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CHOROS System

  • #15,841
  • Oct 6, 2020 8:45am Oct 6, 2020 8:45am
Quoting NameIsMethos
{quote} Hi Birdland, how did you decide that 6 pips are enough for this trade? What was your reason to exit, did you have this Target before entering the trade or did the price movement trigger your exit manually?
no, it was just that i like fast profit. that was all.
trading is like dancing, don't think and just listen to the music!
  • #15,842
  • Oct 6, 2020 9:40am Oct 6, 2020 9:40am
Quoting birdland
{quote} i took it already for +6
I took it too and got 14 pips. I entered after the red bar close. it seems better after the 2nd green bar close at Daily PP
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  • #15,843
  • Oct 6, 2020 9:46am Oct 6, 2020 9:46am
my philosophy is "being in the market as short as possible" because the risk rises with every minute more.

i was 6 minutes in this trade.

1 pip for 1 minute;-)
trading is like dancing, don't think and just listen to the music!
  • #15,844
  • Oct 6, 2020 9:50am Oct 6, 2020 9:50am
Quoting birdland
my philosophy is "being in the market as short as possible" because the risk rises with every minute more. i was 6 minutes in this trade. 1 pip for 1 minute;-)
Totally agree. Exposure time = Risk.
  • #15,845
  • Oct 6, 2020 9:54am Oct 6, 2020 9:54am
Quoting birdland
{quote} no, it was just that i like fast profit. that was all.
I like the philosophy "time in market = risk" a lot. I think I can learn from that for my trading as well. What I don't quit grasp from a overall trading perspective: If you take small profits like 6 pips. What is your average Stop Loss when entering? Because if it's 10 pips or even a little higher, you'd need an insane high win percentage (70% upwards) to profit. I guess by taking quick profits as you said you also limit the risk of loosing by being in the market only a short period of time... But still this is probably the main reason why I personally really struggle to take wins <10 Pips (=< 1:1 Risk Reward). Am I missing something or maybe thinking wrong?
  • #15,846
  • Oct 6, 2020 10:16am Oct 6, 2020 10:16am
Quoting NameIsMethos
{quote} I like the philosophy "time in market = risk" a lot. I think I can learn from that for my trading as well. What I don't quit grasp from a overall trading perspective: If you take small profits like 6 pips. What is your average Stop Loss when entering? Because if it's 10 pips or even a little higher, you'd need an insane high win percentage (70% upwards) to profit. I guess by taking quick profits as you said you also limit the risk of loosing by being in the market only a short period of time... But still this is probably the main reason...
Our target on this strategy is to grab 30 pips a day using proper money management. Suppose your initial risk is 20-30 pips, but you see PA start to stop/against your trade, you can exit with 5-10 pips. Pips is pips, no one will broke taking plus pips. Forget about risk reward ratio, since we don't use fix SL/TP.

You can also take partial profit or use trailing stop if you are not sure where the market going, actually no one knows.
  • #15,847
  • Oct 6, 2020 10:19am Oct 6, 2020 10:19am
Quoting NameIsMethos
{quote} I like the philosophy "time in market = risk" a lot. I think I can learn from that for my trading as well. What I don't quit grasp from a overall trading perspective: If you take small profits like 6 pips. What is your average Stop Loss when entering? Because if it's 10 pips or even a little higher, you'd need an insane high win percentage (70% upwards) to profit. I guess by taking quick profits as you said you also limit the risk of loosing by being in the market only a short period of time... But still this is probably the main reason...
i dont have a 10pip SL, its too small.

when i am -10 i probably enter another position to have a better entryprice.


daily target:
my daily target is getting out as much as i can. with choros i took today only +6. thats fine.
but choros is only one part of my trading...
trading is like dancing, don't think and just listen to the music!
  • #15,848
  • Edited Oct 7, 2020 12:51am Oct 6, 2020 11:38pm | Edited Oct 7, 2020 12:51am
I was just thinking about entries after cross and close...

According to the manual the should take touches only after the price moved 15 pips away from the MA...

So no trading of the small retrace to the MA after the price crossed and closed on the other side? I found those are quite often quite great trades...

And as it is there's just one trade....
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It's never too late to make a bad trade!
  • #15,849
  • Oct 7, 2020 6:47am Oct 7, 2020 6:47am
Short here in GBP/USD. Constraintment against EMA10
Edit: Stopped out. Was the setup correct? Manual says that constraintments against ema10 are usually weaker than the ones against the sma35 and ema50.
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  • #15,850
  • Oct 7, 2020 7:19am Oct 7, 2020 7:19am
No. The 35/50 mas are flat and spread. Poor constrainment against ma10. A poor entry overall. Read the manual and practice
  • #15,851
  • Oct 7, 2020 7:28am Oct 7, 2020 7:28am
Quoting Phlong37
Short here in GBP/USD. Constraintment against EMA10 Edit: Stopped out. Was the setup correct? Manual says that constraintments against ema10 are usually weaker than the ones against the sma35 and ema50. {image}
Sry, you missed the train!

There was no constrainment.

Read about constrainments, it is already explained over and over- even just a couple pages back.
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Risiko birgt immer auch die Chance.
  • #15,852
  • Oct 7, 2020 7:38am Oct 7, 2020 7:38am
Quoting paxilein
I was just thinking about entries after cross and close... According to the manual the should take touches only after the price moved 15 pips away from the MA... So no trading of the small retrace to the MA after the price crossed and closed on the other side? I found those are quite often quite great trades... And as it is there's just one trade....{image}
it is an option, but not how we trade it here.

but if you want to look for these crossing trades you can have a look of "LauraT" thread.
trading is like dancing, don't think and just listen to the music!
  • #15,853
  • Oct 7, 2020 8:04am Oct 7, 2020 8:04am
Thanks for the feedback guys. Good to know that for the EMA10 constrainments, the sma35 and ema50 have to be tight and steep too.
I thought constrainment = price hovering around a moving average.

I read the original PDF manual for the AAA touch trade and constainment rule..

Also for the first touch trade I've always thought that the touching bar has to close for confirmation and then enter. But looks like I misunderstood it!
  • #15,854
  • Edited Oct 8, 2020 2:10am Oct 7, 2020 8:18am | Edited Oct 8, 2020 2:10am
Quoting Phlong37
Thanks for the feedback guys. Good to know that for the EMA10 constrainments, the sma35 and ema50 have to be tight and steep too. I thought constrainment = price hovering around a moving average. I read the original PDF manual for the AAA touch trade and constainment rule.. Also for the first touch trade I've always thought that the touching bar has to close for confirmation and then enter. But looks like I misunderstood it!

Constrainments and scoops are advanced.

Grow first your account with easy first touches and start THEN with advanced techniques.
The benefit is you always trade in profit and there´s not the "thing" how to recover your account.



Risiko birgt immer auch die Chance.
  • #15,855
  • Edited 9:03am Oct 7, 2020 8:27am | Edited 9:03am
I see! Well, I'm on demo anyways. Trying to understand the system. So your feedback here will always help. Danke!

Edit:
I posted this like 2years+ ago
https://www.forexfactory.com/thread/...1#post10917441

Isn't this the same situation (just long)? Where are the differences that my recent entry is not a valid entry?

Merci!
  • #15,856
  • Oct 7, 2020 9:06am Oct 7, 2020 9:06am
+ 30
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  • #15,857
  • Oct 7, 2020 9:13am Oct 7, 2020 9:13am
Quoting S_winner
+ 30 {image}
u lucky guy;-)
trading is like dancing, don't think and just listen to the music!
  • #15,858
  • Oct 7, 2020 10:20am Oct 7, 2020 10:20am
+10 in 30 seconds...thats how i like it;-)
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trading is like dancing, don't think and just listen to the music!
  • #15,859
  • Oct 8, 2020 4:38am Oct 8, 2020 4:38am
+10 in 83 seconds
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trading is like dancing, don't think and just listen to the music!
  • #15,860
  • Oct 8, 2020 4:43am Oct 8, 2020 4:43am
Quoting birdland
+10 in 83 seconds {image}
Nice! Had an eye on this one as well. When do you decide to exit the trade though? I have noticed that a lot of people posting here of touch trades are scalping. So in and out very quickly.
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