CHOROS System | Page 334 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

CHOROS Interactive 2,625 replies

Money management for CHOROS and other strategies 2 replies

I want to pay off my mortgage asap with Choros 181 replies

3-9% a day with CHOROS? 63 replies

Would you trade this system? New system #2. 10 replies

Attachments: CHOROS System
Exit Attachments

CHOROS System

  • #6,661
  • Oct 16, 2011 11:13am Oct 16, 2011 11:13am
I am half way through reading the ebook trading in the zone, you can find it in the early posts. I wish I read it earlier before I started learning choros, it might have lowered my heart aches when I started. It talks about wining attitudes and maintaining a certain state of mind for trading. Psychology stuff that seems to be underrated IMO. kk007, you might be interested.
Riding the order flow
  • #6,662
  • Edited 2:49am Oct 17, 2011 2:32am | Edited 2:49am
Took this trade at confluence of 35SMA/50EMA/RN confluence on first touch of 35EMA with stop loss just below RN.

If price hesitates at shaded region, I will take profit.
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-10-17_151925_EU_CHOROS.png Size: 57 KB


UPDATE 1: Updated SL after price hit resistance region.

Attached Image (click to enlarge)
Click to Enlarge Name: 2011-10-17_154128_EU_CHOROS_Update1.png Size: 73 KB


UPDATE 2: Price hesitating bit more than I am comfortable. So out with 18pip. Trying to follow Kostas's model of lower TPs.
  • #6,663
  • Oct 17, 2011 5:26am Oct 17, 2011 5:26am
I've lose my confidence in trading flat MAs.

Quoting chinmay
Took this trade at confluence of 35SMA/50EMA/RN confluence on first touch of 35EMA with stop loss just below RN.

If price hesitates at shaded region, I will take profit.
Attachment

UPDATE 1: Updated SL after price hit resistance region.

Attachment

UPDATE 2: Price hesitating bit more than I am comfortable. So out with 18pip. Trying to follow Kostas's model of lower TPs.
  • #6,664
  • Oct 17, 2011 5:27am Oct 17, 2011 5:27am
Quoting Binyamin
I am half way through reading the ebook trading in the zone, you can find it in the early posts. I wish I read it earlier before I started learning choros, it might have lowered my heart aches when I started. It talks about wining attitudes and maintaining a certain state of mind for trading. Psychology stuff that seems to be underrated IMO. kk007, you might be interested.
Read ages ago.
Btw, you have achieved so much so far, are you ready to trade for a living?
  • #6,665
  • Oct 17, 2011 6:24am Oct 17, 2011 6:24am
Here is my first trade earlier which gave me 25 pips. I used the M5 to enter and here you are...

Attached Image (click to enlarge)
Click to Enlarge Name: Χωρίς τίτλο1.jpg Size: 166 KB


P.S. KK007 how is it going???
You are allowed to fall but you are imposed to get up!
  • #6,666
  • Oct 17, 2011 6:30am Oct 17, 2011 6:30am
Dear iero4,

Thanks for asking. Still not very well, if you can give me some comment on the below, I am really appreciated.

H4 trend is up, so I mainly considered buy.
I bought at two confluence areas with some M5 PA, but both failed. The first confluence are H4.E10 + H1.S35 + DPP, and the second are H1.E50 + RN + trendline.

By the way, why would you have considered sell when the H4 chart is like that?


Quoting iero4
Here is my first trade earlier which gave me 25 pips. I used the M5 to enter and here you are...

Attachment

P.S. KK007 how is it going???
Attached Image (click to enlarge)
Click to Enlarge Name: Clipboard02.gif Size: 48 KB
  • #6,667
  • Oct 17, 2011 6:50am Oct 17, 2011 6:50am
Quoting kk007
Dear iero4,

Thanks for asking. Still not very well, if you can give me some comment on the below, I am really appreciated.

H4 trend is up, so I mainly considered buy.
I bought at two confluence areas with some M5 PA, but both failed. The first confluence are H4.E10 + H1.S35 + DPP, and the second are H1.E50 + RN + trendline.

By the way, why would you have considered sell when the H4 chart is like that?
You have a trend line in H1 and H4 that hold for sooo long and H4 35/50 are diverging...The situation in Europe is not good at all so I thought that this uptrend should end somewhere. In addition, trend lines as any other oscillator brake some time.

Now, if you look at your chart you took a countertrand according to the M15 chart which is the primary chart in the Dance/Choros.

I can't say that my trade was safe because as you say H1 and H4 were showing up but FOREX is a game of probabilities so when you open a position it is 50%-50%. Always weight your probabilities before you open a position. In M15 you had a strong bearish movement.

Anyway, your position was not that bad in my opinion. You just were at the other 50%
You are allowed to fall but you are imposed to get up!
  • #6,668
  • Oct 17, 2011 7:00am Oct 17, 2011 7:00am
Quoting iero4
Here is my first trade earlier which gave me 25 pips. I used the M5 to enter and here you are...

Attachment

P.S. KK007 how is it going???
I also got 25p from this one, although I got in a little earlier. The reason is that in EU I use the EMA12 for M5. Change your EMA10 to 12 in M5 and see how well price bounces.
  • #6,669
  • Oct 17, 2011 7:02am Oct 17, 2011 7:02am
Quoting kk007
Read ages ago.
Btw, you have achieved so much so far, are you ready to trade for a living?
Thanks, but I really don't think I have achieved SO much SO far. lol. Those words are reserved for people like Jim Rogers or Soros. Though I have reached consistency in my trading, I am still on a quest to learn more about how the markets work. Sure being consistent with Choros has enabled me to fast track my plans in the future.
Riding the order flow
  • #6,670
  • Oct 17, 2011 7:12am Oct 17, 2011 7:12am
Quoting kostas1
I also got 25p from this one, although I got in a little earlier. The reason is that in EU I use the EMA12 for M5. Change your EMA10 to 12 in M5 and see how well price bounces.
Thanx Kosta I'll try it...You are the teacher...!

EDIT: It actualy looks really nice!!!
You are allowed to fall but you are imposed to get up!
  • #6,671
  • Oct 17, 2011 7:53am Oct 17, 2011 7:53am
Thanks iero4,

Thanks for your reply. Great that you said my entries were not so bad. Perhaps, the last image was confusing. I have re-presented my chart with the MAs: H4 35/50 was that diverged. They are parallel and trending up strongly. M15 35/50 was not trending down at the moment but the price downward momentum was strong.

Anyway, I agree there was no gurantee for each single trade.

kk007

Quoting iero4
You have a trend line in H1 and H4 that hold for sooo long and H4 35/50 are diverging...The situation in Europe is not good at all so I thought that this uptrend should end somewhere. In addition, trend lines as any other oscillator brake some time.

Now, if you look at your chart you took a countertrand according to the M15 chart which is the primary chart in the Dance/Choros.

I can't say that my trade was safe because as you say H1 and H4 were showing up but FOREX is a game of probabilities so when you open a position it is 50%-50%. Always...
Attached Image (click to enlarge)
Click to Enlarge Name: Clipboard02.gif Size: 38 KB
  • #6,672
  • Oct 17, 2011 8:03am Oct 17, 2011 8:03am
Quoting kk007
Thanks iero4,

Thanks for your reply. Great that you said my entries were not so bad. Perhaps, the last image was confusing. I have re-presented my chart with the MAs: H4 35/50 was that diverged. They are parallel and trending up strongly. M15 35/50 was not trending down at the moment but the price downward momentum was strong.

Anyway, I agree there was no gurantee for each single trade.

kk007
At this kind of setups I usually look at the left of my M15. I ask my self: Where was the last support area? When I define it I wait for the price to break that area and follow the trend until the next support area OR RN etc on the left. If it don't break it then I take the oposite.

What I say here is that if I was you, I would have wait to see if the price breaks the previous support area on the left of your M15 chart.
You are allowed to fall but you are imposed to get up!
  • #6,673
  • Oct 17, 2011 8:07am Oct 17, 2011 8:07am
Quoting iero4
At this kind of setups I usually look at the left of my M15. I ask my self: Where was the last support area? When I define it I wait for the price to break that area and follow the trend until the next support area OR RN etc on the left. If it don't break it then I take the oposite.

What I say here is that if I was you, I would have wait to see if the price breaks the previous support area on the left of your M15 chart.
Very very good advice iero .

Resistant and support is very very important, it's where lots of order wait to start
I hear and I forget. I see and I remember. I do and I understand.
  • #6,674
  • Oct 17, 2011 8:14am Oct 17, 2011 8:14am
Quoting iero4
At this kind of setups I usually look at the left of my M15. I ask my self: Where was the last support area? When I define it I wait for the price to break that area and follow the trend until the next support area OR RN etc on the left. If it don't break it then I take the oposite.

What I say here is that if I was you, I would have wait to see if the price breaks the previous support area on the left of your M15 chart.
Seems that what you said here is important. But let me clarify some point here (if you still have some spare time).

What do you means this kind of setups? Strong counter HTF trend momentum???

I have all the S/R level, MAs, RN marked on my chart. Do you means if price break a key support, I should assume the momentum endure?

I said I have checked the M5 PA on my first post with chart. Does it mean I have already waited to see if the support area has broken?
  • #6,675
  • Oct 17, 2011 8:50am Oct 17, 2011 8:50am
Quoting kk007
Seems that what you said here is important. But let me clarify some point here (if you still have some spare time).

What do you means this kind of setups? Strong counter HTF trend momentum???

I have all the S/R level, MAs, RN marked on my chart. Do you means if price break a key support, I should assume the momentum endure?

I said I have checked the M5 PA on my first post with chart. Does it mean I have already waited to see if the support area has broken?
I would expect support at around 106.75 (DPP+Previous support area), 106.50 (RN), 106 (RN+Daily S1) and 105.80 (Weekly pp+previous support area).

Now look at them and think which of them is the weaker and at which of them did you enter?
You are allowed to fall but you are imposed to get up!
  • #6,676
  • Oct 17, 2011 9:03am Oct 17, 2011 9:03am
Quoting iero4
I would expect support at around 106.75 (DPP+Previous support area), 106.50 (RN), 106 (RN+Daily S1) and 105.80 (Weekly pp+previous support area).

Now look at them and think which of them is the weaker and at which of them did you enter?
I entered @ 106.75 and 106.50 as said here. And I waited the M5 PA (not the best form of M5 PA) to see if the supports hold. They seemed to hold and I entered long.

I did exactly what you have said and failed.


P.S. Or I have misunderstood something you said?
  • #6,677
  • Oct 17, 2011 10:36am Oct 17, 2011 10:36am
Quoting kk007
I entered @ 106.75 and 106.50 as said here. And I waited the M5 PA (not the best form of M5 PA) to see if the supports hold. They seemed to hold and I entered long.

I did exactly what you have said and failed.


P.S. Or I have misunderstood something you said?
106.50 was the weaker so this is your 1st mistake. Your 2nd mistake is at 106.75 and this is because when you entered there was strong momentum from bears.

Something last...try to use M1 along with M5 to finetune your entries. Also try to remember that most times when a new candle open, it moves a bit to one direction and then reverses rapidly to the other. Try to observe it
You are allowed to fall but you are imposed to get up!
  • #6,678
  • Oct 17, 2011 10:49am Oct 17, 2011 10:49am
Quoting iero4
106.50 was the weaker so this is your 1st mistake. Your 2nd mistake is at 106.75 and this is because when you entered there was strong momentum from bears.

Something last...try to use M1 along with M5 to finetune your entries. Also try to remember that most times when a new candle open, it moves a bit to one direction and then reverses rapidly to the other. Try to observe it
106.75 was H4.E10 + H1.S35 + DPP + weak S/R.
106.50 was RN + H1.E50 (+ a TL)

I agree 106.50 is weaker than 106.75 based on my own experience.
Both were counter-momentum. The momentum @ 106.50 was even stronger than that @ 106.75.

On hindsight, I think 106.50 should not be entered at all.

Thanks for sharing.

By the way, I feel I have more failure with EURJPY, perhaps, a bit complicated interaction with USDJPY and EURUSD, I am considering taking it out from my trading.
  • #6,679
  • Oct 17, 2011 12:25pm Oct 17, 2011 12:25pm
Quoting kk007
106.75 was H4.E10 + H1.S35 + DPP + weak S/R.
106.50 was RN + H1.E50 (+ a TL)

I agree 106.50 is weaker than 106.75 based on my own experience.
Both were counter-momentum. The momentum @ 106.50 was even stronger than that @ 106.75.

On hindsight, I think 106.50 should not be entered at all.

Thanks for sharing.

By the way, I feel I have more failure with EURJPY, perhaps, a bit complicated interaction with USDJPY and EURUSD, I am considering taking it out from my trading.
In my opinion you should focus only in Dance entries such as 10 and 35/50 touches, constrainments and maybe later start trading scooped up and cross and retest until you become profitable and consistent. Then you can move to counter trades etc...
You are allowed to fall but you are imposed to get up!
  • #6,680
  • Oct 17, 2011 4:40pm Oct 17, 2011 4:40pm
Quoting iero4
In my opinion you should focus only in Dance entries such as 10 and 35/50 touches, constrainments and maybe later start trading scooped up and cross and retest until you become profitable and consistent. Then you can move to counter trades etc...
Thanks for your suggestion. The 106.75 entry was a 10 touch trade (H4). And I was trading with the H4 trend, not counter-trend. It is true that the 106.50 entry wasn't a 10 or 35/50 entry.
16 traders viewing now