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4H 5EMA System

  • #2,261
  • Dec 5, 2008 4:29pm Dec 5, 2008 4:29pm
Quoting CitiTrade
Oh, it was I who brought that up....
Sounds like good advice on the weekend closeout, Citi.
  • #2,262
  • Dec 5, 2008 11:16pm Dec 5, 2008 11:16pm
Quoting CitiTrade
Yeah, risk aversion.. many went for the dollar as a safe haven, being the lesser of two evils, etc. etc.

By the way, I know you Toni and Sterling know a thing or two about scalping, do you guys think scalping E/U is safer/more profitable than G/U?
I never scalp anything but the G/U and the G/Y. When you scalp you have to know that pairs or pairs like the back of your hand. That being said find one and at most 2 pairs and only use them. The reason I only use these two pairs is because they move, and they move a lot! This give you a chance to actually make more than 10 pips on a scalp. This is my personal preference and it may not be yours, and thats ok. One bit of advice I can say it understand 2 things, one being momentum and the other being support and resistance. If you FULLY understand this you will clean up. Those are the only 2 things you need. I can try to help people with this if they PM me but I dont know how much help Ill be. You see, scaping is the one part of trading I dont think can be tought. It has more to deal with "feel" and knowledge then any other part of trading. Stick to those 2 things and only one pair and demo it. Do this for a few months and you should have a good feel for it.

-Sterling
Founder of Day Trading Forex Live
  • #2,263
  • Dec 5, 2008 11:19pm Dec 5, 2008 11:19pm
Quoting alllivemind
1. Well I forget who brought this up last Friday, but this is the 3rd week in a row I would have been WAY better off getting out for the weekend 5-6 hours before the close. And I do mean WAY!
When we finally get a dependable EA and do some optimizing runs I wonder if we could also optimize our weekend exit time?
2. Toni is good at scalping too? Ster, are you still working on a scalping system? A previous post you said London session is not only the best, it's the only. Could somebody tell me the exact trading times for London session in EST? Because...
If you would have closed and hour before open it would have been better, not 4-5 hours. We were in a buy and the high was about and hour before market close.

-Sterling
Founder of Day Trading Forex Live
  • #2,264
  • Dec 5, 2008 11:48pm Dec 5, 2008 11:48pm
Trade #6 +31 pips

Trade #7 -105 pips

Trade #8 -111 pips

Trade #9 -11 pips

We are -88 pips for the month. Well we usually average about 30 trades a month and were a third of the way threw them. This choopy market is keeping us pretty much break even. Hopefully we can do a little better in the coming weeks.

-Sterling
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Founder of Day Trading Forex Live
  • #2,265
  • Dec 6, 2008 12:28am Dec 6, 2008 12:28am
Quoting stersuhr
Trade #6 +31 pips

Trade #7 -105 pips

Trade #8 -111 pips

Trade #9 -11 pips

We are -88 pips for the month. Well we usually average about 30 trades a month and were a third of the way threw them. This choopy market is keeping us pretty much break even. Hopefully we can do a little better in the coming weeks.

-Sterling
thank you for your great system,can you explain why you trade #6,there are not set up bar and reversal bar.
  • #2,266
  • Dec 6, 2008 12:30am Dec 6, 2008 12:30am
Quoting nnzw
thank you for your great system,can you explain why you trade #6,there are not set up bar and reversal bar.
You always have a reversal order at the stop loss. So when the buy got stopped out it triggered are sell stop as well.

-Sterling
Founder of Day Trading Forex Live
  • #2,267
  • Dec 6, 2008 12:53am Dec 6, 2008 12:53am
I have to admit too that I always make confusion when I find a bar touching both ema's.

Oblo
Quoting stersuhr
You always have a reversal order at the stop loss. So when the buy got stopped out it triggered are sell stop as well.

-Sterling
  • #2,268
  • Dec 6, 2008 1:51am Dec 6, 2008 1:51am
Quoting oblo
I have to admit too that I always make confusion when I find a bar touching both ema's.

Oblo
When a bar touches both EMA's its not concidered a setup bar and therefore is disreguarded. I think it would be helpful to print the rules out and go over them a few times. Also keep them next to you to use as a reference when you are looking at the market. Also refer to all the charts I post so you can get a better feel for the system. That should help you a lot.

-Sterling
Founder of Day Trading Forex Live
  • #2,269
  • Dec 6, 2008 8:34am Dec 6, 2008 8:34am
Experts:

Fri (12/5), we closed our buy trade using the weekend close rule.

Instead of posting another chart, I'm referring to the one Sterling attached in post #2264.

The candle above "9" is a setup bar to go short. So, we should have placed a SELL stop order at the low -5 (1.4613) with SL at high+5+spread (1.4781) after its close. Since Fri closed, we did not do that.

If the market opens above 1.4613 , this means that nothing has changed regarding the previous BUY order we closed. So, we open that BUY @ market rate with SL @ 1.4613.

If the market opens below 1.4613, this means the previous BUY would have been stopped out and the new SELL would have opened if there was no Fri closing. So, we open our new SELL trade @ market with SL @ 1.4781

This is a second chance for me to understand the Fri close/Sun open rule. So, I'd appreciate if you can let me know what I'm doing is correct.

Thanks.
  • #2,270
  • Dec 6, 2008 10:38am Dec 6, 2008 10:38am
Do you mean the transaction history? or the charts with entry and exit points? Thanks to you for unvealing this system and mentoring us on this path (hehe...sounds religious).

Oblo




Quoting stersuhr
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
  • #2,271
  • Dec 6, 2008 3:31pm Dec 6, 2008 3:31pm
Quoting denverdude
Experts:

Fri (12/5), we closed our buy trade using the weekend close rule.

Instead of posting another chart, I'm referring to the one Sterling attached in post #2264.

The candle above "9" is a setup bar to go short. So, we should have placed a SELL stop order at the low -5 (1.4613) with SL at high+5+spread (1.4781) after its close. Since Fri closed, we did not do that.

If the market opens above 1.4613 , this means that nothing has changed regarding the previous BUY order we closed. So, we open that BUY @ market rate with SL @ 1.4613....
Thats exactly right!

-Sterling
Founder of Day Trading Forex Live
  • #2,272
  • Dec 6, 2008 3:33pm Dec 6, 2008 3:33pm
Quoting oblo
Do you mean the transaction history? or the charts with entry and exit points? Thanks to you for unvealing this system and mentoring us on this path (hehe...sounds religious).

Oblo
I was just talking about using this system on the 5M during london. I was just talking about an average pip count per day or something.

-Sterling
Founder of Day Trading Forex Live
  • #2,273
  • Dec 6, 2008 5:43pm Dec 6, 2008 5:43pm
ok guys. Gonna start live next week. So I will b pretty active in the thread. Question I have is. If u are starting fresh. Would u wait for the market to give u a fresh set up and reversal or would u jump in with everyone continuing with last weeks trade

Thanks
  • #2,274
  • Dec 6, 2008 7:39pm Dec 6, 2008 7:39pm
Quoting jtmoore007
ok guys. Gonna start live next week. So I will b pretty active in the thread. Question I have is. If u are starting fresh. Would u wait for the market to give u a fresh set up and reversal or would u jump in with everyone continuing with last weeks trade

Thanks
I think now would be a great time to start. When this system has a down week it usually is followed pretty soon by a great string of trades. So whatever signal we get next I would take. The last bar on Friday was a setup bar to go short, so if it opens 5 pips below that bar you enter short when the market opens, if it opens above the short trigger point you re-enter the long.

-Sterling
Founder of Day Trading Forex Live
  • #2,275
  • Dec 6, 2008 8:20pm Dec 6, 2008 8:20pm
Hi ster,

Is the EA is ready ?
  • #2,276
  • Dec 6, 2008 9:43pm Dec 6, 2008 9:43pm
Quoting forex888
Hi ster,

Is the EA is ready ?
Im still testing it but it looks good. I should know by wed this week if its perfect or not. Ill keep everyone informed. As the EA thread sayed the EA is only going to be handed out to those who know the system and can trade is manually. So thats the first step for anyone who wants the EA.

-Sterling
Founder of Day Trading Forex Live
  • #2,277
  • Dec 6, 2008 9:51pm Dec 6, 2008 9:51pm
Quoting stersuhr
I think now would be a great time to start. When this system has a down week it usually is followed pretty soon by a great string of trades. So whatever signal we get next I would take. The last bar on Friday was a setup bar to go short, so if it opens 5 pips below that bar you enter short when the market opens, if it opens above the short trigger point you re-enter the long.

-Sterling
Sounds good to me will b following VERY closely hope live trading goes as well as demo thanks sterling
  • #2,278
  • Dec 6, 2008 10:09pm Dec 6, 2008 10:09pm
Quoting jtmoore007
Sounds good to me will b following VERY closely hope live trading goes as well as demo thanks sterling
No problem bud! Glad I can help.

-Sterling
Founder of Day Trading Forex Live
  • #2,279
  • Dec 7, 2008 1:35am Dec 7, 2008 1:35am
Quoting stersuhr
I think now would be a great time to start. When this system has a down week it usually is followed pretty soon by a great string of trades. So whatever signal we get next I would take. The last bar on Friday was a setup bar to go short, so if it opens 5 pips below that bar you enter short when the market opens, if it opens above the short trigger point you re-enter the long.

-Sterling
Hi,

Thanks for the advice on the weekend closing. I have 1 more query so it would be great if you can clarify it. Candle 5 was a set up to go short. Candle 1 was the set up to go long. Candle 2 & 3 were failed reversal bars so Candle 4 becomes the new set up bar. Lets just disregard the 50% rule just for this example. My question is lets say the Candle 4 is the last candle on friday just before weekend begins. When Monday comes, it the candle opens above high of candle 4 + 8 pips, we will go long. If the candle opens below this buy trigger point, do we continue with the short trade that started at candle 5? Thanks for advising again!
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  • #2,280
  • Dec 7, 2008 1:43am Dec 7, 2008 1:43am
Quoting piptrees
Hi,

Thanks for the advice on the weekend closing. I have 1 more query so it would be great if you can clarify it. Candle 5 was a set up to go short. Candle 1 was the set up to go long. Candle 2 & 3 were failed reversal bars so Candle 4 becomes the new set up bar. Lets just disregard the 50% rule just for this example. My question is lets say the Candle 4 is the last candle on friday just before weekend begins. When Monday comes, it the candle opens above high of candle 4 + 8 pips, we will go long. If the candle opens below this buy trigger point,...
Yes, that's correct.
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