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CHOROS System

  • #15,041
  • Feb 26, 2020 4:17am Feb 26, 2020 4:17am
Quoting Marcelomtn
Dead ended at 35 near RN exited at second rn {image} {image}
Bravo Marcel
You are allowed to fall but you are imposed to get up!
  • #15,042
  • Edited 6:43am Feb 26, 2020 6:03am | Edited 6:43am
Hey Marcel, nice trade! Glad to see, that The Dance also works on EURUSD!

Also thanks to iero and birdland on your opinion concerning the trading and full-time job topic. I feared as much. Maybe I also need to re-evaluate how much time I work so I can invest more time into focused trading.

I just entered another trade as well, this time on USDJPY and based on H4 and H1.

Reasons for Entry:
- Constrainment on H4 on EMA 10
- Small Constrainment on H1 on EMA 50
- P/A below round number which also acts as strong Resistance which is best shown on H1

Still I think this trade is risky, maybe more risky than it should be with the dance. Mainly because the SMA 35 on the H4 which was the initial triggerchart still slopes upwards. Also there is no distinct Entry Signal on the M15. However the Constrainment on H4, the Pin Bar on H1 and the round number with a strong support was a reason to enter.

What do you guys think?

Edit: Turns out it was a bad idea. I was just stopped out on a sudden big move .
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  • #15,043
  • Edited 7:12am Feb 26, 2020 6:44am | Edited 7:12am
Quoting NameIsMethos
Hey Marcel, nice trade! Glad to see, that The Dance also works on EURUSD! I just entered another trade as well, this time on USDJPY and based on H4 and H1. Reasons for Entry: - Constrainment on H4 on EMA 10 - Small Constrainment on H1 on EMA 50 - P/A below round number which also acts as strong Resistance which is best shown on H1 Still I think this trade is risky, maybe more risky than it should be with the dance. Mainly because the SMA 35 on the H4 which was the initial triggerchart still slopes upwards. Also there is no distinct Entry Signal...

Since i am trying to learn touch trades i would buy of because PA is above 35/50 and in the H1 10 and 35 are very close and PA is above it my TP would be the near 50 EMA(H1)

But my opinion is not a strong one
MTN
  • #15,044
  • Feb 26, 2020 10:37am Feb 26, 2020 10:37am
Trying to learn Dance / Choros. Entry at SMA 35 on M15 at same time EMA 10 touch on H4. Although its Demo account but thanks to all the Mentors for their great help.

Regards
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  • #15,045
  • Feb 27, 2020 12:20am Feb 27, 2020 12:20am
EUR/JPY...Price action in M5 was indicating a reversal (Hammer in confluence with RN) so I took a scoop up trade in M15 and after I was stopped out by trailing my SL, I took a cross and retest trade as you can see in the chart below. Ended up with 6+9 pips...
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You are allowed to fall but you are imposed to get up!
  • #15,046
  • Feb 27, 2020 2:31am Feb 27, 2020 2:31am
Hi everyone,

I'm currently re-reading the Dance manual and I've got a question. In connection with doji bars Clay wrote:
Quote
Some say you should take a Doji entry at the top withou question, but wait for confirmation of the second bar closing at the bottom. This strategy agrees with that statement. Wait on bottom Doji bars for confirmation bars.

I don't quit get this statement. I thought that if there is for example constrainment against the EMA35 and a Doji bar appears, the close of the doji bar is an entry signal. Could you explain maybe with an example what is meant with "wait for confirmation of the second bar closing at the bottom"? When a Doji appears together with constrainment, when exactly do we enter according to the Dance?

Regards,
Methos
  • #15,047
  • Edited 10:53am Feb 27, 2020 3:35am | Edited 10:53am
Quoting NameIsMethos
Hi everyone, I'm currently re-reading the Dance manual and I've got a question. In connection with doji bars Clay wrote: {quote} I don't quit get this statement. I thought that if there is for example constrainment against the EMA35 and a Doji bar appears, the close of the doji bar is an entry signal. Could you explain maybe with an example what is meant with "wait for confirmation of the second bar closing at the bottom"? When a Doji appears together with constrainment, when exactly do we enter according to the Dance? Regards, Methos
Hi Methos.
Basicly I m not sure if you understand the constrainments at the moment, what is absolutely okay.
It is an advanced technique and I ll explain it a bit more simple, because you posted a pic with a chart and wrote constrainment where is none.

A constrainment is mostly a when the wicks break the MA, but the body stays below or above the MA.

Often you can follow a curve for that case.
They can be really harsh and move quick up-or downwards.
Often they try to catch stops before the play out.

So.
What Clay meant is IMO

Not the doji in a constrainment is the entry bar, wait for confirmation.

Hope that helped
Guido
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Risiko birgt immer auch die Chance.
  • #15,048
  • Feb 27, 2020 11:45am Feb 27, 2020 11:45am
A lovely example given by Sesamstrasse of constrainment on the 35ma and constrainment at a round number which was also resistance. I now have 600 hours of experience where Sesamstrasse has 7 years of knowledge and experience. One is lucky to have access to his years of experience. Thank you
  • #15,049
  • Feb 28, 2020 1:47am Feb 28, 2020 1:47am
i made a trade today for +60 with GC and in retrospect, it was a perfect CHOROS-signal.
look how the lines on each timefram are in perfect synch:
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trading is like dancing, don't think and just listen to the music!
  • #15,050
  • Feb 28, 2020 1:49am Feb 28, 2020 1:49am
GU M15 has crossed the 35/50. If there is retest of EMA 10 then it would be a "scoop-up". I would target minimum 20p. Careful because the H1 35/50, DP and RN will be in the way.
  • #15,051
  • Feb 28, 2020 1:55am Feb 28, 2020 1:55am
EU M1 + 5
.. later I saw the potential of this move.
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Risiko birgt immer auch die Chance.
  • #15,052
  • Feb 28, 2020 4:37am Feb 28, 2020 4:37am
Today is a tricky Friday so we have to be cafefull. I have 2 BE trades till now and I am done. Back on Monday with relaxed mind

Happy weekend to all of you!
You are allowed to fall but you are imposed to get up!
  • #15,053
  • Feb 28, 2020 4:50am Feb 28, 2020 4:50am
Quoting iero4
Today is a tricky Friday so we have to be cafefull. I have 2 BE trades till now and I am done. Back on Monday with relaxed mind Happy weekend to all of you!
Fridays are my best days with Choros.

27 pips so far with m1 TF.

I hope to catch some more green later, it s my last tradingday for weeks..

Trade well
Guido
Risiko birgt immer auch die Chance.
  • #15,054
  • Feb 28, 2020 9:45am Feb 28, 2020 9:45am
Two GBPUSD Shorts that started yesterday and last night, hit TP today. I thought that the target was going to get hit on Monday, but as usual the Market can give us surprises.

The first trade gave me +131 pips and the second gave me +109 pips.

Why did I take these trades?

For the first trade, I saw that the daily blue bar that is before the first trade closed engulfing the previous daily bar also showing a clear reaction to D1 35/50 around RN 1.3000. That indicated that the next couple of days were likely going down. So I waited for price to retrace to D1 10 EMA and Shorted. Also, if you see the H4 chart, at the same spot of my first short you can see confluence of H4 10 EMA and H4 35 SMA, that made me feel more comfortable for the trade. Draw down was only 13 pips for the first trade so at the end R:R for this trade was 1:10!

For the second trade I left a pending short limit around H1 50 EMA and RN 1.2900 and went to sleep. I was highly confident of the first trade for the reasons explained above so I said if this one is triggered it will likely be OK. The short limit was reached, and it only had 9 pips draw down so at the end R:R for this trade was also around 1:10!
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  • #15,055
  • Feb 28, 2020 12:09pm Feb 28, 2020 12:09pm
Quoting Sesamstrasse
{quote} Hi Methos. Basicly I m not sure if you understand the constrainments at the moment, what is absolutely okay. It is an advanced technique and I ll explain it a bit more simple, because you posted a pic with a chart and wrote constrainment where is none. A constrainment is mostly a when the wicks break the MA, but the body stays below or above the MA. Often you can follow a curve for that case.
Hi Sesamstrasse, thanks for explaining the constrainment in more detail. I looked at some examples again and try to adjust while trading in the simulator. Now that said, I noticed something strange where I hope you experienced guys may offer an explanation.

In the first attached image there is constrainment. It's early in the day and since there is only little trading in the night, there is often constrainment in some way in the beginning of the morning. Now I noticed that it is often the case, that constrainment seems to go in one direction. In this case upwards which also agrees with the direction of the trend according to the Dance. However very often in this scenario early in the morning, P/A goes exactly in the opposite direction. I noticed this several times on GBP/USD which I am currently trading in the simulator. It doesn't look like catching stops to me, because there are two fairly large Candles which definitely violate the SMA35 constrainment from before, as well as break through the EMA50.

I've fallen in this trap a lot already. Is there a way to avoid it? Or should I just stop trading this time and only start around 10 AM?
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  • #15,056
  • Feb 28, 2020 1:00pm Feb 28, 2020 1:00pm
Quoting NameIsMethos
{quote} Is there a way to avoid it? Or should I just stop trading this time and only start around 10 AM? {image} {image}
You should trade only during the hours that London and New York are open...it is basic rule in Choros and especially for constrainments IMO.
You are allowed to fall but you are imposed to get up!
  • #15,057
  • Feb 29, 2020 2:23am Feb 29, 2020 2:23am
Hi NameisMethos. On your chart the 35/50 where both flat and wide apart. You would have had a better and stronger bounce if
1) The 35 was angled upwards
2) If both 35/50 close together and angled
  • #15,058
  • Feb 29, 2020 10:51am Feb 29, 2020 10:51am
Quoting iero4
{quote} You should trade only during the hours that London and New York are open...it is basic rule in Choros and especially for constrainments IMO.
Hi iero, I know that these times are the inital rule. However Clay also that, it´s the rule he is least stringent about. the difficulty for me is, only trading the overlap would give me 3–4 hours of trading a day only. Due to meetings I won‘t be able to watch the market at that time every day which would seriously cut down my trading days per week/month. That‘s why I‘m also trying to trade markets when just one market of the currency pair is open. also many of Clay‘s screenshots and trade entries in the thread also don‘t comply with the overlap rule, especially on GBPUSD.

now that being said while looking through the original The Dance thead, I noticed that my observation is as old as the dance itself. The exact same observation was made here https://www.forexfactory.com/showthr...53#post3551553 as well as here https://www.forexfactory.com/showthr...98#post3554898. It seems like this move is really hunting stops, as Sesamstrasse also said here https://www.forexfactory.com/showthr...0#post12778680. I just wanted to share this, I guess for me this means avoiding the first few hours of London opening.

Quoting Gragab
Hi NameisMethos. On your chart the 35/50 where both flat and wide apart. You would have had a better and stronger bounce if 1) The 35 was angled upwards 2) If both 35/50 close together and angled
Hi Gragab, thanks for the comment, maybe that‘s another way to look at this setup. However I noticed that this exact setup often occurs early in the morning after the London opening. Since there are quit a few hours between NY close and London open, the M15 MA‘s usually tend to flatten out.
  • #15,059
  • Feb 29, 2020 9:20pm Feb 29, 2020 9:20pm
NameIsMethos. Flat mas mean no real trend, rather a period of consolidation. As Iero specified only trade trends. Try to trade a currency pair which would suit your time zone.
  • #15,060
  • Feb 29, 2020 9:30pm Feb 29, 2020 9:30pm
Looking at Rays example he waited for the market to show its hand and then followed the trend downwards.
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