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Attachments: Ronnierott's 1 Hour Strategy
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Ronnierott's 1 Hour Strategy

  • #41
  • Feb 23, 2011 11:42pm Feb 23, 2011 11:42pm
Personally for me, keeping in mind all other rules in this thread, the Buy setup candle is the one that pierces down through the 15EMA but closes above the 15EMA (I'm still debating whether or not if this candle should also close above it's open, hence forming an 'up' candle, it is price action we're looking at though)
- OR -
The Buy setup candle opens below the 15EMA but then closes above the 15EMA.

Vice-versa for Sell setup candle.

The candles that just 'touch' the 15EMA have to be treated with common-sense.
  • #42
  • Feb 23, 2011 11:51pm Feb 23, 2011 11:51pm
Quoting the-game
Personally for me, keeping in mind all other rules in this thread, the Buy setup candle is the one that pierces down through the 15EMA but closes above the 15EMA (I'm still debating whether or not if this candle should also close above it's open, hence forming an 'up' candle, it is price action we're looking at though)
- OR -
The Buy setup candle opens below the 15EMA but then closes above the 15EMA.

Vice-versa for Sell setup candle.

The candles that just 'touch' the 15EMA have to be treated with common-sense.

i see. thank u! this is indeed helpful.
10 more mins to sterling pair setup candle close.

and it coincides with 0600gmt time.
  • #43
  • Feb 23, 2011 11:55pm Feb 23, 2011 11:55pm
Looks to be forming a hammer candle formation...

I'll be in it after this candle closes as per rules... err may be not LOL!

My fingers are twitching!!!
  • #44
  • Feb 24, 2011 12:04am Feb 24, 2011 12:04am
Quoting the-game
Looks to be forming a hammer candle formation...

I'll be in it after this candle closes as per rules... err may be not LOL!

My fingers are twitching!!!

nope, i have not execute e trade. it drops further and macd turns dark green.
am i exercising flexibility or breaking e rules? hmmm.....
  • #45
  • Feb 24, 2011 12:07am Feb 24, 2011 12:07am
I think with this behaviour we are see right now, the setup candle would open below 15ema and close above 15ema. Waiting game.
  • #46
  • Feb 24, 2011 12:11am Feb 24, 2011 12:11am
im watching as well. we'll see.
  • #47
  • Feb 24, 2011 12:11am Feb 24, 2011 12:11am
Quoting the-game
I think with this behaviour we are see right now, the setup candle would open below 15ema and close above 15ema. Waiting game.

yup, lets see.
have u taken a look at EURUSD? does that look like a setup candle to u?
  • #48
  • Feb 24, 2011 12:15am Feb 24, 2011 12:15am
yes it does.

now what shud we wait for. just asking. since im still dont get the entry rules.
  • #49
  • Feb 24, 2011 12:18am Feb 24, 2011 12:18am
Quoting kedridder
yup, lets see.
have u taken a look at EURUSD? does that look like a setup candle to u?
This time I'm not gonna guess LOL! Let's wait till it closes.
  • #50
  • Feb 24, 2011 12:21am Feb 24, 2011 12:21am
Quoting the-game
This time I'm not gonna guess LOL! Let's wait till it closes.

yup, now H1 candle is not merely touching e 15ema.
it pierced thru and in this hour, if EURUSD closes above 1.376, this is a valid setup candle. correct?
  • #51
  • Feb 24, 2011 12:35am Feb 24, 2011 12:35am
Quoting freqzz
Looks like a good idea.
Ive tried playing with the EMA bounce but cudnt fine a way to filter false bounce. This might be it.

Just can someone get me work on the Histogram color?


And can u explain about rule number 2. Im getting confused.
When a candle touch the 15 EMA and bounce, at the same time it mus not be more 50 pips away than both the 50 EMA?

Cheers.

If during the 1 HR candle it touches the 15 EMA and then closes above/below, depending on whether buy/sell and the distance from the 15EMA to the low/high of candle is less than 50 pips (30 for G/J & U/C) then put in a buystop or sellstop order 10 pips above/ below the candle.
  • #52
  • Feb 24, 2011 12:38am Feb 24, 2011 12:38am
Quoting kedridder
Hi ronnierott,
sorry to throw u so many questions.

how do u define a setup candle? i have drawn 4 orange boxes in e chart attached. are these e setup candles?

The setup candle is the one that touched the 15 EMA

Dark/light green or red has no relevance.
  • #53
  • Feb 24, 2011 12:45am Feb 24, 2011 12:45am
If EUR/USD candle CLOSES above 15 EMA then buystop order will be put in 10 pips above this candle.

If next candle carries on heading down and closes below 15EMA - cancel pending order and wait for next setup.
  • #54
  • Feb 24, 2011 12:47am Feb 24, 2011 12:47am
Quoting ronnierott
The setup candle is the one that touched the 15 EMA

Dark/light green or red has no relevance.

thank u!
  • #55
  • Feb 24, 2011 12:51am Feb 24, 2011 12:51am
Quoting ronnierott
If EUR/USD candle CLOSES above 15 EMA then buystop order will be put in 10 pips above this candle.

If next candle carries on heading down and closes below 15EMA - cancel pending order and wait for next setup.

got it! this is very clear rule. is this rule built to prevent false-breakout?
  • #56
  • Feb 24, 2011 12:57am Feb 24, 2011 12:57am
Quoting kedridder
got it! this is very clear rule. is this rule built to prevent false-breakout?

Yes,

By the looks of it the candle is going to close below 15EMA, so we then have to wait for the price to reverse back and close above again........... As long as the MACD is still good and the high isn't more than 50 pips from the 15EMA we'll be good to put in buystop order 10 pips above it
  • #57
  • Feb 24, 2011 1:29am Feb 24, 2011 1:29am
If i get you right, 1 hr TF is for set-up and we enter on 15min TF?
  • #58
  • Feb 24, 2011 1:30am Feb 24, 2011 1:30am
Quoting angelofx
If i get you right, 1 hr TF is for set-up and we enter on 15min TF?

No,

All is on 1 Hour TF
  • #59
  • Feb 24, 2011 1:33am Feb 24, 2011 1:33am
Hi ronnierott,
Attached chart, USDCHF could be on our radar for now? if e candle remains this way, i'll put a sell order 10 PIPs below the close of e possible setup candle. is this correct?
Attached Image (click to enlarge)
Click to Enlarge Name: UC.jpg Size: 163 KB
  • #60
  • Feb 24, 2011 1:34am Feb 24, 2011 1:34am
Correct,

It's the only potential setup at the mo
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