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CHOROS System

  • #1,441
  • Jul 29, 2010 6:37am Jul 29, 2010 6:37am
Quoting leemonk
Simple............. turn the machine off and walk away for at least an hour or so.

Come back with a fresh perspective with no revenge or 'I new it would do that' in your head.

The key thing is that you have recognised it, the next stage is acting on it.

WALK AWAY.

Lee
yeah, a definite good piece of advice.
  • #1,442
  • Edited 6:59pm Jul 29, 2010 6:16pm | Edited 6:59pm
Quoting willkohsg
really ugly chart on GU EU EJ
traders in profits covering i guess.

anyone has any luck dancing today?
I was mauled yesterday in EJ pair (total for the day was -60 pips), how do you identify these nasty period so we can perhaps not trading? I see signals and I took them but now I start to think that not all signals can be taken just like that and there's extra something that I need to confirm/deny that the signal is valid...

Any pointer is appreciated...

Cheers..
BC
  • #1,443
  • Jul 29, 2010 9:51pm Jul 29, 2010 9:51pm
Quoting blackcat2
I was mauled yesterday in EJ pair (total for the day was -60 pips), how do you identify these nasty period so we can perhaps not trading? I see signals and I took them but now I start to think that not all signals can be taken just like that and there's extra something that I need to confirm/deny that the signal is valid...

Any pointer is appreciated...

Cheers..
BC
its called porcupine and august.. and summer.

GBP/usd is all over the place. today..stay away...

in general u wanna be careful during summer... the month of august and... porcupine... long whips etc.
  • #1,444
  • Edited 11:08pm Jul 29, 2010 10:24pm | Edited 11:08pm
Quoting willhuang
its called porcupine and august.. and summer.

GBP/usd is all over the place. today..stay away...

in general u wanna be careful during summer... the month of august and... porcupine... long whips etc.
In EJ it wasn't porcupine, which brings another question, how many porcupine bar before we can classify that the trade currently in porcupine mode. So far I use 3 bar to determine that but maybe I'm wrong? I know I have asked that but I thought I can use a further clarification...

Cheers..
BC
  • #1,445
  • Jul 30, 2010 1:01am Jul 30, 2010 1:01am
Quoting caj1986
What do people think of this as a possible scooped up trade as you were discussing earlier?

Price breaks up with a solid bar through all the MAs on the 15min chart and the 5min chart, then on the 5min chart a candle briefly retraces and closes right on the 35/50ma area.

I wouldn't consider this a strong technical set-up, but is this the kind of thing you could take with a very tight stop loss of around 6-8 pips?

Attachment

Hello CAJ1986

I see on your chart that you get very tide spread (2 pip)on grb/usd from your broker ,I use tadawulfx and it is 4 pips spread on the same pair . Could you tell me who is your broker ?
  • #1,446
  • Jul 30, 2010 2:26am Jul 30, 2010 2:26am
Quoting blackcat2
In EJ it wasn't porcupine, which brings another question, how many porcupine bar before we can classify that the trade currently in porcupine mode. So far I use 3 bar to determine that but maybe I'm wrong? I know I have asked that but I thought I can use a further clarification...

Cheers..
BC
Quoting blackcat2
I was mauled yesterday in EJ pair (total for the day was -60 pips), how do you identify these nasty period so we can perhaps not trading? I see signals and I took them but now I start to think that not all signals can be taken just like that and there's extra something that I need to confirm/deny that the signal is valid...

Any pointer is appreciated...

Cheers..
BC

BC,

Post, if possible, some of your trades up and we can help you with them.... of course this will all be with hindsight.

In relation to the porcupine..... As soon as you start seeing large wicks and some sideways movement, just start being cautious.........

There is a clue about your mental state in your question (not to insinuate that A) I am a doctor or B) you are insane ).

Just remember, you get plenty of trades with this strategy (or whatever version of it you are using), so you do not to even start thinking about working out how long a porcupine will last or when one is forming.

When you see long wicks - on any timeframe, then you know its time to stay out.

Have a look back over your charts and see what 'time' these wicks happen. If you find that its a fairly regular time, then set an alarm somewhere that tells you to go do something different or that tells you not to trade.

Clay warned me about summer a few weeks back, telling me to be careful. Basicaly, a large number of the bigger trading institutions are on vacation now, so the volume is not like it was pre-summer. Now this doesn't mean that there will not be more volatility, it simply means that when something moves in one direction alot, there is less holding it back on each move.

So, it will swing one way for 50 pips, with little resistance and then possibly swing back for 45 pips, whereas when the market is at full operation, this same move may only have been 20 pips each way.

Obviously this can work in your favour, providing you get the right move.

The only two things I can suggest is:

1. Be VERY careful about your trades - look for LOTS and LOTS of confluence.

2a. If you are in a move and price starts moving against you, then move to BE asap or close out the trade.

2b. If you are in a move and price starts moving with you. Either ensure you are not being greedy and your 'take profit' is still in place OR quickly throw a 5 pip trailing stop on your trade (as it is moving up - NOT down).

I have had two strong (strong based on what I normaly do) GU trades over the last two days using this method. I have not posted them as the entries were nothing to do with 'The Dance'.

I was in a trade and it started climbing - fast. So when it start approaching a key - about 15 pips out from it, I threw up a 5 pip trailing stop. It hit the area, bounced back for 20 or so pips and then stuck around there fore a while. Obviously, despite it bouncing back for 20 pips (roughly) I closed out at 5 pips short of the 'then' move. Price did eventualy continue on, about an hour later, for another 100 pips or so but you can't catch them all!

Lee
  • #1,447
  • Jul 30, 2010 2:31am Jul 30, 2010 2:31am
Chap (and chapettes),

I know I am not around in this thread much any more..... but I do check in on you reprobates .

I just wanted to offer a small word of advice.

If you like this strategy (and please try not to be put off by the summer trading period) then pleas please please post some of your trades.

This was a key point in the original thread and if you look back to the begining of this thread, you will see how many posts there were EACH day.

The reason for this is because Kostas and I (and a few others) were posting LOTS of charts. Everyone loves charts and loves to both comment on them and read other comments. If you post more of your LIVE trades (must be live trades) then there will be more feedback in this thread and more support because of it.

I promise you you will learn more by:

1. Posting your own charts and having that 'ah shit, I didn't see that' moments.
2. Commenting on someone elses charts with ' Dude!!!! didn't you see the hangman there!'
3. Commenting on other charts and getting it wrong
4. Reading others comments on the charts.

CHARTS ARE THE WAY TO GO - PLEASE POST MORE OF THEM.

ps.... I am NO expert, and am a long long long way from it, but it doesn't take a trade to know what makes a good thread!

Regards and happy hunting

Lee
  • #1,448
  • Jul 30, 2010 3:10am Jul 30, 2010 3:10am
GU: Stopped out for 12 pips
UJ: 13 pip gain

Comments on charts:
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  • #1,449
  • Jul 30, 2010 4:59am Jul 30, 2010 4:59am
Comments in chart
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  • #1,450
  • Jul 30, 2010 5:21am Jul 30, 2010 5:21am
Quoting leemonk

CHARTS ARE THE WAY TO GO - PLEASE POST MORE OF THEM.
Lee
Just a quick note from my beach. Lee knows what he is talking about. DO post your charts so that we can discuss them and we can become better.
Lee, good work on the thread my man. Nice trades there also.

P.S. Don't get jealous but that's where I am for the next couple of weeks.
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  • #1,451
  • Jul 30, 2010 6:14am Jul 30, 2010 6:14am
Quoting kostas1
P.S. Don't get jealous but that's where I am for the next couple of weeks.
Don't get jealous???????? you're kidding me right?

of course we are jealous!!!!!!

Well.... you have traded great.... you deserve it!
  • #1,452
  • Jul 30, 2010 6:32am Jul 30, 2010 6:32am
Guys,

I know that the 4hr doesn't form part of the original 'Dance', but I think you should start being aware of it.

To me, it seems to be fairly influential at the moment. So, just be aware of when it closes and take into consideration what you think the candle will mean when it closes.

Also.... be aware that different brokers 4 hr charts close at different times. This means you need to be looking at your 4hr charts every two hours.

I wouldn't take trades on the back of any of the candles specificaly, as these tend to require long stops, but if the closing candle is opposed to what you thought looked like a good trade then just be careful.

This doesn't mean the 4hr trumps lower timeframe candles, as we all know a turn has to start somewhere. But be careful out there!

Lee
  • #1,453
  • Edited 12:00pm Jul 30, 2010 11:47am | Edited 12:00pm
To Kostas: I live in Florida in the U.S. and we have some nice beaches, but WOW! Incredible location, have fun!

Lee is spot on with the higher time frames... everyone has mentioned it, though the 15 min TF is "usually" the decision place, you MUST be aware of the higher time frame action. Read back through Kostas', Lee's, eclayf's, endroute's, and even EOHater's posts. The great analysis usually comes from mentioning something that people hadn't considered on the higher timeframes.

My goal for August, is to trade with the trend. Though I have taken many countertrend trades lately, some profitable, I absolutely GUARANTEE that if I was trading with the trend every time, I would have made many more pips with less risk.
  • #1,454
  • Aug 1, 2010 3:51pm Aug 1, 2010 3:51pm
Need little help.

Been reading manual and this thread and am setting up chart to watch, but I'm do not know two things about these moving averages.

1) is SMA a smoothed or simple
2) are moving averages at Close or Open

If I used MAs a lot, it would probably be obvious and I guess it's possible it doesn't really matter either regarding my two questions.

Anyway, I'd appreciate some help.

Rando
  • #1,455
  • Aug 1, 2010 6:33pm Aug 1, 2010 6:33pm
Quoting leemonk
...
There is a clue about your mental state in your question (not to insinuate that A) I am a doctor or B) you are insane ).
...
Thanks for the reply Leemonk and I'll try to post more charts and so we all can analyse it..

I'm just curious about what you said about my mental state, please do share your thought, I'm genuinely curious and it's always good to have another seasoned trader's point of view and perhaps it'll open my eyes to something that I don't know before...

Cheers..
BC
  • #1,456
  • Aug 1, 2010 8:05pm Aug 1, 2010 8:05pm
for Randolermo
(I'm new here but...I think my answers are correct)

1. SMA for our purposes is Simple Moving Average, as opposed to Exponential for the others.
2. moving averages at the close
(I don't run the MT4 template, I put them on my Oanda charts manually, so there is a possibility of me being incorrect)

(about Blackcat2)
for Lee,
I read that post too, what did you mean, just curious?
  • #1,457
  • Edited 8:45pm Aug 1, 2010 8:32pm | Edited 8:45pm
Quoting Randolermo
Need little help.

Been reading manual and this thread and am setting up chart to watch, but I'm do not know two things about these moving averages.

1) is SMA a smoothed or simple
2) are moving averages at Close or Open

If I used MAs a lot, it would probably be obvious and I guess it's possible it doesn't really matter either regarding my two questions.

Anyway, I'd appreciate some help.

Rando
Hi Rando,

I'm using simple SMA or MVA in my trading platform and EMAs are set on close.

Cheers..
BC
  • #1,458
  • Aug 1, 2010 8:36pm Aug 1, 2010 8:36pm
Blackcat & Intu, thanks.

I'll going with the Simple for SMA and at Close for all. If someone corrects, I'll change then.

Rand
  • #1,459
  • Aug 2, 2010 2:14am Aug 2, 2010 2:14am
Randolermo,

Welcome to the thread.

Okay, for Clays setup, the MA's are as follows:

10 EMA (Exponential)
35 SMA (simple)
50 EMA (Exponential)

All MA's are on close.

Ensure you are reading 'all' of the manual, and read it a few times if you have to, this information is in there.

Regards

Lee
  • #1,460
  • Aug 2, 2010 2:20am Aug 2, 2010 2:20am
Quoting blackcat2
Thanks for the reply Leemonk and I'll try to post more charts and so we all can analyse it..

I'm just curious about what you said about my mental state, please do share your thought, I'm genuinely curious and it's always good to have another seasoned trader's point of view and perhaps it'll open my eyes to something that I don't know before...

Cheers..
BC

Hey BC,

I have looked over my reply to you and to the messages that I have quoted.

To be honest, right now, I can not see why I wrote that, but I must have seen something at the time.

The only thing I think it can be is trying to grab trades that the wrong times.

One of the most important things Clay used to talk about was the amount of options we have when using this strategy. What this meant was that if something did not look right...... then you didn't take it. If it wasn't and A1 setup, you didn't take it.

If you even 'think' you might be in a porcupine, then stop trading, open up the strat tester and give that a go..... or as Clay used to say to me.... go do some gardening.

I think this is probably more applicable in summer time than anytime else (at least that I have experienced).... if you are unsure, do not take the trade.

I 'think' that was where I was coming from............

Regards

Lee
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