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CHOROS System

  • #4,821
  • Apr 15, 2011 9:53am Apr 15, 2011 9:53am
Stopped out at 83.23. In my demo account, not live!
Luck occurs when preparation meets with opportunity.
  • #4,822
  • Apr 18, 2011 1:58am Apr 18, 2011 1:58am
Hi all,

I took my first trade at GU before the London opening. The price had a new low and retraced back to 10MA in two bars, the MA was in a good, steep angle and I entered at the touch of the MA. It was good for +15.

I think it was a "by the rules" trade, if not please comment as I'm still in the learning phase.

good luck to all...
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  • #4,823
  • Apr 18, 2011 5:28am Apr 18, 2011 5:28am
well, another potential trade has been missed.

because of the pin bar formed on H4 and as the 10MA appeared to have turned upside prevented me taking this touch trade on 50MA. if I got in I would have taken my other 15 pips for today and would close the screen. anyway, waiting for the next setup. there will always be another trade...
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  • #4,824
  • Apr 18, 2011 5:59am Apr 18, 2011 5:59am
Quoting isengoz
well, another potential trade has been missed.

I just got to my computer for the morning as saw the same missed trade about 3 bars ago. It seems a lot of good PA happens during the London session before I wake up (I'm EST). But you're right, there will be other trades!
Luck occurs when preparation meets with opportunity.
  • #4,825
  • Apr 18, 2011 11:03am Apr 18, 2011 11:03am
Actually, It's been a very good day for "Dancing"! Guys just remember...focus on being consistent...

Regards
Iero
You are allowed to fall but you are imposed to get up!
  • #4,826
  • Apr 18, 2011 11:22am Apr 18, 2011 11:22am
Quoting isengoz
well, another potential trade has been missed.

because of the pin bar formed on H4 and as the 10MA appeared to have turned upside prevented me taking this touch trade on 50MA. if I got in I would have taken my other 15 pips for today and would close the screen. anyway, waiting for the next setup. there will always be another trade...
I don't understand. If you had good reasons for not getting into the trade, then it was not a potential trade. Not every touch of the 35 or 50 is a potential trade. In this case, I happen to disagree with you on the 10 turning. But, it did look to me like the 35 and 50 were diverging. On this one, I think it was a by the rules trade, but that there were also good reasons for not taking it. As it happens, I too did not take it.
  • #4,827
  • Apr 18, 2011 12:22pm Apr 18, 2011 12:22pm
Quoting duffypratt
I don't understand. If you had good reasons for not getting into the trade, then it was not a potential trade. Not every touch of the 35 or 50 is a potential trade. In this case, I happen to disagree with you on the 10 turning. But, it did look to me like the 35 and 50 were diverging. On this one, I think it was a by the rules trade, but that there were also good reasons for not taking it. As it happens, I too did not take it.
Funny how it goes with this, though.

Often, "good reasons" for taking or not taking a trade are not really "good reasons" but judgment calls.

It's often the case that I can talk myself out of good trades and into bad trades, and I always seem to have "good reasons", until after the fact, when I realize those reasons were not really that "good" after I have pressed the button or missed the opportunity, whichever is the case.

It's all part of the psychology.... where subconsciously you interpret what you see differently at different times.
  • #4,828
  • Apr 18, 2011 8:29pm Apr 18, 2011 8:29pm
Quoting duffypratt
I don't understand. If you had good reasons for not getting into the trade, then it was not a potential trade. Not every touch of the 35 or 50 is a potential trade. In this case, I happen to disagree with you on the 10 turning. But, it did look to me like the 35 and 50 were diverging. On this one, I think it was a by the rules trade, but that there were also good reasons for not taking it. As it happens, I too did not take it.
well, you hit my psychological dilemma in the face duffy I meant that although the price developed as expected later on, there were some reasons for me not to take the trade. I guess it was not a 100% setup that either you or me had some reasons not to take it...
  • #4,829
  • Apr 18, 2011 9:53pm Apr 18, 2011 9:53pm
Quoting bigtent
Funny how it goes with this, though.

Often, "good reasons" for taking or not taking a trade are not really "good reasons" but judgment calls.

It's often the case that I can talk myself out of good trades and into bad trades, and I always seem to have "good reasons", until after the fact, when I realize those reasons were not really that "good" after I have pressed the button or missed the opportunity, whichever is the case.

It's all part of the psychology.... where subconsciously you interpret what you see differently at different...
The only problem with this process is when you let the result dictate whether your reasons were good or bad. And yeah, I do the same thing all the time. Often I know that a trade sucked the second that I took it. I actually have a category in my journal for FUBAR trades. Those are the ones that I took by convincing myself that I had a reason when I really didn't. Likewise, there are FUBAR passes. The thing is, I have several FUBAR trades that ended up making decent pips (and its not even my worst category at this point). That didn't make the trades any better.

But yes, I agree that this is a funny area, and it's probably where we are most likely to start fooling ourselves. It's one of the reasons that discretionary trading can be so hard for us beginners. Sometimes your "discretion" is no more than lying to yourself.
  • #4,830
  • Apr 19, 2011 10:41am Apr 19, 2011 10:41am
hi all,

I had 2 trades today to reach my daily target.

I would like to ask your opinion about the first one which I took at the touch of 35MA, however, got stopped out at -15. What was wrong about it that it didn't work out?

Previously I had drawn a trend line from the low of yesterday and when price touched that and retraced, I entered once more and got +45 pips.

I'm off now reaching my target of +30 pips...

hope I'll see you tomorrow with other succesfull ones...
good luck to all...
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  • #4,831
  • Apr 19, 2011 10:55am Apr 19, 2011 10:55am
Do you think there is a M15 constraintment forming on GBP/USD to go LONG right now?
  • #4,832
  • Apr 19, 2011 11:29am Apr 19, 2011 11:29am
Quoting isengoz
hi all,

I had 2 trades today to reach my daily target.

I would like to ask your opinion about the first one which I took at the touch of 35MA, however, got stopped out at -15. What was wrong about it that it didn't work out?

Previously I had drawn a trend line from the low of yesterday and when price touched that and retraced, I entered once more and got +45 pips.

I'm off now reaching my target of +30 pips...

hope I'll see you tomorrow with other succesfull ones...
good luck to all...
First, not every good trade makes money.

On my charts, it drops a little less than 12 pips from the 35 before going the other way. Even with the spread, this would not have gotten stopped out with my broker, if taken from the 35. If you took it from the 50, that's a different story, and it would get taken out on a 15 pip stop.

There are three things I would consider on this trade. First, price has already moved through a number of MAs that are nearby, including the H4 50, the H1 50, the H4 10, and the H1 10. Then it runs into the M15 50 and 35. I wouldn't necessarily expect a bounce off the lower time frame MAs when price didn't stop for the higher time frames.

Second, there is still another relevant MA, the H1 35, which acts as support just below. Kostas used to say that the GU likes to test all the MAs in the area. I'm not sure that this has been as true recently as it used to be, but its something I always have in the back of my mind.

Third, look to the left. There's an area of support/resistance that has caused a reaction or consolidation between 6360 and 6370 several times just in the last two days.

What to do? Kostas would almost certainly wait for a good bar on the M5 to fine tune this entry. I would like to do the same sort of thing, but haven't gotten the knack. Or you could wait until the last MA, in this case the H1 35, before making the entry. Or you could make the entry as you did, but adjust the stop to be wider based on the above considerations. Of the three, I think the last alternative is probably the worst.

And again, I don't think it was a bad trade. Not every trade that loses is a bad trade. In this case, however, I think a basically good trade could have been improved by either paying more attention to the higher time frames, or by using Kostas' fine tuning method.

I'm attaching the M5 chart. It shows that using tuning, you would clearly stay out where the touches actually occured. They are strong bars down. But after the two big down bars, there is a hanging man, and then two bars later, a hammer. Either of those might have been good entry points. (Again, take this with some reservation: I suck at fine tuning in real time.)
  • #4,833
  • Apr 19, 2011 3:10pm Apr 19, 2011 3:10pm
Quoting isengoz
hi all,

I had 2 trades today to reach my daily target...
Quoting duffypratt
First, not every good trade makes money.

On my charts, it drops a little less than 12 pips from the 35 before going...
Isengoz thanks for posting this trade. And duffypratt thanks for the deep analysis. Those are great lessons about taking all TFs into account and you are really helping me!
Luck occurs when preparation meets with opportunity.
  • #4,834
  • Apr 20, 2011 12:56am Apr 20, 2011 12:56am
Quoting duffypratt
First, not every good trade makes money.

On my charts, it drops a little less than 12 pips from the 35 before going the other way. ...
duffypratt, thank you for your detailed analysis about the chart I sent yesterday. I will definitely add the points you mentioned to my "things to be considered" list. I finished reading clay's manual, have been reading his thread for about two weeks by taking notes, but as I don't have much free time it goes a bit slow. when finished, I'll start reading this one from the beginning. for this reason, I may miss some points in the trades. but even in couple of posts I sent here, I learned useful things that I was unaware of. I would really appreciate if you and others tell me the missing or incorrect points in the charts I will send.

and alienfrog, I'd be pleased if you got anything useful from my posts. I hope we all do well with this strategy and become good dancers

good luck to all...
  • #4,835
  • Apr 20, 2011 4:18am Apr 20, 2011 4:18am
Quoting duffypratt
First, not every good trade makes money.

On my charts, it drops a little less than 12 pips from the 35 before going the other way. Even with the spread, this would not have gotten stopped out with my broker, if taken from the 35. If you took it from the 50, that's a different story, and it would get taken out on a 15 pip stop.

There are three things I would consider on this trade. First, price has already moved through a number of MAs that are nearby, including the H4 50, the H1 50, the H4 10, and the H1 10. Then it runs into the M15 50 and...
Good reply Duffy. The other obvious thing is that it was not a 1 or 2 bar 15m touch trade, so an automatic entry at the ma was not warranted.
  • #4,836
  • Apr 20, 2011 5:52am Apr 20, 2011 5:52am
Quoting duffypratt
but haven't gotten the knack.
I've got the right knack, and the left one, but since the vasectomy, neither work!
  • #4,837
  • Apr 20, 2011 7:24am Apr 20, 2011 7:24am
Good morning Dancers! I took this trade a few minutes ago. I touched the M15 10, then bounced off the 1.45 RN. I took the trade based on the bounce (got in a little late though). Target will be just below next RN since there's resistance there from a few days ago. Plus, trends of the moment are up on all TFs. It's up 20 pips so far, so it's working out.
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Luck occurs when preparation meets with opportunity.
  • #4,838
  • Apr 20, 2011 7:27am Apr 20, 2011 7:27am
Price hesitated so I closed at +20 pips. It was up 28 pips at one point, then I finally heard Clay (from the original manual): "Don't be afraid to take your pips and get out!" Glad I did now!
Luck occurs when preparation meets with opportunity.
  • #4,839
  • Apr 20, 2011 8:15am Apr 20, 2011 8:15am
Quoting AlienFrog
Price hesitated so I closed at +20 pips. It was up 28 pips at one point, then I finally heard Clay (from the original manual): "Don't be afraid to take your pips and get out!" Glad I did now!
Nice trade, Alien. 20 pips is good.
  • #4,840
  • Apr 20, 2011 9:33am Apr 20, 2011 9:33am
Anyone catch this UJ trade? I was running my simulator and wasn't watching. Although it would have been trading directly into the 82.500 RN, it was a sharp one-bar pullback, all TF trends are down, 10MA was steep. It looked good to me, I think I would have taken it had I been watching.
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Luck occurs when preparation meets with opportunity.
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