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CHOROS System

  • #841
  • Jun 25, 2010 4:58am Jun 25, 2010 4:58am
Quoting sopel
just entered, already closed +22... that was fast.
Took the same trade.
  • #842
  • Jun 25, 2010 6:53am Jun 25, 2010 6:53am
Took a quick trade off the Aus/Usd earlier today,opened the trade, set up the visual order editor and went off to play golf , came home to find a +15 profit. I love that sort of trade. As it happens I probably would have done ok if I'd set a trailing stop.
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  • #843
  • Jun 25, 2010 8:30am Jun 25, 2010 8:30am
Guys could u give a brief explanation on rational of that trade?
Thnx and have a great weekend.


Quoting sopel
just entered, already closed +22... that was fast.
Our AWESOME IMAGINATION is the true holy grail!
  • #844
  • Jun 25, 2010 8:48am Jun 25, 2010 8:48am
Took 2 losing trades yesterday trying to "catch the trend" off the GU (-15 pips each). It seemed like even though prices were trending strongly at times, every time I tried to simply jump in, prices reversed at that exact moment and I'd get stopped out. I don't know why but every time I see a strong trend, I feel like I'm missing out on massive profits and just can't wait to dive in head first. I usually get creamed.

So yesterday, I proved the maxim that says even though prices have been moving in a certain direction for the past 100 or more bars, it doesn't mean that the next bar will necessarily move in that same direction. Duh...

I also proved that simply trying to jump in on a trend usually doesn't work. You must wait for a good entry point according to Dance rules (unless you're willing to accept a huge SL).

Therefore for my own benefit, as well as for those others that lose control when they see a strong trend and can't wait to jump in because we all feel like we're "missing out":

All trades must have a valid entry point according to the rules.
All trades must have a valid entry point according to the rules.
All trades must have a valid entry point according to the rules.
All trades must have a valid entry point according to the rules.
All trades must have a valid entry point according to the rules.
All trades must have a valid entry point according to the rules.
All trades must have a valid entry point according to the rules.
All trades must have a valid entry point according to the rules.
...
...
Hiram
  • #845
  • Jun 25, 2010 12:55pm Jun 25, 2010 12:55pm
I had a bad days trading today, started off well picking up about 20pips and finally got back over my starting equity.

But! I then made a stupid trade on E/J and entered a trade without waiting for the touch, just by using M5 PA, anyway it resulted in a 20 pip loss!

Funnily enough, so far I have only had losses like this when breaking the rules...I think I should have engraved on my forehead "STICK TO THE RULES!!!" lol

I hope everyone else's trading went better than mine today!
  • #846
  • Jun 25, 2010 1:07pm Jun 25, 2010 1:07pm
Quoting hiramp

All trades must have a valid entry point according to the rules.
All trades must have a valid entry point according to the rules.
...
Hiram
Hiram and Ed,
Admitting that shows discipline. Keep up the effort.

Kostas
  • #847
  • Jun 25, 2010 3:54pm Jun 25, 2010 3:54pm
Hi Kostas,

Do you have a statistic of this method for a middle term say 3 months and for around 300 trades?
I am excited to know if this method has an output result that would work in middle term and long term? If a method has output of 55% in long term it is consistent and it works well, has this method been tested for long duration?

Thanks,
Reza
  • #848
  • Jun 26, 2010 1:42am Jun 26, 2010 1:42am
Quoting trade4pip
Hi Kostas,

Do you have a statistic of this method for a middle term say 3 months and for around 300 trades?
I am excited to know if this method has an output result that would work in middle term and long term? If a method has output of 55% in long term it is consistent and it works well, has this method been tested for long duration?

Thanks,
Reza
Reza,
All I have is my live results. I am dancing from March 10 with an overall 65% winning ratio (70% for for June). This is around 76 trading days (only a few days were loosing days). In private communications, Clay suggests that I could improve above 80% with more experience. Anyhow even with these results the account grows steadily at least 3% daily.
As far as long term, we will find out. If I manage to reach around 30,000 E (in another 90 trading days or so) then I can trade 30-40 pips with 4-5 lots. As I said before, at that stage I will probably stay for a while which means that I will be earning 1000E daily and the account will be growing less and less than 3% daily.

Kostas
  • #849
  • Jun 26, 2010 12:12pm Jun 26, 2010 12:12pm
Quoting kostas1
Reza,
All I have is my live results. I am dancing from March 10 with an overall 65% winning ratio (70% for for June). This is around 76 trading days (only a few days were loosing days). In private communications, Clay suggests that I could improve above 80% with more experience. Anyhow even with these results the account grows steadily at least 3% daily.
As far as long term, we will find out. If I manage to reach around 30,000 E (in another 90 trading days or so) then I can trade 30-40 pips with 4-5 lots. As I said before, at that stage I will...
Thanks Kostas,
Can you let me know how many trades you made?
And I understand you use M15 only and you use the other time frames for fine tuning your entry right?

Also I found that the greatness of money management is that it can protect you when you face a loosing market(by decreasing lot size) and can push you when you are on winning market(by adding to your lot size). I thought you may better to decrease you risk to 2% if you want instead of using a constant lot size. But definitely you are more experienced that was just my thought

Reza
  • #850
  • Jun 26, 2010 2:37pm Jun 26, 2010 2:37pm
Quoting trade4pip
Thanks Kostas,
Can you let me know how many trades you made?
And I understand you use M15 only and you use the other time frames for fine tuning your entry right?

Also I found...
A little over 400 trades.
  • #851
  • Jun 27, 2010 11:18am Jun 27, 2010 11:18am
Quoting kostas1
A little over 400 trades.
Good job! You have made it.
  • #852
  • Jun 28, 2010 9:45pm Jun 28, 2010 9:45pm
Hi guys. Just some quick questions?

Does this system work on longer time frames? I assume it does, but has anyone traded it successfully on 4HR and DAILY TFs?

I’d like to try it out on a long term basis as I work during the day. I get home about London open time as I’m in Australia.
  • #853
  • Jun 29, 2010 12:12am Jun 29, 2010 12:12am
Quoting Macdon
Hi guys. Just some quick questions?

Does this system work on longer time frames? I assume it does, but has anyone traded it successfully on 4HR and DAILY TFs?

I’d like to try it out on a long term basis as I work during the day. I get home about London open time as I’m in Australia.

Macdon,
It absolutely works. Actually, the longer TFs have bigger significance. Sometimes you will see that according to M15 the price will go down but according to H4 the price will go up. Guess who wins (yep the H4). It's just that with higher TFs you need to be more patient. If you trade like that, let us know how it goes.

Kostas
  • #854
  • Jun 29, 2010 2:44am Jun 29, 2010 2:44am
Macdon What is it that doenst suit your timezone? I am on the east coast of Australia - Frankfurt opens 5pm and London 6pm local time. That is a great time to open the charts and watch for setups.
All that matters is winning the week
  • #855
  • Jun 29, 2010 4:14am Jun 29, 2010 4:14am
Hi everyone,

This is my first post but I have been following this method for a couple of weeks now. I have a question regarding a situation that came up this morning.

The long green candle which I have indicated set-up for what looked like a solid 10ema bounce trade. The angle is very steep and the retracement is only 2 bars. There was also the 50 psychological level. The only issue was there was GBP news out at 9:30am (the candle is the 9:30 candle) which was defined as medium impact news. Personally when trading I have always ignored medium impact news and only taken high impact releases into account. Would this news have stopped this signal from being valid? I have looked through the manual and can't see this specific situation covered, apologies in advance if I have missed it.

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  • #856
  • Jun 29, 2010 4:24am Jun 29, 2010 4:24am
Quoting caj1986
Hi everyone,

This is my first post but I have been following this method for a couple of weeks now. I have a question regarding a situation that came up this morning.

The long green candle which I have indicated set-up for what looked like a solid 10ema bounce trade. The angle is very steep and the retracement is only 2 bars. There was also the 50 psychological level. The only issue was there was GBP news out at 9:30am (the candle is the 9:30 candle) which was defined as medium impact news. Personally when trading I have always ignored medium...
Caj1986,
Welcome to the thread. Good spotting.
I took this trade for 15 pips. It was a perfectly good trade for longer short, but lately I have done a couple of bad long trades so I am back to my original 15 pips TP. It got me where I am now, so if it ain't broken why fix it?

Kostas.

P.S. In this trade the M5 helped me to time it perfectly since it bounced off the M5 35.
  • #857
  • Jun 29, 2010 4:28am Jun 29, 2010 4:28am
Thanks for the swift reply Kostas. I thought it was a good set-up to be honest but chickened out a bit!

I also agree with your TP strategy, I think sometimes people get carried away by hearing the big numbers that others can make but for me, consistency rather than the amount is what's important, so if you can consistently make 15 pips that's great.

I already trade a similar strategy to this one using candlestick patterns primarily and I generally take just 10 pips per trade, but it still adds up to a consistent profit almost everyday.

I am planning on getting more involved in this thread over the coming days so I hope I have something to offer
  • #858
  • Jun 29, 2010 5:15am Jun 29, 2010 5:15am
Quoting lindsayf
Macdon What is it that doenst suit your timezone? I am on the east coast of Australia - Frankfurt opens 5pm and London 6pm local time. That is a great time to open the charts and watch for setups.
Well lindsayf, it’s just that I get home at about 6:30PM and have missed the London open. I only want to know if I can use higher timeframes and it looks as though I can.

May I ask what are your trading hours? I assume you have a day-time job to go to.

I’ve had to recover from a virus attack and am only now putting my trading software back together again, so I haven’t been able to even practice. Frustrating I know.

Thanks,
Macdon.
  • #859
  • Jun 29, 2010 5:17am Jun 29, 2010 5:17am
I've not been able to use the scripts.

I added zero to each SL and TP to accommodate my broker's 5 decimal places.

And A_Buy and A-Sell are not popping up dialog box as A_SetLotSize does (see pic below).

Kindly advise.

Thanks.
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  • #860
  • Jun 29, 2010 5:29am Jun 29, 2010 5:29am
Quoting kostas1
Caj1986,
Welcome to the thread. Good spotting.
I took this trade for 15 pips. It was a perfectly good trade for longer short, but lately I have done a couple of bad long trades so I am back to my original 15 pips TP. It got me where I am now, so if it ain't broken why fix it?

Kostas.

P.S. In this trade the M5 helped me to time it perfectly since it bounced off the M5 35.
Interesting that !
I also took this trade short, but as I have the 1Hour Ma's on the 15m chart I actually entered when the 15 min bar hit the 1 hour 50 MA. It did carry on up and respected the bounce off the 5 min 35Ma which I find strange, since normally the higher timeframe Ma's are stronger, Anyway my stop wasn't taken out, but I was stopped out at B/E. A consequence of being in the trade too early I fear. This time the 1 hour MA didn't help me.
Also I think I need to re-think when I decide to set break even., as this seems to happen too often.
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