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4H 5EMA System

  • #2,621
  • Jan 12, 2009 2:03pm Jan 12, 2009 2:03pm
Quoting alright
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...
You are right.

Pitpiter, review the chart - bar #3 didn't trigger the long, but made a lower low, thus becomming the new setup bar.

After that we kept having new setup bars.
  • #2,622
  • Jan 12, 2009 2:38pm Jan 12, 2009 2:38pm
Thanks Toni , my bad
One question
When we need put revers order in situation as on pic ?
After our buy triggered or wait for bar 2 close and after that place reverse order.
1 set up bar for long , on bar 2 our buy is triggered.
Thanks
Peter
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 25 KB
  • #2,623
  • Jan 12, 2009 3:34pm Jan 12, 2009 3:34pm
Quoting pitpiter
Thanks Toni , my bad
One question
When we need put revers order in situation as on pic ?
After our buy triggered or wait for bar 2 close and after that place reverse order.
1 set up bar for long , on bar 2 our buy is triggered.
Thanks
Peter
You must wait for bar #2 to close.
  • #2,624
  • Jan 12, 2009 3:53pm Jan 12, 2009 3:53pm
Quoting tonirai
You must wait for bar #2 to close.
Thanks
  • #2,625
  • Jan 13, 2009 4:33pm Jan 13, 2009 4:33pm
Seasons Greetings to everybody within the thread. I trust you all had a safe New Year and I look forward to trading with you through 2009.
If there is ever any doubt then there is no doubt.
  • #2,626
  • Jan 13, 2009 6:13pm Jan 13, 2009 6:13pm
Finally after a long row of new red setup bars move we have a bar that, as I am writing, appears to be only a few pips away from the buy order on a blue setup bar @ 1.4532 with an SL @ 1.4461. Let's see what happens...
  • #2,627
  • Jan 14, 2009 3:08am Jan 14, 2009 3:08am
Buy stop triggered @ 1.4532 and SL moved after the reversal bar R closed to its low @ 1.4498.
Contingent sell order at the same level.
I'll always be glad if someone confirms my understanding.
Attached Image
  • #2,628
  • Jan 14, 2009 6:32am Jan 14, 2009 6:32am
SL and sell order triggered @ 1.4498, closing the long trade at -34 pips. We are now short and the SL goes to 1.4715. Since this a reversal order there won't be any contingent buy order. I would really appreciate if someone could confirm I'm doing this right. Thanks
Attached Image
  • #2,629
  • Jan 14, 2009 7:25am Jan 14, 2009 7:25am
Hi Alright,

My take is a little different at present. The attached chart shows the most recent Setup Bar (arrowed) to go Long. My charts show a High on this bar of 1.4523 and therefore the Long order should have been triggered at 1.4531 being 5 pips plus spread (3 pips in my case) above the high of the Setup Bar, with SL at 1.4460, being 5 pips below the low of the Setup Bar.

According to the rules, a Sell Order should only be placed after the Reversal Bar has closed (this is the bar which triggers the Long), or a new Setup Bar to go Short presents itself. In this case, the Reversal Bar closed and therefore the Sell Order should be placed 5 pips below the Low of the Setup Bar (arrowed), at 1.4460 which is the same as the SL for the Long order which is in play. The Sell Order is not moved upwards at all, it remains where it is until such time as a new Setup Bar presents itself to go Short at which time the Sell Order is adjusted, and this is yet to happen.

So, at this point I would suggest you should still be Long. I hope this helps.
Attached Image
If there is ever any doubt then there is no doubt.
  • #2,630
  • Jan 14, 2009 9:02am Jan 14, 2009 9:02am
Hi,
Just to confirm that Kristo's view is right.
I'm not home to see the exact values on my platform, but the reasoning is absolutely correct.
  • #2,631
  • Jan 14, 2009 10:55am Jan 14, 2009 10:55am
Thank you so much Kristo and tonirai.
I'll never learn this thing...
I don't know why I came out with the sell order below the reversal bar instead of the setup bar!
I'll keep on posting my view, being sure I can't fail until people like you are around here...
This is a great thread, even if it's so quiet right now!
  • #2,632
  • Jan 14, 2009 2:37pm Jan 14, 2009 2:37pm
Don't worry. It took Everyone a little while to get used to it. Hang in there of will come


Quoting alright
Thank you so much Kristo and tonirai.
I'll never learn this thing...
I don't know why I came out with the sell order below the reversal bar instead of the setup bar!
I'll keep on posting my view, being sure I can't fail until people like you are around here...
This is a great thread, even if it's so quiet right now!
  • #2,633
  • Jan 15, 2009 4:29am Jan 15, 2009 4:29am
Thanks for encouraging jt.
My view now is that we have a short setup bar, so our stop loss for the current long has been moved to 1.4578 and we've also entered a sell order at the same level with a stop loss at 1.4656.
Attached Image
  • #2,634
  • Jan 15, 2009 7:59am Jan 15, 2009 7:59am
Quoting alright
Thanks for encouraging jt.
My view now is that we have a short setup bar, so our stop loss for the current long has been moved to 1.4578 and we've also entered a sell order at the same level with a stop loss at 1.4656.
You are correct and long has now been closed, short opened and stopped out.

Position is flat
Regards
  • #2,635
  • Jan 15, 2009 3:33pm Jan 15, 2009 3:33pm
Quoting howard
You are correct and long has now been closed, short opened and stopped out.

Position is flat
Right. Now we're long once again @ 1.4646 with a stop loss @ 1.4468.
Attached Image
  • #2,636
  • Jan 15, 2009 4:28pm Jan 15, 2009 4:28pm
Trade#9
Buy @ 1.4533 out 1.4578 = +45

Trade#10
Sell @ 1.4578 stop out 1.4657 = -79

Trade#11
Buy @ 1.4638 trade still on

Total=77-29+198-127-56+107-81-91+45-79= -36 pips
Attached Image (click to enlarge)
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  • #2,637
  • Jan 15, 2009 4:41pm Jan 15, 2009 4:41pm
Quoting patrick25
Trade#11
Buy @ 1.4638 trade still on
patrick, should you not be in at 1.4646? High + 5 + spread?
  • #2,638
  • Jan 15, 2009 5:09pm Jan 15, 2009 5:09pm
Alright,
My bad, when I put pending order in last minute, price took off my order filled then the new candle. Sometime price moves so fast during candle changes.
  • #2,639
  • Jan 15, 2009 5:12pm Jan 15, 2009 5:12pm
hi Guys
For anyone who maybe intrered in a daily Metod,have a look at Johns simple strategy
http://www.forexfactory.com/showthread.php?t=140561

take care

baz
  • #2,640
  • Jan 15, 2009 6:45pm Jan 15, 2009 6:45pm
The reversal bar that triggered the buy order has now become a short setup bar. The SL moves to its low minus 5 pips i.e. 1.4619 (with a reversal sell order as well) and an opposite buy SL goes to 1.4684.
Attached Image
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