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The Dance

  • #761
  • Apr 29, 2010 11:37am Apr 29, 2010 11:37am
Quoting Vita
Hello Clay,

take your time for your things to do. You did alot for us and now we have to keep on practising.

If you have time please take look to the chart. Would you confirm a constrainment trade? Closed btw at 960 MA.

All the best to all, Vita

Vita,
That was a nice trade you took and it is a small constrainment (good TP too). The real "killer" Dance trade was 7 bars earlier a touch off the confluence 35/50 EMA M15 which was also a few pips away from H1 10. Everybody following the Dance should not miss these by-the-text trades that Clay has highlighted for us. Even I with my scalp 10-15 pip trades got 50 on this. If you played this correctly you could have gotten at least 100 pips.

Kostas.

P.S. This is not to appear clever or something, I was also somewhat concerned taking this but with a relatively small SL (10 pips) you don't have to worry entering these trades
  • #762
  • Apr 29, 2010 12:27pm Apr 29, 2010 12:27pm
Hi Vita, I see that you've got a little more MAs at yout chart. If it's not a secret, can you tell what periods dose this MAs have, and what do you use it for?
  • #763
  • Apr 29, 2010 2:15pm Apr 29, 2010 2:15pm
Quoting Alex_F.X.
Hi Vita, I see that you've got a little more MAs at yout chart. If it's not a secret, can you tell what periods dose this MAs have, and what do you use it for?
Hellow Alex,
Those MAs Vita using are Hourly equivalent MAs on M15 chart. See following Clays post and you can download and read about them. There are two hourly equivalent templates clay posted some time ago.

1. if you go to page 29 ,Post number 431 to 434 then you can read Clays post about this equivalent hourly MAs. Also he posted those templates and other indicaters in post 434.
2. Then next one is in page number 38 post number 570.

Vita might be able to clarify more about this. Hope this helps

Suranga
  • #764
  • Apr 29, 2010 11:02pm Apr 29, 2010 11:02pm
Hi Clay, in post #759 (http://www.forexfactory.com/showpost.php?p=3683723&postcount=759) you say that there was a long constrainment entry just before the start of the trend line.
I thought the constrainment needed to be a series of smaller bars. The ones in question looked quite long.
Also, is it ok to only have two bars for the constrainment?

Thanks for all your help, I am definitely learning from this thread.

Grant
“Make everything as simple as possible, but no simpler.” – Albert Einstein
  • #765
  • Apr 30, 2010 1:18am Apr 30, 2010 1:18am
Quoting sopel
.....2nd Edit: Original target hit, but i was already out Another succesful Dancing Day
Good trade Sopel.
  • #766
  • Apr 30, 2010 1:19am Apr 30, 2010 1:19am
Quoting Vita
.......Closed btw at 960 MA.

All the best to all, Vita
Yep,,, good entry and the point the chart is at is a good exit.

Good job Vita!
  • #767
  • Apr 30, 2010 1:26am Apr 30, 2010 1:26am
Quoting gc7
.....I thought the constrainment needed to be a series of smaller bars. The ones in question looked quite long.
Hi Grant, no, the smaller bars often indicate a stronger constrainment, but constrainment can also be several larger bars all "touching" and stopping at progressively shorter poings along an MA.

There are NO "two bar" constrainment entries. That is by default a "touch trade" because the second bar is actually the retracement bar off the "touch."

Here's the thing about this type of trade. IF the third bar retraces back up, you are most likely already in that trade correctly. IF the bar that "bounces" off the "touch" is large enough (20 or 30 pips or more) often you can lock in some pretty good pips and then if it blows you out on another run back to the line on the third bar, it can give you a second entry. You just need to be a bit careful on the second entry at the same MA.

When this above happens, most of the time that third bar will bounce off the MA almost perfectly with the third bar almost "dead ending" at the MA.

Look back through the charts and do some personal research and you will see what I am talking about pretty clearly.

Most "touch" trades never look back, they "touch" and run off for several bars. The ones that do "run back" on the third bar are neat trades, if you can train yourself to recognize them as they give you that second entry.

God bless,,, do some research and you'll see all this for yourself.
  • #768
  • Apr 30, 2010 1:32am Apr 30, 2010 1:32am
Good work guys, especially those who are pitching in to help the newer guys in their trades. You will find that in analyzing each other's trades you will begin to see and understand even more because commenting on another's trade FORCES YOU to look more critically at the charts.

This is awesome,,, to watch as others grow and pitch in is just awesome. Thank you so much guys for all the good work.

My schedule is still a mess, and will continue to be for a few more weeks, about three or so. Then I should be back on trading more and posting some more trades.

Still,,, even during this hectic schedule, I was able to pick up +9% this week so far in my account. Not what I normally am capable of, but still pretty good, especially when compared to all those who say you can't keep that sort of stuff up consistently.

God bless,
Clay

P.S. please forgive any typos, I'm so busy right now I don't have time to spell check at the moment, so you're getting raw typing,,,and occaisionally, I suffer from "finger failure" and hit the wrong keys or the right keys in the wrong order,,,,,

"Finger failure" or "typoitis" can be contagious,,, be careful when reading my posts for now.....
  • #769
  • Edited 5:29am Apr 30, 2010 4:56am | Edited 5:29am
Hey,

This is my first trade with this system, which I have to say I am loving.

I'll be honest, I have not done much testing, but I will try that over the weekend.

I'll add the final chart once it happens, but below is my entry.

Comments on entry:

1. Price seemed to be at resistance, just above a round number and also slightly above the 35/50.

2. The price on the 1hr was being restrained by the 10ma

3. SL is set at 15 pips, which I know is larger than the rules, but it puts me at a safe point behind the round number, the 35 and the 50.

4. As the entry was not perfect I only entered at 0.3 rather than 0.5, however I have set a PO between the two MA's for another 0.2

I am not sure how with or against the rules this is, but I wanted to post for comments.

Closing Pic will be posted once its happened, which may very well be before I finish writting this.

Regards Lee

EDIT 1 - Looking at it again. I am not sure it is with the rules. It did not touch the round number, it did not touch the 35 or the 50. This is something I am working on, my entries around key areas. I know that PA does not always 'touch' things and in this trade I assume the wicks of the obvious 4 candles around the round number were enough to warrant an entry - regardless of the outcome.

EDIT 2 - Is the chatroom working? I can't seem to get in and it looks different.

EDIT 3 - I moved my SL's by another 2 pips. I had based them on entries rather than key points, which meant that I was only 3 pips below the 50ma. At the time of writting this PA had not reached them anyway.

EDIT 4 - and then it did. - Chart will follow shortly.

Review - my thoughts.

My entry was poor. Was 'afraid' I had missed the trade and got in at the wrong time. Thus my SL's were to large and also not large enough for my entries.

Price has continued to fall and I think would have taken me out anyway, but it doesn't really excuse the poor entry and the 'force the trade'.

Any comments would be welcome.

EDIT - Just realised you need to change the names of the files you attach. I made a bit of a hash of this - all of it. I copied over my entry chart, so I now only have one chart for this trade. Apologies.
Attached Image (click to enlarge)
Click to Enlarge Name: tradepic.jpg Size: 140 KB
  • #770
  • Edited 7:24am Apr 30, 2010 6:23am | Edited 7:24am
Hey,

I am not sure how many trades I should be posting.

This is my second trade.

I took the trade as there was confluence on the MA's. The 50 and the 10 were on were very close to eachother and the 35 was ontop of the RN. I took the trade on the touch of the 50 and have set an SL a few pips beyond the 35 and the RN.

I'll try and get the charts correct this time.

Edit 1:

1. I am not sure how soon I should move the SL up as the PA is still close to the MA's AND the RN.
2. I have entered a TP at 3 pips over the 1.53 RN (as seen in the 1hr chart) as it looks like the 50 will be sitting on there too and if price reaches it, it might be interesting for a close and reverse ?????????

Edit 2: See pic

I hadn't moved the SL up which might have been a good thing as the price retraced to the top of the last candle.

Would this have been an acceptable point to ADD ON another trade?

Edit 3: See pic (bottom left)

My TP kicked in for 39 pips! yay.

This was a good trade for me, though I would love to know if, from my 2nd picture, the additional entry should have been taken or considered to high risk?

I have closed and reversed for the 50 and 1.53RN bounce. I'll post the next trade in a moment.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: tradepicentry.jpg Size: 134 KB
Click to Enlarge Name: tradepicmid.jpg Size: 140 KB
Click to Enlarge Name: tradepicclose.jpg Size: 132 KB
  • #771
  • Edited 7:41am Apr 30, 2010 7:19am | Edited 7:41am
Hi,

After the last trade hit my TP, which was on the 1.53RN which had the 50ma sitting on it, I immediately reversed. I have no idea how to play this or where I should be taking profit.

I didnt want the fact that it was a reversal and that I had just closed a trade to stop me from taking it, so I just jumped. Take away my last trade and this one seems to stand on its own merit..... if you know what I mean. I've often NOT taken a new trade simply because it was a strong reverse of my last trade, despite them often being great stand alone trades. Time will tell with this one.

My SL is just below the 35, which is around 18 pips from my entry. Price bounced off of it, so I will try and move this up asap.

BUt I am in new territory........ please someone come on and offer me some great advice!!!!!!!!!

ps. If I am posting to much, please someone tell me.

Lee

Edit 1:

Got nervous on the trade and moved to BE+ to soon. I should have taken the 15 on offer if I was that worried or left the BE..... ah, gota love indecision.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: tradepicentry.jpg Size: 135 KB
Click to Enlarge Name: tradepicclose.jpg Size: 135 KB
  • #772
  • Apr 30, 2010 7:30am Apr 30, 2010 7:30am
Quoting leemonk
Hi,

BUt I am in new territory........ please someone come on and offer me some great advice!!!!!!!!!

ps. If I am posting to much, please someone tell me.

Lee
Leemonk,
I am not sure if I can offer "great advice" but here are my comments briefly:
1) 1st trade not a Dance trade
2) 2nd trade, very nice Dance trade and you had a good TP area. I also took this trade for 20 pips
3) 3rd trade, also a Dance trade (H1 timeframe). I took the first bounce for 10 pips. I didn't stay because there was a strong move downwards. It may still stabilize and go up.

Hope this helps.

Kostas.
  • #773
  • Apr 30, 2010 7:38am Apr 30, 2010 7:38am
Thanks for the reply!

1. Would the first trade have been a 'dance' trade if I had taken them at one of the touches?

2. This is my best trade ever, so far...... not in terms of pips, but by 'calling it' correctly.... well, mind you, I didnt call it, Clay did

3. I just messed up my reversal trade. I got nervous, move to BE very soon and price just took me out. If I was that worried I should have taken 15 pips. Now its a waiting game to see what would have been the right move.... still I got £4 (demo) out of it
  • #774
  • Apr 30, 2010 7:46am Apr 30, 2010 7:46am
Quoting Suranga2500
....1. if you go to page 29 ,Post number 431 to 434 then you can read Clays post about this equivalent hourly MAs. Also he posted those templates and other indicaters in post 434.
2. Then next one is in page number 38 post number 570.

Vita might be able to clarify more about this. Hope this helps

Suranga
Yes Suranga, you are absolutely correct. Sorry guys. I don't remember exactly which template it was by name. I already renamed it to keep the overview. I personally finding it pretty useful.


Quoting kostas1
Vita,
That was a nice trade you took and it is a small constrainment (good TP too). The real "killer" Dance trade was 7 bars earlier a touch off the confluence 35/50 EMA M15 which was also a few pips away from H1 10. Everybody following the Dance should not miss these by-the-text trades that Clay has highlighted for us. Even I with my scalp 10-15 pip trades got 50 on this. If you played this correctly you could have gotten at least 100 pips.

Kostas.

P.S. This is not to appear clever or something, I was also somewhat concerned taking...
Thank you very much for your answer. Yes, later I saw that trade and thought about a possible execution by the rules. Unfortunately I catched a virus and he's keeping me away from concentrated trading and observing at present.

My best wishes to all. Trade well.

Vita
  • #775
  • Apr 30, 2010 8:21am Apr 30, 2010 8:21am
Can I ask what one should do with the charts the way they are now. Both the GU and the EJ.

GU:

Are touches off the 35 and 50 (15min) possible trades or should they be avoided for any reason?
Are trades of the 10 (15min) possible to?

EJ:

I was thinking about taking a short on the EJ a few candles back, which as I would see it would fall under the contrainment trades. Would this have been correct? or as PA is above the 35/50 should I only be considering long's?

I have highlighted areas of focus.

Regards

Lee
Attached Image (click to enlarge)
Click to Enlarge Name: tradepicentry.jpg Size: 169 KB
  • #776
  • Edited 10:07am Apr 30, 2010 9:46am | Edited 10:07am
Hi,

Have taken another trade. Well, to be honest I took a few, but they were disasters, so I will try and post those later for disection.

I have entered on the GU again.

Edit 1:

Got stopped out. I think my stop was a little to low. I was thinking of putting it at the top of the wick that its sitting on in the first picture, but that to would have been hit. I would have needed a few pips past that and then I was on the Open line.

NOt sure what I should/could have done.

Edit 2:

The following candle dropped and hit what was my TP price - 40 pips below where I entered.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: tradepicentry.jpg Size: 155 KB
Click to Enlarge Name: tradepicclose.jpg Size: 129 KB
  • #777
  • Apr 30, 2010 10:16am Apr 30, 2010 10:16am
Hi Kostas,
You mentioned in your last post that you did not think leemonk's first trade was a Dance trade.
Could it not be considered a constrainment trade, as two bars were constrained by the m15 10ema? Is it not valid because it would be counter trend?

Grant
“Make everything as simple as possible, but no simpler.” – Albert Einstein
  • #778
  • Apr 30, 2010 10:47am Apr 30, 2010 10:47am
Last post from me because:

A) It's obviuously not working well today, so I need to re-read everything
B) I am a little worried that I have posted to much crap.

Last trade was on EJ.

I took the trade as:

 

  1. Price had retraced to the 10 with no more than two bars.
  2. The 10 was sitting on top of the 50 too.
  3. The price had been contrained by the 50 for 3 prior candles.

This was a quick trade, sadly, so the open pic and close pic have to be posted at the same time.



ps. I am going to go back and read the manual and the thread this weekend. I only got part way through the thread, so I do REALLY apologise if I have been posting rubbish and wasting everyones time.

Regards

Lee

Attached Image(s) (click to enlarge)
Click to Enlarge Name: tradepicentry.jpg Size: 137 KB
Click to Enlarge Name: tradepicclose.jpg Size: 131 KB
  • #779
  • Edited 11:45am Apr 30, 2010 11:01am | Edited 11:45am
I see the error, I think, in most of my trades. The MA's were mostly flat when I took the touch trades.

Completely missed this in the manual and have only just seen it in the 'Two Bar' attachment.

Apologies.

Though, if anyone has comments on any of the trades, I would love some feedback.

Lee

*edit* actualy, going back over the thread it seems that the trades were okay. The price ends up going the way I thought it would, but I don't really see what I could have done differently at the time.
  • #780
  • Apr 30, 2010 2:00pm Apr 30, 2010 2:00pm
Quoting leemonk
I see the error, I think, in most of my trades. The MA's were mostly flat when I took the touch trades.

Completely missed this in the manual and have only just seen it in the 'Two Bar' attachment.

Apologies.

Though, if anyone has comments on any of the trades, I would love some feedback.

Lee

*edit* actualy, going back over the thread it seems that the trades were okay. The price ends up going the way I thought it would, but I don't really see what I could have done differently at the time.
Hay Lee,

Just looking at your last post and for me the biggest problem with the trade is how far apart the 35 and 50 MA's are. Looking at the chart i might have taken a sell order at the 35ma if the price got there because you have the 125.500 RN and the 35ma.
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