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Attachments: 4H 5EMA System
Exit Attachments

4H 5EMA System

  • #1,481
  • Nov 24, 2008 5:33am Nov 24, 2008 5:33am
Quoting tonirai
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
Of course yes, I wasn't thinking of that as I didn't have a trade in on my chart at the time.
  • #1,482
  • Nov 24, 2008 5:37am Nov 24, 2008 5:37am
Quoting 4xgolfer
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?
Go to the first post and thats all the rules. What I recommend doing is print out the rules. Then I posted every trade with entries and exit on the following 2 pages(not every post). You will understand when you see the charts and following posts that include entries and exits. I also post daily charts of all the trades so make sure you see those. Feel free to ask any questions, I try to reply to all of them. If you read the rules a few times and go over the charts with them you will have a pretty good understanding of the system. I also recommend reading the thread. it kinda large now, but ask yourself what is 500+ pips a month worth to you. This system is completely mechanical and ANYONE can replicate my results. Look forward to your future posts and hope you stick around.

-Sterling
Founder of Day Trading Forex Live
  • #1,483
  • Nov 24, 2008 5:42am Nov 24, 2008 5:42am
Hello,

Finished training and reading the system and am ready to jump in. When do you guys recommend jumping in? Would you start evaluating from 12am start of the day, or the first bar in London, NY, or what? Incidently, is the current 4H bar forming now on Alpari being considered for setup? Of course will have to wait for the reversal bar after it to confirm. True? Would someone be kind enough to trade live with those of us who are getting trained on it?

Many thanks
  • #1,484
  • Nov 24, 2008 5:59am Nov 24, 2008 5:59am
Quoting CitiTrade
Hello,

Finished training and reading the system and am ready to jump in. When do you guys recommend jumping in? Would you start evaluating from 12am start of the day, or the first bar in London, NY, or what? Incidently, is the current 4H bar forming now on Alpari being considered for setup? Of course will have to wait for the reversal bar after it to confirm. True? Would someone be kind enough to trade live with those of us who are getting trained on it?

Many thanks
Yes, the current bar when closed is a setup bar to go short and it maybe the best point to start, still 3 hours left to close.
Regards
  • #1,485
  • Nov 24, 2008 5:59am Nov 24, 2008 5:59am
Quoting CitiTrade
Hello,

Finished training and reading the system and am ready to jump in. When do you guys recommend jumping in? Would you start evaluating from 12am start of the day, or the first bar in London, NY, or what? Incidently, is the current 4H bar forming now on Alpari being considered for setup? Of course will have to wait for the reversal bar after it to confirm. True? Would someone be kind enough to trade live with those of us who are getting trained on it?

Many thanks

Heres a few things I tell everyone when they start trading, if youve read the whole thread you will have already read this but Ill repeat it. Dont trade more than 1 standard lot per 20K in your account. Also If you cant take every trade dont trade this system. In the markets, murphy's law takes affect like no where else. If you dont take every trade you will miss all the winners and catch all the loosers, i guarantee it!

Another point I would like to add is when you start. Ill tell you what I do. Sometimes Ill take a month off and I do it by a calendar month. Ill stop on the last day and start on the first sunday of the next month. If your starting on a demo (which is what I recommend) then start on the next trade signal. If you need any other help or have any other questions feel free to ask

-Sterling
Founder of Day Trading Forex Live
  • #1,486
  • Nov 24, 2008 6:06am Nov 24, 2008 6:06am
Thanks guys. I am on an Alpari UK demo account for now. I have been reading the thread for a week now, and I think I got the basics down, but am sure I will encounter some situations where I will need help. So for now I will watch the current bar being formed and I will place a sell stop at 8 pips below the bar's low when it is done. One standard lot for now (although it is a demo).
  • #1,487
  • Nov 24, 2008 6:09am Nov 24, 2008 6:09am
Quoting CitiTrade
Thanks guys. I am on an Alpari UK demo account for now. I have been reading the thread for a week now, and I think I got the basics down, but am sure I will encounter some situations where I will need help. So for now I will watch the current bar being formed and I will place a sell stop at 8 pips below the bar's low when it is done. One standard lot for now (although it is a demo).
I would recommend using a alpari-us demo so as not to have any confusion with my charts. Also alpari-uk uses 5 decimal points which can be confusing. Once you fully understand the system then go to whatever broker you like.

-Sterling
Founder of Day Trading Forex Live
  • #1,488
  • Nov 24, 2008 6:19am Nov 24, 2008 6:19am
Quoting stersuhr
I would recommend using a alpari-us demo so as not to have any confusion with my charts. Also alpari-uk uses 5 decimal points which can be confusing. Once you fully understand the system then go to whatever broker you like.

-Sterling
Done. I am on Alpari US now. Will keep watching all day since it is my first day on the system and would like to read this thread for any potential updates. thanks again.
  • #1,489
  • Nov 24, 2008 6:30am Nov 24, 2008 6:30am
Quoting CitiTrade
Thanks guys. I am on an Alpari UK demo account for now. I have been reading the thread for a week now, and I think I got the basics down, but am sure I will encounter some situations where I will need help. So for now I will watch the current bar being formed and I will place a sell stop at 8 pips below the bar's low when it is done. One standard lot for now (although it is a demo).
5 pips below the low
Regards
  • #1,490
  • Nov 24, 2008 6:34am Nov 24, 2008 6:34am
Quoting howard
5 pips below the low
five pips plus 3 pips spread, no?
  • #1,491
  • Nov 24, 2008 6:37am Nov 24, 2008 6:37am
Quoting CitiTrade
five pips plus 3 pips spread, no?
On a short entry or exit you dont have to include spread only when your buying to exit/enter a trade.

-Sterling
Founder of Day Trading Forex Live
  • #1,492
  • Nov 24, 2008 6:38am Nov 24, 2008 6:38am
Quoting CitiTrade
five pips plus 3 pips spread, no?
For shorts 5 pips below for longs 5 pips plus spread above
Regards
  • #1,493
  • Nov 24, 2008 6:58am Nov 24, 2008 6:58am
I just thought I'd let you guys know im working on a new system. If you understand this system you will get the new system right away. Its a spin off of this one, but will use the 5M chart and specific times. This will allow you to take every trade and not have to be at the computer for hours on end. Basically it puts you in the market when you will have the highest probability for success. Im still working on the way profits are takin and some smaller parts to the system. The main gist of the system is already in place and done just the odds and ends are what im working on now. Ill let you guys know when Im dont with that, I just thought Id give you a heads up preview

-Sterling
Founder of Day Trading Forex Live
  • #1,494
  • Nov 24, 2008 9:09am Nov 24, 2008 9:09am
after recent bar finished (8am - 10 am EST), Entered a sell stop at 1.4941 (setup bars low 1.495 minus 5 pips) with a stop loss at 1.5086 (bar's high 1.5078 plus 8 pips). Now waiting to see if next bar is a reversal.
  • #1,495
  • Nov 24, 2008 9:17am Nov 24, 2008 9:17am
Incidentally. the SL is about the same as R1 for the day, which is 1.5087!
  • #1,496
  • Nov 24, 2008 9:23am Nov 24, 2008 9:23am
Hi Sterling
Looking forward for your new system.
Really appreciate your kindness,effort and time (making effort and spending so much time to make us understand your systems)
Thankyou
Bhupinder
  • #1,497
  • Nov 24, 2008 9:24am Nov 24, 2008 9:24am
Looks like I may get stopped.
  • #1,498
  • Nov 24, 2008 9:27am Nov 24, 2008 9:27am
Quoting CitiTrade
Looks like I may get stopped.
Didn't trigger yet... what am I talking about...
  • #1,499
  • Nov 24, 2008 9:31am Nov 24, 2008 9:31am
Resuming the situation:
We started the week entering long. That first bar was a setup bar for a short;
Second bar made the same high and became the new setup bar;
Third bar triggered the short and then made a new high, stopping us and leaving us out of trades (unfortunately, loosing that leg up);
Fourth bar (last closed) is our actual setup bar for a short.
  • #1,500
  • Nov 24, 2008 9:34am Nov 24, 2008 9:34am
Quoting tonirai
Resuming the situation:
Fourth bar (last closed) is our actual setup bar for a short.
Yes, last closed (33 minutes ago) I setup a short at 1.4941 with SL at 1.5086, yes?
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