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CHOROS System

  • #341
  • May 27, 2010 2:54am May 27, 2010 2:54am
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).
Kostas,
With the M5 pin bar is your entry typically the break of that setup bar or the close of it ?
  • #342
  • May 27, 2010 3:02am May 27, 2010 3:02am
Quoting bluemaster
Kostas,
With the M5 pin bar is your entry typically the break of that setup bar or the close of it ?
I am guessing here, but I would imagine he took one of the three doji.

Doji at the top of the move are good reversal signals - you just need the patience of a saint to wait for them
Attached Image (click to enlarge)
Click to Enlarge Name: tradepicentry.jpg Size: 48 KB
  • #343
  • May 27, 2010 3:05am May 27, 2010 3:05am
Kostas,

Just in response to your point yesterday about looking at the CHF/JPY, I don't want to influence you and take you away from what you are doing, which is ALWAYS a danger in forums, but I just checked and 3/4 of my account growth trades come from this pair.

Lee
  • #344
  • May 27, 2010 3:12am May 27, 2010 3:12am
Quoting leemonk
I am guessing here, but I would imagine he took one of the three doji.

Doji at the top of the move are good reversal signals - you just need the patience of a saint to wait for them
Lee,
Thanks , Ive done a lot of work with an earlier system that looks at reversal set ups based on bar formation E.G., pin bar, fakeout , or Insidebar all give a good heads up, but Im interested to know if Kostas then looks to the break of that setup bar or the close of it as the entry ?
Tim
  • #345
  • May 27, 2010 3:18am May 27, 2010 3:18am
Hey,

No worries. I am sure Kostas will reply when he gets a chance. He trades from work, so he is not always around.

Lee
  • #346
  • May 27, 2010 3:25am May 27, 2010 3:25am
Quoting leemonk
I am guessing here, but I would imagine he took one of the three doji.

Doji at the top of the move are good reversal signals - you just need the patience of a saint to wait for them
This is the bar I took. I waited for a good M5 bar (the pinbar) then waited a couple of minutes to retrace some of the pinbar. Most times big pinbars are retraced a bit, so I waited to get a better price (the risk is that the pinbar breaks right away and you loose your chance to get in at a good price). My exit was around 15.5 pips at the Daily R2 pivot. For Daily and H4 bounces wait for a good M5 signal since most times price will spend a little bit of time there and not react as quickly as the M15 bounces.

Kostas.
Attached Image (click to enlarge)
Click to Enlarge Name: gu4.JPG Size: 75 KB
  • #347
  • May 27, 2010 3:28am May 27, 2010 3:28am
Possible nice long at GU confluence (H1 10, M15 35/50, Daily R1, close to RN).....
  • #348
  • May 27, 2010 3:32am May 27, 2010 3:32am
Quoting kostas1
This is the bar I took. I waited for a good M5 bar (the pinbar) then waited a couple of minutes to retrace some of the pinbar. Most times big pinbars are retraced a bit,

Kostas.
Kostas, Thanks for the clarification, Im very interested to see how different traders manage entries, so if you have time any information is always appreciated
Tim
  • #349
  • May 27, 2010 3:36am May 27, 2010 3:36am
Quoting kostas1
Possible nice long at GU confluence (H1 10, M15 35/50, Daily R1, close to RN).....
Yup.... waiting for this one.

Just missed the exact same trade on the CHF/JPY though
  • #350
  • May 27, 2010 3:36am May 27, 2010 3:36am
Quoting kostas1
This is the bar I took. I waited for a good M5 bar (the pinbar) then waited a couple of minutes to retrace some of the pinbar. Most times big pinbars are retraced a bit, so I waited to get a better price (the risk is that the pinbar breaks right away and you loose your chance to get in at a good price). My exit was around 15.5 pips at the Daily R2 pivot. For Daily and H4 bounces wait for a good M5 signal since most times price will spend a little bit of time there and not react as quickly as the M15 bounces.

Kostas.
Interesting, I didnt realise you had gone that late! good move!
  • #351
  • May 27, 2010 3:43am May 27, 2010 3:43am
Kostas,

Out of interest, how many trades do you think you miss because you wait for good PA on the 5 minute?

Lee

*edit*

Also, would you consider that trade a daily bounce or a simple (nothing simple about it) trade? I ask because at the time of your entry, you were quite a way past the 10ema.
  • #352
  • May 27, 2010 3:50am May 27, 2010 3:50am
Quoting leemonk
Kostas,

Out of interest, how many trades do you think you miss because you wait for good PA on the 5 minute?

Lee
Haven't counted them but they do happen. On the other hand, being patient helps avoid some head-fakes and increases winning%. You just have to fight the urge to get in right away.
It's probably time that I talked about M1 head-fakes. Let's imagine price coming from above to touch 35/50 on M15 (which means you are going to go long). Many time the price will touch, then go up (gets you in the trade), but then quickly reverses (head-fake) and overshoots the 35/50 by 10-12 pips (and takes out small SLs and stops you out). It then quickly goes back up in the right direction. All this can be observed in the M1 TF and what I normally do is wait for the second touch-overshoot to get in. This means that I miss some opportunities when the price directly shoots up but gives me higher probability trades.

Kostas.
  • #353
  • May 27, 2010 4:06am May 27, 2010 4:06am
Quoting kostas1
Haven't counted them but they do happen....
Great post!

Exactly what I was looking for.

I am very much a 'touch' trader, which I think is fine if you are looking for tons of pips, but doesn't seem to make much sense if you are looking for a few (30) pips and solid entries.

How do you setup your platform? for example.... as I post my charts, that is what my platform is setup to see. I have the 5,15,1hr,D open.

Lee
  • #354
  • May 27, 2010 4:10am May 27, 2010 4:10am
Quoting leemonk
Great post!

Exactly what I was looking for.

I am very much a 'touch' trader, which I think is fine if you are looking for tons of pips, but doesn't seem to make much sense if you are looking for a few (30) pips and solid entries.

How do you setup your platform? for example.... as I post my charts, that is what my platform is setup to see. I have the 5,15,1hr,D open.

Lee
I am glad that this makes sense.
My platform has always H1, M15, M5, M1. Periodically I switch the TF of the H1 chart to H4 and Daily to observe price when it is close to MAs from higher TFs.
  • #355
  • May 27, 2010 4:15am May 27, 2010 4:15am
The GU 35/50 touch mentioned earlier, didn't happen. What did happen is the H1 EMA10 touch but it showed only after the price moved 50 pips higher. So tough luck on this one.....
I was tempted though to get long on the double M5 bottom at the RN but since I have made my daily pips quota I was skeptical (the 35/50 M15 was also lurking below). So instead of feeling for missing the trade, I learned to feel with my choice.
  • #356
  • May 27, 2010 4:35am May 27, 2010 4:35am
Quoting kostas1
The GU 35/50 touch mentioned earlier, didn't happen. What did happen is the H1 EMA10 touch but it showed only after the price moved 50 pips higher. So tough luck on this one.....
I was tempted though to get long on the double M5 bottom at the RN but since I have made my daily pips quota I was skeptical (the 35/50 M15 was also lurking below). So instead of feeling ..............


Kind of ephasises my point.... by waiting you miss some good ones. BUT and this is MASSIVE but, as you pointed out, your % success increases and to be honest, that is ALL I am really interested in presently.

Sure.... someday down the line, I might go for more pips, but 30 pips per day nets me around 3% growth..... I'll take that thanks very much
  • #357
  • May 27, 2010 9:11am May 27, 2010 9:11am
OK, here's my first attempt at posting trades (hope the images show up):

First, the winner. I got in the GPBUSD at the top of the retrace when it touched the 35 at 1.4501. Prices then shot down to my TP at 1.4454. Prices continued to go down but I was happy with 53 pips in my pocket.
Attached Image


Next, the loser - and a lesson for others. Prices on the USDCAN spiked up out of a confluence area to touch the 50. It would have been a perfect entry but I missed it. Sure enough, prices immediately began to retrace. I felt an opportunity slipping away and started chasing it. I got in at 1.0561 - basically at the end of the retrace (what was I thinking!!). Prices continued down just enough to cover the spread before rebounding back up to take out my 15 pip SL.

Lesson Learned: once the "train" has left the station, don't go running down the tracks chasing after it. You'll get run over when it decides to reverse direction.

Attached Image


Hiram
  • #358
  • May 27, 2010 10:02am May 27, 2010 10:02am
Hey Hiram,

Good trade and a good lesson in there....... chasing trades is a killer. I've not been trading long but I have taken enough of them to know it's a good way to ruin a day

If you don't mind, can I ask that you post all the timeframes you are using, like I do. There are many reasons but if we have all the timeframes to look at it's much much easier for us all to help eachother. It's very hard for others to learn from others posts when there is only one chart showing....... and you never know, today's pupil could be tomorrows teacher! We all see different things and we all pick up on different things.

The more we show in out trades the more feedback we get/give!

There will always be reasons why I trade was good or why it was bad and you can not always tell that purely from the 15minute chart. Posting them will also make YOU look at them more.

I think I created a post in this thread on how to do that.

Also, your pictures do not enlarge, but I don't know why.

On the trades, was the CAD move from news?

What sort of money management and trade management are you using? ie, what risk, lot size and when do you close out trades, partial or full?

Lee

*edit*

Jeez, this sounds like I am giving you a hard time, which is not the way it's meant to sound, so please don't be put off. When you are typing on your charts, try and put it in a spot where it doesnt cover any candles. Your first chart was perfect, the second blocks a lot of stuff.

Try to post them realtime or at least take a shot AT your entry point. This way, we can all also see how and when you went in.
  • #359
  • May 27, 2010 10:40am May 27, 2010 10:40am
Anyone know why the pivot points on my 1M charts are different to my other charts?
  • #360
  • May 27, 2010 10:44am May 27, 2010 10:44am
Quoting leemonk
Also, your pictures do not enlarge, but I don't know why.
Yeah, I was going to ask you about that. I'm not sure why they don't enlarge either.

I read your thread on posting before I did it in order to make sure I was doing it right. I used a different program to capture the screen shots but saved them as jpg files. I then replied to a message and used the Attachments option in order to upload the files. I then typed in the commentary. When I wanted to insert an image, I selected the down arrow next to the Attachments button and selected Insert.

Is there something else I was supposed to select?

No problem with your other comments. I figure we're all in "learning mode" so any advice is appreciated. I'll try to comply in the future. However, it's difficult for me to make screen shots in real time without losing sight of the actual trade!

Hiram
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