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CHOROS System

  • #14,701
  • Oct 25, 2019 8:57am Oct 25, 2019 8:57am
EU M15 EMA10 2-bars 1st retrace.
Attached Image (click to enlarge)
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  • #14,702
  • Edited 10:18am Oct 25, 2019 9:59am | Edited 10:18am
Quoting larryw
{quote} Yes, 3 bars before the entry bar, GU is in strong uptrend, and 10,35,50 are parallel well. H4 50 1st touch in 2 weeks also indicating strong trend, we entered at the retrace to EMA 50, in the direction of the uptrend.
Larry, where does it say in the rules that steep, parallel and close together is acceptable 3 bars in the past (it still wasnt)? It has to be while entering. Also if you have a strong trend for weeks id be careful not to buy at the top. Especially that diverging and flattening MAs along with LH and LL are often indicating a potential reversal. Of course, this is only my observation and you dont have to agree. All best. J.
  • #14,703
  • Oct 25, 2019 10:35am Oct 25, 2019 10:35am
Trade during the week, use the simulator on the weekends and don’t worry about making mistakes. Mistakes help one to learn. Also keep a journal.
  • #14,704
  • Oct 25, 2019 12:50pm Oct 25, 2019 12:50pm
Quoting Jkdt
{quote} Larry, where does it say in the rules that steep, parallel and close together is acceptable 3 bars in the past (it still wasnt)? It has to be while entering. Also if you have a strong trend for weeks id be careful not to buy at the top. Especially that diverging and flattening MAs along with LH and LL are often indicating a potential reversal. Of course, this is only my observation and you dont have to agree. All best. J.
Thanks Jkdt for your input and response to my post. I did not dispute you, just let you know what I thought when I did this trade. Actually all uptrend retraces having LH and LL pattern for the retrace bars.
  • #14,705
  • Oct 25, 2019 2:00pm Oct 25, 2019 2:00pm
Quoting larryw
{quote} Thanks Jkdt for your input and response to my post. I did not dispute you, just let you know what I thought when I did this trade. Actually all uptrend retraces having LH and LL pattern for the retrace bars.
No problem, we are just exchanging our observations, its all good.
You mean all uptrend retraces usually have HH and HL pattern? And the touches are usually part of HL in an uptrend and are retracing from HH ;-)
  • #14,706
  • Oct 26, 2019 3:31am Oct 26, 2019 3:31am
Quoting SuperPip
{quote} Hi! Can you tell, how much time are you using every day for watching this? Trading 15M charts nails you to the screen? With thanks, SP
Morning S. Pip!

I don t trade that much.
Because I just don t like to sit patiently on a chart too much and life goes on while I look for a AAA setup.
Last summer I ve been trading almost daily for hours, now almost no trading and focusing on the project with the comapny I m working for in oil branche.
The mix between trading and a good job is the best solution at the moment.
May be different if the house is payed.

But there is one thing that keeps me mainly away from full-time trading.
Fx isn t regulated and there is no zentralized orderbook.
Futures get more and more my interest.


Good luck.
Guido
Risiko birgt immer auch die Chance.
  • #14,707
  • Oct 28, 2019 3:20am Oct 28, 2019 3:20am
GBPUSD 35/50 first touch trade on the 5m chart. Closed at round number for 29 pips.
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  • #14,708
  • Oct 28, 2019 1:55pm Oct 28, 2019 1:55pm
Quoting Forex5151
GBPUSD 35/50 first touch trade on the 5m chart. Closed at round number for 29 pips. {image}
That was H1 counter trend and those previous rejections at that level looked quite scary.

Anybody has traded anything interesting on M!5 though? The markets seem to flat out, price bouncing between HTF MAs - or is it just me? Any AAA setups spoted?
  • #14,709
  • Edited 3:59am Oct 29, 2019 3:04am | Edited 3:59am
GBPJPY h1 touch trade.


EDIT: Got stopped out
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  • #14,710
  • Edited 9:52am Oct 29, 2019 4:15am | Edited 9:52am
Quoting Forex5151
GBPJPY h1 touch trade. EDIT: Got stopped out {image}

Every instrument has its own behaviour by the traders who pick this instrument.

High volatile pairs like Gj or Gcad overshoot often the MA´s and come back to the flow.

Think about this bahaviour before you place your stop.

...as closer you get the price to the bounce, as tighter your stop...

This can lead to a much higher R:R

Guido
Attached Image (click to enlarge)
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Risiko birgt immer auch die Chance.
  • #14,711
  • Oct 29, 2019 4:45am Oct 29, 2019 4:45am
Quoting Sesamstrasse
{quote} Every instrument has its own behaviour by the traders who pick this instrument. High volatile pairs like Gj or Gcad overshoot often the MA´s and come back to the flow. Think about this bahaviour before you place your stop. ...as closer you get the price to tthe bounce, as tighter your stop... This can lead to a much higher R:R Guido {image}
Thanks for the feedback Sesamstrasse
Part of my rule is to only trade the GBPUSD pair so the trade I took above broke this rule I set myself. I became impatient with waiting for a setup on GBPUSD so I searched for other pairs to trade and rushed into the GBPJPY trade. I really need to develop some patience and discipline to stick to my rules.

As the great Jim Rogers said, "I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime"
  • #14,712
  • Oct 29, 2019 8:24am Oct 29, 2019 8:24am
The Gbpusd always tends to overshoot
  • #14,713
  • Oct 29, 2019 8:30am Oct 29, 2019 8:30am
One buys in at a better price when one is patient. When you chase a trade you always tend to pay too much.
  • #14,714
  • Oct 30, 2019 3:09am Oct 30, 2019 3:09am
GBPUSD 5m two bar retrace trade.
Entry shown by the arrow. (forgot to take a screenshot as I entered my position)
Just exited at round number for +29 pips.
I was so close to closing the trade when it started consolidating but my discipline and self-control paid off.
Attached Image (click to enlarge)
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  • #14,715
  • Oct 30, 2019 5:28am Oct 30, 2019 5:28am
If you look at your graph there was containment at 8.25am and first touch shortly after. But well done, good call
  • #14,716
  • Oct 30, 2019 7:47am Oct 30, 2019 7:47am
Quoting Gragab
If you look at your graph there was containment at 8.25am and first touch shortly after. But well done, good call
I wasn't sitting infront of my computer at that moment so missed those two sadly.
  • #14,717
  • Edited 5:30pm Oct 30, 2019 4:27pm | Edited 5:30pm
Quoting Forex5151
{quote} I wasn't sitting infront of my computer at that moment so missed those two sadly.
It wasn't a legit first touch, the bars were too small. But oddly I guess even if a legit touch happens after that somehow I have an impression it is supposed to be counted already as a second one - or isn't?

Nice constrainment has formed just now on GU, MAs ok with potential cofluence down below, not too bad HTFs but just not right hour to enter GU. I rarely see those recently:
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  • #14,718
  • Oct 30, 2019 11:09pm Oct 30, 2019 11:09pm
It’s a containment trade. The price is supported by ma 10 and both higher ma’s are pointing up.
  • #14,719
  • Oct 31, 2019 1:13am Oct 31, 2019 1:13am
Waiting patiently for the next trade on the Gbpusd to set up.
  • #14,720
  • Oct 31, 2019 1:23am Oct 31, 2019 1:23am
Haven't been many solid setups on gbpusd lately. Likewise Gragab, i'm just playing the waiting game now
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