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4H 5EMA System

  • #2,201
  • Dec 4, 2008 4:31pm Dec 4, 2008 4:31pm
Quoting tonirai
Not after work... at work again
But I'll PM you soon, to try to explain it.
Ok , thanks , I just thinking it can be possible only if next bar can't be new setup bar.
good luck
Peter
  • #2,202
  • Dec 4, 2008 4:57pm Dec 4, 2008 4:57pm
@denverdude, Kristo, tonirai;

Thanx for the timely reply and all your hard work in this helpful and inspiring thread.

TimeFreedom
  • #2,203
  • Dec 4, 2008 6:40pm Dec 4, 2008 6:40pm
Quoting The7
Hi sterling..There are many cases where we close our trade with the %50 rule, wait for a setup bar and a reversal bar....But instead of a reversal bar to occur, the price goes in a wrong direction and we miss big moves...What would you say about this??
For example there is a big short trend.but we get stopped out with the %50 but the prices keeps dropping...So we just wait and miss the big move and wait for a buy, or is there a rule that gets us in the short trade somewhere?
Thanks
If you have a better idea im all ears. Im not saying this to be an ass im serious. This system can be improved so if anyone has an idea for any part of this system im all ears.

-Sterling
Founder of Day Trading Forex Live
  • #2,204
  • Dec 4, 2008 6:42pm Dec 4, 2008 6:42pm
Quoting zebulon
Hi !

What about the challenge. Is there anybody who did it ?

Thank you Sterling for this very interesting thread and all members who contributes
There was one who said they wanted to do it but I think the system has died down and not going to take the challenge. Still looking for competitors.

-Sterling
Founder of Day Trading Forex Live
  • #2,205
  • Dec 4, 2008 6:45pm Dec 4, 2008 6:45pm
Quoting denverdude
Hi,

I just found out I messed up my reply to your earlier post. Just woke up after trading in the night

I've edited that post.
Here it is again

Two candles before #1 were failed reversal bars for previous SELL trade.
#1 closed that SELL using 50% rule.
#1 also became the new setup bar for BUY.
The two candles (one before #2 and #2) were again failed reversal bars. Pending BUY was removed.
#3 became the new BUY setup bar. #4 triggered it.
Bar 2 was a seup bar, and the buy never got triggered. Bar 3 becomes the setup bar when it makes a lower low. Does this clear it up?

-Sterling
Founder of Day Trading Forex Live
  • #2,206
  • Dec 4, 2008 7:38pm Dec 4, 2008 7:38pm
Yes, I am in agreement regarding Bar#2 and 3, but what about Bar#1?

TimeFreedom

Quoting stersuhr
Bar 2 was a seup bar, and the buy never got triggered. Bar 3 becomes the setup bar when it makes a lower low. Does this clear it up?

-Sterling
http://www.forexfactory.com/attachme...7&d=1228416733
  • #2,207
  • Dec 4, 2008 8:13pm Dec 4, 2008 8:13pm
Quoting TimeFreedom
Yes, I am in agreement regarding Bar#2 and 3, but what about Bar#1?

TimeFreedom



http://www.forexfactory.com/attachme...7&d=1228416733
Yeah bar 1 was a setup bar to go long. 3 bars before that was the setup bar and then the 2 bars following it made that a failed setup bar. Thus bar #1 was the new setup bar and that was never triggered. Then the market moved lower and each sucessive low became the setup bar.

-Sterling
Founder of Day Trading Forex Live
  • #2,208
  • Dec 4, 2008 8:34pm Dec 4, 2008 8:34pm
Well I missed the long entry, which everyone else is in, so I am flat. The 1600 candle was a setup candle for a short reversal, of which the 2000 failed and I'm now watching the 0000 which closes in 30 min. If that fails, I will watch for the next Setup. I sort of feel out of sync with you all,. Hope to get back in soon. Currently I have a Sell Stop at 1.4608 and an associated Stop Loss of 1.4801.

Good Luck to all.

Larry
  • #2,209
  • Dec 4, 2008 8:40pm Dec 4, 2008 8:40pm
Quoting LarryR
Well I missed the long entry, which everyone else is in, so I am flat. The 1600 candle was a setup candle for a short reversal, of which the 2000 failed and I'm now watching the 0000 which closes in 30 min. If that fails, I will watch for the next Setup. I sort of feel out of sync with you all,. Hope to get back in soon. Currently I have a Sell Stop at 1.4608 and an associated Stop Loss of 1.4801.

Good Luck to all.

Larry

Yeah im kinda hoping it fails, I think we have more room to the upside on the G/U.

-Sterling
Founder of Day Trading Forex Live
  • #2,210
  • Dec 4, 2008 8:51pm Dec 4, 2008 8:51pm
Quoting stersuhr
Yeah im kinda hoping it fails, I think we have more room to the upside on the G/U.

-Sterling

The downwards trendline was broke two bars ago, so one would think it may move upwards, but I still think the Dollar will remain strong (although there is no real reason for it to do so) and we may see a continued downward move. The beauty of this system is you don't second guess the market - you let it come to you. So I wait. It really takes the pressure off. Thanks for your dedication (I'm 3 times your age so I can be patient).

Larry
  • #2,211
  • Dec 4, 2008 9:08pm Dec 4, 2008 9:08pm
do we now cancel the sell order and put our stop for the buy back at 1.4461?? since now we have 2 failed reverse bar.

thanks
  • #2,212
  • Dec 4, 2008 9:18pm Dec 4, 2008 9:18pm
Quoting zima805
do we now cancel the sell order and put our stop for the buy back at 1.4461?? since now we have 2 failed reverse bar.

thanks
From my understanding, and for those that are out of the market at this point, we have 2 failed reversals, so we wait for a new defined Setup (5 pips above below 5EMA) and place our buy/sell accordingly.

Someone should confirm my understanding.

Larry
  • #2,213
  • Dec 4, 2008 9:27pm Dec 4, 2008 9:27pm
Quoting LarryR
From my understanding, and for those that are out of the market at this point, we have 2 failed reversals, so we wait for a new defined Setup (5 pips above below 5EMA) and place our buy/sell accordingly.

Someone should confirm my understanding.

Larry
Since we have 2 failed reversal bars, I think, the pending SELL order should be removed, for those already in.

The existing BUY stays as such and we watch for new setup. If upper ema is broken by 5, we place SELL stop order at that high +5 and move the existing BUY SL to the low -5 - spread of that bar.

This is my second week here as well, so I am expecting experts to confirm this.

Thanks
  • #2,214
  • Dec 4, 2008 9:28pm Dec 4, 2008 9:28pm
Quoting LarryR
From my understanding, and for those that are out of the market at this point, we have 2 failed reversals, so we wait for a new defined Setup (5 pips above below 5EMA) and place our buy/sell accordingly.

Someone should confirm my understanding.

Larry

what happen to the current buy??..do we put the reversal trade back in Sell at 1.4461??.........help sterling....

thanks
  • #2,215
  • Dec 4, 2008 10:03pm Dec 4, 2008 10:03pm
Quoting zima805
what happen to the current buy??..do we put the reversal trade back in Sell at 1.4461??.........help sterling....

thanks
I believe we remove all orders, since we have no idea which way the Setup Bar will indicate (buy or sell) or fail (if not exceeding one EMA or if it touches both). We should be totally on the sidelines until Rule 1 is met.

Tonirai - please comment.

Larry
  • #2,216
  • Edited 10:52pm Dec 4, 2008 10:14pm | Edited 10:52pm
Quoting denverdude
Since we have 2 failed reversal bars, I think, the pending SELL order should be removed, for those already in.

The existing BUY stays as such and we watch for new setup. If upper ema is broken by 5, we place SELL stop order at that high +5 and move the existing BUY SL to the low -5 - spread of that bar.

This is my second week here as well, so I am expecting experts to confirm this.

Thanks
Answering without having a chart to confirm, basically, yes:
If you have 2 failed reversal bars (and none of them qualified to setup bar), you replace your pending order and stop on the live order at the original level (if it's already there, it stays);
You wait for a new setup bar, and act accordingly.

Correction:
"If upper ema is broken by 5, we place SELL stop order at that low-5 and move the existing BUY SL to the low -5 of that bar."
  • #2,217
  • Dec 4, 2008 10:18pm Dec 4, 2008 10:18pm
Quoting LarryR
I believe we remove all orders, since we have no idea which way the Setup Bar will indicate (buy or sell) or fail (if not exceeding one EMA or if it touches both). We should be totally on the sidelines until Rule 1 is met.

Tonirai - please comment.

Larry
But, the exit rule #2 is as follows:
2.) The only exit is when a signal to go the opposite direction is given

So, we cannot exit our current BUY. Only, we can remove pending SELL order.
  • #2,218
  • Dec 4, 2008 10:20pm Dec 4, 2008 10:20pm
Quoting tonirai
Answering without having a chart to confirm, basically, yes:
If you have 2 failed reversal bars (and none of them qualified to setup bar), you remove your pending order, and place the stop on the live order at the original level (if it's already there, it stays);
You wait for a new setup bar, and act accordingly.

Correction:
"If upper ema is broken by 5, we place SELL stop order at that low-5 and move the existing BUY SL to the low -5 of that bar."


Learning from my mistakes

Thanks Tonirai
  • #2,219
  • Dec 4, 2008 10:22pm Dec 4, 2008 10:22pm
Quoting tonirai
Answering without having a chart to confirm, basically, yes:
If you have 2 failed reversal bars (and none of them qualified to setup bar), you remove your pending order, and place the stop on the live order at the original level (if it's already there, it stays);
You wait for a new setup bar, and act accordingly.

Correction:
"If upper ema is broken by 5, we place SELL stop order at that low-5 and move the existing BUY SL to the low -5 of that bar."

do we put a reversal order in too at the BUY stop which is 1.4661??

thanks
  • #2,220
  • Dec 4, 2008 10:39pm Dec 4, 2008 10:39pm
Quoting zima805
do we put a reversal order in too at the BUY stop which is 1.4661??

thanks
You always have a reverse order to go the other way, in the case you get stopped (except while reversal bar hasn't closed);
So the answer is yes - and both will be moved once another setup bar is formed.

(sorry guys, I'm at work, without charts, and a bit busy).
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