DislikedI hope , she want fix document ,and You must wait or I can send You on e-mail , version , which I get.
Regards
PeterIgnored
BTW I didn't know El Dee was a "she". It's a nice surprise to have a lady among us, and also awfully clever.
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DislikedI hope , she want fix document ,and You must wait or I can send You on e-mail , version , which I get.
Regards
PeterIgnored
DislikedThanks a lot.
Quik question.
If my situation looking like on pic , current bar make new lower , and now I hope it be new setup bar for long .
I need change stoploss for sell and change buystop order on data from current bar before market stop , or after market start with mondays candle?
Thanks
PeterIgnored
DislikedIt's ok Peter, there's no hurry. I'll wait for the updated version. Thank you anyway.
BTW I didn't know El Dee was a "she". It's a nice surprise to have a lady among us, and also awfully clever.Ignored
DislikedThanks a lot.
Quik question.
If my situation looking like on pic , current bar make new lower , and now I hope it be new setup bar for long .
I need change stoploss for sell and change buystop order on data from current bar before market stop , or after market start with mondays candle?
Thanks
PeterIgnored
DislikedHi Peter,
Not sure if you mean Daily or 4hr; on 4hr we close 5 mins b4 end of trading session on Friday.
On Daily, my preference is to leave orders untouched on Friday and wait until Friday's bar has closed on Sunday before making changes.
I'm in the UK so trading starts at 9pm on Sunday with Monday's bar starting at midnight; I wait till midnight on Sunday b4 I change the stop loss and contingent orders on Friday's bar.
The reason is that if it gaps on opening, the market will usually fill the gap so I don't want to be reversed by any opening volatility.
Hope...Ignored
DislikedSorry guys, hate to dissapoint you but it's Mr El Dee!! LD are my initials!Ignored
DislikedI hope , when You careful read this doc , You find more answer on Your question and if after that left some , please ask
All metatrader looking similary , but every broker have his own ticks data , which different for other brokers and some brokers have different time for 4H and daily candles , it why I recomended You Alpari US . We all in this thread use this one and in this case will easer way to answer Your questions.
Good luck
Peter
PS
current situation on my chart
sell from 1.3683 SL 1.3922 and looking as current bar will set up bar for long , but need wait 20 minIgnored
DislikedPeter - yes, you are right, this is the same as bar 9 which also did not make a new low and was therefore not a setup bar - well spotted, document ammended!Ignored
Thanks for all your efforts,
Dr. D.
DislikedEl Dee,
So will this amendment to the 4H also be applied and made with the Daily rules?
Where under section
4.8
these items in 3 and 4 will read the same in both documents?
Dr. D.Ignored
DislikedSorry guys, hate to dissapoint you but it's Mr El Dee!! LD are my initials!
http://www.bbc.co.uk/nottingham/cont...00_400x300.jpgIgnored
DislikedThanks for answer. Really - I read rules several times and find many answers, still some questions of couse, not sure that some understand correctly.
I will put all questions on paper within two days.
Alpary US - understand - I will try
ReagardsIgnored
DislikedAfter second faild reversal bar we need delet pending buy order and apply 50% rule , with which we close our sell -90 pips
Regards
Peter.Ignored
DislikedCould you show a current chart
with numbers of entry and exit on
this trade to illustrate this rule?
Thanks,
Dr. D.Ignored
DislikedSure.
On bar A was triggered revers order sell.
A is set up bar for long .
On bar B and C price do not reach level to go long 1.3797 (blue horizontal line ) any words both B and C are failed reversal bars.
Open price for our sell was 1.3684 , the low from bar A was 1.3502 , what give us potential profit 182 pips >150 , it decide apply 50% rule we math our new stoploss for sell :
(OP+Low(bar A))/2=1.3593 (yellow line ) open price for next bar after C is 1.3773(Ask) is higher as our new SL and with 50% rule in situation like that we need close sell...Ignored
This may be elementary to some but I hope it will be a good training exercise for others.
I'll also take a shot at it and welcome any corrections or comments. (I'll use 4 pips as the broker's spread)
I have listed the high and low of each candle as well as the 5 EMA value when appropriate.
CANDLE:
A high - 1.3789 2009.01.23 08:00 GMT
low - 1.3502
B low - 1.3532 2009.01.23 12:00 GMT
high - 1.3726
C low - 1.3606 2009.01.23 16:00 GMT
high - 1.3773
D high - 1.3819 2009.01.23 20:00 GMT
low - 1.3749
TRADE CLOSED 5 MIN BEFORE BROKER CLOSE
GAP DOWN
E high - 1.3684 2009.01.26 00:00 GMT
low -
Here's my trade analysis:
A candle:
* may be in a sell / short trade for some
* penetrates + 5 pips below the 5 EMA blue line (1.3673)
* reaches a new low below 5 EMA to qualify as a long setup candle / bar
* at its close a contingent buy stop order (and stop loss) is place and pending above its high @ 1.3798 (1.3789 plus 5 pips + spread)
B candle:
* fails to make a lower low
* qualifies as a failed reverse candle because it does not make a new high or fill the buy order
* at its close the buy stop order (and stop loss) is repositioned above its high @ 1.3541 (1.3532 plus 5 pips + spread)
C candle:
* fail to make a lower low from B candle but continues up as a second reverse candle and fills the buy order placed above B candle by closing any existing sell trade from A candle or before
* makes a higher high
* a its close a contingent stop loss and sell stop order are placed 5 pips below its low @ 1.3768
D candle:
* penetrates + 5 pips the 5 EMA red line (1.3804)
* reaches a new high to qualify as a short setup candle / bar
* trade is closed during D candle 5 minutes before broker closes
GAP DOWN
E candle:
* in the gap down qualifies as a reverse candle / bar and when trading resumes a sell order is immediately opened
* price action penetrates + 5 pips the 5 EMA blue line (1.3624)
* reaches a new low below the 5 EMA to qualify as a long set up candle / bar
* at its close a contingent buy stop order 'will be' placed above its high (plus 5 pips plus spread)
I look forward to any comments or corrections.
Dr. D.