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CHOROS System

  • #2,801
  • Nov 22, 2010 4:28am Nov 22, 2010 4:28am
I know its risky but i was losing my nerve. So stretched my luck a bit for a shot at ping pong. Not great winner but am done for today. Best of luck all.
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Making money is easy- Just dont take losing trades
  • #2,802
  • Nov 22, 2010 4:39am Nov 22, 2010 4:39am
Quoting Whenever
PS: I could imagine the yellow TL on the H4 chart to be a point where to take care of a possible reverse (or break)

..I have no words...

Would have been something like 30 pips...
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  • #2,803
  • Nov 22, 2010 4:43am Nov 22, 2010 4:43am
Quoting Whenever
..I have no words...

Would have been something like 30 pips...
Hi Whenever,

The price has not actually touched the trendline marked by you. Would you have managed to enter it?

cheers,

kk007.
  • #2,804
  • Edited 6:24am Nov 22, 2010 5:08am | Edited 6:24am
huge move down on GU now.. hmmm waiting for it to test

1) m15 35 ema and 50 ema
2)h1 35 ema

let's see if it bounces.. i'm just spotting trades now..

EDIT: price cuts through 1.60000
now the outlook is to short, looking for retest of
M15 10ema 35sma 50 ema
H1 10ema and 35ema
H4 10ema
to bounce and move lower from here..
at the sidelines spotting..
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  • #2,805
  • Nov 22, 2010 5:18am Nov 22, 2010 5:18am
Quoting arha
This is my first live trade with the dance, naturally a terrible failure! I entered at the first blue line on the first touch (well almost) of the 10MA. I moved my stoploss far too aggressively and got stopped out at -5 pips. Of course the trade went on to do +26 in my direction, which would have had me done for the day. At least I know my entry was good, just my SL management needing some work. Oh well, next!

Arha here is my limited experience for whatever its worth:
1. I keep Sl fixed and get out fast at 15-20 pips positive or at first sign of trouble.
2. If you insist on trailing it, you can try method given in manual. Anything more agressive will hurt you.
3. Best strategy i think is used by kostas where he leaves the initial sl where it is but takes quick profit on half position and lets other half run. Am still trying to learn it
Making money is easy- Just dont take losing trades
  • #2,806
  • Nov 22, 2010 5:22am Nov 22, 2010 5:22am
Quoting kk007
Hi Whenever,

The price has not actually touched the trendline marked by you. Would you have managed to enter it?

cheers,

kk007.

Hi KK007,

well, even zooming in as much as I can I do not see a big distance between the High of the candle and the TL.
How much 1,2 pips ?

If I would trade the TL, I think for me that would be near enough to jump on the Trade risking a small SL, expecially if I would have seen a price stop / rejection on M5.

But I cannot tell you exactly, I should have been following all the music in that moment.

Anyway it may be considered an interesting evaluation for an exit point for the long...

Just studying..
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  • #2,807
  • Nov 22, 2010 5:26am Nov 22, 2010 5:26am
I was just curious about the triggering point in your trading method. Nothing being harsh, but if an actual touch is needed in your touch trading method, 1-2 pip distance will be a problem for trade triggering. Nothing negative: sometimes you are able to catch these types of setups, but sometimes you may miss them by 1-2 pips.

cheers,

Quoting Whenever
Hi KK007,

well, even zooming in as much as I can I do not see a big distance between the High of the candle and the TL.
How much 1,2 pips ?

If I would trade the TL, I think for me that would be near enough to jump on the Trade risking a small SL, expecially if I would have seen a price stop / rejection on M5.

But I cannot tell you exactly, I should have been following all the music in that moment.

Anyway it may be considered an interesting evaluation for an exit point for the long...

Just studying..
  • #2,808
  • Nov 22, 2010 5:33am Nov 22, 2010 5:33am
I was searching around FF for posts or threads that would tell me the differences between how Bank traders trade and how we trade.

I found a gem of an info that would have something to do with the Dance Strategy.Before anyone accuses me of jumping on this due to blind faith
study that thread's poster's info and do ur own analysis and conlusions


Strategies Bank Traders employ
http://www.forexfactory.com/showpost...5&postcount=16

Run off moving averages
http://www.forexfactory.com/showpost...0&postcount=21
Explaination
http://www.forexfactory.com/showpost...6&postcount=23
"Mostly the 10,20 and 50 ema work the best in this circumstance on the 4 hour and daily charts. You will often see the the price move to these levels and bounce off, or if it moves through the moving average - it will progress straight through to the next one, where the level usually holds..."
  • #2,809
  • Nov 22, 2010 6:37am Nov 22, 2010 6:37am
Quoting kk007
I was just curious about the triggering point in your trading method. Nothing being harsh, but if an actual touch is needed in your touch trading method, 1-2 pip distance will be a problem for trade triggering. Nothing negative: sometimes you are able to catch these types of setups, but sometimes you may miss them by 1-2 pips.

cheers,
Yes, I fully understand and respect your point of view: if a rule is a rule, it should be it at the pip exactly.

In my own way of trading I would anyway "consider" the relationship between: "How many pips am I ready to lose for this trade ?" and " How many pips would I lose if I do not jump in on time ? "

I see it as a Risk / Reward game and I must admit to have more than once have entered a trade even too early (or a bit too late), leaving some pips on the table, or risking a few pips more, just not to lose the train.
(which I also did more than once)

If a looooot of people would think the same as me, entering even a bit too early, it could mean to reverse even 1 or 2 pips before the real touch.

(moreover, as we all know, Candels and therefore TL are different from broker to broker...)
  • #2,810
  • Nov 22, 2010 7:48am Nov 22, 2010 7:48am
Quoting kk007
Hi Whenever,

The price has not actually touched the trendline marked by you. Would you have managed to enter it?

cheers,

kk007.
Good question KK. Was just wondering if you actually trade dance or are just lurking around like a ghost ?
Making money is easy- Just dont take losing trades
  • #2,811
  • Nov 22, 2010 8:15am Nov 22, 2010 8:15am
I have no words again

Today who played "Ping Pong" between the two TL on H4 has got something about 135 pips on the way down and now it goes up again (at this moment for about other 10 pips)...

And this time the TL was touched too...

Sorry, I know this is not "the Dance", but at least the second bounce (from the lower support H4 TL) is also at a RN and the P/A on M15 is a double bottom (nearly at the pip).

So it is not a Dance Rule, but I will indeed keep an eye on that TL for my exits (and entries if there is a confluence with other Dance signals)
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  • #2,812
  • Nov 22, 2010 8:47am Nov 22, 2010 8:47am
I have some words again. If you marked the TL like the blue one below instead, it would have been a completely different story.

Quoting Whenever
I have no words again

Today who played "Ping Pong" between the two TL on H4 has got something about 135 pips on the way down and now it goes up again (at this moment for about other 10 pips)...

And this time the TL was touched too...

Sorry, I know this is not "the Dance", but at least the second bounce (from the lower support H4 TL) is also at a RN and the P/A on M15 is a double bottom (nearly at the pip).

So it is not a Dance Rule, but I will indeed keep an eye on that TL for my exits (and entries if there is a confluence with...
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  • #2,813
  • Nov 22, 2010 9:11am Nov 22, 2010 9:11am
Quoting kk007
I have some words again. If you marked the TL like the blue one below instead, it would have been a completely different story.

You are right, excuse me.

I checked again and found out that was an older TL marked on H1 (below), which actually would also not be anymore correct, but had not been tested yet again.
Only I had switched the chart on H4.

Anyway interesting, isn't it ?

Thank you for your words.

Better to keep tracking only the Dance signals...
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  • #2,814
  • Nov 22, 2010 9:12am Nov 22, 2010 9:12am
Quoting kk007
I have some words again. If you marked the TL like the blue one below instead, it would have been a completely different story.
Love that one!!! That's what i hate about trend-lines. They are too subjective for my taste. Give same chart to 10 traders and you have 10 trend lines. Now, price has to bounce from somewhere!! Maybe that's what "trading in the zone" refers to. Random rewards will keep monkeys hooked

And this why i like Dance- its objective. 10EMA cant be different for different traders i guess.

Anyway TODAY was the first day of dance when i exactly reached my target- 40 pips and STOPPED. Earlier i would reach 50 , feel overconfident and lose 30 Today i feel great because i made +18, +15 and then when last trade came 7 pips in the money i had the discipline to take 7 pips and shut down my trading platform! Thanks Kostas for teaching that. I maybe dumb but am learning

Note: KK you an appointed devils advocate here? No worries we need them to get right perceptive.Admire your posts.
Making money is easy- Just dont take losing trades
  • #2,815
  • Nov 22, 2010 9:38am Nov 22, 2010 9:38am
Quoting Survivor
Today i feel great because i made +18, +15 and then when last trade came 7 pips in the money i had the discipline to take 7 pips and shut down my trading platform!.

Great, Well done Survivor.
40 is really good !

Note: TL is for me the last 2 swing low or last 2 swing high, which is actually also objective, but they should be just deleted and re-drawn when expired
(anyway as you correctly say, it would be "enough" to consider 3 instead of 2 and so on...making TL subjective as well...)
  • #2,816
  • Nov 22, 2010 11:32am Nov 22, 2010 11:32am
Quoting Survivor
Anyway TODAY was the first day of dance when i exactly reached my target- 40 pips and STOPPED. Earlier i would reach 50 , feel overconfident and lose 30 Today i feel great because i made +18, +15 and then when last trade came 7 pips in the money i had the discipline to take 7 pips and shut down my trading platform! Thanks Kostas for teaching that. I maybe dumb but am learning
Great job man. As I said some posts earlier, GREED is one that you should fight most of the time. Keep doing it over and over and at some point you will be delighted to achieve your daily target and not feel bad about missing a +200p move. On the positive side, as you observed, by stopping there you avoid giving it back which happens a lot actually. It's like the market knows you have won 40pips and decides to take it back and some times get more than 40 back.....
  • #2,817
  • Nov 22, 2010 1:13pm Nov 22, 2010 1:13pm
Quoting willkohsg
I was searching around FF for posts or threads that would tell me the differences between how Bank traders trade and how we trade.

I found a gem of an info that would have something to do with the Dance Strategy.Before anyone accuses me of jumping on this due to blind faith
study that thread's poster's info and do ur own analysis and conlusions


Strategies Bank Traders employ
http://www.forexfactory.com/showpost...5&postcount=16

Run off moving averages
http://www.forexfactory.com/showpost...0&postcount=21
Explaination
http://www.forexfactory.com/showpost...6&postcount=23
"Mostly...
willkohsg,
interesting links. I was also interested in how the dance trades relate to the way big players trade. If you find anything else relevant, feel free to post.
  • #2,818
  • Nov 22, 2010 1:16pm Nov 22, 2010 1:16pm
Quoting willkohsg
I was searching around FF for posts or threads that would tell me the differences between how Bank traders trade and how we trade.

I found a gem of an info that would have something to do with the Dance Strategy.Before anyone accuses me of jumping on this due to blind faith
study that thread's poster's info and do ur own analysis and conlusions
..."


I agree.. when i started forex, i read about how banks trade and that they use the MOVING AVERAGES, the DAILY PIVOTS and THE DAILYMEDIANS, on another forum.

and i have noticed that the pivots and medians are respected along with the ma's. Thats why i have the daily pivots and medians too on my charts, they sometimes help me closing the trade. (as a beginner i dont really know when to exit the trade).

I feel like the trade will continue going my way.... and the very next candle is the opposite one so i stay in and then i realise that i've been stopped out.

Any suggestions for closing the trade? Im still learning, I have tried using M5 but for exit but in some cases i get out of the trade too early, if i exit looking at the M5.
'To get something you never had, you have to do something you never did.'
  • #2,819
  • Edited 2:45pm Nov 22, 2010 1:41pm | Edited 2:45pm
This was my second and final trade for the night, also a failure. Can anyone tell me what was wrong with this entry. The 35/50 are parallel and on a good angle, the 10 is on a good angle and was not turning around at first touch. The trade had moved more than 15 points up before the fast one bar pullback. It seems like other people in the thread passed on this one, so what did I miss? As you can see on the 1hr chart it just kept dropping after I entered.
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  • #2,820
  • Nov 22, 2010 3:36pm Nov 22, 2010 3:36pm
Quoting arha
This was my second and final trade for the night, also a failure. Can anyone tell me what was wrong with this entry. The 35/50 are parallel and on a good angle, the 10 is on a good angle and was not turning around at first touch. The trade had moved more than 15 points up before the fast one bar pullback. It seems like other people in the thread passed on this one, so what did I miss? As you can see on the 1hr chart it just kept dropping after I entered.
I think you'll find the others passed on that one because it only took one candle to reach the 10, they look for 2 candles I think, otherwise it shows heavy momentum downwards.
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