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4H 5EMA System

  • #2,221
  • Dec 4, 2008 11:03pm Dec 4, 2008 11:03pm
Quoting denverdude
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.



Note the title. It was meant to reflect someone who was flat, ie had no position in the market.

Larry
  • #2,222
  • Dec 4, 2008 11:15pm Dec 4, 2008 11:15pm
Quoting LarryR
Note the title. It was meant to reflect someone who was flat, ie had no position in the market.

Larry
Yes the stop for the long goes back to the original location and you should also have a sell order there as well.

-Sterling
Founder of Day Trading Forex Live
  • #2,223
  • Dec 5, 2008 12:37am Dec 5, 2008 12:37am
I just wanna share some of my experiences using this great system.
So please, if anyone has written this kind of information before, just ignore mine.

I begin to think that this system has its own preferences, in this case applies nicely to some brokers, but lack of advantages to some.
I've started using 4H 5EMA in October (my broker is Liteforex), with different close time than Alpari.
And then I start to backtest it through the year 2008, some of 2007, and end of 2006.
I maybe wrong on this....but during my test, just to get the result of 400 pips a month (on the average) is quite hard. Some months have quite a huge loss, and for that months I usually re-calculated, but it still tell the same story though...

Okay, I must be honest that in October 2008 I did better than 50 pips, but in November it was a nightmare.
I prefer not to reveal the result in order not to be provocative to others.

So I just can say that maybe we all should stick to broker which has the same closing time as alpari. Also it will be nice to hear other's opinion as well, especially who has the different closing time.

Sorry for my english, it's not my native...but I tried as hard as I can to be understandable to others.

My question to you all : Does interbank fx has the same closing time as alpari ??

Thank you for the answer and good luck
  • #2,224
  • Dec 5, 2008 1:12am Dec 5, 2008 1:12am
No they do not have the same time. Suggest getting a Alpari demo and use the signals to trade on IBFX. That is exactly what I am doing. I do not like IBFX for a number of reasons - for one their spread is 4 instead of 3 like Alpari.

Larry
  • #2,225
  • Dec 5, 2008 3:37am Dec 5, 2008 3:37am
I am reading this thread in every free moment of my day , I can't join the discussion because my broker do not use mt4 and I cannot place buy stop, sell stop order, etc., but I just report that I am doing well with the same rules on 5m tf expecially on London open.

Oblo
  • #2,226
  • Dec 5, 2008 5:15am Dec 5, 2008 5:15am
Quoting ekkuso
I just wanna share some of my experiences using this great system.
So please, if anyone has written this kind of information before, just ignore mine.

I begin to think that this system has its own preferences, in this case applies nicely to some brokers, but lack of advantages to some.
I've started using 4H 5EMA in October (my broker is Liteforex), with different close time than Alpari.
And then I start to backtest it through the year 2008, some of 2007, and end of 2006.
I maybe wrong on this....but during my test, just to get the result of 400...
Well I would like to thank you for you experience using this system and you english is quite good, I couldnt even tell it was not you native tounge until you said so. Lately I have been thinking about 4H bar close times and I think I know why some may do better than others in the long run. Usually the market picks its direction after 2 AM EST and then runs with it. Having said that, when the bar closes at 2 and the market reverses I think it gives you the best oppertunity for a good entry. Much is the same with the US open. Now having said that I must say I dont see you here much and dont know if you have a full understanding of this system and so your backtest might be off a little, I donno. But Ill take your words for it that you know the system. Anyway if they dont do as good and you still want to use that broker then just trade on them and use Alpari-us to determine the trade levels...just a thought. Hope to see you around more and thank you for your input.

-Sterling
Founder of Day Trading Forex Live
  • #2,227
  • Dec 5, 2008 5:16am Dec 5, 2008 5:16am
Quoting oblo
I am reading this thread in every free moment of my day , I can't join the discussion because my broker do not use mt4 and I cannot place buy stop, sell stop order, etc., but I just report that I am doing well with the same rules on 5m tf expecially on London open.

Oblo

Yeah it works during London but thats about it. Sometimes it works during the US open but not as well. Do you have any results to post to go along with your last post. They dont have to be exact just a ballpark will do. Thanks for the info, glad to have you here when you can post.

-Sterling
Founder of Day Trading Forex Live
  • #2,228
  • Dec 5, 2008 5:20am Dec 5, 2008 5:20am
Since I was totally out of the market (just like a new entry), and the last bar was a setup bar which pierced the upper EMA by more than 5 pips, I have placed my Sell Stop at 1.4629 and its Stop Loss at 1.4760. If this new bar keeps going up it will be a failed reversal. If it hits my Sell Stop I will be short. I know most are long now, but I had missed going long when I got out on the 50% rule.

Larry
  • #2,229
  • Dec 5, 2008 5:21am Dec 5, 2008 5:21am
The bar which closed 20 minutes ago (6 am EST) is a short setup bar, so:

live (from 1.4737) buy SL is @ 1.4629
pending short is @ 14629 with SL @ 1.4760

Do we have a roger on that?
  • #2,230
  • Dec 5, 2008 5:23am Dec 5, 2008 5:23am
Quoting CitiTrade
The bar which closed 20 minutes ago (6 am EST) is a short setup bar, so:

live (from 1.4737) buy SL is @ 1.4629
pending short is @ 14629 with SL @ 1.4760

Do we have a roger on that?

Since we agree, we must have done something wrong!! http://www.forexfactory.com/images/icons/icon7.gif
  • #2,231
  • Dec 5, 2008 5:27am Dec 5, 2008 5:27am
Quoting LarryR
Since we agree, we must have done something wrong!! http://www.forexfactory.com/images/icons/icon7.gif
Hey, your name is not Roger.. LOL
  • #2,232
  • Dec 5, 2008 5:33am Dec 5, 2008 5:33am
Now I remember why I swtiched to technical trading. I swear news can drive you insane. In less then one minute you get a piece of news telling you that the Cable is done with the down trend because the cut yesterday was satisfactory and there is no downward pressure anymore, and the next piece tells you there is anothe cut in January so the Cable is likely to hit record lows!!! Screw that.
  • #2,233
  • Dec 5, 2008 5:34am Dec 5, 2008 5:34am
Roger .. I have the same setup Now I'm using the chart from Alpari and trade using IBFX. Hope the new setup bar will fail since I need to make some money, I miss the BIG drop early in the month ....
  • #2,234
  • Dec 5, 2008 5:42am Dec 5, 2008 5:42am
Quoting CitiTrade
Hey, your name is not Roger.. LOL
Yes we do have a roger on that lol.

-Sterling
Founder of Day Trading Forex Live
  • #2,235
  • Dec 5, 2008 5:43am Dec 5, 2008 5:43am
Quoting anuar
Roger .. I have the same setup Now I'm using the chart from Alpari and trade using IBFX. Hope the new setup bar will fail since I need to make some money, I miss the BIG drop early in the month ....
Roger...I mean Larry - I was paper trading and missed the big drop too.

Larry
  • #2,236
  • Dec 5, 2008 5:45am Dec 5, 2008 5:45am
Ekkuso,
Appreciate your work on backtesting this system .

What are the closing times for the 4H candles on your broker?

I just started demoing this system and switched to Alpari recently.

If you can post your back test results and share with us how you implemented the rules of the system, we can take a look and find if you have got the rules right. Not that I'm an expert to do that, but there are enough people here to make sure the hard work you have done was on the right path as far as the rules are concerned. I'll also give it a try.

If we can find any positives out of your work, we can all have a win-win situation.

I'm curious about your work because eventually, I'd be using a broker thats different from Alpari.
  • #2,237
  • Dec 5, 2008 6:34am Dec 5, 2008 6:34am
Quoting denverdude
Ekkuso,
Appreciate your work on backtesting this system .

What are the closing times for the 4H candles on your broker?

I just started demoing this system and switched to Alpari recently.

If you can post your back test results and share with us how you implemented the rules of the system, we can take a look and find if you have got the rules right. Not that I'm an expert to do that, but there are enough people here to make sure the hard work you have done was on the right path as far as the rules are concerned. I'll also give it...

Before you psot any results I would like to know you have a clear understanding of the rules so as not to confuse anyone. If you could list a couple trades on your broker that have not been done on the thread and post a chart that would be good enough. Sorry but I just dont want to confuse anyone if the backtesting is wrong.

-Sterling
Founder of Day Trading Forex Live
  • #2,238
  • Dec 5, 2008 6:52am Dec 5, 2008 6:52am
Bar# 1 is a Buy SetupBar and is triggered by a Reversal bar, Bar# 2. At the open of Bar# 3 we open a "Protection" Reversal order, Sell SetupBar on Bar# 2. At the close of Bar# 4 we move the the Buy SetupBar SL to the Low and also move the Reversal Sell SetupBar to Bar#4. Please advise.

TimeFreedom
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  • #2,239
  • Dec 5, 2008 7:23am Dec 5, 2008 7:23am
Quoting TimeFreedom
Bar# 1 is a Buy SetupBar and is triggered by a Reversal bar, Bar# 2. At the open of Bar# 3 we open a "Protection" Reversal order, Sell SetupBar on Bar# 2. At the close of Bar# 4 we move the the Buy SetupBar SL to the Low and also move the Reversal Sell SetupBar to Bar#4. Please advise.

TimeFreedom
Yes this is correct candle 4 is a new setup for a sell +SL for buy underneath you should also have a stoploss in place for the sell order 5 pips +spread above the high of candle 4, as I'm writing this that sell has been triggered .
  • #2,240
  • Dec 5, 2008 8:23am Dec 5, 2008 8:23am
Quoting anuar
Roger .. I have the same setup Now I'm using the chart from Alpari and trade using IBFX. Hope the new setup bar will fail since I need to make some money, I miss the BIG drop early in the month ....
Hi Anuar i'm using ibfx too ,just download Alpari so you do your trading on ibfx base on trading signal from alpari ?How is it so far?
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