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CHOROS System

  • #3,421
  • Jan 12, 2011 12:57am Jan 12, 2011 12:57am
Thanks survivor and kostas for the swift reply...I've been studying other threads when this one was pretty quiet over christmas, but no disrespect to their authors, the small SLs of this system makes it really powerful I think. Will be sticking around now, looking forward to learning more from you guys
  • #3,422
  • Jan 12, 2011 4:03am Jan 12, 2011 4:03am
Can experienced dancers tell me if this was a correct trade?Thanks in advance...

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The red circles are my entry and exit. Set SL at 5 pips from RN and so nearly got hit, then TP at +17. Were the MAs too clustered?
  • #3,423
  • Jan 12, 2011 4:04am Jan 12, 2011 4:04am
G'day peoples!

Here is the first version of my modified MA.

I use all the colors the same for each MA and only change the line thickness to show trending v flat. This is all that is required and I don't want to "busy up" the charts with psychedelic indicator patterns! You can change colors for "up" and "down" etc, but I advise against it. (Personal preference).

The "Trend_Minimum" parameter changes the line attributes when the slope of the line exceeds this many pips per bar.

This is far better than playing with angles, as angles vary with the price scale. For example, if you are in a period where the price is ranging your chart may only be 50 pips high, if then there is a breakout for 100 pips or so, your chart is now 150 pips high - that's three times bigger! What would have been a 45 degree trendline now would be only 26 degrees!

So angles are very deceptive, whether expressed as degrees or "clock hours".

One thing I always do so that my charts are consistent it to select "scale fix" in chart properties and adjust the scale to 10 pips per price marker on the side. Then, 10 pips always LOOKS like 10 pips, etc! There's enough to confuse the trader without rubbery charts adding to it!

I have found the best values for the 10 EMA to be about 1.5 and the others about 0.8.... but you are best to play around with it yourself.

Now the problem of when is a "touch" a "touch" and when is it not a "touch"!

Remember that the MAs are all based on the "Close", and since the current candle has not yet closed, that wiggling line is NOT the "10EMA" and is actually meaningless!

See what Clay had to say.... http://www.forexfactory.com/showpost...&postcount=671

So, it takes a bit of discretion here, folks, and maybe price action on lower time frames will aid you to speculate where the "touch" is!

Now, in this version, the first thing that MAY help is that you can turn off the "Serpent's tongue". Setting "Show_tongue" to false will simply show a horizontal line for the current candle.

Next, I will be adding a three other stable lines that will maybe help....

All this is experimental, and if it help, good, if not then "back to the drawing board"!

I've attached a few images what my chart looks like and settings for the 10 EMA.

..... and I noticed on those images that I've missed an opportunity while messing with this, so, just Google "Bigtent's bank account" and donate half your profits from this period to compensate me. Conforming with my boundless generosity, I'll let you keep your losses (I have enough of my own).
Attached Images
Attached File(s)
File Type: mq4 MA extended-0.mq4   17 KB | 315 downloads
  • #3,424
  • Jan 12, 2011 4:13am Jan 12, 2011 4:13am
Quoting bigtent
G'day peoples!

Here is the first version of my modified MA.

I use all the colors the same for each MA and only change the line thickness to show trending v flat. This is all that is required and I don't want to "busy up" the charts with psychedelic indicator patterns! You can change colors for "up" and "down" etc, but I advise against it. (Personal preference).

The "Trend_Minimum" parameter changes the line attributes when the slope of the line exceeds this many pips per bar.

This is far better than playing with angles, as angles vary...
Interesting bigtent. Thanks for the work. We will test and give feedback.
  • #3,425
  • Jan 12, 2011 10:33am Jan 12, 2011 10:33am
1. USDCHF 1H was a reminder- When i get too confident about something markets brings me back to senses. 1H was just too flat - almost horizontal when i tried this one. 20 Pips paid in tuition fees. no chart for this one.

2. USDCAD 1h was the beauty again. Clear trend what i see as constrainment- not a perfect one but HTF was all supporting a short. I went short at 85 with SL at 91. But the trade turned out to be a test of patient as it settled nicely in 10 pip range. I did milk it thrice for 7 pips each but it was turning out to be too long a wait. I held onto it for 9 long hours - and then patient was rewarded. 35 more pips to already 21.

3. GU 1H was a no-brainer. Maybe this is what they call a perfect touch trade. Nice uptrend . Perfect two bar retracement. Tests lowest support and then booooom. I was tired and done for the day. Just scalped 10 pips at low to show respect to this perfect setup. Anyway my target with touch trade is not pips but to achieve 80% consistency. Hope someone got this monster right.

Bigtent - Awesome work. Thanks/ will test it after work.
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Making money is easy- Just dont take losing trades
  • #3,426
  • Jan 12, 2011 10:38am Jan 12, 2011 10:38am
Thanks for the great examples survivor, please keep them coming. I took both trades, but my USD/CAD's SL was too small, and I exited GU early. At least I know I'm headed in the right direction...
  • #3,427
  • Jan 12, 2011 10:49am Jan 12, 2011 10:49am
Quoting natnimrey
Thanks for the great examples survivor, please keep them coming. I took both trades, but my USD/CAD's SL was too small, and I exited GU early. At least I know I'm headed in the right direction...
Natnimrey thats Great. you are already getting them is awesome. I am so dumb that it took me weeks before i knew decent trades when i saw them

Even i exited GU early. I was just too tired and am still not very good with touches. But i was wondering why was your SL in USDCAD too small. maybe you entered late. But as far as i remeber it gave excellent oppotunities to short near day high with extremely small SL. I entred at 85 and sl was just 91- above all the wicks that i have marked. In my experience, fine tuning entry in slow movers is critical because they take hours to give back even 5 pip of entry mistake. See the last candle before big fall? that doji below 10EMA? even there you could have entered with Sl above doji high. hope that helps for future trades. Let me know if you want to know excatly where and how i traded it though i have already explained that yesterday inc harts.

Maybe you thought it was constrained by 10 EMA and kept SL above it. Actually it was constrained by a price level with 10 EMA just supporting the constrainment.
Making money is easy- Just dont take losing trades
  • #3,428
  • Jan 12, 2011 12:45pm Jan 12, 2011 12:45pm
Quoting Survivor
Natnimrey thats Great. you are already getting them is awesome. I am so dumb that it took me weeks before i knew decent trades when i saw them

Even i exited GU early. I was just too tired and am still not very good with touches. But i was wondering why was your SL in USDCAD too small. maybe you entered late. But as far as i remeber it gave excellent oppotunities to short near day high with extremely small SL.
I'm not quite as bright as you think...I discovered this thread some two months ago!

You're right about the USD/CAD; I totally entered late. I had an alarm set at a price between the 35 and 50 MAs on the 15 MTF, and as soon as I decided to manually enter, price had moved some 5-6 pips plus spreadI did give my stops a little breathing space, but the candle wick just had to mess with me before resuming the trend and stopped me out I didn't realize the constrainment until you pointed it out, so I'm still quite far behind lol
  • #3,429
  • Jan 12, 2011 12:48pm Jan 12, 2011 12:48pm
Quoting Survivor
1. USDCHF 1H was a reminder- When i get too confident about something markets brings me back to senses. 1H was just too flat - almost horizontal when i tried this one. 20 Pips paid in tuition fees. no chart for this one.

2. USDCAD 1h was the beauty again. Clear trend what i see as...
Nice charts. Your recent posts seem to reflect more attention to the H1 charts. Is this a co-incidence, or do you think it comes from finding more constrainments there?

Also, I have a question about the constrainment you see on this UCad chart. It looks to me like its a constrainment that is simply floating out there. You have drawn a line which shows it pretty well. But, at least for me, there doesn't seem to be an anchor for it, not even past S/R. One thing that says is that you are getting really good at spotting those things. But I have basically zero confidence that I could see the same thing in real time. So, I guess my question is, what are you looking for when you find this kind of "floating" constrainment?

Edit: Final question: Did you milk this constrainment for its two rounds of 15 pips before it took off to your target?
  • #3,430
  • Edited 1:32am Jan 13, 2011 12:34am | Edited 1:32am
Quoting duffypratt
Nice charts....
1H is result of looking for good trades wherever i can find them. True, i have been finding constrainments more often in 1H is slow movers. For fast moves i prefer 15M but then again yesterday i dcoudnt see any trade in 15M so looked out at 1H and saw this beauty in GU.

Yes the cad constrainment wasnt a perfect one - just hanging there. Maybe the RN above was only thing i could see. Anyway i have started taking lot of liberty with constrainments. guess it's a function of confidence. Of course i paid for overconfidence in USDCHF- but still my strike rate with them is almost 90%. So i am not worried yet.

What i am looking for is explained in yesterdays post. In short- a VERY solid trend and No objection certificate from HTF (USDCAD was shouting sell in all TFs). Then i see where small candles are wicking but failing to hold. What triggered me about CAD yesterday was those small candles wicking to 88 but failing again and again.Agree abosultely that yesterdays trade was tough to spot. But at least that last doji before big fall was a clear giveaway as far as i am concerned.

Yes i did milk it but wasnt very sucessfull. range was too small and spread is usually higher that EU or GU. So i milked it 3 times for 7 pips each before the big fall.

EDIT Forgot to mention but shift to 1H is also result of laziness. I am getting addicted to one good trade in 1H and target complete- go home Maybe its a bad idea.
Making money is easy- Just dont take losing trades
  • #3,431
  • Jan 13, 2011 12:56am Jan 13, 2011 12:56am
Quoting natnimrey
Can experienced dancers tell me if this was a correct trade?Thanks in advance...

Attachment
Attachment

The red circles are my entry and exit. Set SL at 5 pips from RN and so nearly got hit, then TP at +17. Were the MAs too clustered?
Am not very experienced with such trades but let me attempt since i dont see any replies here.

It was certainly not a touch trade in my opinion- 35/50 are too wide and not steep enough. And then it took 3 candles to reach there.

What you managed to play was actually ping pong between wide flat mas. But again i would have pssed this trade bacause 35/50 are not wide and flat enough for ping pong. Anyway ping pong needs lots of expeience.

Finally you got pips so keep them but IMHO try to be more conservative in futur at least initially.
Making money is easy- Just dont take losing trades
  • #3,432
  • Jan 13, 2011 1:11am Jan 13, 2011 1:11am
Quoting Survivor
Am not very experienced with such trades but let me attempt since i dont see any replies here.

It was certainly not a touch trade in my opinion- 35/50 are too wide and not steep enough. And then it took 3 candles to reach there.
Thank you so much for the response. I checked back and price would have turned some 70 pips against me. I checked the 1HTF and turns out it was doing a 50 touch.

There's something I'm still not too clear from the manual...do you enter immediately after a "touch", or wait for a confirmation, like this double top?Will it be too late?

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  • #3,433
  • Jan 13, 2011 1:22am Jan 13, 2011 1:22am
Quoting natnimrey
Thank you so much for the response. I checked back and price would have turned some 70 pips against me. I checked the 1HTF and turns out it was doing a 50 touch.

There's something I'm still not too clear from the manual...do you enter immediately after a "touch", or wait for a confirmation, like this double top?Will it be too late?

Attachment
As per manual in 15M all touch trades are to be taken immidiately at touch without waiting for any confirmation. so the first candle was the entry point. Also none of the marked points are best entry. Remeber that many currencies have habbit of testing lowest support or highest resistance. So you could have entred at lower ma instead of higher one.

For HTF touches manual requires confirmation from 15M. But manu use 5M for confirmation in 15M touch also.

About your double top there- Dont take it. As per manual price action must be in direction of trend. Price action against the trend is to be ignore. So when price is above 35/50 look only for bullish signs like double bottom. Ignore any bearish sign like double top.

Again this is what manual says. maybe someone more experienced will give a better reply.
Making money is easy- Just dont take losing trades
  • #3,434
  • Jan 13, 2011 2:07am Jan 13, 2011 2:07am
Quoting Survivor
As per manual in 15M all touch trades are to be taken immidiately at touch without waiting for any confirmation. so the first candle was the entry point. Also none of the marked points are best entry. Remeber that many currencies have habbit of testing lowest support or highest resistance. So you could have entred at lower ma instead of higher one.
So this is what I understood from your words, correct me if I'm wrong. On 15MTF, always try to look for entries on the deepest EMA, being 50, while ensuring the 35/50 is parallel, steep, and of good width. On HTF once a tap occurs zoom into 15MTF and look for reversal patterns for entry. Is that right?
  • #3,435
  • Jan 13, 2011 2:16am Jan 13, 2011 2:16am
Quoting natnimrey
So this is what I understood from your words, correct me if I'm wrong. On 15MTF, always try to look for entries on the deepest EMA, being 50, while ensuring the 35/50 is parallel, steep, and of good width. On HTF once a tap occurs zoom into 15MTF and look for reversal patterns for entry. Is that right?
Wide part is incorrect. In fact more close togather 35/50 are better trade it is. very wide and its a bad trade.

Also i am not sure what makes for a good reversal pattern in 15M. I take any sign of strength as ok. maybe just a doji after a big fall. or hammer etc. In fact mostly for good trades i ignore 15M completely. Like yesterdays Gu trade- i didnt look at anything other than 1H chart.

EDIT: I woould suggest that you read the manual carefully two three times. Particularly the rules section and examples. Because i can see you are missing very clear things like not taking price action against trend and close togather 35/50 is stronger. This can be very dangerous for you.
Making money is easy- Just dont take losing trades
  • #3,436
  • Jan 13, 2011 2:40am Jan 13, 2011 2:40am
Quoting Survivor
Wide part is incorrect. In fact more close togather 35/50 are better trade it is. very wide and its a bad trade.

Also i am not sure what makes for a good reversal pattern in 15M. I take any sign of strength as ok. maybe just a doji after a big fall. or hammer etc. In fact mostly for good trades i ignore 15M completely.
Thanks, I will read through the manual againAlso I'm pleasantly surprised to learn that it is possible to use just the HTF, which is about what I'm doing now, because too many charts gets me confused. Again thanks for the reply...
  • #3,437
  • Jan 13, 2011 2:59am Jan 13, 2011 2:59am
Hey dancers, good to see you all back after the new year! I hope you're all having a great start to this year.

Quoting natnimrey
There's something I'm still not too clear from the manual...do you enter immediately after a "touch", or wait for a confirmation, like this double top?Will it be too late?
I wouldn't trade off touches in the H1, your SL has to be too great, way too much chance for killing your account. I use the HTFs for exits and trend direction. I always take touch trades off the M15 charts and take it as soon as it touches the line. Sometimes you get a bit of back and forth before it decides to go, but often it touches the line and straight away runs back in the opposite direction.

The only way to get a great feel for it is practise. What I would strongly recommend is practising in the simulator as much as possible. I spent the holidays going through as much of 2010 as I could and my results have been fantastic. I started the year getting break even or losing pips, but now can easily get +130 in a week. Translating that to real trading is the next part, but I just entered my first real trade for the year and closed one lot at +20, with the other one currently at +25.

Basically, trade the simulator, it'll probably be the best thing you can do.

Here's the current trade I'm in, one lot closed at +20, the other riding.

edit: The thing you have to realise is that this is a percentages game. Not every trade will be good, and whole days can be terrible. In one of my demo trading weeks I lost -40 on Monday, and then gained +100 the next day, gaining my pip target for the week in just two days. It would have been very easy to feel despondent after the first day, but as long as you have a good system with the percentages on your side, you can't lose.
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  • #3,438
  • Jan 13, 2011 3:19am Jan 13, 2011 3:19am
Thanks arha, what you said wasn't just encouraging, it was inspiringI will be running the sim as much as I can. Was that a constrainment trade you posted by the way?
  • #3,439
  • Jan 13, 2011 3:27am Jan 13, 2011 3:27am
Quoting natnimrey
Thanks arha, what you said wasn't just encouraging, it was inspiringI will be running the sim as much as I can. Was that a constrainment trade you posted by the way?
No probs!

Nope, no constrainment here, Survivor may laugh but I just cannot get them! I've given up, but I may go back later and try and learn them in the sim. At the moment it's all touch trades for me.

I just re-entered on a touch of the M5 and closed my original lot at +45, so I have now achieved my entire target for the week in one day, and I still have a trade open with my SL at BE. I'd say the sim was a good idea.
  • #3,440
  • Jan 13, 2011 3:36am Jan 13, 2011 3:36am
arha ,

let me ask a question . What is your SL for 10MA enter?

Thanks

Baavgai
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