CHOROS System | Page 786 | Forex Factory

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CHOROS System

  • #15,701
  • Aug 19, 2020 5:04am Aug 19, 2020 5:04am
Looks like the Eurusd and Gbpusd are moving in opposite directions
  • #15,702
  • Aug 19, 2020 11:27am Aug 19, 2020 11:27am
Caught a quick 20 pips on GBP/USD
(Ignore the small buy I was trying something unrelated to the CHOROS)
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  • #15,703
  • Aug 22, 2020 1:34am Aug 22, 2020 1:34am
I have been back-testing this strategy on GBP/USD with a fixed SL/TP of 20 pips. It has proved invaluable with spotting AAA setups and knowing the reward expected from the setups.
I have noticed that often a 10 EMA Bounce trade has a stop loss close to the 50 EMA. The stop loss is close to the 50 EMA which is another trade setup.
How do you approach this situation?
  • #15,704
  • Aug 22, 2020 2:00am Aug 22, 2020 2:00am
Quoting IvyLab
I have been back-testing this strategy on GBP/USD with a fixed SL/TP of 20 pips. It has proved invaluable with spotting AAA setups and knowing the reward expected from the setups. I have noticed that often a 10 EMA Bounce trade has a stop loss close to the 50 EMA. The stop loss is close to the 50 EMA which is another trade setup. How do you approach this situation?
Ivylab,
You can have a picture to explain it.
Thanks.
Nothing is impossible!
  • #15,705
  • Aug 22, 2020 7:54am Aug 22, 2020 7:54am
Quoting IvyLab
I have been back-testing this strategy on GBP/USD with a fixed SL/TP of 20 pips. It has proved invaluable with spotting AAA setups and knowing the reward expected from the setups. I have noticed that often a 10 EMA Bounce trade has a stop loss close to the 50 EMA. The stop loss is close to the 50 EMA which is another trade setup. How do you approach this situation?
The 10Ema touch trade is the weakest in this strategy. For me, to take a 10 ema touch trade I need to have confluence with RN, PP or any other S/R level. If I don't have confluence I don't take the 10 EMA most of the times...
You are allowed to fall but you are imposed to get up!
  • #15,706
  • Aug 24, 2020 1:54pm Aug 24, 2020 1:54pm
Say you have price action that is consolidating between the 35/50 on the high side, and a support on the low side, such as the one shown here. Granted this is late in the day so I know this is not when I would make a trade, but hypothetically speaking, would you lend more credence to the MAs or the S/R level?
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  • #15,707
  • Aug 24, 2020 2:33pm Aug 24, 2020 2:33pm
Quoting iero4
{quote} The 10Ema touch trade is the weakest in this strategy. For me, to take a 10 ema touch trade I need to have confluence with RN, PP or any other S/R level. If I don't have confluence I don't take the 10 EMA most of the times...
You attache more weight to 35 50 then?
Thanks
  • #15,708
  • Aug 25, 2020 4:34am Aug 25, 2020 4:34am
Hi guys,

is there a clear definition anywhere, how exactly an AAA setup looks like? While going through the thread I read about them a lot. But i can't find a clear definition of how to cleary identify AAA setups.
  • #15,709
  • Aug 25, 2020 5:10am Aug 25, 2020 5:10am
Sesamstrasse gives an example of a triple A set up on the 12th August taken on the touch of 35/50
  • #15,710
  • Aug 25, 2020 5:17am Aug 25, 2020 5:17am
Quoting NameIsMethos
Hi guys, is there a clear definition anywhere, how exactly an AAA setup looks like? While going through the thread I read about them a lot. But i can't find a clear definition of how to cleary identify AAA setups.
Look through the documentation for this strategy, there are at least 10 pages of examples.
  • #15,711
  • Aug 25, 2020 9:20am Aug 25, 2020 9:20am
Quoting MidnightRun
{quote} You attache more weight to 35 50 then? Thanks
I use price action a lot. If price action tells me to take the trade...I take it. I don't take 10EMA touch only because it is just a 10 EMA 1st touch. I prefer for example to see a doji bar in M5 35/50 to take the M15 10 touch. The same for the 35/50. If I see a 2 bar retracememt to the 35/50 with steep and parallel MAs I take the trade exactly at the touch. If it takes more candles for the touch, I am waiting for a nice price action confirmation like hammer, double top/bottom, pin bar etc and then I take the trade. Same with constrainment...

So it has not to do with putting more weight to any kind of trade...this is not an automated trading system. It is a strategy that learns you to read the market and have the most odds by your side .
You are allowed to fall but you are imposed to get up!
  • #15,712
  • Aug 25, 2020 9:29am Aug 25, 2020 9:29am
Quoting jpbforex
would you lend more credence to the MAs or the S/R level? {image}
In situations like this most of the times price will make a fake move to take the stops of the retail traders and then will reverse....

A nice technique is to try and draw trend line in higher TFs so you can have an idea of the general momentum and of course NEVER let the 1st move to fool you.
You are allowed to fall but you are imposed to get up!
  • #15,713
  • Aug 25, 2020 10:52am Aug 25, 2020 10:52am
It’s best to take trades close or on the moving averages. At the extremes one is bound to lose.
  • #15,714
  • Aug 26, 2020 1:44am Aug 26, 2020 1:44am
In this business greed kills faster than egos
  • #15,715
  • Aug 27, 2020 4:14am Aug 27, 2020 4:14am
Look at the eurjpy. The 35ma and 50 am are pointing upwards and on top of each other. There has been a first touch.
  • #15,716
  • Aug 27, 2020 4:27am Aug 27, 2020 4:27am
Time to change directions
  • #15,717
  • Aug 27, 2020 5:13am Aug 27, 2020 5:13am
Hi everyone,

thanks for your help with the AAA setups. I'm also still looking through the thread. The thing is that with the Dance so much discretion is involved... I have days in the simulator where I simply crush it and only take good trades. Other days like today in the simulator I try to take 5 AAA setups and all of them are loosers. I just can't get the consistency I need to trade live. It's just so freaking frustrating...
  • #15,718
  • Edited 6:20am Aug 27, 2020 5:40am | Edited 6:20am
Quoting NameIsMethos
Hi everyone, thanks for your help with the AAA setups. I'm also still looking through the thread. The thing is that with the Dance so much discretion is involved... I have days in the simulator where I simply crush it and only take good trades. Other days like today in the simulator I try to take 5 AAA setups and all of them are loosers. I just can't get the consistency I need to trade live. It's just so freaking frustrating...
Schow me your 5 AAA setups and I ll help you to spot the right ones.
Risiko birgt immer auch die Chance.
  • #15,719
  • Aug 27, 2020 7:26am Aug 27, 2020 7:26am
NameIsMethos stick to one pair. Watch how the pair reacts to the various moving averages. Ask many questions, try to be consistent in ones approach. Consistency of approach allows one to replicate self triggers which allows for reliability of outcomes. Trading is not easy, however with time and effort one can succeed. It has taken me about a year. You to can be successful, but the journey is your own and requires effort and persistence.
  • #15,720
  • Aug 27, 2020 10:10pm Aug 27, 2020 10:10pm
Hey!

Another one joining the thread.... I'm not yet finished reading, but trying to see stuff in the charts...

Is this a great touch-entry for GBPJPY?

Touching the 35 on M15 and the 10 on H1 just after having an overshot pinbar-touch of the 35 on M15.

Cheers

Pax
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It's never too late to make a bad trade!
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