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CHOROS System

  • #3,361
  • Jan 7, 2011 5:41am Jan 7, 2011 5:41am
Quoting Survivor
I agree to that whole heartedly mate. I have same trade. sold 2 lots at 1h 10EMA, bot 1 lot back for +20, sold another lot at 1h 10EMA, again bot back 1 Lot at +15. (SL ia 1.3103 for all trades. ) This style helps me in milking the constrainment itself before actual breakout. and when breakout happens i am in the ride with 1 lot.
Wow, this is art (as is dancing)!
  • #3,362
  • Jan 7, 2011 6:57am Jan 7, 2011 6:57am
Quoting Survivor
I agree to that whole heartedly mate. I have same trade. sold 2 lots at 1h 10EMA, bot 1 lot back for +20, sold another lot at 1h 10EMA, again bot back 1 Lot at +15. (SL ia 1.3103 for all trades. )...
Our constrainment expert must be having the time of his life today with EU. Just make sure you close positions for the NFP (or just leave a small portion in case it shoots downwards). My concern is that everybody is expecting EU to tank after the news, but as you know when everybody expects something in forex usually the opposite happens.
  • #3,363
  • Edited 7:26am Jan 7, 2011 7:03am | Edited 7:26am
Quoting kostas1
Our constrainment expert must be having the time of his life today with EU. Just make sure you close positions for the NFP (or just leave a small portion in case it shoots downwards). My concern is that everybody is expecting EU to tank after the news, but as you know when everybody expects something in forex usually the opposite happens.
Thank you Kostas. It's all your and clay's teaching. I still remeber how painful and frustrating it was before i found dance.

I cannot see any support down there except 1.2900. However i took most of it off now. too much greed is bad. I have left a tiny position just in case bottom falls out of euro in data. Else my small sl wont hurt me much- she has been kind enough today

Markets have been kind this week. Am not getting anymore greedy. Will watch data just for fun and then off for some well desereved beer. Wish all the NY dancers well.
Making money is easy- Just dont take losing trades
  • #3,364
  • Jan 7, 2011 9:59am Jan 7, 2011 9:59am
Wow, that was a trade.
2 Bars back to the RN + previous S/R and a few pips from the EMA10.

I did not follow the charts in that moment...did anybody take that long ???

It would have been worth more than 2 daily targets


What will the SMA200 on H4 say to the price now ?
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  • #3,365
  • Jan 7, 2011 11:31am Jan 7, 2011 11:31am
Leemonk post a list of the MAs back at the first page but i am sure they have changed a bit since then. plz help me get the proper list.
Leemonk's post was for

15m

10 ema
35 sma
50 ema

40 ema
140 sma
200 ema
248 ema

1Hr

10 ema
35 sma
50 ema
62 ema

120 ema
420 sma
600 eam

D1

10 ema
35 sma
50 ema

what about the H4 and M5?

also on some charts i see some "step-like" MAs, i suppose they are equivalent from higher TFs but where do i find them?
say like this one (from Kostas post)
http://www.forexfactory.com/attachme...0&d=1294213323
thank you
  • #3,366
  • Jan 7, 2011 12:49pm Jan 7, 2011 12:49pm
Quoting Survivor
Hello... I think we are talking about "scooped up" in different sense. Simple bending of 10EMA is inevitable when price hits 35/50. I think it's mathematically impossible to have 10EMA pointing down when price touches 35//50. I dont call that scooped up.

I dont know if its correct as per manual, but my "scooped up" bars always show trend reversal and 35/50 bounces are likely to be broken after such bars. Unfortunately i cant post charts but here is a doc on my dance trades. - http://www.forexfactory.com/showthre...29#post4164729...
Thanks for redirecting me to that link. For some reason, I downloaded it but never read the .pdf the first time around. It looks well worth studying.

When you talk about "scooping up" you mean something more than a turning of the 10EMA. I'm trying to figure out what that is. The contra trend bar section talks about a long wick through of the 10EMA which then closes on the wrong side. From what I can see, that didn't happen on the trade we were talking about. So maybe there is something else that I'm not seeing?

I'm very interested in this. I'd love something that made the 35/50 trades a bit more reliable. But more important, if you are right, then there may be a way to get in early on big moves that will blow through the 35 and 50. And I don't have any reason to think that you are wrong. It's just that I'm not seeing what you are at this point.
  • #3,367
  • Jan 7, 2011 1:09pm Jan 7, 2011 1:09pm
Hi folks been lurking and watching.

Solid method being played out here.

Quick question, what do you guys use as to limit the trades in a day "movement-wise"?

ADR or something else?

I notice you guys work a lot with round numbers and highs/lows of 1h/4h charts if im not mistaken (sorry if i am).

But with regards to limiting entering in one given direction is there anythin used such as ADR?

Thanks!

pip
  • #3,368
  • Jan 7, 2011 2:15pm Jan 7, 2011 2:15pm
I know that this is off the hours we should trade but I see a constrainment trade, by the 10 EMA, I entered with 7 pips SL just on the Wekly pivot.

What do you thin is it good one ??

Don't mind the indicators I don't use them all the time, use them for fine tune entry on the lower time frames.

Regards
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  • #3,369
  • Jan 7, 2011 2:23pm Jan 7, 2011 2:23pm
Quoting Pipalicious
Hi folks been lurking and watching.

Solid method being played out here.

Quick question, what do you guys use as to limit the trades in a day "movement-wise"?

ADR or something else?

I notice you guys work a lot with round numbers and highs/lows of 1h/4h charts if im not mistaken (sorry if i am).

But with regards to limiting entering in one given direction is there anythin used such as ADR?

Thanks!

pip
The Dance doesn't use any indicators other than MAs. Some people will also add pivot lines, and maybe Fib retracements, but they aren't a part of the original strategy, and Clay encourages people to keep it simple.

As for direction, the rule is simple. Always trade with the trend of the moment. The Dance, on M15 charts, defines the trend by the relation of price to the 35 and 50. If price is above both the 35 and 50, then you look for longs. If below, you look for shorts.
  • #3,370
  • Jan 7, 2011 2:46pm Jan 7, 2011 2:46pm
Quoting duffypratt
The Dance doesn't use any indicators other than MAs. Some people will also add pivot lines, and maybe Fib retracements, but they aren't a part of the original strategy, and Clay encourages people to keep it simple.

As for direction, the rule is simple. Always trade with the trend of the moment. The Dance, on M15 charts, defines the trend by the relation of price to the 35 and 50. If price is above both the 35 and 50, then you look for longs. If below, you look for shorts.
Hi duffypratt,

Thanks for your reply.

I myself trade in a similar fashion to this method but I scale a lot as it goes in my favor.

The reason im asking is simply because this method is in fact very similar to mine.

And because i scale in a lot i want to make sure that when i do scale in, that odds are still relatively on my side.

For example, if the adr for the e/u is 150pips, and price is overextended to 190 pips, then odds are it can snap back. so i dont add and im wary of pulling out.

That is all really.

I wanted to know if you guys use anything other than ADR (if anythin at all) to measure when price has reached its average range.

Some use fib projections, others pivots i guess, some adr. But here i havent seen mention of it so that is why my question.

Either way thanks buddy

pip
  • #3,371
  • Jan 8, 2011 8:59am Jan 8, 2011 8:59am
Quoting duffypratt
From what I can see, that didn't happen on the trade we were talking about.
I'm very interested in this. I'd love something that made the 35/50 trades a bit more reliable. But more important, if you are right, then there may be a way to get in early on big moves that will blow through the 35 and 50. And I don't have any reason to think that you are wrong. It's just that I'm not seeing what you are at this point.
Yes that didnt happen on trade we were talking. My mistake. Apologies. I assumed things without checking.

And yes. precisely that's what i am talking about. If we get those contra-trend bars right then we will be in big moves right at the hi or lo long before price breaks 35/50 for dance to initiate trades. At least we wont be on the wrong side at 35/50. These trades have served me very well. And they occur often. Check them out.
Making money is easy- Just dont take losing trades
  • #3,372
  • Jan 8, 2011 4:05pm Jan 8, 2011 4:05pm
Quoting Survivor
Yes that didnt happen on trade we were talking. My mistake. Apologies. I assumed things without checking.

And yes. precisely that's what i am talking about. If we get those contra-trend bars right then we will be in big moves right at the hi or lo long before price breaks 35/50 for dance to initiate trades. At least we wont be on the wrong side at 35/50. These trades have served me very well. And they occur often. Check them out.
Thanks for the reply. Lots to learn, lots to study, and I can use all the help I can get.
  • #3,373
  • Jan 9, 2011 11:25am Jan 9, 2011 11:25am
Quoting TheDivine
I know that this is off the hours we should trade but I see a constrainment trade, by the 10 EMA, I entered with 7 pips SL just on the Wekly pivot.

What do you thin is it good one ??

Don't mind the indicators I don't use them all the time, use them for fine tune entry on the lower time frames.

Regards

Sorry for late reply. I would have betted my shirt on that one any time of the day.

Two reasons here- first of all when i see 35/50 nice and parrellel and moving, for me thats a time to trade- i dont bother with time rules for such cases. Only when 35/50 are in a mess i avoid trading even if its good time as per rule. But thats personal- dance says don't trade during off hours.

Second reason is more important. Constrainments mostly occur BEFORE major markets open - they rarely happen in moving markets. I watch pre-london open time for them. So in case of constrainment, IMHO we can bypass that time rule.
Making money is easy- Just dont take losing trades
  • #3,374
  • Jan 9, 2011 11:29am Jan 9, 2011 11:29am
Quoting Pipalicious

I wanted to know if you guys use anything other than ADR (if anythin at all) to measure when price has reached its average range.

Some use fib projections, others pivots i guess, some adr. But here i havent seen mention of it so that is why my question.

pip

ED

Hi pip,

You havent seen any mention because we DONT use them. Dance is simple and fun. We dont watch adr or fib or anything else.

Now, it seems you talking about exits here. To guess a point where price can bounce back we mostly look at HTF. HTF MAs and round numbers. When price hits some HTF Mas, i have seem most experienced dancers getting out. But it is all dance MAs no other indicators.

Hope that helps.

EDIT: This strategy is about taking quick consistent profits- large pips are not needed for good returns is what dancers believe. I dont know how well it works if you scale up profitable trades instead of taking profits. If you are trading with real money i would suggest grow your account with time tested basic dance and then experiment. If you are demo trading i would be very interested to know how you do.
Making money is easy- Just dont take losing trades
  • #3,375
  • Edited Jan 10, 2011 2:26am Jan 9, 2011 11:46am | Edited Jan 10, 2011 2:26am
Quoting asos101
Leemonk post a list of the MAs back at the first page but i am sure they have changed a bit since then. plz help me get the proper list.
Leemonk's post was for

15m

10 ema
35 sma
50 ema

40 ema
140 sma
200 ema
248 ema

1Hr

10 ema
35 sma
50 ema
62 ema

120 ema
420 sma
600 eam

D1

10 ema
35 sma
50 ema

what about the H4 and M5?

also on some charts i see some "step-like" MAs, i suppose they are equivalent from higher TFs but where do i find them?
say like this one (from Kostas post)
http://www.forexfactory.com/attachme...0&d=1294213323
thank...

Hi asos.

Do you have updated manual? If yes then follow whatever it says. only 10EMA and 35 and 50 SMA. Thats all. The lines you are talking about are just higher time frame mas plotted on lower ones so it becomes easy to see everything in same chart. Even leemonk post says the same thing. Notice how 40 EMA on 15M chart will be same as 10 EMA on 1H chart? thats why there are extra mas in leemonks post. My advice is go with the manual and dont get confused intially because slowly everyone develops his own things. So you will naturally find some variations inc harts posted here. But all you need is basic setup mentioned in manual.

Edit: point well noted norg. have been discussed in original forum as well as here. they wont be exactly same.But i think that was the original idea and i still use them without much trouble. What it does is that it warns me abt higher time frame mas in close proximity. Once I see a HTF ma in 15M i go back to actual HTF chart ans see how things are shaping up there. Anyway, they are not the same. agreed
Making money is easy- Just dont take losing trades
  • #3,376
  • Jan 9, 2011 12:22pm Jan 9, 2011 12:22pm
Hi Survivor,

Thanks for your reply.

Like i said, i dont trade the dance method but i have my own method which is similar.

About HTF i like this about the dance. I dont tend to look at higher TF ma's since i pretty much trade just one timeframe.

I was trading live but i soon realized i wasnt ready. Nor me, nor my method lol.

So as of now im doing some demo trading but soon to be live within the next 2-3 months max.

I trade pullbacks in 5m only.

I add into trades that are risk free as much as i can.

As long as the *latest* trade opened is risk free, if price allows, i add on.

At one point price will flop. Upto now i look at ADR.

But i like how some of you guys look at HTF bounces of ma's.

Im going to look into it thank you

cheers

pip
Quoting Survivor
ED

Hi pip,

You havent seen any mention because we DONT use them. Dance is simple and fun. We dont watch adr or fib or anything else.

Now, it seems you talking about exits here. To guess a point where price can bounce back we mostly look at HTF. HTF MAs and round numbers. When price hits some HTF Mas,...
  • #3,377
  • Jan 10, 2011 2:10am Jan 10, 2011 2:10am
Quoting Survivor
Notice how 40 EMA on 15M chart will be same as 10 EMA on 1H chart?
Sorry, I can't help but stress again that this is wrong.
They are close enough, but they are not the same.
The SMAs are the same, but not EMAs!
  • #3,378
  • Jan 10, 2011 2:44am Jan 10, 2011 2:44am
Price got through the MAs on M15.
Entered short at retest, after a confirmation bar on M5 for fine tuning.

Closed half position at +10 and trailing the other half.

I would like to try to trail and add on further entries opportunities....

Let's see how it works...
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  • #3,379
  • Jan 10, 2011 3:13am Jan 10, 2011 3:13am
Quoting Whenever
Price got through the MAs on M15.
Entered short at retest, after a confirmation bar on M5 for fine tuning.

Closed half position at +10 and trailing the other half.

I would like to try to trail and add on further entries opportunities....

Let's see how it works...
Daring entry right in the face of the Weekly Pivot! Don't try these with big lots.
I am waiting for the M15 10 touch or the M15 35/50 bounce now (still risky because we crossed the H4 & H1 10/35/50/62 and we didn't bounce from those since they were flat).
  • #3,380
  • Jan 10, 2011 3:14am Jan 10, 2011 3:14am
Added at "constrainment" on M5, but I am not very confident in this one, as on the Daily chart the SMA200 is showing a strong resistance since a long time....

This adding was a bit too risky, but I am testing the way to manage more trades at the same time.

I had the temptation to close the first trade at the touch of the Daily SMA200, but you know the old "let the profit run"....

Let's go on...
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