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CHOROS System

  • #3,661
  • Jan 25, 2011 1:51am Jan 25, 2011 1:51am
Hi guys,
looks like EU and AU doing a repeat of yesterday NY Session afternoon setup,
(a big move followed by retrace to M15 10 EMA? )
I have set price alert to be just few pips above M15 10 EMA ard 1.3662 so
when price retraces I will be there for the setup.


Some heads up for big news event that might affect ur trades..
a lot of high impact news later.. especially UK GBP Data in 1hr 40 mins
Attached Image
  • #3,662
  • Jan 25, 2011 5:01am Jan 25, 2011 5:01am
Anyone made profits so far?I'm probably flat for today...it's very frustrating having to avoid news while price goes nowhere...
  • #3,663
  • Jan 25, 2011 5:10am Jan 25, 2011 5:10am
Im about +30 on a short EUR/USD from earlier, however its being cancelled out by a curious short on the swissy which is usually negatively correlated :-(
Now trading live
  • #3,664
  • Jan 25, 2011 6:25am Jan 25, 2011 6:25am
I Hope some of you have caught the bounce in EU about 30 minutes ago! I got it but was too aggresssive and have been stopped out at +1 point.

I also hope that nobody lost pips in the touch of the 15M 10EMA, if you have lost some in it, just look at the 1M chart for a second to see what is happening, if it loses upside momentum you just enter with a stop of about 5-6 points, like i did on this bounce of the 35/50 MA's, my stop was just 7.5 pips.

Good luck to all and happy dancing.
Better to lose opportunity, rather than capital !
  • #3,665
  • Jan 25, 2011 8:06am Jan 25, 2011 8:06am
Hello everyone,

I think even the blind can see the constrainment on GBP/USD m15

Gd Luck... !

... And Good Work Willkohsg, i wish you could compile a pdf with all those trades and perfect explainations... Thanks A Million!
'To get something you never had, you have to do something you never did.'
  • #3,666
  • Jan 25, 2011 8:22am Jan 25, 2011 8:22am
I don't like the constrainment in GU, i'm waiting for a touch of the 1H 10EMA, or even better- bounce of the 35/50 MA's the sterling is likely to test all of them so i'm on a standby in this pair for now ...

In EU i have taken two trades, one short on the test of 15M 10EMA, which was stopped out just with a 0.5 pip from the top, after this i reenter at the same level and taken 13 pips on it.

I think i'm overtrading now... i have taken 3 trades in EU today, i might stop trading for the day with small profit for the day.
Better to lose opportunity, rather than capital !
  • #3,667
  • Jan 26, 2011 1:09am Jan 26, 2011 1:09am
Am accessing this via a proxy, as my ISP seems to have lost access to half the internet for the last day or so - pain in the ass!

Hope some of you caught the pound last night - there was a touch on the London open that I missed by about 10 minutes and then it went down, and a little while later - it really went down! About 85 pips in a minute!

The bar dropped off the bottom of my metadrader and I looked under the desk to see if I could see it, then checked the door was closed so it wouldn't roll out onto the lawn!

I've just set the proxy up so I couldn't see what the news was that caused the ruckus!

Euro went stupid after the drop, and I only took one trade for a loser - good setup on the first retrace, which started OK, then turned back up, the first of many wild swings that I just watched as they went on, up and down like a honeymooner's backside!

Set up a few times, but it was not playing - more of a mosh pit than a dance so eventually I gave up and went to bed!
  • #3,668
  • Jan 26, 2011 1:25am Jan 26, 2011 1:25am
Quoting bigtent
The bar dropped off the bottom of my metadrader and I looked under the desk to see if I could see it, then checked the door was closed so it wouldn't roll out onto the lawn!
  • #3,669
  • Jan 26, 2011 5:10am Jan 26, 2011 5:10am
Looking at GU now I see H1 and H4 still potentially short (meaning the price below the MAs), but all the other TF (including Daily) are long (meaning the price above the MAs).

How do you handle such a situation ?
Just watch another cross where all TF agree ?

Or how else ?
  • #3,670
  • Jan 26, 2011 5:12am Jan 26, 2011 5:12am
Quoting Whenever
Looking at GU now I see H1 and H4 still potentially short (meaning the price below the MAs), but all the other TF (including Daily) are long (meaning the price above the MAs).

How do you handle such a situation ?
Just watch another cross where all TF agree ?

Or how else ?
Normally, you don't touch them since if you play with M15 you are going against the longer TF. But you can always scalp the M15 for 10-15p at a time.
  • #3,671
  • Jan 26, 2011 5:35am Jan 26, 2011 5:35am
wild day yesterday eh. no trades today as i had to run errands and busy with nontrading stuff. hope u guys have a good day ahead. NY session coming right up
  • #3,672
  • Jan 26, 2011 5:41am Jan 26, 2011 5:41am
Hello Dancers,

Survivor is on a well deserved break so I submit to other constrainment specialists here: do you think EU 1H is preparing a constrainment?
It also looks like it could be milkable for a 10 to 15 pips the Survivor way?

Cheers,
k-trdr
  • #3,673
  • Jan 26, 2011 5:53am Jan 26, 2011 5:53am
Quoting k-trdr
Hello Dancers,

Survivor is on a well deserved break so I submit to other constrainment specialists here: do you think EU 1H is preparing a constrainment?
It also looks like it could be milkable for a 10 to 15 pips the Survivor way?

Cheers,
k-trdr
Hi k-trdr, i am no expert on H1 constrainment but it seems likely that
H1 will move up since it's a 2 bar retrace to the H1 10 EMA.
ur best entry would have been on the H1 10 EMA touch.

looking at the possible barriers ahead u can see that 1.3700 highs havent been broken thru since Nov 21st last year so i guess u can milk it for 10-15 pips and be ready to move ur stop to BE once u're in green
  • #3,674
  • Jan 26, 2011 6:25am Jan 26, 2011 6:25am
i think it is a valid constrainemnt on 15M and 1H, and got a +13 pips from the first touch of the 1H 10EMA, but i don't like that level 1.3700, so will stay out in the comming hours, atleast until it becomes clear where it is going...

When in doubt stay out!

The price is struggling with that 1.37 level, i'm bearish for some days ahead. Maybe it will become clear after today's meeting of FED. I'm leaving the day with a profit of 13 pips, which is about 1% of the account, let's not mess it all now...
Better to lose opportunity, rather than capital !
  • #3,675
  • Jan 26, 2011 7:20am Jan 26, 2011 7:20am
Quoting willkohsg
Hi k-trdr, i am no expert on H1 constrainment but it seems likely that
H1 will move up since it's a 2 bar retrace to the H1 10 EMA.
ur best entry would have been on the H1 10 EMA touch.

looking at the possible barriers ahead u can see that 1.3700 highs havent been broken thru since Nov 21st last year so i guess u can milk it for 10-15 pips and be ready to move ur stop to BE once u're in green
Willkohsg, metrilbg,

Many thanks, that's a great piece of advice. Indeed 1.37 is a big barrier which is why I stayed out, I did not event try the scalping.

BTW, I really like the Dance/Choros community!

Cheers,
k-trdr
  • #3,676
  • Jan 26, 2011 8:26am Jan 26, 2011 8:26am
I am new to the dance, and have been reading the pdf's and threads regarding rules and other suggestions. I am a bit confused because there seems to be conflicting information. I am aware it's not a system as such and that you have to employ your own brain.

Even the 'Three main trades' and 'The simple dance' seem to have different info, the 'Three main trades refers to a '40' on the 15 min chart, yet the 'The simple dance' has no mention of it.

Which pdf best represents the latest thinking and methods to use the dance? Is there a concise document somewhere which will give me the most up to date grounding on the stratagies employed?

Thanks for any help
  • #3,677
  • Jan 26, 2011 8:53am Jan 26, 2011 8:53am
Would this be considered a trade? Price is constrained at the 35 with the 50 above it on top of a round number, it then breaks through the RN with a new low coming off the 35 ema and it's a strong bearish outside bar.

As I say I am new to this so any good or bad comments are welcome.

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  • #3,678
  • Jan 26, 2011 9:28am Jan 26, 2011 9:28am
Here is my trade for today.

ENTRY

E/U M15 chart conformed a consolidation. H1 chart confirmed this as well. I entered at 1.3772 with SL 1.3783 and TP 1.3745.

EXIT

I exit at that level because it was the firts touch of 50MA on the H1 chart and because the PA was in a RN area. This turned to be very good move since as you can see price bounced and changed direction. Finally I earned +25 pips!

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You are allowed to fall but you are imposed to get up!
  • #3,679
  • Jan 26, 2011 9:29am Jan 26, 2011 9:29am
Quoting zortan
Would this be considered a trade? Price is constrained at the 35 with the 50 above it on top of a round number, it then breaks through the RN with a new low coming off the 35 ema and it's a strong bearish outside bar.

As I say I am new to this so any good or bad comments are welcome.

Attachment
Hello Zortan,

Welcome to the dancefloor. While I'm no expert, I'll give my feedback.

First, please bear in mind that the relative positions of 35 & 50 are NOT considered in the dance strategy.

Now the trades: I believe you're missing here the H1 chart which is (to me) a much clearer constrainment of the price by EMA10 and EMA35, and with better angles than on the M15. Entering at the H1 EMA10 around noon GMT+1 on Dec 21st with a 9 pips stop would have given a great trade, BUT you'd have to have great faith in it around 2pm GMT+1 I believe you'd be warned by the fact that 35 and 50 are quite far appart on the H1.

Hope this helps,
k-trdr
  • #3,680
  • Jan 26, 2011 9:33am Jan 26, 2011 9:33am
Quoting zortan
I am new to the dance, and have been reading the pdf's and threads regarding rules and other suggestions....
You can use any pdf but just ONE. As the method has evolved so have the pdfs. The last manual from Clay focused on M1 and it is different to trade. I am not sure if anyone in this thread is using it.
I am sorry to have tell you but the best approach is to do the hard work and read through this thread..... CHOROS trades are based on the Dance but we are employing other areas of interest such as Pivots, whereas we tend to take profit faster. So if you are determined to follow this, you will have to read through the thread, and practice on a DEMO. This is not a strategy to learn in one day and start bringing pips (for those strategies please keep on looking.......)
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