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CHOROS System

  • #3,061
  • Dec 7, 2010 12:06am Dec 7, 2010 12:06am
Quoting willkohsg
Quick post.
Cable Touch trade
2nd touch of m15 10 EMA.
Took the same and got out at +6. Hopefully you do better than that! I just didn't feel confident seeing as it was the second touch.
  • #3,062
  • Dec 7, 2010 12:09am Dec 7, 2010 12:09am
Quoting arha
Took the same and got out at +6. Hopefully you do better than that! I just didn't feel confident seeing as it was the second touch.
Hi Arha,
what was your reason for exit?
the Double top formation on H1 ?
  • #3,063
  • Dec 7, 2010 12:20am Dec 7, 2010 12:20am
Quoting willkohsg
Hi Arha,
what was your reason for exit?
the Double top formation on H1 ?
No nothing technical like that. Because it's coming up to market open I wasn't sure that a second touch was going to be strong enough to keep the upwards momentum. Since it was a second touch and outside of main trading hours, I decided just to cash in what I had when price started hesitating.

I'm not really confident enough in my price action to trade second touches yet, I shouldn't have entered actually.

edit: I originally had my target as the previous peak, so about +10 pips.
  • #3,064
  • Dec 7, 2010 2:19am Dec 7, 2010 2:19am
Eur/Usd

Confluence: 15 min - 50 ema, 35 sma, 200 ema, Daily Pivot
1 hour - 10 ema, 35 sma
4 hour - 10 ema

Result: + 50 pips.

OK. I missed that. I just couldn't wait. I had captured 21 pips in 2 similar trades and I thought that the third time it was going down.

But the conclusion is that this stuff works.

Please correct me if I am wrong. Good morning.
  • #3,065
  • Dec 7, 2010 2:21am Dec 7, 2010 2:21am
Quoting FrankBlack
Eur/Usd

Confluence: 15 min - 50 ema, 35 sma, 200 ema, Daily Pivot
1 hour - 10 ema, 35 sma
4 hour - 10 ema

Result: + 50 pips.

OK. I missed that. I just couldn't wait. I had captured 21 pips in 2 similar trades and I thought that the third time it was going down.

But the conclusion is that this stuff works.

Please correct me if I am wrong. Good morning.
u've caught a mighty big fish today FrankBlack
done for the day?

was looking at Cable so missed this..
EU might be good for a pullback trade on 10ema.. but still too early for that
  • #3,066
  • Dec 7, 2010 2:33am Dec 7, 2010 2:33am
Quoting FrankBlack
Eur/Usd

Confluence: 15 min - 50 ema, 35 sma, 200 ema, Daily Pivot
1 hour - 10 ema, 35 sma
4 hour - 10 ema

Result: + 50 pips.

OK. I missed that. I just couldn't wait. I had captured 21 pips in 2 similar trades and I thought that the third time it was going down.

But the conclusion is that this stuff works.

Please correct me if I am wrong. Good morning.
It feels good to come here to post a trade and see that someone already beat you to it. It makes me proud for you guys. In any case, here is the chart (I got in earlier than I should have, but due to the nice confluence I felt OK leaving a big SL of 23p). I closed 90% of the lot at +34p and left 10% to run to the Daily R1 with RN.
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.JPG Size: 307 KB
  • #3,067
  • Dec 7, 2010 2:50am Dec 7, 2010 2:50am
I think you misunderstood me. I didn't catch the 50 pips. Before that massive move I make the same trade twice (long at 1.3318) for the reasons I stated and made 21 pips.

The third time I didn't go long because I didn't want to push my lack. That is where the final +50 pips happened.

Still I am very satisfied with the 21 pips and most importantly with that fact that I am starting to really understand the Choros System.

edit: Another thing I am satisfied. I draw the same trend lines on my 15min chart as Kostas.
  • #3,068
  • Edited 3:38am Dec 7, 2010 2:56am | Edited 3:38am
Quoting FrankBlack
I think you misunderstood me. I didn't catch the 50 pips. Before that massive move I make the same trade twice (long at 1.3318) for the reasons I stated and made 21 pips.

The third time I didn't go long because I didn't want to push my lack. That is where the final +50 pips happened.

Still I am very satisfied with the 21 pips and most importantly with that fact that I am starting to really understand the Choros System.
ah sorry about that, read too fast and posted what my thoughts.
sorry about that again.

Glad to know u're getting a clearer picture of Dance
  • #3,069
  • Dec 7, 2010 8:32pm Dec 7, 2010 8:32pm
Hi Kostas and all.

Have been reviewing a few pairs and how they react while trending strongly (15m charts) and their behavior. I've observed that some pairs tend to touch the 10 ema three times max, before some sort of retracement.

Is this something anyone else has noticed?

Pic is Swissy 15m as of 02:30 Dec 8 gmt.
Attached Image (click to enlarge)
Click to Enlarge Name: Swissy 3 Touch 12_8.png Size: 36 KB
  • #3,070
  • Dec 7, 2010 9:48pm Dec 7, 2010 9:48pm
Quoting diamonddbw
Hi Kostas and all.

Have been reviewing a few pairs and how they react while trending strongly (15m charts) and their behavior. I've observed that some pairs tend to touch the 10 ema three times max, before some sort of retracement.

Is this something anyone else has noticed?

Pic is Swissy 15m as of 02:30 Dec 8 gmt.
You might want to take a look at Elliot Wave Theory. It can get way too complicated, but basically the idea is that a trend consists of five legs: three surges and two retracements. On the surges you are talking about, the retracements would be pullbacks to the 10EMA. Not saying it's necessarily true, just that it's a similar observation.
  • #3,071
  • Dec 7, 2010 10:10pm Dec 7, 2010 10:10pm
Quoting duffypratt
You might want to take a look at Elliot Wave Theory. It can get way too complicated, but basically the idea is that a trend consists of five legs: three surges and two retracements. On the surges you are talking about, the retracements would be pullbacks to the 10EMA. Not saying it's necessarily true, just that it's a similar observation.
Could be some connection. On the 10 ema bounces the retrace does not always create a swing point which, I believe is present in most E Wave charts. But what do I know...
  • #3,072
  • Dec 7, 2010 11:07pm Dec 7, 2010 11:07pm
Quoting diamonddbw
Hi Kostas and all.

Have been reviewing a few pairs and how they react while trending strongly (15m charts) and their behavior. I've observed that some pairs tend to touch the 10 ema three times max, before some sort of retracement.

Is this something anyone else has noticed?

Pic is Swissy 15m as of 02:30 Dec 8 gmt.
Nice observation there. I keep noticing a lot of stuff but didnt post here to make sure i dont confuse anyone. Yes it has to do with wave theory.But i must warn anyone thinking of using it-its too complicated and doesnt work in time frame we are trying to trade. HTF - it works. But one needs much more patient and huge Sl with that. Also, ANY system needs experience. So it wont start working from day one.

Also note that the "first touch" rule comes from here. Subsequent touches become much more riskier.
Making money is easy- Just dont take losing trades
  • #3,073
  • Edited 12:36am Dec 8, 2010 12:15am | Edited 12:36am
quick post.
bounce off 10ema on EU
out at +15
Attached Image
  • #3,074
  • Dec 8, 2010 12:36am Dec 8, 2010 12:36am
I have been thinking about lots of things lately and dont know who to bore. So here it is if you have nothing better to do before europe open.

Trend is the KEY to any trading. Know it and you will make money. Go against it and you will be skinned. With trend every indicator will work. Against it, nothing stands a chance.

It's not really difficult- I make it complicated myself. See how beautifully every bearish engulfing is working today in GBP. See how that evening star in EUR was begging to sell ( i got +10 from that one). The trick is to take every bearish sign here and ignore every bullish formation.

Earlier i had trouble defining the trend. Now dance tells me when to sell when to buy. I think next stage is to work on phychology and become as desciplined and level headed as Kostas. Trading in the zone was included with original manual with some purpose!
Making money is easy- Just dont take losing trades
  • #3,075
  • Dec 8, 2010 12:38am Dec 8, 2010 12:38am
Quoting Survivor
I have been thinking about lots of things...
agreed on all that survivor, i've been reading the PDF for trading in the zone and am in the process of being a consistent trader, not only profitable trades but even if i had a losing trade but sticking by the rules i will be happy cos i understand we cannot win all the 10 out of 10 trades and need to let our edge and probabilities work out through the market's perception
  • #3,076
  • Dec 8, 2010 1:12am Dec 8, 2010 1:12am
Weekly pivot bounce and H5 35 SMA bounce on cable impending...
Attached Image
  • #3,077
  • Dec 8, 2010 1:26am Dec 8, 2010 1:26am
wasnt paying attention and missed this
bounce off S1 and RN 157000 and near m15 10ema..
hope u guys are able to grab this...
Attached Image
  • #3,078
  • Dec 8, 2010 1:37am Dec 8, 2010 1:37am
Quoting willkohsg
wasnt paying attention and missed this
bounce off S1 and RN 157000 and near m15 10ema..
hope u guys are able to grab this...
Dont worry i was right there for +18. That would be some consolation
Making money is easy- Just dont take losing trades
  • #3,079
  • Dec 8, 2010 1:37am Dec 8, 2010 1:37am
Quoting Survivor
Dont worry i was right there for +18. That would be some consolation
haha nice.. any thoughts on the bounce off weekly and H4 35 SMA?
  • #3,080
  • Dec 8, 2010 1:40am Dec 8, 2010 1:40am
Hi All

BTW this is my first post in any Forex form.
I've been reading this thread for last two weeks and demo trading GU using Dance Strategy. I've read the original dance manual couple of times. I have had mixed success so far with my trades.

Wondering if any one can help me understand touch-trades bit better. I'm struggling with the touch-trades on ma's. Quite a few are going against me. How do you guys filter high-probability touch-trades?

Thanks in advance

Tibmas
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