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4H 5EMA System

  • #1,881
  • Dec 1, 2008 5:18am Dec 1, 2008 5:18am
Quoting pitpiter
I want be sure now
sell
price 1.5357
SL 1.5346

buy stop
price 1.5346
SL 1.4998
I hope now it's correct parameters
good luck
Peter
Nope
Sell entered at 1.5357, with current SL at 1.5349 (new setup bar's high);
Buy stop at 1.5349, with SL (for now) at 1.5001.

I think you're messing with the spread
  • #1,882
  • Dec 1, 2008 5:26am Dec 1, 2008 5:26am
Quoting pitpiter
If I correctly understood from discusion the stoploss don't be move back , just stay on high from bar A , which been setup bar for long?
And now whats with long buystop ?
Current bar broke low , and in this case we don't have buystop or we have revers buystop (I hope You understand what I mean revers ) with price low from bar A
good luck
thanks
Peter
When we were in the long descending bar, the SL was still at the high of barA (because the bar before it wasn't a setup bar). At that time, the buy stop was at that same level;
After the long bar has closed, it's a new setup bar, so the SL on the current short & the buy stop goes to above it.

It has now locked 8 pips.
  • #1,883
  • Dec 1, 2008 5:31am Dec 1, 2008 5:31am
That's my first post on this thread and I am new to Forex and trading. Having read many threads on scalping I realized that are not for me. I think that systems built on price action are more profitable, reasonable and easy to understand.

I ask a couple of questions and I ask sorry in advance if these are already been asked by others members in this long thread (just read up to 60 page):

 

  1. Do u have any hints for someone who use Oanda? With this broker I can't use any buy stop or sell stop order. (I am using a demo account with alpari to follow the thread)
  2. The 4h timeframe is difficult to check for me. I'd rather use the daily or 1h tfs. Is in this case the stop loss unchanged or should be increased/diminuished accordingly?

Thanks,

Oblo

  • #1,884
  • Dec 1, 2008 5:36am Dec 1, 2008 5:36am
Quoting stersuhr
1.5403 is the stop loss and the buy stop order location, if your using Alpari-us charts that is. Wow that was a 100 pip bar on the 5M chart for the G/U. Keep droppin baby lol.

-Sterling
Good Morning Toni,

Just going through posts I missed over the weekend, and found the above from sterling. Why did he move the SL on the original sell from its original SL of 1.5438 to 1.5403 which is the high of the reversal bar which followed it (is there a rule to move the SL once the reversal bar finishes formation?)
  • #1,885
  • Dec 1, 2008 5:36am Dec 1, 2008 5:36am
Quoting tonirai
Nope
Sell entered at 1.5357, with current SL at 1.5349 (new setup bar's high);
Buy stop at 1.5349, with SL (for now) at 1.5001.

I think you're messing with the spread
wait a minute , I'm loss
high from setup bar is 1.5341 , low !.5006 and now we need put on market basic order buystop with price high +5 from set up bar and stoploos low -5 -spread
or I'm wrong next time
good luck
  • #1,886
  • Dec 1, 2008 5:47am Dec 1, 2008 5:47am
Quoting stersuhr
Your using the bar that just closed. That bar did not make a lower low than the opening bar and is therefore a failed reversal bar and not a setup bar to go long. The bar that has a low of 1.5284 is still the setup bar to go long and therefore the stop on the short should be 5 pip plus spread above it, so it should be 1.5403 When the market makes a new low then we will use that bar as the new setup bar to go long.

-Sterling

Got it. The high of the new setup bar for a long dictates the placement of the SL (5+spread) and the SB for the next trade. We now have a super new low so my stop is now 1.5349. I wish this had been live.

Larry
  • #1,887
  • Dec 1, 2008 5:47am Dec 1, 2008 5:47am
Quoting pitpiter
wait a minute , I'm loss
high from setup bar is 1.5341 , low !.5006 and now we need put on market basic order buystop with price high +5 from set up bar and stoploos low -5 -spread
or I'm wrong next time
good luck
For any buy order weather it is a buy stop or your stop loss on a short you have to account for a 3 pip spread so its actually 8 pips above the high. When its a sell order you dont have to account for spread so its only 5 pips on any sell order. Hope this makes sense.

-Sterling
Founder of Day Trading Forex Live
  • #1,888
  • Dec 1, 2008 5:51am Dec 1, 2008 5:51am
Quoting stersuhr
For any buy order weather it is a buy stop or your stop loss on a short you have to account for a 3 pip spread so its actually 8 pips above the high. When its a sell order you dont have to account for spread so its only 5 pips on any sell order. Hope this makes sense.

-Sterling
Ah, didn't know you're still up that's why I directed the question to Toni. but now you can take it if you wish
  • #1,889
  • Dec 1, 2008 5:52am Dec 1, 2008 5:52am
Quoting oblo
That's my first post on this thread and I am new to Forex and trading. Having read many threads on scalping I realized that are not for me. I think that systems built on price action are more profitable, reasonable and easy to understand.

I ask a couple of questions and I ask sorry in advance if these are already been asked by others members in this long thread (just read up to 60 page):[list=1][*]Do u have any hints for someone who use Oanda? With this broker I can't use any buy stop or sell stop order. (I am using a demo account with alpari...
This system was made so you only have to look at the market once every 4 hours for a few minutes. Without pending orders that screws that all up and defeats the purpose of not having to be always watching the market. You said you were looking into scalping systems. Any scalping systems require large amounts of time watching the computer. With this system you only have to look at the screen 6 times a day, and once you understand it it only take 2-3 minutes each time. So youll spend 12-18 minutes a day "trading". What im getting at is if you were willing to spend hours a day on a scalping system them 12-18 minutes a day should be no problem. The daily works but its just not as profitable, no where near as profitable in fact. Stick with the 4H and find a way to be there every 4 hours is my personal reccomendation. Also let me be the first to welcome you to the thread, glad to have ya and I hope you stick around.

-Sterling
Founder of Day Trading Forex Live
  • #1,890
  • Dec 1, 2008 5:54am Dec 1, 2008 5:54am
Quoting CitiTrade
Good Morning Toni,

Just going through posts I missed over the weekend, and found the above from sterling. Why did he move the SL on the original sell from its original SL of 1.5438 to 1.5403 which is the high of the reversal bar which followed it (is there a rule to move the SL once the reversal bar finishes formation?)
Because the reversal bar was also a setup bar to go long when it closed. The new stop should be 1.5349 and the buy stop should be in the same location. The stoploss for the buy stop is 1.5001 I dont for see the buy getting triggered, if anything the 50% rule will get us before it moves further south in a worst case senario. Does this clear things up?

-Sterling
Founder of Day Trading Forex Live
  • #1,891
  • Dec 1, 2008 6:06am Dec 1, 2008 6:06am
I must thank you for sharing your knowledge. I am here to learn from you and all other more experienced guys. You perfectly right as for the 4h, just need few minutes to check the trade. My problem is I usually work in the late afternoon (living in Italy) and when working I have no computer around. So I just think to use the 1h system for london session till newyork session. After newyork open I won't be able to check anything. If 1h is not profitable then I would use the daily. Wait your comment on this.

What about Oanda? Some way to use this broker?

Thanks,

Ramon


Quoting stersuhr
This system was made so you only have to look at the market once every 4 hours for a few minutes. Without pending orders that screws that all up and defeats the purpose of not having to be always watching the market. You said you were looking into scalping systems. Any scalping systems require large amounts of time watching the computer. With this system you only have to look at the screen 6 times a day, and once you understand it it only take 2-3 minutes each time. So youll spend 12-18 minutes a day "trading". What im getting at is if you were...
  • #1,892
  • Dec 1, 2008 6:07am Dec 1, 2008 6:07am
Quoting stersuhr
Because the reversal bar was also a setup bar to go long when it closed. The new stop should be 1.5349 and the buy stop should be in the same location. The stoploss for the buy stop is 1.5001 I dont for see the buy getting triggered, if anything the 50% rule will get us before it moves further south in a worst case senario. Does this clear things up?

-Sterling
Oh, so when a reversal bars is ALSO a valid setup bar, the SL of the newly triggered trade should be adjusted accordingly?
  • #1,893
  • Dec 1, 2008 6:14am Dec 1, 2008 6:14am
Quoting stersuhr
For any buy order weather it is a buy stop or your stop loss on a short you have to account for a 3 pip spread so its actually 8 pips above the high. When its a sell order you dont have to account for spread so its only 5 pips on any sell order. Hope this makes sense.

-Sterling
I want be sure , I good understand what You say
If for ex
1) I have order short and have setup bar for long , I put on market buy stop with price high from setup bar plus 5 , plus spread and stpoloss low from setup bar minus 5
2) if I have long and set up bar for short I put on the market sellstop with price low from set up bar minus 5 and stoploss high from set up bar plus 5(need I add here spread? )
and coorse I need change stoploss for short and long
And what I need do when I don't have order for ex short , just setup bar for long ? The same rule for open or different?
thanks
Peter
  • #1,894
  • Dec 1, 2008 7:16am Dec 1, 2008 7:16am
Quoting CitiTrade
Oh, so when a reversal bars is ALSO a valid setup bar, the SL of the newly triggered trade should be adjusted accordingly?
Sorry I was gone... cooking and then having lunch!

Yes:
The reversal bar puts you in a trade (a short, in this case);
At its close, you look and what do you see? It closed to be a setup to a long - so you act accordingly.
  • #1,895
  • Dec 1, 2008 7:18am Dec 1, 2008 7:18am
Quoting pitpiter
I want be sure , I good understand what You say
If for ex
1) I have order short and have setup bar for long , I put on market buy stop with price high from setup bar plus 5 , plus spread and stpoloss low from setup bar minus 5
2) if I have long and set up bar for short I put on the market sellstop with price low from set up bar minus 5 and stoploss high from set up bar plus 5(need I add here spread? )
and coorse I need change stoploss for short and long
And what I need do when I don't have order for ex short , just setup bar for long ? The same...
It's simple:
Every buy operation should include spread. That means:
- a buy stop;
- a SL on an openned short (which is, indeed, a buy operation).
  • #1,896
  • Dec 1, 2008 8:01am Dec 1, 2008 8:01am
Quoting tonirai
Sorry I was gone... cooking and then having lunch!
Cooking and having lunch? What time zone are you at if I may ask?
  • #1,897
  • Edited 11:30am Dec 1, 2008 8:23am | Edited 11:30am
Quoting tonirai
It's simple:
Every buy operation should include spread. That means:
- a buy stop;
- a SL on an openned short (which is, indeed, a buy operation).
Thanks Toni , its clear for me now.

Sorry , may be my questions sometimes sound foolish
thanks
Peter
  • #1,898
  • Edited 10:38am Dec 1, 2008 8:33am | Edited 10:38am
Sterling,

What a way to start the month

Locked in +200 on that short.

Do we have to put in a BUY stop order even when the candle is completely below the two EMAs ?

Peace

I just realized I locked in +200 only after moving SL after the second big red candle after long setup candle. Not 200+ after 50% move SL. Sorry! Excitement overtook me >}
  • #1,899
  • Dec 1, 2008 9:47am Dec 1, 2008 9:47am
Quoting denverdude
Sterling,

What a way to start the month

Locked in +200 on that short.

Do we have to put in a BUY stop order even when the candle is completely below the two EMAs ?

Peace
By the way, where did you move your sell SL to lock profit to? I projected at 1.5135 to lock in 50% of the pips (222 pips out of 444). So the last failed reversal bar's low plus 222 (1.4913 + 222 = 1.5135).
  • #1,900
  • Dec 1, 2008 9:50am Dec 1, 2008 9:50am
Stop loss and buy stop should be at 1.5070 at the moment
Regards
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