The Dance | Page 44 | Forex Factory

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The Dance

  • #861
  • Edited 7:09pm May 5, 2010 7:08pm | Edited 7:09pm
Quoting leemonk
Hey,

How would you view the current PA and trade?

My questions are on the pic.

Regards

Lee

*EDIT 1*

Just wanted to post an update of what the price is currently doing. Things are becoming clearer, obviously, but I am still unsure as to what trade I should have taken at the point of posting my original pic. Even if the answer was to stay out.
In chart one, I would NOT take a trade yet. M15 is in a very indecisive area and H1 has NOT given a "touch" signal yet. In chart TWO, I WOULD have taken it at the "touch" of both the 10 and the 50. The "touch" of the 10 gave a short bounce down for about 20 or so pips and the "touch" of the 35 in the image has already retraced from that "touch" about 15 pips or so and the Daily momentum is short.

Hope this helps. I WOULD also have watched it like a hawk as we are still in a very "sideways" area of potentially STILL consolidating price action.
  • #862
  • May 5, 2010 7:12pm May 5, 2010 7:12pm
Quoting leemonk
......
As I am typing this it halted perfectly on the RN.

So, should I be trading strong signals regardless of time providing one currency pair is still active?

Regards

Lee
Pay attention to the session/pair rules,,, but as you grow in experience, YES take signals that are really strong like this one. Try to take it at the exact "touch" of the line on constrainment so you end up with very, very little risk. But this type of trade is pretty strong any time you see that much solid constrainment.

Just be careful and don't start "seeing" everything as constrainment during off hours. That will absolutely kill the account.

Clay
  • #863
  • May 5, 2010 7:14pm May 5, 2010 7:14pm
Quoting BlueMental
........When you are walking down the beach and you sea a sparkle in the water, and you dive in and find a diamond the size of the Everest, do you leave it there since you only do heavy labour carrying weights from 9 to 5? BMI.
Too cute Blue,, and we don't disagree,,, I just want newbies to be cautious during "off" hours. That is when I normally have losses when I have them.

Clay
  • #864
  • May 5, 2010 7:19pm May 5, 2010 7:19pm
Quoting BlueMental
Not too bad a day for me......

The difference was that I was trading with the same set but from a different perspective. Since reading Clays Manual, I find that it is becoming DIFFICULT to not be profitable.
WOW Blue,,, what a comment.

Quote
Here are comparative pics of the two methods. The Dance and The Monster.

Also with a pic of my one accounts trades. The trade in the top right pic was my only trade in that account, and it hit 92 pips.

The sum of pips in the pic is 78 pips with only 1 losing trade of -1 pip.

BMI.

Neat stuff. One can even see how keeping the charts a bit cleaner helps. Good stuff.

Clay
  • #865
  • May 5, 2010 7:22pm May 5, 2010 7:22pm
Quoting kiwi_trader
Lee, Clay may have a different opinion but I'd like to share mine and give you some reasoning for it..............Best wishes to you.
Couldn't have said it any better Kiwi. "Time off" is also a GREAT indicator, believe it or not. Gives the BEST trading tool time to "cool off" so it works better. YOU and YOUR BRAIN!

BOTH need a break. Don't push so hard, relax and "let it come to you."

It will,,,

God bless and thanks for the input Kiwi.

Clay
  • #866
  • May 5, 2010 7:28pm May 5, 2010 7:28pm
Quoting BlueMental
As Clay says he wants people to make The Dance their own, ..........

She is almost EXACTLY the same as the dance with one large difference. Because she is a twofold (A BIG mama with her baby in her hands), she is (by using The Dance methods) an incredible long term trade generator..........

BMI.
Everyone needs a solid place to "start" and THEN they need to "make it theirs."

Glad this is helping everything go "click" for you Blue! Perhaps soon we'll see a "Blue's Monster" strategy that will help additional people. With all the work you're putting in on the trade management/SL management thing, it would be really good to see you become a raging success and do something really stellar and "proprietary" with what you learn here.

Seeing others "do it" and become successful is what MOST makes me happy.

Keep at it bro,,, keep at it.

God bless,
Clay
  • #867
  • Edited 5:12am May 6, 2010 4:35am | Edited 5:12am
I thought the market was a little 'off' today due to our fantastical election day!

Though, I was watching this constrainment form.

I think my SL may be a little tight, but I think I got a good entry. My only concern is that we are still close to yesterdays low.

Anyhows.... let's see how it pans out.

Regards

Lee

*edit*

Forgot to mention in the pic the other reason for taking the trade was that it was on an RN

**EDIT**

Slightly worried about this one now. I have just gotten to this post in the thread: http://www.forexfactory.com/showpost.php?p=3559203&postcount=164 whihc details something very similar to this.

Here I have higher lows!

***Edit****

Closing pic
Attached Image(s) (click to enlarge)
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  • #868
  • May 6, 2010 6:34am May 6, 2010 6:34am
Quoting BlueMental
Bye using Clays methods, and also buy finally realising (through The Dance) ...BMI.
Bye using...buy finally

Oh me oh my!

By buying the dictionary perhaps I can let the bye bye's fly by.

BMI.
  • #869
  • May 6, 2010 6:46am May 6, 2010 6:46am
Quoting eclayf
Neat stuff. One can even see how keeping the charts a bit cleaner helps. Good stuff.
Clay
The charts only get neatened up for The Dance pictures.

I run 6 charts permanently (22" screen), I have improved, a while ago I decided to use only one monitor, otherwise it became too much of too much.

I like experimenting and unfortunately for me, those numbers on the screen representing Balance, to me are merely numbers, and my experiments often shred those numbers quite drastically.... and then I realise that my experiments just trashed another account!

But I am getting better at it now, I manage (most times) to keep my experiments on the demo's.

BMI.
  • #870
  • Edited 8:06am May 6, 2010 7:37am | Edited 8:06am
Hi,

Took the EJ 15min 10Ema touch.

Messed the entry up a little.

Regards

Lee

*Edit*

Closed out a little shy of the RN. I was worried about the spread, so I closed at around 5 pips short of the RN

Just as a side note. If I call it quits for today, despite the earlier loss, posted above, I have made 6% on the account today alone.
Attached Image(s) (click to enlarge)
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  • #871
  • May 6, 2010 8:03am May 6, 2010 8:03am
Quoting leemonk
.........I think my SL may be a little tight, but I think I got a good entry. My only concern is that we are still close to yesterdays low..........

*edit*

Forgot to mention in the pic the other reason for taking the trade was that it was on an RN

**EDIT**
Only time for one comment this a.m. The reasons for your entry are OK, but the issue is that on the very first bar that "touches" you have a decent entry. From that poing on, the entries "seem" to be constrainment, but if you look at the 10, it's turning flat and the instant a bar closes as a "hammer" or "doji" below your entry, it's time to consider the exit strategy pretty hard. From that point on it turns up and the very next bar closed above the 10. If you didn't get stopped yet, that is the "GET ME OUT" signal on this trade Lee.

Overall, you could have probably made a couple of pips if this trade were managed properly, but again this is the thing I am personally working on right now. Trade management (NOT MM) is the final "key" to makeing The Dance a truly great strategy.

God bless,
Clay
  • #872
  • May 6, 2010 8:04am May 6, 2010 8:04am
Quoting leemonk
.............Closed out a little shy of the RN. I was worried about the spread, so I closed at around 5 pips short of the RN

Better trade, even better management of it. Good job.

God bless,
Clay
  • #873
  • May 6, 2010 8:08am May 6, 2010 8:08am
Quoting eclayf
Better trade, even better management of it. Good job.

God bless,
Clay
Thanks Clay!

Whats funny is that I wasn't going to trade today, what with our elections over here.

But I am learning from my post last night. A setup is a setup regardless of what time or reason.

I just need to improve on my setups.

Lee
  • #874
  • Edited 12:53pm May 6, 2010 11:08am | Edited 12:53pm
Clay,

May I ask if you are still only using one chart, the 15minute with the three sets of comparable MA's on them, or have you reverted back to the 3 charts with their own MA's?

I am only on page 10 but, as you are aware, I am trading this system, therefore I want to ensure I doing what everyone else is.

Regards

Lee

Also.... just for clarification the MA's to appear on the 15 miute are:

10ema
35sma
50ema

40ema
140sma
200ema

960ema
3360sma
4800ema

The reason I ask is that the 960 is listed as 980 on this post: http://www.forexfactory.com/showpost.php?p=3562699&postcount=185

Also, this may be covered later and if it is I apologies, but I am having real problems with all the downloaded attachments in relation to charts. The download on this post doesnt work for me either and most of the charts I have had to start from scratch. The scripts do not work correctly either and I have followed the instructions listed on page 1. It would be handy if someone had another of the all in one MA's attachment for me to try as my platform doesnt allow MA's of that size.

Regards



**EDIT**

DISREGARD THIS MESSAGE. I JUST FOUND THIS POST: http://www.forexfactory.com/showpost.php?p=3565473&postcount=244

For those that are wondering, Clay reverts back his is favoured 3 chart per pair setup.
  • #875
  • Edited 11:58am May 6, 2010 11:14am | Edited 11:58am
Took this one, though I don't think it was good in the end.

In fact, as I typed this I got stopped out good and propert.

Oh well.... another example of what not to do.

Regards

Lee

*edit*

I am annoyed with myself today. I have taken trades that I was not confident of and I have been punished for it. It's silly really. I know they are not perfect, yet... clickity click, I am in, poppety pop.... I am out!

More patience, a lot more patience is required on my part.
Attached Image (click to enlarge)
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  • #876
  • May 6, 2010 12:35pm May 6, 2010 12:35pm
The first entry wasn't perfect but close enough for me to be happy with. I chose entry here because of the 2 prior bars almost touching 35, then it dropped below 10 (which was turned downward) and came up to touch but did not break above. After that it rose above but I left it in the trade since 10 was horizontal (not turning up) and 50 and 35 were still downtrending.

I missed the exit point just below 140.5 (I don't recall why, I was probably doing something else at the time).

From the dowbtrend angle of 50 and 35 fused into one, I knew the short would continue.

The second addon entry I chose there because of the failed attempt of PA to break above 35, 50 and the RN.

I closed them both @ 130.31 because of the long hesitation of PA at the RN.

Unfortunately (against Clay's rules) because of the long hesitation on RN I placed a buy countertrade. It went up a few pips then dropped like a stone).

Besides that messup, I am +137.8 pips for the day, and I have 1 sell trade still open.

All these trades were GbpJpy (and this broker hits 9 pips spread on GY)

BMI
Attached Images
  • #877
  • May 6, 2010 12:41pm May 6, 2010 12:41pm
Quoting leemonk
More patience, a lot more patience is required on my part.
You think it only happens to you?

The adrenalin can get pretty hectic sometimes and we just click cos we MUST do something!!!!

BMI
  • #878
  • May 6, 2010 12:49pm May 6, 2010 12:49pm
Quoting BlueMental
You think it only happens to you?

The adrenalin can get pretty hectic sometimes and we just click cos we MUST do something!!!!

BMI
Ain't that the truth.

ps. Well Done on those trades!
  • #879
  • May 6, 2010 4:24pm May 6, 2010 4:24pm
I had a great day this morning trading the GBPUSD and the CHFUSD. Both had very strong trends and I was able to "dance my way in and out" for quite a few pips. However, my problem is trying to take "just one more." I usually seem to end the day "nursing" a bad trade looking (hoping?) for an exit to minimize my loss.

Still, I ended today with over 150 pips -- even though I had to give 40 back at the very end due to the temptation to get "just one more."

Knowing when to walk away with some money in your pocket is key. The more time you spend trading, the more likely the odds will eventually start working against you.

I think Clay's rule about the specific times to trade helps to build the discipline you need to quit when you're ahead.

There was a post earlier asking about whether or not it was OK to take the "sure trade" after hours. Someone said it was like finding a "diamond in the surf" and recommended taking it. My comment (for what it's worth) is to develop the discipline to leave it alone. It will always be there tomorrow (or one just like it).

The problem with trying to take the "diamond in the surf" after hours is that you often fail to see the "sharks" feeding nearby. Great way to lose an arm and a leg!

Hiram
  • #880
  • May 6, 2010 6:27pm May 6, 2010 6:27pm
Quoting leemonk
Took this one, though I don't think it was good in the end.....
Long wick bars ALWAYS mean something and usually it's a reversal. Not always, sometimes it's a clearing of the stops below or above it to make room for a run, but most of the time it's a reversal.
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