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CHOROS System

  • #7,221
  • Jan 27, 2012 8:17am Jan 27, 2012 8:17am
Quoting londonhearts
Hi Jack,

How would you handle the increased risk from entering subsequent lots? Do you enter subsequent lots only for those trades whereby your initial entry allowed you to use a SL that implied a lower than usual risk per trade?
London - Yeah, I don't usually take on additional positions until I'm at a point where I feel like I can tighten up my stop on my original position - OR in a situation where I felt like I could run a really tight stop (say, around 10 pips) to begin with.
Writer, currency trader, madman
  • #7,222
  • Jan 27, 2012 8:18am Jan 27, 2012 8:18am
I've been jumping out of everything too early this week, a bit too anxious to protect small profits. I'm nicely profitable for the week, but I could have made a LOT more. Oh well, it's always a judgment call on whether you hang in, or take the money and run.
Writer, currency trader, madman
  • #7,223
  • Jan 30, 2012 1:53am Jan 30, 2012 1:53am
Hi dancers,

I have a question for this pair now. In H1, the pair looks like its going UT. But if we look into M15, it shows first touch on 10. Should we wait for a confirmation before pulling a trigger for north or south?
Attached Image (click to enlarge)
Click to Enlarge Name: eu m15 10.gif Size: 154 KB
  • #7,224
  • Jan 30, 2012 1:56am Jan 30, 2012 1:56am
As its also mentioned in the manual, larger TF has stronger deciding factors. As I look out from H1, I see H1 first touch on 35/50, uptrend.
  • #7,225
  • Jan 30, 2012 5:00am Jan 30, 2012 5:00am
AU M15, RN rejection short
  • #7,226
  • Jan 30, 2012 6:10am Jan 30, 2012 6:10am
Quoting Kelisa
Hi dancers,

I have a question for this pair now. In H1, the pair looks like its going UT. But if we look into M15, it shows first touch on 10. Should we wait for a confirmation before pulling a trigger for north or south?
Hi there, 2 things.

1) The 15M did not do a 1st 10EMA touch. The 1st touch was earlier(I can see the 1st touch from your chart).

2) The setup was at a time of the day when the market tends to bend against the trend. The market in the EU and a few others have a habit of moving against the main trend of the day at the end of the London session.(Research it for yourself)

Finally, yes at least some of the experienced chorosers wait for confirmation. I will personally go down to the M5 and M1 to wait for the confirmation especially if it is more than the 1st touch.

If you are going to concentrate on the 15M only then perhaps it will be a good idea to just take the 1st 10EMA touch at the RIGHT TIME.
Riding the order flow
  • #7,227
  • Edited 10:52am Jan 30, 2012 7:45am | Edited 10:52am
Anybody else watching EURUSD now? Anyone who had been able to get into the M5 constrainments against 12EMA or 23EMA would have had a good ride down so far.

Am now watching for bounce around 1.308 from H4 35 and PPA support from Friday.

EDIT: Entered at 1.3092 upon completion of M5 fractal. TP=1.312 at Daily S1 and likely M15 35/50, if we can overcome the M15 10EMA which has been keeping price down. Have moved trade to breakeven. Wish me luck

EDIT2: TP hit, but not without a scare along the way when price retraced to 1 pip away from BE. May be a sell now if we bounce from M15 35/50, but London has closed and I'm probably done for the day.
  • #7,228
  • Jan 30, 2012 9:09am Jan 30, 2012 9:09am
Quoting londonhearts
Anybody else watching EURUSD now? Anyone who had been able to get into the M5 constrainments against 12EMA or 23EMA would have had a good ride down so far.

Am now watching for bounce around 1.308 from H4 35 and PPA support from Friday.

EDIT: Entered at 1.3092 upon completion of M1 fractal. TP=1.312 at Daily S1 and likely M15 35/50, if we can overcome the M15 10EMA which has been keeping price down. Have moved trade to breakeven. Wish me luck
Good luck mate, not so Choros of an entry, but a good one. Hope you already got paid.
Flp. 4:13
  • #7,229
  • Jan 30, 2012 9:09am Jan 30, 2012 9:09am
Quoting londonhearts
Anybody else watching EURUSD now? Anyone who had been able to get into the M5 constrainments against 12EMA or 23EMA would have had a good ride down so far.

Am now watching for bounce around 1.308 from H4 35 and PPA support from Friday.

EDIT: Entered at 1.3092 upon completion of M1 fractal. TP=1.312 at Daily S1 and likely M15 35/50, if we can overcome the M15 10EMA which has been keeping price down. Have moved trade to breakeven. Wish me luck
Good luck
  • #7,230
  • Jan 30, 2012 10:07am Jan 30, 2012 10:07am
Hello!
Here is my trade for today. Only one but better than nothing. +7,6 p. I enterd after the M5 pin as kostas used to do often. In the picture my entry seems late, but the arrow is where my entry price was(actual price +spread).
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.gif Size: 203 KB
  • #7,231
  • Edited 11:03am Jan 30, 2012 10:18am | Edited 11:03am
Quoting londonhearts
Anybody else watching EURUSD now? Anyone who had been able to get into the M5 constrainments against 12EMA or 23EMA would have had a good ride down so far.
Am now watching for bounce around 1.308 from H4 35 and PPA support from Friday.

EDIT: Entered at 1.3092 upon completion of M1 fractal. TP=1.312 at Daily S1 and likely M15 35/50, if we can overcome the M15 10EMA which has been keeping price down. Have moved trade to breakeven. Wish me luck

EDIT2: TP hit, but not without a scare along the way when price retraced to 1 pip away from...
Well done, LH! I instead took a short EU from 1.3119 @confluence of M15.35+H1.10+Monthly Pivot for a quick +18
  • #7,232
  • Jan 30, 2012 10:40am Jan 30, 2012 10:40am
Quoting Darkforce
Well done, LH! I instead took a short EU from 1.3219 @confluence of M15.35+H1.10+Monthly Pivot for a quick +18
Great trade friend, did you mean 1.3119 instead? Good thing I exited.
  • #7,233
  • Jan 30, 2012 11:05am Jan 30, 2012 11:05am
Quoting londonhearts
Great trade friend, did you mean 1.3119 instead? Good thing I exited.
Thanks for pointing out, I've edited my post to not to confuse the others.
  • #7,234
  • Jan 30, 2012 2:36pm Jan 30, 2012 2:36pm
[quote=Binyamin;5338000]Hi there, 2 things.

2) The setup was at a time of the day when the market tends to bend against the trend. The market in the EU and a few others have a habit of moving against the main trend of the day at the end of the London session.(Research it for yourself)

/QUOTE]

Excellent advice, Bin - In fact, I know a lady who's designed a very successful trading strategy around that.
Writer, currency trader, madman
  • #7,235
  • Jan 30, 2012 2:49pm Jan 30, 2012 2:49pm
Question for all: What, in your mind, is the perfect dance trade setup? I ask because it's obvious that this strategy, like all others, is most reliable when there are multiple indicators in favor of the trade.

Here's mine:
1) The trend, across all time frames, is in the direction you're preparing to trade (or at least up through the daily - nice if the weekly and monthly are on board, too, but I don't consider them absolutely essential). That is, if you're looking at buying, then the trend - as defined by Dance indicators - is an uptrend across all time frames.
2) Hitting MAs across different time frames - e.g., hitting the 35 or 50 MA on the 15min and the 10 or 35 MA on the hourly, 4-hour, or daily.
3) At or near a pivot point.
4) At or near a round number.
5) At or near previous price action support/resistance area.
6) Confirmation by price action in at least one time frame (preferably the 15min)
Writer, currency trader, madman
  • #7,236
  • Jan 30, 2012 7:39pm Jan 30, 2012 7:39pm
Quoting jbmaverick
Question for all: What, in your mind, is the perfect dance trade setup? I ask because it's obvious that this strategy, like all others, is most reliable when there are multiple indicators in favor of the trade.
JB, great question! It makes me think about defining my own strategy for myself.

M15 - gives the signal.
H1 - NEVER trade against H1.
Daily trend - great if it matches, but not essential as long as there are a couple of candles turning the right direction and they don't look like a D1 correction about to end.
H4 - I do look at H4, but it really doesn't factor into the decision to enter or not.

M5 and M1 - Lower TFs are for choosing entry point. If entries match on lower and higher TFs, confidence is higher.

So - when I see a M15 trend about 4-6 candles, that started by crossing the 35/50 on the second or third candle or so, and it's a relatively steady trend (no giant candles or huge spikes, of course), I start to look for the two bar retrace to touch the 10MA. Really, exactly like the manual. I may even drop to M5 and look for a 12 or 23 touch. When I see these setups I make pips.

I look at some other setups, too. But the best setups for me have been the first and second M15 10 touches, taking the entry off M5 12 or 23MA.

Always look for confluence near the entry target with the R/R areas JB listed, and confidence goes much higher.
Luck occurs when preparation meets with opportunity.
  • #7,237
  • Jan 31, 2012 2:39am Jan 31, 2012 2:39am
Hi Fellows.

I Build a News alert Tool Indicator for Metatrader4, For the purpose of avoiding trading during news time.
It is based on Forex Factory Calendar XML
http://www.forexfactory.com/ffcal_week_this.xml

Main Features:
1. Show Event X time Before Event occurs (default 30 minutes)
2. Colors of events' impact
3. Show Current Event as it occurs (color Green)

INSTRUCTIONS
1. Download FF XML file from the following URL:
http://www.forexfactory.com/ffcal_week_this.xml
2. Save it to: "files" Folder, Under "Experts" Folder
3. Load the mq4 file to indicators Folder.

Please note.
the XML file is weekly, you will have to manually download it once a week (starting Sundays).
If any of you know how to code a bat file that do it more easily, please contribute...

Try it and tell me what you think...

Gil
Attached Image (click to enlarge)
Click to Enlarge Name: FF CAL XML Reader V003.jpg Size: 148 KB
Attached File(s)
File Type: mq4 FF CAL XML Reader V003.mq4   8 KB | 502 downloads
  • #7,238
  • Jan 31, 2012 5:15am Jan 31, 2012 5:15am
G'day peeps,

After a few requests, attached is my Dance_trail EA. It trails the stop to the last candle high/low. Just copy the file to your /experts folder and start MT4.

Settings:

 

  1. Trail_before_profit Default is false. If true it will immediately, even if you are not in profit
  2. Trail_after_Pips_profit How many pips in profit you need to be before it starts trailing. (default is 6)
  3. Auto_SBE_plus_one Default is true. If you want to automatically move the stop to 1 pip profit when the trade has reached a certain value in profit.
  4. SBE_plus_one How many pips in profit you need before the stop is moved to SBE+1
  5. Pip_buffer Default 1. How many pips below/above the previous candle to trail the stop. (Default is 1)
  6. Add_spread_on-shorts. This adds the spread to the clearance above the previous candle on shorts. (it is only needed on shorts as short trades are closed on the ask, but candles are drawn on the bid, whereas longs are closed on the bid price, which is the same as the candles.) Default is true.

Attached File(s)
File Type: mq4 Dance_trail.1.mq4   6 KB | 601 downloads



Next are my trading scripts.

They open two positions, both with 15 pips SL and one with a 15 pip TP.

Lot size is calculated automatically based on the account balance and % risk in the opening box (default is 2%). This is the TOTAL risk for both trades so they should be ~ 1% each. (If 2% is an uneven number of lotsteps, the first position will be slightly larger).

You must copy Money_mgmnt.mqh under expertsinclude or these scripts will not work. This file has the function to calculate the lot size.
Copy Open_Dance_Short1.mq4 and Open_Dance_Long1.mq4 into your expertsscripts folder.

Attached File(s)
File Type: zip Trade scripts.zip   3 KB | 706 downloads


Enjoy!
  • #7,239
  • Jan 31, 2012 5:50am Jan 31, 2012 5:50am
Gil and BigT,
Many thanks for your contributions. BigT you get your 1st vouch now....
  • #7,240
  • Jan 31, 2012 7:28am Jan 31, 2012 7:28am
Quoting gilben
Hi Fellows.

I Build a News alert Tool Indicator for Metatrader4, For the purpose of avoiding trading during news time.
It is based on Forex Factory Calendar XML
http://www.forexfactory.com/ffcal_week_this.xml

Main Features:
1. Show Event X time Before Event occurs (default 30 minutes)
2. Colors of events' impact
3. Show Current Event as it occurs (color Green)

INSTRUCTIONS
1. Download FF XML file from the following URL:
http://www.forexfactory.com/ffcal_week_this.xml
2. Save...
Great tool, Gilben - thanks!
Writer, currency trader, madman
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