CHOROS System

- first:
i agree with sesam: first touches are best
- afterward:
i also agree with JKDT: we don't touch trades, we only open trades on confirmation candle (this was mentioned before by kostas, endroute)
- back to the problem:
+touch is touch, no touch is no touch.
+ in your photo: point 1,2 really don't touch. Due to the price going down so fast, it creates a very steep ma10 that deceives our eyes, but the touch does not happen
+ I assume: at 1 or 2 (after m15 closes), the price of the next m15 candle does not fall sharply but goes sideways or rises -> ma10 will not be touched and the eye will not be deceived
Thank you sesam, JKDT for your sharing
We are waiting for your valuable advice, an experienced trader

I wanted to participate in the strong trend up (GU) but couldn't wait for the M15 signal.
Grabbed the M5 EMA12 bounce for almost 20p.



P.S. Keep calm in the thread, we are all under pressure. Sometimes reading something that is written quickly can lead to misunderstanding....

EDIT: Now waiting for the M15 EMA 10 bounce or the 35/50, whichever looks best.

What can I say about the trade But your chart setup - it's so classic, the old, orignal Dance template by Eclayf. Still with 5MA that he was using very long time ago, before he evenutally decided to drop it. It's as if literally seeing the original manual to continue

If something works, don't fix it.
Just a reminder about the MAs in the 5min (Yellow 5 EMA, Green 12 EMA, Pink 23 EMA, Brown 50 EMA, Blue 120 EMA, Red 480 EMA).
I use M5 mostly to fine tune entries in M15 but sometimes take quick trades from 12 and 23 EMAs.

Thank you Kostas, that is how I remembered it. I'm too scared to trade M5 anyway.

Nailed it exactly at the thouch, exactly the second it happened. Let's see. Tha chart still shows script default SL/TP but now I moved it 16/20. That's a bit wider, yet a standard SL I use for my touches.

EDIT: Closed half, bagged +10 pips, moved to BE+1.
EDIT: +17 bagged on the second. Can go higher, but decided not to take the risk, especially with that hesitation just below the RN. I'm done for this week, not a bad one at all.

Best,
J.

Quick one, 1st half +10 and BE+1 and second +20 for an average of +15. Could have taken it at the touch, that first one previously below looks like a touch but it could have not been before the MA went up. With such 35/50 setup it would be ok even to go after the second, especially with all that confluence of RN & MP but there were more than 2 bars while reaching back for 10MA. Better safe than sorry. But when I saw that doji closing I instantly knew I wanted in. This double bottom later on gave me slight thrills when was heading towards the SL but it finally ended up further strengthening the trade. Was also worried about 10MA D1 touch before the entry but took the risk.

I am considering switching to trailing that second half as per the original Dance rules but when I eye backtested this I'm not sure if it does make sense - maybe only for those situations with 10MA very steep, otherwise could yield more often less than a target of 15 or 20. Besides, I think that time matters as well, I'm happier to close down a quick 15-20 pips, cut the risk and move on to the next trade than wait (sometimes) a few hours just to find out I end up with less than that.

Best,
J.

PS Is anyone else here closing half in the middle of the trade and BE+1? I find the entries increasingly easier nowadays but the burden isn't gone but rather shifted into exits where is way more potential for me to improve

EDIT: If the second half was trailed it would have returned ~5 pips less this time.

hi JKDT, good trade
i saw it too but because the price was too high, waited at 35/50, it didn't happen
However,
I also have 2 buy orders for EU +10 and +3p và GU +1

Yes, I have just entered EU on that doji with a tight SL of 8 few pips above that major RN. But GU is a complete no-go. D1 says down, H1/H4 says up and the price is throwing long wicks all over the place on M15 (up and down), also there are way too many MAs and S/R mixing up. No clear signal, far too high risk by my taste.

Best,
J.

Did not go as planned. This was the first trade I was trying out a lower SL (increased slightly to 9 after the initial 8) than usually (12-16). So unfortunately got stopped out but I re-entered right after on the 35/50 bounce with likewise small SL and a target of 20 with an intent to close half after +10 and trail the remaining half until stop out or TP of 20 is reached. Got +13 on first half (yesterday's low) and was trailing SL until it got hit at +6. So -9 on 1st trade +9.5avg on second makes it a total of BE+0.5. Im unimpressed with this but maybe not so bad after all with this sideways market that drove me crazy today while sneaking its longer wicks both ways around 1.1600 back and forth.

Best,
J.

hi JDKT
yesterday, I also sold EU
and have 1 sell point like your 2nd order
However, the early ST move and the sideways market killed my order -3p
hope tomorrow will be better

Hi. Was your initial SL that tight? If so - it will get washed away far too often just by the breathing of the market. Unless you simply tightened it when the market fell below 1.6000? In such case it seemed like a better option to move to BE+1. Just my 2 cents.

Best,
J.

order 1 is on when m15 has not ended , -4
order 2 is entered when m15 closes confirmation , +30

Well done. I took this one as well but for less profit. How did you managed it? Did you set a fixed target or closed manually? Were you trailing your stop?

hi jdkt
I have a fixed take profit.
My stop is only BE +1 if I take 1/2 profit
If I keep the same lot, I will wait for the price to run and move the ST to be smaller but not BE +1 with the view: little loss or big gain

Thanks. My trade on AU from now, 35/50 touch (with increasingly longer bars to get there), SL14, moved the full position to BE+1 after +10 only to see my TP16 @RN got hit a while after. I removed the pivot points from my charts for now as well as HTF MAs, I will try to trade pure 15min chart without even looking at HTF. Risky at times but I tend to overthink my entries and nor PP nor HTFs help in that. A good signal should usually return at least 10pips regardles of HTFs and that's when I move to BE+1 anyway. Instead of pitovs I will look closer at some of the previous S/R levels. If given pivot was strong enough then it would have become S/R and I might catch it that way regardless. If pivot did not hold up previously, in many cases it will only clutter my chart.

Best,
J.

hi JDKT
1, I also removed the pivot from the chart for a while, without the pivot I feel better, less FOMO
I also define the important SR levels:
- where the return price is combined with 35/50m15 or 10h1
- big.SR is the point for TP to expect or avoid entering in that area
However, to avoid complicating matters, I only plotted the important SR levels
2, if TF. m15 against TF.H1/H4 I think it's a risk
- I only look for trades if TF.m15 is trending with TFH1 or TFH4 or both
- that may cause me to miss some opportunities, but that's okay, trading less week + pip is better than trading much - pip
3, in general, I try to keep things simple because trading is only 2 cents

In general I agree with what you have written and it's mostly in line with the Dance rules but not trading a proper signal on M15 just because the trend is different on HTF will lead to missing out many good opportunities, imho far exceeding the trades that will go against you just because of that. The thing I am concerned about mostly are proper touch trades on HTFs in the other direction. They can sometimes literally touch and run away. But overall not having my main chart cluttered with all that stuff and in my case not overanalyzing the entries sounds like a good trade off (time will tell) but I'm not sure I would do it without moving all my positions to BE+1 after 10 pips (even after proper HTF signal in the opposite direction, most of times the market will move your way at least by that amount).

Best,
J.

Got burned on AU after trading that double bottom at the confluence of RN (the price was previously rejected by it from the top) and 10MA. Obviously, those failed trades look very often worse when they blow up compared to when they happen or to a scenario when it would have worked out well after all (MA steepness). Small SL though of 9. Pitty that this pinbar later on happened below 35/50 and not at it. It would have been an absolute no-brainer re-entry. There were a few trades like that in the original Dance thread but they are technically against the rules, i.e. taking a long below 35/50.

GU was a bit more complex. I would get burned with an SL 16 I have initially used. But I liked the action against 35/50 with that pinbar (a bit flat but nearly on top of eachother to compensate for that) enough to increase the SL by a few pips to a level I would normally have if I entered at that pin bar. So technically it's fair enough to say it's a looser and a winner in one for a total of +16 pips.

BR,
J.

GU - 8 pips
Today is NF day, I will end this week here

m15 MA 50 + H1 MA 10, 35