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CHOROS System

  • #15,241
  • Apr 3, 2020 5:36am Apr 3, 2020 5:36am
EURGBP - 15 min cross & retest trade. Very nice trade I was almost certain it would hit my TP risked 7 pips gained 21 -1:3 RR
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  • #15,242
  • Apr 3, 2020 8:12am Apr 3, 2020 8:12am
over +800 pips in the last two days. here the best ones:
Attached Image(s) (click to enlarge)
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trading is like dancing, don't think and just listen to the music!
  • #15,243
  • Apr 3, 2020 9:02am Apr 3, 2020 9:02am
Quoting birdland
over +800 pips in the last two days. here the best ones: {image} {image} {image} {image}
Birdland, do you trail your stop losses the way clay recommends?
  • #15,244
  • Apr 3, 2020 9:15am Apr 3, 2020 9:15am
Quoting SuperGuyRemi
{quote} Birdland, do you trail your stop losses the way clay recommends?
no, i have a fix TP, most of the times between 2-4 times bigger than my initial stop.
when the price is reaching the TP area, i will trail it aggressively to get either stopped our or reach my TP.
i want then a fill and bring the money to the bank;-)
trading is like dancing, don't think and just listen to the music!
  • #15,245
  • Apr 3, 2020 11:44am Apr 3, 2020 11:44am
Hey Guys,

I've a question about trade management. How do you guys handle when price goes only a few pips back and forth for a while after an entry without showing real direction?

I've attached a chart as an example. In my opinion the marked bar is a valid 10 Touch entry (Steep MA's very steep EMA10, First touch if you don't count the one 4 bars earlier when EMA10 wasn't really below the other MA's). However price just went back and forth for 3 hours in a range of about 9 pips. At some point I got nervous and questioned the validity of my signal, moved to BE and got stopped out. However price progressed nicely in the trade direction afterwards.

How do you guys decide if you move SL to BE in a situation like this? Do you have some kind of indication whether a signal is so strong that you just wait it out? Or is it better to move to BE quickly because if the price takes 3 hours to decide you don't want to be in the trade anyway because it could go either way? This is my current mode of thinking, I just want to see your thoughts on this.

EDIT: Oh and Birdland: I've been meaning to ask you: How do you determine your Targets? They're usually quite far away, it would be interesting to see how you determine where to place them exactly.

Regards,
Methos
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  • #15,246
  • Apr 3, 2020 12:27pm Apr 3, 2020 12:27pm
The law of the dance is to follow with no opinions and no expectations. Let the market dictate direction and flow. Become one with the flow, enter the flow. Being properly prepared and ready helps one to enter with correct timing and least risk. The dance is all about being ready to follow and then act when the market calls.
  • #15,247
  • Apr 4, 2020 4:30am Apr 4, 2020 4:30am
Quoting mtruefx
EURGBP - 15 min cross & retest trade. Very nice trade I was almost certain it would hit my TP risked 7 pips gained 21 -1:3 RR {image}
This is not a cross and retest. A new trend has formed so it is just a 35/50 bounce
You are allowed to fall but you are imposed to get up!
  • #15,248
  • Apr 4, 2020 4:39am Apr 4, 2020 4:39am
Quoting NameIsMethos
Hey Guys, I've a question about trade management. How do you guys handle when price goes only a few pips back and forth for a while after an entry without showing real direction? I've attached a chart as an example. In my opinion the marked bar is a valid 10 Touch entry (Steep MA's very steep EMA10, First touch if you don't count the one 4 bars earlier when EMA10 wasn't really below the other MA's). However price just went back and forth for 3 hours in a range of about 9 pips. At some point I got nervous and questioned the validity of my signal,...
First of all when you take a trade you have to believe it. 90% of them go some pips against you and then back to your side again. If you get more experienced you will be able to take better entries. My trades usually go against me only 7 pips or less and some times 10 but this is very rare.

Try to give your trades some space and let the market follow the trend. If you takes entries by the rules and put 11 pips SL you will be fine. After you enter, use lower and higher timeframes to check the price for reversals etc. At least this is what I do...
You are allowed to fall but you are imposed to get up!
  • #15,249
  • Apr 4, 2020 6:04am Apr 4, 2020 6:04am
Quoting NameIsMethos
Hey Guys, I've a question about trade management. How do you guys handle when price goes only a few pips back and forth for a while after an entry without showing real direction? I've attached a chart as an example. In my opinion the marked bar is a valid 10 Touch entry (Steep MA's very steep EMA10, First touch if you don't count the one 4 bars earlier when EMA10 wasn't really below the other MA's). However price just went back and forth for 3 hours in a range of about 9 pips. At some point I got nervous and questioned the validity of my signal,...
1) the price never closed above the 10ema.
2) in doubt get out, so nothing really wrong there.
3) BE stops are rarely useful. i want 70-80% of the move done to think about BE stops.
4) after you got stopped out it formed a constrainment pattern around the 10ema

to my TP:
they are far away as my SL are also far away;-) (SL is always technically below important S/R)
1) my TP are mostly defined of the SL. it has to be minimum 2:1 away from the SL (risk/reward ratio). if there is not enough room, then i dont take the trade.
2) my TP is then defined of the room above/below technically with different S/R technices i learned in the last years on different threads.

hope that helps a little bit.
trading is like dancing, don't think and just listen to the music!
  • #15,250
  • Apr 5, 2020 4:47am Apr 5, 2020 4:47am
On Friday late afternoon the usdchf scooped down, the 35/50 where flat and wide apart, however if the 35/50 were sloped and apart or sloped and together than the end result would have been a scoop away or a retest of the 35/50. There has been a trend change in the usdchf and it is interesting to see if this is possibly the start of a downward move.
  • #15,251
  • Apr 6, 2020 7:09am Apr 6, 2020 7:09am
+55 in Dax m1
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Risiko birgt immer auch die Chance.
  • #15,252
  • Apr 6, 2020 9:45am Apr 6, 2020 9:45am
Quoting Sesamstrasse
+55 in Dax m1 {image}
Hi Sesamstrasse, if I may ask.. I do see that there was a nice support between the 35/50 ma's. But you took the trade on the 4th bullish bar, why not earlier?
  • #15,253
  • Apr 6, 2020 9:59am Apr 6, 2020 9:59am
Quoting Sesamstrasse
+55 in Dax m1 {image}
nice!
i did a similar trade for +98 with nasdaq index;-)
Attached Image (click to enlarge)
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trading is like dancing, don't think and just listen to the music!
  • #15,254
  • Apr 6, 2020 10:53am Apr 6, 2020 10:53am
Quoting jergijselaar
{quote} Hi Sesamstrasse, if I may ask.. I do see that there was a nice support between the 35/50 ma's. But you took the trade on the 4th bullish bar, why not earlier?
Hi.
I prefer smaller timeframes, h4 isn t on my view.

I just came back to my screen, saw the PA in my favour and took the trade.

Trade well.
Guido
Risiko birgt immer auch die Chance.
  • #15,255
  • Apr 6, 2020 10:58am Apr 6, 2020 10:58am
Quoting Sesamstrasse
{quote} Hi. I prefer smaller timeframes, h4 isn t on my view. I just came back to my screen, saw the PA in my favour and took the trade. Trade well. Guido
I ment the fourth bar on your chart. But I understand what you mean!

Thanks! Trade well yourself too!
  • #15,256
  • Apr 9, 2020 7:11am Apr 9, 2020 7:11am
a lot of trades in the last three days (long gold, silver, dax, AN and short UC).
i show the gold H1 35/50 trade which took three days to run, but it was good for +270 pips.
and its a brilliant learning example. look at the rejections from 50ema (16 times!!). somebody was buying huge positions there:
Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSDH1 9.4..png Size: 70 KB
trading is like dancing, don't think and just listen to the music!
  • #15,257
  • Apr 9, 2020 7:32am Apr 9, 2020 7:32am
Quoting birdland
a lot of trades in the last three days (long gold, silver, dax, AN and short UC). i show the gold H1 35/50 trade which took three days to run, but it was good for +270 pips. and its a brilliant learning example. look at the rejections from 50ema (16 times!!). somebody was buying huge positions there: {image}
Wonderful trade! Well done!
  • #15,258
  • Apr 9, 2020 11:47am Apr 9, 2020 11:47am
Birdland shows the importance of the 50 ma in terms of showing direction of the trade or a change of trend. The 50 ma is a powerful ma in determining ones trading approach. Well done Birdland for sticking with a winning trading approach and in having a winning mentality.
  • #15,259
  • Apr 9, 2020 5:23pm Apr 9, 2020 5:23pm
Quoting birdland
a lot of trades in the last three days (long gold, silver, dax, AN and short UC). i show the gold H1 35/50 trade which took three days to run, but it was good for +270 pips. and its a brilliant learning example. look at the rejections from 50ema (16 times!!). somebody was buying huge positions there: {image}

Wow, that's a lot of guts and patience holding on to your trade. Very well done.
  • #15,260
  • Apr 10, 2020 2:54am Apr 10, 2020 2:54am
This is my 8th month of training, I have about 9 hundred hours of screen time of trading, and many more hours of reading and studying concepts. I have stuck to one concept of trading the dance for this period of time. One needs to stick to one concept and technique in order to become consistent in trading. In the last 3 months I have had about 20 aha moments and suddenly ones understanding and confidence starts increasing. So don’t give up, continue and remember it does not take 10 thousand hours. Many have told me that it cannot be done, but it can if one is disciplined in ones approach.
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