Cornflower Hourly System | Grid EA Download - MT4/MT5 Resources
Although I've been a lurker on this forum for a long time, some of you may know me from other places. This is a system I have been trading with. Other nuances will soon appear. I eagerly welcome all your comments (and complaints).
Build the template based on the following settings :
8 EMA (yellow, dashed line)
12 EMA (purple)
24 EMA (cornflower blue, hence the name)
72 EMA (khaki)
Only works for H1 (conservative) and removes the grid for clarity.
System principle
Bluebonnet is based on the principle that trades should be made when the same trend occurs on multiple time frames. On the hourly chart, the 24 EMA clearly defines the daily trend. The 8 EMA is one third in length and shows the intraday velocity of "fast money". The 12 EMA shows the trend over the last half day. Its value is where price usually finds support when there is a dominant trend. To a lesser extent, this also applies to the 24 EMA. Long-term trends sometimes take a breather in this area, and large sums of money take the opportunity to accumulate by buying or selling at deep discounts. Finally, the 72 EMA defines the dominant trend in the market. This trend will reappear as the accumulated memory convinces traders to resume trading in its direction. If the three short-term moving averages are above the 72 EMA, we are in an uptrend and should not go short. The same applies to downtrends.
Cornflower can be used in a variety of ways by traders of all types. When the price falls back to the area between the 12 and 24 EMA, opportunities for a short to medium-term rebound will arise. We can enter and set profit targets based on a variety of criteria, whether it be support and resistance zones, pivot points or set point values. Or we could enter a long-term trade and perhaps exit when the 12 EMA crosses below the 24 EMA. The long-term setup in this system is very powerful and a single trade can generate hundreds of pips for up to two weeks. Bluebonnet captures every major move in the market, providing multiple opportunities to take advantage of big trends and pretending to be a bank trader.
Basic system rules
( Note November 27, 2008: I no longer take signals from the original "aggressive" 30M entry. Use at your own risk.)
There are two types of entries using this system: retracement (conservative) and initialization (aggressive). Retracement entries are the core of this system, entering the market after the market has calmed down and the price has stabilized in the area between the 8 and 24 EMA. Entry timing can be mechanical (using the 12 or 24 EMA) or discretionary based on the trader's judgment of whether the price is moving in the direction of the trend.
The purpose of the initial entry is to take advantage of the first move in the new trend, which is the push above the 72 EMA, confirmed by the shift in the shorter EMA. It's riskier because there's always the possibility of a reversal. Therefore, for such entry points, it may be better to use the M30 chart. After 30 minutes of uptrend, if a reversal occurs, you have the opportunity to take profits or place a trade at or near breakeven.
Only H1 and M30 charts should be used with the Cornflower template. Shorter time periods can lead to whipsaws, while longer time periods can lag the market too far.
The following rules apply regardless of the time of day. The quietness of the Asian session actually provides some excellent entry opportunities, which is a boon for traders who are unable to observe the markets from London or New York due to their day jobs.
Pullback (Conservative) Entry – Use Hourly Chart
· The 8, 12 and 24 EMA are all above (long) or below (short) the 72 EMA
· The price has retraced to the 12 or 24 EMA (the more aggressive the trend, the smaller the retracement).
· According to the trader's judgment on the strength of the trend, enter the market 20 points or hold.
Initial (aggressive) entry – using the M30 chart with the same indicator
· The price has moved authoritatively above or below the 72 EMA. What I mean by an "authoritative move" is a candle that closes near the top of its range.
· The 8, 12, and 24 EMAs all point in the price direction and ideally have been stacked in perfect order (8 to 12 to 24 for long, 24 to 12 to 8 for short).
· If the momentum develops into a true trend, enter at 20 pips and hold.
Using hourly and half-hourly charts, 20 pips is a realistic initial profit target, especially when trading GBP USD, GBP JPY or EURO JPY. Even other major currency pairs should generate so much gain with correctly measured signals. By "major" I mean EURUSD, USDCHF, AUDUSD, USDJPY, NZDUSD and USDCAD. In addition to EURGBP, any currency pair involving two of the seven major currencies should be tradable through this system. Cornflower is particularly suitable for opening long positions (arbitrage trades) on the Japanese Yen cross.
Entries can be timed more precisely, with a time frame of 5 million. More on this later.
Build the template based on the following settings :
8 EMA (yellow, dashed line)
12 EMA (purple)
24 EMA (cornflower blue, hence the name)
72 EMA (khaki)
Only works for H1 (conservative) and removes the grid for clarity.
System principle
Bluebonnet is based on the principle that trades should be made when the same trend occurs on multiple time frames. On the hourly chart, the 24 EMA clearly defines the daily trend. The 8 EMA is one third in length and shows the intraday velocity of "fast money". The 12 EMA shows the trend over the last half day. Its value is where price usually finds support when there is a dominant trend. To a lesser extent, this also applies to the 24 EMA. Long-term trends sometimes take a breather in this area, and large sums of money take the opportunity to accumulate by buying or selling at deep discounts. Finally, the 72 EMA defines the dominant trend in the market. This trend will reappear as the accumulated memory convinces traders to resume trading in its direction. If the three short-term moving averages are above the 72 EMA, we are in an uptrend and should not go short. The same applies to downtrends.
Cornflower can be used in a variety of ways by traders of all types. When the price falls back to the area between the 12 and 24 EMA, opportunities for a short to medium-term rebound will arise. We can enter and set profit targets based on a variety of criteria, whether it be support and resistance zones, pivot points or set point values. Or we could enter a long-term trade and perhaps exit when the 12 EMA crosses below the 24 EMA. The long-term setup in this system is very powerful and a single trade can generate hundreds of pips for up to two weeks. Bluebonnet captures every major move in the market, providing multiple opportunities to take advantage of big trends and pretending to be a bank trader.
Basic system rules
( Note November 27, 2008: I no longer take signals from the original "aggressive" 30M entry. Use at your own risk.)
There are two types of entries using this system: retracement (conservative) and initialization (aggressive). Retracement entries are the core of this system, entering the market after the market has calmed down and the price has stabilized in the area between the 8 and 24 EMA. Entry timing can be mechanical (using the 12 or 24 EMA) or discretionary based on the trader's judgment of whether the price is moving in the direction of the trend.
The purpose of the initial entry is to take advantage of the first move in the new trend, which is the push above the 72 EMA, confirmed by the shift in the shorter EMA. It's riskier because there's always the possibility of a reversal. Therefore, for such entry points, it may be better to use the M30 chart. After 30 minutes of uptrend, if a reversal occurs, you have the opportunity to take profits or place a trade at or near breakeven.
Only H1 and M30 charts should be used with the Cornflower template. Shorter time periods can lead to whipsaws, while longer time periods can lag the market too far.
The following rules apply regardless of the time of day. The quietness of the Asian session actually provides some excellent entry opportunities, which is a boon for traders who are unable to observe the markets from London or New York due to their day jobs.
Pullback (Conservative) Entry – Use Hourly Chart
· The 8, 12 and 24 EMA are all above (long) or below (short) the 72 EMA
· The price has retraced to the 12 or 24 EMA (the more aggressive the trend, the smaller the retracement).
· According to the trader's judgment on the strength of the trend, enter the market 20 points or hold.
Initial (aggressive) entry – using the M30 chart with the same indicator
· The price has moved authoritatively above or below the 72 EMA. What I mean by an "authoritative move" is a candle that closes near the top of its range.
· The 8, 12, and 24 EMAs all point in the price direction and ideally have been stacked in perfect order (8 to 12 to 24 for long, 24 to 12 to 8 for short).
· If the momentum develops into a true trend, enter at 20 pips and hold.
Using hourly and half-hourly charts, 20 pips is a realistic initial profit target, especially when trading GBP USD, GBP JPY or EURO JPY. Even other major currency pairs should generate so much gain with correctly measured signals. By "major" I mean EURUSD, USDCHF, AUDUSD, USDJPY, NZDUSD and USDCAD. In addition to EURGBP, any currency pair involving two of the seven major currencies should be tradable through this system. Cornflower is particularly suitable for opening long positions (arbitrage trades) on the Japanese Yen cross.
Entries can be timed more precisely, with a time frame of 5 million. More on this later.
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