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CHOROS System

  • #1,781
  • Sep 9, 2010 2:59am Sep 9, 2010 2:59am
Quoting birdland
at the first point (arrow) there was no touch as you can see.
clay words: "dont trade BEFORE the touch"

at the second point (arrow) we had a
1) touch
2) right P/A (pin bar on M15 AND M5)

regards
You wouldn't have been able to wait until the 15min bar closed as a pin because it would no longer be a touch, and the stop loss would be too big. So you would have to go by the 5min PA. On the first trade, it was but a whisker away from the 10ema on the 15min and on the 5min the PA was a hangman, nothing wrong with that first trade at all.
  • #1,782
  • Sep 9, 2010 3:32am Sep 9, 2010 3:32am
Quoting luckylady
You wouldn't have been able to wait until the 15min bar closed as a pin because it would no longer be a touch, and the stop loss would be too big. So you would have to go by the 5min PA. On the first trade, it was but a whisker away from the 10ema on the 15min and on the 5min the PA was a hangman, nothing wrong with that first trade at all.
well, its better to be defensive than offensive in trading
trading is like dancing, don't think and just listen to the music!
  • #1,783
  • Sep 9, 2010 3:39am Sep 9, 2010 3:39am
Quoting birdland
well, its better to be defensive than offensive in trading
It's actually a matter of preference. The first trade was a valid trade for me since I knew the price will react there for at least 10-15 pips. The second touch was safer and you had a nice M5 pinbar to base it on.
Now keep your eyes fixed on the M15 35/50 next.
  • #1,784
  • Sep 9, 2010 5:48am Sep 9, 2010 5:48am
Kostas, did you take this 35/50 touch? Was scared again, because it was too risky as it was hit just on news.
  • #1,785
  • Sep 9, 2010 8:22am Sep 9, 2010 8:22am
1H 35, pivots and RN

Edit: stopped out
Attached Image(s) (click to enlarge)
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  • #1,786
  • Sep 9, 2010 10:05pm Sep 9, 2010 10:05pm
this morning starts with a pretty confluence M15 35/50 and H1 10
Attached Image
trading is like dancing, don't think and just listen to the music!
  • #1,787
  • Sep 9, 2010 10:14pm Sep 9, 2010 10:14pm
Quoting messiahua
Kostas, did you take this 35/50 touch? Was scared again, because it was too risky as it was hit just on news.
I had achieved daily target before that, so no. But looking at the touch this morning and based on the Daily Pivot right above, I would have probably taken it at the Pivot for at least 10pips. Even if you took it right on the 50MA it was worth more than 15pips before the price turned.
  • #1,788
  • Sep 9, 2010 10:21pm Sep 9, 2010 10:21pm
Quoting messiahua
1H 35, pivots and RN

Edit: stopped out
Not a safe trade when H1 35/50 and M15 35/50 are separated like that. The price gets noisy in these areas. Actually, I have added the following rule to my personal list: " Do NOT trade when M15 35/50 flat and/or H1 35/50 are separated"
In these areas sometimes I may trade only the M15 10 for a few pips but never the 35/50.
  • #1,789
  • Sep 9, 2010 10:24pm Sep 9, 2010 10:24pm
Quoting birdland
this morning starts with a pretty confluence M15 35/50 and H1 10
I usually wait for London open to trade. Also just above you can see H1 50, Daily Pivot, H4 50, Daily 10. There should be some bouncing around before the price assumes a trend.
  • #1,790
  • Sep 9, 2010 10:25pm Sep 9, 2010 10:25pm
Quoting kostas1
... " Do NOT trade when M15 35/50 flat and/or H1 35/50 are separated"...
very good idea, thx kostas!
trading is like dancing, don't think and just listen to the music!
  • #1,791
  • Sep 9, 2010 10:29pm Sep 9, 2010 10:29pm
Quoting kostas1
I usually wait for London open to trade. Also just above you can see H1 50, Daily Pivot, H4 50, Daily 10. There should be some bouncing around before the price assumes a trend.
thx, for me the best trades or the most pips i got out so far between 1h BEFORE london time and this last to one hour AFTER london time.
also the best confluences are before london opening.
so these 2 hours are my real best "working hours"

anyway, we are all different personalities and take what fits to us!
trading is like dancing, don't think and just listen to the music!
  • #1,792
  • Edited 11:35pm Sep 9, 2010 11:24pm | Edited 11:35pm
it was also a pretty constrainment on the M15 50.

daily target done!
i go and play some golf

edit: confluence AND constrainment,
i am always conflicting with these two words.
Attached Image
trading is like dancing, don't think and just listen to the music!
  • #1,793
  • Edited 12:33am Sep 10, 2010 12:08am | Edited 12:33am
M15 35/50 touch

Edit: moved my SL a bit higher to previous PA and stopped later
Attached Image(s) (click to enlarge)
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  • #1,794
  • Sep 10, 2010 12:40am Sep 10, 2010 12:40am
Quoting messiahua
M15 35/50 touch

Edit: moved my SL a bit higher to previous PA and stopped later
What I would say to that one is, London had just opened and pushed price back up, look at the PA on the 1hr when you took the trade and although price will sometimes retrace back down the wick of a pin, with London opening I wouldn't have wanted to bet on it.
  • #1,795
  • Sep 10, 2010 12:44am Sep 10, 2010 12:44am
Quoting luckylady
What I would say to that one is, London had just opened and pushed price back up, look at the PA on the 1hr when you took the trade and although price will sometimes retrace back down the wick of a pin, with London opening I wouldn't have wanted to bet on it.
FOFO!
  • #1,796
  • Sep 10, 2010 12:51am Sep 10, 2010 12:51am
Quoting counor
FOFO!
Thats right, Frankfurt pushed it down, London pushed it back up (and vice versa) they do it all the time.
  • #1,797
  • Sep 10, 2010 12:58am Sep 10, 2010 12:58am
Quoting luckylady
Thats right, Frankfurt pushed it down, London pushed it back up (and vice versa) they do it all the time.

Hi,

just for the beginners... : what is FOFO ?

Grazie
  • #1,798
  • Sep 10, 2010 1:02am Sep 10, 2010 1:02am
Quoting Whenever
Hi,

just for the beginners... : what is FOFO ?

Grazie
Frankfurt Open Fake Out. Its when Frankfurt opens, appears to set a direction which is abruptly reversed when London opens.

Prego!
  • #1,799
  • Sep 10, 2010 1:04am Sep 10, 2010 1:04am
Quoting Whenever
Hi,

just for the beginners... : what is FOFO ?

Grazie
If you look back over the charts, when Frankfurt opens it will very often send price one way only for London to send it the other (Frankies Open Fake Out) FOFO is what some people call it for short.
  • #1,800
  • Sep 10, 2010 1:09am Sep 10, 2010 1:09am
Thank You LuckyLady,
Thank You Counor,

I'll surely have a look at that in future.
So, it's more or less back to what Kostas said, he would prefer to wait for signals of London's open. (which is actually also mentioned in Clay's ebook)

News in few minutes, so perhaps the "big dogs" knowing what direction the price will be going, were looking to get a good level before the news ..?

Let's see...
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