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CHOROS System

  • #2,681
  • Nov 16, 2010 2:15pm Nov 16, 2010 2:15pm
maybe i have become too conservative these days, but ...

For most of the positions all of you posted today i don't see a real good entry and i think some of you are over trading. Survivor do u take by 2 losing trades on each currency for the day? that means you don't know where to stop trading for the day and take a day off the chart. I don't pretend on knowing anything, just sow today there was a lots of activity... which makes me to believe that you are over trading.

I don't want to be rude to anybody here, but i think, that if we take only the exact by the rules trades, and post only them here in the thread, it will be easier to learn to follow the rules, and not violate some of them. If we take only the "perfect by the rules" trades we will still get a lot of pips for the day, and the emotions will be far less. It will train our eyes to see if there is something wrong, or the setup is excellent and we will help others to see them right. They are only a few per day right, but they are far less emotional, you will be in a trade only one or two times a day, which will bring the risk even lower.

I know that everybody here want's to make money out of the market, so do not take trades only to be on the market! Trade, if there really is a setup that gives you the "edge". Really i have got too conservative these day's as i take only 2 max 3 trades a day, so i wait for the perfect setup.

Do not over trade and learn where you have to stop and go for a walk, or to drink a beer or something else. There will be another day, with some opportunities along with it, don't try to catch all of it today!

In the chart below i have market the best entries for today, yes it is a lot easier when you have that right side of the chart Even my entry now seems to be not so good, right

http://www.forexfactory.com/attachme...1&d=1289937515

Remember that the main chart is M15 and we will have to make decisions based on it! Do not give too much strength for the other charts, as they will probably need bigger stops, but also do not trade against them.

I will be happy if anybody say a word for the things i wrote and i believe i haven't been too rude. I also do not admit to be a "pro" in trading, so any remarks are accepted.
Attached Image (click to enlarge)
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Better to lose opportunity, rather than capital !
  • #2,682
  • Edited 5:25pm Nov 16, 2010 4:59pm | Edited 5:25pm
Quoting Whenever
Important lesson, good to remember for us all...

Following on Skype a friend trading EU with another strategy, I tried sometimes to look at EU with the Dance, but I do not feel very confindent with that cross....

Don't know why, but in my opinion that cross has not a very good " ear " for dancing...perhaps too small steps ? Too slow moves ? Perhaps too often retraces after breaking a previous high/low ?
Don't really know.

Kostas sometimes trades that, but I think GU works best for this Strategy...
As I mentioned before, I trade eu exclusively, including the Dance, and it works fine. But of course it has a different character than GU. One just has to get used to it. For my part, I've never felt confident trading GU.
  • #2,683
  • Nov 16, 2010 5:22pm Nov 16, 2010 5:22pm
Quoting Survivor
Hope someone made some freaking pips there while i was busy losing money on eu Learning of the day- never ever ignore higher time frames for lower ones.
Survivor, I like your sense of humor. I'm up 16 pips on EU today. I found it to be a challenging day for the Dance. There were hourly and 15m constrainments, 62 ema touches, and a lot of porcupining.
  • #2,684
  • Nov 16, 2010 9:45pm Nov 16, 2010 9:45pm
Quoting Whenever
Important lesson, good to remember for us all...

Following on Skype a friend trading EU with another strategy, I tried sometimes to look at EU with the Dance, but I do not feel very confindent with that cross....

Don't know why, but in my opinion that cross has not a very good " ear " for dancing...perhaps too small steps ? Too slow moves ? Perhaps too often retraces after breaking a previous high/low ?
Don't really know.

Kostas sometimes trades that, but I think GU works best for this Strategy...
I couldn't agree with you more Whenever. The E/U has mostly always been a dog of a mover. However, since May, things have changed drastically with that pair. Over the last 20 day period the gbp/jpy (which is affectionately known as the "Beast") and is known to have days in which it can move 300+ pips, has averaged 148. Meanwhile the E/U, which traditionally has sub 100 pip days, has averaged 180 for the exact same period. If you check back even further, you'll find that (for now anyways) this is the new norm.

I've been tracking the E/U for dance trades, and it's been pretty awesome. And it has the added benefit of having a low spread. Worth a peak for sure.

"When you build bridges you can keep crossing them". ~ Rick Pitino
  • #2,685
  • Nov 16, 2010 9:59pm Nov 16, 2010 9:59pm
Quoting metrilbg
maybe i have become too conservative these days, but ...

For most of the positions all of you posted today i don't see a real good entry and i think some of you are over trading. Survivor do u take by 2 losing trades on each currency for the day? that means you don't know where to stop trading for the day and take a day off the chart. I don't pretend on knowing anything, just sow today there was a lots of activity... which makes me to believe that you are over trading....
No Kidding. In my attempt to get a handle on the various details needed to conduct a high probability entry, I realize I'm overtrading.

If you recall Kostas mentioning that once he reaches 30 pips for the day, he's done. Not a bad idea. Save some of your creative juices for growing your own food, or helping your kids learn, really learn, not just memorization. Oops, I digress. The last sentence was to go on my "Oprah" blog...

"Obstacles can't stop you. Problems can't stop you. Most of all, other people can't stop you. Only you can stop you." ~ Jeffrey Gitomer - Author and Sales Trainer
  • #2,686
  • Nov 17, 2010 12:23am Nov 17, 2010 12:23am
Quoting baavgai
Folks , attached is chart from GU 15 min .
After red candle ( marked by red arrow ) entered short position .
The reason to enter was :
1. Very steep 35 , 50 Mas
2. Rejection of 10 MA
3.Rejection of RN 1.6000

Had to wait 2 long hours to let trade go to right direction finally , was almost ready to give up and close the position .

Pls comment on it where I did a mistake ?
I am not sure if you realized it but you made a touch trade from a 2-bar retrace to the H1 10. I got +26p from that yesterday. My only concern was that the M15 had started looking like porcupine but the price was consrtained by the H1 10 so I stayed in the trade to get my pips.

EDIT: It seems duffyprat already answered. Boy, you guys are good......
  • #2,687
  • Nov 17, 2010 2:04am Nov 17, 2010 2:04am
Entered at first touch on 15 min 10 EMA
entry was a bit late at 5874, Target 5861.

Hit Target , out at +11

Wait for next opportunity. UK News in 1.5 hours time.
Should see some decent moves after news.
Attached Image
  • #2,688
  • Nov 17, 2010 4:21am Nov 17, 2010 4:21am
Good for 9 pips.

http://i51.tinypic.com/2vrxrvk.png
  • #2,689
  • Nov 17, 2010 5:19am Nov 17, 2010 5:19am
OK, I know this doesn't fit the hard and fast parameters of the Dance, however I've seen this work time and time again.

This is the GU 5m & 1m charts about 5 minutes after the news, which was modestly GU favorable. After price made it's initial spike up, it raced back down to tag the 5m 10 ema, and price had been "Riding" the 10 for a awhile. Price was simultaneously hitting the 1m 35/50. I got an almost perfect fill, which was a help.

Price immediately started back up, and given the nature of news events, I played it cautious and pulled off 5 pips @ the 1st hesitation. My second target was +15. However the gbp was quite iffy, relative to other gbp pairs, so after price had gone to about +10, the gbp started to falter once more and go back down. I pulled the plug @ + 5.6, so as to preserve a positive trade.

Could have been some fear involved in my decision. Maybe the fear was tempered with "Agressive Money Management". I'm still battling the demons on that level, until I become more "Mechanical" (or possibly more Maniacal, whichever way I can best get the job done) while implementing the Dance trades.

So any and all comments are welcomed here. I've got thick skin so spare the mercy..
Attached Image (click to enlarge)
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  • #2,690
  • Nov 17, 2010 5:29am Nov 17, 2010 5:29am
Confluence of Monthly Pivot and Daily pivot. Took the bounce right on the Monthly Pivot. Exit at RN for +32pips (wish that had stayed longer....)

EDIT: Didn't see it before but it was also confluence of Daily 35. In fact it looks like we have a ping-pong between Daily 35 and 50.
Attached Image (click to enlarge)
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  • #2,691
  • Nov 17, 2010 6:11am Nov 17, 2010 6:11am
Quoting kostas1
Confluence of Monthly Pivot and Daily pivot. Took the bounce right on the Monthly Pivot. Exit at RN for +32pips (wish that had stayed longer....)

EDIT: Didn't see it before but it was also confluence of Daily 35. In fact it looks like we have a ping-pong between Daily 35 and 50.
great trade kostas1! i took that one too

out at 5894 ( 50% fib of move up from 5853)
  • #2,692
  • Nov 17, 2010 6:12am Nov 17, 2010 6:12am
Quoting kostas1
Confluence of Monthly Pivot and Daily pivot. Took the bounce right on the Monthly Pivot. Exit at RN for +32pips (wish that had stayed longer....)

EDIT: Didn't see it before but it was also confluence of Daily 35. In fact it looks like we have a ping-pong between Daily 35 and 50.
I see that your entry is more sophisticated than taking the first touch of the pivot. You waited for the second touch, and I assume that you entered after it stopped and started going down? I think this is a safer way.
  • #2,693
  • Nov 17, 2010 6:13am Nov 17, 2010 6:13am
spotted a GU short at touch of H1 10 EMA at 5894..
but i'm going out now so not taking this trade.. let's see if it works out
  • #2,694
  • Nov 17, 2010 6:44am Nov 17, 2010 6:44am
+20 on this touch on the M15 10ema. Supported with confluence of
M15 50
H1 10
M5 50

Pls ignore the larger black triangles on the M15 and H1 charts - that is due to an alert indicator I use to give an audio alert when price is approaching a moving average - just so that I dont have to watch it 100% of the time.
Attached Image (click to enlarge)
Click to Enlarge Name: 02 Nov. 17 23.35.jpg Size: 181 KB
All that matters is winning the week
  • #2,695
  • Nov 17, 2010 7:04am Nov 17, 2010 7:04am
Quoting Greenhill
I see that your entry is more sophisticated than taking the first touch of the pivot. You waited for the second touch, and I assume that you entered after it stopped and started going down? I think this is a safer way.
Very good question. Actually, I was waiting for price to touch H4 10 and/or H4 SMA(200) which were 10-15 pips above Daily Pivot (remember that in confluences GU price will check all of the points before reversing. This time it didn't). When I saw price touching the Daily Pivot for a second time and start going down I decided to play along.....
  • #2,696
  • Nov 17, 2010 7:57am Nov 17, 2010 7:57am
Quoting lindsayf
+20 on this touch on the M15 10ema. Supported with confluence of
M15 50
H1 10
M5 50

Pls ignore the larger black triangles on the M15 and H1 charts - that is due to an alert indicator I use to give an audio alert when price is approaching a moving average - just so that I dont have to watch it 100% of the time.
Glad to see ur trade work out Lindsayf

i saw the H1 10 touch but was going out so didnt take this trade.
good to see that we're all Dancing to the same "Music"

Great to see ur views on confluence and also this was a trade by the rules eg.
2 bar retrace,
angle of 10MA was steep 70 degrees
price moved more than 15 pips retrace.
  • #2,697
  • Nov 17, 2010 9:35am Nov 17, 2010 9:35am
Costas , that trade you took at the confluence of pivots , meets dance rule ?
  • #2,698
  • Nov 17, 2010 10:41am Nov 17, 2010 10:41am
Quoting baavgai
Costas , that trade you took at the confluence of pivots , meets dance rule ?
Well, not by the manual, but if you read the thread you will see that the CHOROS is using also pivots as potential active areas. There was also confluence of the Daily 35.
  • #2,699
  • Nov 17, 2010 11:04am Nov 17, 2010 11:04am
Quoting kostas1
EDIT: Didn't see it before but it was also confluence of Daily 35. In fact it looks like we have a ping-pong between Daily 35 and 50.
Kostas i actually love your way of not getting greedy with dance trades. It moved in your favour so what? You made your pips and got out. Let the market go to hell after that. That's the attitude that i have learnt from you and it has greatly helped me.

Having said that i do find it frustrating that dance sometimes catches day highs and lows in right direction. Getting out at 20-30 pips when market actually goes 300 pips in favour is sometimes frustrating. Maybe we can slowly learn which trades to hold longer and which trades to get out fast. One indication i have found of a big move coming is price breaking out of very close to-gather MAs. Another is when 15m and higher time frame charts start showing same direction. However till i master that, i am happy clipping 20-30 pips and not looking for big moves.
Making money is easy- Just dont take losing trades
  • #2,700
  • Nov 17, 2010 11:13am Nov 17, 2010 11:13am
Quoting kostas1
Confluence of Monthly Pivot and Daily pivot. Took the bounce right on the Monthly Pivot. Exit at RN for +32pips (wish that had stayed longer....)

EDIT: Didn't see it before but it was also confluence of Daily 35. In fact it looks like we have a ping-pong between Daily 35 and 50.
Good Trade. I was asleep at the time. I see there is a Round Number and a higher time frame MA hovering just above your entry point. Did you put your stop just above this point?
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