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4H 5EMA System

  • #2,601
  • Jan 8, 2009 6:27pm Jan 8, 2009 6:27pm
Quoting pitpiter
I realy don't know can You close buy order with Ask - price ( Your broker can be not happy with that )
You caught me, Peter, I added instead of subtracting. Well, you found out why maths has always been my weak point
So trade closed at 1.5225 with 109 pip profit for me.
The truth is I'm not trading live since I don't need to wake up at night just now while I'm still learning. So sometimes I happen to miscalculate entry and exit points. Hopefully I will learn my tables by the time I will trade the system for real
  • #2,602
  • Jan 8, 2009 7:08pm Jan 8, 2009 7:08pm
Trade#6
Buy @ 1.5117 out @ 1.5224 = +107 pips

Total = 77 -29 +198 -127 -56 +107 = +170 pips

My Trade#6 was saved by the rules and by Tonirai correcting me about the 50% rule.

Tonirai, now I know why my wife says it to me all the time
"You're wrong".
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  • #2,603
  • Jan 9, 2009 12:57am Jan 9, 2009 12:57am
Short setup bar formed.
Sell order triggered @ 1.5169.
SL @ 1.5245
Attached Image
  • #2,604
  • Jan 9, 2009 1:15am Jan 9, 2009 1:15am
Quoting alright
Short setup bar formed.
Sell order triggered @ 1.5169.
SL @ 1.5245
That's correct.

Hm...it seams you're very close to SL right now.
  • #2,605
  • Jan 9, 2009 1:18am Jan 9, 2009 1:18am
Thanks Alex. It's good to know someone always watches over my shoulders.
Stopped out exactly @ 1.5245 for a 76 pip loss just now
I know I should assess this in 4 hour time, but as far as the rules go, things won't surely change for us until then. We will need to wait for a new setup bar.
  • #2,606
  • Jan 9, 2009 2:49am Jan 9, 2009 2:49am
In the rules say if the SL is hit you start with an oposite order wich has the SL = entry price of the previous order.
So in your case. Now you should have been in a buy position with open price = SL of previous sell order and SL for buy position = open price of previous open price of sell order.

You only reverse the trade that was triggered by a proper reversal bar. and you reverse trade only once. If you were selling then SL is hit , you will be buying. If SL for buy is also hit then you wait for new proper setup and reversal bars.
  • #2,607
  • Jan 9, 2009 5:32am Jan 9, 2009 5:32am
Quoting AlexL
In the rules say if the SL is hit you start with an oposite order wich has the SL = entry price of the previous order.
So in your case. Now you should have been in a buy position with open price = SL of previous sell order and SL for buy position = open price of previous open price of sell order.

You only reverse the trade that was triggered by a proper reversal bar. and you reverse trade only once. If you were selling then SL is hit , you will be buying. If SL for buy is also hit then you wait for new proper setup and reversal bars.
Yes , but that buy order ( pr. 1.5145 SL 1.5159 ) was closed with -86 pips and now flat , wait for set up bar
good luck
Peter
  • #2,608
  • Jan 9, 2009 5:58am Jan 9, 2009 5:58am
Quoting AlexL
In the rules say if the SL is hit you start with an oposite order wich has the SL = entry price of the previous order.
So in your case. Now you should have been in a buy position with open price = SL of previous sell order and SL for buy position = open price of previous open price of sell order.

You only reverse the trade that was triggered by a proper reversal bar. and you reverse trade only once. If you were selling then SL is hit , you will be buying. If SL for buy is also hit then you wait for new proper setup and reversal bars.
Of course I had to wait for the reversal bar to complete before I entered a buy order at 1.5245 and a SL at its low 1.5159, which were both hit with a 86 pip loss, as Peter said. Now the current bar is already invalid because it touches both emas, so next bar will have the word.
  • #2,609
  • Jan 9, 2009 6:28am Jan 9, 2009 6:28am
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...
I thought it would be appropriate to post an update on this for anybody interested:

6- 17 Dec long -416
7- 18 Dec short +490
8- 22 Dec short -89
9- 31 Dec short -180
10- 31 Dec long -180
11- 02 Jan long +253
12- 06 Jan long @1.5002 still open with stop at 1.4973
Regards
  • #2,610
  • Jan 9, 2009 7:03am Jan 9, 2009 7:03am
Howard

I could not find what you are calculating for your targets...i too have been forward testing the daily and i am just using ATR calc. to get an estimate of exhaustion of the movement towards the end of the day.

Thanks

Mike
  • #2,611
  • Jan 9, 2009 9:17am Jan 9, 2009 9:17am
Quoting earret
Howard

I could not find what you are calculating for your target...
Thanks

Mike
Mike,
The target for the daily variation is the same as the SL. When you place a trade and a SL, the TP is also placed such that TP = SL.

If your SL = 100 pips below the low (in BUY), then the TP would be 100 above the high.

The number 100 is just an example - it depends on the size of the bar based on which we place the orders.

Hope this helps.
Thanks
  • #2,612
  • Jan 9, 2009 9:24am Jan 9, 2009 9:24am
ahhh I see

Thanks

Denverdude
  • #2,613
  • Jan 9, 2009 10:47am Jan 9, 2009 10:47am
Trade#7
Sell @ 1.5165 stop out @ 1.5246 = -81 pips

Trade#8
stop out reverse buy @ 1.5246 stop out again @ 1.5155 = -91 pips

Total = 77 -29 +198 -127 -56 +107 -81 -91 = -2 pips

Not bad for a week trade and Friday is not end yet. I have learned a lot, thanks guys.
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  • #2,614
  • Jan 9, 2009 11:57am Jan 9, 2009 11:57am
Quoting earret
Howard

I could not find what you are calculating for your targets...i too have been forward testing the daily and i am just using ATR calc. to get an estimate of exhaustion of the movement towards the end of the day.

Thanks

Mike
As denver mentioned above TP=SL and equals candle range plus 15

Still I am not happy with the performance
Regards
  • #2,615
  • Jan 12, 2009 1:41am Jan 12, 2009 1:41am
After Sunday's opening a long setup bar formed.
Buy order at 1.5122
SL at 1.5047
Next bar was a failed reversal.
  • #2,616
  • Jan 12, 2009 5:49am Jan 12, 2009 5:49am
Hi everyone

I hope all had a great holiday. I havent been able to follow the thread to much lately. Have had some business fires to put out. Where is my buddy Sterling? After checking the posts I see he has not posted for some time. I have tried to call him and it seems his phones are on the blink too. Do ya have any info Toni? Thanks

Chad
  • #2,617
  • Jan 12, 2009 5:53am Jan 12, 2009 5:53am
We start this week with set up bar for long , on pic I marked it as 1 , after this bar close we place buystop order : price 1.5122 SL 1.5047
On bar 2 our buystop didn't triggered and after 2 close we place reverse order sellstop with price 1.5047 SL 1.5122 , which was triggered on bar 3 .
Bar 3 also set up bar for long and our current situation is :
sell from 1.5047 SL 1.5122
buystop price 1.5122 SL 1.4900
Can somebody confirm this
Good luck
Peter
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  • #2,618
  • Jan 12, 2009 9:10am Jan 12, 2009 9:10am
we have new set up bar for long , SL for current short changed...
current situation is :
sell from 1.50.47 SL 1.5035
buystop price 1.5035 SL 1.4853
Good luck
Peter
  • #2,619
  • Jan 12, 2009 9:21am Jan 12, 2009 9:21am
Quoting pitpiter
We start this week with set up bar for long , on pic I marked it as 1 , after this bar close we place buystop order : price 1.5122 SL 1.5047
On bar 2 our buystop didn't triggered and after 2 close we place reverse order sellstop with price 1.5047 SL 1.5122 , which was triggered on bar 3 .
Bar 3 also set up bar for long and our current situation is :
sell from 1.5047 SL 1.5122
buystop price 1.5122 SL 1.4900
Can somebody confirm this
Good luck
Peter
Hi Peter. I couldn't follow the development for several hours, but now I'm back and the way I see it is that bar #3 became the new long setup bar. Then its high was not taken out, so bar #4 became the new long setup with a buy order at 1.5035 and an SL at 1.4853. That means at the moment we are flat. I hope someone will confirm this otherwise I have to go and study the whole thing again from the beginning...
  • #2,620
  • Jan 12, 2009 1:54pm Jan 12, 2009 1:54pm
Quoting Pip Hunterr
Where is my buddy Sterling? After checking the posts I see he has not posted for some time. I have tried to call him and it seems his phones are on the blink too. Do ya have any info Toni? Thanks

Chad
Hi,
No news from Sterling for a long time already (haven't tried to contact him, though).
I know he had a new professional commitment (trading), so that might be time consuming.
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