OK I think that i am now on the same charts as the rest of you. Am I correct in saying that we should be short. Also is it a holiday in the US, if so will that affect the trading volume?
- #1,723
- Nov 27, 2008 4:33am Nov 27, 2008 4:33am
Guys, there's something wrong...
I've been looking back to what we've posted in the last hours, to try to figure it out, but I'm not sure!
CitiTrade & ybeidas, are you on Alpari charts?
Because looking back at what you've posted at #1687 (your levels of sell stop & SL), I can't find those on my chart;
And I could swear that bar didn't pierce both EMAs, and that 3 bars later we had the same high!
Anyway, correcting things now:
- Bar1 was a setup bar to go short;
- Bar2 triggered that short;
- Bar3 was a setup bar to go long, so we moved our SL & placed a buy stop above it (with SL on the buy below it);
- Bar4 closed the short & triggered the long... but later made a lower low, hitting the SL on that long, letting us flat (I checked on lower timeframe, it confirms to have triggered the long before that lower low);
- Since that, we were waiting for a new setup bar, which was bar5 (to a short);
- Bar6 (current bar) triggered the short, but them made a higher high, stopping us out and leaving us flat.
I've been looking back to what we've posted in the last hours, to try to figure it out, but I'm not sure!
CitiTrade & ybeidas, are you on Alpari charts?
Because looking back at what you've posted at #1687 (your levels of sell stop & SL), I can't find those on my chart;
And I could swear that bar didn't pierce both EMAs, and that 3 bars later we had the same high!
Anyway, correcting things now:
- Bar1 was a setup bar to go short;
- Bar2 triggered that short;
- Bar3 was a setup bar to go long, so we moved our SL & placed a buy stop above it (with SL on the buy below it);
- Bar4 closed the short & triggered the long... but later made a lower low, hitting the SL on that long, letting us flat (I checked on lower timeframe, it confirms to have triggered the long before that lower low);
- Since that, we were waiting for a new setup bar, which was bar5 (to a short);
- Bar6 (current bar) triggered the short, but them made a higher high, stopping us out and leaving us flat.
- #1,724
- Nov 27, 2008 4:49am Nov 27, 2008 4:49am
- | Joined Sep 2006 | Status: howard | 1,693 Posts
Guys, there's something wrong...
I've been looking back to what we've posted in the last hours, to try to figure it out, but I'm not sure!
CitiTrade & ybeidas, are you on Alpari charts?
Because looking back at what you've posted at #1687 (your levels of sell stop & SL), I can't find those on my chart;
And I could swear that bar didn't pierce both EMAs, and that 3 bars later we had the same high!
Anyway, correcting things now:
- Bar1 was a setup bar to go short;
- Bar2 triggered that short;
- Bar3 was a setup bar to go long, so we moved...
My point was that the high of bar # 5 should not be compared to the high of bar #4 as this bar was not a valid setup bar and in any event bar #5 was a setup bar whether made a higher high, lower high or equal high with #4
Regards
- #1,726
- Nov 27, 2008 5:44am Nov 27, 2008 5:44am
denverdude,
I think it might be a bad choice of words he had at the time...
Of course we don't know what high it will have, so the statement (for a short):
"One of the next two candles (reversal candle) must have a lower high than the setup bar and break the setup bars low by 5 pips"
is incomplete - that is a proper reversal bar, which can only be tell after it will close;
The orders are placed/changed/removed when a bar closes;
So when a setup bar closes, you place you buy stop & its SL based on it;
If it triggers the short and then hits SL, you're out - and that bar can now be called a failed reversal bar;
The opposite can also happen;
When a setup bar closes, you place your sell stop & its SL based on it;
It can make a higher high and then trigger your order - so you're in the short trade, despite that higher high.
Yes, it's something we have to live with, but occurs only once in a while.
I think it might be a bad choice of words he had at the time...
Of course we don't know what high it will have, so the statement (for a short):
"One of the next two candles (reversal candle) must have a lower high than the setup bar and break the setup bars low by 5 pips"
is incomplete - that is a proper reversal bar, which can only be tell after it will close;
The orders are placed/changed/removed when a bar closes;
So when a setup bar closes, you place you buy stop & its SL based on it;
If it triggers the short and then hits SL, you're out - and that bar can now be called a failed reversal bar;
The opposite can also happen;
When a setup bar closes, you place your sell stop & its SL based on it;
It can make a higher high and then trigger your order - so you're in the short trade, despite that higher high.
Yes, it's something we have to live with, but occurs only once in a while.
- #1,728
- Nov 27, 2008 5:51am Nov 27, 2008 5:51am
- | Joined Sep 2006 | Status: howard | 1,693 Posts
Regards
Tonirai:
Appreciate your reply to my question.
I was pondering over that question and what a coincidence that you posted your chart! Turns out to be great learning opportunity for me.
MM should help manage such rare (hopefully) occurrences, I guess.
Keep up the good work guys
Peace
Appreciate your reply to my question.
I was pondering over that question and what a coincidence that you posted your chart! Turns out to be great learning opportunity for me.
MM should help manage such rare (hopefully) occurrences, I guess.
Keep up the good work guys
Peace
- #1,737
- Nov 27, 2008 6:27am Nov 27, 2008 6:27am
Hi there Sterling,
Thank you very much for this very profitable system and all the good work you have been putting in. I have been trying out this system and getting better with it as time goes on with your guidance.
May the PIPS continue to roll in for you.
Thank you very much for this very profitable system and all the good work you have been putting in. I have been trying out this system and getting better with it as time goes on with your guidance.
May the PIPS continue to roll in for you.