a very informing thread. learning it.
good job Choros.
walker
good job Choros.
walker
- #7,942
- Edited 5:25am Sep 4, 2012 4:55am | Edited 5:25am
- | Joined Feb 2011 | Status: Trader | 1,237 Posts
- #7,944
- Sep 4, 2012 5:37am Sep 4, 2012 5:37am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
Hi guys!
Sorry for my newbie question but how is it possible to set smaller TP and SL in MetaTrader 4 than the Broker allows?
My problem is that I use Luktom's Visual Order Editor (http://en.luktom.biz/Page/447/luktom...l-order-editor) and when I set my SL less than 11 pips away from the current price (eg. @ BE), the Broker does not accept it.
With what tools can I overcome this issue?
Thanks in advance!
-Kostas.
In any case, you can't avoid the broker's restrictions. I have 5 pips minimum distance and I have to live with it.....
Another Kostas in the thread
In any case, you can't avoid the broker's restrictions. I have 5 pips minimum distance and I have to live with it.....
I came across "Multi purpose trade manager" by SteveHopwood in which among many options there is a "HideBreakEvenStop"... Don't know if it works for resolving my issue.
Anyway... Thanks man!
..., but what WE make.
- #7,948
- Edited 9:46am Sep 4, 2012 9:34am | Edited 9:46am
I am not negating you trade by any means, as I know it might have been a perfect by the org. Dance rules trade, but I was just wondering whether I was wrong not to take that trade because of:
1) DP just below
2) 1h 35/50 just below
3) 4 bars retrace (although I assume it is also "legal" to reset the counter after a bar in another direction or neglect the 2nd and 3rd one as they have very small bodies, that we can observe in this trade's retrace, it's just me being recently more conservative about it)
[ 4) Demand Zone just below? ]
The reason why I'm asking is because I am still struggling to find out whether take such trades or not, the ones with significant levels of S/R just below/above. Or is it again a personal thing?
Congratulations on your pips.
All the best,
JK
1) DP just below
2) 1h 35/50 just below
3) 4 bars retrace (although I assume it is also "legal" to reset the counter after a bar in another direction or neglect the 2nd and 3rd one as they have very small bodies, that we can observe in this trade's retrace, it's just me being recently more conservative about it)
[ 4) Demand Zone just below? ]
The reason why I'm asking is because I am still struggling to find out whether take such trades or not, the ones with significant levels of S/R just below/above. Or is it again a personal thing?
Congratulations on your pips.
All the best,
JK
- #7,949
- Edited 10:41am Sep 4, 2012 10:17am | Edited 10:41am
- Joined Feb 2009 | Status: Commercial Member <- Don't trust me | 2,976 Posts
I am not negating you trade by any means, as I know it might have been a perfect by the org. Dance rules trade, but I was just wondering whether I was wrong not to take that trade because of:
1) DP just below
2) 1h 35/50 just below
3) 4 bars retrace (although I assume it is also "legal" to reset the counter after a bar in another direction or neglect the 2nd and 3rd one as they have very small bodies, that we can observe in this trade's retrace, it's just me being recently more conservative about it)
[ 4) Demand Zone just below? ]
The reason...
By the way, only winners should be posted on this thread, why and how they are entered are not that important.
By the way the second time, nice to see Whenever here again
.By the way once again, my next EU trades bought at WP and S/R (also to the pip, zero drawdown) was luckily a +15pip winner.
- #7,950
- Edited 11:13am Sep 4, 2012 10:33am | Edited 11:13am
By the way, only winners should be posted on this thread, why and how they are entered are not that important.
to those who are still learning WHY and HOW is most important. Also, I was about to write that if anybody had time and willingness to post some trades that at a glimpse were perfect setups, but after a more thorough analysis it turned out there is a solid reason(s) not to take them - that would be even more effective teaching than posting the winners only. If that is not against the thread rules or anything.That is to say that I agree with a common view found on couple of occasions on this forum, that it is far more important to know when NOT to trade than otherwise.
Many pips,
JK
- #7,951
- Sep 4, 2012 10:36am Sep 4, 2012 10:36am
- Joined Feb 2009 | Status: Commercial Member <- Don't trust me | 2,976 Posts
I will disagree
P.S. Glad that you 've quoted and highlighted the key part of my comment
- #7,952
- Sep 4, 2012 10:49am Sep 4, 2012 10:49am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
- #7,953
- Sep 4, 2012 11:15am Sep 4, 2012 11:15am
- Joined Jun 2011 | Status: Consistency With Discipline | 1,036 Posts
I agree with Jkdt and kos. Btw I am pretty sure kk was just sarcastic because he was moaning about people that just post winners some time ago. Well who knows if his mind has changed between then and now.
Right now the market EU GU AU and AJ are still quite flat. Of all the pairs today there was only 1 setup I would have traded if the 35/50 in EU wasn't flat 12:05 GMT. I get quite tired waiting all day.
Sometimes I feel that for the RR or pips I can make with this strat it is not worth it because it ties my attention down when I can concentrate on other things. (I might decide to stop for a while)
Right now the market EU GU AU and AJ are still quite flat. Of all the pairs today there was only 1 setup I would have traded if the 35/50 in EU wasn't flat 12:05 GMT. I get quite tired waiting all day.
Sometimes I feel that for the RR or pips I can make with this strat it is not worth it because it ties my attention down when I can concentrate on other things. (I might decide to stop for a while)
Riding the order flow
- #7,954
- Sep 4, 2012 11:17am Sep 4, 2012 11:17am
- Joined Feb 2009 | Status: Commercial Member <- Don't trust me | 2,976 Posts
Didn't expect all of you disagree.
In the past, when I was active here, when someone posted winners, others kept congratulating. When I posted losers and wondered why, others kept ignoring those posts. Usually not many here question about why and how a winner is a winner (lucky or good judgement).
Also, the Dance manual teaches that it is only important remember how a good winner look like (the fake note analogy?). Losers should be forgotten immediately in order to maintain positive thinking.... Oh, I thought it is how it works here...
Ok, Ok, may be I am wrong again...
In the past, when I was active here, when someone posted winners, others kept congratulating. When I posted losers and wondered why, others kept ignoring those posts. Usually not many here question about why and how a winner is a winner (lucky or good judgement).
Also, the Dance manual teaches that it is only important remember how a good winner look like (the fake note analogy?). Losers should be forgotten immediately in order to maintain positive thinking.... Oh, I thought it is how it works here...
Ok, Ok, may be I am wrong again...
- #7,955
- Sep 4, 2012 11:24am Sep 4, 2012 11:24am
- Joined Feb 2009 | Status: Commercial Member <- Don't trust me | 2,976 Posts
I agree with Jkdt and kos. Btw I am pretty sure kk was just sarcastic because he was moaning about people that just post winners some time ago. Well who knows if his mind has changed between then and now.
- #7,956
- Sep 4, 2012 11:32am Sep 4, 2012 11:32am
- Joined Jun 2011 | Status: Consistency With Discipline | 1,036 Posts
Riding the order flow
- #7,957
- Sep 4, 2012 12:03pm Sep 4, 2012 12:03pm
I am not negating you trade by any means, as I know it might have been a perfect by the org. Dance rules trade, but I was just wondering whether I was wrong not to take that trade because of:
1) DP just below
2) 1h 35/50 just below
3) 4 bars retrace (although I assume it is also "legal" to reset the counter after a bar in another direction or neglect the 2nd and 3rd one as they have very small bodies, that we can observe in this trade's retrace, it's just me being recently more conservative about it)
[ 4) Demand Zone just below? ]
The reason...
I absolutly like and accept any constructive observation or even criticism.
I think everybody in this 3d does and in all the world intelligent people do too.
Moreover I see your real interest in growing, like we all here, so it's a pleasure to give an answer.
You are fully right, my apologize for not having explained my reasons of entry short there.
Some here who knows me from previous posts here, knows as well that one of my biggest problem is not having much time to follow the charts properly, so I just "steal" some minutes and act fast and nearly instinctive, sometimes with rovinous results
, but am coming to the result that not overtrading, acting with very small lots (compared to your account), limiting and fixing your risk instead of your gain, following YOUR edge can really take a lot of stress away and bring good results.I actually do not watch a lot at the Daily Pivot.
My "choros bible" is one post of Master Kostas of several pages ago, mentioning the importance of the 1st Touch.
Whatever TF it is.
Having an image of the Higher TF in mind, when it happens to see a stronger move (up or down) I personally tend to observe (and take) the 1st retrace to the M5, the second is already more risky, so better to wait for the 1st M15 retrace to the EMA10 (which sometimes also happens to be the 1st 35/50 on M5 as well), then H1 and so on.
In my trade price had broken the RN 1,2600 strongly, M5 1st touch of the EMA10 would have given some nice pips as well, but I opened the MT4 by the 1st touch of the EMA10 on M15, corresponding to a M5 35/50 touch.
SL was before just a bit over the 1,2600 again
A 2 bars would have been even more inviting, but the 1st Touch is mostly strong even if the bars are more than 2.
H1 35/50 were below, you are right, but not steep anymore, "tired" I would say, and my goal was the Ping Pong of those 2 Moving Averages.
Price went strongly down again so I let it run with pleasure (expecially being mine a real account
)The EMA10 was "scooped up" on H1.
H4 was near to do that as well.
For me (but I repeat FOR ME) that was enough to take the calculated risk.
BUT it IS a risk.
Nothing is perfect in Trading Forex in my point of view.
It is all a matter of %.
Therefore I didn't expect to win, was of course ready to lose as well.
And I was lucky and happy to see that price did what this strategy says.
Choros HAS several points of "discreption", but I would more say of "experience", which can only come from hours of screen and cannot well be reduced to some mechanical rules (even if the actually are, but I am not so good to may write them all down).
I follow you all Whenever I can
but that is unfortunately rarely...Always ask whatever is not clear, I did and do it as well !
We are all on the same boat here.
I am so very happy to see Kostas1 very active.
Kosta, your help was for many people (me too) and still is for a lot more a big help.
Great person and great trader.
Keep doing.
PS: by the way I see that KK is still fighting ! And I am glad to see that. I cannot just give up as well, dear !
PPS: I had also another kind of confirmation from another TS I am working with, but nothing to do with Choros.
Only they were confirming each other too.
- #7,958
- Sep 4, 2012 12:17pm Sep 4, 2012 12:17pm
On the other hand, more season traders here will appreciate your losing-trade-posts, I have certainly learn some things by just watching you and reading your journal. So go on and post since this is a place to learn.
We learn how NOT to trade !
It's a joke, dear KK, I hope you know (me) it !
Losing trades are ABSOLUTELY important too, we all learn.
I will post them too again when possible.
Perhaps Choros is not your tailor made strategy, I think we all have one or two, according to our trading style.
I suppose that you can see a real edge in Choros/Dance but it does not accord to your style of trading, that's it.
Nothing bad in that I think.
You perhaps still need to find YOURS, but in the Forex Journey all experience is Life Important.
If I may allow me to say that:
keep studying and observing, because the edge will come out to your (our) eyes when it's the right moment.
I am quite sure of it.
Then it will be the problem to follow it religiously, but that's another story...
- #7,959
- Sep 4, 2012 3:46pm Sep 4, 2012 3:46pm
- | Joined Feb 2011 | Status: Trader | 1,237 Posts
Thank you for your observation JK.
I absolutly like and accept any constructive observation or even criticism.
I think everybody in this 3d does and in all the world intelligent people do too.
Moreover I see your real interest in growing, like we all here, so it's a pleasure to give an answer.
You are fully right, my apologize for not having explained my reasons of entry short there.
Some here who knows me from previous posts here, knows as well that one of my biggest problem is not having much time to follow the charts properly, so I just...
My extra bit of thinking regarding H1 35/50 is: it overlaps with the demand zone(blue rectangle in my earlier post). The way price left the demand zone at first attempt, i.e. multiple bars have lower wicks poking into the zone, shows it consumed the demand in the zone, and subsequent visit to the zone is likely to be a free fall through. This would also increase my confident in taking this trade.
- #7,960
- Edited 4:26pm Sep 4, 2012 4:00pm | Edited 4:26pm
Whenever, cheers for your detailed explanation. I was VERY tempted to take that trade, as I have literally fallen in love with that perfect M5 pin bar on the top of the retrace, an absolute beauty. But coz of the reasons mentioned earlier, I thought I'd be letting my greed off the leash too much, so I passed on that one. You must have got at least 1:2 RR there, nice.
I also passed on the same trade on EJ, there was a very similar situation. The positive thing was there were no S/R levels below and it got rejected by DR1. The negative was that there was only a pseudo-pinbar at the top, as the body didn't fit into the previous bar's range. And it closed above the open.
Combining those 2 trades would have been an absolute no-brainer to me.
Darkforce: so all of that would convince you enough not to worry about the bounce from DP? (I see from your chart you take them under consideration).
Btw, my thanks goes to you and Binyamin for dragging my attention to S/D zones, seems like it makes a lot of sense to take them under consideration while dancing.
I was VERY tempted to take that trade, as I have literally fallen in love with that perfect M5 pin bar on the top of the retrace, an absolute beauty. But coz of the reasons mentioned earlier, I thought I'd be letting my greed off the leash too much, so I passed on that one. You must have got at least 1:2 RR there, nice.I also passed on the same trade on EJ, there was a very similar situation. The positive thing was there were no S/R levels below and it got rejected by DR1. The negative was that there was only a pseudo-pinbar at the top, as the body didn't fit into the previous bar's range. And it closed above the open.
Combining those 2 trades would have been an absolute no-brainer to me.
Darkforce: so all of that would convince you enough not to worry about the bounce from DP? (I see from your chart you take them under consideration).
Btw, my thanks goes to you and Binyamin for dragging my attention to S/D zones, seems like it makes a lot of sense to take them under consideration while dancing.