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CHOROS System

  • #321
  • May 26, 2010 8:50am May 26, 2010 8:50am
Hmmm...thanks for the links to the News indicators, but I can't seem to get them to work? I'm sure it's me, but has anybody else been able to get these to display?
  • #322
  • May 26, 2010 8:56am May 26, 2010 8:56am
Hey Lee,

I've been watching the CHF/JPY this morning (U.S. PDT) and price has really been respecting the MA's on the 1 HR chart. I was watching the trade you just posted above and was going to ask a question about what to do if price "retested" the 50, but like you said, price blew through it the 2nd time and then bounced very nicely right off of the 35. I didn't enter any trades because I have an appointment, but really nice to watch to watch the action this morning!
  • #323
  • May 26, 2010 9:11am May 26, 2010 9:11am
Hey,

I am not sure that I was clear with the description of my intial trade, at least it seems that way after your response... or 'I' may be reading that wrongly.

I posted a chart to explain where it failed..... though, it's not really an explanation as I haven't looked at 'why' yet, just showing it!

But yeah...... I really like the way it responds. I don't know why, but to me it 'seems' a little better at this than the EJ, which is shame as this is a pip higher spread..... not the end of the world, but at this stage I can use all the edge I can get, and that doesn't help!

I have just closed that last trade out, so I will re-post in the original.

Just re-read your post again.... for the 5th time! I am not to sure on what to do with retests. It seems to have happened a reasonable amount over the last few days too.
Attached Image (click to enlarge)
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  • #324
  • May 26, 2010 10:05am May 26, 2010 10:05am
Hey Lee,

No, I think you explained your trade well...I think I asked my question in a confusing way. I was just curious if you've noticed when the price retests the 35 or 50 if it normally bounces again or breaks it? I was just curious because the first touch of the 50 it bounced, then retested with a slight bounce, then retested again and then fell through to the 35 pretty quickly. Probably a silly question since price will do what it wants to do! :-)
  • #325
  • May 26, 2010 10:21am May 26, 2010 10:21am
Quoting hiramp
However, a word of warning that I'm sure the others on this thread will agree with: the more "stuff" you put on your chart, the more likely you'll get distracted from watching what's really important -- the action of prices around S/R, MA's, and RN's.

Hiram
SMcGuire45,
I will underscore what Hiram said above. Do NOT put more info on your charts. Keep them simple. First thing in the morning is to watch the Calendar on ForexFactory and then you know when important announcements are due for your currency.

Kostas
  • #326
  • May 26, 2010 10:23am May 26, 2010 10:23am
Quoting leemonk
Took this trade just now.

At the time of typing this the PA on the 5minute was looking healthy with a nice hangman followed by a nice bull candle, however, it seems the 5minute 10ema has dragged the price down.
Lee,
Nice trade here. You tempt me to look at this currency when I get more time.

Kostas
  • #327
  • May 26, 2010 10:26am May 26, 2010 10:26am
Quoting kostas1
Lee,
Nice trade here. You tempt me to look at this currency when I get more time.

Kostas

Cool...... does that mean I get a commission?
  • #328
  • May 26, 2010 10:32am May 26, 2010 10:32am
Quoting leemonk
Cool...... does that mean I get a commission?
I think you deserve that for being a busy bee in this thread....
  • #329
  • May 26, 2010 1:40pm May 26, 2010 1:40pm
Quoting SMcGuire45
Hmmm...thanks for the links to the News indicators, but I can't seem to get them to work? I'm sure it's me, but has anybody else been able to get these to display?
The FIRST thing to try is to close MT4 and then re-start it again and see if your indicator now works. If it doesn't, you usually have to compile it before it will work. In other words:

1. Copy the indicator(s) to the experts > indicators directory.
2. Press F4 (or Tools > Language Editor on the top menu) to access the Editor
3. In the Editor, find the indicator on the list on the right and double click. It should open and display the code.
4. Press F5 (or File > Compile from the top menu). The code should compile and should see a "0 error(s), 0 warning(s)" in the Error message box at the bottom.
5. Close (exit) the Editor and you should be back in your chart screen. Now try to reapply the indicator to your chart and see if it works.

Hope this helps.

Hiram

PS: also try changing your chart's background color using Properties. Some indicators assume that you'll be using the default black background and are set to display using white text. I like a chart with a white background so an indicator with white text won't appear to be working (ie: won't show up) unless I change the background to a darker color.
  • #330
  • May 26, 2010 1:50pm May 26, 2010 1:50pm
Quoting kostas1
Based on my previous post I got +15p from the following confluence bounce:
1) M15 EMA 10
2) already bounced from H1 10
3) bounced from M5 35/50
4) round number and good price action at M5

Done trading for today (+34p)

Kostas
Hi Kostas,

Would you mind posting the pivot indicator shown in your screenshots here please? Thanks
  • #331
  • May 26, 2010 9:46pm May 26, 2010 9:46pm
If anyone is watching currently. Keep an eye on the daily 10ema - GU

We might not get there, but we have just had a great run at it.
  • #332
  • May 26, 2010 10:04pm May 26, 2010 10:04pm
Took this trade. Information is in the chart.

At the time of posting this I have already been stopped out. It was tight to start with but price has moved against me.

Will try to establish why that is. Please feel free to comment on the chart.

Lee
Attached Image (click to enlarge)
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  • #333
  • Edited May 27, 2010 12:12am May 26, 2010 10:22pm | Edited May 27, 2010 12:12am
I took this trade.... as usual, it was on teh CHF/JPY..... ie my laptop, so no info in the pic.

I had tried for a bounce on the 15 minute 10ema, which I felt had confluence on the MS1. It did not work. Price moved through it fairly easily.

However, it then hit the 1hr 35/50 which I took.

At the time of posting this my first TP kicked in at 15 pips, I then closed the other out for 15 pips also and I have moved the final part to BE which is currently below the 15min 10ema and the MS1..... ie the thing that didn't work before!!!

I am getting a little frustrated. I am taking trades that go my way, but it's taking me two attempts to get there. The first trade doesn't seem to be working, but the second one is nearly always doing well..... perhaps I need to wait for better setups.....

Let's see where this goes.

*EDIT*

Final TP of 50 pips was hit.

So that was 15/16/50 = 27 pips in total.
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  • #334
  • May 26, 2010 10:23pm May 26, 2010 10:23pm
Quoting leemonk
Took this trade. Information is in the chart.

At the time of posting this I have already been stopped out. It was tight to start with but price has moved against me.

Will try to establish why that is. Please feel free to comment on the chart.

Lee
Took also a long at the bounce of the M5 10 because it was a strong long move before and in these cases the M5 10 provides support. It was also a confluence with Daily R1 pivot. Total +16 pips.

Kostas

P.S. I agree with Lee that the Daily EMA 10 will be a nice short for several pips.
Attached Image (click to enlarge)
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  • #335
  • May 26, 2010 10:26pm May 26, 2010 10:26pm
Quoting Ultimatus
Hi Kostas,

Would you mind posting the pivot indicator shown in your screenshots here please? Thanks
Sure, here it is :nerd:
Attached File(s)
File Type: mq4 AutoPivotIndicator_ver5.mq4   30 KB | 764 downloads
  • #336
  • Edited 11:09pm May 26, 2010 10:54pm | Edited 11:09pm
Hi,

Been busy this morning.... which I don't know is good or bad.

Took another GU. 15 minute 10ema bounce with a tight stop.

Comments on chart.

At the time of posting this my first TP of 15 pips has been hit and I have just closed off another part for 27 pips. I have moved to BE+5

I will post another chart soon.

I still have the final part of the C/J trade running too, which is nice.

Closed final part of GU:

Gains: 15/24/55 + 31 pips.
Attached Image(s) (click to enlarge)
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  • #337
  • Edited May 27, 2010 12:14am May 26, 2010 11:15pm | Edited May 27, 2010 12:14am
Hey.

New trade. Daily 10ema touch with confluence around the RN. Chart below.

*EDIT*

GOt stopped out

Looking at all those wicks on the Daily, I think the idea of a BIG bounce off the 10 was probably not the best. If my entry was much better then there was still around 20 or so pips available. But this was a new trade to me!

Let's see if it turns into support.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: tradepicclose.jpg Size: 156 KB
  • #338
  • Edited 12:47am May 27, 2010 12:35am | Edited 12:47am
Another C/J Trade.

Price broke through the 15minut 10 ema. I was fairly confident that it would not bounce because of the Doji which formed at the top of the move and at Yesterdays high.

I took the entry on the retest of teh 15m 10ema after it had broken through. This area also had confluence of the 5m 35.

The down side to this, but I was aware of it, is that price stopped dead on the R1 which also had confluence on the 5m 50.

I think price will drop to the D 10 or the 15m 35/50 confluence. I will change my TP's around once the first one has been hit (15pips), assuming it gets hit.

*EDIT*

Infact, look at the 1hr chart and the 15m chart. See how much confluence there is around the 1hr 35/50/62!!!! This looks to be a very interesting area. I may just book some profit now and see what happens on the way down.

**EDIT**

Closed all parts of the trade out for 14/14/15 pips. Price was stumbling around the thick black and had retraced, it seemed it had a final drop and I took that.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: dance-close.JPG Size: 156 KB
  • #339
  • May 27, 2010 12:44am May 27, 2010 12:44am
Quoting leemonk
Another C/J Trade.

Lee,
At post #338 you had +31 pips. I would have stopped right there for the day (unless you are practicing on a Demo).

Kostas

P.S. For the Daily EMA10 bounce on GU I waited for a good M5 bar and took my 15 pips (look at M5 bar GMT 7:10, a nice pinbar).
  • #340
  • May 27, 2010 12:54am May 27, 2010 12:54am
Quoting kostas1
Lee,
At post #338 you had +31 pips. I would have stopped right there for the day (unless you are practicing on a Demo).

Kostas

P.S. For the Daily EMA10 bounce on GU I waited for a good M5 bar and took my 15 pips (look at M5 bar GMT 7:10, a nice pinbar).

Hey Kostas,

Yeah.... thought you might have done WAY better than me on that Daily!!!

I have rarely traded the daily chart and was expecting a big push, which may or may not be the way it works.

In relation to the above trade at 31 pips....... I have sustained losses today..... to many trades I think.

I am 'around' 30 pips now and at 5% account growth.

I AM on demo. I will not trade live for another few weeks and when I do, it will be very small. I hope that doesn't dissapoint anyone here.... thinking that my taking trades lightly as I am on demo. I can't rightly say, that that is not the case as I have never traded a live account.

If it is okay Kostas, when you get time, I might ask you to talk a little more about your 5minute trading. This is s weakness of mine that I REALLY want to improve on.

I was with someone that taught me a lot about trading yesterday and your techniques are similar in relation to the smaller timeframes. She nearly always waits for PA candle confirmation..... just like you. I tend not to, which means I might get more pips per trade, but it also means I lose more when I fire to early!

Regards

Lee

ps.... If you are watching the CHF/JPY look at the 15 minute confluence of the following:

15m: MR1, RN, 35 50
1hr 35/62 50.

If price can move up a little and then a retrace takes place, it could be a good entry point.
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