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CHOROS System

  • #81
  • May 14, 2010 9:57am May 14, 2010 9:57am
Here is the EJ chart that took me out and them romped away with out me sadly
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  • #82
  • May 14, 2010 10:01am May 14, 2010 10:01am
Quoting puntalara
Here is the EJ chart that took me out and them romped away with out me sadly
This is a tough one for me to answer and my answer seems oberly obvious in hindsight.

A trade based on PA 'may' have been valid there. You have a HUGE doji at the top of a move that closes on/under the confluence of the 35/50. I personaly, though trading a demo account currently, woudl probably have re-entered on the close of the doji.

Would I have done this on a live accoutn.... I really don't know.

But a LARGE doji closing on confluence is worth a look. The only downside to this is that the SL for a doji of this size 'should' be a few pips above the top of the wick

PS - IN THE SPIRIT OF THE ORINGAL THREAD, CAN YOU PLEASE POST ALL YOUR CHARTS WHICH MAKE UP THE DANCE. 15MIN 1HR & DAILY. LOOK AT MINE ABOVE (note the one in this post is a copy of Puntalara's
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  • #83
  • May 14, 2010 10:13am May 14, 2010 10:13am
Quoting puntalara
Here is the EJ chart that took me out and them romped away with out me sadly
Puntalara - Out of interest, why don't you have the 1hr 10ema equivalent (40ema) on the 15minute?

You have the 35 and 50 equivalents.

Did you realise?

I just went back to my charts to see where it was..... Boy, does this stuff work!
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  • #84
  • May 14, 2010 11:02am May 14, 2010 11:02am
Quoting leemonk
Puntalara - Out of interest, why don't you have the 1hr 10ema equivalent (40ema) on the 15minute?

You have the 35 and 50 equivalents.

Did you realise?

I just went back to my charts to see where it was..... Boy, does this stuff work!
No i did not realise - have put in on now. Roll on next week
  • #85
  • May 14, 2010 11:30am May 14, 2010 11:30am
I'll say something here that makes me sound far more important that I am...... but it's not meant that way.

Please remember I am only learning too. But someone told me this a while back and it has stayed with me.

These are your tools! Keep them sharp!

Make sure the PC is working and has no viruses, make sure your MA's are all correct - Is it an SMA or an EMA??? make sure your charts are in order and are all showing the same currency. Make sure the timeframes are correct and are in the correct position on the screen

It's worth checking many of these things each session.... just to be sure. You don't want to miss anything!
  • #86
  • May 14, 2010 11:42am May 14, 2010 11:42am
Took 15 pips on this trade LIVE on Oanda for tiny tiny stakes - comments please Thats it for me, closing down for a beer or three
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  • #87
  • May 14, 2010 12:39pm May 14, 2010 12:39pm
Quoting puntalara
Here is the EJ chart that took me out and them romped away with out me sadly
Understanding the rules is vitally important with the Dance strat. Ignore a rule at your peril, you will be seeing your hide on a platter.

This trade had far too many bullish bars in the retrace for a valid entry. We are looking for a swift 2/3 bars. 4 clean bars might be acceptable but approach with caution.

What isn't mentioned in the literature is to keep price action in mind if you don't get a great looking setup for a touch trade. Once that big doji candle closed across the 35/50 mavs, I would have seriously looked at getting in on a break of that bar short.

What does this price action tell you? It tells you that the bulls have hit a buffer at a point of interest. The 35/50 are areas of dynamic support and resistance and if the candle pushed through but was then pushed back all the way to the ma's again, it's an indication that the drive up is running out of gas at the resistance area. A break of that bar short then becomes a decent place to consider a trade IMO.
  • #88
  • May 14, 2010 12:42pm May 14, 2010 12:42pm
Quoting puntalara
Took 15 pips on this trade LIVE on Oanda for tiny tiny stakes - comments please Thats it for me, closing down for a beer or three
That's a decent enough trade. I often avoid single bar retraces to the 10 ema as the momentum often scares me a bit and prefer two bars with some added area of confluence. This played out ok, sometimes they don't.

Enjoy that beer. It'll come as no surprise to those who I chat to that i'm one step ahead of you mate ;-)
  • #89
  • May 14, 2010 3:50pm May 14, 2010 3:50pm
Quoting kostas1
I have received the following files. The files contain the Dance thread in web archive form and were created by the thread's starter. You can download at:

....you can use your rapid-imagination about what it is.

Kostas
Thank you so much Kostas for this. God bless you.
Also is it possible to let me have a look at you trading plan? i.e lot sizes n targets, if you don't mind.
Sorry can't PM you as im still a junior member of FF.

Thanks
  • #90
  • May 14, 2010 4:08pm May 14, 2010 4:08pm
Quoting puntalara
Took 15 pips on this trade LIVE on Oanda for tiny tiny stakes - comments please Thats it for me, closing down for a beer or three
Puntalara,
Nice by the rules trade. A one bar retrace on the 10EMA although scary due to momentum as Troty said, is a good one to take with a small 10 pips SL (but you should be quick to enter right on the EMA). Use M5 and M1 to fine-tune these entries and take quickly the profit (10-15 sometimes 20 pips). Actually, I had an easy 20 early this morning by one of these. Look in the middle of your chart where you get 2 long red bars, then a green 1-bar retrace (here I got short at the open of the next bar) and then a nice red for 20 pips. Of course, I felt more confidence with the confluence of the round number 1.4600 there.

Kostas.

P.S. Feel free to post your charts, as long as they have all three timeframes and specifically mention the currency.....
  • #91
  • May 15, 2010 8:31am May 15, 2010 8:31am
Quoting 3xtrader
Thank you so much Kostas for this. God bless you.
Also is it possible to let me have a look at you trading plan? i.e lot sizes n targets, if you don't mind.
Sorry can't PM you as im still a junior member of FF.

Thanks
3xtrader,
My trading plan is the following:
I use a daily target of 30-40 pips with a 3% risk per day. Therefore, I adjust my lot size to correspond to this target. The target is usually achieved by 3-5 trades per day with each trade giving me 10-15 pips. Some rare days when I was brave and felt that I had an AAA trade I was able to finish the day with just one quick trade. 98% of my trades achieved target before 30 min and most of those before 15-20 min. When I first started using the Dance my account allowed 0.1 lot for the 3% risk. Now I operate at 0.3 lots. My final target is to get to an account size that allows 3-5 lots (at 3% risk) and have a daily profit of 1000 Euros/day. Most of the fight is not achieving your daily pips (which I get almost all the time) but adjusting your psychology for the bigger amount of money at stake when the lots increase (at least that's my struggle).

Kostas
  • #92
  • May 15, 2010 9:11am May 15, 2010 9:11am
Kostas,

Is there any chance, if you have the time, to post your trades daily?

I'd be very interested to see what trades you take and consider AAA.

Regards

Lee

*edit*

Certainly not asking for trade calls here, I would be perfectly happy if you posted well after you have taken them. I am just really keen to see from someone that is having such success with this, what they consider great trades.

I am going to trade the simulator next week, but I might cross over to live(demo) for half days, but either way I am going to be post lots of charts. I am going to try and wait for the AAA trades and I'll probably be watching 2 pairs
  • #93
  • May 15, 2010 11:07am May 15, 2010 11:07am
Quoting leemonk
Kostas,

Is there any chance, if you have the time, to post your trades daily?
Lee,
I will try but not easy when trading from work.....
See post #90 for my easiest trade on Friday.

Kostas
  • #94
  • May 15, 2010 11:48am May 15, 2010 11:48am
Thanks Kostas,

I didnt realise that you traded from work, I knew you worked, but not traded!! naughty naughty eh!!!!

May I ask how you've programed yourself not to take more trades if you see them?

This is something that am thinking about, assuming of course that this works for me. I think the only way would be to turn it off and not look at it! I am not sure I can NOT click themouse if I see an AAA if I am sitting in front of it!

So... the big question, doy uo have a plan to trade full time soon?

Regards

Lee
  • #95
  • May 15, 2010 8:20pm May 15, 2010 8:20pm
Hey Kostas,
We all admire your success and hope we all can be that successful soon. Can you share with us which trade setups seem to be the most successful? Such as the 2 bar retrace 10ma touch or when all mas are trending and then a 35 ma touch or 50ma or something else? Which pair? Time of day?
Thanks in advance.
Barry
Barry
  • #96
  • May 16, 2010 7:06am May 16, 2010 7:06am
Quoting leemonk
Thanks Kostas,

May I ask how you've programed yourself not to take more trades if you see them?
This is something that am thinking about, assuming of course that this works for me. I think the only way would be to turn it off and not look at it! I am not sure I can NOT click themouse if I see an AAA if I am sitting in front of it!
So... the big question, doy uo have a plan to trade full time soon?

Regards
Lee
Lee,
Good question. It was difficult in the beginning to stop when I achieved my daily target. I was always tempted to go for more and many times I ended up giving it back to the market. When I started this strategy I also decided to finish with this bullshit and just stop trading when I achieved 30-40 pips. After a week or two when the account starts growing you realize that stopping when in profit is what helped and then makes the decision easier. Another trick that I used when a really good trade (and I mean a REALLY good one) showed up after finishing was to trade it with minumum lots and small SL. If failed no big deal, if successful then you get a few more points for the day.

As far as quitting my job, too early to say. I am actually a director and pretty happy with it. In addition, I have to see how I make it in the long run and not just a couple of months. On the other hand, if in a year from now I succesfully follow my plan and start earning from trading 3-4 times my current salary then it would be tempting to do it full time....

Kostas
  • #97
  • May 16, 2010 7:12am May 16, 2010 7:12am
Quoting Bary
Hey Kostas,
We all admire your success and hope we all can be that successful soon. Can you share with us which trade setups seem to be the most successful? Such as the 2 bar retrace 10ma touch or when all mas are trending and then a 35 ma touch or 50ma or something else? Which pair? Time of day?
Thanks in advance.
Barry

Barry,
Many questions but here are some answers:
1. I only trade GU so best time is from London open to first couple hours of US open
2. All Dance setups seem to work similarly with my twist of taking 10-15 pips per setup. But the AAA trades are the ones that have confluences. For example, confluence of MAs from two or three different timeframes are excellent, as are the confluences of MAs with round numbers, and confluences of MA's with daily pivot points. Look at the old thread for examples of these and I will try to post them here when I see them.

Kostas
  • #98
  • May 16, 2010 2:33pm May 16, 2010 2:33pm
Quoting kostas1
3xtrader,
My trading plan is the following:
I use a daily target of 30-40 pips with a 3% risk per day. Therefore, I adjust my lot size to correspond to this target. The target is usually achieved by 3-5 trades per day with each trade giving me 10-15 pips. Some rare days when I was brave and felt that I had an AAA trade I was able to finish the day with just one quick trade. 98% of my trades achieved target before 30 min and most of those before 15-20 min. When I first started using the Dance my account allowed 0.1 lot for the 3% risk. Now I operate...
Thank you Kostas.
This is very helpful to me. I wish you all the best in your trading and life.
God bless
  • #99
  • May 16, 2010 6:09pm May 16, 2010 6:09pm
Hi All,

Anyone having trouble with the chat? I try to log in and it says I am not recognized as a member. Has the chat been closed or have I been removed for some unknown reason?
Thanks.

pipsacker
  • #100
  • May 17, 2010 12:42am May 17, 2010 12:42am
I also can't log in
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