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4H 5EMA System

  • #2,481
  • Dec 17, 2008 8:21am Dec 17, 2008 8:21am
Quoting stersuhr
Yeah I believe me and Eric tested howards method...we didnt use EMAs at all as there is no need to but I think I remember testing it on the 4H not the daily. I think he is on the right track with the daily tho. Also I will at the top of the rules write a post number so people can find your rules. I would like to thank you for that, I know it took a lot of work and you really dont get anything in return so I really appreciate it!!!! The same goes to everyone else in this thread that helps out and answers questions, its much appreciated.

-Sterling...
No problem - hopefully others can spend more time now tweaking, backtesting and profiting!

A personal request - everyone who makes good money out of this - and you will if you follow the rules - go to your country's UNICEF website and give them 1% of what you've made - what goes around comes around.
You don't have to be right, just don't be too wrong
  • #2,482
  • Dec 17, 2008 9:29am Dec 17, 2008 9:29am
pip count for december?
  • #2,483
  • Dec 17, 2008 9:49am Dec 17, 2008 9:49am
Quoting Corre
pip count for december?
getting better but started a little late ( opened live account ) for accurate count
  • #2,484
  • Dec 17, 2008 12:32pm Dec 17, 2008 12:32pm
Howard,
Would appreciate if you can reply to my questions.

I've attached a screen shot of the current LONG trade running.

My questions:
You said that you'd move your SL once the day's bar closes (#2).
Here is my understanding, please correct me, if I'm wrong:
1)Assuming #2 has a higher low, you'd move the SL for BUY to #2's low -5.
2)TP for BUY trade (based on 1 triggered by 2) stays at the same place and is not affected by #2 candle.
3)Reverse order SELL Stop also moves (#2's low -5).
4)SL for SELL Stop is now at high + 10 of #2?
5)TP for SELL stop is now based on size of #2?

Thanks for your support .
Attached Image (click to enlarge)
Click to Enlarge Name: daily4h.gif Size: 19 KB
  • #2,485
  • Dec 18, 2008 12:08am Dec 18, 2008 12:08am
Update since my last one:

The long triggered @ 1.5334 was stopped when we had a new setup to go short, activating a short @ 1.5576 with SL @ 1.5730 -> that long made +242 pips;
The short went until a setup to go long came, activating a long @ 1.5481 with SL @ 1.5236 -> that short made +95 pips;
The current long had 2 failed reversal bars, so we are looking for a new setup bar, which can be the present one, when it will close in 50 min.
  • #2,486
  • Dec 18, 2008 5:34am Dec 18, 2008 5:34am
Quoting denverdude
Howard,
Would appreciate if you can reply to my questions.

I've attached a screen shot of the current LONG trade running.

My questions:
You said that you'd move your SL once the day's bar closes (#2).
Here is my understanding, please correct me, if I'm wrong:
1)Assuming #2 has a higher low, you'd move the SL for BUY to #2's low -5.
2)TP for BUY trade (based on 1 triggered by 2) stays at the same place and is not affected by #2 candle.
3)Reverse order SELL Stop also moves (#2's low -5).
4)SL for SELL Stop is now at high + 10 of #2?
5)TP for...
1-Correct
2-Here we have 2 options, either leave it as it is or adjust it according to the length of bar 2
3-Correct
4-Correct
5-Correct but bear in mind that TP=SL therefore TP= size of candle #2 plus 15 pips (5 pips below and 10 pips above the candle)
Regards
  • #2,487
  • Dec 18, 2008 2:43pm Dec 18, 2008 2:43pm
Update since the last one:

The long triggered @ 1.5481 ended when we had a setup and reversal, @ 1.5477 -> it made -4 pips;
The short triggered at that point has currently a SL and buy stop @ 1.5373 (locked +104 pips). The SL on that buy stop is @ 1.4881.
  • #2,488
  • Dec 18, 2008 5:48pm Dec 18, 2008 5:48pm
sorry havent been as active on thread, christmas shopping. good pips lately though
  • #2,489
  • Dec 18, 2008 9:50pm Dec 18, 2008 9:50pm
Quoting jtmoore007
sorry havent been as active on thread, christmas shopping. good pips lately though
Not really at the first of the month but lately we've been doing quite well and I think we are around BE for the month which is pretty good for a market that is as choppy and unpredictable as this one is. Ill do a chart to bring us current and give a current pip count soon, ive just been really busy and havent had time.

-Sterling
Founder of Day Trading Forex Live
  • #2,490
  • Dec 18, 2008 10:08pm Dec 18, 2008 10:08pm
Quoting howard
The rules I am following:

Towards the end of the daily bar I place two pending orders:

1-Buy order 10 pips above the high of the bar, stop loss 5 pips below the low of the bar, target the same amount as the stop loss

2-Sell order 5 pips below the low of the bar, stop loss 10 pips above the high, target the same amount as the stop loss.

When one of the above orders is triggered I do not cancel the other one but keep it as the reverse order in case the first one is stopped out.

When target is hit I cancel the other order.

Reverse position...
Hey, I have tried a very similar system on my own without most of your rules but wasnt patient enough to do it long enough. What time does your day start/end?

TY
  • #2,491
  • Dec 18, 2008 11:05pm Dec 18, 2008 11:05pm
Quoting stersuhr
Not really at the first of the month but lately we've been doing quite well and I think we are around BE for the month which is pretty good for a market that is as choppy and unpredictable as this one is. Ill do a chart to bring us current and give a current pip count soon, ive just been really busy and havent had time.

-Sterling
well im still trading it with you i just havent had the time to chat on here. good luck everyone!!!!
  • #2,492
  • Dec 18, 2008 11:59pm Dec 18, 2008 11:59pm
Quoting jtmoore007
well im still trading it with you i just havent had the time to chat on here. good luck everyone!!!!
Well glad to hear that...this month did a complete 180 the last few trades and is looking pretty good for the month.

-Sterling
Founder of Day Trading Forex Live
  • #2,493
  • Dec 19, 2008 12:17am Dec 19, 2008 12:17am
Update since my last one:

The short had two failed reversal bars, so we are looking for a new setup bar;
Since it made more than 150 pips of maximum profit, 50% rule applies, so:
We have our SL & buy stop at 1.5477 - 1.4886 = 591 -> 591 / 2 = 295.5 pips... 296 pips;
1.5477 - 296 = 1.5181. That's where they are, locking +296 pips;
The SL on the pending buy is @ 1.4881.

Sorry for the lack of time, too... same here, work and Christmas preparation
  • #2,494
  • Dec 19, 2008 3:17am Dec 19, 2008 3:17am
Quoting howard
1-Correct
2-Here we have 2 options, either leave it as it is or adjust it according to the length of bar 2
3-Correct
4-Correct
5-Correct but bear in mind that TP=SL therefore TP= size of candle #2 plus 15 pips (5 pips below and 10 pips above the candle)
Thanks for all your feedback Howard -can you give us an idea of the maximum bar length ( or stop loss) you would use for trading the daily system -i.e. you wouldn't trade of the previous days bar length was longer than...although I can't see recent case where thios would have reduced the profits..
  • #2,495
  • Dec 19, 2008 5:17am Dec 19, 2008 5:17am
Quoting petersurrey
Thanks for all your feedback Howard -can you give us an idea of the maximum bar length ( or stop loss) you would use for trading the daily system -i.e. you wouldn't trade of the previous days bar length was longer than...although I can't see recent case where thios would have reduced the profits..
I have not really considered that yet, it is an option which I have in mind for further tests.

The last long trade was stopped out with a loss of -416
Regards
  • #2,496
  • Dec 19, 2008 7:57am Dec 19, 2008 7:57am
Update:
The same short is still running, now with a setup bar in the last closed bar, which means we have the SL & buy stop @ 1.5154, locking +323 pips;
The SL on that buy stop is @ 1.4944;
The current bar will soon become a new setup bar, hopefully (locking more pips).
  • #2,497
  • Dec 19, 2008 9:11am Dec 19, 2008 9:11am
Quoting tonirai
Update:
The same short is still running, now with a setup bar in the last closed bar, which means we have the SL & buy stop @ 1.5154, locking +323 pips;
The SL on that buy stop is @ 1.4944;
The current bar will soon become a new setup bar, hopefully (locking more pips).
The pip count for this month is around +150 to +200 somewhere in there. That is based on if we get stopped out of this trade at the current buy stop, if it continues down we will clearly make out a little better.

-Sterling
Founder of Day Trading Forex Live
  • #2,498
  • Dec 19, 2008 9:26am Dec 19, 2008 9:26am
Quoting stersuhr
Well glad to hear that...this month did a complete 180 the last few trades and is looking pretty good for the month.

-Sterling
yeah the first of the month was rough. market complete chop. but now a little better!!
  • #2,499
  • Dec 19, 2008 5:56pm Dec 19, 2008 5:56pm
Last update:
The short continued until the close, and the last bar is a setup bar to a long, so:
Around 5 min. before the close, we closed our short (it was around 1.4936) and removed the respective buy stop order;
At Sunday's openning, we will re-enter the short if market opens below the place where our SL would be (1.4956), or long if it opens above that.

Have fun this weekend
  • #2,500
  • Dec 20, 2008 4:49pm Dec 20, 2008 4:49pm
So I did a little combining of Howards idea with my system and for this month we would be up +1000 pips and counting. Im going over to Eric's tonight to backtest the year and Ill get back to ya guys on this one. I should do a chart to bring us current as well...I love how this thread just died instantly when the system started out down -600 pips pips for the month, now its up +300 or so. The people that left because of that should not come back, youll never have what it takes to be sucessful in this market, you should just stop trading and save yourself your future loses. If one drawdown drives you away from a positive system you will fail I guarantee it. I said in the beginning I will give this system to some and they will lose with it and I will make money. Why will they lose? Because of what I just said, these are the one that stop when the system goes down and then miss the +800 pip rally in are favor. For those that stuck around congragulations you will succed! If you take this post as a insult, that means it was directed to you and you should be insulted. Im not usually harsh but this irritates me. So if you dont like it move the hell on.

-Sterling
Founder of Day Trading Forex Live
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