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4H 5EMA System

  • #1,601
  • Nov 25, 2008 10:41am Nov 25, 2008 10:41am
Quoting pitpiter
and sorry , one more question
which stoploss u add for ur buystop? or u put them without stoploss and add them after buystop was trigered ?
thanks
pit
Hi Pit (any relation to brad pitt haha)


After the reversal bar (R) closed, I put in the trade to go the opposite direction. According to the rules, my stop for the reversal trade should the lowest low since my short was initiated. So when I was at bar R, I put my stop at the low of R, when bar S closed I moved my stop to low of S, when bar T closed I moved the stop to the low of T. But suddenly bar B made a lower low and also rushed upwards and triggered my reverse trade to go the opposite direction. I panicked and quickly posted in the forum. Toni replied that since bar B has not closed, my only logical stop could only be the low of bar Twhich is the lowest low since the short was initiated. This I fully agree.Toni's post should be helpful to explain this as he was very thorough. Hope this helps.
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  • #1,602
  • Nov 25, 2008 10:53am Nov 25, 2008 10:53am
Since last trade was stopped out (sell SL at 1.5169) do we not need to enter a reverse order at some point? when?
  • #1,603
  • Nov 25, 2008 11:08am Nov 25, 2008 11:08am
When the current bar closes in abour two hours, it will be a setup bar to go short

Apart from that I do not see any setup
Regards
  • #1,604
  • Nov 25, 2008 11:14am Nov 25, 2008 11:14am
Quoting howard
When the current bar closes in abour two hours, it will be a setup bar to go short

Apart from that I do not see any setup
Hi Howard,

Looking at the apari chart now. Wont the current bar need to be higher than the previous bar(the one that straddled both the high and low EMA) to be a valid set up bar? Or do we have to wait for 2 failed reversal bars(after the long straddling bar) before the following one can be a new set up bar? Thanks
  • #1,605
  • Nov 25, 2008 11:17am Nov 25, 2008 11:17am
Quoting piptrees
Hi Howard,

Looking at the apari chart now. Wont the current bar need to be higher than the previous bar(the one that straddled both the high and low EMA) to be a valid set up bar? Or do we have to wait for 2 failed reversal bars(after the long straddling bar) before the following one can be a new set up bar? Thanks
The previous bar which has gone through both EMAs is not a valid setup bar, therefore we ignore it and the current bar does not need to break its high
Regards
  • #1,606
  • Nov 25, 2008 11:20am Nov 25, 2008 11:20am
Quoting howard
The previous bar which has gone through both EMAs is not a valid setup bar, therefore we ignore it and the current bar does not need to break its high
ok thanks
  • #1,607
  • Nov 25, 2008 11:20am Nov 25, 2008 11:20am
Quoting piptrees
Hi Pit (any relation to brad pitt haha)


After the reversal bar (R) closed, I put in the trade to go the opposite direction. According to the rules, my stop for the reversal trade should the lowest low since my short was initiated. So when I was at bar R, I put my stop at the low of R, when bar S closed I moved my stop to low of S, when bar T closed I moved the stop to the low of T. But suddenly bar B made a lower low and also rushed upwards and triggered my reverse trade to go the opposite direction. I panicked and quickly posted in the forum....
thanks so much
now it make sens and clear for me
good luck
pit (not brad )
  • #1,608
  • Nov 25, 2008 12:01pm Nov 25, 2008 12:01pm
Quoting piptrees
But I am curious about why you guys are not in the reverse trade cos I have just downloaded a apari demo account and according to the chart which i have attached, looks like you should be in a reverse trade too? Is this the same one you guys are using? Thanks
I'm glad to see you are all getting through the rules correctly
The only unanswered question since I left seems to be this one you posted.

Take a closer look:
The last red bar was our new setup bar (because the previous 2 red bars didn't make it as reversal bars);
So the next bar (that big green) triggered our short and later stopped us out;
So we were flat at the end of it, so we are looking for a setup bar since that (could be the current bar).

Ok, I'm out again... only be back tomorrow. See you all soon.
  • #1,609
  • Nov 25, 2008 12:11pm Nov 25, 2008 12:11pm
Quoting tonirai
I'm glad to see you are all getting through the rules correctly
The only unanswered question since I left seems to be this one you posted.

Take a closer look:
The last red bar was our new setup bar (because the previous 2 red bars didn't make it as reversal bars);
So the next bar (that big green) triggered our short and later stopped us out;
So we were flat at the end of it, so we are looking for a setup bar since that (could be the current bar).

Ok, I'm out again... only be back tomorrow. See you all soon.
Thanks a lot once again Toni for enlightening us. Really couldn't figure that one out!
  • #1,610
  • Nov 25, 2008 1:05pm Nov 25, 2008 1:05pm
The 10am-2pm Est bar is a short setup bar. A sell stop is placed at:

SS: 1.5246 (bar's low 1.5251 - 5 pips)
SL: 1.5479 (bar's high 1.5471 + 8 pips)
  • #1,611
  • Nov 25, 2008 3:29pm Nov 25, 2008 3:29pm
Looks like were setting up for a nice short. The G/U is hitting nice resistance and is quite extended. We will adjust are entry order come 6PM EST. Ill have the daily chart later for ya guys.

I asked tonirai to open and try to manage an EA thread for me and he agreed. Here is the link to the thread http://www.forexfactory.com/showthread.php?t=130511 where we can discuss the EA and not clutter this thread up. This thread will still be the main thread for all discussion about the rules and current trades. Only EA discussion in the other thread please.

-Sterling
Founder of Day Trading Forex Live
  • #1,612
  • Nov 25, 2008 5:28pm Nov 25, 2008 5:28pm
thank u Sterling for all your efforts....and thanx to those who have made significant contributions to the thread....

i just wanted to post the trades as i see them the next few days....i wanna do this so i can get corrected if i make a mistake, or misunderstood something.....i want to make sure i'm applying the system right.....i believe this can help others too...........using alpari as well...

candle just closed 25 mins ago
sell stop 1.5378 SL 1.5541

please...seasoned veterans of the system correct me if i am wrong...
  • #1,613
  • Nov 25, 2008 5:35pm Nov 25, 2008 5:35pm
exactly the same figures here

Steve.
  • #1,614
  • Nov 25, 2008 5:38pm Nov 25, 2008 5:38pm
thanx Arnold....we'll see what happens the next few hours
  • #1,615
  • Nov 25, 2008 7:11pm Nov 25, 2008 7:11pm
Looks like a pretty good short setup and now trade we got going on here. I decided to start live back up again after taking only a few weeks off. Im bored and need to start again lol. So Ill probably be posting my trades in here a lot more.

-Sterling
Founder of Day Trading Forex Live
  • #1,616
  • Nov 25, 2008 7:44pm Nov 25, 2008 7:44pm
Can anyone post the current cummaltive Pip count for Nov so I can verify my numbers to see if I didn't screw up anything along the way. 4hr Alpari US account. Thanks
  • #1,617
  • Nov 25, 2008 8:15pm Nov 25, 2008 8:15pm
Quoting Pipsnagger
Can anyone post the current cummaltive Pip count for Nov so I can verify my numbers to see if I didn't screw up anything along the way. 4hr Alpari US account. Thanks
Ill post a chart that brings us current today. Im not home right now tho. Its around +500 pips.

-Sterling
Founder of Day Trading Forex Live
  • #1,618
  • Nov 25, 2008 8:26pm Nov 25, 2008 8:26pm
I really want to thank you Sterling for the "entry moment idea" that you shared with us. (the "more then the last max or less then the last min" thing)

I tried it with several "entry segnal" different from the EMA5 Hi_Lo such as Heiken Ashi Smoothed and Parabolic Sar and it seems to work pretty good with many pairs.

I hope we'll be soon able to use your EA on GBPUSD and this new system on several pairs to improve our pip/month ratio and our risk diversification/management.
Because a system can work perfectly for some but it lose for sometime and if we run other systems we should be able to overcome the losses.

Thank you again, and sorry for my english.
  • #1,619
  • Nov 25, 2008 8:39pm Nov 25, 2008 8:39pm
Quoting stersuhr
Ill post a chart that brings us current today. Im not home right now tho. Its around +500 pips.

-Sterling

Thanks Sterling...as well as Tonirai #1564 really clarifies reverses and reversals which I was having problems with and howard for all your clarifications along the way
  • #1,620
  • Nov 25, 2008 8:47pm Nov 25, 2008 8:47pm
Quoting Corre
I really want to thank you Sterling for the "entry moment idea" that you shared with us. (the "more then the last max or less then the last min" thing)

I tried it with several "entry segnal" different from the EMA5 Hi_Lo such as Heiken Ashi Smoothed and Parabolic Sar and it seems to work pretty good with many pairs.

I hope we'll be soon able to use your EA on GBPUSD and this new system on several pairs to improve our pip/month ratio and our risk diversification/management.
Because a system can work perfectly for some but it lose for sometime...
Check back a page and you will see the link to the new thread for the EA for this system. I dont have an EA that is the standard for the rooom yet but that is the room where it will be found. Any talk about EA's and testing will be conducted there and also general discussion about it. This room will still be the main room for the system. As the new thread states, the EA will not just be given out you have to prove you know the mechanics of the system. This is for everyones own good and is explained well in the first page of the new thread. What is the "entry moment idea" I dont remember.

-Sterling
Founder of Day Trading Forex Live
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