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CHOROS System

  • #2,061
  • Oct 14, 2010 2:46am Oct 14, 2010 2:46am
Well I decided to put Endroute's advice to the test since there was a strong trend this morning. I got and easy +12p from the M5 EMA5 bounce. Using a small SL (9p in this case) it is a useful method for bigger lots. So as my account grows I will consider this more and more. Thanks Endroute

P.S. For the new guys: Do NOT use this as you are learning the Dance. Learn the basic Dance trades first, focus on one currency and become an expert on bounces and touches on the M15 scale. When you start feeling like you know what you are doing you could incorporate some of these more scalping techniques.
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  • #2,062
  • Oct 14, 2010 4:13am Oct 14, 2010 4:13am
Got in a little earlier than I should (due to the strong trend I was afraid I might miss the train, not good for my trading I need to work on this...)
Anyway, I was able to get almost +15p from the M15 10 bounce, but if I were more patient I could have gotten 20 or more).

EDIT: As I said earlier on strong trends I tend to relax the two-bar rule.
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  • #2,063
  • Oct 14, 2010 4:30am Oct 14, 2010 4:30am
Quoting kostas1
Got in a little earlier than I should (due to the strong trend I was afraid I might miss the train, not good for my trading I need to work on this...)
Anyway, I was able to get almost +15p from the M15 10 bounce, but if I were more patient I could have gotten 20 or more).

EDIT: As I said earlier on strong trends I tend to relax the two-bar rule.
me too, this strongness is obvious on M15, H1, H4 and daily. there we have taken out the [email protected].
it "can be" a trend day through the whole london and US-hours.
trading is like dancing, don't think and just listen to the music!
  • #2,064
  • Oct 14, 2010 4:35am Oct 14, 2010 4:35am
Hi,

Wonder who may answer this: I know people concentrate on GBP/USD here, but what is the consequence if the method is to applied to other pairs.

cheers,
kk
  • #2,065
  • Oct 14, 2010 4:38am Oct 14, 2010 4:38am
Quoting kk007
Hi,

Wonder who may answer this: I know people concentrate on GBP/USD here, but what is the consequence if the method is to applied to other pairs.

cheers,
kk
It seems the method works great for GU, EJ (I don't have personal experience), EU with this order of significance.

The reason I haven't played EJ is that I am not familiar with its moves which seem more erratic to me. So my alternative pair is EU and when I see strong signals there and there is nothing on GU I will try some trades. Also countertrend trades seem to behave better on EU.
  • #2,066
  • Oct 14, 2010 4:40am Oct 14, 2010 4:40am
Thanks kostas1,

It seems to me it takes experience rather than reasons to know what works and what doesn't.

cheers,

kk007

Quoting kostas1
It seems the method works great for GU, EJ (I don't have personal experience), EU with this order of significance.

The reason I haven't played EJ is that I am not familiar with its moves which seem more erratic to me. So my alternative pair is EU and when I see strong signals there and there is nothing on GU I will try some trades. Also countertrend trades seem to behave better on EU.
  • #2,067
  • Oct 14, 2010 5:04am Oct 14, 2010 5:04am
Quoting kk007
Hi,

Wonder who may answer this: I know people concentrate on GBP/USD here, but what is the consequence if the method is to applied to other pairs.

cheers,
kk

Good morning kk007.

I've been practicing this system for the last week on eu because that's the pair I trade most of the time and I'm familiar with it. I expect it'll take quite some time yet before I get a thorough feel for how the MA's behave on this pair. This morning I'm waiting for the m15 50ema touch to see what happens, especially when the 35 and the 50 are spread apart as in the chart below. I did take a small trade already at the 35, but closed early for 6 pips when the price didn't bounce much at the start.

http://i54.tinypic.com/2eo9yl0.png
  • #2,068
  • Oct 14, 2010 5:13am Oct 14, 2010 5:13am
I missed it! I was waiting for the touch but it got away! I hate that.
  • #2,069
  • Oct 14, 2010 5:44am Oct 14, 2010 5:44am
+19 on this
confluence of M15 35 with RN and H1 10.

Just notice Endroute new stuff - is that 'Choros2'
Attached Image (click to enlarge)
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All that matters is winning the week
  • #2,070
  • Oct 14, 2010 5:54am Oct 14, 2010 5:54am
Quoting Greenhill
I missed it! I was waiting for the touch but it got away! I hate that.
wellcome to trading!
this happens to me every day!
trading is like dancing, don't think and just listen to the music!
  • #2,071
  • Oct 14, 2010 5:56am Oct 14, 2010 5:56am
Quoting lindsayf
+19 on this
confluence of M15 35 with RN and H1 10.

Just notice Endroute new stuff - is that 'Choros2'
what broker do you have for the datafeed?
on your chart the low was 1.6003
on my chart the low was 1.6008, even the sma35 was not touched
trading is like dancing, don't think and just listen to the music!
  • #2,072
  • Oct 14, 2010 6:08am Oct 14, 2010 6:08am
Hey Birdland
its a currency futures broker and feed - and yes it is usually about 6 pips different to my MT4 charts so looks a bit different.
All that matters is winning the week
  • #2,073
  • Oct 14, 2010 6:09am Oct 14, 2010 6:09am
Quoting lindsayf
Just notice Endroute new stuff - is that 'Choros2'



P.S. Endroute is kind enough to help us with some of his new techniques but as I said before, learn the basics first and worry about new things when you are more experienced on this.

P.S.2 Watch for H1 touch with RN and R2 pivot confluence (it may also hit M15 50)
  • #2,074
  • Oct 14, 2010 6:27am Oct 14, 2010 6:27am
Thanks Greenhill.

Quoting Greenhill
Good morning kk007.

I've been practicing this system for the last week on eu because that's the pair I trade most of the time and I'm familiar with it. I expect it'll take quite some time yet before I get a thorough feel for how the MA's behave on this pair. This morning I'm waiting for the m15 50ema touch to see what happens, especially when the 35 and the 50 are spread apart as in the chart below. I did take a small trade already at the 35, but closed early for 6 pips when the price didn't bounce much at the start.

http://i54.tinypic.com/2eo9yl0.png...
  • #2,075
  • Edited 7:05am Oct 14, 2010 6:31am | Edited 7:05am
[Thanks Greenhill.[/quote]

I'll let you know how it's going a few months from now. Hurray, I'm a member now!
  • #2,076
  • Oct 14, 2010 7:25am Oct 14, 2010 7:25am
Does anyone know if there is a streaming usd/eur chart available somewhere (preferably free)? It would be fascinating to put the moving averages on it and use it to trade the Dance both ways.
  • #2,077
  • Oct 14, 2010 10:16am Oct 14, 2010 10:16am
just an idea or better observation:
look how the GU is respecting also the twenties: 0, 20, 40, 60 and 80.
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trading is like dancing, don't think and just listen to the music!
  • #2,078
  • Oct 14, 2010 12:05pm Oct 14, 2010 12:05pm
Quoting birdland
just an idea or better observation:
look how the GU is respecting also the twenties: 0, 20, 40, 60 and 80.
I don't remember where exactly, but I have read a study that any MA that you draw will be respected sooner or later. It's just a mathematical regression of the price to the mean.
The reason we use the specific ones in the Dance is that these are observed by the biggest amount of traders. Therefore, when the price approaches them there is a higher probability of a reaction there. This is why confluence works better since even more traders pay attention (for example, many traders trade only H1 and many traders trade only M15. When price approaches H1 10 the first group gets ready to react, when price approaches M15 35 the second group gets ready, but when H1 10 and M15 35 are confluenced both groups will react). Don't get confused, stick with the original MAs and hone you technique with them before you try anything else.
  • #2,079
  • Oct 14, 2010 12:09pm Oct 14, 2010 12:09pm
You misunderstood. He refered twenty to: 1.5940, 1.5960, 1.5980, etc.

Quoting kostas1
I don't remember where exactly, but I have read a study that any MA that you draw will be respected sooner or later. It's just a mathematical regression of the price to the mean.
The reason we use the specific ones in the Dance is that these are observed by the biggest amount of traders. Therefore, when the price approaches them there is a higher probability of a reaction there. So don't get confused, stick with them and hone you technique before you try anything else.
  • #2,080
  • Oct 14, 2010 12:15pm Oct 14, 2010 12:15pm
Quoting kk007
You misunderstood. He refered twenty to: 1.5940, 1.5960, 1.5980, etc.
OOPS! You are correct. Well my post is still valid for the MAs.

The RNs are of higher importance for the same reason that more traders pay attention to them but it is well documented that there is some reaction to the 20s.
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