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CHOROS System

  • #10,941
  • Jun 27, 2014 4:42am Jun 27, 2014 4:42am
Good morning dancers !
.. stilll testing higher timeframes .....
ECAD H1 , confluence of the DP and the 35 sma .
20 pips in profit .. .. targets ??
Any ideas for H1?? May be at 25 pips Iīll kick it out .. still higher timeframes only playing with small lotsizes the next weeks .
.... but looks good ... 8 trades , 7 winners .....so fare ..
Attached Image (click to enlarge)
Click to Enlarge Name: eurcadch1.png 27.6 !!!!!!!!!!!!!!!.png Size: 44 KB
Risiko birgt immer auch die Chance.
  • #10,942
  • Edited 10:36am Jun 27, 2014 9:37am | Edited 10:36am
gbp/usd m15 touch trade of the 10. Steep angle, 2-bar-rule. sl 10 pips, tp 15 pips
EDIT: moved SL to BE
EDIT: Stopped out on BE
Attached Image (click to enlarge)
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  • #10,943
  • Jun 28, 2014 1:07pm Jun 28, 2014 1:07pm
Very intresting,
  • #10,944
  • Jun 30, 2014 3:15am Jun 30, 2014 3:15am
Hi everybody,
this is my first time post ever on Forex Factory.
I want to use my first post to express my thanks to Clay for sharing his knowledge. Thank you Clay and thank you Kosta for providing a home for the Dancers.

I did read the material he provided and the entire Dance thread. I did not make it through this thread yet but as time passes I will get to know all of you as I feel I know already the participants of the Dance thread.
I am keen on learning this aproach.
I have been struggling with my trading aproach and was very happy to have come across the material Clay provided. I did switch back to demo from live trading.

This is my first trade today off a bounce off the 10 EMA on GBP/USD.

Attached Image (click to enlarge)
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Moved my Stop to BE

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I did get stopped out eventually while composing this post.

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This is the 5 min TF to see where I got stopped out as price continues my way. The Red line marks where I got stopped out.

Thanks for all your feedbacks
Attached Image (click to enlarge)
Click to Enlarge Name: Stopped out.jpg Size: 281 KB
Never stop to learn
  • #10,945
  • Jun 30, 2014 5:32am Jun 30, 2014 5:32am
I did reenter after a touch of 35/50 confluence. Initial stop is 11 pips.
Attached Image (click to enlarge)
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I didn't feel stong about this entry, cause of the prior bullish action and the 50 EMA H1 so I moved my stop closer.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 2 TS1.jpg Size: 365 KB


After the third candle after my entry I moved my stop again a litle bit closer to BE
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Finally I moved my stop to BE+ a tiny bit
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With the next candle I decided to move my Stop loss just above S1 to lock in a litle profit for any case price turns here.
Now I am BE +8. I was thinking of taking profit at s/R but I figured give it a try. Figured locking in 8 Pips is worth the risk for a chance of
more pips. Eventually I did get stopped out here.

Attached Image (click to enlarge)
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Am looking forward for your feedback.
Cheers,
WMN
Never stop to learn
  • #10,946
  • Jun 30, 2014 5:53am Jun 30, 2014 5:53am
First trade this week , H1 again .. touch of the 10 Ema , GA H1 .
Jumped on it after " dead end " on Ema 10 . .. some pips late but good enough for my entry with a testing lotsize ..
30 pips in profit .. will kick it out now ..

My results in testing higher tfīs are amazing ..
I think I will change my trading to higher tfīs ..
Attached Image (click to enlarge)
Click to Enlarge Name: gbpaudch1.png live testing h1 30.6..png Size: 42 KB
Risiko birgt immer auch die Chance.
  • #10,947
  • Jun 30, 2014 6:01am Jun 30, 2014 6:01am
Hi there, it's me again.
Hope I am not spamming this thread.

I did enter the GBP/USD again at the touch of 35/50 which was on top of each other.
Used 9 Pips inital Stop.
It looked like a nice trade. Price wasn't there yet when I saw both MA on top of each other. So I put an Entry Order
right on top of the MA to get the perfect entry without even watching the trade. I should have kept a close eye
on the trade. I got stopped out to my inital risk.

I was busy resetting my H1 Chart.

Attached Image (click to enlarge)
Click to Enlarge Name: GBP 3 .jpg Size: 238 KB
Never stop to learn
  • #10,948
  • Jun 30, 2014 6:47am Jun 30, 2014 6:47am
Quoting Whatsmyname
Hi there, it's me again. Hope I am not spamming this thread. I did enter the GBP/USD again at the touch of 35/50 which was on top of each other. Used 9 Pips inital Stop. It looked like a nice trade. Price wasn't there yet when I saw both MA on top of each other. So I put an Entry Order right on top of the MA to get the perfect entry without even watching the trade. I should have kept a close eye on the trade. I got stopped out to my inital risk. I was busy resetting my H1 Chart. {image}
Why did you enter this one ??
The price touched the 10 ema before ..
We only take first touches ..
You canīt expect green pips when the price touched the Ema 4 yes FOUR times before ..
Risiko birgt immer auch die Chance.
  • #10,949
  • Jun 30, 2014 6:52am Jun 30, 2014 6:52am
Thatīs what Iīm looking for
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdcm15.png possible touch cable m15 30.6..png Size: 51 KB
Risiko birgt immer auch die Chance.
  • #10,950
  • Jun 30, 2014 6:59am Jun 30, 2014 6:59am
Thanks for your feedback Sesamstrasse. Apreciate your comment.
Still a lot to learn

I saw price bouncing off the 35/50 before. And now both being on top of eachother I figured it would be a nice bounce of this one.
Didn't realize the 10 EMA being touched quite some times would weaken the touch. I have to pay more attention.
This one put me back to BE.

Cheers
Never stop to learn
  • #10,951
  • Jun 30, 2014 7:08am Jun 30, 2014 7:08am
Now that you point out the obvious it's crystal clear.
It's a nice s/r area.

One question arises though.
Now that price is far away from 10 EMA, wouldn't it corss the 10 EMA to get to your entry level?
I mean, it seems like price is hesitating with the retrace, I would assume by the time price retraces back
to your entry level price would cross the 10 EMA.
In that case, would you still take the entry based on PA. In this case we would not have a touch of the 10.

Would be nice if you helped me out here.
Cheers
Never stop to learn
  • #10,952
  • Jun 30, 2014 8:07am Jun 30, 2014 8:07am
Quoting Whatsmyname
Now that you point out the obvious it's crystal clear. It's a nice s/r area. One question arises though. Now that price is far away from 10 EMA, wouldn't it corss the 10 EMA to get to your entry level? I mean, it seems like price is hesitating with the retrace, I would assume by the time price retraces back to your entry level price would cross the 10 EMA. In that case, would you still take the entry based on PA. In this case we would not have a touch of the 10. Would be nice if you helped me out here. Cheers
...keep it simple !
I kept it simple .. no touch .. no trade !
The price was very close to my entry , but didn t hit it .. so itīs running without me ...
Iīm sure , the next opportunity will come .
I donīt have the time anymore to watch all day the market .. , Iīm very busy and itīs a " must " to work with
pendings to get any trade .
Thatīs why I start looking for higher tfīs .
EDIT , I Kicked my pending out after making this pic.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdcm15.png nono.png Size: 51 KB
Risiko birgt immer auch die Chance.
  • #10,953
  • Jun 30, 2014 8:14am Jun 30, 2014 8:14am
Quoting Sesamstrasse
{quote} ...keep it simple ! I kept it simple .. no touch .. no trade ! The price was very close to my entry , but didn t hit it .. so itīs running without me ... Iīm sure , the next opportunity will come . I donīt have the time anymore to watch all day the market .. , Iīm very busy and itīs a " must " to work with pendings to get any trade . Thatīs why I start looking for higher tfīs . EDIT , I Kicked my pending out after making this pic. {image}
I got 8p from the M5 23 bounce.
Back to your previous post about higher TF, I think with your schedule it is a good idea since it will require less screen time and signals will be stronger.
  • #10,954
  • Jun 30, 2014 8:26am Jun 30, 2014 8:26am
Quoting kostas1
{quote} I got 8p from the M5 23 bounce. Back to your previous post about higher TF, I think with your schedule it is a good idea since it will require less screen time and signals will be stronger.
Exactly !
..just have to train higher tfīs to be confident as I am in M15 .
I think after the summer holidays I ll trade them in a normal lotsize ..
During august the market will not be very volatile IMO .
Risiko birgt immer auch die Chance.
  • #10,955
  • Jun 30, 2014 8:31am Jun 30, 2014 8:31am
Thanks Sesamstrasse.

You mention a point I have to work on very bad.
It's hard to not execute the buy button with price being so close to the touch.

I must admit, I did jump on the trade, even though it did move already away from the 10 EMA.
currently I am BE +4 on this trade.
Never stop to learn
  • #10,956
  • Jul 1, 2014 3:22am Jul 1, 2014 3:22am
Quoting Whatsmyname
Thanks Sesamstrasse. You mention a point I have to work on very bad. It's hard to not execute the buy button with price being so close to the touch. I must admit, I did jump on the trade, even though it did move already away from the 10 EMA. currently I am BE +4 on this trade.
Itīs only my style " no touch , no trade" .. many other dancers take these trades a couple of pips " near " the touch .
But keep in mind : as closer you can get the trade to the line , as tighten you can put your stop...

If you produce with your style more green pips than red pips ,stick to it ...
Risiko birgt immer auch die Chance.
  • #10,957
  • Edited 4:32am Jul 1, 2014 3:46am | Edited 4:32am
My biggest issue is, I tend to chase the trade and end up entering bad signals. Now that
I realised this I need to work on this aspect. Patience is key. Easier said than done though

I just entered long on GU.
Price was contained between both 35 and 50. Wanted to entere on the touch of 50 MA as it seemed to be constrained on this one.
But decided not to trade when price is inbetween both lines. You never know if there is a retrace down to the 35/50 on the hourly so
I had two pending orders. One decent above the sideways move and one at 35SMA on the hourly.
GU broke the Okt 2008 high. Lets see if this is a good breakout.

Attached Image (click to enlarge)
Click to Enlarge Name: GU 1.7.-1.jpg Size: 327 KB


Moved to BE +7 now. As I am composing and editing my post I am 25 Pips up.

Attached Image (click to enlarge)
Click to Enlarge Name: GU 1.7.-2.jpg Size: 345 KB
Never stop to learn
  • #10,958
  • Jul 1, 2014 4:05am Jul 1, 2014 4:05am
Right on Whatsmyname! I'm trying to master the patience thing too. After all these times I'm still hurting myself with random trades I took with no reason at all. It's eating my account alive. Need much more training for the mind, seriously!
Everything you can imagine, is real - Pablo Picasso
  • #10,959
  • Jul 1, 2014 4:15am Jul 1, 2014 4:15am
Quoting Whatsmyname
My biggest issue is, I tend to chase the trade and end up entering bad signals. Now that I realised this I need to work on this aspect. Patience is key. Easier said than done though I just entered long on GU. Price was contained between both 35 and 50. Wanted to entere on the touch of 50 MA as it seemed to be constrained on this one. But decided not to trade when price is inbetween both lines. You never know if there is a retrace down to the 35/50 on the hourly so I had two pending orders. One decent above the sideways move and one at 35SMA on the...
Nice catch , but your entries have nothing to to with Choros / Dance ..
It was a flat , where you entered and no constrainment on any line ..
For me it looks like a " lucky punch " ... hope you can continue lucky punces to build your account .. .but I don t think so ..

The price constrained " a little before .. but I īd never see a constrainment in it .. for me it looks more flat .. with wicks on both sides ( porcupine ).
Risiko birgt immer auch die Chance.
  • #10,960
  • Jul 1, 2014 5:01am Jul 1, 2014 5:01am
Thanks Direwolf. This issue we both are facing (I beleive there are a couple more with this same issue) is exactly the reason why I switched back to Demo. I keep chasing the trade and enter on bad signals. But I know as time will come and with more experience we will be able to sit on our hands and filter the bad ones to only take good signals, just as Sesamstraße gave me a very precious hint.

I like to dance and looking forward to improve my steps.

Thank you, Sesamstraße. Your feedback is very appreciated. Learning by falling.

I did percieve the price being constrained by the 50 EMA as price seemed not being able to break this line. It did eventually break the line once but it
got conquered back. I was not keen on entering there since the moving averages were flat and a break below was very possible. I had an eye on the 1H and 1D timeframes and both looked strong bullish. That is the reason behind the limit buy above the sideways line.

Do not get my wrong, I am not trying to justify my entry. Not a single bit. Just showing my thinking process so the more experienced traders here can show me the mistake I did with my thinking process. I am keen on learning to Dance and am thankfull for all comments that point the mistakes I did and am doing. I want to improve and that is only possible with the feedback I get.

Cheers
Never stop to learn
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