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CHOROS System

  • #3,121
  • Dec 10, 2010 2:35am Dec 10, 2010 2:35am
Quoting willkohsg
quick post.
Touch trade off m15 10 ema on Cable.
Entry 1.5805, Target 1.5820 Stop 1.5777 (28 pips, just below recent lows)
hi will, can you explain to me why that was an entry?I see that it was testing 10ema and round number, but the candle doesn't seem to say anything?
  • #3,122
  • Dec 10, 2010 2:37am Dec 10, 2010 2:37am
Quoting natnimrey
hi will, can you explain to me why that was an entry?I see that it was testing 10ema and round number, but the candle doesn't seem to say anything?
Hi my reasons for entry are :

1) steep angle of m15 10 ema
2) confluence with RN 1.5800

will look to exit this trade before GBP PPI data release in an hour's time.
  • #3,123
  • Dec 10, 2010 2:41am Dec 10, 2010 2:41am
Quoting natnimrey
hi will, can you explain to me why that was an entry?I see that it was testing 10ema and round number, but the candle doesn't seem to say anything?
natnimrey, touch trades are to be taken without any consideration to candles. once the price comes to the moving average you just enter without waiting for candle to say anything.

Though sometimes it's safer to wait for some signal in LOWER time frame like 5 m or 1 m. and some people here use this sucessfully. but as per rules of dance no confirmation is need for touch trades.
Making money is easy- Just dont take losing trades
  • #3,124
  • Dec 10, 2010 2:48am Dec 10, 2010 2:48am
really slow day.. EU moving 50 pips lower, dragging GU with it i guess..
gonna give the trade till end of the hour. if not i'll just flat it and wait for GBP PPI to be released..
  • #3,125
  • Dec 10, 2010 2:57am Dec 10, 2010 2:57am
Took this EU trade (Long)
Entry : touch of M15 35/50 (blue box)
Confluence with H1 10/35/50/RN..
took my SL (-15)...

appreciate your comment,guys...
Attached Image
  • #3,126
  • Dec 10, 2010 3:05am Dec 10, 2010 3:05am
out at +15, done for the day but going to stay to watch GBP PPI
Attached Image
  • #3,127
  • Dec 10, 2010 3:05am Dec 10, 2010 3:05am
Quoting Fxprince12
Took this EU trade (Long)
Entry : touch of M15 35/50 (blue box)
Confluence with H1 10/35/50..
took my SL (-15)...

appreciate your comment,guys...
2 reasons:
1. Not steep MAs
2. Most importantly, look at your higher TFs. There is a great rejection confluence from Weekly Pivot, H4 35/50/62. I actually got +20p from shorting up there.....

DON'T trade against higher TF MAs if they are close, unless it's a scalping trade (6-10p).
  • #3,128
  • Dec 10, 2010 3:17am Dec 10, 2010 3:17am
Quoting Fxprince12
Took this EU trade (Long)
Entry : touch of M15 35/50 (blue box)
Confluence with H1 10/35/50/RN..
took my SL (-15)...

appreciate your comment,guys...
Hi fxprince, look at Lower TF and Higher TF

marked the area u entered with blue box.

M5- 10 EMA already cut through 35/50 MA on 5 min chart and price constrained by 10 ema.

H1- MAs are flat- no trading
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  • #3,129
  • Dec 10, 2010 3:31am Dec 10, 2010 3:31am
Quoting willkohsg
Hi fxprince, look at Lower TF and Higher TF

marked the area u entered with blue box.

M5- 10 EMA already cut through 35/50 MA on 5 min chart and price constrained by 10 ema.

H1- MAs are flat- no trading
Hi Kostas1&willkohsg,

Thanks for 'enlighten' me...will learn from this mistake..
will focus on higher TF MA& Rejection before decided to enter the trade..
  • #3,130
  • Dec 10, 2010 3:32am Dec 10, 2010 3:32am
tks for the reply all...I nearly took the EU trade too...patience does pay off
  • #3,131
  • Dec 10, 2010 3:33am Dec 10, 2010 3:33am
Quoting kostas1
2 reasons:
DON'T trade against higher TF MAs if they are close, unless it's a scalping trade (6-10p).
I also took that trade for -12. What exactly do you mean when you say "if the higher TF MAs are close"? Not sure I understand.
  • #3,132
  • Dec 10, 2010 3:35am Dec 10, 2010 3:35am
Quoting Fxprince12
Took this EU trade (Long)
Entry : touch of M15 35/50 (blue box)
Confluence with H1 10/35/50/RN..
took my SL (-15)...

appreciate your comment,guys...
Ok kostas already answered that. But my approach is different. I ignore HTF. I watch only 15M because 35/50 in 15M tell all the story abt highert time frame or session rules. Flat mas are sure give away here.

But here is what do i do in such cases.I wait for failure and sell on retest after break below 35/50. Reason- i have seen that when price breaks through such on top of each other 35/50, price will often caontinue for a long time. Maybe this is because the move is strong enopugh to break on top of each other 35/50 .Also as kostas has pointed out maybe heavy bearishness in HTF. My point is we dont need to worry about those things. Just watch 15M 35/50!
Making money is easy- Just dont take losing trades
  • #3,133
  • Dec 10, 2010 3:35am Dec 10, 2010 3:35am
Quoting arha
I also took that trade for -12. What exactly do you mean when you say "if the higher TF MAs are close"? Not sure I understand.
Hi Arha, allow me to try to answer for Kostas,
i think he meant that higher TF Mas are jumbled up, like the one at H1 EU right now,the "MA soup" as what Clay calls them in his Manual
  • #3,134
  • Dec 10, 2010 3:43am Dec 10, 2010 3:43am
Anyone taking GU again?Just retested 1.580...
  • #3,135
  • Dec 10, 2010 3:44am Dec 10, 2010 3:44am
Thanks willkohsg. I had seen the trade as a sure thing since it was coming down to touch all the M15 and H1 MAs together. Oh well, live and learn.
  • #3,136
  • Dec 10, 2010 3:46am Dec 10, 2010 3:46am
Quoting natnimrey
Anyone taking GU again?Just retested 1.580...
Hi Natnimrey,GU trading in 25 pip range right now, i will wait for it to break out either up or down before entering any trades.. now best to be flat.. i might be wrong and GU shoot north from here but the M15 10 EMA is tested several times already.. unless we have indication from Higher TF ( like a bounce off higher TF MAs) would be good to be flat and wait for break out and trade on pullbacks( touch trades)

another way u can look at this is price is being constrained by M15 10 Ema,
so it is looking to push higher from here just need a trigger.. but I am not expert on constrainment so perhaps Mr survivor can give his insight
  • #3,137
  • Dec 10, 2010 3:48am Dec 10, 2010 3:48am
Quoting arha
Thanks willkohsg. I had seen the trade as a sure thing since it was coming down to touch all the M15 and H1 MAs together. Oh well, live and learn.
Arha if same thing happened to GU i would take it , cos u look back and compare GU and EU MAs on higher TF and u will get what i mean
  • #3,138
  • Dec 10, 2010 3:51am Dec 10, 2010 3:51am
Quoting willkohsg
Hi Natnimrey,GU trading in 25 pip range right now, i will wait for it to break out either up or down before entering any trades.. now best to be flat.. i might be wrong and GU shoot north from here but the M15 10 EMA is tested several times already.. unless we have indication from Higher TF ( like a bounce off higher TF MAs) would be good to be flat and wait for break out and trade on pullbacks( touch trades)

another way u can look at this is price is being constrained by M15 10 Ema,
so it is looking to push higher from here just need a trigger.....
words of gold...thanks
  • #3,139
  • Dec 10, 2010 4:01am Dec 10, 2010 4:01am
China tightens monetary policy. Raises "triple R" (reserve requirement ratio).
careful
  • #3,140
  • Dec 10, 2010 4:27am Dec 10, 2010 4:27am
Cable just touched H4 channel top trendline 1.5863 and bounced off.
consolidation and slow movements now that London is done.
Perhaps NY will be better


off to an early weekend. cya next week guys
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