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CHOROS System

  • #581
  • Jun 3, 2010 5:08am Jun 3, 2010 5:08am
Quoting kostas1
Simmo,
All you had to look to avoid that trade was the strong bullish M15 action which blew threw the 10 and then crossed both 10 and 35. The first red bar was a breather so you could have taken a long at the touch of the 35 for 20 or more pips.
Kostas
I'm obviously looking far too deeply into this
  • #582
  • Jun 3, 2010 5:11am Jun 3, 2010 5:11am
Quoting leemonk
Kostas,

A question for you:

In the chart.
If this answers you question, I got +12p out of that. I was in a little earlier before that M5 bar formed right on the touch of the M15 50.

Kostas
  • #583
  • Jun 3, 2010 5:18am Jun 3, 2010 5:18am
Don't trade now.....
Attached Image
  • #584
  • Jun 3, 2010 5:19am Jun 3, 2010 5:19am
Quoting kostas1
If this answers you question, I got +12p out of that. I was in a little earlier before that M5 bar formed right on the touch of the M15 50.

Kostas
Interesting. What made you take the touch rather than wait for confirmaiton? Which I understood you did most of the time?

Lee
  • #585
  • Jun 3, 2010 5:22am Jun 3, 2010 5:22am
Quoting leemonk
Interesting. What made you take the touch rather than wait for confirmaiton? Which I understood you did most of the time?

Lee
Look at the M1 bar GMT 8:03 (nice pinbar right on M15 50) that I thought I can milk for 10p).
  • #586
  • Jun 3, 2010 5:23am Jun 3, 2010 5:23am
for the constrainment and confluence trading .. do i need confirmation to enter. if yes what kind of confirmation to look for?

and for touch trade... i know it does not need confirmation but when it occurs how do you tell that it's a touch trade and not a breakout or trend reversal. (for example in a bull trend, then one candle is touching 35ma, it will look like double top lower close when it happens, then when you realize that it's a touch trade it's 2 late to enter.)

thank you.
  • #587
  • Jun 3, 2010 5:27am Jun 3, 2010 5:27am
Quoting kostas1
Look at the M1 bar GMT 8:03 (nice pinbar right on M15 50) that I thought I can milk for 10p).
Ah, okay. I have dropped the 1minute chart.

I think by adding that and the 5minute and the pivots, I was making life tough for myself!
  • #588
  • Jun 3, 2010 5:28am Jun 3, 2010 5:28am
Quoting iCarumba
for the constrainment and confluence trading .. do i need confirmation to enter. if yes what kind of confirmation to look for?

and for touch trade... i know it does not need confirmation but when it occurs how do you tell that it's a touch trade and not a breakout or trend reversal. (for example in a bull trend, then one candle is touching 35ma, it will look like double top lower close when it happens, then when you realize that it's a touch trade it's 2 late to enter.)

thank you.
Do you mean constrainment WITH confluence or are you asking two different questions?
  • #589
  • Jun 3, 2010 5:30am Jun 3, 2010 5:30am
Quoting iCarumba
for the constrainment and confluence trading .. do i need confirmation to enter. if yes what kind of confirmation to look for?

and for touch trade... i know it does not need confirmation but when it occurs how do you tell that it's a touch trade and not a breakout or trend reversal. (for example in a bull trend, then one candle is touching 35ma, it will look like double top lower close when it happens, then when you realize that it's a touch trade it's 2 late to enter.)

thank you.
Constrainment:
These give you plenty of opportunities to enter with a small SL. Usually a good price action M5 will do it for me. But the signal comes from the M15 constrainment.

Confluence:
Two possibilities here:
a) Looking at M1 the price touches and shoots directly on the right direction. These happen but most of the times b) happens
b) Headfake move. Look at my previous posts about this (#354 ). It was also reposted by Lee some pages ago.

Kostas
  • #590
  • Jun 3, 2010 5:37am Jun 3, 2010 5:37am
Actually, looking at this lovely porcupine on GU M15 it almost feels like constrainment from the M15 10. I will not trade it yet but watching closely...
  • #591
  • Jun 3, 2010 5:44am Jun 3, 2010 5:44am
Snap.... that's what I am thinking, but with only 15minutes to go on the 1hr candle, that looks like a strong double bottom!

I don't think I'd trade against that. I just wish it would go one way or the other!

Lee
  • #592
  • Jun 3, 2010 5:46am Jun 3, 2010 5:46am
Quoting leemonk
Snap.... that's what I am thinking, but with only 15minutes to go on the 1hr candle, that looks like a strong double bottom!

I don't think I'd trade against that. I just wish it would go one way or the other!

Lee
Good point Lee.
  • #593
  • Jun 3, 2010 6:04am Jun 3, 2010 6:04am
Simmo,

If you are watching the charts now. See how the double bottom on the previous two 1hr candles formed?

ALso, see how it represents itself on the 15minute chart. They are actualy around 4/5 candles apart (the two lows). So you can see how having a few candles inbetween is not a major issue.

Lee
  • #594
  • Jun 3, 2010 7:27am Jun 3, 2010 7:27am
okay..... I am bored..... this is the first time I have been bored when learning FX.

I think the market wore itself out over the last two days!
  • #595
  • Jun 3, 2010 7:34am Jun 3, 2010 7:34am
It's not just me then it's really difficult to see the trades.
Must be NFP coming up.
  • #596
  • Jun 3, 2010 8:01am Jun 3, 2010 8:01am
Quoting leemonk
ps.... I am loving looking at an almost empty chart, suddenly things seem to much clearer! Let's see how long it takes for me to fill it up with stuff I do nto need again!
Always good to "clean house" every once in a while. It's always amazing how over time, you tend to add one of "these" and one of "those" so that eventually, you've got so much stuff on your chart you can't tell what's going on.

It appears that most of the time, the problem is US, not the charts!

Hiram
  • #597
  • Jun 3, 2010 8:13am Jun 3, 2010 8:13am
Quoting leemonk
I am not sure if Clay removed the question from the new version of the manual, but there is a douple top/bottom in the manual examples that is not highlighted. Can you/anyone spot it?
Attached Image


Do I win a prize or something?

Hiram
  • #598
  • Jun 3, 2010 8:54am Jun 3, 2010 8:54am
Good spot. BUT, the normal definition of a doubtle top or bottom is at the top double top) of bottom (double bottom) of a move.

Good spot nonetheless, but there is a clearer one in there!
  • #599
  • Jun 3, 2010 9:27am Jun 3, 2010 9:27am
Quoting leemonk
Good spot. BUT, the normal definition of a doubtle top or bottom is at the top double top) of bottom (double bottom) of a move.

Good spot nonetheless, but there is a clearer one in there!
Attached Image


OK, then maybe I'm confused. Are you talking about the "clearer one" being the one I've identified as "Double Top" in the 6th frame? That does appear to be at the top of a move although you can't really tell since we don't know if the previous candle is above or below the first one shown.

How does the one I first identified ("Unmarked Double Bottom") differ from Clay's double bottoms in the last frame (frame 12) where more than one double bottom is circled (actually, a double followed by a triple)?

I understand (I think) your assertion that by definition, double tops or bottoms are at the top and bottom of a price move. However, you really don't know whether that price move will continue for several more bars or just one or two.

Is there some other confirmation signal that I'm missing? For example, should the second candle of a double top close lower than the previous candle in order to validate the double top?

Comments appreciated.

Hiram
  • #600
  • Jun 3, 2010 9:29am Jun 3, 2010 9:29am
It was the one in the sixth frame.

The initial one you pointed out differs from Clays one because, AT THE TIME, Clays one was the bottom of the move.

The one you pointed out occured after a bottom move.

See?

Lee
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