes the new point for the stop and reverse- hadn't encountered that before now.
In this case with the two setup bars with the same high, the second you are talking about Sterling has a higher low so we moved the stop and reverse there, what if it had a lower low, would we have moved the stop and reverse to the lower low- further away than previously?
  • #1,471
  • Nov 24, 2008 3:15am Nov 24, 2008 3:15am
Quoting viperzz
Sterling/ Hiranya

Thanks for the confirmation, yes I missed the open this morning so didn't know the exact point we entered again.
Good to know that when two consecutive setup bars have the same high or low the most recent becomes the new point for the stop and reverse- hadn't encountered that before now.
In this case with the two setup bars with the same high, the second you are talking about Sterling has a higher low so we moved the stop and reverse there, what if it had a lower low, would we have moved the stop and reverse to the lower low-...
The new bar is the setup bar so whatever low it makes it are new setup bar no matter what.

-Sterling
Founder of Day Trading Forex Live
  • #1,472
  • Nov 24, 2008 3:35am Nov 24, 2008 3:35am
Quoting piptrees
Hi,

I am with IBFX and the 4 hr times are 00:00, 4:00, 8:00, 12:00, 16:00, 20:00 GMT. I went long when the candle opened at the price of 1.4951.Then it turned out that this first candle(with red arrow) became a set up bar for the next candle that opened. Should I have taken the short based on the chart? I didnt do so because as stated in my previous post, the first candle was only for a 1 hour duration.

Thanks for replying.
IBFX charts have a Sunday bar of 1 hour duration and any charting with a Sunday bar is not suitable for trading this method, in addition to that IBfx charts are one hour behind the 4 hr bars which we are testing here.

It would be much better to use a chart with GMT+1 start
Regards
  • #1,473
  • Nov 24, 2008 3:44am Nov 24, 2008 3:44am
Quoting viperzz
Good to know that when two consecutive setup bars have the same high or low the most recent becomes the new point for the stop and reverse- hadn't encountered that before now.
Sterling,

At the end of last week, I've posted this hipothetical (at the time) case, and people agreed that the first bar would still be the setup bar;
I was trying to make a (possible) point in which the second bar should be the new setup bar.

I think this particular case might not be well defined in the rules, and people building the EAs probably aren't taking this into account.
  • #1,474
  • Nov 24, 2008 3:50am Nov 24, 2008 3:50am
If you want to review the posts about it, those start here:
http://www.forexfactory.com/showpost.php?p=2367187&postcount=1370
and continue for 5 or 6 posts.
  • #1,475
  • Nov 24, 2008 3:56am Nov 24, 2008 3:56am
Quoting tonirai
If you want to review the posts about it, those start here:
http://www.forexfactory.com/showpost.php?p=2367187&postcount=1370
and continue for 5 or 6 posts.

Yeah your right that is not in the rules. I just know the way I trade the system and its completely concrete in my mind and I forget that its not in everyone elses. Ill add this to the rules right away. I might wait till I get home so I can use my computer and post a chart. Im at Hirayna's (eric's).

-Sterling
Founder of Day Trading Forex Live
  • #1,476
  • Nov 24, 2008 3:56am Nov 24, 2008 3:56am
Quoting howard
IBFX charts have a Sunday bar of 1 hour duration and any charting with a Sunday bar is not suitable for trading this method, in addition to that IBfx charts are one hour behind the 4 hr bars which we are testing here.

It would be much better to use a chart with GMT+1 start

Hi Howard

Thanks for the info. I will be checking to see how this system has done over the last 12 months on the IBFX time frame.

Cheers!
  • #1,477
  • Nov 24, 2008 4:04am Nov 24, 2008 4:04am
Quoting stersuhr
Yeah your right that is not in the rules. I just know the way I trade the system and its completely concrete in my mind and I forget that its not in everyone elses. Ill add this to the rules right away. I might wait till I get home so I can use my computer and post a chart. Im at Hirayna's (eric's).

-Sterling
I was pretty sure you would trade that situation like you actually do... but since you didn't catch that post... I thought you did, and that I was wrong.

I'll PM you soon.
  • #1,478
  • Nov 24, 2008 4:07am Nov 24, 2008 4:07am
Quoting tonirai
I was pretty sure you would trade that situation like you actually do... but since you didn't catch that post... I thought you did, and that I was wrong.

I'll PM you soon.
Cool sounds good. Fortunatly this situation hasent affected any trades since inseption of this thread

-Sterling
Founder of Day Trading Forex Live
  • #1,479
  • Nov 24, 2008 4:56am Nov 24, 2008 4:56am
Quoting stersuhr
Quoting viperzz
In this case with the two setup bars with the same high, the second you are talking about Sterling has a higher low so we moved the stop and reverse there, what if it had a lower low, would we have moved the stop and reverse to the lower low-...
The new bar is the setup bar so whatever low it makes it are new setup bar no matter what.

-Sterling
Just want to make the point that, if it had made a lower low, the only valid case to have this discussion is if that lower low is within 5 pips, orelse it would have triggered the stoploss and the sell stop.

It's becoming tricky to code this EA
  • #1,480
  • Nov 24, 2008 5:30am Nov 24, 2008 5:30am
I am like realy NEW at this - with all of the attachments I am not sure what goes where??? Can you direct me to an installation post?
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