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4H 5EMA System

  • #2,061
  • Dec 2, 2008 1:45pm Dec 2, 2008 1:45pm
Quoting JokeR
Current Trade:
Sell Order triggered at 1.4880
SL for Sell 1.5076 (Spread+ 5 of bar which touched both Ema's.
What about Buy Stop and SL for buy Stop???
You shoulda had the buy sl (no buy stop since you were in a buy situation) at the same level (1.4880), thus this sl shoulda been triggered as well closing the trade at -31 pips. Now you're short, that part is correct (except the sell SL should be 1.5056 on Alpari US at least, which is bar 1's high plus 8 pips)
  • #2,062
  • Dec 2, 2008 1:46pm Dec 2, 2008 1:46pm
It's triggered, so I'm now in!!
  • #2,063
  • Edited 2:34pm Dec 2, 2008 1:50pm | Edited 2:34pm
Quoting Arnold49
It's triggered, so I'm now in!!
Damn, missed it again...LOL

Nevermind, I got my sell in with a sell limit. Thanks Steve for the idea
  • #2,064
  • Dec 2, 2008 2:14pm Dec 2, 2008 2:14pm
it sure does suck being up 130 something pips and then to close down 50 something. but with this system we should come out ahead in the end
  • #2,065
  • Dec 2, 2008 2:57pm Dec 2, 2008 2:57pm
Quoting JokeR
Current Trade:
Sell Order triggered at 1.4880
SL for Sell 1.5076 (Spread+ 5 of bar which touched both Ema's.
What about Buy Stop and SL for buy Stop???
On my chart I have SL for long 1.5056
and we put buy stop , when close current bar , I think , because we don't revers trade on reversal bar
good luck
Peter
  • #2,066
  • Dec 2, 2008 3:07pm Dec 2, 2008 3:07pm
I am up 155 pips this week...

is that correct?? is everyone close to that?
  • #2,067
  • Dec 2, 2008 5:21pm Dec 2, 2008 5:21pm
and now we have
short
SL 1.5056
pending buy stop
pr1.5056
SL 1.4849
good luck
more pips
Peter
  • #2,068
  • Dec 2, 2008 6:03pm Dec 2, 2008 6:03pm
Quoting pitpiter
and now we have
short
SL 1.5056
pending buy stop
pr1.5056
SL 1.4849
good luck
more pips
Peter

Hmm, I have SL for buy stop as 1.4880
  • #2,069
  • Dec 2, 2008 6:10pm Dec 2, 2008 6:10pm
Quoting Arnold49
Hmm, I have SL for buy stop as 1.4880
Yes SL for Pending Buy Stop is 1.4880..At least thats what i have too
  • #2,070
  • Dec 2, 2008 6:13pm Dec 2, 2008 6:13pm
Quoting jtmoore007
it sure does suck being up 130 something pips and then to close down 50 something. but with this system we should come out ahead in the end
For me the Holy Grail is not in a trading system.Its knowing when the trend starts and ends...Any system even a child can make money catching the trend...
  • #2,071
  • Dec 2, 2008 6:28pm Dec 2, 2008 6:28pm
Quoting Arnold49
Hmm, I have SL for buy stop as 1.4880
The SL on the buy stop should be calculated using the closed reversal bar, not the original setup bar. So the numbers from pit seem correct
  • #2,072
  • Dec 2, 2008 7:12pm Dec 2, 2008 7:12pm
[Quote:]
Originally Posted by CitiTrade http://www.forexfactory.com/images/buttons/viewpost.gif (http://www.forexfactory.com/showthread.php?p=2390577#post2390577)
Ok, this is the second exception we encounter today. When the reversal bar closes, you place the reversal order at the SL defined from the previous setup bar (i.e. you don't mess with the SL generally speaking) UNLESS:

1- The reversal bar proves to be also a setup bar to go in the opposite direction. OR

2- It makes a lower low before triggering the trade (or higher high in case of a pending sell)

In any of the above two conditions, the SL of your entered trade gets adjusted to the reversal bar's low/high, and so would the reverse order since...[/quote]
Quoting tonirai
You've got it
Tonirai, I thought that if a potential long reversal bar makes a lower low first it means that it's no longer a valid reversal bar.

From the rules:
2.) A proper reversal bar has a lower high for a short or a higher low for a long.

Cheers,
Matt.
  • #2,073
  • Dec 2, 2008 7:55pm Dec 2, 2008 7:55pm
Quoting mjs12
[Quote:]
Originally Posted by CitiTrade http://www.forexfactory.com/images/buttons/viewpost.gif (http://www.forexfactory.com/showthread.php?p=2390577#post2390577)
Ok, this is the second exception we encounter today. When the reversal bar closes, you place the reversal order at the SL defined from the previous setup bar (i.e. you don't mess with the SL generally speaking) UNLESS:

1- The reversal bar proves to be also a setup bar to go in the opposite direction. OR

[i]2- It makes a lower low before...

Tonirai, I thought that if a potential long reversal bar makes a lower low first it means that it's no longer a valid reversal bar.

From the rules:
2.) A proper reversal bar has a lower high for a short or a higher low for a long.

Cheers,
Matt.[/quote]

Thats true, but you already have your order in the market, so if the market makes a lower low before triggering the buy there is nothing you can do about that. You just simply move your stop 5 pips below the new low.
  • #2,074
  • Dec 2, 2008 8:03pm Dec 2, 2008 8:03pm
Hello everybody,
I've been out to a dinner and just arrived home, too tired to read all the posts, so I'll see you tomorrow.

mjs12,

Rules have been rephrased as the thread advanced and special cases appeared;
I suppose Sterling wrote that initially, but then added to the "additional rules" this special case. Eventually, he forgot to edit that part.

In fact, if you have a setup bar, place your orders accordingly, and then walk away for 4H, there's no way you can tell if the reversal bar will make a lower low or not (for a long);
So that rule shouln't be considered, because there's nothing you can do about it.

The additional rule I was mentioning is:
2.) Example: A proper long setup bar forms and you place your buy stop and stop loss. The next bar makes a lower low and then triggers the buy stop, in that order...where does the stop go now? The stop would go 5 pips below the low of the reversal bar. Essentially the reversal bar is also the setup bar. This is a very rare case but it does happen, and thus we need a rule for it. This happens because we do not watch the market 24/7 only a brief glance every 4 hours once you understand the system.
  • #2,075
  • Dec 2, 2008 8:30pm Dec 2, 2008 8:30pm
The month of Nov closed +97 pips which kinda sucks but thats what it is.

Trade #1 - On friday we closed are buy before the market closed. When the market opened nothing had changed so we re-entered are buy at 1.5395 The last bar on friday was a setup bar to go short and so are buy got stopped out for a -41 pips loss. The stop was 1.5357 which is where we also went short

Trade #2 - We went short at 1.5357 and got stopped out at 1.4933 for a +424 pip profit.

Trade #3 - At 1.4933 are buy got triggered. We were stopped out at 1.4800 for a -133 pip loss.

Trade #4 - At 1.4800 we went short when the buy got stopped out. Then at 1.4911 are buy got triggered and we went long. The short trade was a -111 pip loss.

Trade #5 - The buy got triggered at 1.4911 and was stopped out when we went short at 1.4880 for a -31 pips loss.

Trade #6 - We went short at 1.4880 and are still short. The stop loss for this trade is 1.5056 At this same price you should have you buy stop as well.

For the month we are up +108 pips. Good start to the month even though the market has been very choppy.

-Sterling
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  • #2,076
  • Dec 2, 2008 8:56pm Dec 2, 2008 8:56pm
Thanks Hiranya and Tonirai, I had forgotten that the orders from the previous bar would have already been triggered. You'd only find out at next 4hr mark that it also made a new low.

Thanks
Matt.
  • #2,077
  • Dec 2, 2008 9:16pm Dec 2, 2008 9:16pm
How can i display correct chart in ibfx? i mean.. i check on alpari and the chart is like ster but ibfx its displaying a little different. In this example the bar on ibfx with text never touch 5high ema but in alpari its other display and the bar is touching it.
What i need to modify in ibfx? Its something of configuration or its doesnt fix if i am not using alpari?
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  • #2,078
  • Dec 2, 2008 10:21pm Dec 2, 2008 10:21pm
Quoting zapmx
How can i display correct chart in ibfx? i mean.. i check on alpari and the chart is like ster but ibfx its displaying a little different. In this example the bar on ibfx with text never touch 5high ema but in alpari its other display and the bar is touching it.
What i need to modify in ibfx? Its something of configuration or its doesnt fix if i am not using alpari?
Theystart the candle at different times so u will never get them to look alike. So trade like me. Use alpari for signal and trade on ibfx
  • #2,079
  • Dec 2, 2008 10:21pm Dec 2, 2008 10:21pm
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Is the thumb down bar consider reversal bar (not the blue arrow) although it touch both 5ema?
  • #2,080
  • Dec 2, 2008 10:39pm Dec 2, 2008 10:39pm
Quoting jtmoore007
Theystart the candle at different times so u will never get them to look alike. So trade like me. Use alpari for signal and trade on ibfx
:/ how bad
Thanks, if there is not other solution.
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