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CHOROS System

  • #981
  • Jul 6, 2010 11:00am Jul 6, 2010 11:00am
Quoting kostas1
Tempting and it might turn out OK, but in a few pips there will be the RN and Daily R1 pivot. Keep a small SL and get out if it reverses.
Kostas,

This is an interesting point you raise here, which ties in nicely with something that I have been observing over the last few weeks or so.

I find that in the trade mentioned above, if price bounces of the 15 minute 35/50MA's AND the 10 has started to turn a lot (as in this case), then it's worth taking profit at the touch of the 10.

It may pass through, but I have found, more often than not, it will come back at me, make me nervous and I will close out the trade for virtualy nothing.

Just my observations!


ps. I think his was the GU, I htink you may be looking at the EJ

Lee
  • #982
  • Jul 6, 2010 11:01am Jul 6, 2010 11:01am
Yea I saw the H1 candle touch as well.

Out with a 6 pip loss on that one. I know I need a break now as I'm beginning to doubt the method.

See you all tommorow!

  • #983
  • Jul 6, 2010 11:07am Jul 6, 2010 11:07am
Quoting Ultimatus
Yea I saw the H1 candle touch as well.

Out with a 6 pip loss on that one. I know I need a break now as I'm beginning to doubt the method.

See you all tommorow!

6pips? why so small? If you had waited for the touch, it may have actualy been just enough.
  • #984
  • Jul 6, 2010 11:16am Jul 6, 2010 11:16am
I closed the trade as it wasn't looking healthy, looks like a made a good call now.

I see what you mean now about the H1 candle, it had ALREADY touched the 10 EMA once, so was on the way back down again and likely to retrace, is this what you meant?

Looking quite bearish now on G/U, look at the H4 candle.
  • #985
  • Jul 6, 2010 11:18am Jul 6, 2010 11:18am
Quoting Ultimatus
Yea I saw the H1 candle touch as well.

Out with a 6 pip loss on that one. I know I need a break now as I'm beginning to doubt the method.

See you all tommorow!

In general, when you are setting up for a trade, don't just look for the entry but think about your exit. If your trade will move towards a close RN, daily pivot or higher TF MAs then think twice or keep a small SL and take a quick profit.
  • #986
  • Jul 6, 2010 11:24am Jul 6, 2010 11:24am
Quoting Ultimatus
I closed the trade as it wasn't looking healthy, looks like a made a good call now.

I see what you mean now about the H1 candle, it had ALREADY touched the 10 EMA once, so was on the way back down again and likely to retrace, is this what you meant?

Looking quite bearish now on G/U, look at the H4 candle.

No...... I meant it was probably a trade I would have taken, though I would have kept a serious eye on the 10coming at me along with the R1 that it was at!

THis is what I meant in my recent post. Price seems to always bounce against the 10, whether it comes back or goes on, it always seems to bounce. The problem 'I' have, is that when it comes back at me, I get nervous and close and then sods law..... it moves off again.

The trade to took, was 'scooped' (in the manual) by the 10 and its just something to always be aware of.

Scripts are good for entering trades, but sometimes they can 'blind' you a little to whats actualy happening.

Like Kostas said, if you are unsure, take your pips....... there will ALWAYS be another round the corner.

In hindsight..... my it's a valuable thing. If you look at the two red bars and then look at the bar before, thats a big pin followed by a spinning top.
  • #987
  • Jul 6, 2010 11:46am Jul 6, 2010 11:46am
I have come up with a little check list to check before entering a trade, see what you think, is there anything else to add? I am trying to take as much as the guesswork out of this as I can.

Hopefully this will help others too.

•‘2 bar rule' met? (for 10EMA touch trade)
•Are the MAs at least 45 degree angle? (for touch trade)
•Are the MAs close together (for touch trade)
•Do you have higher timeframe confirmation?
•Has the price moved at least 15 pips before the retrace?
•Is the path ahead clear of Round Numbers/Pivot Points/Higher Timeframe MAs?
•Do you have enough confluence?
•Do you have M5 and M1 PA?
•Correct time of day?
  • #988
  • Jul 6, 2010 11:51am Jul 6, 2010 11:51am
Quoting Ultimatus
I have come up with a little check list to check before entering a trade, see what you think, is there anything else to add? I am trying to take as much as the guesswork out of this as I can.

Hopefully this will help others too.

•...
I would make 2 of these, one for touch trades, one for bounce.
  • #989
  • Jul 6, 2010 12:28pm Jul 6, 2010 12:28pm
Quoting Ultimatus
I have come up with a little check list to check before entering a trade, see what you think, is there anything else to add? I am trying to take as much as the guesswork out of this as I can.

Hopefully this will help others too.

•...

........ and you plan on taking a trade at anytime?

The last one would worry me a little. If you run pivots, then there is always going to be 'something' in the way.

It's just if you are confident price will go through it OR it presents enough pips for profit.
  • #990
  • Jul 6, 2010 1:40pm Jul 6, 2010 1:40pm
Kostas, by a bounce trade do you mean bounce off a round number?

Lee, yea I guess I worded that one wrong, what I meant was "is there enough room for pips before something gets in the way" - basically is the RR worth taking.


Quoting ThemBonez
I have found combining the CHOROS system with Robert Miner's High Probability Trading Strategies to be a flawless system. Miner's strategy has a learning curve and takes some studying, but is well worth it.
ThemBonez, I'd be interested to hear how you incorporate this system with The Dance/Choros. Do you use an oscillator on H1 and M15 then only go long when H1 momentum is bullish and M15 is turning bearish turning bullish? (and vica versa for shorts). I read the book a while back but never used the strategy, just had a skim over it again to remind myself.

Cheers,

Ed
  • #991
  • Jul 7, 2010 1:15am Jul 7, 2010 1:15am
Quoting Ultimatus
Kostas, by a bounce trade do you mean bounce off a round number?

Ed
No, I mean if you want a checklist, make one for regular Dance trades and one for touch trades.
  • #992
  • Jul 7, 2010 2:06am Jul 7, 2010 2:06am
Morning everyone,

I have a screen shot of the EJ which I would like to ask some questions about, any advice is appreciated.

1 - The blue circled area on the 15min chart, is this constrainment? It looks solid to me as the candles (all bar one) are gradually making lower highs as the MA steepens. The only weakness I can see is that it is heading right for the round number, however the hammer on the hourly chart (circled black) which rejected the 35/50ma gave it some confirmation.

2 - After the break downwards, the market has come back up and re-tested the round number. Could a trade be entered here on the 5min spinning top circled red? spinning tops are a weak type of PA however its a very obvious rejection of the 00 level and the 10ema as it failed to close above it. Alternatively a trade could be entered on the next 5min candle which is engulfing, which would be the entry point (if any) for the 5min PA traders out there?

Attached Image (click to enlarge)
Click to Enlarge Name: ej dance.png Size: 49 KB
  • #993
  • Jul 7, 2010 2:12am Jul 7, 2010 2:12am
I have another screen shot here (sorry if I'm bombarding everyone too early in the morning )

Constrainment again on the 15min (according to my definition, feel free to correct me) and a dark-cloud cover PA bar on the 5min chart which rejects all of the MAs.

Opinions please!

Attached Image (click to enlarge)
Click to Enlarge Name: gu 15.png Size: 43 KB
  • #994
  • Jul 7, 2010 2:33am Jul 7, 2010 2:33am
[quote=caj1986;3855883]I have another screen shot here (sorry if I'm bombarding everyone too early in the morning )

Constrainment again on the 15min (according to my definition, feel free to correct me) and a dark-cloud cover PA bar on the 5min chart which rejects all of the MAs.

Opinions please!

Well Caj,
Let me start by saying that this is my first post in here so dont take my word too seriously. I just discovered this thread and the strategy clicks for my brain. I am posting my chart where I think the constrainment is. I hope I get some comments too! It seems to me the 50 ema is constraining or "containing" price.
Michael
Attached Image (click to enlarge)
Click to Enlarge Name: 7 07 gu mi 2010.gif Size: 24 KB
  • #995
  • Jul 7, 2010 2:40am Jul 7, 2010 2:40am
Quoting alllivemind
Let me start by saying that this is my first post in here so dont take my word too seriously. I just discovered this thread and the strategy clicks for my brain. I am posting my chart where I think the constrainment is. I hope I get some comments too! It seems to me the 50 ema is constraining or "containing" price.
Michael
Michael,
Welcome to the thread. The 50ema is indeed constraining the price.

Kostas
  • #996
  • Jul 7, 2010 2:41am Jul 7, 2010 2:41am
Thanks for the post,

I noticed that area you have highlighted, particularly as the 50ema has held very strongly for a while now, the only reason I didn't follow up on that is it was out of my trading hours.
  • #997
  • Jul 7, 2010 2:42am Jul 7, 2010 2:42am
Quoting caj1986

2 - After the break downwards, the market has come back up and re-tested the round number. Could a trade be entered here on the 5min spinning top circled red? spinning tops are a weak type of PA however its a very obvious rejection of the 00 level and the 10ema as it failed to close above it. Alternatively a trade could be entered on the next 5min candle which is engulfing, which would be the entry point (if any) for the 5min PA traders out there?

Attachment
It is a kind of constrainment (although I like smaller bars for that). The M5 entry looks good to me.

Kostas
  • #998
  • Jul 7, 2010 2:43am Jul 7, 2010 2:43am
ALLOW ME TO have the 1th post !!!!!

Congrats to all contributors of this great thread. Let's keep it like this as long as we can.
  • #999
  • Jul 7, 2010 2:56am Jul 7, 2010 2:56am
  • #1,000
  • Jul 7, 2010 2:57am Jul 7, 2010 2:57am
Quoting caj1986
I have another screen shot here (sorry if I'm bombarding everyone too early in the morning )

Constrainment again on the 15min (according to my definition, feel free to correct me) and a dark-cloud cover PA bar on the 5min chart which rejects all of the MAs.

Opinions please!

Attachment
Caj,

It's a bit messy for constrainment and its only the bodies that are being constrained.

Clay did original say, be carefull when looking at 10ema constrainment as its the 35 and 50 that you ideally want.

Lee
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