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CHOROS System

You guys check the 30 minute charts at all? Seems to be some action off of the MAs there.
Quoting agent6488
You guys check the 30 minute charts at all? Seems to be some action off of the MAs there.
Agent6488,

I am sure there is, but I would focus on what works here. More charts would complicate things. I am not sure how the usual 10/35/50 MAs behave at the M30 TF but then H1 would not be a good TF to give you direction for the M30 trades (you would probably need H4 for that).
So for now, I prefer we stay with original rules here.

Kostas
Quoting leemonk

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
So very true that mate. I am re-reading Ken's PDF at the moment and a great deal more of it is sticking this time around. As Ken says, anyone willing to take the time to learn the strat and master it is pretty much set for life. I have no doubts that he's right either.

Baby steps though, i'm not 65 years old and on the breadline so no need to rush it!
I rarely, if ever, look at the 30 minute chart. There is NO reason for this whatever, so do not take my answer and not use it.

One thing that does stick out at me with all the timeframes and it's something that Kostas just raised....... chasing trades.

I always think, though this is based on my VERY VERY limited knowledge, that it can be quite damngerous to chase trades around the timeframes.

In all likelyhood, even with the limited MA's that we use here, there is always going to be A signal somewhere.

My view is this, if you want to use a timeframe, then use it, however, use it ALL the time. Don't swing around looking for trades as there is a danger. I think the TF's are like the charts and the pairs, you come to know them!

Just my two pence worth!

Lee
Most of the M30 moves I'm seeing have signals on the other time frames as well at the same time.
Quoting agent6488
Most of the M30 moves I'm seeing have signals on the other time frames as well at the same time.
Agent,

In that case you don't need it

As Kostas said, lets stick with the Dance strategy. It clearly works for the Kostas and Clay, and that is good enough for me.

Clay did state that this does work across all timeframes, but as Kostas said, the 1hr is not a good matching TF for the 30minute, therefore you would need to switch to the 4hr and at that point, based on TF's alone, technicaly, you will be getting less trades.

Though, if the 30min and the 4hr suit you, then use them, but either Kostas will not want it in there (after all it is his thread) or you will get little support! NOt because we don't want to, but because noone else is using it!


Regards

Lee
Maybe I'll start my own thread about how great M30 is and how I know everything so we should only use it. I will create another user name and post to myself about awesome M30 MAs.
Quoting agent6488
Maybe I'll start my own thread about how great M30 is and how I know everything so we should only use it. I will create another user name and post to myself about awesome M30 MAs.
OR...........

You can stay here with us, use the Dance strategy and get lots of support and feedback!
Counter-trend. 15 pips.
M15 and H1 shown.
Attached Image (click to enlarge)
Click to Enlarge Name: counter.jpg Size: 29 KB
Quoting agent6488
Maybe I'll start my own thread about how great M30 is and how I know everything so we should only use it. I will create another user name and post to myself about awesome M30 MAs.
Well, all you need then is to put an "E" in front of your name (e-agent?) and wait for the ban....

Kostas
Quoting leemonk
OR...........

You can stay here with us, use the Dance strategy and get lots of support and feedback!
Ego vs. Money... hm...
Quoting agent6488
Counter-trend. 15 pips.
M15 and H1 shown.
Agent6488,
Was that a RN bounce short? If so, good trade, a little scary since it was counter and no MA confluence, but for 15p I would have taken it.

Kostas
Yes that RN was tough today and Friday. There was also some M30 MA action going on




Sure looked like the GBP was going to head down... thought I saw some H1 pinbars.
Kostas,

Do you actualy 'trade' off the 5minute and use the MA's like you would on the 15minute and 1hr or is it for entry only?
Quoting leemonk
Kostas,

Do you actualy 'trade' off the 5minute and use the MA's like you would on the 15minute and 1hr or is it for entry only?
I do occasionally. When there is confluence with other lines (Daily Pivots, round numbers) it's worth a few pips. But 90% of the time I use it to fine-tune my entries/exits from the M15.
I tested the CHOROS system and i must say i'm impressed... 400 pips in two weeks, positions had stop loss and limit, very nice.

But maybe the period of the slower MA could be tweaked, that's my opinion.
Quoting Bulgaria
I tested the CHOROS system and i must say i'm impressed... 400 pips in two weeks, positions had stop loss and limit, very nice.

But maybe the period of the slower MA could be tweaked, that's my opinion.
Hi Bulgaria,
Nice results. That would be 40 pips/day which means you are on a roll!
Let us know if we can help with something.

Kostas.

P.S. Please elaborate on "tweaking the slower MA"
Which pairs does everyone look at?

I was just playing around a little and threw up the CHF/JPY pair and was really impressed at how this pair respects the rules of this strategy.

I went back a week or so and it seemed really good.

Regards

Lee
Hi Kostas,

Thank you for maintaining the Dance method. This is the best method I have read in FF. I appreciate all of your efforts. I miss Clay so much.

Ευχαριστώ

Szabolcs from Hungary
OK, I'm done for today. Was up 68 pips for the day and literally threw it all away and went negative by around the same amount. The biggest obstacle to this system is ME!

Instead of walking away after 2 consecutive losing trades, I feel this overwhelming urge to "get it back" by laying on more trades. Instead of cutting my loses early, I "double down" by trading bigger lots. When the market reverses and stops me out, I curse and re-enter because "I KNOW" what direction the market SHOULD be going in (damn it), even though it tends to often disagree.

It's not that the system doesn't work - it's that I haven't developed the discipline to work the system.

Anybody else struggling with this? Is there a pill I can take that will cure this?

Hiram (new trader, real person, never had a name that begins with an "e")

By the way, LEEMONK, I try to stick to the GBPUSD and the USDCAD. I've found they tend to be inversely correlated (ie: one goes up while the other goes down) so I can usually find a strong trend on one or the other.
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