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CHOROS System

  • #14,941
  • Feb 3, 2020 2:33pm Feb 3, 2020 2:33pm
Hey iero,

thanks a lot for the explanation! I'm currently still re-reading all the PDF's as well as working through the thread and practicing on the simulator. I get the feeling that trading the Touch Trade is more than just blindly following the rules but also assessing the situation based on past experience. I think I will stick with 10 EMA touch with a steep angle for the beginning, since it appears to yield high pips and is easier as an entry to the strat. Only one MA to look out for as well as only in certain areas with high momentum. This way I also avoid the Porcupine because right now it's hard to me to spot those in Live Trading.

I think it's awesome that this thread is still alive! Many of my questions are already answered somewhere in the thread, but I'm sure some more questions and maybe trade examples will come along. I'm really grateful for your support. Also I'm a little sad though that Clay can't be here anymore.
  • #14,942
  • Feb 4, 2020 7:42am Feb 4, 2020 7:42am
To keep this thread going... GBPUSD scoop up / 10EMA bounce. Price retested the major round number and had formed a H4 pin bar. Took partial profit at the previous high, TP at H4 10EMA.
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  • #14,943
  • Feb 4, 2020 8:05am Feb 4, 2020 8:05am
Quoting That guy
To keep this thread going... GBPUSD scoop up / 10EMA bounce. Price retested the major round number and had formed a H4 pin bar. Took partial profit at the previous high, TP at H4 10EMA. {image}

We took almost the exact same trade I took all profit at the H4 10 EMA (37 pips) as I was a bit nervous taking this trade (since I'm not good at taking scoop up or constraintment trades yet). What i like about this trade is that many retail traders probably got tricked trying to take a sell at what looked like a double top on lower timeframe.
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  • #14,944
  • Feb 4, 2020 3:52pm Feb 4, 2020 3:52pm
how do you avoid trading entries like this one (other than waiting for strong bearish candle on 15 min chart) ? nobody entered short at ema10 or 35/50 in the area where the blue arrow is? in addition to it was in close proximity to round number and previous day low acting as a resistance
Attached Image (click to enlarge)
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  • #14,945
  • Feb 5, 2020 1:46am Feb 5, 2020 1:46am
Quoting tonny47
how do you avoid trading entries like this one (other than waiting for strong bearish candle on 15 min chart) ? nobody entered short at ema10 or 35/50 in the area where the blue arrow is? in addition to it was in close proximity to round number and previous day low acting as a resistance {image}
You have to look at the WHOLE picture. At that moment, the H4 retraced from a strong support area and generally in H4 the price was at the bottom of the ping pong area.
You are allowed to fall but you are imposed to get up!
  • #14,946
  • Feb 5, 2020 2:24am Feb 5, 2020 2:24am
Quoting iero4
{quote} You have to look at the WHOLE picture. At that moment, the H4 retraced from a strong support area and generally in H4 the price was at the bottom of the ping pong area.
Hey buddy,
From your contributions it seems you have upgraded your game !
you rock !
  • #14,947
  • Feb 5, 2020 3:36am Feb 5, 2020 3:36am
1st touch 15 min 10 EMA amd the 1hr 50EMA
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  • #14,948
  • Feb 5, 2020 4:56am Feb 5, 2020 4:56am
EURUSD - 1 hour chart, touch of 35/50 MA's (nicely on top of each other), perfect entry was 4 pips higher, but I was not in front at the screen then. Closed at +26 pips (this was my target area).
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  • #14,949
  • Feb 5, 2020 5:51am Feb 5, 2020 5:51am
Quoting tonny47
how do you avoid trading entries like this one (other than waiting for strong bearish candle on 15 min chart) ? nobody entered short at ema10 or 35/50 in the area where the blue arrow is? in addition to it was in close proximity to round number and previous day low acting as a resistance {image}
I first tried taking the M15 10MEA touch which went in favor for about 5 pips before hitting SL, -10 pips.

I made that back with the bounce from 1.30. Not strictly a Choros trade, that's why I didn't show it here. But usually, a volatile move with a first test of such a major RN gives a bounce of at least 10 pips. Since the 10EMA touch failed I did not try to run it further but instead waited for a break and scoop up, especially since the H4 pin bar was about to form and the low was a swing failure of some major lows before.

Hope this helps!
  • #14,950
  • Feb 5, 2020 7:51am Feb 5, 2020 7:51am
EURUSD - 15 min chart. Very simple trade, touch of the 10 EMA.. 15 pips
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  • #14,951
  • Feb 5, 2020 8:21am Feb 5, 2020 8:21am
Quoting kostas1
{quote} Hey buddy, From your contributions it seems you have upgraded your game ! you rock !
Thank you Kosta,

I own everything to you and Clay of course!

Nice to see you around
You are allowed to fall but you are imposed to get up!
  • #14,952
  • Feb 5, 2020 3:43pm Feb 5, 2020 3:43pm
Quoting iero4
{quote} You have to look at the WHOLE picture. At that moment, the H4 retraced from a strong support area and generally in H4 the price was at the bottom of the ping pong area.
I can see what you mean when I switch to 4h chart but I can find strong support area pretty much anywhere If I use that approach I would pretty much never pull the trigger
  • #14,953
  • Feb 5, 2020 3:45pm Feb 5, 2020 3:45pm
Quoting That guy
{quote} I first tried taking the M15 10MEA touch which went in favor for about 5 pips before hitting SL, -10 pips. I made that back with the bounce from 1.30. Not strictly a Choros trade, that's why I didn't show it here. But usually, a volatile move with a first test of such a major RN gives a bounce of at least 10 pips. Since the 10EMA touch failed I did not try to run it further but instead waited for a break and scoop up, especially since the H4 pin bar was about to form and the low was a swing failure of some major lows before. Hope this helps!...
thanks for sharing
  • #14,954
  • Feb 5, 2020 4:16pm Feb 5, 2020 4:16pm
Quoting tonny47
{quote} I can see what you mean when I switch to 4h chart but I can find strong support area pretty much anywhere If I use that approach I would pretty much never pull the trigger
This is the beauty of GBP my friend...that's what you get when you deal with volatile pairs ...GBP/USD for me is one of the most difficult pairs to trade if you are not experienced...especially now during the BREXIT
You are allowed to fall but you are imposed to get up!
  • #14,955
  • Feb 6, 2020 12:31am Feb 6, 2020 12:31am
Quoting iero4
{quote} This is the beauty of GBP my friend...that's what you get when you deal with volatile pairs ...GBP/USD for me is one of the most difficult pairs to trade if you are not experienced...especially now during the BREXIT
Which pairs do you think is preferable to trade?
Thank you
Andrea
  • #14,956
  • Feb 6, 2020 12:44am Feb 6, 2020 12:44am
Quoting vinicio
{quote} Which pairs do you think is preferable to trade? Thank you Andrea
Depends on your style and time zone. For me EUR/USD could make me kill myself as it is very very slow. I prefer GBP/USD, EUR/JPY and sometimes GBP/JPY.
You are allowed to fall but you are imposed to get up!
  • #14,957
  • Feb 6, 2020 9:50am Feb 6, 2020 9:50am
Two 1Hour 35 SMA touch trades for me today

1. EURCAD - 1hour chart Closed at +21 pips (at the bottom of a range and just before a RN)

2- UK100 - 1hour chart (for extra personal confluence it entered my buy zone). Disregard the second entry it is not Dance related I marked which one was the Dance entry. It is currently running +26 points.

I'm getting pretty successful with the touch trades and have a nice win rate with good RR, actually the ones I end up losing are mostly the ones where I know it is not a perfect trade and I know that I will not show it in here even if it will be a win since it is not by the 'rules'..still can't spot constaintment trades though
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  • #14,958
  • Feb 6, 2020 9:55am Feb 6, 2020 9:55am
Quoting iero4
{quote} Depends on your style and time zone. For me EUR/USD could make me kill myself as it is very very slow. I prefer GBP/USD, EUR/JPY and sometimes GBP/JPY.
Thank you
  • #14,959
  • Feb 6, 2020 4:30pm Feb 6, 2020 4:30pm
Hi everyone,

I am currently training and I'm looking at GBP/USD in the beginning of 2018. Can you please look at the chart and my reasoning and tell me if you would have done the same? if not, what you would have done differently?

1. Second last Candle of 15 Minute chart almost dead ends on SMA35
2. The red line I painted is a resistance from the day before as well as very near a round number. Stop Loss would be above this resistance
3. Last Candle is almost a doji (0,3 pips off) which also dead ends on the SMA35 -> The close of this doji would be my trigger for going short

4. additionally price recently broke through all MA's on 1 hour and approaches the 35 EMA from below, which I would count as resistance and therefore is in favor of the short on the 15 Minute.

What do you think?
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  • #14,960
  • Feb 6, 2020 4:57pm Feb 6, 2020 4:57pm
Quoting NameIsMethos
Hi everyone, I am currently training and I'm looking at GBP/USD in the beginning of 2018. Can you please look at the chart and my reasoning and tell me if you would have done the same? if not, what you would have done differently? 1. Second last Candle of 15 Minute chart almost dead ends on SMA35 2. The red line I painted is a resistance from the day before as well as very near a round number. Stop Loss would be above this resistance 3. Last Candle is almost a doji (0,3 pips off) which also dead ends on the SMA35 -> The close of this doji would...
My personal opninion: This is actually a very good example of a trade I would take in the beginning of my journey when I started practicing the Dance and it would usually end up in a loss for me. I would personally not take this based on the 15 min:
- MA's are flat
- It takes lots of bars to get to the 35/50, so it looks more like a retrace than a retest and the 10 EMA already turned upwards and getting respected along the way
- None of the other timeframes are giving me a sell signal

I would actually be tempted to take a buy instead, but that would not be a 'Dance trade', so let's leave that thought
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