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CHOROS System

  • #6,681
  • Oct 18, 2011 1:01am Oct 18, 2011 1:01am
kk:
I think you need 2 bars for a touch, even on H4.
I am new here, so maybe I missed something.
  • #6,682
  • Oct 18, 2011 1:07am Oct 18, 2011 1:07am
Quoting pippiee
kk:
I think you need 2 bars for a touch, even on H4.
I am new here, so maybe I missed something.
According to Clay, "no more than 2 bar" for touch trade.

Now, there were some additional confluence for the touch, and so the setup would have better than required.
  • #6,683
  • Oct 18, 2011 2:28am Oct 18, 2011 2:28am
Grabbed my daily quota (+33p) from the H1 bounce from EMA5 and RN(1.3750) using M5 for entry (bounce from EMA12) and the MP for target.
Attached Image (click to enlarge)
Click to Enlarge Name: eu2.jpg Size: 244 KB
  • #6,684
  • Oct 18, 2011 2:34am Oct 18, 2011 2:34am
I was watching this noticed H4 35SMA just about there. That made me cautious. May I check what made you ignore that? Thanks a lot!

Quoting kostas1
Grabbed my daily quota (+33p) from the H1 bounce from EMA5 and RN(1.3750) using M5 for entry (bounce from EMA12) and the MP for target.
  • #6,685
  • Oct 18, 2011 2:40am Oct 18, 2011 2:40am
Quoting chinmay
I was watching this noticed H4 35SMA just about there. That made me cautious. May I check what made you ignore that? Thanks a lot!
I wonder whether he has taken M15.35/50 of GBP like us, if he has escaped the loser, why.
  • #6,686
  • Oct 18, 2011 2:46am Oct 18, 2011 2:46am
Quoting chinmay
I was watching this noticed H4 35SMA just about there. That made me cautious. May I check what made you ignore that? Thanks a lot!
Good question.
Answer: This was not the first touch of the H4 35. The confluence of WP, MP and RN is too strong and the price usually visits that. I was actually expecting this yesterday, but today when the previous H1 bar was strong short I took the first opportunity (M5 EMA12 bounce) towards the MP.
  • #6,687
  • Oct 18, 2011 5:10am Oct 18, 2011 5:10am
This is from the interactive thread.

Anyone has idea about why this setup fail. There may be no reason because the method is not 100%. Nevertheless, if you have good reason why you would not take it, please advice.

As I see, the confluence MAs are on top of each other, it was the first retracement touch. M5 PA with triple bottom. I was thinking it is a A+++ setup. Prior momentum not seem too strong, although there was a double top pattern on M15 against D1 S1.

http://www.forexfactory.com/attachme...6&d=1318922150
  • #6,688
  • Oct 18, 2011 5:28am Oct 18, 2011 5:28am
Hi kk007,

One of the reason (in hindsight ofcourse) I can think of is that price started racing due to expectations from UK CPI data.

Still not sure really what happened there.

Quoting kk007
This is from the interactive thread.

Anyone has idea about why this setup fail. There may be no reason because the method is not 100%. Nevertheless, if you have good reason why you would not take it, please advice.

As I see, the confluence MAs are on top of each other, it was the first retracement touch. M5 PA with triple bottom. I was thinking it is a A+++ setup. Prior momentum not seem too strong, although there was a double top pattern on M15 against D1 S1.

http://www.forexfactory.com/attachme...6&d=1318922150...
  • #6,689
  • Oct 18, 2011 10:58am Oct 18, 2011 10:58am
Quoting kk007
This is from the interactive thread.

Anyone has idea about why this setup fail. There may be no reason because the method is not 100%. Nevertheless, if you have good reason why you would not take it, please advice.

As I see, the confluence MAs are on top of each other, it was the first retracement touch. M5 PA with triple bottom. I was thinking it is a A+++ setup. Prior momentum not seem too strong, although there was a double top pattern on M15 against D1 S1.
This is what I think.

M15 35/50 was too flat, H1 MAs looked like the UP trend was changing (H1 EMA 10 was dancing around H1 35/50)

I like to trade H4 10EMA touches, but at that particular moment H4 10 EMA was flat and it was already touched and passed a couple of times making the UP trend weaker.

Finally, I prefer trades that confluence with Pivots, RN or PPA levels. Although DP was close, it was not at the point of the trade, many times trading exactly at a Pivot Point can give you 10-15 pips.

Well, that is just my opinion, I´m not an expert.
  • #6,690
  • Oct 18, 2011 12:45pm Oct 18, 2011 12:45pm
Earlier I said that I was done for the day but this was too tempting to resist.

It was a GBPUSD retrace to H1 10 in confluence with M15 35, Daily S1 and RN. I was able to grab +13p form it.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD M15 2011-10-18.png Size: 16 KB
  • #6,691
  • Oct 19, 2011 1:44am Oct 19, 2011 1:44am
Possible Touch trade coming up in both EU and GU?

Attached Image (click to enlarge)
Click to Enlarge Name: 2011-10-19_144240_EUGU_Possible 35SMA bounce.png Size: 64 KB
  • #6,692
  • Oct 19, 2011 2:58am Oct 19, 2011 2:58am
Quoting Haydel
This is what I think.

M15 35/50 was too flat, H1 MAs looked like the UP trend was changing (H1 EMA 10 was dancing around H1 35/50)

I like to trade H4 10EMA touches, but at that particular moment H4 10 EMA was flat and it was already touched and passed a couple of times making the UP trend weaker.

Finally, I prefer trades that confluence with Pivots, RN or PPA levels. Although DP was close, it was not at the point of the trade, many times trading exactly at a Pivot Point can give you 10-15 pips.

Well, that is just my opinion, I´m not an expert....
Thanks for your opinion and sharing about the way you trade. As I understand from your post, you feel the MAs are not steep enough for your taste, and even you see it real time, you would not take it.

As kostas1 don't post so often for basic setups here (perhaps too bored/busy to repeat them again and again), it is great other can share more.

Quoting chinmay
Hi kk007,

One of the reason (in hindsight ofcourse) I can think of is that price started racing due to expectations from UK CPI data.

Still not sure really what happened there.
Thanks, personally, I wouldn't try to evaluate setups based on news, if it fails it fails.
  • #6,693
  • Oct 19, 2011 3:08am Oct 19, 2011 3:08am
Quoting kk007
Thanks, personally, I wouldn't try to evaluate setups based on news, if it fails it fails.
No, my point was, since there is a rule of no trading half hour before news, maybe price just started reacting bit early and we got caught in it. Ofcourse, this is all hindsight which is always 20/20.

I think this is why Dance strategy requires such tight SLs.
  • #6,694
  • Oct 19, 2011 3:24am Oct 19, 2011 3:24am
Quoting chinmay
No, my point was, since there is a rule of no trading half hour before news, maybe price just started reacting bit early and we got caught in it. Ofcourse, this is all hindsight which is always 20/20.

I think this is why Dance strategy requires such tight SLs.
I have just checked it think the GBP CPI news was 1.5 hour after the loser.
  • #6,695
  • Oct 19, 2011 3:30am Oct 19, 2011 3:30am
Quoting kk007
I have just checked it think the GBP CPI news was 1.5 hour after the loser.
You are correct. I just meant that apart from "PA" reason, maybe it's just the news that killed the trade.
Ofcourse I know this argument borderlines with retrofitting the reason to the price action.

Nevertheless, it has taught me to be careful on news days.
  • #6,696
  • Oct 19, 2011 3:32am Oct 19, 2011 3:32am
I just want to conclude the problem I brought up yesterday about the wrong monthly and weekly pivot calculated by the indicator. The problem is Oanda's data. Because I have checked with 2 other brokers and they are inline with the rest of yours here.
Riding the order flow
  • #6,697
  • Oct 19, 2011 3:34am Oct 19, 2011 3:34am
Quoting chinmay
You are correct. I just meant that apart from "PA" reason, maybe it's just the news that killed the trade.
Ofcourse I know this argument borderlines with retrofitting the reason to the price action.

Nevertheless, it has taught me to be careful on news days.
I think the setup entry was about 2 hour before the news. Most of the day there are news, if you are careful on news day. How are you going to trade? I think stop entering 1/2 hour before news was more reasonable, but it is quite personal and depend on how long usually you hold a trade.
  • #6,698
  • Oct 19, 2011 3:38am Oct 19, 2011 3:38am
Quoting Binyamin
I just want to conclude the problem I brought up yesterday about the wrong monthly and weekly pivot calculated by the indicator. The problem is Oanda's data. Because I have checked with 2 other brokers and they are inline with the rest of yours here.
The difference in opening hours between brokers can give a big difference in weekly bars when the weekly gap is big.
  • #6,699
  • Oct 19, 2011 3:40am Oct 19, 2011 3:40am
Quoting kk007
I think the setup entry was about 2 hour before the news. Most of the day there are news, if you are careful on news day. How are you going to trade? I think stop entering 1/2 hour before news was more reasonable, but it is quite personal and depend on how long usually you hold a trade.
What i saw with news is that often 1/2 hour before news the price stalls, and after news often fast reaction.

Personally, if i am in a trade i try in the last half hour to take the best entry in the sideways before news, and 10mn (max 5mn) before news i kill the trade.

And i don't trade after news if a big no normal reaction have occured
I hear and I forget. I see and I remember. I do and I understand.
  • #6,700
  • Oct 19, 2011 3:41am Oct 19, 2011 3:41am
Quoting Binyamin
I just want to conclude the problem I brought up yesterday about the wrong monthly and weekly pivot calculated by the indicator. The problem is Oanda's data. Because I have checked with 2 other brokers and they are inline with the rest of yours here.
Still what would lead to that error? Is it Weekend Data that I see in OANDA?

Quoting kk007
I think the setup entry was about 2 hour before the news. Most of the day there are news, if you are careful on news day. How are you going to trade? I think stop entering 1/2 hour before news was more reasonable, but it is quite personal and depend on how long usually you hold a trade.
Well understood. Trust me, even I would like to know PA reason for that trade to fail, but so far none of the experienced guys have commented on it
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