CHOROS System

hey.....Are you a german Guy?

This is to share the work that I have put into this setup incl. the collection of very useful tools (both scripts and indicators) to comfortably trade the Choros strategy. None of those tools were created by me, so the credit goes where it is due. The scripts are mostly (all?) the original Dance trade management scripts and the indicators were collected mostly on Forex Factory but also from various web sites and forums. Most of them are editable .mq4 format so you can adjust the code to your needs if necessary.

The core idea behind this setup was to comfortably follow and trade multiple currencies on multiple timeframes on one screen, have
all the necessary tools while maintaining a minimalistic feeling and not to overload charts with stuff that is not needed. The setup follows M15 as the main chart and supportive M5, H1, H4 and Daily. I am often hiding M5 and Daily underneath by resizing the M15
a bit to the right to make this main timeframe larger. F11 full screen is highly recommended. You only need to have the navigator open but resized as small as possible to just show those few scripts (using favourites allows to keep it even narrower). Alternatively they can be defined into hotkey shortcuts but I'd rather see them not to screw something up by mistake. Have a look at the picture to see how it looks on my screen.

Brief description of most elements, some are obvious:


INDICATORS

1) MAs:
Each chart has Choros typical 10/35/50 MAs + grayed out higher timeframes' 35/50 MAs. The general rule is that the given timeframe
except of 10, has 35/50 of its own and of two subsequent higher TFs. For example: M15 will have 10/35/50 and also 35/50 from H1 and H4 (represented as x4 and x16 multiplication of 35/50 in this case). The exception is M5 where 35/50 is shown for M5, H1 and H4, M15 is skipped).

2) Charts symbol changer and synchronizer (non editable .ex4 but highly customizable)
This is such a smart little thing. Instead of having X charts on Y timeframes which makes it difficult to handle and switch between, it allows to open one currency on the required amount of timeframes and then, after customizing, freely switch between currencies on all those timeframes. It doesn't ever hide the bars which are always on top without disrupting the function.

3) Daily Range & 4) mm Spread
You are on your own here

5) JTrades
Nice little tool to clearly visualize taken trades. The standard MT4 feature isn't so clear and is not customizable.

6) Market Hours
Allow to define and visualize the market opening hours like London, NY, etc. Shows as a mini indicator subwindow on M15 chart in my setup that displays horizontal lines showing which markets are open. Opening times to be adjusted according to different time zones.

7) P4L CandleTime
Shows the time remaining to current bar closing

8) Pivots Day
What I instantly liked about this particular pivots is that it doesn't have those nearly vertical, angular lines that connect the periods and clutter the charts. Simultaneously it shows the previous periods correctly, which apparently is not so obvious in some other cases. It was also easy to modify the source code NOT to show the resistance and support levels but rather only Daily, Weekly and Monthly pivots which is recommended way to go. It also works well with the simulator (again, not obvious) yet as with all pivot indicators it slows the simulator down a bit too.

9) Plot 00 and 50 levels.ex4
Simple 00 and 50 round number indicator.

10) SweetSpots GOLD
Same as above yet you can customize it for example for DAX and other non-FX price type instruments which will not work correctly with the one above

11) zScaleXX
This is so great. No more manual adjustment of charts scale which is so annoying. (Both from the perspective of initially changing the type of scale and then scaling). Simply edit the number of pips you want to have in your particular timeframe (divided by two as it centers the current price line and it is the amount to bottom/top) and apply it just like an indicator. Therefore, it is also possible to save as a part of the template (which God knows why is unable to save this parameter as a standard functionality of MT4). This is even more useful as you realize you should always have the same height of your chart for any given timeframe not to skew the feeling of the market. Edit each of those .mq4 to adjust to your own taste.


SCRIPTS
(recommended already by the original Dance manual)

12) Kill All
Closes all trades on all currencies

13) Kill Currency
Closes only on the currency of the chart that is being dropped on.

14) Buy & Sell
Edit the file to adjust your position size, SL and TP.

15) SL & TP
Moves your SL and TP exactly where you drop it on chart of currently traded currency. Watch out - for multiple trades it will move (or create) an SL and TP in the selected spot for all of them.

16) Set BE+1
Drop it anywhere in the chart with an open trade and it will move your SL to Break Even + 1 pip

Best,
J.

What works for me is sitting on the simulator. One tends to see patterns forming. Most important is speeding up the simulator which builds confidence.

Thank you Jkdt for your post and the time and effort.

This is my first post on FF, but I have read Choros and Dance thread since 2015, this is my first trading strategy.

I printed out the manual, read it few times, did some backtesting and demo trades, at that time, I couldn't understand Clay's trades. After few weeks, I moved on to my own strategy, put these printed manuals in my storage boxes.

After 3 years, i found out the real treasure is sitting right in front of me at the beginning, but I didn't get it. Now I understand how genius Endroute and Clay are, also you Kostas.

I feel the urge to thank you for showing me the light in the dark tunnel, you have saved my dream, to be honest, you have saved my life, my family. I mean Kostas, Endroute, Survivor, Arha, Birdland, If I missed some names, I 'll add them after I re-read the thread. Even you maybe younger than me, but you taught me how to be a trader, or more importantly - what is life. " Less is more, Simpler is better".

Although I am still on the way to be a real trader, but I know I will be it soon.

Now, Special thanks to Clay, his manual, his words inspired me to be a full time trader, when I reread his manual last year, he said "don't give up, don't give up, Not Ever", my tears comes off, no one really understands the pain behinds a losing trader, Clay's words gave me the power to stand up again. I felt very sad when I saw Endroute said Clay passed away on 2017, I even haven't said a thank you to him. Wish him happiness in heaven.

I haven't got enough experience to make contribution here, but I will do it when I am more proficient.

Dear friend, your post is heart touching and inspiring to others.
I had plenty of PMs similar to yours and some of those people send updates when they made it which made me very happy. I hope you will be one of those.
Other than that, all credit goes to Clay and Endroute, I only followed on their steps....
In addition, credit deserve other members that have positive contributions in this thread and keep it going (Sesamstrasse is one of those!)

You are very humble, dear Kostas.
Sorry Sesamstrasse, I didn't mention you because I haven't gone through the thread thus far till you showed up yet...

Sesamstrasse, you will be one of the big hero list soon! I have gone through page 350 now ... Keep up your great work, I saw some times small disputes or misunderstanding appeared, I hope these won't discourage you guys, since many miserable traders are searching for your lights!

Best Regards,
Johnson

As a gift my first post:

GBP scoop up trade.

D1 Price touched EMA10
M15 Double bottom at Prior day Low
M15 bar clear break MA10 and retest M15 MA 35/50

Best entry would be M5 rejection pin bar.

Din't enter since I was trying to let my little boy to sleep.

Positive mind-set and taking responsibility for ones life is what separates the few from the many. Gary Player a golfer once said the more I practice the luckier I become. The only thing that comes without effort are problems. Life is beautiful and one needs to enjoy the journey, it’s our choice how we travel it.
Every trader that puts in the time and effort deserves to be successful.

Containment on W1 and Mn on Eurusd

Is this just one of those losing trades or could have been avoided? I know it was not AAA setup, clearly. With the main disadvantage of this H4 sideways action. To balance this there actually was some cofluence with previous M15 support level as shown in the second screenshot.

BUT there often is such sideways action on H4 while something nice and trending is forming on M15 and H1. Would you always skip it and wait until you have all of the three M15, H1 and H4 trending? Obviously this improves the odds but a lot of otherwise good looking setups on M15/H1 would need to be skipped.

There’s containment of price below 10 ma after your circled price bar on the 15 minute, as well as a flattening if the 35 and 50 ma showing a shift in trend.

This can be avoided because:

1. This is the 4th/5th retrace to EMA 10;
2. Your entry time almost at the end of Asian session/starting of euro session, for JPY pairs Asian session move fast; for EUR pairs, euro session move fast, new session normally starts a new trend, you were trading a continuation of an old trend.

My 2 cents.

Thanks for your input. But...:

1) I wouldnt say it was 4th/5th but it depends how you count it. Lets agree though it wasnt 1st or maybe not even 2nd. But this wasnt touch trade. It was purely on PA, strong rejection through a long wicked pinbar, with steep, parallel MAs close together.

2) I'm not sure if we are looking at the same clock The Asian session was already over for 3 hours and it was already deep into the London one. But since this was a Euro pair it shouldn't matter, those two sessions never overlap and its always more volume on EJ during London comparing to Asia.

Haven't heard that the trend is usually changing during opening of new session. Then it would be super easy to draft a profitable strategy by simply going the other direction on every major session start. In reality it is the volume that increaases - yes. But it can also 50/50 mean a change of trend as well as further boosting the existing one.

Feel free to correct me if I'm wrong but that's how I see it.

Still main question unanswered would you or anyone else adviced against taking trades on M15 when there is trend on M15 and H1 but sideways on H4?

Best,
J.

Jkdt, we discussed this several times in the thread. My take is that if you trade M15 take the trade in M15 but keep an eye if the lines of the H4 are in front of your target. Most times the M15 will give you 10-15 pips easily before bouncing from the H4 lines (assuming that the H4 is sideways).

I guess this would still apply even if in between of wide spread and sideways 35/50 on H4?
Sorry if this has been already covered - only recently started to re-read the whole thread.

Don’t over complicate the decision making process. Keep the process as simple as possible. As Ray said’trading eventually becomes boring’.

Waiting patiently to buy back the Eurusd. At the moment stuck at Rn 1.10500. Waiting getting ready for the trade to come to me.

.. The orderflow is short since weeks/months..

Look what the price made at the 50 Ema daily.
Reacted and continued short PA.

Normally price makes new lows or highs and a wash out of retail stops appears before it changes.

..I just would n t look for buys...
I see no reason why the trend should change today.

Guido

Hi Sesamestrasse. There are opinions and facts. Everyone had opinions, turn on CNBC and 10 analysts will give 10 different opinions. No one has a crystal ball, however one can react to what presents at a particular moment in time. We react on information that is presented and then changes within moments. Everyone processes the same information differently and reacts differently. I am trying to learn a new skill and always open to learning no matter if I’m wrong or right. Feedback hurts no one if one is willing to learn and I am always aware that everyone has something to teach if one is willing to listen.
So thank you for your feedback