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The Dance

  • #821
  • May 3, 2010 9:37am May 3, 2010 9:37am
Quoting Juneman
Here is my GU trade which i am still in. Notes are on the picture
Good entry Juneman. Using the new scripts does seem to help "maximize" The Dance a bit. I'm going to keep working with them a while and see, but this is where I was when I posted this strategy, so it's a good time and place to pick Trade Management back up.

Still very short on time for the next two or three weeks, but I'll stay involved here to help out.

God bless you guys,,, lots of great work going on here and I'm really, really happy with what's happening. ESPECIALLY the "FREE" stuff that, like Blue's engine are being posted to help so many for free.

Wouldn't it be cool if a bunch of us traders formed a coalition, traded well enough to buy back all our country's debt, then have a really nasty/serious talk with politicians about their spending habits?

Mebbe it's time for a new group of people to start making waves! You just never know what will happen do you?

Just thinkin' out loud......

In any event, great trade Phil.
  • #822
  • May 3, 2010 10:11am May 3, 2010 10:11am
Quoting eclayf
Tonight's trade,,,+17 and I'm done,,,,
hi clay would entry at point 1 be bad 35/50 touch due to the fact that 10ema on the 15 has already turned.
  • #823
  • May 3, 2010 10:15am May 3, 2010 10:15am
hi juneman, fxinvestor.co.uk has been givin me problems this week. couldnt login. whats the add of the new site?
  • #824
  • May 3, 2010 10:25am May 3, 2010 10:25am
Quoting yunielescaz
hi clay would entry at point 1 be bad 35/50 touch due to the fact that 10ema on the 15 has already turned.
No,,, not bad. In fact this is how I played that entry and totally missed a really great trade. THE FIRST "touch" IS a bad entry because of what you talk about. The 10 is "turned", there are too many bars where it "creeps" up to the 35 and so on. The Second bar is a "short" bar and we don't enter on the open but on the close of a bar and there still is NOT a good signal at COB of bar two at point 1, BUT the COB of bar three IS A PERFECT "constrainment" entry point.

"I" allowed how close to the Daily equivalent it all is to discourage my entry, which I WAS considering. In chat live last night, I talked about it a bit. THEN, instead of taking the 50 "touch" I have "now" (at that point in time) allowed myself to become "hesitant" and MISSED the short, which IF I HAD taken it on the third bar like a good doobie and followed my OWN rules, I would have nailed a LOT more pips than I did.

SO,,, once it started to run short, there was NO signal anymore, until it did the one bar "run back" to the 10 EMA which is now NOT the "best" signal, but it hit, bounced off and then did a re-test of the 10, where I entered short at that "touch" and made a quick 15 pips.

My mistake was in allowing myself to become "confused" by the proximity of the D1 10/35 equivalents and that they were "on top" of each other. When we start using "too many" lines that can happen.

It's more of an issue right now in such a tightly consolidating area than it would normally be, but that's not really an excuse. I SHOULD have just followed my OWN rules and taken the short at the third bar "touch" for the perfect constrainment against the 35.

Hope that helps you understand better what constrainment is, and how to NOT let yourself be "fooled" by the market. Just stick to the basics and you'll make a lot more money than you would believe. Just stick to the basics and work 'em.

God bless yunie, good trading to you my friend.
Clay
  • #825
  • May 3, 2010 10:34am May 3, 2010 10:34am
hi everyone

i had 2 trade today and but went negative, first was the GU which was taken at the touch of the 10ma with 10pips stop and the angle was around 50degree before the touch.


the second was on the EJ and was taken at the touch of the 50ma with the stop of 11 below the 35ma.


what is it i am doing wrong?
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  • #826
  • May 3, 2010 11:55am May 3, 2010 11:55am
Quoting yunielescaz
hi juneman, fxinvestor.co.uk has been givin me problems this week. couldnt login. whats the add of the new site?
I too am having problems logging in...
  • #827
  • May 3, 2010 12:17pm May 3, 2010 12:17pm
Quoting SMcGuire45
I too am having problems logging in...

The website has been updated, Please re-register if you are still having problems please contact us Here (http://fxinvestor.co.uk/contact.php) or our email address is [email protected]

Sorry for any problems we are working hard to fix them.
  • #828
  • May 3, 2010 12:18pm May 3, 2010 12:18pm
Quoting eclayf
Getting out was probably the right move BlueM. The other thing is that the 10 is "turned over" in that area,,, never a good sign for a trade counter to the 10.

Stilll +pips is +pips.
Come to think of it, the gap between 10 and the 30 and 50 group was way too wide.

I did 4 more trades today (Not going to post all the pics). All of them hit SL.

The 2 in a row caused me to take a 4 or 5 hour break, and again two simultaneously (two different pairs) got me to close shop for the day.

Trades pip values:- 14.9 2.8 -14.2 -0.9 -3.7 -22.3 = -23.4 total

The last two were irritating. One was NOT a Dance Rules trade (my bad) but I recognised the pattern and was certain I would get at least 20 pips. I set SL just too tight so it got hit, and the other was the UsdCad trade, I had SL set to 14 and a sudden surge spike hit to 24.5 above so fast that my SL of 14 got maxed at 22.3 then imediately after it went down to profitable area's. UsdCad was hittin35 and 50 on the bar I traded. I waited in case it would hit or pass th RN just above 30, which is why my entry was lower than instant touch. Also notice on H1, the purple horizontal lines represent the start and end of the trade. As you can see on M15, it had touched and dropped, so on H1 was also below the touch.

The market (to me but I am biased after hitting 4 losing trades) to be abnormal from regular flow. Both Gbp and Jpy were banking holidays, but notice the 150 pip rise on GbpJpy from 09:15 to 15:15.

Anyway, not too terrible a loss of 23.4. I should actually NOT have been trading after the 2 in a row stint, which would have placed me at 2.6 pips up for the day.

That greed monster is difficult to master

BlueMental.

oh by the way, this pic I saved as a png file and also as a jpg to check the difference. The png file is 25kb, while the jpg is 110kb! Quite a huge difference. I am interested to see if the quality of the pic is worse!
Attached Image (click to enlarge)
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  • #829
  • May 3, 2010 12:19pm May 3, 2010 12:19pm
Quoting eclayf
No,,, not bad. In fact this is how I played that entry and totally missed a really great trade. THE FIRST "touch" IS a bad entry because of what you talk about. The 10 is "turned", there are too many bars where it "creeps" up to the 35 and so on. The Second bar is a "short" bar and we don't enter on the open but on the close of a bar and there still is NOT a good signal at COB of bar two at point 1, BUT the COB of bar three IS A PERFECT "constrainment" entry point.

"I" allowed how close to the Daily equivalent it all is to discourage...
god bless you too clay. yes i would have avoided entering on the 1st touch due to the turning, saw 3 wicks touching the 35 and i would have taken it if i wasnt on holiday haha. too many lines do confuse me sometimes. so right now im making my decisions on the 15 with 1hr as reference. leaving D1 aside for the moment til i can handle 2TF equivalents. and hopefully when i get comfortable managing both i would introduce D1 back into my considerations.
  • #830
  • May 3, 2010 12:43pm May 3, 2010 12:43pm
heres a treat for every1. beautiful constrainment on E/U 1hTF. best entry would be @ the red arrow. if u missed it, u will have at least 4more chances on the right to enter. 8hrs of constrainment by the 10 and was ultimately good for 80pips. even on holiday, i will do a run through of the charts at the end of the day b4 i sleep. hope u guys caught this!
  • #831
  • May 3, 2010 12:46pm May 3, 2010 12:46pm
forgot to attach.. Would the small wick throughs cause any hesistation or would u guys snap this up?
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  • #832
  • May 3, 2010 12:53pm May 3, 2010 12:53pm
Hi guys. This is my first post on this forum. I'm a rank newbie to FOREX and trying to learn the ropes. Traded some commodities some years ago so I'm familiar with technical analysis. Wasn't too terribly bad at it until I got caught with a long position for soybeans in a limit-down market. Haven't traded since.

I'm really glad I came across The Dance and it was quite by accident. It made sense to me that in order to trade successfully, you really needed to know 3 things about the "waves" that ebb and flow in the market. You need to know: (1) what direction they were headed in (trend), (2) how fast they were traveling (velocity), and (3) how much "mass" was behind them (momentum). I guess you could say that I was already looking in the right direction.

I'm still working my way through the manual. It's kind of tough for me. Even though the system is well documented, there are quite a few terms and abbreviations in it that I've yet to wrap my head around. However, I think there's a glimmer of light at the end of the tunnel.

My biggest problem before I found this system was over-trading. It was like being in a casino and placing a bet on every table I passed. I was trading just to trade. Of course, my wins averaged 5-10 pips and my loses averaged 15+. Not exactly a sustainable strategy. The Dance is now forcing me to "look before I leap" instead of just leaping - which was my former strategy.

I look forward to reading everybody's success stories with this system.

Hiram
  • #833
  • May 3, 2010 5:57pm May 3, 2010 5:57pm
Quoting kamardinho
......i had 2 trade today and but went negative..............what is it i am doing wrong?
Hi Karmardinho, biggest problem is that you are allowing the charts to create a "directional bias" on the trades. The second issue is your timing is a bit off. You selected a couple of areas to trade that "look" OK, but are in a horizontal P/A section and that means you have to be much more careful about the entries.

The two attached charts should help you understand better. I took each one separately.

On the first chart had to "cram" in a lot of text and made the size smalller,,, sorry 'bout that.

Hope it helps,

God bless,
Clay
Attached Images
  • #834
  • May 3, 2010 6:00pm May 3, 2010 6:00pm
Quoting hiramp
Hi guys. This is my first post on this forum. I'm a rank newbie to FOREX and trying to learn the ropes. Traded some commodities some years ago so I'm familiar with technical analysis. Wasn't too terribly bad at it until I got caught with a long position for soybeans in a limit-down market. Haven't traded since...............
Hiram
Welcome to the thread Hiram, we look forward to your participation. And the best part is you already know the first lesson from experience. "You only fail when you quit."

Put that on your computer screen and live by it in everything. NEVER give up.

I have a favorite quote from "The Last of the Dogmen",,,,"I'm just no damn good at giving up!" None of us should be.

God bless you and welcome.
  • #835
  • May 4, 2010 2:32am May 4, 2010 2:32am
Yikes!

I had not prior to reading The Dance documents come across (or thought of) Round numbers as SR points, but a bad trade I just lost due to a turn at a Round Number just embedded it thoroughly in my head!

That is one seriously valuable piece of information to me, as it has brought to my attention a 'gremlin' that has persistently been sabotaging my trades.

Thanks Clay.

LOL, one other thing that I just figured was the WEIRD way one has to go about putting pics IN the post as opposed to attaching them at the end.
Rule number 1, DON'T use the insert image option on the editor, just copy and past the embed text in the image.

BlueMental.
  • #836
  • May 4, 2010 3:28am May 4, 2010 3:28am
Eclayf I know u have put alot of work in here and for that i and many with me are verry greatful. But still i see questions and i and many are newbies. Reading is not my nember one thing if i wanna learn fast it is talk to other people listen to them or to do it myself to learn faster. I atended a webinari last night and i had verry easy to learn from it. Would it be possible for u to have a webinari for me and the rest of the newbies i think even the more experiented can learn from it would u please think about it ? this one was used and it wotked fine.

www.gotomeeting.com (http://www.gotomeeting.com)


best regards
  • #837
  • May 4, 2010 4:52am May 4, 2010 4:52am
Morning!.... i took this GU trade this morning, 6:30ish in the morning gmt time. I saw a constraint on the h1, and took the trade, my apologies as its not a current chart showing a contraint trade, but i have trade to make it seem current!

Was able to grab 33pips from this. poor management on this as it went for much more... but we live and learn , pips is pips
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  • #838
  • May 4, 2010 5:27am May 4, 2010 5:27am
Quoting nixie20
Morning!.... i took this GU trade this morning, 6:30ish in the morning gmt time. I saw a constraint on the h1, and took the trade, my apologies as its not a current chart showing a contraint trade, but i have trade to make it seem current!

Was able to grab 33pips from this. poor management on this as it went for much more... but we live and learn , pips is pips
Nice Nixie (I caught the same for 42).
Give my regards to the chat guys as I am not able to use the new site from my work computer.

Kostas
  • #839
  • May 4, 2010 6:52am May 4, 2010 6:52am
Quoting kostas1
Nice Nixie (I caught the same for 42).
Give my regards to the chat guys as I am not able to use the new site from my work computer.

Kostas
Thanks Kostas, still working on managing my trades.. shame about the you not able to join us at the chat, shall pass on ur hello
  • #840
  • May 4, 2010 7:22am May 4, 2010 7:22am
Quoting jgadefelth
.......Would it be possible for u to have a webinari for me and the rest of the newbies i think even the more experiented can learn from it would u please think about it ?......
Hi jgadefelth, I understand the issue, and I tend to learn faster that way as well, but unfortunately my schedule at the moment won't allow for that to happen.

There is a chat room where you can ask as many questions as you want to and there are some good traders in there as well.

Still, the absolute BEST way to learn The Dance is to use the Simulator. You get more "screen time" it simulates live extremely well because it's based on live data, and the fact that it moves much faster than the live markets do helps you focus and look for the right trades.

I know it's frustrating but unfortunately that's part of the deal when learning Forex. It's a lonely and frustrating career path in the beginning. Stick to it and you will get there.

God bless,
Clay
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