4H 5EMA System | Page 84 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

TEB 5ema & 12ema and 21 RSI (MTF) 1,730 replies

5EMA hilo system, and EA Idea 18 replies

4H 5EMA System's EA 79 replies

4HR 5EMA Expert Advisor 42 replies

when 5EMA crosses out of 55LWMA channel 0 replies

Attachments: 4H 5EMA System
Exit Attachments

4H 5EMA System

  • #1,661
  • Nov 26, 2008 5:53am Nov 26, 2008 5:53am
Quoting sutters
Thanks Howard, my ema isnt pierced by this latest bar mmmm I am on Alpari UK demo.
That is correct, not yet
Regards
  • #1,662
  • Nov 26, 2008 6:08am Nov 26, 2008 6:08am
Hi Howard,

So, to make sure, here is what should be done when the current bar closes and it proves to be a valid buy setup bar:

1- Move the SL for the in-market sell order we've had to be 5 pips on top of its high (the newly formed setup bar). This will be to lock in the profit (incidentally, when can we liquidate that?)

2- Place a buy stop at 5 pips higher than the top, with SL 8 pips lower than the low, beause the setup bar is carried the signal to do so.

3- Delete the previous pending buy stop which was meant to be the reversal of the sell order.

These operations are related to the setup bar. Once a reversal bar is formed, there are some operations to perform as well.

Anything else?

Thanks
  • #1,663
  • Nov 26, 2008 6:15am Nov 26, 2008 6:15am
Quoting CitiTrade
Hi Howard,

So, to make sure, here is what should be done when the current bar closes and it proves to be a valid buy setup bar:

1- Move the SL for the in-market sell order we've had to be 5 pips on top of its high (the newly formed setup bar). This will be to lock in the profit (incidentally, when can we liquidate that?)

2- Place a buy stop at 5 pips higher than the top, with SL 8 pips lower than the low, beause the setup bar is carried the signal to do so.

3- Delete the previous pending buy stop which was meant to be the reversal of the...
When setup bar is formed and closed, we move the stop loss and stop reverse to 5 pips+spread above it, remember these are buy orders so you should add spread.

We also place a stop loss for the long entry 5 pips below the low of setup bar
previous orders can be cancelled and new orders placed or previous orders can be modified as above
Regards
  • #1,664
  • Nov 26, 2008 6:26am Nov 26, 2008 6:26am
Quoting howard
When setup bar is formed and closed, we move the stop loss and stop reverse to 5 pips+spread above it, remember these are buy orders so you should add spread.

We also place a stop loss for the long entry 5 pips below the low of setup bar
previous orders can be cancelled and new orders placed or previous orders can be modified as above
Remember the drawings which became popular in the early 90s, where you have to stare at nothing but dense colored dots and you're supposed to see something like a dog, or the space shuttle, etc? I spent weeks not getting it, because I was examining every detail of the drawings trying to spot the patterns they spoke off. And finally, it wasn't anything like that.. you simply had to remove your focus, and there you have it, it jumps at you and can't miss it even if you want to. Well, I am getting there The problem has been is the rules go back and forth, at times they speak of specific details you need to do, other times is proposes concepts in less details. THX again.
  • #1,665
  • Nov 26, 2008 6:30am Nov 26, 2008 6:30am
Quoting CitiTrade
Remember the drawings which became popular in the early 90s, where you have to stare at nothing but dense colored dots and you're supposed to see something like a dog, or the space shuttle, etc? I spent weeks not getting it, because I was examining every detail of the drawings trying to spot the patterns they spoke off. And finally, it wasn't anything like that.. you simply had to remove your focus, and there you have it, it jumps at you and can't miss it even if you want to. Well, I am getting there The problem has been is the rules go back...
That was a good analogy
Regards
  • #1,666
  • Nov 26, 2008 7:48am Nov 26, 2008 7:48am
Really appreciate your efforts and the time you take to tackle the questions. Just read about this trading system and sure will put it into practice. But while back testing the system i realized that the candle formation at the end of each run must be a reversal candle before one can take position in the opposite direction. I have seen an instance where the candle stick that breaks the 5EMA in a downtrend was a bearish one and it still continued in that direction.
Please confirm this and let me know your opinion.
kip making pips
  • #1,667
  • Nov 26, 2008 7:48am Nov 26, 2008 7:48am
So no reversal order at the low of the current bar if triggered long, correct.
  • #1,668
  • Nov 26, 2008 8:00am Nov 26, 2008 8:00am
Hi Sterling,

The way you enter and exit trades in this system is simple and effective. One thing we can consider, I believe, is to use different timeframes for entering and exiting trades. Perhaps using 8hr for entry and 4hr for exit. This may get rid of some of those whipsaws. I'm afraid I don't have the time to backtest this idea over a decent time period so I don't know for sure, but it may result in a smoother equity curve.
Thanks again for a great system.
  • #1,669
  • Nov 26, 2008 9:08am Nov 26, 2008 9:08am
Sell from 1.5378
stop loss 1.5373

buy stop 1.5373
stop loss 1.5218
  • #1,670
  • Nov 26, 2008 9:14am Nov 26, 2008 9:14am
Quoting bhupinder
Sell from 1.5378
stop loss 1.5373

buy stop 1.5373
stop loss 1.5218
Ditto, thanks for posting.
  • #1,671
  • Nov 26, 2008 9:19am Nov 26, 2008 9:19am
Quoting CitiTrade
Ditto, thanks for posting.
Made my first 5 pips on the system
  • #1,672
  • Nov 26, 2008 9:25am Nov 26, 2008 9:25am
You are welcome Citi Trade.
Sell from 1.5378 stopped out at 1.5373 for +5 pips.
Buy Stop triggered at 1.5373
stop loss 1.5218
  • #1,673
  • Nov 26, 2008 9:28am Nov 26, 2008 9:28am
Long again at 1.5373 on aplari uk with short out @ approx. b/e - real roller coaster over the last few days but the system is proving its robustness in not giving up too much of the gains..lets hope this long gets some momo behind it..
  • #1,674
  • Nov 26, 2008 9:36am Nov 26, 2008 9:36am
Quoting petersurrey
Long again at 1.5373 on aplari uk with short out @ approx. b/e - real roller coaster over the last few days but the system is proving its robustness in not giving up too much of the gains..lets hope this long gets some momo behind it..
Pivot at 1.5330 which coincides with the 38% ret. fibo from yesterday's low to high, is proving to be a nice support. This may help cable to keep climbing up to test the cluster of resistance at 1.56xx.
  • #1,675
  • Nov 26, 2008 10:19am Nov 26, 2008 10:19am
anyway we missed the "third additional rule" for just 2 pip

my enter was at 1.5379 at 3.40 and price went to 1.5223.

Considering the 5 pips rule and the spread we have a 1.5379-1.5223-5-3=148

for just 2 pips we would have saved much more gain, unluck.
  • #1,676
  • Nov 26, 2008 10:24am Nov 26, 2008 10:24am
we got stopped out... what luck, 3 times in two days
  • #1,677
  • Nov 26, 2008 10:28am Nov 26, 2008 10:28am
just a question, now we have to reverse the trade (a Sell order at 1.52225?) or since it was in the same candle we just stay out of the market?
  • #1,678
  • Nov 26, 2008 10:30am Nov 26, 2008 10:30am
..stopped out @ 5218 ( -170 approx.) on reversal bar so no reverse trade to go short.. very volatile out there with markets finding it difficult to decide which news is worse UK or US..
  • #1,679
  • Nov 26, 2008 10:38am Nov 26, 2008 10:38am
Quoting Corre
just a question, now we have to reverse the trade (a Sell order at 1.52225?) or since it was in the same candle we just stay out of the market?
We're flat. will have to wait for a setup bar. This one was a failed reversal bar.
  • #1,680
  • Nov 26, 2008 1:02pm Nov 26, 2008 1:02pm
with the close of the 4 hr bar a couple minutes ago....we should be just waiting now for a new set up bar
3 traders viewing now