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4H 5EMA System

  • #2,881
  • Jan 28, 2009 10:31am Jan 28, 2009 10:31am
Finally pushed through daily resistance level 2 @ 1.4310
Failed to close above in two previous candles. Will it close
above this on this candle is the question.

Next target, 1.4430

long at 1.4251
S/L at 1.4237

Dr. D.
  • #2,882
  • Jan 28, 2009 12:16pm Jan 28, 2009 12:16pm
I have a question/Clarification. Hope pros/experecienced ppl can answer this.

Pls see the attached image.

This is a latest GU 4 hour chart and I have taken only few candles which are relevant to my question.

I. We are in LONG position before Candle 1.
II. As per the ORIGINAL document of STERLING, at the CLOSE of candle 2,
we would have STOP LOSS for earlier LONG and REVERSAL order placed on
end of candle 2.
III. In candle 3, the stop loss would hit and SELL STOP order would trigger.
IV. At the top of the candle 3, there will be the STOP for the SHORT.
V. On Candle 4, the STOP LOSS trigger and we will have NO position. (As per ORIGINAL Sterling Document) Please Confirm this.
----


Now for the TWEAKS.
I. While candle 5 starting Since it is long Candle, It will hit the SELL STOP setup up on Candle 4 first and then it will Reverse it to LONG at the level set based on Candle4 Tweak(Stop loss/Buy Stop for previous Sell Stop).
II. So effectively, If we apply Tweak, This LONG will be carried till Candle 7.


Please confirm my understanding. Hope my questions are clear.

Thanks in advance for your time/replies.
Attached Image (click to enlarge)
Click to Enlarge Name: GUIK.JPG Size: 25 KB
  • #2,883
  • Edited 2:55pm Jan 28, 2009 1:31pm | Edited 2:55pm
Quoting IKent
I have a question/Clarification. Hope pros/experecienced ppl can answer this.

Pls see the attached image.

This is a latest GU 4 hour chart and I have taken only few candles which are relevant to my question.

I. We are in LONG position before Candle 1.
II. As per the ORIGINAL document of STERLING, at the CLOSE of candle 2,
we would have STOP LOSS for earlier LONG and REVERSAL order placed......
Hi IKent,
Candle 3 hits stop & sell stop order - you're now short
At close of this candle a buy stop order is placed above it
Candle 4 triggers stop and buy stop order - you're long again
This candle is a sell setup so sell stop placed below it when it closes
Candle 5 hits sell stop then reverses to hit stop loss and, in 4 hr rules you are now flat and waiting for a sell setup & reversal bar.
With Daily, at close of candle 5 you apply tweak 1, a buy stop above & sell stop below, with contingent stop losses at either end and candle 6 puts you long again. Note though - tweaks are only written for daily timeframe, they've not been backtested in any other timeframe.
Regards
You don't have to be right, just don't be too wrong
  • #2,884
  • Jan 28, 2009 9:23pm Jan 28, 2009 9:23pm
El Dee, I must correct that (sorry I've been away so long):

Quoting El Dee
Hi IKent,
Candle 3 hits stop & sell stop order - you're now short
At close of this candle a buy stop order is placed above it
Candle 4 triggers stop and buy stop order - you're long again
(...)
At the close of bar 3, you put the reverse order (buy stop) at the level where the SL for the current short is - and that is above the setup bar (bar 2);
Bar after 6 (not numbered) triggers the short's SL and the buy stop, and you're long only from there.

This is per Sterling rules.
  • #2,885
  • Jan 29, 2009 12:19am Jan 29, 2009 12:19am
Hi guys.

I've started to test the daily today.
I'm short from 1.4121 with SL @ 1.4383

Here is my chart.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 26 KB
  • #2,886
  • Jan 29, 2009 4:45am Jan 29, 2009 4:45am
Quoting AlexL
Hi guys.

I've started to test the daily today.
I'm short from 1.4121 with SL @ 1.4383

Here is my chart.
The same order I have on my daily chart , long was stopped with +219 profit.
Good luck
Peter
  • #2,887
  • Jan 29, 2009 7:26am Jan 29, 2009 7:26am
I began to trade the daily on a LIVE account last night, so this is my first trade with it.

Currently down about 185 pips. Stoploss only about 80 pips away.

Scott

Quoting AlexL
Hi guys.

I've started to test the daily today.
I'm short from 1.4121 with SL @ 1.4383

Here is my chart.
Prices are never too high to begin buying or too low to begin selling.
  • #2,888
  • Edited 8:25am Jan 29, 2009 8:05am | Edited 8:25am
Update on daily:
Sell SL hit. Now in reversed Buy.
Open: 1.4383
SL: 1.4121

Edit:
Ok... noticed i have made a mistake by putting the reverse order before the closing of the reversal bar. So..currently we are flat.
Good thing it's only demo money
  • #2,889
  • Jan 29, 2009 8:13am Jan 29, 2009 8:13am
Just touched and bounced hard off of the
daily resistance 2 @ 1.4395. Resistance 1
@ 1.4335. If it closes above either of these
marks there's more upside to this move.

Dr. D.
  • #2,890
  • Jan 29, 2009 8:26am Jan 29, 2009 8:26am
Alex,

El Dee's daily rules state:

3.6 Another occasional occurrence is that the order is filled, creating the automatic stop loss position, and then the price reverses through the stop loss closing your position.

Tweak #1 - in this situation, at the close of the bar that caused the stop loss, we now place an order to buy 10 pips above the high of the closed bar and an order to sell 5 pips below its low.

Reading the above, I didn't think we were to enter another pending order until the current bar had closed. Maybe you are right; I am just trying to understand the rules.

Scott

Quoting AlexL
Update on daily:
Sell SL hit. Now in reversed Buy.
Open: 1.4383
SL: 1.4121
Prices are never too high to begin buying or too low to begin selling.
  • #2,891
  • Jan 29, 2009 8:35am Jan 29, 2009 8:35am
Anyone long from 1.4182 in the 4H system?
Hope you have protected your profits. In such case,
how does the 50% rule apply to protect your trade?

I was taken out from a short at 1.4240 two+ candles ago
since I slept thru the 4H update and was long from that
point when she retracted and with the move over 1.4400
I modified my trade with a intra-candle ~50% profit at 1.4325
with 85 pips gain.

Just had a sell-stop order filled at 1.4279 using a 1H for entry.

Breaking rules as I go.

This is wild.

Dr. D.
  • #2,892
  • Jan 29, 2009 8:36am Jan 29, 2009 8:36am
Quoting pitpiter
The same order I have on my daily chart , long was stopped with +219 profit.
Good luck
Peter
And now sell was stopped , and if I good understood tweaks from daily rules , after current bar close need put sellstop and buystop orders , based on high and low from current bar . Is that correct?
Thanks
Peter
  • #2,893
  • Jan 29, 2009 8:39am Jan 29, 2009 8:39am
I was wrong.
I edited the previous post.

Quoting thehenryfam
Alex,

El Dee's daily rules state:

[i]3.6 Another occasional occurrence is that the order is filled, creating the automatic stop loss position, and then the price reverses through the stop loss closing your position....
  • #2,894
  • Jan 29, 2009 8:40am Jan 29, 2009 8:40am
Quoting fourxtrader
Anyone long from 1.4182 in the 4H system?
Hope you have protected your profits. In such case,
how does the 50% rule apply to protect your trade?

I was taken out from a short at 1.4240 two+ candles ago
since I slept thru the 4H update and was long from that
point when she retracted and with the move over 1.4400
I modified my trade with [i][color=#0000ff]a...
Hi.
On my chart 4H I have
buy from 1.4199 SL 1.4066
sellstop price 1.4066 SL 1.4268
Good luck
Peter
EDIT and looking current bar make new setup bar and will change
we can apply 50% rule only if we will have 2 fails reversal bars
  • #2,895
  • Jan 29, 2009 8:53am Jan 29, 2009 8:53am
Quoting pitpiter
Hi.
On my chart 4H I have
buy from 1.4199 SL 1.4066
sellstop price 1.4066 SL 1.4268
Good luck
Peter
EDIT and looking current bar make new setup bar and will change
we can apply 50% rule only if we will have 2 fails reversal bars
You're right.... using the alpari. I was on a IBFX chart.

In either case, there was a move of over 200 pips since the
entry. It's now taken back ~50% (100 + pips) in this candle.

Just wondering if there is some protection of profits.

Dr. D.
  • #2,896
  • Jan 29, 2009 9:04am Jan 29, 2009 9:04am
now current situation on my chart
long from 1.4199 SL 1.4238
sellstop price 1.4238 SL 1.4401
Good luck
Peter
  • #2,897
  • Jan 29, 2009 9:04am Jan 29, 2009 9:04am
From the 4H Alpari charts with the candle update:

We now have a sell set-up candle with a sell stop
@ 1.4238 (close to being filled) and a S/L @ 1.4401

Is this correct?

Peter agrees. Thanks.


Dr. D.
  • #2,898
  • Jan 29, 2009 9:06am Jan 29, 2009 9:06am
Quoting fourxtrader
You're right.... using the alpari. I was on a IBFX chart.

In either case, there was a move of over 200 pips since the
entry. It's now taken back ~50% (100 + pips) in this candle.

Just wondering if there is some protection of profits.

Dr. D.
just now we protect about 40 pips ( rules is rules)
  • #2,899
  • Jan 29, 2009 9:16am Jan 29, 2009 9:16am
Isn't that a 'pin bar'. (see arrows)
Or a bearish 'shooting star' in Japanese candlestick patterns.
It can mark a trend reversal or resistance point.

An ominous sign that we might see things drop from here.

Dr.
Attached Image (click to enlarge)
Click to Enlarge Name: shooting star.gif Size: 52 KB
  • #2,900
  • Jan 29, 2009 9:26am Jan 29, 2009 9:26am
Quoting fourxtrader
Isn't that a 'pin bar'. (see arrows)
Or a bearish 'shooting star' in Japanese candlestick patterns.
It can mark a trend reversal or resistance point.

An ominous sign that we might see things drop from here.

Dr.
it looking like "shooting star" and now buy was stopped and we in short
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