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CHOROS System

  • #2,941
  • Nov 29, 2010 2:17am Nov 29, 2010 2:17am
Quoting kostas1
Lately, I am developing a taste for EU. This one was from a great confluence (bounce from M15 10/35/50, H1 10). Entry from M5 10 bounce, exit was confluence of Daily Pivot, H1 35, H4 10). Only danger was that the M15 MAs were flat but I had a tight SL.
Great even i was watching that but didnt take that because as you noted- flat 35/50. Also i find myself mentally biased towards short given HTF are all south.

Not a typical dance trade, but some advanced game here- I sold EU at high for quick 20 pips. Reasons- 1H chart "dead- ended" at RN and 62 EMA confluence.

EDIT: i hate to post such trades that are not text book dance. Because it makes others too eager to get some pips and take bad trades. At least that has happened to me in past. My advice- PATIENT. Typical dance trades will come and will give good pips.
Making money is easy- Just dont take losing trades
  • #2,942
  • Nov 29, 2010 2:27am Nov 29, 2010 2:27am
I took the EU high as well for +10, but then lost 5 at the GU 10MA touch blowing through to the 50 MA. Waiting for the market to pick up and make a better dance entry.

EDIT: Looks like the EU confluence of 10 MA and 1hr 35 could be a pretty good dance entry point.
  • #2,943
  • Nov 29, 2010 2:31am Nov 29, 2010 2:31am
Quoting arha
I took the EU high as well for +10, but then lost 5 at the GU 10MA touch blowing through to the 50 MA. Waiting for the market to pick up and make a better dance entry.
Arha, if it helps you, i didnt take that touch in Gu because- 35/50 are pretty wide and flat. Most of moves in such areas i have found to be false. Also the price just didnt move steeply up- not enough steepness in 10 EMA.
I woudnt mind these conditions on short side because all HFT are heading straight south. But i woudnt touch a long with these in charts

Of course everyone is wiser after the trade. Glad that you got out of losing trade pretty quick.

Edit: in fact, just noticed that last 15M candle in GU. Its shouting sell to me (not typical dance trade though). Will see if i can get a good entry for ride south.
Making money is easy- Just dont take losing trades
  • #2,944
  • Nov 29, 2010 3:08am Nov 29, 2010 3:08am
Was there not an EA developed for this system?
Enter Signature
  • #2,945
  • Nov 29, 2010 3:24am Nov 29, 2010 3:24am
So this is just my unlucky night. First the failed GU trade at -5 and now the GJ at -12. What did I do wrong with this trade? I took it at the touch of the 10MA, the 35/50 were very close and pointing down and the 10 was at a very steep angle. It hadn't yet happened in this screenshot but the price continued to go through the 50 and take out my stop. According to the rules of the dance I am now out for the night which is very unsatisfying!!!

Am I just not waiting for a strong enough market direction?
Attached Image (click to enlarge)
Click to Enlarge Name: trade.png Size: 21 KB
  • #2,946
  • Nov 29, 2010 3:50am Nov 29, 2010 3:50am
Quoting arha
According to the rules of the dance I am now out for the night which is very unsatisfying!!!

Am I just not waiting for a strong enough market direction?
As fasr as this setup is considered, good but certinly not one of the best there. Only one big red candle before your touc. I dont call that a big move. Also if you read threough the thread you will find that many have observed that single canld retracements are best avoided. momentum ensure it takes your SL. so when we talk two bar retrcement, its just that- two bars. Not one, not three.

Also you pair seems to have no direction in HTF. HTF are key in my humble oopinion. Trading a pair with clear direction in HTF like GU is much easier.

Anyway, sad to hear that arha. But you already know the answer. WAIT. WAIT and WAIT for perfect setup. You are trading too much trying to catch every move. Thats not the purpose of dance. I suggesst you buy yourself an ipod or play some online games if you feel too difficult to sit in front of chart and not trade.

Sorry about too many typos here. Trading 5 M candles and posting dont go well togather. Sorry again. Hope everyone gets my messege anyway. will be careful next time.
Making money is easy- Just dont take losing trades
  • #2,947
  • Nov 29, 2010 3:56am Nov 29, 2010 3:56am
Quoting arha
So this is just my unlucky night. First the failed GU trade at -5 and now the GJ at -12. What did I do wrong with this trade? I took it at the touch of the 10MA, the 35/50 were very close and pointing down and the 10 was at a very steep angle. It hadn't yet happened in this screenshot but the price continued to go through the 50 and take out my stop. According to the rules of the dance I am now out for the night which is very unsatisfying!!!

Am I just not waiting for a strong enough market direction?
For me the main reason would be there is support ( Green lines ) MA's are flat and the fact that the market has already made a move down last tuesday you would be looking for a push back up. Also if i was you i would stick to GU until you know the signs of the market.

Don't give up
Attached Image (click to enlarge)
Click to Enlarge Name: gjsupport.jpg Size: 84 KB
"Qui audet adipiscitur"
  • #2,948
  • Nov 29, 2010 3:57am Nov 29, 2010 3:57am
Quoting Survivor
Anyway, sad to hear that arha. But you already know the answer. WAIT. WAIT and WAIT for perfect setup. You are trading too much trying to catch every move.
Thanks Survivor, good advice as always.
  • #2,949
  • Nov 29, 2010 4:00am Nov 29, 2010 4:00am
Quoting Yamster
For me the main reason would be there is support ( Green lines ) MA's are flat and the fact that the market has already made a move down last tuesday you would be looking for a push back up. Also if i was you i would stick to GU until you know the signs of the market.

Don't give up
Great comments, I need to keep reminding myself to check the higher time frames. I've spent way more time on the simulator with only the 15min and I keep forgetting to check the higher ones before I trade. Thanks for the example chart.
  • #2,950
  • Nov 29, 2010 4:03am Nov 29, 2010 4:03am
Quoting arha
Great comments, I need to keep reminding myself to check the higher time frames. I've spent way more time on the simulator with only the 15min and I keep forgetting to check the higher ones before I trade. Thanks for the example chart.
If you are watching GJ now notice how the price tried to push up on the last bar and then dropped back down under the MA's nows the time i would be putting my money on the line because i would say that support might just get broken now
"Qui audet adipiscitur"
  • #2,951
  • Nov 29, 2010 4:04am Nov 29, 2010 4:04am
Quoting vosterfxandy
Was there not an EA developed for this system?
To my knwoledge, no.
As manual says, its not a system (click when it goes red kind). It's more of "learning to trade". Hence i would assume it would be difficult to create an EA for this method.
You are, of course, welcome to try develop the EA.
Making money is easy- Just dont take losing trades
  • #2,952
  • Edited 4:54am Nov 29, 2010 4:19am | Edited 4:54am
Quoting Yamster
If you are watching GJ now notice how the price tried to push up on the last bar and then dropped back down under the MA's nows the time i would be putting my money on the line because i would say that support might just get broken now

Price stuck under the MA's 4 tries to break and failed perfect constrainment? I am in this and i will see if it can break the support ( green box )

***EDIT*** closed for +15
Attached Image (click to enlarge)
Click to Enlarge Name: gjsupport.jpg Size: 93 KB
"Qui audet adipiscitur"
  • #2,953
  • Nov 29, 2010 5:44am Nov 29, 2010 5:44am
GU touch 10 EMA, steep angle of 10EMA,
touch of 10 ema on M15 and confluence of Daily Pivot.
Attached Image
  • #2,954
  • Edited 7:32am Nov 29, 2010 7:20am | Edited 7:32am
slow grind..
added another position at the touch of H1 10 EMA.

I was thinking it might prove to be a stronger bounce
if Cable tested H1 10 EMA
there's still RN 1.5600,M15 35 and 50 EMAs above it acting as confluence of
resistance levels.

1st trade short at 1.5588 Target 1.5575
2nd trade short at 1.5595. Target 1.5575

Status:
closed 1st trade at 1.5580 +8 pips
closed half of 2nd trade at 81. +14 pips
tp at 1.5575 +20 pips.

Average of +25 pips today on default lot size. Done for the day.

SL didnt threaten on both trades. SL on 1st trade was 1.5607,
price went to as high as 1.5598 with RN acting as resistance.
Attached Image
  • #2,955
  • Nov 29, 2010 7:22am Nov 29, 2010 7:22am
Nice setup..if only it touches...
Attached Image
  • #2,956
  • Nov 29, 2010 7:26am Nov 29, 2010 7:26am
Quoting Fxprince12
Nice setup..if only it touches...
hey fxprince i took that trade, it bounced off the H1 10 ema and
take a look at the confluence above that H1 10 ema.
it's not a strictly by the rules trade cos i take into account higher timeframes.

if u really wana "force" a trade or wana see if there's any confluence all around, zoom out to H1 and H4,
u might see a touch of H1 or H4 emas and that is a sign of a stronger bounce off those levels

just my 02 cents
  • #2,957
  • Nov 29, 2010 7:43am Nov 29, 2010 7:43am
Quoting willkohsg
hey fxprince i took that trade, it bounced off the H1 10 ema and
take a look at the confluence above that H1 10 ema.
it's not a strictly by the rules trade cos i take into account higher timeframes.

if u really wana "force" a trade or wana see if there's any confluence all around, zoom out to H1 and H4,
u might see a touch of H1 or H4 emas and that is a sign of a stronger bounce off those levels

just my 02 cents
Yes...i saw it bounced off the H1 10 ema(1.5594)....but i was waiting it to touch the RN/35ma...

because i read before that GU tend to test the last nearby S/R, which was RN/35ma on 15M chart...
  • #2,958
  • Nov 29, 2010 7:46am Nov 29, 2010 7:46am
Quoting Fxprince12
Yes...i saw it bounced off the H1 10 ema(1.5594)....but i was waiting it to touch the RN/35ma...

because i read before that GU tend to test the last nearby S/R, which was RN/35ma on 15M chart...
u're right fxprince, cos Kostas1 said before Cable tend to test all s/r levels before bouncing off, for me i just took it cos of reflex on
what i saw in price movements.

I would have entered early if price continued north to test those 35/50 mas and RN..
  • #2,959
  • Nov 29, 2010 12:48pm Nov 29, 2010 12:48pm
This is why i always take the first touch when 35/50 is converging/ parallel and 10 EMA is steep enough. Bar counting isn't going to help here.
Attached Image (click to enlarge)
Click to Enlarge Name: eur.jpg Size: 53 KB
Making money is easy- Just dont take losing trades
  • #2,960
  • Nov 29, 2010 2:06pm Nov 29, 2010 2:06pm
Quoting Survivor
This is why i always take the first touch when 35/50 is converging/ parallel and 10 EMA is steep enough. Bar counting isn't going to help here.
great trade survivor! i was done for the day and switched off my MT4s,
great monster run
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