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CHOROS System

  • #1,021
  • Jul 8, 2010 3:28am Jul 8, 2010 3:28am
Question here for the 5min price action traders (I'm looking at you Kostas)

In the example below, where we get a retrace towards the 10ema within 1 bar on the 15min chart, it doesnt actually quite touch the level but then we get some price action on the 5min chart (dark cloud cover) which corresponds with the 10ema.

Would you enter at this point despite the fact that the 10ema on the 15min chart wasnt hit, as the 5min chart suggests the bounce has already taken place.

Attached Image (click to enlarge)
Click to Enlarge Name: gu.png Size: 50 KB
  • #1,022
  • Jul 8, 2010 4:05am Jul 8, 2010 4:05am
someone traded that touch on GU 08:30 GMT during news ?
Never whishing, always trading.
  • #1,023
  • Jul 8, 2010 5:11am Jul 8, 2010 5:11am
Quoting caj1986
Question here for the 5min price action traders (I'm looking at you Kostas)

In the example below, where we get a retrace towards the 10ema within 1 bar on the 15min chart, it doesnt actually quite touch the level but then we get some price action on the 5min chart (dark cloud cover) which corresponds with the 10ema.

Would you enter at this point despite the fact that the 10ema on the 15min chart wasnt hit, as the 5min chart suggests the bounce has already taken place.

Attachment
I usually do take these trades if the M5 has nice PA as this one. On these cases the SL should be 2-3 pips above the M5 bar in case the trade reverses. Today I am not trading and wait for the news (difficult range in GU the last few days).
  • #1,024
  • Jul 8, 2010 6:42am Jul 8, 2010 6:42am
Hi Kostas,

Based on 15 minute chart touch of 10 MA (I know angle was shallow), constrainment on 5 minute chart (if I see it correctly). Going for 20 pips. Entered based on 123 pattern on 1 minute chart.

Would this have been a trade you would have considered or are in?

Much thanks!

Wally
"Be the change that you wish to see in the world." --Gandhi
  • #1,025
  • Jul 8, 2010 6:57am Jul 8, 2010 6:57am
I took the trade aswell moderately confident we will get 15 then il move 2nd position to BE. If not I have my eye on the 1HR all 3 MAs at 5160 looks like a decent short opportunity.
Im still new with this strat it looks promising
  • #1,026
  • Jul 8, 2010 7:05am Jul 8, 2010 7:05am
MrCBee...

Seemed like a viable trade to me. Be interested to see what Kostas has to say. Will stay out til after news at 8:30.
"Be the change that you wish to see in the world." --Gandhi
  • #1,027
  • Jul 8, 2010 7:06am Jul 8, 2010 7:06am
Quoting MrCBee
I took the trade aswell moderately confident we will get 15 then il move 2nd position to BE. If not I have my eye on the 1HR all 3 MAs at 5160 looks like a decent short opportunity.
Im still new with this strat it looks promising
no 2 bar rule here, and we bounced exactly at a supply level @ 1.5120
Never whishing, always trading.
  • #1,028
  • Jul 8, 2010 7:19am Jul 8, 2010 7:19am
Yep stop out -12, I can see faults now just didnt see them before eg tripple bottom reverse + fair distance from higher MAs.
Still learning.
  • #1,029
  • Edited 10:38am Jul 8, 2010 10:07am | Edited 10:38am
took that 10ema touch on EU 14:00 GMT, killed @ BE because there was no action moving sideways

missed that 35/50 ma touch on GU 12:45 GMT

possible = 60 pips (in my view)
me = 0

have a nice day


edit: attached pic with GU trades today, added trade is 15:00 GMT, too bad i wasnt there on the last one...

the 3rd arrow from the left is a re-enter trade, if you dont take these then it was a 30 pip day
Attached Image (click to enlarge)
Click to Enlarge Name: gum15_4.jpg Size: 99 KB
Never whishing, always trading.
  • #1,030
  • Jul 8, 2010 10:45am Jul 8, 2010 10:45am
Quoting Wally1953
Hi Kostas,

Based on 15 minute chart touch of 10 MA (I know angle was shallow), constrainment on 5 minute chart (if I see it correctly). Going for 20 pips. Entered based on 123 pattern on 1 minute chart.

Would this have been a trade you would have considered or are in?

Much thanks!

Wally
Wally,
Show us a chart.
  • #1,031
  • Jul 8, 2010 10:58am Jul 8, 2010 10:58am
Quoting BlackFly
Hi Kosta, what is the consistancy of the setups you guys trade if you dont mind me asking, also do you have a myfxbook account?

Cheers
BlackFly,
My trades so far give me close to 70% winning percent. Clay told me in private communications that with experience it could go above 80%.
The equity curves that I posted before are from myfxbook (last one at post 656 page 44). But since it is a live account I will not give public access. I will post the curve again when and if I break the 10,000E mark.

Kostas
  • #1,032
  • Jul 8, 2010 11:09am Jul 8, 2010 11:09am
Quoting Hova
took that 10ema touch on EU 14:00 GMT, killed @ BE because there was no action moving sideways

missed that 35/50 ma touch on GU 12:45 GMT

possible = 60 pips (in my view)
me = 0

have a nice day


edit: attached pic with GU trades today, added trade is 15:00 GMT, too bad i wasnt there on the last one...

the 3rd arrow from the left is a re-enter trade, if you dont take these then it was a 30 pip day

nice charts with nice explanation, hova!

hope you will be able to actually take those setups in the near future to make some nice pips!
  • #1,033
  • Jul 8, 2010 2:23pm Jul 8, 2010 2:23pm
Quoting Hova
took that 10ema touch on EU 14:00 GMT, killed @ BE because there was no action moving sideways

missed that 35/50 ma touch on GU 12:45 GMT

possible = 60 pips (in my view)
me = 0

have a nice day


edit: attached pic with GU trades today, added trade is 15:00 GMT, too bad i wasnt there on the last one...

the 3rd arrow from the left is a re-enter trade, if you dont take these then it was a 30 pip day

Thanks for posting that HOVA. You guys are taking these right as they touch the 50 ma right? So please look at my chart. The first oval with the arrow: Is this a losing long trade? Thanks for clarification. I'm using a similar system where I enter on the break of the low.
Michael
Attached Image (click to enlarge)
Click to Enlarge Name: 7 07 gu touch 15 mi 2010.gif Size: 22 KB
  • #1,034
  • Jul 8, 2010 2:35pm Jul 8, 2010 2:35pm
Quoting alllivemind
Thanks for posting that HOVA. You guys are taking these right as they touch the 50 ma right? So please look at my chart. The first oval with the arrow: Is this a losing long trade? Thanks for clarification. I'm using a similar system where I enter on the break of the low.
Michael
if you move your sl quick this would be BE, was +10 and went back, ma's are not on top of each other so no trade for me anyway

second was no trade due to news

3rd was nice, ma's were on top of each other

on the 4th i would wait for the red bar to close, ma's are not on top of each other but close, i'll wait for PA and pull the trigger
Never whishing, always trading.
  • #1,035
  • Jul 8, 2010 2:47pm Jul 8, 2010 2:47pm
Quoting Hova
if you move your sl quick this would be BE, was +10 and went back, ma's are not on top of each other so no trade for me anyway

second was no trade due to news

3rd was nice, ma's were on top of each other

on the 4th i would wait for the red bar to close, ma's are not on top of each other but close, i'll wait for PA and pull the trigger
Thanks Hova,
Does "on top of each other" mean that the MA's were touching or very close?
  • #1,036
  • Jul 8, 2010 2:54pm Jul 8, 2010 2:54pm
Quoting alllivemind
Thanks Hova,
Does "on top of each other" mean that the MA's were touching or very close?
exactly, look @ june 30th 10:15 GMT and july 1st 08:15 GMT, both nice Pinbars, spot these (and other PA Signals) and make money
Never whishing, always trading.
  • #1,037
  • Jul 8, 2010 2:57pm Jul 8, 2010 2:57pm
Quoting Hova
if you move your sl quick this would be BE, was +10 and went back, ma's are not on top of each other so no trade for me anyway

second was no trade due to news

3rd was nice, ma's were on top of each other

on the 4th i would wait for the red bar to close, ma's are not on top of each other but close, i'll wait for PA and pull the trigger
Allivemind,
Just to add to Hova's comments that the flat MAs (as in the first area) are not a good idea to trade.

Kostas
  • #1,038
  • Jul 8, 2010 3:41pm Jul 8, 2010 3:41pm
Quoting kostas1
Allivemind,
Just to add to Hova's comments that the flat MAs (as in the first area) are not a good idea to trade.

Kostas
Thanks Kostas,
That makes sense and mostly answers my question. And you guys just take the trade when it touches, eh? Amazing. I downloaded the 74 page .doc manual,
Thanks again!
@ 3% per day we can be very wealthy in a year or two!
Michael
  • #1,039
  • Jul 8, 2010 3:49pm Jul 8, 2010 3:49pm
Quoting alllivemind
Thanks Kostas,
That makes sense and mostly answers my question. And you guys just take the trade when it touches, eh? Amazing. I downloaded the 74 page .doc manual,
Thanks again!
@ 3% per day we can be very wealthy in a year or two!
Michael
dont get cought up in % or $$$ thinking, altough its not impossible (dont let anyone tell you that) to do, you should not let expectations destroy you
Never whishing, always trading.
  • #1,040
  • Jul 8, 2010 3:58pm Jul 8, 2010 3:58pm
Hi guys,
been reading this thread and the original one along with manual, and being a slow learner, getting it slowly. so far only concentrating on 2bar 10 touches when 10 is above or below 35/50.

in the images below these were basic dance trades, 10>35/50 and 2 bar 10ema touch.

first one is GU, before london open, 2bar 10 touch,and 10angle was > 45, only worry was 35/50 were flat. but at the time of 10 touch, both 35/50 were moving up so i took the trade, sl hit on this one. what conditions i should have looked for to avoid this?.........

second is EJ, same one as above, 2bar 10touch, above 35/50 and 35/50 were at good angle. here also sl hit. it finally got support at 1H 10ema.
I also have 3 good trades as well, so positive for the day, but like to have some insight on these situations.

Any Advice is appreciated.
thanks.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu-08-07-2010-2bar10touch.gif Size: 23 KB
Click to Enlarge Name: ej-08-07-2010-2bar10touch.gif Size: 20 KB
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