Learning to Dance | Forex Factory

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Learning to Dance

  • #1
  • First Post: Edited Feb 15, 2013 3:24pm Jan 22, 2013 3:46am | Edited Feb 15, 2013 3:24pm
Update
My trading style has changed quite a bit since starting the thread. While I still believe the dance is a fantastic system, I no longer use it.

I've been meaning to start a journal for a while and figure now is a good time.

This is more of a personal journal for me to document my progress, although people are free to ask questions and or post charts of their own if they coincide with the dance method. Charts will be posted as much as possible, and I will post a picture of my account statement at the end of every week.

System
I trade the dance method as outlined by clay in his thread here on FF. I also need to recognize Kostas as his thread has helped/inspired me a great deal as well.

I have modified the rules a bit and take some trades that aren't "by the book". For the most part though, I adhere to the original system.

I monitor EJ/GJ, and don't pay attention to any of the other pairs. I trade primarily off of the m1 and m5 charts, although will take setups on m15 and the hourly as well. I use anything higher than that only to identify major areas of support and resistance.

I use the same MA's on every timeframe:
10ema
50ema
200sma

Price action is paramount however and the MA's only act as further confirmation. Let's get the ball rolling......
What is any ocean but a multitude of drops?
  • #2
  • Jan 22, 2013 7:14am Jan 22, 2013 7:14am
Hi Xhale12.

Allow me to wish you good luck, or more so, a successful journey with your Trading Journal.
As many great traders say: If you know what you are doing, then luck is not part of the equation.!!

Xhale, i too have stumbled across The Dance and Kostas and find them both as a great source also a great method to trade.
I am also interested in your way of trading the m1-m5 charts. I have tried other time frames as suggested by other well respected traders
on FF with less success. Some how, i constantly seem to be dropping to these lower tf's for early entry/exit confirmations.
I will be following with great interest.

Green Pips to you my friend.

Steve
  • #3
  • Jan 23, 2013 6:31am Jan 23, 2013 6:31am
Some scalps on EJ


First trade was a bit premature. Should not have taken it. Missed my stop by a few pips. Lucked out.
Attached Image (click to enlarge)
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What is any ocean but a multitude of drops?
  • #4
  • Jan 23, 2013 8:21pm Jan 23, 2013 8:21pm
Two asia trades so far.

First one took for 36 pips. Closed after the dead end candle. Was able to get in a bit before the pin closed on m15, using m1 PA. PA wasn't looking so hot on the 2nd trade so closed it at +4.
Attached Image (click to enlarge)
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What is any ocean but a multitude of drops?
  • #5
  • Jan 23, 2013 11:43pm Jan 23, 2013 11:43pm
Another for 37 pips

Arrows mark entry signals given earlier on. Wasn't around for them.
Attached Image (click to enlarge)
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What is any ocean but a multitude of drops?
  • #6
  • Edited 3:47am Jan 24, 2013 3:27am | Edited 3:47am
Good day. +43 here. Setup on hourly, m30, and m15. Only room to show 2 TF's.

The best entry would have been at the touch of the h1 10 but I wasn't paying attention and missed it. Still worked out though.
Attached Image (click to enlarge)
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What is any ocean but a multitude of drops?
  • #7
  • Jan 24, 2013 3:48am Jan 24, 2013 3:48am
I have just read the book''Dance trading'',but its rules seem to be diffirent from your rules!Can you tell me what yours rules is to take a entry?Thanks!
  • #8
  • Jan 24, 2013 3:54am Jan 24, 2013 3:54am
Quoting kaka_ht
I have just read the book''Dance trading'',but its rules seem to be diffirent from your rules!Can you tell me what yours rules is to take a entry?Thanks!
As I said, I take some trades that I have identified to work personally.... trades not outlined in the dance manuals. Most of my trades though abide by the dance rules.

Any trades in particular you have questions on? I'll do my best to explain.
What is any ocean but a multitude of drops?
  • #9
  • Jan 24, 2013 4:05am Jan 24, 2013 4:05am
Quoting Xhale12
Good day. +43 here. Setup on hourly, m30, and m15. Only room to show 2 TF's.

The best entry would have been at the touch of the h1 10 but I wasn't paying attention and missed it. Still worked out though.
Yes,I can't see arrow of your entry in this M15!And what is your reason to take this entry?,I guess your reason is PA bounce off from 10 ema H1 and you took a entry when canlde closed above BRN and 10e in M15?
  • #10
  • Jan 24, 2013 4:13am Jan 24, 2013 4:13am
Quoting kaka_ht
Yes,I can't see arrow of your entry in this M15!And what is your reason to take this entry?,I guess your reason is PA bounce off from 10 ema H1 and you took a entry when canlde closed above BRN and 10e in M15?
Exactly. Also, seeing price close below the 10ema on 15min, and then fail to make any push further down, while the next candle closes above both the RN and the 10..... indicates there aren't many sellers.

The best entry as I said was the touch of the 10ema on the 1 hour. It was a valid 2 bar pullback and as you can see it bounced right off the 10. Had I been paying more attention I would have gotten in there.

There was another good entry just now on m15.
What is any ocean but a multitude of drops?
  • #11
  • Jan 24, 2013 4:31am Jan 24, 2013 4:31am
Quoting Xhale12
Another for 37 pips

Arrows mark entry signals given earlier on. Wasn't around for them.
Thanks for your quickly answer!
In this image there were 4 valid entries,right?
First entry was constrainment of emas,right?
4-th entry was touching of 10e after a signal pinbar!
Can u explain the reason of second and third entry?
And you often trade EJ?You only take trend-trades,not often take CT?
Thanks!
  • #12
  • Jan 24, 2013 4:42am Jan 24, 2013 4:42am
So glad you are sharing your trades here.
Now I can you why you said there are many setups for you.
If there are a bit explanation for your non-Dance criteria for entry and exit, it would be even greater!
Btw, seems that you all your trades today are winner.
  • #13
  • Jan 24, 2013 4:44am Jan 24, 2013 4:44am
Quoting Xhale12
Two asia trades so far.

First one took for 36 pips. Closed after the dead end candle. Was able to get in a bit before the pin closed on m15, using m1 PA. PA wasn't looking so hot on the 2nd trade so closed it at +4.
This entry is not quite Dance... a bit CT.
  • #14
  • Jan 24, 2013 4:45am Jan 24, 2013 4:45am
Is this valid entry?The slope of 10e was not so good,but PA bounce off from PPA,so I think it was still a good entry!
Attached Image (click to enlarge)
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  • #15
  • Jan 24, 2013 4:50am Jan 24, 2013 4:50am
Quoting kk007
So glad you are sharing your trades here.
Now I can you why you said there are many setups for you.
If there are a bit explanation for your non-Dance criteria for entry and exit, it would be even greater!
Btw, seems that you all your trades today are winner.
I have two losers. Both at -10 pips. I can post those as well (will do it from now on).

Honestly, I don't have a rigid explanation for some of my trades. It's just going with the flow of the market. That's the best way I can explain it. I always try and think outside the box when looking at price action and analyze what it is telling me. I've stared at price charts for hours upon hours until I really got a good feel for how price moves everyday. Especially on EJ. I know that answer is probably disappointing but I don't know what else to say at the moment. In time I will try and put a label on certain things I look for.

However, even if you only take dance setups, there are more than enough setups everyday on EJ alone. Just need to utilize all the timeframes.
What is any ocean but a multitude of drops?
  • #16
  • Jan 24, 2013 4:53am Jan 24, 2013 4:53am
Quoting kaka_ht
Is this valid entry?The slope of 10e was not so good,but PA bounce off from PPA,so I think it was still a good entry!
This was exactly the trade I was talking about in my last reply to you. Was a decent entry yes. I'd have taken it.
What is any ocean but a multitude of drops?
  • #17
  • Jan 24, 2013 4:54am Jan 24, 2013 4:54am
Fair enough. I think it is a honest reply.
I think kostas1 has the same feeling of difficulty as you too, when telling about PA explanation.
I believe that you are on your road to mastership!

Quoting Xhale12
I have two losers. Both at -10 pips. I can post those as well (will do it from now on).

Honestly, I don't have a rigid explanation for some of my trades. It's just going with the flow of the market. That's the best way I can explain it. I always try and think outside the box when looking at price action and analyze what it is telling me. I've stared at price charts for hours upon hours until I real got a good feel for how price moves. Especially on EJ. I know that answer is probably disappointing but I don't know what else to say at the moment....
  • #18
  • Edited 5:09am Jan 24, 2013 4:57am | Edited 5:09am
Quoting Xhale12
This was exactly the trade I was talking about in my last reply to you. Was a decent entry yes. I'd have taken it.
I have checked setup, cannot see a good triggering point for me. And price did not touch the M15 10 at real time.

Also, do you consider it as a first touch or xth touch?
  • #19
  • Jan 24, 2013 5:56am Jan 24, 2013 5:56am
Quoting kaka_ht
Thanks for your quickly answer!
In this image there were 4 valid entries,right?
First entry was constrainment of emas,right?
4-th entry was touching of 10e after a signal pinbar!
Can u explain the reason of second and third entry?
And you often trade EJ?You only take trend-trades,not often take CT?
Thanks!
Can u answer me?Thanks!
  • #20
  • Jan 24, 2013 6:13am Jan 24, 2013 6:13am
Quoting kaka_ht
Thanks for your quickly answer!
In this image there were 4 valid entries,right?
First entry was constrainment of emas,right?
4-th entry was touching of 10e after a signal pinbar!
Can u explain the reason of second and third entry?
And you often trade EJ?You only take trend-trades,not often take CT?
Thanks!
2nd entry- I think clay talks about this a bit, or maybe not. Can't remember to be honest. Regardless, I use it. When all the ema's are relatively flat and close together and you get a candle that blows through and closes above all 3.... I generally take that as a buy/sell signal. It often allows you to catch the beginning of impulsive moves up or down. Just look at the 15min history of EJ and you'll see plenty of examples.

3nd entry- Just a basic price action set up with the doji and lots of upside momentum.

I ONLY trade EJ. I take CT's as well, but not alot.
What is any ocean but a multitude of drops?
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