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CHOROS System

  • #2,041
  • Oct 13, 2010 4:23am Oct 13, 2010 4:23am
Hi kostas1,

There are a few pdfs in the first post of the Dance thread for downloading. Is "The M15 Dance Manual.pdf" the most important one? Can it be used to TF other than M15?

cheers,

kk

Quoting kostas1
Survivor,
There is no consolidated info other than Clay's manual. I think that there is no need to get deep in the Dance thread since Clay did a great job with the manual, so 99% of the Dance thread info is there. On the other hand, the CHOROS thread has a lot of scattered info and it was in my intentions to ask somebody to collect it. If you can create something like that, it would be a great contribution. Actually, somebody that is new to the method like you would be the best person to do it (since many things I consider trivial...
  • #2,042
  • Oct 13, 2010 4:47am Oct 13, 2010 4:47am
Hello to everyone in this forum. I recently encountered the Dance system and really like it. Thanks to everyone who has put so much effort into sharing it. Here's an eu trade I took this morning:

http://i52.tinypic.com/e5gqrn.png
  • #2,043
  • Oct 13, 2010 4:51am Oct 13, 2010 4:51am
I wasn't sure about it and I missed the RN+H1 ema50 confluence...

I worked for 20 pips now.

No problem...waiting for the next.

Regards.
"Being picky only cost your time - not MONEY"...Hans
  • #2,044
  • Oct 13, 2010 4:58am Oct 13, 2010 4:58am
Quoting kk007
Hi kostas1,

There are a few pdfs in the first post of the Dance thread for downloading. Is "The M15 Dance Manual.pdf" the most important one? Can it be used to TF other than M15?

cheers,

kk
Best to use the updated manual from Clay (look in my first post of the CHOROS thread).
Actually, higher TFs give stronger reaction and more pips but less opportunities per day. I also take only touches there, otherwise you need to use bigger SL and I don't like that.
  • #2,045
  • Oct 13, 2010 4:59am Oct 13, 2010 4:59am
So it seems that the key level of this morning (London Time) was the 1,5850.

Worked out again for +21 pips, with the confluence again of the 50 on H1, so done for the day.

But more than that I wanted now to point out the reverse level of the previous move up: Exactly the EMA35 of the H4 at the pip !

So we should really keep an eye open on all TF...
Attached Image (click to enlarge)
Click to Enlarge Name: 3.png Size: 110 KB
  • #2,046
  • Oct 13, 2010 5:06am Oct 13, 2010 5:06am
I can see that we have the honors of Endroute visiting today (one of the masters of this game). Nice to see you man! Wish you visited here more, since we'd love to hear your advice....
  • #2,047
  • Oct 13, 2010 5:07am Oct 13, 2010 5:07am
Quoting kostas1
Best to use the updated manual from Clay (look in my first post of the CHOROS thread).
Actually, higher TFs give stronger reaction and more pips but less opportunities per day. I also take only touches there, otherwise you need to use bigger SL and I don't like that.
kostas1,
Thanks for your info. Downloaded the updated manual.
cheers,
kk
  • #2,048
  • Oct 13, 2010 5:25am Oct 13, 2010 5:25am
would you take the 35-50 touch on m15 if it happen??
"Being picky only cost your time - not MONEY"...Hans
  • #2,049
  • Oct 13, 2010 5:31am Oct 13, 2010 5:31am
Quoting nando_rich
would you take the 35-50 touch on m15 if it happen??
Although I am done for today, this is very tempting. Confluence of H1 10, H4 10, M15 35/50. I would wait for a good M5 bar in this case, it is not a touch trade.
  • #2,050
  • Oct 13, 2010 5:53am Oct 13, 2010 5:53am
Quoting Whenever
So it seems that the key level of this morning (London Time) was the 1,5850.

But more than that I wanted now to point out the reverse level of the previous move up: Exactly the EMA35 of the H4 at the pip !

So we should really keep an eye open on all TF...
Quoting kostas1
Best to use the updated manual from Clay (look in my first post of the CHOROS thread).
Actually, higher TFs give stronger reaction and more pips but less opportunities per day. I also take only touches there, otherwise you need to use bigger SL and I don't like that.
Hi all. I've been lurking here for a couple of weeks now, watching and learning. Thx Kostas, Birdland, Whenever, Nando_Rich and co for keeping posting in recent times. Because of Kostas I have been much more alert to higher TF touch trades.

It's just a simple thing, I've been putting at the position of the H4 and D1 10,35,50 MAs as horizontal lines on all my lower TF charts before I start trading. I find it very helpful in identifying potential entries/reversal/exit points and refining entries esp at M5 and M1. It seems to make me more alert to the confluences with them at entry time. Look at the M15 below and you can see what I mean and how PA reacted today.

Really like this thread...
Attached Image (click to enlarge)
Click to Enlarge Name: higher tf lines.gif Size: 11 KB
  • #2,051
  • Oct 13, 2010 6:16am Oct 13, 2010 6:16am
I was reading through the thread and seeing the success people are having with this method, but also see that a lot of people have a hard time with the touch trades and issues with confidence as you move up to bigger lots. I would suggest to everyone that you drop your risk per trade down to 1% or less. For me I trade with .5% risk on each trade right now, I am not suggesting that is doable for everyone I know what it is like to trade a small account, but I also know that over leveraging yourself is the surest path to failure.

With no intent whatsoever to hijack this great thread and all the hard work that has gone into it I wanted to share my trading approach over the past several months I have made a number of changes to my own trading to simplify things for me, as this may help some of the people that are struggling with the touch trades. I now trade the 5min charts exclusively and use the 5/10/50 emas, the 18 sma and the 30 minute 18 sma (the 35sma on the 15 min chart my favorite ma). Essentially what I do is trade single bar bounces off of the 5/10 emas in a strong trend (the mas are parallel they happen all the time on the 5min charts), if it takes more than 1 bar to get back to the either the 5 or 10 and retrace, I wait for a bounce off of the one of the other mas, and will only trade touches off of the 30 min 18sma the rest of them I wait for the candle close. Once a trade gets to +10 i set it to BE and wait, if it starts to retrace back hard I will close it for a small profit but most of the time they end up running for 15-30 pips, at which point I will move my stop up higher and see what happens. Using this approach I keep my risk very well contained with stops around 10 pips or less, the trade is either going to run or it is not. For me keeping the risk small on each trade has allowed me to add lots and trade almost on autopilot with this approach.
  • #2,052
  • Oct 13, 2010 6:51am Oct 13, 2010 6:51am
Here's another trade I took a few minutes ago. Didn't work out too well, but live and learn. The funny thing is I had been waiting for price to hit the 50 but changed my mind when it stalled at the 35.

http://i54.tinypic.com/2jfwzk6.png
  • #2,053
  • Oct 13, 2010 6:58am Oct 13, 2010 6:58am
Quoting endroute
I was reading through the thread and seeing the success people are having with this method, but also see that a lot of people have a hard time with the touch trades and issues with confidence as you move up to bigger lots....
i am in term of MM and RM with you.
i started this method out with a small account and risking 1% per trade, when the stop was 10pips.
the account was dropping fast, more than 60% or so in a few month.

then i reduced to 0.5% risk per trade (1.5% per day)-and thats for me far enough.
when making on average 20pips/day, this means compounded 1000% a year...so for me the risk is comfortable to bring the small account to a large one AND also the reward is enough
trading is like dancing, don't think and just listen to the music!
  • #2,054
  • Oct 13, 2010 7:41am Oct 13, 2010 7:41am
M15 = RN 5850 (my hero today) + MA35 + MA10
H1 = MA50
M5 = MA35 + 50

Closed at the M15 - MA50 as level of respect in the past few bars.

I could also "imagine" that M15 SMA200 to attract the price to itself a bit upper, so out with my +8.


Thank you Mr. Endroute for your introduced System, I'll of course check it with interest.
Attached Image (click to enlarge)
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  • #2,055
  • Oct 13, 2010 8:12am Oct 13, 2010 8:12am
Quoting Whenever
M15 = RN 5850 (my hero today) + MA35 + MA10
H1 = MA50
M5 = MA35 + 50

Closed at the M15 - MA50 as level of respect in the past few bars.

I could also "imagine" that M15 SMA200 to attract the price to itself a bit upper, so out with my +8.


Thank you Mr. Endroute for your introduced System, I'll of course check it with interest.
i have thought of you when the market touched the 5850, because this was before a support and after it was a perfect resistance.
good trade!
trading is like dancing, don't think and just listen to the music!
  • #2,056
  • Oct 13, 2010 10:54am Oct 13, 2010 10:54am
Quoting endroute
I was reading through the thread and seeing the success people are having with this method, but also see that a lot of people have a hard time with the touch trades and issues with confidence as you move up to bigger lots....
Can you show us any pic please?

Thanks.
"Being picky only cost your time - not MONEY"...Hans
  • #2,057
  • Oct 13, 2010 1:17pm Oct 13, 2010 1:17pm
Hey Kostas, Im a newbie in the forex business, and recently came across the Dance, got rly interested in it and Im in the process of going thru the manual and spending some time on the charts to understand it better.

Hope u don't mind to answer a few question whenever they come.

best regards
  • #2,058
  • Oct 13, 2010 2:46pm Oct 13, 2010 2:46pm
Quoting endroute
I was reading through the thread and seeing the success people are having with this method, but also see that a lot of people have a hard time with the touch trades and issues with confidence as you move up to bigger lots....
Thanks for the fresh ideas Endroute. Your tight SLs are something that I admired about your trades and trying to follow. A couple of questions if you have time to respond:
1. Do you use the M15 or other TF to define direction? For example, if price above M15 35 then are all your M5 trades long? Or is the parallel M5 5/10 MAs your only filter for a strong trend?
2. When you say bounces, do you wait for an M5 reversal bar on the MA or do you take the trade right on the MA (e.g. assuming long direction, you wait for one bar reversal on the MA and as soon as the bar doesn't penetrate the MA you take long on the open of the next M5?)

The M30 SMA18 is interesting but at this stage my monitor doesn't allow for more than three TFs.
Thanks again for the contribution in the thread. Please feel free to criticize/comment/advise here.

Kostas
  • #2,059
  • Oct 13, 2010 6:16pm Oct 13, 2010 6:16pm
Quoting kostas1
Thanks for the fresh ideas Endroute. Your tight SLs are something that I admired about your trades and trying to follow. A couple of questions if you have time to respond:
1. Do you use the M15 or other TF to define direction? For example, if price above M15 35 then are all your M5 trades...
I have always been a little more careful about the touch trades and have always favored the 5/10 bounces, why take risks you don't have to right. What I always had problems with was that it seemed like a lot of the time the bounces off of the 5/10 would not go my way so one weekend I pulled out all my trade data and looked at the failed trades vs successful 5/10 bounces in a trend and found that better than 70% of the 2 or more bar retraces were going to fail but 85% of the single bar retraces resulted in successful trades (for the purposes of this exorcise this meant price continued in the direction of the prevailing trend and my initial sl of 10 pips + spread would not have been hit).

I use the 5min chart exclusively and pretty much define the trend by the direction of the 30 min 18sma, I use a mtf ma indi to diplay this on a 5min chart, this is the same as the 35 sma on the 15min chart. To be honest I don't play the if it is below x line only go short ect, though I do respect the 30 min 18sma as a strong resistance point, and love bounces off of it and if price is far enough away from it and retraces to it in a candle it is a great touch trade. My main entries are all bounces off the 5/10 in a strong trend (MAs parallel), on the 5min chart. I only do touch trades off the 30 min 18 sma (35 sma on the 15) if price is a ways away from it and it occurs in a single bar, otherwise I wait for PA to show a bounce or a good pin off the MA and will take that trade with the prevailing trend.

I have attached a chart I threw together, there are other entries on the chart that are good but not identified on it, thumbs up means a good trade and thumbs down is bad. I included some comments on the chart and all these trades would be take as soon as the bar that bounces closes.
Attached Image (click to enlarge)
Click to Enlarge Name: ej.jpg Size: 137 KB
  • #2,060
  • Oct 14, 2010 1:29am Oct 14, 2010 1:29am
Woke up this morning and a clear trend was in front of me. Should be straight-forward Dance day. Eyes on the M15 35/50 specially if confluenced (Daily R1 and 1.5950 are suspects for confluence). Also check H1 10.
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