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CHOROS System

  • #2,841
  • Nov 23, 2010 5:25am Nov 23, 2010 5:25am
Quoting kostas1
This constrainment looks tempting to short at area (1), but the MAs at area (2) make me hesitate since price may want to check them. Also the price has stuck at Monthly Pivot so it may shoot up suddenly....
Hi Kostas1,
are you not concerned about the wicks forming at area 1 ?
  • #2,842
  • Nov 23, 2010 5:26am Nov 23, 2010 5:26am
Quoting willkohsg
Hi Kostas1,
are you not concerned about the wicks forming at area 1 ?
I am. The Monhtly Pivot does that which is why it may shoot up.
  • #2,843
  • Nov 23, 2010 5:29am Nov 23, 2010 5:29am
Quoting kostas1
This constrainment looks tempting to short at area (1), but the MAs at area (2) make me hesitate since price may want to check them. Also the price has stuck at Monthly Pivot so it may shoot up suddenly....
Ah excatly what me thinking at the moment. And yes am a bit worried about those wicks. Shows buying pressure at monthly pivot. 15M is of course looking bad with each passing candle.If i have to bet, i will go short. if i dont have to i will wait.
Making money is easy- Just dont take losing trades
  • #2,844
  • Nov 23, 2010 5:34am Nov 23, 2010 5:34am
Quoting kostas1
I am. The Monhtly Pivot does that which is why it may shoot up.
ok
it's weird that some platform gives me monthly pivot at 1.5925 and some gives me at 1.5933... big difference cos that means price is below or above monthly pivot then..
  • #2,845
  • Nov 23, 2010 5:36am Nov 23, 2010 5:36am
Quoting Survivor
Ah excatly what me thinking at the moment. And yes am a bit worried about those wicks. Shows buying pressure at monthly pivot. 15M is of course looking bad with each passing candle.If i have to bet, i will go short. if i dont have to i will wait.
i think best move is to watch. if it bounces up, we can wait for a retest later.
a similiar move to the bounce up yesterday..

and if it moves down. same. wait for a retest..
need NY to start the move..

if not just wait for tmr.. patience is the key..
  • #2,846
  • Nov 23, 2010 5:39am Nov 23, 2010 5:39am
Quoting willkohsg
ok
it's weird that some platform gives me monthly pivot at 1.5925 and some gives me at 1.5933... big difference cos that means price is below or above monthly pivot then..

Thats because of different feeds from different brokers. As time preiod increases from daily to monthly, calculations will be more and more different.

However always remeber that these levels are not lines they are "Zones". For a monthly indicator you have to give 20 pips bredth i think. I wont say its above pivot at 36 and below pivot at 34 because pivot is 35. Price may as well close 20 pips lower and then bounce from there in my exp.
Making money is easy- Just dont take losing trades
  • #2,847
  • Nov 23, 2010 6:18am Nov 23, 2010 6:18am
Quoting Survivor
Thats because of different feeds from different brokers. As time preiod increases from daily to monthly, calculations will be more and more different.

However always remeber that these levels are not lines they are "Zones". For a monthly indicator you have to give 20 pips bredth i think. I wont say its above pivot at 36 and below pivot at 34 because pivot is 35. Price may as well close 20 pips lower and then bounce from there in my exp.
looks like the 10ema is crossing up on 15 min..

will wait for it to totally cross up 35 and 50 mas before taking any bounce takes to go long on cable..

looks like i need to find another pair to trade when cable is rangy.. gotta fill my daily quota
  • #2,848
  • Nov 23, 2010 8:23am Nov 23, 2010 8:23am
was watching tv and came back to this touch trade which i missed..
would have been good for +30 pips on hindsight..
oh well. better stop watching the charts,

there's always pips to be made tomorrow
sit on my hands to trade another day
Attached Image
  • #2,849
  • Nov 23, 2010 8:25am Nov 23, 2010 8:25am
Quoting Survivor
I am in a hole trading GU. Will wait for 10 ema crossing 35/50 now before trading. Guess hasnt worked out yet for anyone. But patient is the key. Market will move. More it consolidates more it will move. Only waiting is needed.
u got outta ur hole survivor? were u long or short? guess either way u would have gotten out by now..
  • #2,850
  • Nov 23, 2010 8:28am Nov 23, 2010 8:28am
Quoting willkohsg
u got outta ur hole survivor? were u long or short? guess either way u would have gotten out by now..
Nah. Giving up for today. Manual says when in hole stop digging!
Tommorrow will be another day
Making money is easy- Just dont take losing trades
  • #2,851
  • Nov 23, 2010 8:33am Nov 23, 2010 8:33am
Quoting Survivor
Nah. Giving up for today. Manual says when in hole stop digging!
Tommorrow will be another day
funny thing happened.
when u gave up the market started to moved
u moved the markets mannnnn * joking*

edit: hey Cable start to move down. all the MAs are becoming steep. there's yet room for some trades man
edit: Cable having trouble breaking 1.59000..
  • #2,852
  • Nov 23, 2010 10:17am Nov 23, 2010 10:17am
Quoting willkohsg
funny thing happened.
when u gave up the market started to moved
u moved the markets mannnnn * joking*

edit: hey Cable start to move down. all the MAs are becoming steep. there's yet room for some trades man
edit: Cable having trouble breaking 1.59000..
Yeah i was expecting that. Markets have to move. They cant remain static. More they consolidate bigger the next move will be.

I just gave up because i was losing mental frame to trade. Maybe that's why manual says stop trading if you start losing. Will attack her tom with fresh mind.

Would be interesting to see if experienced traders like kostas get their pound of flesh today? And what time they traded.

Happy piping all
Making money is easy- Just dont take losing trades
  • #2,853
  • Nov 23, 2010 10:19am Nov 23, 2010 10:19am
U're right man. rest ur mind and attack tmr
the markets always there tmr.
i think the time of the day aint right for cable now, europe has exited leaving NY to play the music.
tmr will be a better day

no trades for me today. but that bounce up "almost" touch 10ema on M15 was tempting lol
  • #2,854
  • Nov 23, 2010 10:48am Nov 23, 2010 10:48am
My 2 dance trades constrainment of the 35/50 MA's EU and GU. Happy trading
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"Qui audet adipiscitur"
  • #2,855
  • Edited 1:37pm Nov 23, 2010 12:52pm | Edited 1:37pm
hellow dancers
I think this two days was not good for dance trades on eur/usd, (I trade only this pair)because I did not see any good entry point after the strong downtrend started. But on monday I took a constrament trade of 10 ema after just londons open and I toth that I should give it a chance to run a bit longer than 15 or 20 pips because many times I took 15 pips profit at the begining of the day and the market runed much more for the rest of the day. and I am now in +350 pips profit http://cdn.forexfactory.com/images/icons/icon10.gif and it looks like it is going futher down.
The chart is attached. (the trade was taken at white rectangle)

PS. So I more then doubled my account with one good trade .
I like the dance method entrys but the exits I think to use my way ,by letting it run more than just 15 pips,if the entry is good it should give you at least 70-80pips profit. I am very peaky at takink trades.
Attached Image (click to enlarge)
Click to Enlarge Name: eur usd 11.22.gif Size: 40 KB
  • #2,856
  • Nov 23, 2010 2:43pm Nov 23, 2010 2:43pm
Quoting piphunterr
hellow dancers
I think this two days was not good for dance trades on eur/usd, (I trade only this pair)because I did not see any good entry point after the strong downtrend started. But on monday I took a constrament trade of 10 ema after just londons open and I toth that I should give it a chance to run a bit longer than 15 or 20 pips because many times I took 15 pips profit at the begining of the day and the market runed...
Awesome trade. Did you move your stop at all along the way? Or did you take some of the trade off the table to lock in some profits? If so, I'd love to hear where you made those moves, and what your reasoning was.
  • #2,857
  • Nov 23, 2010 3:04pm Nov 23, 2010 3:04pm
Quoting duffypratt
Awesome trade. Did you move your stop at all along the way? Or did you take some of the trade off the table to lock in some profits? If so, I'd love to hear where you made those moves, and what your reasoning was.

Hellow duffypratt

I mowed my SL to B/E asap and then let it go and was looking for any good reason to exit but it just kept going down and at the end of a day I saw a daily outside bar and decided to hold it over night because I was expecting another bear day. Sold now for +373 pips
Tomorow I will wait for retracement and if I get a good one then will ride it again.
Attached Image (click to enlarge)
Click to Enlarge Name: eur usd 11.22.gif Size: 40 KB
  • #2,858
  • Nov 24, 2010 12:16am Nov 24, 2010 12:16am
Quoting Survivor
Would be interesting to see if experienced traders like kostas get their pound of flesh today? And what time they traded.
Happy piping all
Well since you asked..... GU was un-tradable for me yesterday but EU was OK. (It was more than one pound of flesh actually).
I am not going to describe my trade because I want this to be like an exercise. Blue arrows is entry, Green arrows is exit. So questions: a) Why did I short there and b) why did I took profit there? (Total +44p with one trade)

Kostas
Attached Image (click to enlarge)
Click to Enlarge Name: eu2.jpg Size: 313 KB
  • #2,859
  • Nov 24, 2010 12:36am Nov 24, 2010 12:36am
Quoting kostas1
Well since you asked..... GU was un-tradable for me yesterday but EU was OK. (It was more than one pound of flesh actually).
I am not going to describe my trade because I want this to be like an exercise. Blue arrows is entry, Green arrows is exit. So questions: a) Why did I short there and b) why did I took profit there? (Total +44p with one trade)

Kostas
Great job. Let me hazard a guess
a. Entry based on first touch on confluences in h4, m15 and m5? That makes me think if you take first touch even when price hasnt moved a lot before retrcing. Here i see 10EMA is pretty flat. I maybe missing many many such trades because i wait for a huge move and then retrace when actually i should be jumping on first retrace.

b. That 15m candle was bad looking where you exited. inverted hanging man? But i see your level marked already in big green. Pivot level or PPA line?
Making money is easy- Just dont take losing trades
  • #2,860
  • Nov 24, 2010 12:59am Nov 24, 2010 12:59am
Quoting kostas1
Well since you asked..... GU was un-tradable for me yesterday but EU was OK. (It was more than one pound of flesh actually).
I am not going to describe my trade because I want this to be like an exercise. Blue arrows is entry, Green arrows is exit. So questions: a) Why did I short there and b) why did I took profit there? (Total +44p with one trade)

Kostas
Short because of bounce off MA50 and MA10 on the 15 minute chart, combined with price moving in favor of the trade.

Take profit because daily target met and/or inverted hanging man on 5 minute chart?
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