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Mister ED's 4 hour Heikin Ashi system

  • #201
  • Jul 21, 2009 6:10am Jul 21, 2009 6:10am
Quoting samer960
hi

that short trade i lost i just used the ATR value as stop loss . and sl was hit
am i missing something here ?
thanks
Samer sorry it looks like you were talking about an earlier trade. I was looking at eurgbp setting up for the long right now. I'm going to trade it on demo if everything lookso.k. Curious to see how it reacts to resistance
  • #202
  • Jul 21, 2009 6:11am Jul 21, 2009 6:11am
Hi. Mister ED


My picture looks like, and in connection with etim my question. The length of my 54 pip candles, ATR 26. This means that 200% ATR is 52. It follows that the candle more than 200%. Since I'm not very understood from the instructions what to do in this case, could you at my example to explain how calculate log


thanks in advance
Zuma
Attached Image (click to enlarge)
Click to Enlarge Name: mr ed eg.gif Size: 8 KB
  • #203
  • Jul 21, 2009 6:21am Jul 21, 2009 6:21am
Quoting ZumaFX
Hi. Mister ED



My picture looks like, and in connection with etim my question. The length of my 54 pip candles, ATR 26. This means that 200% ATR is 52. It follows that the candle more than 200%. Since I'm not very understood from the instructions what to do in this case, could you at my example to explain how calculate log



thanks in advance
Zuma
Hi Zuma

Your calculations are good, the signal candle is too large for a standard entry. You can either leave it or go for a retrace entry.

For a retrace entry you wait to see if the price retraces by 32% of the signal candle (about 18 pips I think). If this doesn'e happen within 2 candles just miss the trade out. If it retraces more than 50% then also leave it.
If it just retraces the 18 pips or so place a buy order at the top of the signal candle for the usual TP and SL.

The signals are tricky and it may be ebst to just leave them at this stage.

Mister ED
  • #204
  • Jul 21, 2009 6:31am Jul 21, 2009 6:31am
retraces by 32% (18 pip) doun for candle top?

Google translator dont translate word (retraces)
  • #205
  • Jul 21, 2009 6:33am Jul 21, 2009 6:33am
Quoting ZumaFX
retraces by 32% (18 pip) doun for candle top?

Google translator dont translate word (retraces)
Yes

Mister ED
  • #206
  • Jul 21, 2009 6:38am Jul 21, 2009 6:38am

That means if so candle more than 200% then you should wait until prices go back to 32% and there to make entry.

  • #207
  • Jul 21, 2009 6:40am Jul 21, 2009 6:40am
Quoting ZumaFX

That means if so candle more than 200% then you should wait until prices go back to 32% and there to make entry.

You make the entry at the top of the signal candle not at the 32% level

Mister ED
  • #208
  • Jul 21, 2009 6:45am Jul 21, 2009 6:45am
EUR/GBP

On my platform the large candle is not the signal candle. It still has red in it.

The signal candle will end in about an hour.

Should I still wait for a retrace?
Attached Image (click to enlarge)
Click to Enlarge Name: egdiv.gif Size: 32 KB
  • #209
  • Jul 21, 2009 6:45am Jul 21, 2009 6:45am

That means if so candle more than 200% then you should wait until prices go back to 32% and if it would enter at the top. So right?


Quoting Mister ED
You make the entry at the top of the signal candle not at the 32% level

Mister ED
  • #210
  • Jul 21, 2009 6:48am Jul 21, 2009 6:48am
Quoting Mister ED
Hi Steve

Just saw the comment about GMT+1 I agree it isn't anything special. It happens to fit best with my lifestyle and just happens tobe what I have settled on. It may help that it doesn't coincide with many major release times. However I haven't compared 4 different server times to see if this is the case (it's taken me long enough getting this far!!)

Mister ED
Actually we do not know if the start time of the 4 hour candles is statistically significant yet. That's harder to backtest on the MT4 platform than the normal variables. Instead of using the H4 time frame, it's possible to use the H1 time frame and create synthetic H4 bars and work with those. Then you could backtest based on starting hour for the synthetic H4 bars.

It might actually be important, but on the face of it there's no reason to think there is.
You are in a maze of twisty little passages, all alike.
  • #211
  • Jul 21, 2009 6:50am Jul 21, 2009 6:50am
Quoting billbss
EUR/GBP

On my platform the large candle is not the signal candle. It still has red in it.

The signal candle will end in about an hour.

Should I still wait for a retrace?
Hi Billbss

These are hard. The presence of thelarge candle does over shadow the current candle. However by my rules I just look at the current candle and if it fits the normal AtR criteria then I go ahead.

I am still planning to trade this one.

Mister ED
  • #212
  • Jul 21, 2009 6:56am Jul 21, 2009 6:56am
my server time 12.54 my conuntry time 14.54

wots you server time ?

Quoting billbss
EUR/GBP

On my platform the large candle is not the signal candle. It still has red in it.

The signal candle will end in about an hour.

Should I still wait for a retrace?
  • #213
  • Jul 21, 2009 7:07am Jul 21, 2009 7:07am
Quoting ZumaFX
my server time 12.54 my conuntry time 14.54

wots you server time ?
GMT+3- FXDD.

The 4H bar will end in less than an hour.
  • #214
  • Jul 21, 2009 7:53am Jul 21, 2009 7:53am
Quoting Mister ED
Hi Aeliman

I don't know how to help here. I just loaded my chart direct from the link that I gave and then also loaded MT4 from FXDD. Someone with more technical know how may be able to help.

Looking at my charts now they both show the same time. The only reason that I use FXDD is so that I can get a gold chart. If the times are the same I may transfer everything to the FXDD chart to make life more simple.

All the best

Mister ED
Mr. ED
Put a 1 minute chart on each platform and then put the curser on the last bar and check the time on each 1 minute chart and you will know what the real times are.
Barry
  • #215
  • Jul 21, 2009 8:05am Jul 21, 2009 8:05am
Hi All

On my charts the candle has just changed, this is both on MT4 and FXDD so they appear to be the same timezone. From Billbss this appears to be GMT+3

Mister ED
  • #216
  • Jul 21, 2009 8:06am Jul 21, 2009 8:06am
I found this system last night and it seemed pretty straight forward......I took 3 trades last night and I was hoping someone could confirm if I did this right.
sell on the eurgbp---lost
sell on the usdjpy---lost
buy on the gbpusd---lost (this trade was really a few bars late but it had retraced and my entry was below where it would have been days before)


As the 4hr bar just closed, it looks like we have a buy on the eurgbp?

Am I on the right track?
  • #217
  • Jul 21, 2009 8:17am Jul 21, 2009 8:17am
Quoting demons19
I found this system last night and it seemed pretty straight forward......I took 3 trades last night and I was hoping someone could confirm if I did this right.
sell on the eurgbp---lost
sell on the usdjpy---lost
buy on the gbpusd---lost (this trade was really a few bars late but it had retraced and my entry was below where it would have been days before)


As the 4hr bar just closed, it looks like we have a buy on the eurgbp?

Am I on the right track?
I got the same thing as you, on all counts.
  • #218
  • Jul 21, 2009 8:18am Jul 21, 2009 8:18am
How do you handle it if the HA changes color, you enter the trade, get stopped out, but then price reverses and ends up going the way you originally wanted?
Do you ever jump back on that wagon or do you just ignore it and move on to the next one?

An example is the usdjpy which has a daily downtrend, retraced on the 4hr and created a faulty signal but still looks like it wants to go down. Would you entertain a sell after this price bar closes red?
  • #219
  • Jul 21, 2009 8:20am Jul 21, 2009 8:20am
Quoting billbss
I got the same thing as you, on all counts.

Well its good to know I am seeing it correctly and that my luck has not changed
  • #220
  • Jul 21, 2009 8:45am Jul 21, 2009 8:45am
Quoting demons19
Well its good to know I am seeing it correctly and that my luck has not changed
Hi Demons

Yes you managed to enter on a bad string of trades. I entered on the EURGBP trade on my current candle 16:00 and hit TP1 and so am trailing it now.

USDJPY looks like a trade later but still has 3 hours to go so the HA candle could change by then.

Good luck,

Mister ED
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