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4H 5EMA System

  • #2,021
  • Dec 2, 2008 5:23am Dec 2, 2008 5:23am
CitiTrade

What is the low of your last closed bar?
Regards
  • #2,022
  • Dec 2, 2008 5:28am Dec 2, 2008 5:28am
Quoting howard
CitiTrade

What is the low of your last closed bar?
1.4784
  • #2,023
  • Dec 2, 2008 5:29am Dec 2, 2008 5:29am
Quoting CitiTrade
1.4784
OK thanks
Regards
  • #2,024
  • Dec 2, 2008 5:57am Dec 2, 2008 5:57am
Quoting CitiTrade
Can you confirm, the new SL for our sell is at 1.4911, and a new pending buy stop is entered at 1.4911 with SL at 1.4779?
Hi everyone
this number I see on my chart too
good luck
more pips
Peter
  • #2,025
  • Dec 2, 2008 6:03am Dec 2, 2008 6:03am
Quoting CitiTrade
Can you confirm, the new SL for our sell is at 1.4911, and a new pending buy stop is entered at 1.4911 with SL at 1.4779?
You got it right Citi.

-Sterling
Founder of Day Trading Forex Live
  • #2,026
  • Edited 7:12am Dec 2, 2008 6:22am | Edited 7:12am
We are now long, from 1.4911, with SL at 1.4779;

The present bar did a lower low before triggering the long, so if nothing changes until it closes, when it will the SL will be moved to 1.4768, and we will place a sell stop at the same price.
  • #2,027
  • Dec 2, 2008 6:33am Dec 2, 2008 6:33am
Quoting tonirai
We are now long, from 1.4908, with SL at 1.4779;

The present bar did a lower low before triggering the long, so if nothing changes until it closes, when it will the SL will be moved to 1.4768, and we will place a sell stop at the same price.

Hi Toni,

A was the long set up bar, and B was the reversal bar to trigger the long. Then the long was stopped out at C and subsequently a short was entered to reverse the trade to the opposite direction. But shouldnt the stop for the reverse trade be at the high of B? And since this is already a reverse trade, why do we have a signal to go long from 1.4908? Thanks for your clarification..
  • #2,028
  • Dec 2, 2008 6:38am Dec 2, 2008 6:38am
Quoting piptrees
Hi Toni,

A was the long set up bar, and B was the reversal bar to trigger the long. Then the long was stopped out at C and subsequently a short was entered to reverse the trade to the opposite direction. But shouldnt the stop for the reverse trade be at the high of B? And since this is already a reverse trade, why do we have a signal to go long from 1.4908? Thanks for your clarification..
We have a signal to go long because the last bar was a setup bar to go long not another reversal trade. I dont know what your refering to on the other questions so Ill let someone else take that one....toni....cough cough

-Sterling
Founder of Day Trading Forex Live
  • #2,029
  • Dec 2, 2008 7:01am Dec 2, 2008 7:01am
Quoting stersuhr
I dont know what your refering to on the other questions so Ill let someone else take that one....toni....cough cough


Sorry, I went to the bakery (I also eat bread)

piptrees,
please edit your post and add the chart...
A+B+C-chart=
  • #2,030
  • Edited 7:16am Dec 2, 2008 7:03am | Edited 7:16am
Quoting tonirai


Sorry, I went to the bakery (I also eat bread)

piptrees,
please edit your post and add the chart...
A+B+C-chart=
oh I am sorry I forgot to add the chart, here goes!

Hi Toni,

A was the long set up bar, and B was the reversal bar to trigger the long. Then the long was stopped out at C and subsequently a short was entered to reverse the trade to the opposite direction. But shouldnt the stop for the reverse trade be at the high of B? And since this is already a reverse trade, why do we have a signal to go long from 1.4908? Thanks for your clarification..

http://www.forexfactory.com/images/misc/progress.gif

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  • #2,031
  • Dec 2, 2008 7:10am Dec 2, 2008 7:10am
Quoting tonirai
We are now long, from 1.4908, with SL at 1.4779;

The present bar did a lower low before triggering the long, so if nothing changes until it closes, when it will the SL will be moved to 1.4768, and we will place a sell stop at the same price.
Hi Toni
why price is 1.4908 and not 1.4911 , which we have had in pending order?
thanks
Peter
  • #2,032
  • Dec 2, 2008 7:13am Dec 2, 2008 7:13am
Quoting pitpiter
Hi Toni
why price is 1.4908 and not 1.4911 , which we have had in pending order?
thanks
Peter
I was just seing if you are all attentive
Just kidding, I forgot it, well catched.
I've edited my post with the correct number.
  • #2,033
  • Dec 2, 2008 7:15am Dec 2, 2008 7:15am
Quoting tonirai
I was just seing if you are all attentive
Just kidding, I forgot it, well catched.
I've edited my post with the correct number.
sorry
my had off
  • #2,034
  • Dec 2, 2008 7:22am Dec 2, 2008 7:22am
Quoting piptrees
Hi Toni,

A was the long set up bar, and B was the reversal bar to trigger the long. Then the long was stopped out at C and subsequently a short was entered to reverse the trade to the opposite direction. But shouldnt the stop for the reverse trade be at the high of B? And since this is already a reverse trade, why do we have a signal to go long from 1.4908? Thanks for your clarification..
The SL for that short was at the high of B before C closed;
But when C closed, since it's a setup bar to go long, we have moved that SL and placed the buy stop above C.
  • #2,035
  • Edited 8:13am Dec 2, 2008 7:32am | Edited 8:13am
The Long reversal bar (R) has a lower low than the Setup bar (S).So it could be our new Setup bar when the new bar occures. But since it touches both EMA's we dont use it as a new setup bar and keep the original one (S).
Right??
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  • #2,036
  • Dec 2, 2008 7:37am Dec 2, 2008 7:37am
Quoting tonirai
The SL for that short was at the high of B before C closed;
But when C closed, since it's a setup bar to go long, we have moved that SL and placed the buy stop above C.
So does it mean that if C had gone up above B instead of being a set up bar for a long, C would have stopped out the reverse trade at the high of B? And we would just wait for the next set up bar and not go long since we dont reverse a reverse trade, is that right? Thanks again..
  • #2,037
  • Dec 2, 2008 7:58am Dec 2, 2008 7:58am
Quoting The7
The Long reversal bar (R) has a lower low than the Setup bar (S).So it qualifies to be our new Setup bar when the new bar occures. But since it touches both EMA's we dont use it as a new setup bar and keep the original one (S).
Right??
You are right, because it touched both it now does not count and also because R is a lower low that will be the new point that when closed you move the buy's SL down to (under low).
  • #2,038
  • Dec 2, 2008 8:28am Dec 2, 2008 8:28am
Quoting piptrees
So does it mean that if C had gone up above B instead of being a set up bar for a long, C would have stopped out the reverse trade at the high of B? And we would just wait for the next set up bar and not go long since we dont reverse a reverse trade, is that right? Thanks again..
Exactly
  • #2,039
  • Dec 2, 2008 8:33am Dec 2, 2008 8:33am
Quoting The7
The Long reversal bar (R) has a lower low than the Setup bar (S).So it could be our new Setup bar when the new bar occures. But since it touches both EMA's we dont use it as a new setup bar and keep the original one (S).
Right??
That question doesn't even apply, because at the moment R breaks through the high of S, the buy stop is triggered and you're long;
So it's indifferent that it touch both EMAs, because we aren't looking for a setup bar to go long no more (we already are, when it gets to the upper EMA).
  • #2,040
  • Dec 2, 2008 8:41am Dec 2, 2008 8:41am
Quoting tonirai
Exactly
Thanks Toni, for your patience and always taking the time to understand our questions. You are great!
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