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CHOROS System

  • #3,441
  • Jan 13, 2011 3:43am Jan 13, 2011 3:43am
Quoting baavgai
arha ,

let me ask a question . What is your SL for 10MA enter?
Always 10 pips, no matter what the situation. I started off sometimes putting it on the far side of the 35/50/RN if they were near, but I've personally had much more success with a 10 pip limit.
  • #3,442
  • Jan 13, 2011 4:40am Jan 13, 2011 4:40am
It's a TV antenna!
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  • #3,443
  • Jan 13, 2011 4:47am Jan 13, 2011 4:47am
Haha, I love it! Yeah, GU not looking so good at the moment.

I thought I'd post a breakdown of my last touch trade in case it helps someone.
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  • #3,444
  • Jan 13, 2011 4:48am Jan 13, 2011 4:48am
Quoting endroute
fantastic post and a couple of nice charts on constrainment setups, NICE WORK ....

Your advice was certainly not in vain endroute. Am doing better with them. Nailed GU 1H touch yesterday. And today i nailed 15M EU tocuh. Target achived for today. But more importantly i have 2 out of 2 winners here in touch. My target is at least 80% consistency. Hope i get to that with your help. Thanks a ton.
Making money is easy- Just dont take losing trades
  • #3,445
  • Jan 13, 2011 4:52am Jan 13, 2011 4:52am
Quoting Survivor
Nailed GU 1H touch yesterday. And today i nailed 15M EU tocuh. Target achived for today. But more importantly i have 2 out of 2 winners here in touch.
Well done! It definitely gets easier the more you do it.
  • #3,446
  • Jan 13, 2011 5:02am Jan 13, 2011 5:02am
Quoting arha
Haha, I love it! Yeah, GU not looking so good at the moment.

I thought I'd post a breakdown of my last touch trade in case it helps someone.

I was watching that, but didn't take it because of the "2-bar rule". Also missed this one on the Aussie - was almost going to pull the trigger, but talked myself out of it.... doing that waaay too much!
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  • #3,447
  • Jan 13, 2011 5:06am Jan 13, 2011 5:06am
Quoting bigtent
I was watching that, but didn't take it because of the "2-bar rule". Also missed this one on the Aussie - was almost going to pull the trigger, but talked myself out of it.... doing that waaay too much!
Nice observatiion about two bars bigtent. Its good to play by rule. But i think we have discussed this before. I used to take ALL "first" touches irrespective of bar count. Looks like that strategy is mainly sucessfull.

Now though i am in a drive to achive super consistency. therefore i am sticking to all the rules. But keep in mind that first touches are often good.
Making money is easy- Just dont take losing trades
  • #3,448
  • Jan 13, 2011 5:11am Jan 13, 2011 5:11am
Quoting Survivor
Nice observatiion about two bars bigtent. Its good to play by rule. But i think we have discussed this before. I used to take ALL "first" touches irrespective of bar count. Looks like that strategy is mainly sucessfull.

Now though i am in a drive to achive super consistency. therefore i am sticking to all the rules. But keep in mind that first touches are often good.
I'll keep that in mind! Thanks.
  • #3,449
  • Jan 13, 2011 5:17am Jan 13, 2011 5:17am
I don't stick to the two bar rule either, in fact, I barely ever see an actual two bar trade. I think you just get a feel for what's going to work. For instance I just got in this not quite touch of the 35/50, closed half at +15 and waiting on the rest. That is just one big bar retrace and not even a touch.
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  • #3,450
  • Jan 13, 2011 5:29am Jan 13, 2011 5:29am
Hi,

On M15 GU is definately a NO NO, (I loved the TV Antenna thing ), but in H1 it looks like a bulish constrainment.
However the wiks are quite long. What do you guys think about that?

k-trdr
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  • #3,451
  • Jan 13, 2011 5:33am Jan 13, 2011 5:33am
Quoting k-trdr
Hi,

On M15 GU is definately a NO NO, (I loved the TV Antenna thing ), but in H1 it looks like a bulish constrainment.
However the wiks are quite long. What do you guys think about that?

k-trdr

I think the price action suggests that the Poms are celebrating yet another win against the Aussies in the cricket today!
  • #3,452
  • Jan 13, 2011 5:34am Jan 13, 2011 5:34am
Quoting k-trdr
Hi,

On M15 GU is definately a NO NO, (I loved the TV Antenna thing ), but in H1 it looks like a bulish constrainment.
However the wiks are quite long. What do you guys think about that?

k-trdr
Big news in a while which explains the squeeze....
  • #3,453
  • Edited 6:08am Jan 13, 2011 5:35am | Edited 6:08am
Quoting k-trdr
Hi,

On M15 GU is definately a NO NO, (I loved the TV Antenna thing ), but in H1 it looks like a bulish constrainment.
However the wiks are quite long. What do you guys think about that?

k-trdr
I woudnt call it a constrainment k. A valid bullish constrainment should have higher highs. Or at least higher closes with every candle so that constraining MA rises. 10EMA is too flat for my taste.Actually even in 1H its what it is in 15M- a consolidation traingle.

That said, it might still go up. Its a pretty nice uptrend in 35/50. But i woudnt take that one as a constrainment trade. I would rather wait for 15M breakout and first touch to get in.

EDIT: After last hour close 10EMA has become reasonably steep. Am not trading it though. Big news ahead and that huge wicks me cautious.
Making money is easy- Just dont take losing trades
  • #3,454
  • Jan 13, 2011 5:39am Jan 13, 2011 5:39am
Many thanks for the feedback guys. I'll wait for the news to settle on that pair.

Cheers,
k-trdr
  • #3,455
  • Jan 13, 2011 6:49am Jan 13, 2011 6:49am
Someone asked some posts ago why we do not use the EMA14 lately mentioned by Clay.

Of course, that was / is thought for the M1 Strategy and we all are sticking to the original rules, as they are fine as well.

But I am having a look at that EMA also on the others TFs, beside the Dance usually MAs.

Just have a look at this H1 constrainment on H1 (EMA14 is here the Green one).

While the EMA10 was still flat the EMA14 was slowly growing.

While some of the H1 bars closed below the EMA10, all closed above the EMA14.

Just an observation.

I saw some interesting actions with the EMA also on other TF too.
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  • #3,456
  • Jan 13, 2011 6:52am Jan 13, 2011 6:52am
Has anyone had a play with Clay's 1 minute dance (should call it the quickstep!)
  • #3,457
  • Jan 13, 2011 7:00am Jan 13, 2011 7:00am
I tried the 1 minute quickstep but didn't have any success. I found myself being faked out too much. I think it pays to keep an eye on the M1 chart when taking trades off the M15 though.

Final trade of the night, +62 on EU. Not quite a touch of the 35/50, but on the M1 chart it hovered at a certain point for a few minutes so I took it there. Closed at daily R1.
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  • #3,458
  • Jan 13, 2011 7:43am Jan 13, 2011 7:43am
Quoting arha
I tried the 1 minute quickstep but didn't have any success. I found myself being faked out too much. I think it pays to keep an eye on the M1 chart when taking trades off the M15 though.

Final trade of the night, +62 on EU. Not quite a touch of the 35/50, but on the M1 chart it hovered at a certain point for a few minutes so I took it there. Closed at daily R1.
That was a touch of the H1 10, even if it missed the M15 35/50.

I was waiting for it to go lower to the 35/50, and it left the station with me still on the platform - the story of my night! I have to learn to read the M1 better... one thing you can't do on the sim!
  • #3,459
  • Jan 13, 2011 8:36am Jan 13, 2011 8:36am
not a strict dance trade but i provide some info on why.
in Choros terms it was a bounce off Daily R1 and PA confirmation by evening star.
good for 15 pips, then it immediately took off, looks like its heading to the DR2 but who knows, in that area there is DR2, WR3, and fib extension 100% will be interesting if it reaches there.
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  • #3,460
  • Jan 13, 2011 9:02am Jan 13, 2011 9:02am
I think that such strong moves like the one right now are the best opportunities for trading M1.

Look how many possibilities to trade or even to add to previous positions....

Interesting.
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