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CHOROS System

  • #1,101
  • Jul 14, 2010 6:31am Jul 14, 2010 6:31am
Quoting messiahua
Successful trade this time. Took at the touch of M15 10. This move was worth almost 50 pips, my initial TP was set to 40, but I decided to move it to next RN and trail by the rules and was stopped at the red line on the screenshot.
Nice trade messiahua
  • #1,102
  • Jul 14, 2010 6:34am Jul 14, 2010 6:34am
Quoting messiahua
Successful trade this time. Took at the touch of M15 10. This move was worth almost 50 pips, my initial TP was set to 40, but I decided to move it to next RN and trail by the rules and was stopped at the red line on the screenshot.

no touch on my terminal :/...and only one bar i prefer the exact 2 bar rule
Never whishing, always trading.
  • #1,103
  • Jul 14, 2010 6:46am Jul 14, 2010 6:46am
Quoting Hova
no touch on my terminal :/...and only one bar i prefer the exact 2 bar rule
Hova,
If you look at the M5 at that time you will see a nice bounce of the 10 which created a low risk trade. I missed that since I was working.

Kostas
  • #1,104
  • Jul 14, 2010 6:48am Jul 14, 2010 6:48am
Quoting kostas1
I would have used the 11:20 GMT M5 bar to go long.
Kostas - do you wait for 5 min bar to close when taking bounce trades - eg on 11.20 bar on GU - presumably SL goes just below support at 41? - and do we now have a bounce trade off 35? Taking bounce trades on such retraces without some confirmation seems counter intuitive
  • #1,105
  • Jul 14, 2010 7:00am Jul 14, 2010 7:00am
Quoting kostas1
Hova,
If you look at the M5 at that time you will see a nice bounce of the 10 which created a low risk trade. I missed that since I was working.

Kostas
I dont watch M5 that frequently, dont know i just dont like it that much...
I know there are enough good entries on M15/H1 so its ok for me and i'm moving on to the next one.

losing trades are a part of this business
Never whishing, always trading.
  • #1,106
  • Jul 14, 2010 7:08am Jul 14, 2010 7:08am
Quoting NKE
Kostas - do you wait for 5 min bar to close when taking bounce trades - eg on 11.20 bar on GU - presumably SL goes just below support at 41? - and do we now have a bounce trade off 35? Taking bounce trades on such retraces without some confirmation seems counter intuitive
NKE,
Many times a good M5 rejection bar will give a good signal. On the other hand, you may loose some trades this way because a touch can happen right away. The Dance trades in general look counterintuitive but this is because you think you are going against the action. Of course, if you trade with the trend (i.e. price above M15 30/50) then is is not counterintuitive because all you are doing is using a correction to get with the trend at the best price.
In my case, M5 helps a lot but if you are getting confused stick with the M15 only.

Kostas
  • #1,107
  • Jul 14, 2010 7:13am Jul 14, 2010 7:13am
Quoting kostas1
NKE,
Many times a good M5 rejection bar will give a good signal. On the other hand, you may loose some trades this way because a touch can happen right away. The Dance trades in general look counterintuitive but this is because you think you are going against the action. Of course, if you trade with the trend (i.e. price above M15 30/50) then is is not counterintuitive because all you are doing is using a correction to get with the trend at the best price.
In my case, M5 helps a lot but if you are getting confused stick with the M15 only.

Kostas...
OK thanks
  • #1,108
  • Jul 14, 2010 7:18am Jul 14, 2010 7:18am
Quoting Hova
My first loser with this method

any comments ?
If you look at the PA, you will see that the price before the drop failed to close higher than the previous pin.

This is tough to spot as it can be case on many steady trends, BUT that was a very large pin, which meant that there was some pretty damn strong rejection around that area.

I was looking at the same trade, but did not take it because of the pin I mentioned and the two other fairly long wicks - Note that of those three trident tops, none closed higher than the last wick.

Lee
  • #1,109
  • Jul 14, 2010 7:23am Jul 14, 2010 7:23am
Quoting leemonk
If you look at the PA, you will see that the price before the drop failed to close higher than the previous pin.

This is tough to spot as it can be case on many steady trends, BUT that was a very large pin, which meant that there was some pretty damn strong rejection around that area.

I was looking at the same trade, but did not take it because of the pin I mentioned and the two other fairly long wicks - Note that of those three trident tops, none closed higher than the last wick.

Lee

look @ m30 and you'll spot another Pin i've seen these and ignored them,won't ever happen again, however...next please !
Never whishing, always trading.
  • #1,110
  • Jul 14, 2010 7:26am Jul 14, 2010 7:26am
Quoting kostas1
I want to welcome luckylady in our thread.
You should listen to her advice and hope she will bring more luck in your trades.

Kostas
I'll add my welcome to that of Kostas.

Luckylady knows what she is talking about!!!
  • #1,111
  • Jul 14, 2010 7:48am Jul 14, 2010 7:48am
Quoting Hova
look @ m30 and you'll spot another Pin i've seen these and ignored them,won't ever happen again, however...next please !
Hova,

When I was looking at the trade forming I could see the pin on the other timeframes..... without looking at them.

I watched a Video by Steve Nison which is all about Candlesticks..... supposedly he is the candle guru having dedicated a huge amount of research on the topic.

He was teaching, damn... forget the name he said, where to take the last two or three candles on whatever time frame you are looking at. I think it was more for the longer time frames.... ie a couple of days or so because, as you pointed out, on the lower timeframes you can just switch a view. BUT it still comes in handy.

I guess the danger of this is that it can be to easy to find a reason not to enter a trade at times, which I assume is why Clay only worked from 2/3 timeframes.

Lee
  • #1,112
  • Jul 14, 2010 7:55am Jul 14, 2010 7:55am
Quoting leemonk
Hova,

When I was looking at the trade forming I could see the pin on the other timeframes..... without looking at them.

I watched a Video by Steve Nison which is all about Candlesticks..... supposedly he is the candle guru having dedicated a huge amount of research on the topic.

He was teaching, damn... forget the name he said, where to take the last two or three candles on whatever time frame you are looking at. I think it was more for the longer time frames.... ie a couple of days or so because, as you pointed out, on the lower timeframes you...
i know, i watched many video's on his stuff, he claims to be the one bringin candles to the west.

fully agree with your last sentence
Never whishing, always trading.
  • #1,113
  • Jul 14, 2010 7:56am Jul 14, 2010 7:56am
Things (esp E/U) looking a little too porcupiney at the moment, for my liking!
  • #1,114
  • Jul 14, 2010 10:18am Jul 14, 2010 10:18am
Don't forget its FOMC in just under 3 hours, usually makes the PA a bit haywire beforehand.
  • #1,115
  • Jul 14, 2010 10:24am Jul 14, 2010 10:24am
Quoting luckylady
Don't forget its FOMC in just under 3 hours, usually makes the PA a bit haywire beforehand.
Sorry for a dumb question, but what the FOMC stands for?
  • #1,116
  • Jul 14, 2010 10:30am Jul 14, 2010 10:30am
Quoting Mr.Bear
Sorry for a dumb question, but what the FOMC stands for?
To quote the calendar page of FF ( http://www.forexfactory.com/calendar.php ) it stands for Federal Open Market Committee and...
"It's a detailed record of the FOMC's most recent meeting, providing in-depth insights into the economic conditions that influenced their vote on where to set interest rates;"
  • #1,117
  • Jul 14, 2010 10:36am Jul 14, 2010 10:36am
Quoting luckylady
To quote the calendar page of FF ( http://www.forexfactory.com/calendar.php ) it stands for Federal Open Market Committee and...
"It's a detailed record of the FOMC's most recent meeting, providing in-depth insights into the economic conditions that influenced their vote on where to set interest rates;"
Thank you for your prompt reply!
  • #1,118
  • Jul 14, 2010 1:15pm Jul 14, 2010 1:15pm
Folks:
It's been a while since I posted. 3 reasons.
1. I am a very LONG term trader
2. I am very picky with this strategy...ALL CONDITIONS and SETUPS MUST BE THERE
3. I have missed every opportunity you guys show because I am asleep LOL

Well I looked... I saw.. I conquered LOL. See following image.
The only rule I did break was the session rule.

Enjoy:
http://i25.tinypic.com/oa2mnc.jpg
Our AWESOME IMAGINATION is the true holy grail!
  • #1,119
  • Jul 14, 2010 1:26pm Jul 14, 2010 1:26pm
Thanks for this amazing system...

I'm being profitable for first time in my life.

I'm trading live account.

Best Regards

Sorry for my bad english.
"Being picky only cost your time - not MONEY"...Hans
  • #1,120
  • Jul 14, 2010 3:07pm Jul 14, 2010 3:07pm
Quoting xmess7
Folks:
It's been a while since I posted. 3 reasons.
1. I am a very LONG term trader
2. I am very picky with this strategy...ALL CONDITIONS and SETUPS MUST BE THERE
3. I have missed every opportunity you guys show because I am asleep LOL

Well I looked... I saw.. I conquered LOL. See following image.
The only rule I did break was the session rule.

Enjoy:
Hi Xmess7,
Glad it's working for you.
+18p is about as long term trading as mine .
Your strict adhesion to the rules can only do you good.

Take care,
Kostas
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