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4H 5EMA System

  • #2,101
  • Dec 3, 2008 8:20am Dec 3, 2008 8:20am
Quoting Corre
Quoting tonirai
When that bar made an high of 1.4931, our SL and buy stop were at 1.5056.
yes but if we have a long segnal don't we have to close current short position and go long regardless the SL?
The long signal (buy stop) at that time was at the same price as the SL on the short - 1.5056;
The SL on a current trade and the entry price for a reverse trade are always at the same price.
  • #2,102
  • Dec 3, 2008 8:21am Dec 3, 2008 8:21am
Quoting denverdude
Experts,
Looking at the Alpari charts:

Assuming the current candle(12:00) doesn't trigger the buy trade, does it become a failed reversal bar?
Also, if the current candle doesn't make a lower low, we keep the Short SL, and Buy stop & its SL at their present position?

Thanks for your support guys .
Peace
Yes to both questions
We'll find out in 40 mins, but apparently the case is as you mentioned.
Regards
  • #2,103
  • Dec 3, 2008 8:26am Dec 3, 2008 8:26am
Quoting CitiTrade
Hmmm... maybe I didn't ask the question right. Let's say we have a trade which has been already triggered, and the reversal bar closed so we also placed our reverse order and its SL. Now we're waiting for a setup bar to go in the other direction. While waiting, we get some bars which may go up or down, etc. What do we do in response to these bars if they're not the setup bar we're waiting for?
If they are not setup bars then the stop loss and reversal order stay in the same location.

-Sterling
Founder of Day Trading Forex Live
  • #2,104
  • Dec 3, 2008 8:27am Dec 3, 2008 8:27am
Quoting CitiTrade
Hmmm... maybe I didn't ask the question right. Let's say we have a trade which has been already triggered, and the reversal bar closed so we also placed our reverse order and its SL. Now we're waiting for a setup bar to go in the other direction. While waiting, we get some bars which may go up or down, etc. What do we do in response to these bars if they're not the setup bar we're waiting for?
We do nothing, the orders stay where they were since the reversal bar has closed.
  • #2,105
  • Dec 3, 2008 8:27am Dec 3, 2008 8:27am
Quoting tonirai
The long signal (buy stop) at that time was at the same price as the SL on the short - 1.5056;
The SL on a current trade and the entry price for a reverse trade are always at the same price.
yes, I know the buy stop was the at the SL but when we get a long segnal due to the break of the low ema and a consequent brake of the setup bar high by more than 5 pips then we have to buy regardless of the current short's stop loss and the relative buy stop.

we just close the position with some profit (or loss) and open another.

is it correct or I'm wrong?
  • #2,106
  • Dec 3, 2008 8:29am Dec 3, 2008 8:29am
Sterling, we've got to stop answering things in the same minute
  • #2,107
  • Dec 3, 2008 8:30am Dec 3, 2008 8:30am
Quoting denverdude
Experts,
Looking at the Alpari charts:

Assuming the current candle(12:00) doesn't trigger the buy trade, does it become a failed reversal bar?
Also, if the current candle doesn't make a lower low, we keep the Short SL, and Buy stop & its SL at their present position?

Thanks for your support guys .
Peace
I'll try to answer this,
if the current candle doesn't trigger the buy stop & doesn't make a new low then we leave everything as is,
if however, the next candle does the same, we put the 50% rule into operation (due to a greater than 150 pips trade)
and move the SL to half way between current SL & lowest low of the current trade.

Steve.
  • #2,108
  • Dec 3, 2008 8:32am Dec 3, 2008 8:32am
oops, too late!
  • #2,109
  • Dec 3, 2008 8:33am Dec 3, 2008 8:33am
Quoting Corre
yes, I know the buy stop was the at the SL but when we get a long segnal due to the break of the low ema and a consequent brake of the setup bar high by more than 5 pips then we have to buy regardless of the current short's stop loss and the relative buy stop.

we just close the position with some profit (or loss) and open another.

is it correct or I'm wrong?
Corre,
So if you know, where's the initial doubt?
You said the long almost got triggered, and I explained to you it was far from that:
- SL & buy stop were far away;
- nothing broke lower ema by +5 pips.
  • #2,110
  • Dec 3, 2008 8:35am Dec 3, 2008 8:35am
Quoting Arnold49
oops, too late!
Too late, but completed with a correct view of future possibilities.
Congrats
  • #2,111
  • Dec 3, 2008 8:37am Dec 3, 2008 8:37am
Quoting tonirai
We do nothing, the orders stay where they were since the reversal bar has closed.
We don't even change the SL(s) should any of the bars make a lower low (or a higher high)?
  • #2,112
  • Dec 3, 2008 8:38am Dec 3, 2008 8:38am
Quoting tonirai
Corre,
So if you know, where's the initial doubt?
You said the long almost got triggered, and I explained to you it was far from that:
- SL & buy stop were far away;
- nothing broke lower ema by +5 pips.
I was incorrect about the long because I forgot the "brake the ema by 5 pips" rule, that was the point

anyway I was just asking if I had understood well the rules about entries now *_*

thanks anyone explaining
  • #2,113
  • Dec 3, 2008 8:45am Dec 3, 2008 8:45am
Quoting CitiTrade
We don't even change the SL(s) should any of the bars make a lower low (or a higher high)?
Not unless its a setup bar. Yeah toni I know Im not usually around this time in the morning. This is usually the time I count on you to answer questions

-Sterling
Founder of Day Trading Forex Live
  • #2,114
  • Dec 3, 2008 8:46am Dec 3, 2008 8:46am
Quoting Corre
I was incorrect about the long because I forgot the "brake the ema by 5 pips" rule, that was the point

anyway I was just asking if I had understood well the rules about entries now *_*

thanks anyone explaining
Oh, ok;
So if the bar would have brake the lower ema by +5 pips, in that case both the SL on the current short & the buy stop would have been moved to its high
  • #2,115
  • Dec 3, 2008 8:51am Dec 3, 2008 8:51am
Quoting stersuhr
Not unless its a setup bar. Yeah toni I know Im not usually around this time in the morning. This is usually the time I count on you to answer questions

-Sterling
Pitpiter, please take a note of the above answer since we were both wondering about it earlier today. Thanks Ster and Toni.
  • #2,116
  • Dec 3, 2008 9:12am Dec 3, 2008 9:12am
The post from Arnold49 made me think of a possible "not covered by the rules" situation:

Imagine the current bar closes as it is, at which point we would apply the 50% rule and wait for a new setup bar;

But imagine the bar closes above the level at which we would put the orders by the 50% rule (which is now around 1.4771, it's the red line);
What do we do? Close the short and immediately reverse at the openning of the next bar (like if it was a weekend gap)?

Sterling, see the chart, imagine the bar has closed:
Attached Image (click to enlarge)
Click to Enlarge Name: mt2.gif Size: 25 KB
  • #2,117
  • Dec 3, 2008 9:24am Dec 3, 2008 9:24am
good one. seems like that is what you would have to do. it would get you in at the closest place possible to the 50%

interested to see what sterling has to say
  • #2,118
  • Dec 3, 2008 9:58am Dec 3, 2008 9:58am
we are all LONG now correct? 1.4703 entry
  • #2,119
  • Dec 3, 2008 10:05am Dec 3, 2008 10:05am
Quoting jtmoore007
we are all LONG now correct? 1.4703 entry
No, we're still short, that previous bar wasn't a setup bar because it didn't make a lower low;

The current bar is the second trial to either find a new setup bar or the reversal bar.
  • #2,120
  • Dec 3, 2008 10:11am Dec 3, 2008 10:11am
Quoting tonirai
The post from Arnold49 made me think of a possible "not covered by the rules" situation:

Imagine the current bar closes as it is, at which point we would apply the 50% rule and wait for a new setup bar;

But imagine the bar closes above the level at which we would put the orders by the 50% rule (which is now around 1.4771, it's the red line);
What do we do? Close the short and immediately reverse at the openning of the next bar (like if it was a weekend gap)?

Sterling, see the chart, imagine the bar has closed:
Tonirai,

post 500 seems to answer this

"...are exit was at 2 PM because of the 50% rule. When the reversal trade failed at 2Pm you would have exited becasue it was already past 50% retracement."

& post 503

"Trade #21 went huge in are favor its a shame we only got +196 from this trade but thats what you got if you followed the rules. When price hit bottom and started to reverse it couldnt break the high so the trade was cancelled. This is where the 50% rule comes into play. But price had already retraced past 50% so you just close at market at the start of the new bar(4PM)"

Steve.
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