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CHOROS Interactive 2,625 replies

Money management for CHOROS and other strategies 2 replies

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CHOROS System

  • #3,641
  • Jan 24, 2011 6:52am Jan 24, 2011 6:52am
any interesting pairs to trade on slow Mondays?
  • #3,642
  • Edited 8:17am Jan 24, 2011 7:15am | Edited 8:17am
Here is a good trade for me. + 20 pips for start.

E/U M15 Chart

Constrainment of proce gave me tha chance to catch this trade. Entered short at 1.3579 with TP 1.3559. and there we go...+ 20 pips

Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.jpg Size: 156 KB


Second trade for today:

G/U M15 Chart
1H chart confirmed downtrend. I entered at M15 first touch of 35MA at 1.5954 with TP 1.5937 and SL 1.5970. Another +15 pips and I am out for today.

Attached Image (click to enlarge)
Click to Enlarge Name: Untitled3.jpg Size: 178 KB
You are allowed to fall but you are imposed to get up!
  • #3,643
  • Jan 24, 2011 8:46am Jan 24, 2011 8:46am
Quoting K_Minos
Hi,

Thank you, what is the money managment doing?
The defaults of the scripts are 2% and 15 pip stop, which you can change to suit.

The money management calculates the lot size so that if the stop is hit, only the specified percentage of your account will be lost. As your account grows the lot size grows, if you sustain losses it will reduce.

They also open two positions, one with a take profit (based on the riskratio parameter - default is 1 which is the same as the stop) and the other has no target, so you can trail it as per the Dance rules or some other method.

TRY ON DEMO FIRST!!!
  • #3,644
  • Edited 9:45am Jan 24, 2011 9:31am | Edited 9:45am
I am already done for the day,
but i just had to open the Mt4 platform to check on price...

Right now I feel like banging my head
cos EURUSD just moved 100 pips after i closed out my long trade

Who would have expected it?
but profit is still profit..

On the bright side of things,
at least this move up gives us some nice setups for touch trades...


GU EU and AU possible retrace to M15 10 EMA ?
already set price alerts above M15 10 EMAs so wun need to be glued to the screen..
Attached Image (click to enlarge)
Click to Enlarge Name: 24 jan 3 touch trades.jpg Size: 127 KB
  • #3,645
  • Jan 24, 2011 10:45am Jan 24, 2011 10:45am
Fixed a couple of errors... seem to be working OK now on IBFX demo, but cannot get them to work on FXPro demo

Attached File(s)
File Type: mq4 Open_Dance_Long.mq4   2 KB | 263 downloads


Attached File(s)
File Type: mq4 Open_Dance_Short.mq4   2 KB | 269 downloads


ONCE AGAIN - DEMO ONLY UNTIL THEY ARE DOING WHAT THEY ARE SUPPOSED TO ON YOUR PLATFORM!
  • #3,646
  • Edited 11:29am Jan 24, 2011 11:01am | Edited 11:29am
3rd Trade of the day- Long EURUSD 1.3652


Touch trade off RN 1.3650 and M15 10 EMA.
Reasons for Entry

1) Extremely steep M15 10 EMA ( 51 degrees)
2) Touch off M15 10 EMA
3) RN 1.3650 as Support
4) Tons of MAs as support below.
5) H1 and H4 in a strong Up trend.

Entry and Exit

Set price alerts on EU GU and AU ,
EU triggered price alert when price went below 1.3653
Start to look for entry and when price touched M15 10 EMA at 1.3650,
enter Long at 1.3652.

Price continued to move up and i closed half the position at 1.3667 and
eventually closed the other half at 1.3671 for average +18 pips profit.



Well looks like at least we gained some pips from this setup though we missed the huge move for some reasons( was away from pc, quota already hit for the day etc )

Some encouragement for new traders of the Dance,dont worry about missing a trade,when the "gravy train" comes it usually stops more than one time, enough times for us to get pips.

U could see me half-whining about missing a 100 pip move as i had already shut off my pc and came back to check the price and yet after that post this current trading opportunity set up a good trade and we just promptly recognise the setup as a Dance trade and dance to the beat of the market

It's my mistake to whine about that cos the Dance is not designed to give u huge pips moves daily- it works very different as Clay has shared with us so i hope my whining doesnt have any negative impact on the new guys here...

So the important thing to take away from this is .
Be patient. wait for the best setup and take it

Going to update my calendar, Another day of following the rules
Attached Images
  • #3,647
  • Jan 24, 2011 11:12am Jan 24, 2011 11:12am
Quoting willkohsg
3rd Trade of the day- Long EURUSD 1.3652
Touch trade off RN 1.3650 and M15 10 EMA.

Details to be updated later..
Out for +19p for me...
  • #3,648
  • Jan 24, 2011 11:14am Jan 24, 2011 11:14am
Quoting kostas1
Out for +19p for me...
nice trade kostas1
glad to see the same things as u do
  • #3,649
  • Jan 24, 2011 11:15am Jan 24, 2011 11:15am
Quoting willkohsg
3rd Trade of the day- Long EURUSD 1.3652
Touch trade off RN 1.3650 and M15 10 EMA.

Details to be updated later..

It's my first (and only) for tonight. Took 15 pips for 1% on first position, trailing the second (even though PA around the Daily R1 looks a bit iffy - 1 pip locked in so nothing to lose).

NOTE: Used the scripts above for this one (live account).
  • #3,650
  • Jan 24, 2011 11:20am Jan 24, 2011 11:20am
I took the trade on 1.3589 TP 1.3618. When I left the trade the price moved another 70 pip. nevermind.
  • #3,651
  • Jan 24, 2011 11:24am Jan 24, 2011 11:24am
Quoting K_Minos
I took the trade on 1.3589 TP 1.3618. When I left the trade the price moved another 70 pip. nevermind.
I said it many times before. Write it down and stick it in front of your monitor:

1. I DON'T CARE ABOUT THE PRICE ACTION AFTER I CLOSE MY TRADE
2. I AM VERY HAPPY WHEN I TAKE QUICK PROFIT FROM MY CLOSED TRADE

By the way, you should be ecstatic that you got +29p with one trade!
  • #3,652
  • Jan 24, 2011 11:28am Jan 24, 2011 11:28am
Quoting kostas1
I said it many times before. Write it down and stick it in front of your monitor:

1. I DON'T CARE ABOUT THE PRICE ACTION AFTER I CLOSE MY TRADE
2. I AM VERY HAPPY WHEN I TAKE QUICK PROFIT FROM MY CLOSED TRADE

By the way, you should be ecstatic that you got +29p with one trade!
Iam ecstatic Kostas not only ecstatic thrilled, Iam +42 in two trades, after all if it wasn't this thread I would probably waited the rsi to cross fingers with the stochastic
  • #3,653
  • Jan 24, 2011 11:32am Jan 24, 2011 11:32am
Quoting K_Minos
Iam ecstatic Kostas not only ecstatic thrilled, Iam +42 in two trades, after all if it wasn't this thread I would probably waited the rsi to cross fingers with the stochastic
that's great K_Minos, welcome to the club
btw check out GU, another touch trade forming.

but i'm not gg to touch it, done for the day.
  • #3,654
  • Jan 24, 2011 11:33am Jan 24, 2011 11:33am
Quoting K_Minos
Iam ecstatic Kostas not only ecstatic thrilled, Iam +42 in two trades, after all if it wasn't this thread I would probably waited the rsi to cross fingers with the stochastic
  • #3,655
  • Jan 24, 2011 11:37am Jan 24, 2011 11:37am
Quoting bigtent
It's my first (and only) for tonight. Took 15 pips for 1% on first position, trailing the second (even though PA around the Daily R1 looks a bit iffy - 1 pip locked in so nothing to lose).

NOTE: Used the scripts above for this one (live account).
Out for 1 on the second bit.... bedtime! (Actually bedtime was quite some time ago, not far from breakfast time!)
  • #3,656
  • Jan 24, 2011 11:46am Jan 24, 2011 11:46am
Quoting willkohsg
3rd Trade of the day- Long EURUSD 1.3652


Touch trade off RN 1.3650 and M15 10 EMA.
Reasons for Entry

1) Extremely steep M15 10 EMA ( 51 degrees)
2) Touch off M15 10 EMA
3) RN 1.3650 as Support
4) Tons of MAs as support below.
5) H1 and H4 in a strong Up trend.

Entry and Exit

Set price alerts on EU GU and AU ,
EU triggered price alert when price went below 1.3653
Start to look for entry and when price touched M15 10 EMA at 1.3650,
enter Long at 1.3652.

Price continued to move up...
Hmmm. Everybody else seems to have taken this trade. I passed it because it was clearly three bars to the touch of the 10, and technically, it was four bars to the touch, since the doji is down half a pip.
  • #3,657
  • Jan 24, 2011 11:56am Jan 24, 2011 11:56am
Quoting duffypratt
Hmmm. Everybody else seems to have taken this trade. I passed it because it was clearly three bars to the touch of the 10, and technically, it was four bars to the touch, since the doji is down half a pip.
Which is why you don't take this trade for long term. If you look back in the thread you will find the same discussion where I suggested that after a strong move price will always react at the EMA 10 even if it's more than 2 bars. Usually, they are good for at least 15-20p. But you don't follow these for a long time, since it took more than 2 bars (you can see that the price is struggling now to decide where to go).

EDIT: Look out for H1 10 and/or M15 35/50 now.
  • #3,658
  • Jan 24, 2011 12:28pm Jan 24, 2011 12:28pm
Quoting kostas1
Which is why you don't take this trade for long term. If you look back in the thread you will find the same discussion where I suggested that after a strong move price will always react at the EMA 10 even if it's more than 2 bars. Usually, they are good for at least 15-20p. But you don't follow these for a long time, since it took more than 2 bars (you can see that the price is struggling now to decide where to go).

EDIT: Look out for H1 10 and/or M15 35/50 now.
Thanks for the reminder. Here's today's EURUSD for me.

First, on number 1, I took the trade because the MA's were steep, parallel and almost on top of each other. I wasn't looking for much on this trade, since H1 and H4 were both bullish. Price went over 8 pips in my favor, but not enough to move to break even, and the red candle closed, looking like a shooting star. Almost immediately, on NY open, price sharply reversed and took out my stop.

Then, I waited for the first touch of 10 EMA. It came within a pip and a half at the area I had circled, but didn't make it. So I stayed out. On the new bar, I figured I would go in if price came down to touch the 50, and it got to within 2 pips. So no trade on the rocket that came up.

Finally, I missed the 10 EMA touch you all took. Not a great day.
Attached Image
  • #3,659
  • Jan 24, 2011 3:10pm Jan 24, 2011 3:10pm
Not much on the plate for the day. When I woke up, it was at the low end for the day and looking like a porcupine. Instead, I mostly watched EURUSD.

1) 35/50 Bounce. Winner or BE. This is a first touch. 35 is steep and converging into a flatter 50. Daily Pivot is right in between them. This was good for 17 pips, if you took profits off early. Otherwise BE.

2) 35/50 Bounce. Winner. Second Touch, so maybe not as good a trade as the first. But it also has a stronger confluence with the Daily Pivot. Here the 50 is really flat, but the 35 is steep and they are on top of each other. With one more bar, it could have been a constrainment too. 28 pip potential with 5 pip drawdown.

3) 10 EMA Touch. Winner. The MA is steep here, but I don't know if the PA looks enough like a run to take this trade. To me it looks more just like chop. Indeed, this is the start of the porcupine area. Just past the 10, there is a Weekly Pivot and RN. It's also right at an S/R line. 20 pip potential, DD of a couple of pips.

4) 35/50 Bounce. Winner. I almost took this trade. The MAs are now both steep and parallel. I didn't take the first bar, because to me it looked like the 4th touch on this run of the 35/50. (1 and 2 were the first two touches. I didn't comment on the third touch, which would also have been a winning trade.) Then, when it hit the 50 for the third time, I thought we had a nearly ideal constrainment, and waited for the next touch of the 50, but it never came. I saw above that at least one dancer took this trade. It turned out well, but I still don't think its that good as a bounce trade, and it never got to be a constrainment. So for me, it was a good no trade. Depending on which bar you entered, this could get you a Break even, about 13 pips, or up to 20.

5) Not strictly dance. Bounce from Daily S1 and 200MA. This is an example of where hindsight lies. Either that, or it shows the power of confluence. In real time, I think this is no trade. Before this point, I count 13 bars that went straight through the 200, showing no respect at all. The Daily S1 was getting some respect, but it also was being ignored just as often. Then, the two of them line up in confluence, and it acts as the launching pad for the big move? I suspect this is just coincidence, but it's odd enough that it's worth noting in case this sort of thing happens with some regularity.

6) 10 EMA Touch. Winner. This first touch was not perfect, but it illustrates Kostas' point earlier today that a first touch of the 10 will get a response after a big move. No drawdown on this one, and it was good for 12 pips at the RN.
Attached Image (click to enlarge)
Click to Enlarge Name: 11508143_ MBT MetaTrader 4 - GBPUSD,M15-1.jpg Size: 88 KB
  • #3,660
  • Jan 24, 2011 11:39pm Jan 24, 2011 11:39pm
Quoting duffypratt
Thanks for the reminder. Here's today's EURUSD for me.

Finally, I missed the 10 EMA touch you all took. Not a great day.
Hello all,
After a great skying week, I'm back on the dancefloor

Duffypratt,

sorry to hear you had a bad day. I know the 5EMA is now out of the dance manual, but I do use it just like the 10EMA depending on the momentum of the market (the steepness of price & candle size, not the indicator!). This is probably what Clay used to call "discretion". Anyway, it allows me to enter touch trades on rockets like the one you displayed which usually won't come back to the 10EMA for a while.

HTH,
k-trdr
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