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CHOROS System

  • #1,001
  • Edited 3:25am Jul 7, 2010 3:01am | Edited 3:25am
guys i see the GU and EU 10 EMA touch.
are they valid trades?
not sure they fit the rules perfectly
but at the time i entered both were 2nd green candles retracing to touch 10 EMA lines


Current Status :
closed half of GU at +10 pips
EU +3
half of GU at +12 and monitoring

edit: closed EU at +10 pips
half of GU at -8 now.

edit: closed remaining GU at +11 pips

@kostas1: should i have moved my stop to BE for 2nd half of GU trade?
I am afraid to get stopped out at BE too easily cos of noise in M15
thats why i leave stop at 15-20 pips
Attached Image (click to enlarge)
Click to Enlarge Name: GU EU entry 7 july 2010.jpg Size: 97 KB
  • #1,002
  • Jul 7, 2010 4:34am Jul 7, 2010 4:34am
Another screen shot here,

Sharp pullback to the 10ema on the 15min chart, with the 5min confirmation in the form of an engulfing candle.

Apologies if people are getting fed up with my mulitple posts this morning! I want to work out if I am understanding the 5min chart for confirmation correctly. Promised myself I wouldn't get back in to 5min charts but it really does seem to help!

Attached Image (click to enlarge)
Click to Enlarge Name: ej.png Size: 37 KB
  • #1,003
  • Jul 7, 2010 5:01am Jul 7, 2010 5:01am
Hi Caj,

Keep up the screen shots, they are good to learn from.

I took this trade for a quick 8 pips.

Ed
  • #1,004
  • Edited 6:19am Jul 7, 2010 5:56am | Edited 6:19am
Currently i'm in this trade. Touch of M15 35, also H1 10 and pivot.

edit: SL hit.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpy_2010-07-07_13_51_o_web.gif Size: 82 KB
Click to Enlarge Name: eurjpy_2010-07-07_14_18_c_web.gif Size: 74 KB
  • #1,005
  • Jul 7, 2010 6:13am Jul 7, 2010 6:13am
Can I get some opinions on this short trade that I just took. EUR/JPY, confluence of the following:

M15 35 EMA touch
H1 10 EMA touch
Monthly pivot

My stop is set 5 pips behind the round number.

Looks like I entered prematurely now!
Attached Image (click to enlarge)
Click to Enlarge Name: screen1.jpg Size: 122 KB
  • #1,006
  • Jul 7, 2010 6:49am Jul 7, 2010 6:49am
10ema touch on EU M15

the only trade i took until now, it took a good time to gain some, and probably should have take 20 pips early, think i was 2 greedy.
Attached Image (click to enlarge)
Click to Enlarge Name: eum15_3.jpg Size: 106 KB
Never whishing, always trading.
  • #1,007
  • Jul 7, 2010 7:30am Jul 7, 2010 7:30am
Well the trade worked out in the end. I took 10 pips on the E/J trade, but in future I will be wary of taking the trade if a round number is close. 110.000 was only 10 pips away and price was determined to head there first before retracing, so something to look out for in future.

I also took 20 pips (albeit with less Oanda 'units') on the G/U trade that looked similar but the angle wasn't as steep.

I exited both by trailing my stop on M1, which I am finding works pretty well, I caught most of the move on those two trades using this method.
  • #1,008
  • Jul 7, 2010 9:43am Jul 7, 2010 9:43am
Quoting messiahua
Currently i'm in this trade. Touch of M15 35, also H1 10 and pivot.

edit: SL hit.
That was a tough one.

If the MA's are split and the RN is not to far behind them, either you need to be very carefull with the entry as you do not know which MA its gunning for OR your SL is behind the RN.

I would have been tearing my hair out at deciding whether to go in on that if I had been at the machine.

Lee
  • #1,009
  • Jul 7, 2010 9:47am Jul 7, 2010 9:47am
Quoting Hova
10ema touch on EU M15

the only trade i took until now, it took a good time to gain some, and probably should have take 20 pips early, think i was 2 greedy.
What did you get?

See all those long lower wicks.......... that tells you something about the price. There was still a downward pressure, but a lot of rejection.

These things can sometimes run for you, but they are also a signal to tell you to be aware.

Lee
  • #1,010
  • Jul 7, 2010 9:51am Jul 7, 2010 9:51am
Yep, I agree. Thanks for comment, Lee. The worst thing is that it eventually went down...
  • #1,011
  • Jul 7, 2010 9:59am Jul 7, 2010 9:59am
Quoting leemonk
What did you get?

See all those long lower wicks.......... that tells you something about the price. There was still a downward pressure, but a lot of rejection.

These things can sometimes run for you, but they are also a signal to tell you to be aware.

Lee

i'm out @ BE, peice moved to +30 where i should have kept my TP but i moved it to the RN ~.~

i think i'll stick for 1:2 RR on 10 ema touch trades, and monitor closely to avoid such a mess like the one today.

someone else took this one ? kostas ?
Never whishing, always trading.
  • #1,012
  • Jul 7, 2010 10:17am Jul 7, 2010 10:17am
Quoting Hova
i'm out @ BE, peice moved to +30 where i should have kept my TP but i moved it to the RN ~.~

i think i'll stick for 1:2 RR on 10 ema touch trades, and monitor closely to avoid such a mess like the one today.

someone else took this one ? kostas ?
I have also just noticed the pin bar before your entry. All those things say that there is upward pressure.

It's any interesting point you make about the risk vs reward, as its something that came up with Clay a while back.

In the original thread, the stops were placed in 'strategic' places.

An example would be the post a few back, where a touch was taken on the 35/50 ma (cant remember which), but it wasn't to far from the RN. Therefore a stop behind the RN might have been the order of the day.

At least, this is what the feedback was in the original thread.

Lee
  • #1,013
  • Edited 2:29pm Jul 7, 2010 1:20pm | Edited 2:29pm
Quoting leemonk
I have also just noticed the pin bar before your entry. All those things say that there is upward pressure.

It's any interesting point you make about the risk vs reward, as its something that came up with Clay a while back.

In the original thread, the stops were placed in 'strategic' places.

An example would be the post a few back, where a touch was taken on the 35/50 ma (cant remember which), but it wasn't to far from the RN. Therefore a stop behind the RN might have been the order of the day.

At least, this is what the feedback was in the...
i noticed that pin too, additionally there was a supply zone touched.
not the best trade i know

i dont trade this thing for too long so i'll stick to 1:2 at first, i will see what will work in time

i attached 2 pics EU & EJ here, i tend to only trade 10 ema "touch" trades and not 35/50 ma ones.
I love it when these 2 are close to each other (not more than 10 pips) and then see Price Action confirming the direction
these 2 pics show todays (at least for me) top trades, too bad i wasnt there when both happened
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ejm15.jpg Size: 99 KB
Click to Enlarge Name: eum15.jpg Size: 98 KB
Never whishing, always trading.
  • #1,014
  • Jul 7, 2010 1:45pm Jul 7, 2010 1:45pm
Quoting Hova
i noticed that pin too, additionally there was a supply zone touched.
not the best trade i know

i dont trade this thing for too long so i'll stick to 1:2 at first, i will see what will work in time

i attached 2 pics EU & EJ here, i tend to only trade 10 ema "touch" trades and not 35/ ma ones.
I love it when these 2 are close to each other (not more than 10 pips) and then see Price Action confirming the direction
these 2 pics show todays (at least for me) top trades, too bad i wasnt there when both happened
Confluence is a very powerful tool with this strategy.

A month or so ago, my minimum entry requirement was 3 areas of confluence...... it didn't "really" matter what those were, I just wanted three.

The exception to this was that I wouldn't really look at the 1hr 10ema and the 15minute 35sma together for example..... they are virtualy the same thing in my book and are normaly close enough together to not be unusual.

But I would look for other MA's together with a RN or a pivot point or something else..... if I saw them, I would take the trade.

I am not sure what happened, but I think I just kept adding things to my charts and suddenly there were more reasons not to take trades than there were reason TO take them.

Anyhows.... my point is, look for confluence, it's not a trade in itself, but for me it is a massive multiplyer. You get it with a 'Dance Trade', well..... you're good to go!!!

LOL..... maybe I should listen to my own advice..... some of the trades I took today were laughable!

Lee
  • #1,015
  • Jul 7, 2010 2:25pm Jul 7, 2010 2:25pm
Quoting leemonk

But I would look for other MA's together with a RN or a pivot point or something else..... if I saw them, I would take the trade.

Lee
just what i said wasn't it ?

i agree on anything you say, confluence is king, like PA is
Never whishing, always trading.
  • #1,016
  • Jul 7, 2010 2:38pm Jul 7, 2010 2:38pm
Quoting Hova
just what i said wasn't it ?

i agree on anything you say, confluence is king, like PA is
Yup,

Though my concerns would be the 10 pip gap between the MA's.

From my perspective, the reason this is okay is becuase it gives a clear area in which you place your SL, ie 5 or so pips behind the further MA.

However, if you take the trade according to the rules, a touch trade should only have around an 11 pip stop. Therefore, if your other MA is 10 pips out and it gets hit, your spread will take you out of the trade.

Now, if these are together, this is entirely different!

I have been trading a very very very very short time and I have NO idea how the dynamics of the market actualy work, but I liken the MA's to pending orders. When price approaches and an MA a pending order is triggered (or millions of them are) and price reacts. Now if you have the 35 and the 50 on top of eachother, the momentum there is stronger than two seperate MA's even at a smaller distance.

Thats MY view on it, which is why I am very cautious on trading the 35 or 50 when they are not on top of eachother OR at the very least, ontop of TWO other things.

The trouble when they are seperated is that the further one often acts as a magnet. So, this then presents you with a few problems.

1. Do you take the first ma and risk it moving to the second. If you do this, do you have a small SL, take the hit and then take another trade or do you have a large SL beyond the second MA and risk it being hit when price moves beyond it, thereby taking a large loss.

2. Do you wait for price to move to the second MA and then perhaps miss it because it doesn't and it moves off from the first.

Point no.2 can be countered by using the 5 minute chart for entry, but despite Kostas' huge success with this, it's not with the 'Cardinal Touch Rule'.

The last thing I want to do is complicate things, because I think this is where I have slowed my self down. But, can you see what I mean?

Lee
  • #1,017
  • Jul 7, 2010 3:38pm Jul 7, 2010 3:38pm
Dont know if you missed it, but as i said i dont even take 35/50 touch trades on their own, i wait for Price Action like that shooting star/pinbar on EJ i'll enter on close (not touch) and place the SL at the high+spread

So there is no guessing wether to wait on a 35 or 50 touch, i just dont like to do these, but thats just me

It's not the original method i know, but thats my take on it , and i totally agree that a touch trade on these 2 higher ma's should only be taken when the are on top of each other

If you look @ EJ 16:15 GMT you'll see an inside bar right in between the 35+50, i would not take this one b/c the ma's dont look as smooth as on
EU 16:00 GMT same situation but look at the ma's

hope i could clear things up

rgds
Never whishing, always trading.
  • #1,018
  • Jul 8, 2010 1:18am Jul 8, 2010 1:18am
Yup..... I missed it, despite reading it twice!

Appologies for that....... still, it ensured a good debate after
  • #1,019
  • Jul 8, 2010 1:29am Jul 8, 2010 1:29am
Quoting leemonk
Yup..... I missed it, despite reading it twice!

Appologies for that....... still, it ensured a good debate after
thats what this board is made for, i hope the discussion here goes on, nice strat !

good pips to all today
Never whishing, always trading.
  • #1,020
  • Jul 8, 2010 2:18am Jul 8, 2010 2:18am
Quoting Hova
thats what this board is made for, i hope the discussion here goes on, nice strat !
I am watching like a HAWK
Both of you guys are good contributors and I knew you can take care of your own tensions, which is why I didn't intervene.
Keep up the good work!

Kostas
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