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CHOROS System

  • #10,261
  • Feb 11, 2014 8:35am Feb 11, 2014 8:35am
Another one in EU, missed by 2 pips as well. Price came to the area later and sliced through.
Attached Image (click to enlarge)
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  • #10,262
  • Feb 11, 2014 9:42am Feb 11, 2014 9:42am
Here is a classic from today. M15 35/50, confluenced with H1 10. Exited at RN for +20p.
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  • #10,263
  • Feb 11, 2014 9:57am Feb 11, 2014 9:57am
Quoting kostas1
Here is a classic from today. M15 35/50, confluenced with H1 10. Exited at RN for +20p.
I was waiting for this one as well, but in my feed it went shy about 2 pips with respect to the H1 10, so I didn't take the touch. Another one of those "near misses". Should have entered later after the pinbar, but was not in front of my computer.
  • #10,264
  • Feb 11, 2014 10:05am Feb 11, 2014 10:05am
Quoting That guy
{quote} I was waiting for this one as well, but in my feed it went shy about 2 pips with respect to the H1 10, so I didn't take the touch. Another one of those "near misses". Should have entered later after the pinbar, but was not in front of my computer.
This is not exact science, so sometimes prices touches to the pip, other times barely touches and yet other times overshoots. So just wait for some reaction on the lower timeframe and be prepared to enter with either scenario. If you look at the M5 at the area that I entered, you will see how price started rejecting that area, showing that it wanted to go up. My SL was a few pips below the H1 10 in case there was an overshoot.
  • #10,265
  • Feb 12, 2014 1:57am Feb 12, 2014 1:57am
Quoting kostas1
{quote} This is not exact science, so sometimes prices touches to the pip, other times barely touches and yet other times overshoots. So just wait for some reaction on the lower timeframe and be prepared to enter with either scenario. If you look at the M5 at the area that I entered, you will see how price started rejecting that area, showing that it wanted to go up. My SL was a few pips below the H1 10 in case there was an overshoot.
You got me there, I am a scientist by training :nerd: What I am trying to do is to be consistent with my trading. For pure touch trades I try to take them as close to the MAs / levels as possible. From my (limited) experience, price usually visits pivot points, round numbers and the important MAs. In many cases it even overshoots by 10-15 pips, probably to take out stops. That is why I am a bit irritated that lately (at least with my feed) price stays shy of some important levels by just a few pips. There were many more cases than just the two examples I showed above.
  • #10,266
  • Feb 12, 2014 2:19am Feb 12, 2014 2:19am
Quoting That guy
{quote} You got me there, I am a scientist by training :nerd: What I am trying to do is to be consistent with my trading. For pure touch trades I try to take them as close to the MAs / levels as possible. From my (limited) experience, price usually visits pivot points, round numbers and the important MAs. In many cases it even overshoots by 10-15 pips, probably to take out stops. That is why I am a bit irritated that lately (at least with my feed) price stays shy of some important levels by just a few pips. There were many more cases than just the...
Same here (PhD....), which is why it took me so long to figure this game out....
  • #10,267
  • Feb 12, 2014 2:59am Feb 12, 2014 2:59am
I guess it's all about screen time and experience?

@Kostas I noticed in the original thread that you were having good results pretty early. Was there any trick other than experience? When price goes near 35/50 it turned into a guessing game for me.
Everything you can imagine, is real - Pablo Picasso
  • #10,268
  • Feb 12, 2014 3:17am Feb 12, 2014 3:17am
Quoting Direwolf
I guess it's all about screen time and experience? @Kostas I noticed in the original thread that you were having good results pretty early. Was there any trick other than experience? When price goes near 35/50 it turned into a guessing game for me.
Not really, before this method I was still trading fx trying to find if I can make it or not (I was actually close to quit at that point....)
So yes the trick is screen time and experience.
  • #10,269
  • Feb 12, 2014 3:24am Feb 12, 2014 3:24am
Quoting That guy
{quote} You got me there, I am a scientist by training :nerd: What I am trying to do is to be consistent with my trading. For pure touch trades I try to take them as close to the MAs / levels as possible. From my (limited) experience, price usually visits pivot points, round numbers and the important MAs. In many cases it even overshoots by 10-15 pips, probably to take out stops. That is why I am a bit irritated that lately (at least with my feed) price stays shy of some important levels by just a few pips. There were many more cases than just the...
I totally agree with you..
I also let trades better run before entering too early .
Very often they run without me then ..
But if I don´t stick to it ,I start jumping on trades .. and the result is the Sl is too large ..
Finally I can say : If i want profit , I just have to wait to the AAA touch trades .. take them and I´m in green pips....
...........as boring as it is ...........
Risiko birgt immer auch die Chance.
  • #10,270
  • Feb 12, 2014 5:15am Feb 12, 2014 5:15am
My first trade is a constrainment in M15 ema 10 in EJ .
Tp at the next round number..
Attached Image (click to enlarge)
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Risiko birgt immer auch die Chance.
  • #10,271
  • Feb 12, 2014 5:41am Feb 12, 2014 5:41am
Hi

I haven't been posting here as I don't like posting same stuff over and over again, also I don't like watching same looking trades over and over again ;-)

attached chart of my today's trades.
red circle was a point of my first short with sl of about 10 pips - looked like good setup for short, as it will be first reject of 35sma and it will go down (only the widening distance between 35 sma and 50 ema was showing it may be bad idea but I took a risk and lost)

green circle is a point where I went long, as 10 ema was getting closer to 35/50 plus the price was keeping above 10 ema so it was a good signal for long. as you see price kept bouncing off 2.5080 area quite a few times, but candles were getting shorter and shorter creating triangle formation and I was expecting movement of about 20 pips above 1.5080 and the triangle started about 1.5060. I went out at 1.5090 and didn't wait longer as I went above my daily target (target is 1% I got 1.7%)
as I expected price went to 1.51 (20 pips above triangle) and strongly went back down as higher frames still indicate bear and on 1h you can see 35sma is at 1.51 area and it is confluence with 4h 10 ema and round number. I didn't try to catch movement back, as I am happy with 1% a day.
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On my way to financial independence - if others can do it - I can do it
  • #10,272
  • Feb 12, 2014 5:44am Feb 12, 2014 5:44am
and here's what happened after:
15m:
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On my way to financial independence - if others can do it - I can do it
  • #10,273
  • Feb 12, 2014 5:47am Feb 12, 2014 5:47am
1h:
round number and close to 35sma plus past indicates that 1.51 has been a resistance for a while
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On my way to financial independence - if others can do it - I can do it
  • #10,274
  • Feb 12, 2014 5:49am Feb 12, 2014 5:49am
and 4h: touch of 1.51 area where 10 ema is really close
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On my way to financial independence - if others can do it - I can do it
  • #10,275
  • Edited 1:11pm Feb 12, 2014 5:57am | Edited 1:11pm
Quoting kostas1
{quote} Same here (PhD....), which is why it took me so long to figure this game out....
[philosophy mode]
I know what you mean. I think that most experiences I gathered in normal life when overcoming obstacles / be successful cannot be applied to forex in exactly the same way. When facing difficulties / setbacks in real life I work more, work harder and generally put in a lot of effort. So the first impulse in trading is whenever I have a losing trade, I want to trade more, make the loss back and become impatient. This leads to taking worse setups than usual. It is hard to train myself that what I should do is take less trades (only the best ones) when all my experience from normal life tells me to become even more active. Trading is so hard because it is counter-intuitive at first. It is actually a lot harder than any thesis I did so far.
[/philosophy mode]
  • #10,276
  • Feb 12, 2014 6:00am Feb 12, 2014 6:00am
Quoting Sesamstrasse
My first trade is a constrainment in M15 ema 10 in EJ . Tp at the next round number.. {image}
Nice one. You must be a happy camper now
  • #10,277
  • Feb 12, 2014 6:01am Feb 12, 2014 6:01am
btw: look at these two:
http://www.forexfactory.com/moneymove
http://www.forexfactory.com/gurangax
amazing performance, I just wonder if they can keep account like that for few months without blowing it
On my way to financial independence - if others can do it - I can do it
  • #10,278
  • Feb 12, 2014 6:05am Feb 12, 2014 6:05am
Quoting Sesamstrasse
My first trade is a constrainment in M15 ema 10 in EJ . Tp at the next round number.. {image}

I did look at EJ today and it looked so choppy for me that I didn't even bother to look at it deeper ;-)
On my way to financial independence - if others can do it - I can do it
  • #10,279
  • Feb 12, 2014 6:21am Feb 12, 2014 6:21am
Normally I´m a real bad constrainment trader!
And I had a target around 18 pips ..
In the same moment , my broker had a technical problem with its datafeed.
18 pips was executed at 80 pips .. If i want they rebook this order .. But I will not shout with them !!
THAANK YOOUU

there are good days and sometimes are bad days ^^
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpycm15.png juhuuuuuuu.png Size: 29 KB
Risiko birgt immer auch die Chance.
  • #10,280
  • Feb 12, 2014 7:40pm Feb 12, 2014 7:40pm
Quoting That guy
{quote} [philosophy mode] I know what you mean. I think that most experiences I gathered in normal life when overcoming obstacles / be successful cannot be applied to forex in exactly the same way. When facing difficulties / setbacks in real life I work more, work harder and generally put in a lot of effort. So the first impulse in trading is whenever I have a losing trade, I want to trade more, make the loss back and become impatient. This leads to taking worse setups than usual. It is hard to train myself that what I should do is take less trades...
Yeah I know what you mean. I think trading attracts (and more importantly keeps, because of their nature) people who are fighters in that they deal with failure by being more determined to succeed, thus getting into that vicious cycle of trading until something breaks - the bank account, their sanity or they succeed in it. The irony is though, that the fighter mentality actually hinders the result because it can drive that mentality to revenge trade or to fight back at the market and make the situation worse.

One of the biggest skills I've learned (*cough* learning) as a determined 'fighter' in trading is when the market kicks me in the balls after deceiving me into something that was clearly going the other way that utterly infuriates me - I am to simply take it and walk away! It goes against every fiber in my body but it's the right thing to do. The perceived 'mass injustice' that needs to be rectified, the 'imbalance' that needs to be re-balanced... nup. Leave it as it is and go do something else. Hardest lesson to learn for me.

I find this to be an industry that requires the determination to lick the wounds and get back in the ring fighting and yet requires the recognition to simply let it go and take it when it hurts the most. Very difficult to cultivate both attitudes simultaneously.
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