Didnt expect such a prompt reply over the weekend haha. Have a carefree weekend until the 4 hourly breastfeeds. At least thats what my family calls them!
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. [color=Red]If the candle opens below this buy...
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With which price we open short in situation like that ?
1)order sell with markets price
2)pending sellstop with low from candle 4
Thanks
Peter
With which price we open short in situation like that ?
1)order sell with markets price
2)pending sellstop with low from candle 4
Thanks
Peter
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Hi Peter,
I think its if the Monday opening candle is anything below the trigger buy price (high of candle 4 +8 pips), we will just short at the opening price when the market opens.
I think its if the Monday opening candle is anything below the trigger buy price (high of candle 4 +8 pips), we will just short at the opening price when the market opens.
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Yes;
And if the bar opens above the buy trigger price, you would open long at market price, too.
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Joined Oct 2008
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Status: Whatta ya mean .. stopped out
|68 Posts
I'd like to congratulate stersuhr for presenting this method in such an explicit and descriptive manor and cudo's to all those that have been helping others to understand it.
Like others, I've found this to be a great read over the last couple of days.
I've been looking over several methods these last few of months and this is one of the best. My use of this in a simulator seems quite productive so I'm looking to forward to seeing some results of real time testing during the next few weeks.
One question for stersuhr or his cousin (I've seen someone post that he is) is that if you were using this last year, did Dec provide any supprises due to number of people off on holliday and not trading ? (lack of liquidity)
One question for stersuhr or his cousin (I've seen someone post that he is) is that if you were using this last year, did Dec provide any supprises due to number of people off on holliday and not trading ? (lack of liquidity)
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Ster took all of the notes home with him two days ago so i do not have the numbers sitting in front of me, but i do not think that it was all that bad. Sterling is still sleeping in my spare bed room so when he gets up i will se if he remembers what the number was for Dec.
ster just told me that is was low. It was like around 100 pips
I'd like to congratulate stersuhr for presenting this method in such an explicit and descriptive manor and cudo's to all those that have been helping others to understand it.
Like others, I've found this to be a great read over the last couple of days.
I've been looking over several methods these last few of months and this is one of the best. My use of this in a simulator seems quite productive so I'm looking to forward to seeing some results of real time testing during the next few weeks.
One question for stersuhr or his cousin (I've seen...
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Honestly I dont know if I ever backtested december of last year, I thought I had but then I was looking back and I cant find the month of December. Ill backtest that right now for anyone that was thinking of going live. Ill have that in thirty minutes for ya guys.
Ok so I get -255 when I backtested Dec of last year. But I wouldnt equate it to illiquidity. We had one negative month this year that was negative -260 I believe and there were no holidays that month so I think its just the nature of the beast. One month out of a year has been negative and that just seems to be the way it is with this system.
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Joined Oct 2008
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Status: Whatta ya mean .. stopped out
|68 Posts
Ok guys, thanks for letting us know. I't might be that we get more volitility which should equate to more opportunity to profit. I would almost think there are enough traders around the world to not make liquidity an issue like I've seen in US commodity markets. Just thought I'd ask.
Ok guys, thanks for letting us know. I't might be that we get more volitility which should equate to more opportunity to profit. I would almost think there are enough traders around the world to not make liquidity an issue like I've seen in US commodity markets. Just thought I'd ask.
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Yeah I agree with that. The market still moves and it moves a lot no matter what month you in.
we should have our stop at 1.4797 now correct. as well as the short pending order?
thanks
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It depends upon which broker/charts you are using. Either way, your stop and pending Sell order should now be 5 pips below the low of the last closed 4hr candle. My Alpari charts show a low of 1.4805, so I have set my Buy trade SL and pending Sell order at 1.4800, SL for the pending Sell order is at 1.5055 (5 pips + spread above the high of the last closed 4hr bar).
If there is ever any doubt then there is no doubt.
we should have our stop at 1.4797 now correct. as well as the short pending order?
thanks
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It should be at 1.4800 I believe as well as a sell stop as we don't add spread to short orders / stops under candles- Just 5 pips.
You should also place a Stop loss for the pending sell above the high of that setup candle 5+ spread which would be 1.5055.
Edit: Looks like Kristo gave you the right answer above as well before me-
It should be at 1.4800 I believe as well as a sell stop as we don't add spread to short orders / stops under candles- Just 5 pips.
You should also place a Stop loss for the pending sell above the high of that setup candle 5+ spread which would be 1.5055.
Edit: Looks like Kristo gave you the right answer above as well before me-
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1.4800 should be the stop loss and the sell stop. On sell orders you dont have to include spread.
