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CHOROS System

  • #5,081
  • May 26, 2011 10:36am May 26, 2011 10:36am
Two major points to make on this trade I took:
1. Taking your profits when you have them is always the best approach. Five minutes after my exit, EU dropped like a stone.
2. Obviously, my exit was not random. In fact, for those asking for longer TF Dance trades, my exit would have been an excellent short entry due to the rare confluence of strong reaction points.
Attached Image (click to enlarge)
Click to Enlarge Name: eu2.jpg Size: 249 KB
  • #5,082
  • May 26, 2011 2:27pm May 26, 2011 2:27pm
Quoting kostas1
Two major points to make on this trade I took:
1. Taking your profits when you have them is always the best approach. Five minutes after my exit, EU dropped like a stone.
2. Obviously, my exit was not random. In fact, for those asking for longer TF Dance trades, my exit would have been an excellent short entry due to the rare confluence of strong reaction points.
a great trade, kostas! your charts help a lot! Thanks!
  • #5,083
  • May 26, 2011 2:45pm May 26, 2011 2:45pm
Quoting kostas1
Two major points to make on this trade I took:
1. Taking your profits when you have them is always the best approach. Five minutes after my exit, EU dropped like a stone.
2. Obviously, my exit was not random. In fact, for those asking for longer TF Dance trades, my exit would have been an excellent short entry due to the rare confluence of strong reaction points.
Thanks for that nugget, it sort of verifies what I have been suspecting myself while simulator-trading, take your pips and run. I am myself trying to learn The Dance, so the input of someone who is consistently successful with it is invaluable as a learning tool. Thanks
  • #5,084
  • May 26, 2011 6:13pm May 26, 2011 6:13pm
Quoting kostas1
Two major points to make on this trade I took:
1. Taking your profits when you have them is always the best approach. Five minutes after my exit, EU dropped like a stone.
2. Obviously, my exit was not random. In fact, for those asking for longer TF Dance trades, my exit would have been an excellent short entry due to the rare confluence of strong reaction points.
whats the thingie on the second window?
  • #5,085
  • May 27, 2011 12:15am May 27, 2011 12:15am
Quoting asos101
whats the thingie on the second window?
It is something that I asked a programmer to do and Sangmane made an excellent job:

http://www.forexfactory.com/showthread.php?t=281772
  • #5,086
  • May 27, 2011 12:16am May 27, 2011 12:16am
Quoting kostas1
Two major points to make on this trade I took:
1. Taking your profits when you have them is always the best approach. Five minutes after my exit, EU dropped like a stone.
2. Obviously, my exit was not random. In fact, for those asking for longer TF Dance trades, my exit would have been an excellent short entry due to the rare confluence of strong reaction points.
Hmm, let me understand: you entered right after downward 4-hour pin through e50[4h] and after bounce from weeklyPP, you didn't see, ignored them or MAs were more important in this case?
And the second: why you didn't take profit when price reached 1.42 the first time, or you just missed it?

profit is profit, but...
  • #5,087
  • May 27, 2011 1:03am May 27, 2011 1:03am
Quoting Pucter
Hmm, let me understand: you entered right after downward 4-hour pin through e50[4h] and after bounce from weeklyPP, you didn't see, ignored them or MAs were more important in this case?
And the second: why you didn't take profit when price reached 1.42 the first time, or you just missed it?

profit is profit, but...
Very good points:

1. For me the MAs come first. I usually go by the M15 MAs and they were all positive. In addition the H4 and H1 MA 10 had turned upside and you see what happened this morning.
2. For the 1.42: When price checks a RN, it overshoots at least 5-10 pips in EU and 10-20 in GU before retracing. The first time it "touched" by 2 pips, so I was waiting for a second touch before exiting. (The overshooting is initiated by the banks which are trying to take out our stops above the RNs....)

Finally, I was expecting everyone to ask why I took the trade with the Weekly Pivot in front of me. The reason as I explained several times before is that when several points of interest (RNs, MAs, Pivots, etc.) are close together, the price usually likes to check all of them. So I was expecting RN and Daily 10 to be checked. I was still with one finger on the trigger, in case something would go wrong.
  • #5,088
  • May 27, 2011 2:08am May 27, 2011 2:08am
+11 pips...I know this is nothing special but it is so rare for me to see price making a good tap on a parallel 35/50...they are always diverging when I see em
Attached Image
  • #5,089
  • May 27, 2011 2:24am May 27, 2011 2:24am
+26p from the M15 10 bounce. It was not following the 2bar retrace requirement but with this strong move every reaction is strong (I have 5% of the trade still open).

Next on the radar, possible bounce from M15 35/50 or H1 10.

EDIT: SL was below the Fibo 38%
Attached Image (click to enlarge)
Click to Enlarge Name: EU1.jpg Size: 115 KB
  • #5,090
  • May 27, 2011 3:10am May 27, 2011 3:10am
Quoting kostas1
EDIT: SL was below the Fibo 38%
Where exactly was the 100% point of the Fibo ?
  • #5,091
  • May 27, 2011 3:18am May 27, 2011 3:18am
Quoting micmic
Where exactly was the 100% point of the Fibo ?
Sorry...
This Fibo was my last H4 candle from 1.41513 to 1.42780. In strong candles like that, the price shouldn't retrace more than 50%, but I was willing to give it space up to 38%. But don't get confused with Fibos, the stop was also based on M5 50.
  • #5,092
  • May 27, 2011 4:33am May 27, 2011 4:33am
Quoting kostas1
Next on the radar, possible bounce from M15 35/50 or H1 10.
It easily broke H1 10 with wide space between M15 35 and 50. There was no clear signal for long. Next I am looking for H4 10 2bar retrace, but it's Friday so anything is possible so be careful.....
  • #5,093
  • May 27, 2011 8:44am May 27, 2011 8:44am
2C 10 touch. Gave me a scare when it went down to RN...out with +14.

Attached Image
  • #5,094
  • May 29, 2011 3:12pm May 29, 2011 3:12pm
Quoting kostas1
It easily broke H1 10 with wide space between M15 35 and 50. There was no clear signal for long. Next I am looking for H4 10 2bar retrace, but it's Friday so anything is possible so be careful.....

you were right Kostas. eu touched h4/10 to the pip and
gone north!
  • #5,095
  • Edited 2:52am May 30, 2011 2:10am | Edited 2:52am
Double bank holiday today - UK and US, so....

Be careful out there!

http://2.bp.blogspot.com/_-l_Xy9ttir...ut%2Bthere.jpg

(Hill St Blues - now I'm showing my age!)
  • #5,096
  • May 30, 2011 4:34am May 30, 2011 4:34am
Quoting bigtent
Double bank holiday today - UK and US, so....
hey m8, do you know (or anyone) if there is a page that lists all the Bank holidays for the major markets?
  • #5,097
  • May 30, 2011 5:35am May 30, 2011 5:35am
kostas your chart seems to have changed, could you post all your latest indicators and template?

thx
  • #5,098
  • May 30, 2011 7:42am May 30, 2011 7:42am
Quoting fugly
kostas your chart seems to have changed, could you post all your latest indicators and template?

thx
Not really. Still using the same charts.....
  • #5,099
  • May 30, 2011 8:02am May 30, 2011 8:02am
Quoting kostas1
Not really. Still using the same charts.....
hi kostas1,

May I ask you? For a day flat like this, can you still work as normal?

cheers,

kk007
  • #5,100
  • May 30, 2011 8:28am May 30, 2011 8:28am
Quoting asos101
hey m8, do you know (or anyone) if there is a page that lists all the Bank holidays for the major markets?
you can use http://www.forexfactory.com/calendar.php
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