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CHOROS System

  • #4,441
  • Mar 14, 2011 8:49am Mar 14, 2011 8:49am
is it a constrainment in the eur/usd m15???
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  • #4,442
  • Mar 14, 2011 9:53am Mar 14, 2011 9:53am
a beautiful 10-touch- trade on gbp/usd m15.. the angle is very steep, two-bar-rule..
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  • #4,443
  • Mar 14, 2011 10:04am Mar 14, 2011 10:04am
Quoting AndreyBecker
a beautiful 10-touch- trade on gbp/usd m15.. the angle is very steep, two-bar-rule..

Took it, but stopped out SBE+1
  • #4,444
  • Mar 14, 2011 10:09am Mar 14, 2011 10:09am
Quoting AndreyBecker
is it a constrainment in the eur/usd m15???

Seems to have "hopped up" onto the 10 now.... but that yellow line is a big worry!

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  • #4,445
  • Mar 14, 2011 11:51am Mar 14, 2011 11:51am
Quoting kostas1
Thanks man. Your effort will be appreciated.
I would suggest to stick to this thread for a start, since our work is based on Clay's excellent effort & contribution. So by summarizing this thread, Clay's work is included by definition. For starter's we could just use links to the most important posts of the Choros thread categorized by theme.
Actually, your daily analysis/review posts should be one category!

Excellent idea. Sooner or later an active thread is bound to become large making it difficult for a newcomer to catch up quickly. I will do whatever help possible.

Quoting bigtent
There was earlier but the MAs (10 and 35) were curving the wrong way and it failed just like Survivor would say it would!
Some nice discussions on constrainment always cheer me up. At least we are spotting these trades better now and bigtent seems to have mastered them already !

Quoting AndreyBecker
is it a constrainment in the eur/usd m15???
I saw this question live but refrained from replying because someone i am not very comfertable posting while i am in a trade.
It was certainly not a constrainment there in 15M. too large candles and too few touches and directionless MAs... one pushing price down another pushing it up.
For you i would drop an assignment here. Have a look at 1H in EURUSD. Do you see something? Not perfect but i would take that one because there is no MA holding price down.

Quoting iero4
This is my current position (constrainment) on EUR/BGP. I will update it later to show the result. Nice 15M constrainment and Daily double top confirmation.

Attachment

I am currently +20 and waiting...
I dont track this pair and dont know how HTF MAs are placed. But Whatever you have posted looks pretty to me. Assuming there are no HTF MAs to hold the price up she should fall enough for you. Good trading. Everyone please see this chart how it should look.
Making money is easy- Just dont take losing trades
  • #4,446
  • Mar 14, 2011 12:02pm Mar 14, 2011 12:02pm
Quoting lunaturtle
hi BT,

care to explain more about it?
im kinda confused by the ma's across diff TF today.

jus wan to shout out a big thank you in advance to all senior members here in this wonderful thread such as clay, kostas and survivor and those who really helped out with the chart and explanation.
I have been reading a lot intently and practising real hard in the side lines.
Each and every single post from u guys is as valuable as gem to me.

Happy trading and have a good week ahead
What we mean is that all MAs should be going in same direction. In this trade, 10 EMA was constraining price down but 35/50 were rising and wanted to push price up. SO i would not take this trade. You never know which MA will win- 10 or 35/50.

But same chart gave a good example of constrainment trade. Switch to 1H for same pair and see how it looks? Thats what i will trade. Not a perfect example. I like even smaller candles but i took this trade anyway.

Also note that HTF MAs should not be against your trade. In this case we are going long so there should be no HTF MA above the price . Otherwise such MA can act as resistance and hold price down. Check the 4h and d1 charts of EURUSD.. All our mas are below tha price that's why i took this 1h Trade.

Hope that helps clarify things.
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Making money is easy- Just dont take losing trades
  • #4,447
  • Mar 14, 2011 1:56pm Mar 14, 2011 1:56pm
Quoting Survivor
What we mean is that all MAs should be going in same direction. In this trade, 10 EMA was constraining price down but 35/50 were rising and wanted to push price up. SO i would not take this trade. You never know which MA will win- 10 or 35/50.

But same chart gave a good example of constrainment trade. Switch to 1H for same pair and see how it looks? Thats what i will trade. Not a perfect example. I like even smaller candles but i took this trade anyway.

Also note that HTF MAs should not be against your trade. In this case we are going long...
Thanks a lot survivor for clarifying things up...
your contribution in this thread has tremendously improve my trading...

may you and our friends here have a fabulous week ahead
  • #4,448
  • Mar 14, 2011 2:27pm Mar 14, 2011 2:27pm
Quoting Survivor
Excellent idea. Sooner or later an active thread is bound to become large making it difficult for a newcomer to catch up quickly. I will do whatever help possible.



Some nice discussions on constrainment always cheer me up. At least we are spotting these trades better now and bigtent...
thanks for your help!!
yes, i see that.. all ma´s show in one direction and all the bars are bullish and touch the 10 MA.. confluence with a RN...

Cheers Andrey
  • #4,449
  • Mar 14, 2011 9:49pm Mar 14, 2011 9:49pm
The Daily is now officially in no-man's land. we may be ping ponging between the daily 35 and 50, so there is really no direction at all. H4 is in a downtrend, but seemingly on a retrace, so again, no help here. H1 is likewise stuck between the major MAs. Going into the Frankfort and London sessions we are moving down, but I don't think it means much.

1) 35/50 Bounce. No trade. The MAs aren't really flat, but its hard to say that they have picked up much of a direction either. Technically, they are down. And since the last cross of the MAs, this is the first touch. So, I suppose it is a "by the rules" trade. So why is it no trade? First, look at how badly the 35 and 50 have been respected in the recent bouncing around. We have had three full crosses in a few hours, with hardly a decent bounce to be seen. I take that as a signal that other technical factors are weighing more heavily now. Second, this area has acted as support three times in those moves, but never has it shown any resistance. Sometimes support becomes resistance, but when it's already proved that its not likely to do that, there's no reason to insist otherwise. Third, and perhaps most strongly, we are coming off a triple bottom almost exactly on a support resistance line. Even with the nice two bar retrace, there is no way that you should take this as a touch trade, and if you looked for a decent entry on the M5, you would find no trade.

2) 10 Touch. This is the first touch on the 10 EMA. I passed it because it violated the two bar rule. And then I regretted passing it, knowing that many people will take the first touch, even if it violates the two bar rule, so long as the MA is steep enough. NY open came around here, and it led to a fairly long consolidation period. With no help from the upper time frames, I had no confidence in either a continuation or a reversal.

3) Constrainment. First there is a two bar retrace to the 10. As the second or more touch (given the consolidation), I don't think this is a great trade. Then we have four hours in a row with the bodies constrained by the 5EMA, and three of the wicks constrained by the 10. To me, this looks like a good constrainment opportunity.

4) H4 35/50 Bounce. This is the trade I was waiting for after passing on trade 2. The H4 35 and 50 are headed down, and they are almost on top of each other. And there is confluence with a round number and a support/resistance line. Combined, I think this makes for an easy trade, and it would have been worth 20-25 pips. Unfortunately, my broker's MT4 server went down for 6 hours, and I missed this and Trade 3 as a result.

5) 10 Touch. This is probably no trade. It's either 4 bars to the touch, or 9, depending on how you cound. It's also way too late in the day. On the plus side, the touch would also form a tweezer bottom. The problem with that, however, is that by the time you see the tweezer formation, its too late to get into the trade. By this time, its pretty clear that this trade would be looking to get in on a ping pong game between the round number and the first double bottom. There may be a good reason to do that, but it's not a dance trade.

H1 Chart:

6) Notice how the early downtrend was playing ping pong between the H1 35 and 50, which were very wide apart. Taking any of these would be very advanced dance trading. I'm not looking for this sort of trade in real time. If I were, I would want to take one in the direction supported by the higher time frames, but today, there was no direction from them. Still, the respect shown the H1 MAs helps explain why the 35 and 50 got so ignored on the M15.

7) 62 Bounce. The 62 is not a Dance MA. It comes from EOHaters thread. He loved it, and would take touch trades off of it all the time. This is an H1 version of the cross and retest. Good for lots of pips.

8) H1 10 EMA Touch. First touch of the H1 10. The angle is very steep, and this looks like a good trade. My only concern here would be that the H1 is starting to look like a porcupine.
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  • #4,450
  • Mar 15, 2011 1:46am Mar 15, 2011 1:46am
Quoting duffypratt
The Daily is now officially in no-man's land.
... and this man should have stayed out!
  • #4,451
  • Mar 15, 2011 4:43am Mar 15, 2011 4:43am
It's a great day for dancing! I hope everyone has had a good day in the markets today.

Here's a summary of today's trades, one of which I'm still in. I closed the second GU trade out at +65 after I made the chart instead of waiting for the RN, and might jump back in on that if it does a nice retrace.
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  • #4,452
  • Mar 15, 2011 4:56am Mar 15, 2011 4:56am
Quoting arha
It's a great day for dancing! I hope everyone has had a good day in the markets today.

Here's a summary of today's trades, one of which I'm still in. I closed the second GU trade out at +65 after I made the chart instead of waiting for the RN, and might jump back in on that if it does a nice retrace.
Arha is exactly right. Got +72p already from both EU, GU which is two days' worth of pips for me. I will continue if more opportunities show up with half my lot size.
  • #4,453
  • Mar 15, 2011 5:00am Mar 15, 2011 5:00am
Quoting kostas1
Arha is exactly right. Got +72p already from both EU, GU which is two days' worth of pips for me. I will continue if more opportunities show up with half my lot size.
Hey Kostas, good to see you!

I think at this point I will wait for a GU/GJ retrace to the 35/50 lines. I don't feel like another 10 touch will hold. What does your experience say?
  • #4,454
  • Mar 15, 2011 5:48am Mar 15, 2011 5:48am
Quoting arha
Hey Kostas, good to see you!

I think at this point I will wait for a GU/GJ retrace to the 35/50 lines. I don't feel like another 10 touch will hold. What does your experience say?
GU may be good for another scalp on the 10 but for a safer trade wait for 35/50 (they may start separating by then, but I will still short at the 35 if I get a good rejection bar on M5). The H1 10 should also be juicy...
  • #4,455
  • Mar 15, 2011 7:42am Mar 15, 2011 7:42am
EU(35 tap), UJ (constrainment) and USD/CAD(2 candle 10 tap) yielded at least 200 pips in the last 2 hours. I did not take any trades due to lack of a good entry, or my orders not getting triggered. Attempts to enter my Zen mode of calmness not going so well right now

But good pips to you guys
  • #4,456
  • Mar 15, 2011 7:52am Mar 15, 2011 7:52am
Some days are just made to Dance.
I will sign out for the rest of the day, because I am way beyond my daily limits and I don't want the greed devil to do some damage.

The statistics you see in the picture are correct (i.e. not from partial closing of lots)....
It took 16 trades (1 loss, 15 winners) to grab the 144 pips. Almost half from EU and almost half from GU. Biggest trade was for +61p, smallest for +5p, loss for -14p.
Obviously, not a typical day for me but it is possible sometimes when the conditions are right.
Attached Image
  • #4,457
  • Mar 15, 2011 7:54am Mar 15, 2011 7:54am
Nice Touch trade of the 35sma on EUR/USD FOR +30!

Have a look...Hope you guys took it.

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You are allowed to fall but you are imposed to get up!
  • #4,458
  • Mar 15, 2011 8:00am Mar 15, 2011 8:00am
Quoting natnimrey
EU(35 tap), UJ (constrainment) and USD/CAD(2 candle 10 tap) yielded at least 200 pips in the last 2 hours. I did not take any trades due to lack of a good entry, or my orders not getting triggered. Attempts to enter my Zen mode of calmness not going so well right now

But good pips to you guys
Great spots. Huge moves there. Difficult to catch such big moves. One feels uneasy


Quoting kostas1
Some days are just made to Dance.
I will sign out for the rest of the day, because I am way beyond my daily limits and I don't want the greed devil to do some damage.

The statistics you see in the picture are correct (i.e. not from partial closing of lots)....
It took 16 trades (1 loss, 15 winners) to grab the 144 pips. Almost half from EU and almost half from GU. Biggest trade was for +61p, smallest for +5p, loss for -14p.
Obviously, not a typical day for me but it is possible sometimes when the conditions are right.
Making money is easy- Just dont take losing trades
  • #4,459
  • Mar 15, 2011 10:45am Mar 15, 2011 10:45am
Kostas, you are a man !
how did you find 16 points for dance,
just curious - where were they ?

Quoting kostas1
... It took 16 trades ...
thank you
  • #4,460
  • Mar 15, 2011 2:56pm Mar 15, 2011 2:56pm
Quoting Pucter
Kostas, you are a man !
how did you find 16 points for dance,
just curious - where were they ?



thank you
Start from 6:00 am GMT today, look M5, M15, H1, H4 timeframes for EU and GU.
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