CHOROS System

Touch of 10 EMA.
Updated details later.

Update: sorry guys was watching the trade ( cant multitask )

Entry Reasons


1)Touch of M15 10 EMA.
2) 10EMA very steep at 60.1degrees
3) 35 SMA and 50 MA pointing up.
4) 2 bar retrace to m15 10EMA


ok i exited at +11, bearing in mind 2 things

Exit Reasons

1) last high we saw last night was 1.5630
2) London Open- * HANGS BIG RED NEON SIGN* - REPEAT OF YESTERDAY LIKELY - THE BIG FAKEOUT
so better to close the trade before LO

Same trade: conservative TP at bar highs for +11

edit: ^^^ haha, oh well good to know I'm in great company.

+13 touch trades off both the GU and EU. Touch of the 10 MAs after the first big run up. This puts me at +29 for the day - three good trades and one failed -4 trade. Hopefully this means I'm finally getting the hang of it!

While it would be a really nice feeling to catch a big run, I'm trying to take Kostas' path to consistent success and cash my pips in as soon as I can. It seems to have been working really well this week.

Good luck everyone.

Thanks, Whenever, for the link. I'll read it because I need more 'mind muscles' until I will become consistent. I'm reading now Trading in the zone for the third time

Guys i was reading the Trading in the Zone PDF,
just wana share with u what i read.

3 IMPORTANT FUNDAMENTALS

"there are always constant, never-ending, unknown, hidden variables that are always operating in the market- always

The best traders don't try to hide from these unknown variables by pretending they don't exist, nor do they try to intellectualize or rationalize them away through market analysis. Quite the contrary, the best traders take these variables into account, factoring them into every component of their trading regimes.

He knows that every trade has an uncertain outcome

2) He predefines his risk
3) He always cuts losses short.
4) Has a systematic way to take profit.

Not adhereing to these fundamental principles is the equivalent of committing financial and emotional suicide.

-pg 77& 78-

Guys i am writing this as a reminder for myself whenever I am trading the Dance trading method,

Thanks to Clay we are able to look for setups that repeat day after day ,
year after year that gives high probability of buy or sell- that is our edge.

Having an Edge is not the only component to successful trading,
we need to know that there is no certain way that price will go the way we want it

imagine trading during a Frankfurt Fakeout or London fakeout and u get what i mean.


we already have the 3 fundamental components build into the stop loss rule and the 2 losses in a row per day rule.
it's up to us to stick to it. We can't get 100% wins all the time so the rules help us stay Net positive in the long run.

THE "UNCERTAINTY" PRINCIPLE

If there is such a thing as a secret to the nature of trading, this is it:

At the very core of one's ability

1)to trade without fear or overconfidence,

2) perceive what the market is offering from its perspective,

3)stay completely focused in the "now moment opportunity flow," and

4) spontaneously enter the "zone,"


it is a strong virtually unshakeable belief in an uncertain outcome with an edge in your favor.

The best traders have evolved to the point where they believe, without a shred of doubt or internal conflict, that "anything can happen."

They don't just suspect that anything can happen or give lip service to the idea. Their belief in uncertainty is so powerful that it actually prevents their minds from associating the "now moment" situation and circumstance with the outcomes of their most recent trades.


By preventing this association,they are able to keep their minds free of unrealistic and rigid expectations about how the market will
express itself.

Instead of generating the kind of unrealistic expectations that more often than not resulting both emotional and financial pain,( Oh man how many times this happens to me cos of my rigidness ) they have learned to "make themselves available" to take advantage of whatever opportunities the market may offer in any given moment.


"Making yourself available" is a perspective from which you understand that the framework from which you are perceiving information is limited relative to what's being offered.

A perspective from which you make yourself available takes into consideration
both the known and the unknown:

For example, you've built a mental framework that allows you to recognize a set of variables in the markets behavior that indicates when an opportunity to buy or sell is present. ( take our Dance method for instance here)

This is your edge and something you know.

However, what you don't know is exactly how the pattern your variables identify will unfold. With the perspective of making yourself available, you know that your edge places the odds of success in your favor, but, at the same time, you completely accept the fact that you don't know the outcome of any particular trade.

By making yourself available, you consciously open yourself up to find out what will happen next; instead of giving way to an automatic mental process that causes you to think you already know.


Adopting this perspective leaves your mind free of internal resistance that can prevent you from perceiving whatever opportunity the market is making available from its perspective (its truth).

Your mind is open for an exchange of energy. Not only can you learn something about the market that you previously didn't know, but you also set up the mental condition most conducive to entering "the zone."

- pg 71 & 72 -

Hope you didn't miss this one. Rare (!!!!!) confluence of:
1. H4 10/35
2. H1 10/35/50/62
3. M15 35/50/200
4. RN

If it weren't for the NFP Friday I would have left it for more.....

I missed it..was waiting to touch RN..which never happen (1.5602) before reverse north...

Well it seems you didn't "miss it" in the sense that you were expecting it to happen, so that's good. But in these situations how much closer did you expect it to get? I got in around there and placed the SL below the Daily Pivot (1.5592) thinking that if the price crossed all these MAs and the DP then it would not bounce.

I now have my sights for a possible short a little higher than here. If you look at the 1.5675-90 area, there is a confluence of Daily R1, H1 200, H4 50, Daily 10. If I get a good M5 rejection bar, I will short with target the H4 35 (for a ping-pong). Since I have achieved my daily target, this will be with reduced lot size (maybe half).

Hi Kostas1, will u plan to set a limit order at 1.5675?

I never do limit. I will closely observe M5 and M1 when it gets to that area. Usually when there is Daily 10 EMA close by, the price will check it. But if I see a convincing M5 rejection bar before that I will probably go in. Sometimes, it will fake a short around the R1 and then shoot-up to the Daily 10. So, it's going to be a tough call when to enter.

Actually i waited it to touch either RN or Daily PV (last S/R)..
cos i read before that GU tend to test all the nearby S/R...in this case it never happen..maybe because the confluence is too strong..

Entered on the close of the M5 pinbar above the Daily R1. Exit at M15 10 for +15p. Not bad for countertrend....

Thank you Kostas for opening my eyes. took the same with the same entry. +16

Glad to be of assistance. Now, next time I expect YOU to catch it without me calling it.

Yes, that's my DESIRE too

Am dying to "see" those opportunities just to have some fun- but just not quite there yet. I trust you and clay that eventually i would be successful with them because i have started seeing so many patterns where earlier i used to see chaos.

Hey Kostas. Saw you on the 14.2 inverse thread. Any thoughts about that one?

Sunday night is a good opportunity for me to open my horizons and see what else is there. I move from thread to thread (specially on newer ones) to check other methods. The 14.2 drew my attention since it is also using GU M15. I put it on a chart to compare with the CHOROS signals but couldn't find anything interesting. Of course, I am not an expert on that method and it is still in development....