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CHOROS System

Here is how I got a very quick (1 min trade duration) +21 pips from a good confluence this morning at GU. Explanation on chart, I used M1 for fine-tuning my entry & exit. It was good for 40 pips (if I was brave enough) before reversing.

Kostas

P.S. (edit). You will notice that the confluence area is not an exact number. I knew there is resistance at the confluence but I didn't take the trade at exactly the round number. I let it overshoot (as it always does) and then took it short.
Attached Image (click to enlarge)
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Nice start to the week Kostas!

I think the chat may have been changed. I was reading something from Juneman over the weekend it looks like it may be a subscription service now.... though I am not to sure about that.

No dounbt Trotty will be on a little later and can see the record straight for us.

Regards

Lee
Quoting leemonk
Nice start to the week Kostas!

I think the chat may have been changed. I was reading something from Juneman over the weekend it looks like it may be a subscription service now.... though I am not to sure about that.

No dounbt Trotty will be on a little later and can see the record straight for us.

Regards

Lee
Lee,
I can't follow the chat since my firewall doesn't work with that software. I have noticed in the Commercial section that the chat crowd will start using Juneman's new strategy (related to Dance but NOT the same). So, you can check it out (free 1 month, I think), but stay in this thread if you just want to follow the Dance method.

Kostas.
I'm going to stay here. I find it hard to trade when in chat.

There are no doubts massive benefits to being in a room where you can talk about a trade forming, but end up paying more attention to the chat than I do the trade in the end........ not good!

I really want to get the basics down and then move forward from there.

The more systems I look at the more individual trades I see within them. Once you can start seeing them like that it becomes more obvious, at least to me, that a 'system' is simply a collection of individual trades that work well!

If you can get just a few down, then the world is for the taking (a little dramatic, but I am sure my point was understood )

I'll stay.... as long as we have somoene strong with the method hanging around ...... *cough cough* Kostas *cough cough* Endroute *cough cough.



I am trying to convince myself that the Simulator is the way to go for a few days, but I hate not seeing the live charts...... I really need to get over this feeling of 'missing out' on things......

Regards


Lee
This is my current trade:

*Edit*

Got stopped out as I post this. My SL was 12 pips, so an acceptable level. Price is sticking around my entry point.
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Quoting leemonk
Nice start to the week Kostas!

I think the chat may have been changed. I was reading something from Juneman over the weekend it looks like it may be a subscription service now.... though I am not to sure about that.

No dounbt Trotty will be on a little later and can see the record straight for us.

Regards

Lee
Hi mate.

Juneman is sort of caught between the devil and the deep blue sea. He thinks he should be able to cover some of his costs for running the room with a small fee if people are getting a benefit from the chatroom but is sick of being accused of either running a commercial venture or even worse, being in cahoots with Keith Brown - whoever the hell he actually is.

So he has asked Twee to confirm that if he ditches the £5 fee, he can be allowed back into the members section. If he is, the chat will be free from that point on and he intends to cover the cost by simply honing and concentrating on his trading.

His strat is basically an adaption of the Dance strat with some Sonic R thrown in and a bit of RSI. If it works for him, great and it does seem to. It's probably not for me though. I like the Dance but will keep trying to strive towards learning EO Hater's strat as well - which has many similarities to The Dance but allows you to take more trades.

Shame you won't be around on the chat though Lee.
Quoting leemonk
This is my current trade:

*Edit*

Got stopped out as I post this. My SL was 12 pips, so an acceptable level. Price is sticking around my entry point.
Lee,

1. I am not even playing in the same league as Endroute. I would love it if he would be able to comment at this thread and help us out, since a lot of these ideas were developed from his assistance to Clay.

2. In regards to your trade, your thinking was correct (double top rejection, M15 EMA50 rejection confluence). If you had used the M5 for fine tuning, then the bar GMT 7:30 was the one to enter short when it broke the low of the M5 bar GMT 7:25. I took that one for 15 pips. Currently, this is going lower.

Kostas
Quoting kostas1
Lee,

1. I am not even playing in the same league as Endroute. I would love it if he would be able to comment at this thread and help us out, since a lot of these ideas were developed from his assistance to Clay.

2. In regards to your trade, your thinking was correct (double top rejection, M15 EMA50 rejection confluence). If you had used the M5 for fine tuning, then the bar GMT 7:30 was the one to enter short when it broke the low of the M5 bar GMT 7:25. I took that one for 15 pips. Currently, this is going lower.

Kostas
Kostas,

Thanks for the reply. In relation to this strategy... you run it very very well, so you ARE in a very high league.... kid youself not!

I have never really used the 5minute charts, but its something I have started looking at and will continue to do so. You and Endroute have now recomended it and I think if I am to follow this strategy along with your TP strategy then the 5minute chart not only makes sense but I think will be integral to attaining those 15pips on the trades!

I have relooked at my entry and if I did as you suggested, assuming of course I would have seen it, I would have taken 15pips as the script I am using to enter has TP at 15 pips.

I think from here on out, I'll use that script and make no adjustments to it. I'll get my entries sorted and then work on money management at a later date.

Regards

Lee

*edit*

Kostas, I am not sure I see your entry point actualy. I thought you were refering to something else and I dont see your trade on the 5minute chart. Can you please re-confirm the candle times.Thansk
Quoting Trotty
Hi mate....
Trotty,

Your comments echo pretty much what I have in my head. I want a simple strategy to start with, ie this one, then I will progress - slowly, back towards EO's strategy. Both of them are similar, therefore I think will transition fairly easily.

I know Endroute is also a fan of EO's stuff, which I guess is why there are many similarities with EO's.

Keneth Lee has a great continuation site on EO's stuff too.... have you looked at that?

Lee
Quoting leemonk
Kostas,

Kostas, I am not sure I see your entry point actualy. I thought you were refering to something else and I dont see your trade on the 5minute chart. Can you please re-confirm the candle times.Thansk
See chart... (My broker is GMT+3, I gave you GMT in the previous post)
Attached Image (click to enlarge)
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Quoting kostas1
See chart...
Ah.... I see now!

Your daily already??????????? shocking

Very much a PA trade. To be honest, I would not have even been looking for that, so I would not have taken it.

I am slowly working on my PA entries too. Answer the earlier posts in this thread about someones entries, taught me tons. So for the first time this morning I saw the long wicks at the bottom, I saw the double top and I saw that it was at previous PA..... so its happening.... slowly, but it IS happening!

Please keep posting Kostas, it's a tremendous help!

May I ask which MA's you have on your 5minute chart?
Quoting leemonk
Ah.... I see now!

Your daily already??????????? shocking

Very much a PA trade. To be honest, I would not have even been looking for that, so I would not have taken it.

I am slowly working on my PA entries too. Answer the earlier posts in this thread about someones entries, taught me tons. So for the first time this morning I saw the long wicks at the bottom, I saw the double top and I saw that it was at previous PA..... so its happening.... slowly, but it IS happening!

Please keep posting Kostas, it's a tremendous help!

May I ask which MA's...

Lee,
The trade was based on resistance from M15 50 and the M5 was used to fine tune it. The MAs on M5 are the same 10/35/50 as the M15 chart.

Kostas
Quoting kostas1
Lee,
The trade was based on resistance from M15 50 and the M5 was used to fine tune it. The MAs on M5 are the same 10/35/50 as the M15 chart.

Kostas
Kostas,

Thanks for the quick reply. When you say they are the same, do you mean you have the 10/35/50 or you have the 30/105/150? ie the equivalents.
GU, M15:
A confluence is forming from EMA 10 and 50 with Daily S2.
If it touches 1.4110 long with a 12 pips SL
Yup, watching it.

I guess you will take that trade and take 15 pips or so and get out before it hits the high again, which failed to close above the previous double top which was also previous PA elsewhere?

Lee

It's also the 5 minute 35 too
Quoting leemonk
Yup, watching it.

I guess you will take that trade and take 15 pips or so and get out before it hits the high again, which failed to close above the previous double top which was also previous PA elsewhere?

Lee
I have finished trading for today. Just watching for fun now....
Quoting leemonk
Trotty,

Your comments echo pretty much what I have in my head. I want a simple strategy to start with, ie this one, then I will progress - slowly, back towards EO's strategy. Both of them are similar, therefore I think will transition fairly easily.

I know Endroute is also a fan of EO's stuff, which I guess is why there are many similarities with EO's.

Keneth Lee has a great continuation site on EO's stuff too.... have you looked at that?

Lee
Yeah I have Lee, I follow his thread as well from a distance.
Quoting leemonk
Yup, watching it.

I guess you will take that trade and take 15 pips or so and get out before it hits the high again, which failed to close above the previous double top which was also previous PA elsewhere?

Lee

It's also the 5 minute 35 too
I hope you caught it. It was too tempting for me, got another +14. Definitely, calling it a day now.
Quoting kostas1
I hope you caught it. It was too tempting for me, got another +14. Definitely, calling it a day now.
LOL @ KOstas.... Just for fun eh?

Great call Kostas ..... sadly for me, I got called away on baby emergency! Mummy is not well and was trying to feed and baby was screaming the house down! I held out for as long as I could, but family first.... lots more opportunities!

Great call and great trade Kostas! I thought it might have dropped to the RN and the 5min 35 which it did, but I would have entered where you said and the SL would have been fine!

Trotty,

I got well into EO's thread not to long ago, the detail started turning into banter more than effective trading, but I have saved the page and will go back to it at some point.

Ken does an outstanding job of breaking it down more, so I was working through his thread too..... but I think the threads are like the charts..... to many to view/see and it starts getting cimplicated!

Regars

Lee
Quoting leemonk
LOL @ KOstas.... Just for fun eh?

Great call Kostas ..... sadly for me, I got called away on baby emergency! Mummy is not well and was trying to feed and baby was screaming the house down! I held out for as long as I could, but family first.... lots more opportunities!
Lee,
Crying babies DO come FIRST.

I want to underscore your attitude " .... lots more opportunities". That is very true and you should always keep it in mind. Don't chase the trades if you missed the right entry.

Kostas
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