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CHOROS System

  • #12,481
  • Mar 10, 2016 8:07am Mar 10, 2016 8:07am
Quoting Sesamstrasse
{quote} ..flat MAs-- tricked me in GA this morning as well ... experiented or not.. flat is flat .. same stuff .... hope that helped .. Guido
.... but only steepness isn t enough ..

My intension was to catch the big downwards move D1 in cable .. .. about 150 to 300 pips .. or so

Entry at a two bar retrace , steep angle 10 Ema .. and 35/ 50 very close to eachother.. in M15.. M5 to finetune ...
.. got stopped finally....-40

Guido
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDcM15 10..3...png Size: 23 KB
Click to Enlarge Name: GBPUSDcM5 steep or not.png Size: 28 KB
Click to Enlarge Name: GBPUSDcDaily 10.3..png Size: 34 KB
Risiko birgt immer auch die Chance.
  • #12,482
  • Mar 10, 2016 8:28am Mar 10, 2016 8:28am
Quoting Sesamstrasse
{quote}.. My intension was to catch the big downwards move D1 in cable .. .. about 150 to 300 pips .. or so .. got stopped finally....-40 {image} {image} {image}
I got tricked by this and the EU today - haha sometimes it does NOT do what is expected. Thats why its a good thing to limit the trades for the day. Unfortunately for me, I stepped outside of my discipline during the US session. Need to work on that.
Remember that guy who gave up? Neither does anyone else.
  • #12,483
  • Mar 11, 2016 3:15am Mar 11, 2016 3:15am
Quoting Sagramor
{quote} I got tricked by this and the EU today - haha sometimes it does NOT do what is expected. Thats why its a good thing to limit the trades for the day. Unfortunately for me, I stepped outside of my discipline during the US session. Need to work on that.
Some do, some don't, so WHAT...NEXT!
  • #12,484
  • Mar 11, 2016 3:27am Mar 11, 2016 3:27am
.. good for about 18 pips
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDcM15 11.3. good for 18 pips.png Size: 23 KB
Risiko birgt immer auch die Chance.
  • #12,485
  • Mar 11, 2016 7:17am Mar 11, 2016 7:17am
hello dancers, 1h choros trade in euro
Attached Image (click to enlarge)
Click to Enlarge Name: 1.2..11-03-2016 eurusd compra tp tokdo.png Size: 41 KB
  • #12,486
  • Mar 11, 2016 8:48am Mar 11, 2016 8:48am
my gbpusd 5min choros trade
Attached Image (click to enlarge)
Click to Enlarge Name: 4.2..11-03-2016 gbpusd compra tp tokdo.png Size: 35 KB
  • #12,487
  • Mar 12, 2016 10:33am Mar 12, 2016 10:33am
Guido: weren't you worried about the previous high's wicks, only lower high made and major RN just above? Especially with 35/50 not that steep? I'd really appreciate your comment on that. All in all: if you took it with SL >8 pips (which you probably did) than you reached your TP whatever it was as the market moved 150 pips, so congratulations
  • #12,488
  • Mar 12, 2016 3:26pm Mar 12, 2016 3:26pm
hello dancer jkdt

if you were more specific with some image gladly I would give my opinion from my point of view

happy trading
  • #12,489
  • Mar 13, 2016 6:33am Mar 13, 2016 6:33am
Quoting foxterbotell
hello dancer jkdt if you were more specific with some image gladly I would give my opinion from my point of view happy trading
Hello Foxterbotell, I had the last trade by Sesamstrasse in mind from Post 12,484.

All the best,
  • #12,490
  • Mar 13, 2016 1:27pm Mar 13, 2016 1:27pm
Quoting Jkdt
Guido: weren't you worried about the previous high's wicks, only lower high made and major RN just above? Especially with 35/50 not that steep? I'd really appreciate your comment on that. All in all: if you took it with SL >8 pips (which you probably did) than you reached your TP whatever it was as the market moved 150 pips, so congratulations
No.. not that much , the wicks were okay .. the round number broke already..
Just the steepness was terrible .. .. right in that case..
.. and Im always okay with my TPs..
.. just need a pieceof cake ...... my piece of cake

Guido
Risiko birgt immer auch die Chance.
  • #12,491
  • Mar 13, 2016 1:52pm Mar 13, 2016 1:52pm
Quoting foxterbotell
my gbpusd 5min choros trade {image}
you can get rid of showtimetillend and pivot in top left by right click them go to change indicator scroll to bottom and select 'no' where it says 'show legend'
  • #12,492
  • Mar 13, 2016 3:29pm Mar 13, 2016 3:29pm
I'm aware of that , although I prefer to leave the showtime bar to see the time of each price bar on any time frame because I take into account to make trading decisions
  • #12,493
  • Mar 14, 2016 10:42am Mar 14, 2016 10:42am
Hello Dancers,

Would you trade in between 1hr or 4hr 35/50 if they were flat and the M15 signal was strong? Especially if one of the two MAs would be far away enough to make a target? Thanks in advance.
  • #12,494
  • Edited 12:06pm Mar 14, 2016 10:54am | Edited 12:06pm
Quoting Jkdt
Hello Dancers, Would you trade in between 1hr or 4hr 35/50 if they were flat and the M15 signal was strong? Especially if one of the two MAs would be far away enough to make a target? Thanks in advance.
Sure .. if you have enough space to reach your target.. why not ...I do Guido
Risiko birgt immer auch die Chance.
  • #12,495
  • Mar 15, 2016 4:55am Mar 15, 2016 4:55am
Morning Dancers,

4H 35ma touch with support as confluence, entered after 15min hammer confirmation. Nice +10pips.
Attached Image (click to enlarge)
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  • #12,496
  • Mar 16, 2016 5:23am Mar 16, 2016 5:23am
35/50 with 1H 10EMA and RN, used 5min to filter entry. Quick one prior to news release. +10
Attached Image (click to enlarge)
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  • #12,497
  • Mar 16, 2016 9:17am Mar 16, 2016 9:17am
Need some help on possible reasons for the loss here, confluence of 1H 10ema + 15min 35/50 and RN. Is this the second touch? Comments are appreciated.
Attached Image (click to enlarge)
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  • #12,498
  • Mar 16, 2016 9:39am Mar 16, 2016 9:39am
Quoting Awaken
Need some help on possible reasons for the loss here, confluence of 1H 10ema + 15min 35/50 and RN. Is this the second touch? Comments are appreciated. {image}
I was in the very same trade and lost just now... D'OH

A couple of notes I have put in my trade journal about this one:

1) I trade US market open, but usually stop trading by 12pm Eastern Standard Time (10am my time - Mountain Time) because the market tends to slow down at this point and it starts to go outside of the original rules of trading when 2 markets are open for the pair being traded (London is closing around then). So, from this perspective, the trade was taken a bit late in the day.

2) Today is FOMC day. I thought I had read in on of the dance manuals to avoid FOMC day -- but I cant find it now so I might have made that up?? Anyway, for me, I have found that the whole week of the FOMC statement can be slow and often doesn't give really nice predictable dance signals. So, I am cautious for the whole day when the FOMC statement is going to be released (and generally put a little more thought into each trade for the whole week). However, you will note that I did take that trade, and lose haha. Some of the more experienced guys may have more to say on this front though.

3)Sometimes it just doesn't work... "some do, some don't, so what... next!" That trade had good room to move with a tight SL - in the long run this will fill your pockets with pips!

Don't know if that helps, it just my 2 cents.

Sam
Remember that guy who gave up? Neither does anyone else.
  • #12,499
  • Mar 16, 2016 10:04am Mar 16, 2016 10:04am
Quoting Sagramor
{quote} I was in the very same trade and lost just now... D'OH A couple of notes I have put in my trade journal about this one: 1) I trade US market open, but usually stop trading by 12pm Eastern Standard Time (10am my time - Mountain Time) because the market tends to slow down at this point and it starts to go outside of the original rules of trading when 2 markets are open for the pair being traded...
Thanx for the imput, and sure it helps. Also it is the seccond touch if you think about it, however Im having some trouble identifying first and second touchs, do we start to count them after the ma's cross to the other side?
  • #12,500
  • Edited 4:25am Mar 17, 2016 4:01am | Edited 4:25am
Quoting Awaken
Need some help on possible reasons for the loss here, confluence of 1H 10ema + 15min 35/50 and RN. Is this the second touch? Comments are appreciated. {image}
Hello, Awaken.

That's a good question. Would be great to hear other experienced dancers' opinion on this one. I was watching this setup too, but didn't take it. The main reasons for my decision - it was the 2nd touch/retracement (or even more if you count from the very beginning of the move, i.e. MA crossover), 35&50 were quite flat for my taste and wide apart*, and FOMC ahead (I agree with Sam, that market is usually slower before the big news and I've been tricked too many times during NFP/FOMC/ECB press conf. days, so I prefer to be very cautious or stay away). And what's more important - I thought that after the first 35/50 bounce setup this one also might be a bounce, not a touch, so it might have taken longer for it to form, as price usually tends to check both 35&50 and to bounce at least a couple of times, and to be honest I just don't like bounces very much.

*concerning the steepness of the MAs and them being wide apart - I would consider entering after similar signal, but under different circumstances:

  1. if that was the first retracement after MA crossover (as an example, there was a similar setup today on EJ M15: 35/50 weren't overlapping, steepness was already lost on 50ema, but 35sma was still steep enough; took this trade just below the DP, but got stopped at BE, as I didn't want to risk against the forming tweezer bottom pattern on H4 and the doji candle at RN on M5, and tightened SL too early. However if managed right this trade was still good for at least 10-15p., too bad I wasn't able to manage it right you can see the screenshot attached);
  2. if the trend was very strong and the previous retracement was some time ago;
  3. also, I prefer such 35/50 trades, where there is enough space from 35/50 to the 10ema, as price might be rejected there and I want to have enough space to tighten the SL or take the profit there.

But please note, these are just my observations, there are many other traders, who are able to trade such bounces very well. There are many examples of similar setups in the Dance TOC document under 35/50 touch/bounce section, but I just noticed that it's easier for me personally to trade 35/50 touches than bounces, so most of the time I look for these conditions: steep angle, 1st retracement, overlapping 35/50, confluence. And with bounces it always seems to me, that I'm already late for that train
Also there are many examples of not-the-first retracement trades (in the manual too), but it's been said many times that the first ones are the safest.

Quote
Thanx for the imput, and sure it helps. Also it is the seccond touch if you think about it, however Im having some trouble identifying first and second touchs, do we start to count them after the ma's cross to the other side?
I also was struggling with this question for a very long time, but haven't found a strict and unique answer to it. So I personally start counting the touches either after the MA crossover (which is best and most obvious, IMO), but if a trend is very strong and doesn't even give a "MA soup", I would probably start counting from the last consolidation (please see the EU picture attached for an example), when the new wave of the trend occurs and it's obvious that the trend is regaining its strength.
Again, just my two cents

Any comments, remarks and corrections are very welcome and appreciated

Good luck and green pips to everyone!
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM15.png Size: 24 KB
Attached Image
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