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CHOROS System

  • #3,241
  • Dec 20, 2010 8:25am Dec 20, 2010 8:25am
Hello

in the simple dance manual there is a check list with a terminology that I don't quite understand. What is a "race back" a "pull back" and "more than 2 bars" please.


Thank you
Minos
  • #3,242
  • Dec 20, 2010 10:54am Dec 20, 2010 10:54am
Quoting K_Minos
Hello

in the simple dance manual there is a check list with a terminology that I don't quite understand. What is a "race back" a "pull back" and "more than 2 bars" please.


Thank you
Minos
Pullback (Dance style-like):
http://www.swing-trade-stocks.com/pullbacks.html
  • #3,243
  • Dec 20, 2010 11:32am Dec 20, 2010 11:32am
Quoting K_Minos
Hello

in the simple dance manual there is a check list with a terminology that I don't quite understand. What is a "race back" a "pull back" and "more than 2 bars" please.


Thank you
Minos
A pull back is brief reversal of price after it starts trending to some expected level. In real time, you can only anticipate that something will be a pull back, you can't know for sure whether its a pull back or a reversal. In the Dance, the expected areas for pull backs are the MAs and sometimes Round Numbers. A pullback can also be to any other area -- a round number, a fib level, a pivot point, an area of support or resistance.

A race back is simply a pull back that happens quickly.

"More than two bars" is the dance rule for when a pull back goes on for too long and invalidates an entry. A bar is the same thing as a candle -- it's simply two full time periods on your chart from open to close. If a pull back takes more than two bars to happen, then the trade is no longer a valid dance trade. (Note: this rule originally applied only to the 10EMA touches. The new manual seems to apply it to 35 and 50 touches as well.)

As an example, suppose there is a breakout long. Price then starts retreating. It prints two full bearish candles but has not yet hit the 10EMA. Then, on the next candle, it continues south and finally touches the 10. That would be more than two bars, and would invalidate the entry.

Hope this helps.
  • #3,244
  • Dec 21, 2010 4:35am Dec 21, 2010 4:35am
Hello Dancers,

I am new to this and trying to apply the principals of the Dance. I have a question regarding EURUSD which I believe shows a constrainment.
Could one of the great constrainers here let me know if I'm right, and if yes whether the distance between the 35 and 50 is not too big to enter a short?

Many thanks,
k-
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  • #3,245
  • Dec 21, 2010 5:48am Dec 21, 2010 5:48am
Quoting k-trdr
Hello Dancers,

I am new to this and trying to apply the principals of the Dance. I have a question regarding EURUSD which I believe shows a constrainment.
Could one of the great constrainers here let me know if I'm right, and if yes whether the distance between the 35 and 50 is not too big to enter a short?

Many thanks,
k-
Welcome k-trdr
Yes indeed price looks like it's constrained by 10EMA. However as you have correctly noted the distance between 35/50 is too much. Also 35/50 is flat not falling. Another worry is in 1H chart, the price is in ping pong area- wide flat 35/50. And 1H is being constrained by 35MA from below. Thats why 50 is holding beautifully. Can take your chances here but certainly not a nice constrainment to bet on.

To see how good constrainments look, check this- http://www.forexfactory.com/showthre...42#post4242942

hope that helps
Making money is easy- Just dont take losing trades
  • #3,246
  • Dec 21, 2010 10:15am Dec 21, 2010 10:15am
Hi,
I'm glad I found The Dance!

I've been trading forex for over a year and have lost all the money in my account more than twice. I really have been trading from pillar to post, trying several indicators that I hoped would help me pick the best entry point, but have not had much success. My confidence badly battered, I opened this thread late last week and studied the manual and trade examples of the Dance. I am trying the system now and I have already seen some improvement in my trading.

You geniuses have really convinced me that to succeed in this business, you need to keep it simple - SMA is the very first tool I learnt in forex, and then discarded after I lost my account the first time, convinced it is a lagging indicator that can't be depended upon. How wrong I was! I'll be here a long time, and if I have any questions regarding the system, I trust you great minds will help me improve.
Simplicity delivers success
  • #3,247
  • Dec 21, 2010 12:03pm Dec 21, 2010 12:03pm
Quoting Survivor
Welcome k-trdr
Yes indeed price looks like it's constrained by 10EMA. However as you have correctly noted the distance between 35/50 is too much. Also 35/50 is flat not falling. Another worry is in 1H chart, the price is in ping pong area- wide flat 35/50. And 1H is being constrained by 35MA from below. Thats why 50 is holding beautifully. Can take your chances here but certainly not a nice constrainment to bet on.

To see how good constrainments look, check this- http://www.forexfactory.com/showthre...42#post4242942

hope...
Indeed it helps! Many thanks Survivor.

K-
  • #3,248
  • Dec 21, 2010 12:17pm Dec 21, 2010 12:17pm
Quoting udzankigh
Hi,
I'm glad I found The Dance!

I've been trading forex for over a year and have lost all the money in my account more than twice. I really have been trading from pillar to post, trying several indicators that I hoped would help me pick the best entry point, but have not had much success. My confidence badly battered, I opened this thread late last week and studied the manual and trade examples of the Dance. I am trying the system now and I have already seen some improvement in my trading.

You geniuses have really convinced me that...
Welcome home buddy. I can understand- Been there done that

Hope you benefit from amazing work of clay and Kostas.
Making money is easy- Just dont take losing trades
  • #3,249
  • Dec 21, 2010 7:36pm Dec 21, 2010 7:36pm
woke up to see an order triggered for a good +15...pretty much tapped everything

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  • #3,250
  • Dec 22, 2010 12:07am Dec 22, 2010 12:07am
Quoting Survivor
Welcome home buddy. I can understand- Been there done that

Hope you benefit from amazing work of clay and Kostas.
Survivor,
Thanks for being such a great host to the thread when I am not around.
  • #3,251
  • Dec 22, 2010 12:23am Dec 22, 2010 12:23am
Quoting kostas1
Survivor,
Thanks for being such a great host to the thread when I am not around.
Yes i took a bit of liberty on your behalf because i know you must be busy enjoying your well deserved vacation.
Making money is easy- Just dont take losing trades
  • #3,252
  • Dec 22, 2010 1:24am Dec 22, 2010 1:24am
This is from tonight's AUDUSD, and I was wondering if our resident constrainer would take this trade. On the M15 (first chart) the candle bodies are being constrained by both the 35 and 50 which are relatively flat. On the H1, the constrainment is at the wick of the 35, but there is a 13 pip gap between the 35 and 50. They are diverging, and the 62 is just under the 50. On the H4, there's a very nice constrainment on the 10EMA.

Assuming price dipped down again to the MAs (which it just did), would you take this trade long?
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  • #3,253
  • Dec 22, 2010 2:10am Dec 22, 2010 2:10am
Quoting duffypratt
but there is a 13 pip gap between the 35 and 50. They are diverging, and the 62 is just under the 50. On the H4, there's a very nice constrainment on the 10EMA.

Assuming price dipped down again to the MAs (which it just did), would you take this trade long?

Not great constrainment here diverging mas are note very good. But yes i would take it because-
1. 15M we have seen many rejection bars at 35/50- bars that wick through all mas but fail to break
2. 1H only worry is diverging mas
3. 4H no worries there. Looking good.

Just to be clear i dont like this constrainment. Just not looking good to me- flat mas in 15m, diverging in 1H and bars are just not right. I mean too large bars for constrainment
I will take this trade with much lower confidence.

EDIT: Looks like a good trade in retrospect. Alas it never came back to 1H 35 (:
Making money is easy- Just dont take losing trades
  • #3,254
  • Dec 22, 2010 5:52am Dec 22, 2010 5:52am
Hi guys. I am new to this thread.
Is it the up to date manuals and files/tools?
http://www.forexfactory.com/showpost...&postcount=256
Thanks.
Made in Ukraine
  • #3,255
  • Dec 22, 2010 8:01am Dec 22, 2010 8:01am
Hi

I missed a trade when the price hit the south and as i did not wanted to jump in late I traded the bounce at the round number (1.3100) and pocketed 25 pip.

Was this a trade by the rules or I got lucky?

Thanks
Minos
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  • #3,256
  • Dec 22, 2010 12:24pm Dec 22, 2010 12:24pm
K Minos you just got lucky.

The best trade according to the rules came 15 mins later and you can see it on your 15 min chart.

Price hit 10, 50 ma and daily pivot, stopped 1pip from 35 and went down for +50 pips.

But it is better to be lucky than to be good.
  • #3,257
  • Dec 22, 2010 2:47pm Dec 22, 2010 2:47pm
Quoting K_Minos
Hi

I missed a trade when the price hit the south and as i did not wanted to jump in late I traded the bounce at the round number (1.3100) and pocketed 25 pip.

Was this a trade by the rules or I got lucky?

Thanks
Minos
It was not a trade by the rules. So, if you were trying to make a dance trade and entered at that round number, you got lucky.

However, if you look to the left on the one hour, you will see that that RN acted as support back around the 10th of the month and as resistance on the 21st. So, under other systems, it might be reasonable to take the touch at this level. But it's not a dance trade.
  • #3,258
  • Dec 22, 2010 3:26pm Dec 22, 2010 3:26pm
Quoting duffypratt
It was not a trade by the rules. So, if you were trying to make a dance trade and entered at that round number, you got lucky.

However, if you look to the left on the one hour, you will see that that RN acted as support back around the 10th of the month and as resistance on the 21st. So, under other systems, it might be reasonable to take the touch at this level. But it's not a dance trade.
Thank you both for the comments,

I have no idea what are the other systems are talking about as I'm new to FF and the first system that caught my attention is the dance, I only observed that the price is bouncing at support levels and since I missed the first entry i took the bounce and got lucky as you both said. I'm saying that I missed the second entry as I was focusing to take the best possible exit from my trade.

When I took the trade I was thinking that the only invalid thing about it was that I took the trade at the opposite direction and that it was a touch trade at the round number.

Thank you again for the comments,

Minos
  • #3,259
  • Dec 22, 2010 10:57pm Dec 22, 2010 10:57pm
Quoting K_Minos
Thank you both for the comments,

I'm saying that I missed the second entry as I was focusing to take the best possible exit from my trade.

When I took the trade I was thinking that the only invalid thing about it was that I took the trade at the opposite direction and that it was a touch trade at the round number.

Minos
Minos,

I dont know if you have understood others comments well. What they are saying is you took a WRONG trade. Weather you made profit or loss is irrelevent. What is important is to stick to rules. As per rules there are no counter trend trades. Thats fundamental of this system- at least till you get very experienced. Not only you just got lucky here but you also missed a good entry because of first entry. These days markets are range bound thats why you may have survived this trade. In liquid moving market such entries will burn you real fast in my experience.

Am just trying to clarify things. no offenses meant to anyone.
cheers
Making money is easy- Just dont take losing trades
  • #3,260
  • Dec 22, 2010 11:02pm Dec 22, 2010 11:02pm
Quoting Badass_UA
Hi guys. I am new to this thread.
Is it the up to date manuals and files/tools?
http://www.forexfactory.com/showpost...&postcount=256
Thanks.
Hi,

while the original rules remain same, the manual has undergone some updates. Please download latest manual from here- http://www.forexfactory.com/showthre...al#post4164418


Cheers
Making money is easy- Just dont take losing trades
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