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CHOROS System

  • #5,641
  • Jul 14, 2011 10:44am Jul 14, 2011 10:44am
I didn't took that trade as I didn't trust such a strong downwards momentum, I still had some trouble determining when 35/50 are diverging but now I see... and binyamin said, in a consolidating range like today, where no trend is defined yet MA's are diverging and are therefore weaker as support/ressistance levels...

On the other hand this touch on EU H1 35/50, was worth for at least 20 pips up to DP...
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Flp. 4:13
  • #5,642
  • Jul 14, 2011 10:53am Jul 14, 2011 10:53am
Here is the way I would treat G/U at the moment if I wanted to trade it.

As you can see at the graph below, lower highs have been formed at H1 and 35/50 are diverging. So, carefully and by using other TFs I would look for shorts now (scooped up etc). This is also the way I think I could define the break of M15 ping pong support area.

So, let the market now show it's hand

Attached Image (click to enlarge)
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You are allowed to fall but you are imposed to get up!
  • #5,643
  • Jul 14, 2011 11:00am Jul 14, 2011 11:00am
Quoting Binyamin
I have just learn something new today, this is probably obvious to many of you btw. A diverging 35/50 MA shows that price is consolidating straight after a trend. (Ok this I already know but...) When prices are in consolidation their range can be traded between S and R's. Hence ping pong is one of them and what iero4 is showing now is one of them too. Will record this and come back to it again when I master the basic dance first........ Thanks iero4 for visually making it so clear.

The way I see it price is always being constrained by something: S/R levels, MAs, Bollinger bands, trendlines, pitchforks etc... they are all visual indicators trying to draw a constrainment line. When price is ranging in a tight area then the constrainment lines are flat, and they get steeper and steeper as the trend increases. The idea behind most systems is to trade close to the constrainment indicator and towards the direction of the trend - however small that trend may be.

So basically the whole trading should be a simple idea: For starters, you can set a take profit that is equal to the stop loss (say 15 pips), and just enter at a point where your take profit is more probable to be hit than your stop loss. You only have to overcome the spread to be profitable.

That's the theory, anyway
  • #5,644
  • Jul 14, 2011 12:44pm Jul 14, 2011 12:44pm
Quoting micmic
The way I see it price is always being constrained by something: S/R levels, MAs, Bollinger bands, trendlines, pitchforks etc... they are all visual indicators trying to draw a constrainment line. When price is ranging in a tight area then the constrainment lines are flat, and they get steeper and steeper as the trend increases. The idea behind most systems is to trade close to the constrainment indicator and towards the direction of the trend - however small that trend may be.

Hmm very interesting, I will have to think about that.
Riding the order flow
  • #5,645
  • Jul 15, 2011 10:53am Jul 15, 2011 10:53am
+10 pips
discipline discipline discipline....
Attached Image
  • #5,646
  • Jul 15, 2011 11:00am Jul 15, 2011 11:00am
Here is what I got today. Tough day to trade, I was mostly out of the office too...
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.jpg Size: 134 KB
  • #5,647
  • Jul 15, 2011 11:06am Jul 15, 2011 11:06am
Quoting kostas1
Here is what I got today. Tough day to trade, I was mostly out of the office too...


Hi kostas1,

Great risk:reward ratio!!

What make you think this setup worth 30-40 pip, rather than a basic 7-12 pip?

I have serious problem in estimate profit target. You advice is valuable!!

cheers,
  • #5,648
  • Jul 15, 2011 11:09am Jul 15, 2011 11:09am
Hi guys I just realized that there are a LOT of opportunity with scoop up trades. But as eclayf stated in the old dance trade, it is a counter trend trade and it is worth 15-20 pips the most. I just see too many of them today.
Riding the order flow
  • #5,649
  • Jul 15, 2011 11:17am Jul 15, 2011 11:17am
Quoting kk007
Hi kostas1,

Great risk:reward ratio!!

What make you think this setup worth 30-40 pip, rather than a basic 7-12 pip?

I have serious problem in estimate profit target. You advice is valuable!!

cheers,
My original opinion was that it should have gone all the way to Daily S1 due to:
Daily red pinbar from Daily 10, at the time I was in the trade the H4 was looking to form another red pinbar rejecting the H4 10 and Daily Pivot. All this made me thing that hitting Daily S1 at 1.4077 would be no problem for around +70p. But it's Friday and EU bank stress test results, so I decided the RN 1.4100 was a good bet and of course satisfied my daily quota.

P.S. Keep in mind that due to the relative flatness of the M15 35/50 I was looking all day to longer TFs for direction.
  • #5,650
  • Jul 15, 2011 11:44am Jul 15, 2011 11:44am


Quoting kostas1
My original opinion was that it should have gone all the way to Daily S1 due to:
Daily red pinbar from Daily 10, at the time I was in the trade the H4 was looking to form another red pinbar rejecting the H4 10 and Daily Pivot. All this made me thing that hitting Daily S1 at 1.4077 would be no problem for around +70p. But it's Friday and EU bank stress test results, so I decided the RN 1.4100 was a good bet and of course satisfied my daily quota.

P.S. Keep in mind that due to the relative flatness of the M15 35/50 I was looking all day to longer...
  • #5,651
  • Jul 16, 2011 8:05am Jul 16, 2011 8:05am
I wonder what do people use to open two positions at the same time (one to lock in profits and the other to run). Do you use a certain script ? Do you do it manually ? Does your broker allow to open a single position of 1 lot and then close it in two parts of 0.5 lots each ?
  • #5,652
  • Jul 16, 2011 8:09am Jul 16, 2011 8:09am
Quoting micmic
Does your broker allow to open a single position of 1 lot and then close it in two parts of 0.5 lots each ?
If you use MT4, it is very easy to do.... test with your demo account..
  • #5,653
  • Jul 17, 2011 9:43pm Jul 17, 2011 9:43pm
Quoting micmic
I wonder what do people use to open two positions at the same time (one to lock in profits and the other to run). Do you use a certain script ? Do you do it manually ? Does your broker allow to open a single position of 1 lot and then close it in two parts of 0.5 lots each ?
Maybe not if you try to close partial position manually, but you can used a simple script to close partial position, like:

PHP Code
   OrderSelect(ticket, SELECT_BY_TICKET);
   OrderClose(ticket, partial_lots, Bid/Ask, slippage, CLR_NONE);
  • #5,654
  • Edited 10:49pm Jul 17, 2011 10:33pm | Edited 10:49pm
Today I am going live with 0.25% risk pertrade trading strictly the rules only. If I break any rule I will punish myself by drinking a shot of vinegar.

There is a lot of things I would love to explore after I am consistent with this strat.

a) For various dance trades, is there a pattern on how fast should price move into profit if it is going to be profitable/unprofitable?
b) How does different trade management strategy differ in results with different market volatility. (General market volatility is very predictable), This intel might help determine the best SL size. Who knows.
c) can I have a better edge if I vary the risk according to the time of the day as compare to equal risk size? Assuming I am a 24 hour trader.
d) I need to find the right balance to mechanize certain things in this strat without taking away the advantage of the discretional side of this. (I need to know exactly what the edge is first to do it)

For now this is the list.

The other thing is I need to write a database that will store the kind of trade, the results and the image with comments. and a segment of the price data b4 and after the trade for further research. It has to be done for every trade I make. I need to find a way to automatedly populate the database without spending too much time on administrative task everyday. Will do so when I have mastered the basics.

PS: Simply put I find the results of this strat in demo simply amazing! I have to to figure out why it's results are soooo good. Maybe I will maybe I wont.
Riding the order flow
  • #5,655
  • Edited 12:43am Jul 18, 2011 12:25am | Edited 12:43am
Quoting Binyamin
The other thing is I need to write a database that will store the kind of trade, the results and the image with comments..
i would also be interested in your database if you write one.
careful with the vinegar shots by the way
  • #5,656
  • Jul 18, 2011 1:00am Jul 18, 2011 1:00am
Quoting asos101
i would also be interested in your database if you write one.
careful with the vinegar shots by the way
Sure it will most probably be done in access. I might do it in open office too for the sake of using it in Linux. See how it goes.
Riding the order flow
  • #5,657
  • Jul 18, 2011 3:50am Jul 18, 2011 3:50am
Quoting Binyamin
I assume you entered at the arrow, there were 3 bearish bar before the arrow. That's 3 bars not two.

please send those questions to the other choros thread, I am there.
Thanks Binyamin,

Do you count the pinbar as one bar of reversal?... then I see how you count... cheers...

Although I did miss some rules sometimes, but today 12 trades so far 9 losers, 1 winner, 2 BE... (most profit target is only 8 pip, but price go straight to SL usually) 90% failure rate!!!
  • #5,658
  • Jul 18, 2011 4:00am Jul 18, 2011 4:00am
Quoting kk007
Thanks Binyamin,

Do you count the pinbar as one bar of reversal?... then I see how you count... cheers...
If you are having so much losers then you are probably not following the rules. But I must admit though, discretional trading makes it hard to follow the rules. I judge myself on how well I can follow the rules, not so much how many pips I harvest for the day.
Riding the order flow
  • #5,659
  • Jul 18, 2011 4:05am Jul 18, 2011 4:05am
Quoting Binyamin
If you are having so much losers then you are probably not following the rules. But I must admit though, discretional trading makes it hard to follow the rules. I judge myself on how well I can follow the rules, not so much how many pips I harvest for the day.
Even though if I wasn't able to following rules 100% (as most people do), I followed as least most of it.... 90% failure rate was amazing....
  • #5,660
  • Jul 18, 2011 4:05am Jul 18, 2011 4:05am
hey guys, try to keep the conversation in the same thread as you started. This is the Original Choros thread and your 2 posts above belong to the Interactive Choros thread.
someone trying to read this thread reaching at your posts above would think he skipped a page somewhere.

kk007, you are supposed to be stalking the trades like a sniper picking the best ones, but you shoot around like you have a machine gun.
just relax and let the trade come to you, dont chase it.
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