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CHOROS System

  • #8,501
  • Nov 27, 2012 4:25am Nov 27, 2012 4:25am
Quoting kk007
Failed Dance trade with EJ
These days markets are expecially driven by the news. On the GU saw that double bottom tap and later tried to enter using scooped-up at 9:45 GMT but didin't like the action so closed my trade at -2.2 pips and price indeed would have hitted my SL.
  • #8,502
  • Nov 27, 2012 5:49am Nov 27, 2012 5:49am
Hello dancers!

Today finally created a good m5 downtrend to trade.
Also I used the Arha's advice but for m5 mas.
"m5/35 & 50 are converging at the same direction , are very steep
and closed each other. (less than 1 pip the distance between them
the moment of entry).
Also m15 ma's are with agreement with m15 35-50 and h1 mas are
flat (neutral) at the moment of entry."
After all yes, this trade was with almost no stress!
Attached Image
  • #8,503
  • Nov 27, 2012 8:15am Nov 27, 2012 8:15am
Hi kostas1,

I have made this short on EJ and earned 10 pip.
However, I am not sure whether it is a good setup... since it is not standard setup on Dance manual
It was confluence of H4.10, H1.10, M15.35/50, DPP, Pin, Double Top, etc..
I was a bit confused about how I should target my project, the trade is counter-trend on H1 chart.
If you have some free time, please comment this trade. If not, don't worry

cheers,
kk007
Attached Image (click to enlarge)
Click to Enlarge Name: temp.gif Size: 46 KB
  • #8,504
  • Nov 27, 2012 8:36am Nov 27, 2012 8:36am
Quoting kk007
Hi kostas1,

I have made this short on EJ and earned 10 pip.
However, I am not sure whether it is a good setup... since it is not standard setup on Dance manual
It was confluence of H4.10, H1.10, M15.35/50, DPP, Pin, Double Top, etc..
I was a bit confused about how I should target my project, the trade is counter-trend on H1 chart.
If you have some free time, please comment this trade. If not, don't worry

cheers,
kk007
Firstly,
GOOD JOB!
For me 10p in one trade is more than enough. But since you were targeting a higher TF confluence maybe some patience would give you more pips. When countertrend I tend to take quick profits, but in general when in front of you there are MAs or other important areas, then you should get quick profits. If there is space to run until the next important areas then give it some time.

I am not sure if this helps, but the target is a personal preference and I don't have any general guidlines.
  • #8,505
  • Nov 27, 2012 8:58am Nov 27, 2012 8:58am
Quoting kostas1
Firstly,
GOOD JOB!
For me 10p in one trade is more than enough. But since you were targeting a higher TF confluence maybe some patience would give you more pips. When countertrend I tend to take quick profits, but in general when in front of you there are MAs or other important areas, then you should get quick profits. If there is space to run until the next important areas then give it some time.

I am not sure if this helps, but the target is a personal preference and I don't have any general guidlines.
Thanks for your comment!!!!
I want to stick to the standard setups in the Dance manual, since I know they works.
I didn't dare to use my own judgement to take trade, since most of them is not back-tested as those in the manual.
Nevertheless, the problem is that I don't see standard setups in my 4-5 pairs every day.
So, to use Dance on a day-to-day basis I have to learned to take non-standard ones with similar principle as Dance setup.
So, now I try to learn how to use rejection bar pattern on confluence as entry signal...
Your comment is very useful to me. Thanks again.

Yes, about the profit target I was thinking to find some key blocking level as the TP, but since I am not so sure, I just took some profit.

.
  • #8,506
  • Nov 27, 2012 9:42am Nov 27, 2012 9:42am
Hi Kostas1,

Have you taken the GU scoop up trade following double bottom against DPP on M5 chart?

cheers,
kk007
  • #8,507
  • Nov 27, 2012 11:00am Nov 27, 2012 11:00am
Quoting kk007
Hi Kostas1,

Have you taken the GU scoop up trade following double bottom against DPP on M5 chart?

cheers,
kk007
My trade was around 12:20 GMT for 15p (long)
  • #8,508
  • Nov 27, 2012 6:55pm Nov 27, 2012 6:55pm
Quoting kostas1
My trade was around 12:20 GMT for 15p (long)
Thanks.... I have been learning from you.
  • #8,509
  • Nov 28, 2012 2:25am Nov 28, 2012 2:25am
Hi

It is a trade I just lost 1% on. sl was 7 pips, chart 15m eurusd
it was short, green circle is entry at the touch of 50ema, red is where sl hitted
Attached Image
On my way to financial independence - if others can do it - I can do it
  • #8,510
  • Nov 28, 2012 2:29am Nov 28, 2012 2:29am
Was the touch of 106 for the EUR/JPY a legit touch trade??
  • #8,511
  • Nov 28, 2012 2:32am Nov 28, 2012 2:32am
Quoting Acroix70
Was the touch of 106 for the EUR/JPY a legit touch trade??
You mean the one that happened few minutes ago? It looked risky but I went into it, 20 pips earned so far
On my way to financial independence - if others can do it - I can do it
  • #8,512
  • Nov 28, 2012 2:34am Nov 28, 2012 2:34am
Hi

Is this trade good with dance rules ??
Take touch of 35 SMA H1 (140 SMA on M15 charts)
Attached Image (click to enlarge)
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  • #8,513
  • Nov 28, 2012 2:34am Nov 28, 2012 2:34am
Quoting Acroix70
Was the touch of 106 for the EUR/JPY a legit touch trade??
I think so, but I lost my confidence in taking touch trade at the moment.
  • #8,514
  • Nov 28, 2012 2:36am Nov 28, 2012 2:36am
Quoting Acroix70
Was the touch of 106 for the EUR/JPY a legit touch trade??
the trade is still running. 15m chart on eurjpy, entrance at dash line, sl already moved behind on be, tp 40 pips and I let it dance ;-)
Attached Image
On my way to financial independence - if others can do it - I can do it
  • #8,515
  • Nov 28, 2012 2:39am Nov 28, 2012 2:39am
Quoting Eur Usd
You mean the one that happened few minutes ago? It looked risky but I went into it, 20 pips earned so far
I took it for these reasons

50/35 MA's have been slanting down
Under them somewhat still, so it was a valid short/retest
Whole number 106 which on the daily has server as resistance


Not very risk imo, it did touch. I took profit at 10MA. a nice 20+ pip trade
  • #8,516
  • Nov 28, 2012 2:42am Nov 28, 2012 2:42am
Quoting Eur Usd
You mean the one that happened few minutes ago? It looked risky but I went into it, 20 pips earned so far
The EU one is risker, because the EU 35/50 has been recently touched a few times.
  • #8,517
  • Nov 28, 2012 3:00am Nov 28, 2012 3:00am
From the looks of it we might get a short constrainment trade on the EUR/JPY if the 50/35 keep coming. 105.75 could get wiped out. Be careful we have news at 430am (pacific)
  • #8,518
  • Nov 28, 2012 4:51am Nov 28, 2012 4:51am
never seen triple top on 35 sma
looks like good entry point
Attached Image
On my way to financial independence - if others can do it - I can do it
  • #8,519
  • Nov 28, 2012 5:07am Nov 28, 2012 5:07am
Quoting Eur Usd
never seen triple top on 35 sma
looks like good entry point
I would place my take profit at 1.29 because of the weekly pp in confluence with daily S1 and H4 and Daily 35 at that point which might be a buy signal.
You are allowed to fall but you are imposed to get up!
  • #8,520
  • Nov 28, 2012 5:14am Nov 28, 2012 5:14am
Quoting iero4
I would place my take profit at 1.29 because of the weekly pp in confluence with daily S1 and H4 and Daily 35 at that point which might be a buy signal.

I try to avoid so many indicators. I don't look at pivots, bollinger bands etc. I trade only according to dance rules, 15m chart with 1h chart as a confirmation, and so far the only thing that failed while trading the system is myself
On my way to financial independence - if others can do it - I can do it
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