Thanks Kostas, really appreciate the reply.
Always helps to know your not the only person struggling with the current conditions, but its actually quite helpful to practice when the markets are tough because then you can really take advantage when the markets are playing nice
- #1,342
- Jul 20, 2010 5:13am Jul 20, 2010 5:13am
Not in the original method. But in the CHOROS thread you have seen many times that I am using both. Pivots are definitely a must on your charts. The M5 is a matter of preference. For my quick in&out trades I need M5 so that I can quickly capture 10-15 pips/trade. For classic Dance trades and if you are a beginner it's better to use M15.
- #1,343
- Jul 20, 2010 5:16am Jul 20, 2010 5:16am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
- #1,344
- Jul 20, 2010 5:31am Jul 20, 2010 5:31am
Here is a trade I took today which was not a classic Dance but as I said the pivots work for me.
Strong down move. I took short the M5 bounce from the Weekly pivot (magenta line @1.5239). The Dance entry which would actually be safer entry than mine, would be five M5 bars later which was confluence of M5 10 and Weekly pivot. Exit at RN. Total +31p.
EDIT: Watch for M15 10 and 35/50 now (with possible confluences it would be even better)
Any way I took the same trade, got in a little later but took +75 pips from it.
120 pips so far this week !!!Cheers
Paul
- #1,347
- Jul 20, 2010 5:45am Jul 20, 2010 5:45am
Lee,
Excellent results!!!!
1. Not all touches work. If you use M5 and M1 for these they are easier to capture (because you get closer to the real touch so you are not stopped out).
2. PA rules. So good call
3. 9 entries * 15 = 135 pips !!! Take the profits when you see them
4. Exactly
YOu know what Kostas....... At the end of yesterday I worked out what I could have made and I think of those 9 PA trades all bar one ran for at least 15 pips.
Because I was trying the higher timeframes I kept switching to 15 Trailing profit. So, when I got stopped out for 2-4 pips each time, I KNOW I could have made much more.
I remember the days (god I make it sound like it was years ago, when it was only 6 weeks
) that I kept my 15 TP in place and did amazingly well.GOta love that greed.... he follows me around like my dog at its dinner time!
- #1,348
- Jul 20, 2010 5:47am Jul 20, 2010 5:47am
Glad you posted this on Kostas, as I was slightly concerned after recent comments that I was getting it all wrong. Albeit I'm generally making pips these days thanks to Dance.
Any way I took the same trade, got in a little later but took +75 pips from it.
Cheers
Paul
I think you may be refering to me in your post there. Like Kostas said, this is the Choros thread, not 'The Dance' thread..... if what you are doing is working, then who the hell am I to tell you otherwise!!!!
I was only pointing out to someone that the dance rules are far more basic than what they see in here.
But..... whatever it is you are doing, it's working.... so don't you dare quit it
- #1,349
- Jul 20, 2010 5:53am Jul 20, 2010 5:53am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
Glad you posted this on Kostas, as I was slightly concerned after recent comments that I was getting it all wrong. Albeit I'm generally making pips these days thanks to Dance.
Any way I took the same trade, got in a little later but took +75 pips from it.
Cheers
Paul
That's a beauty. You were twice as brave then since you got more than twice the pips.
- #1,350
- Jul 20, 2010 5:58am Jul 20, 2010 5:58am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
But..... whatever it is you are doing, it's working.... so don't you dare quit it
Guys, don't get hung up in semantics. We owe the basic rules and the trading method of the Dance to Clay. But I am sure if he had a chance to stay with us longer, the method would evolve as we identified more situations that worked. So, I consider CHOROS as the evolution of the Dance. It seems that Pivots are just some additional areas of support/resistance that price can bounce. So you could either use them in addition to MAs and RNs or just ignore them. In both cases the method of trading is the same.
- #1,351
- Jul 20, 2010 6:04am Jul 20, 2010 6:04am
OUTSTANDING SIR!!!!!!!!
I think you may be refering to me in your post there. Like Kostas said, this is the Choros thread, not 'The Dance' thread..... if what you are doing is working, then who the hell am I to tell you otherwise!!!!
I was only pointing out to someone that the dance rules are far more basic than what they see in here.
But..... whatever it is you are doing, it's working.... so don't you dare quit it
So I have done my pwn refining so to speak, but I think thats what Clay wanted us to do, ie... Get the basics right, then make it your own.
The other thing I use (don't tell Clay !!) is the QQE indi. I don't take trades from it, but I use it to keep meyself on the right side of the trade, purely as a trend indicator and I've found it to be a great filter as in timing trades better.
Cheers
Paul
- #1,352
- Edited 7:45am Jul 20, 2010 7:22am | Edited 7:45am
Well sort of Lee, but I think you made me question the way I was taking trades. I came to the conclusion that I'm probably being slightly more creative shall we say in my use of price action and S/R, (meaning that sometimes I'll only use the 10 ema to check the trend and take trades wether they touch the 10 ema or not). Also like Kostas I really like using pivots as S/R.
So I have done my pwn refining so to speak, but I think thats what Clay wanted us to do, ie... Get the basics right, then make it your own.
The other thing I use (don't tell Clay...
Nah.... at least that was not my intention. When you post your charts, you rarely post the higher timframes anymore so I just wanted to be sure you were taking them into account.
You have taken some great trades this week and your pip count goes to prove that.... many more than I have A) done B) been successful at.
Only speaking from (my limited) experience, ignore them at your peril! (the higher timeframes.... not my advice
)You made it clear that you had watched them and that was cool.
The only thing we need to remember here is that we have lots of people new to the strategy, so if we are taking trades that are not from the 'Rule book' it "might" be wise to say so (not directed at you Simmo).
- #1,354
- Jul 20, 2010 9:52am Jul 20, 2010 9:52am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
I did take this most recent 15 min TF 50 EMA touch with confluence on the 1 HR TF 10 EMA, up about 8-9 pips at most, with bullish 5 min TF PA, and I very luckily scalped it out.
Pretty frustrating, that what looks like a decent touch trade (the 1 HR TF signals are supposed to be stronger), continues upward.
Tough trade. Anyone have reasons NOT to take this? Was I right in entering?
. Seriously, if you can maintain this you should start seeing results. Actually, quick profits will also give you pips from loosing (after 15 min) trades. For better behaving markets and higher volume (after September) you can go back to shooting for bigger profit per trade.
Hello,
I've been lurking in this thread for a few weeks, and trying to make Dance trades on a demo account. I'm still jumping the gun a lot, don't have the patience to wait for completed bars. Anyways, I'm still learning and on my demo account I acctually had the exact same problem with GoMarkets as Willhuang; See quote and solution below.
If you look in the Buy and Sell script, there are lines like these:
OrderSend(Symbol(),OP_BUY,lots,Ask,3,Ask-StopLoss*Point,Ask+TakeProfit1*Point,"",255,0,Green);
It seems that GoMarkets doesn't accept setting the TP and SL at the same time as placing the order.
The solution is to change these lines into:
OrderSend(Symbol(),OP_BUY,lots,Ask,3,0,0,"",255,0,Green);
I did try with different values on TP/SL, but all returned with errors. If you want to see the error messages, you need to add the following:
I've been lurking in this thread for a few weeks, and trying to make Dance trades on a demo account. I'm still jumping the gun a lot, don't have the patience to wait for completed bars.
Anyways, I'm still learning and on my demo account I acctually had the exact same problem with GoMarkets as Willhuang; See quote and solution below.hey guys! i've been following this thread for almost 3 weeks now. im quite new to the forex market and trading in general but i've read the manual 4 times over. trading in the zone once and still working on the other books.
anyways i've been trying to get the scrips to work. i keep getting uninit reason 0 on the setlot, buy, and sell
i use gomarkets. and i believe it is a 5digit broker not.
any help would be appreciated
OrderSend(Symbol(),OP_BUY,lots,Ask,3,Ask-StopLoss*Point,Ask+TakeProfit1*Point,"",255,0,Green);
It seems that GoMarkets doesn't accept setting the TP and SL at the same time as placing the order.
The solution is to change these lines into:
OrderSend(Symbol(),OP_BUY,lots,Ask,3,0,0,"",255,0,Green);
I did try with different values on TP/SL, but all returned with errors. If you want to see the error messages, you need to add the following:
Inserted Code
[font="Arial Black"]int ticket;
ticket = OrderSend(Symbol(),OP_BUY,lots,Ask,3,Ask-StopLoss*Point,Ask+TakeProfit1*Point,"",255,0,Green);
if (ticket < 0)
{
Print("OrderSend failed with error #",GetLastError());
return(0);
}[/font] - #1,360
- Jul 20, 2010 4:43pm Jul 20, 2010 4:43pm
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts