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CHOROS System

  • #2,181
  • Oct 20, 2010 3:44am Oct 20, 2010 3:44am
Quoting kostas1
Similar trade where I got 85% for +17p and the rest for -4p. Overall with the two trades I made my daily quota and I will just observe the market. If something very tempting comes along I may play for half my normal lot size.
thats brave, do you often use 20 pips stops?
trading is like dancing, don't think and just listen to the music!
  • #2,182
  • Oct 20, 2010 3:50am Oct 20, 2010 3:50am
Quoting endroute
My main entries are all bounces off the 5/10 in a strong trend (MAs parallel), on the 5min chart....


Can you please explain the 2nd thumbs up and the 2nd thumbs down?
What i dont understand is, what do you mean by a RETRACE?

What i get by a Good 1 bar retrace is that, after 5 red candles, there is 1 blue candle which touches the 5ma and then the price goes down again.

I also dont understand when to enter is it the next candle after the candle that touches the 5ema?

Sorry for these type of questions but im a newbie, and if you can use the simplest language.....
'To get something you never had, you have to do something you never did.'
  • #2,183
  • Oct 20, 2010 3:55am Oct 20, 2010 3:55am
Quoting birdland
thats brave, do you often use 20 pips stops?
Only when I think that the target is worth it and the price looks "noisy" (see how M15 bars go green/red/green in that area?). My target was 1.5750 that seemed to want to reach.
  • #2,184
  • Oct 20, 2010 4:07am Oct 20, 2010 4:07am
Quoting crazzzzzy
Can you please explain the 2nd thumbs up and the 2nd thumbs down?
What i dont understand is, what do you mean by a RETRACE?

What i get by a Good 1 bar retrace is that, after 5 red candles, there is 1 blue candle which touches the 5ma and then the price goes down again.

I also dont understand when to enter is it the next candle after the candle that touches the 5ema?

Sorry for these type of questions but im a newbie, and if you can use the simplest language.....
He may not be able to answer as he is an infrequent visitor to the thread.

A retrace is part of the ebb and flow of anything traded. Buyers and sellers are involved in every move. Every direction price is going, there are either buyers making money and sellers losing money or the exact reverse. So, say it's a bull market (long), there will be points where it will move bearish (short) for a small time. It's primarily because some of the people making money take their profits and close part or all of their position. This temporarily alows the bears to win out and push the market a little lower. But, if it's a bull market, the bulls will soon enough take over again to push it back up. This will carry on until there is a reversal point where finally either more sellers have come in at a certain point or enough buyers have taken their money allowing sellers to take over.

These retraces are ideal points to get into the right direction of the current trend, expecting price to go back from where it came.

You said it is "5 bars". This isn't true. It's as many bars as it takes, could be 2, could be 20 but at some point, there will be a retrace.

Regarding how to enter, you are looking for a reaction. As price approaches the mas, look for it to start to loose momentum, stall a little bit. Sometimes it will bounce back, only for it to try again and break right through the ma. You are playing the odds here so anything can and will happen. But, you enter at the touch or around the area that it touched one of the mas, so you will be trading on a bearish coloured candle in a bullish market and visa-versa (this may feel odd at first).

My advice is to stick with kosta and not Endroute. Kostas advice is ideal for those starting out and using M15 as your main TF is more reliable and easy to understand than M5.

Study hard, read, read, read. It's not something that will stick overnight.
  • #2,185
  • Oct 20, 2010 4:07am Oct 20, 2010 4:07am
Quoting kostas1
Only when I think that the target is worth it and the price looks "noisy" (see how M15 bars go green/red/green in that area?). My target was 1.5750 that seemed to want to reach.
yes i see, that makes sense, thx!
trading is like dancing, don't think and just listen to the music!
  • #2,186
  • Oct 20, 2010 4:22am Oct 20, 2010 4:22am
Quoting kostas1
Similar trade where I got 85% for +17p and the rest for -4p. Overall with the two trades I made my daily quota and I will just observe the market. If something very tempting comes along I may play for half my normal lot size.

I can't understand your critery in that entry...

Regards.
"Being picky only cost your time - not MONEY"...Hans
  • #2,187
  • Oct 20, 2010 4:26am Oct 20, 2010 4:26am
Quoting nando_rich
I can't understand your critery in that entry...

Regards.
Same as before. Bounce from M15 35/50 and H1 10. In this case, I waited for the M5 to look bullish before entering. I could have entered on the M15 50 touch if I was brave enough....
  • #2,188
  • Oct 20, 2010 5:01am Oct 20, 2010 5:01am
So many people watching the thread and no trades? Kostas managed his target even today but wht about others? No trades for me today watching GU. But looks like 10EMA H1 is holding way. To me looks like its not going down in hurry without testing resistances higher. Not a constrainment trade in H1 there coz, its 10EMA holding towards higher MAs. But typical reversal trade if someone likes to trade them.

Hope am not posting too much. Will reduce. But would be big help if people share their trades- both good ones and bad one.
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Making money is easy- Just dont take losing trades
  • #2,189
  • Oct 20, 2010 5:02am Oct 20, 2010 5:02am
Good day all...it's been a while since I've posted here, but always reading!

For some of the newer people in here this might help. I know it helped me a lot to "see" price dancing.

When I'm watching the charts and price action...I constantly ask myself "what is the price doing?" It sounds silly, but if you dissect and really think out loud what the price is actually doing it really helps. Is price constraining on a certain MA, is price trying to reverse from a clear down or uptrend, is there a lot of fighting between longs and shorts and price is porcupining, etc.

It's a simple question to yourself..."what is the price doing" ... let the price show you it's hand. Then check your MA's to make sure they're steep and the 35/50 are preferably on top of each other. Then wait for the price to attempt to "touch" or play the constrainment.

Hopefully that makes sense or will help some people.
  • #2,190
  • Oct 20, 2010 5:22am Oct 20, 2010 5:22am
Quoting Survivor
So many people watching the thread and no trades? Kostas managed his target even today but wht about others? No trades for me today watching GU. But looks like 10EMA H1 is holding way. To me looks like its not going down in hurry without testing resistances higher. Not a constrainment trade in H1 there coz, its 10EMA holding towards higher MAs. But typical reversal trade if someone likes to trade them.

Hope am not posting too much. Will reduce. But would be big help if people share their trades- both good ones and bad one.
the GU right now looks like a porcupine, with almost 40pips violent moves at times, still better chances than playing the lottery but its pure gamble (i think).

all i did was a bit of scalping today to hit my daily target.
the EU was ok to follow as long as it hug the 10, but now it reaches in a place where it will meet with the falling 35 and 50 in H1, i guess i'll stay out and wait for now till there is a clear signal i can trail.
  • #2,191
  • Oct 20, 2010 5:52am Oct 20, 2010 5:52am
Quoting asos101
the GU right now looks like a porcupine, with almost 40pips violent moves at times, still better chances than playing the lottery but its pure gamble (i think).

all i did was a bit of scalping today to hit my daily target.
the EU was ok to follow as long as it hug the 10, but now it reaches in a place where it will meet with the falling 35 and 50 in H1, i guess i'll stay out and wait for now till there is a clear signal i can trail.
Asos,
This is a good short call right there. Just wait for a rejection M15 bar because it is a great confluence (bounce from H1 35/50, H4 10, RN).
  • #2,192
  • Oct 20, 2010 5:56am Oct 20, 2010 5:56am
EU is not nearly as porcupinish as gu, but price has been moving slowly and I've only made one good trade today; there were other opportunities but I don't seem to have confidence at the moment. Down 6 pips on the day.
  • #2,193
  • Oct 20, 2010 6:00am Oct 20, 2010 6:00am
Quoting kostas1
Asos,
This is a good short call right there. Just wait for a rejection M15 bar because it is a great confluence (bounce from H1 35/50, H4 10, RN).
What do you mean by rejection bar? Is it a bar which attempts to go above the RN but ends up with an upper tail, or could it be an inside bar?
  • #2,194
  • Oct 20, 2010 6:01am Oct 20, 2010 6:01am
Quoting Greenhill
What do you mean by rejection bar? Is it a bar which attempts to go above the RN but ends up with an upper tail, or could it be an inside bar?
Pinbar is a good example. Or a red bar that engulfs the previous green.
  • #2,195
  • Oct 20, 2010 6:12am Oct 20, 2010 6:12am
Quoting kostas1
Asos,
This is a good short call right there. Just wait for a rejection M15 bar because it is a great confluence (bounce from H1 35/50, H4 10, RN).
for sure m8, thanks a lot for the tip.
though i will be out in an hour so i dont have the time to trail it. anyway, target is reached for today and thats the most important thing for me right now.
the way i see it, it could reverse now.. even maybe try to re-test the 1.3700, but who knowz
  • #2,196
  • Oct 20, 2010 6:36am Oct 20, 2010 6:36am
Hello people,

I've been silently reading and practicing, so this is my first post. I've still got a long way to go before I'll be ready to trade this live, but demo and simulator really do help in learning and growing confidence in the strategy.

Regarding E/U right now, I just took the bounce off of the H1 50ema for 15 pips short, then bought the M15 10ema for another 20 pips long. While they both were positive trades, I feel that I took too much risk trading in the soup and will be looking for clearer "air" for the next trades.

Bill
  • #2,197
  • Oct 20, 2010 7:29am Oct 20, 2010 7:29am
Quoting Survivor
So many people watching the thread and no trades? Kostas managed his target even today but wht about others? No trades for me today watching GU. But looks like 10EMA H1 is holding way. To me looks like its not going down in hurry without testing resistances higher. Not a constrainment trade in H1 there coz, its 10EMA holding towards higher MAs. But typical reversal trade if someone likes to trade them.

Hope am not posting too much. Will reduce. But would be big help if people share their trades- both good ones and bad one.
i did three trades, one was a loss and so far the day +38pips.
i will continue when i see a chance to dance
trading is like dancing, don't think and just listen to the music!
  • #2,198
  • Oct 20, 2010 8:22am Oct 20, 2010 8:22am
short eu at the confluence of D10, 4h 10, 1h 35/50. Hope it works out.

http://i52.tinypic.com/zn66w.png
  • #2,199
  • Edited 8:46am Oct 20, 2010 8:26am | Edited 8:46am
Quoting Greenhill
short eu at the confluence of D10, 4h 10, 1h 35/50. Hope it works out.

http://i52.tinypic.com/zn66w.png
Me too watching it closely. Looking for short entry now in m5. Hope it doesnt crash without me on board

Edit: Sold after 15M clozssed below 10EMA for 3 candles. Entred at 10EMA. SL 51 above round number. Pray it works. Have been waiting whole day for this setup

Edit 2: Got stopped for 17 pips . S*&%$* merkel. Done for today. Tommorrow will be another day
Making money is easy- Just dont take losing trades
  • #2,200
  • Oct 20, 2010 9:57am Oct 20, 2010 9:57am
After the breakout this afternoon on GBP/Usd I was looking for a way in and found it by using a Endroute type trade on the M5.
I haven't been confident enough today to take any trades till now.

Edit: I suppose it turned into a Dance trade when it hit the 10ma anyway albeit off the M5.
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