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4H 5EMA System

  • #1,641
  • Nov 26, 2008 4:43am Nov 26, 2008 4:43am
Quoting stersuhr
In whatever trade you take long or short, once the reversal bar closes you put a reversal trade at the same location as the stoploss. There is a really good explination and post number you can go look at to determine the stop loss for the reversal trade that is located on the first page. Hope this helps.

-Sterling
Hi,

Actually the only place I hear of this. The rules talk about a reverse order is when you get stopped out. Even following your trade steps, you only speak of the order's stop (be it buy stop or sell stop), and a stop loss. It only speaks of a reversal when there is a stopped out order. This post is the first time I hear of this. Maybe I missed it somewhere...
  • #1,642
  • Nov 26, 2008 4:47am Nov 26, 2008 4:47am
Yeah i read and reread the posts on the first page and I still dont get it maybe I am a bit thick
  • #1,643
  • Nov 26, 2008 4:51am Nov 26, 2008 4:51am
Quoting sutters
Yeah i read and reread the posts on the first page and I still dont get it maybe I am a bit thick
Well, step number 5 in post# 7 mentions a reversed order, but it is not clear to me (so you're not the only one who is a bit thick...LOL )
  • #1,644
  • Nov 26, 2008 4:53am Nov 26, 2008 4:53am
Quoting CitiTrade
Well, step number 5 in post# 7 mentions a reversed order, but it is not clear to me (so you're not the only one who is a bit thick...LOL )
Check rule #2 under inital stop placement.

-Sterling
Founder of Day Trading Forex Live
  • #1,645
  • Nov 26, 2008 5:02am Nov 26, 2008 5:02am
Quoting stersuhr
Check rule #2 under inital stop placement.

-Sterling
It says, IF you get stopped out you reverse the trade. This means to me you enter a reversed trade to the order you HAD and was stopped out and deleted. But now you're saying we have two orders in the market, the sell which went in and a pending buy stop, which I am still not sure why we took it since reversals can only be taken if we were stopped out.
  • #1,646
  • Nov 26, 2008 5:06am Nov 26, 2008 5:06am
Quoting CitiTrade
Well, step number 5 in post# 7 mentions a reversed order, but it is not clear to me (so you're not the only one who is a bit thick...LOL )
I found the best way to come to grips with this aspect, is to actually demo-trade the system and refer back to the thread whilst doing so as there will usually be a realtime post referring to the reversal and subsequent order placement. There will be plenty of future opportunities and you really only have to go through the process once or twice and it sinks home.
If there is ever any doubt then there is no doubt.
  • #1,647
  • Nov 26, 2008 5:08am Nov 26, 2008 5:08am
Quoting CitiTrade
It says, IF you get stopped out you reverse the trade. This means to me you enter a reversed trade to the order you HAD and was stopped out and deleted. But now you're saying we have two orders in the market, the sell which went in and a pending buy stop, which I am still not sure why we took it since reversals can only be taken if we were stopped out.

We didnt take it. The buy stop is a order that is pending. It is at the same location as the stop loss for the current sell we are in. The only time the reversal order will get triggered (the buy stop) is if the current sell gets stopped out. Im going to sleep now so if someone who knows the system can answer any further questions that would be much appreciateed. If not ill get them when I wake up.

-Sterling
Founder of Day Trading Forex Live
  • #1,648
  • Nov 26, 2008 5:10am Nov 26, 2008 5:10am
Quoting Kristo
I found the best way to come to grips with this aspect, is to actually demo-trade the system and refer back to the thread whilst doing so as there will usually be a realtime post referring to the reversal and subsequent order placement. There will be plenty of future opportunities and you really only have to go through the process once or twice and it sinks home.
I took outlined every trade for the month of Sept. There are charts and exact entries and exits. All this is on the first 2 pages. I recommend printing the rules and looking at the charts with the rules next to you. This should help a lot. To anyone who knows the system its quite easy to trade once you get it. Stick around for a week and youll have it for sure.

-Sterling
Founder of Day Trading Forex Live
  • #1,649
  • Nov 26, 2008 5:11am Nov 26, 2008 5:11am
Quoting stersuhr
Yeah I conpletly agree with everything with everything in you post. If anything I would recommend, if you want to diversify or make the equity curve "flatter" just using this same system on the G/U still but use a different 4H close. We have all seen that when one 4 close time is up the other is sometimes down. Using both would be great and very profitable. Now I know an EA is needed for this and thats being worked on. A room was already created for this and all EA discussion. People are working very hard to provide this for all of you and it...
I've been demo trading it on Go Markets Australia recently and the last 2 or 3 times we entered on Alpari and got stop out at a loss, the Gomarkets entries caught the trend and profited quite well- So I can really see where using 2 different timed brokers will do well- The candles I'm using are closing 1 hour earlier than Alpari. Trading two charts manually for me would be a bit of a task though and reduce maximum sleep time to 3 hours at a time haha- So I hope the EA can eventually help us out with that.
  • #1,650
  • Nov 26, 2008 5:20am Nov 26, 2008 5:20am
Here's the way I look at this guys...when we place an order on a setup candle sell or buy, at that time we have a stop in place for that order for protection. I think what sterling is saying is that you should also have a pending order that gets you into the market in the opposite direction if that stop is executed. If the two orders are placed at the same price point this will be simultaneous.




Quoting CitiTrade
It says, IF you get stopped out you reverse the trade. This means to me you enter a reversed trade to the order you HAD and was stopped out and deleted. But now you're saying we have two orders in the market, the sell which went in and a pending buy stop, which I am still not sure why we took it since reversals can only be taken if we were stopped out.
  • #1,651
  • Nov 26, 2008 5:21am Nov 26, 2008 5:21am
Quoting viperzz
I've been demo trading it on Go Markets Australia recently and the last 2 or 3 times we entered on Alpari and got stop out at a loss, the Gomarkets entries caught the trend and profited quite well- So I can really see where using 2 different timed brokers will do well- The candles I'm using are closing 1 hour earlier than Alpari. Trading two charts manually for me would be a bit of a task though and reduce maximum sleep time to 3 hours at a time haha- So I hope the EA can eventually help us out with that.
We can also use a broker with 1 hour lag (IBFX) and then we have a much smoother curve.

Sleep window 2 hours, lol, anybody interested.
Regards
  • #1,652
  • Nov 26, 2008 5:21am Nov 26, 2008 5:21am
Ok so the way i read it is we only put a reversal order in after a proper reversal bar closes so if this is correct the current short we have not og t a reversal order on as yet is this true.
Once again thanks for all your help.
  • #1,653
  • Nov 26, 2008 5:24am Nov 26, 2008 5:24am
Quoting earret
Here's the way I look at this guys...when we place an order on a setup candle sell or buy, at that time we have a stop in place for that order for protection. I think what sterling is saying is that you should also have a pending order that gets you into the market in the opposite direction if that stop is executed. If the two orders are placed at the same price point this will be simultaneous.
That is correct except that the 2nd. order (reverse entry) will be placed after revesal bar closes
Regards
  • #1,654
  • Nov 26, 2008 5:25am Nov 26, 2008 5:25am
Quoting sutters
Ok so the way i read it is we only put a reversal order in after a proper reversal bar closes so if this is correct the current short we have not og t a reversal order on as yet is this true.
Once again thanks for all your help.
Reversal bar has already closed, that is why we have the reverse order in place
Regards
  • #1,655
  • Nov 26, 2008 5:31am Nov 26, 2008 5:31am
On the attached chart, bar 1 is setup and bar 2 is reversal

Ignore the lines on the chart
Attached Image
Regards
  • #1,656
  • Nov 26, 2008 5:32am Nov 26, 2008 5:32am
Quoting howard
Reversal bar has already closed, that is why we have the reverse order in place
ok, got it thanks all. And when should this reverse order be deleted? When we get a setup bar to go in the other direction?
  • #1,657
  • Nov 26, 2008 5:35am Nov 26, 2008 5:35am
Quoting CitiTrade
ok, got it thanks all. And when should this reverse order be deleted? When we get a setup bar to go in the other direction?
When this current bar closes and it has pierced the lower ema it will be the setup bar to go long and our stop will move on its top
Regards
  • #1,658
  • Nov 26, 2008 5:40am Nov 26, 2008 5:40am
Thanks Howard, my ema isnt pierced by this latest bar mmmm I am on Alpari UK demo.
  • #1,659
  • Nov 26, 2008 5:41am Nov 26, 2008 5:41am
Sterling,
Should we trade right through Thanksgiving? I'm thinking low volume=choppiness.
  • #1,660
  • Nov 26, 2008 5:42am Nov 26, 2008 5:42am
right...not by 5 pips anyway...not yet


Quoting sutters
Thanks Howard, my ema isnt pierced by this latest bar mmmm I am on Alpari UK demo.
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