CHOROS System

Beautiful reaction to M15 10EMA in confluence with M15 35/50. (Blue Circle)

Price closed below M15 35/50, then returned to M15 10EMA.

I was already in the trade but this Choros Setup confirmed the trade at that place.

Still in the trade.

We'll see.

¿Remember this from the manual? It is in page 41 of the The Simple Dance.PDF, it looks familiar to the setup in the Blue Circle in my previous post. More that eleven years and Choros is still working like a charm.



On the other hand, as you can see below, my entries were too early, they were not good, I should have waited for price to close below M15 35/50 before entering at the 10 EMA touch. Nevertheless the trades were profitable (+57 pips in 3 trades). That remembers me the importance of having the big picture. Analyzing the market on Sunday, I was expecting a retrace to 1.3900 and a fall to 1.3850, so I was waiting for a Choros Setup to Sell.

At the end, having the Big Picture saved my trades.

Hey Haydel it is nice to see you posting!!! Keep up my friend...I hope you are doing great with Choros!!!

Thank you iero4

Selling GBP/USD at H4 10 EMA near Daily Pivot.

We'll see.

One of my trades today. +25pips.

H1 10EMA in confluence with 50EMA.

Price closed below 35/50 and then retraced to 10EMA.

Higher Time Frames agreed with the trade.

I closed the trade manually, but I should have left it alone because it got to the planned target.

Happy trading.

Currently on GBPUSD

Target Hit +14pips in one trade, +11pips in the second trade, +25pips total for today.

Hello back again. Just spoted this one on M15 today, unfortunately I was a bit late to take it. Such great 10EMA first touches do not come all that often. 35/50 very steep, close to eachother and getting closer. Look at that tiny bar at the top of this swing as PA confirmation and also that rejection on H4 some time before.

Hi, my two trades from today. GU was a bit of a luck, first 35/50 touch looked a bit risky with all those HTF MAs and pivots but decided to pull the trigger. SL16, TP20, left the computer. Second was more complex as firstly I got tempted by that rejection bar off DP just below 35/50 but didn't hit the target, moved SL in the meantime to BE+1 which got hit. But then decided to re-enter on that small rejection bar on the first touch of 35/50, SL10, TP18 at RN which got hit while I was gone. 39 easiest pips ever for me during 1 day.

Also, observing the dynamic of 15m and HTFs - as long as they are important, nice bounces off 15m 35/50 will usually return a few pips even in cases where the price will eventually take off in the opposite direction as a result of HTF countersignal when present.

Finally: I may be wrong, never tested it, but I have an impression that taking about any protruding pin bar with longer wick touching 35/50 being fairly close and having any type of direction for 10 pips TP could overall yield results not far away from trading while being picky only for the perfect bounce setups but missing out on certain (of course lower) success ratio on the less probable ones. Again, no hard evidence, just a personal thought to potentially test further and of course strong setups very often return way more than 10 pips.

Welcome back my friend. After all these years it seems your trading has evolved like a good wine.
Keep up the good work.

Thank you Kostas for your kind words! Yes, it has been on & off a few times for me here, always trading only Choros though. Now switched to home office so it all should be easier for me. It's truly great to still see you around and the advice you gave me in this thread is always remembered.

All best to you and the rest of the Dancing Crowd.
J.

My two trades of the day. Both taken after a rejection from 35/50 on H1. I easily could have banked 15 pips on GU but got gready while waiting to hit the target of 21 and then got scared of porcupine just to close manually at BE. The cofluence with pivot just above along with RN didn't work out as planned. I guess too much sideways despite some 35/50 steepness and long wicks both ways just before.

EU was more beneficial, managed to bank 21 pips. Cofluence with pivot and targeted most recent M15 swing just below. Bang. Also, look how this demonstrates exactly what I meant previously - very often you will be able to turn a quick profit from an M15 rejection bar off 35/50 even before the price will follow a stronger signal of HTF in the other direction. Perfect example - the bar I have entered or the small green one before, would easily return 10-15pips before the price went down in my direction on H1.

No losers today nor yesterday. Yes, my trading did improve a bit but by far not as much to enjoy that type of success rate on regular basis, clearly on a longer lucky run.

Have a great weekend.
J.

Hi,

3 trades today, all winners although not so much pip-impressive:

AU: 1st touch of 35/50 confirmed by rejection bar on M15. Although I was targeting that pivot just above I did not exactly liked the H1 & H4 action from the start nor the time just before London close so decided to bank a quick ~10 pips. SL was also 10, just below that rejection bar I have played.

EJ: Scoop-up. Im not an expert on those. Not yet so that's how I practice. Not a great example as the 35/50 were too close for my taste but liked those long bottom wicks just before to compensate for that. Was good for about 9 pips, closed manually at cofluence of RN and 50MA

Again, not big gains but I fully agree with what has been stated multiple times in this thread - no such thing as too early exit. If you feel like it, bank what you have, minimize the risk and time of exposure (look how quick these were), don't give back what you extracted from the market and move on. It doesn't matter whether the move continues another 30, 50 or 100 pips. Useless info, forget about it and focus on the next trade.

DE30: Another scoop-up. That one I really liked, 35/50 far away, cofluence with RN and H1/H4 clear pin bar at the bottom suggesting the move down might at least be corrected to the top (if not come to an end). Banked 27pips but DE30 is always moving very strong so to be honest if this was supposed to be compared to currencies I would divide that AT LEAST by 2. Although technically it was 27 indeed.

Even now, after multiple bars from closing I could still conclude I have exited at the local high. On all three of them. Perspective of the risk and waiting with this decreased liquidity at that time for some extra gain that might not (and this time in fact did not) come would not make me happy at all.

This day had plenty of other opportunities (which unfortunately I have missed by not being able to permanently monitor the market).

Best,
J.

UJ
H4 First touch MA10
H1 First touch MA35

Nice. Can you share that symbol changer? Is it free?

Hi, I got this from a member here. @Tuxtrader.

https://www.forexfactory.com/thread/...xtraders-tools

You can find it in his Thread tuxtraders-tools

My trade today +25pips.

A nice M15 35/50 entry.

Thank you for the link, however it seems dead. I also cannot find it in the attachment list of that thread. Could you please attach your file here?

Spot on. You took it on time. I was a bit late but.. that second green rejection bar also wouldn't be bad for entry. Of course, I couldn't have known that upon pulling my trigger. You took twice as many pips though, congrats.
No losers today either for me, just another uninteresting BE on WTI.

If I was about the chose only two instruments to trade Choros they would definitely be EJ and GU.

Best,
J.