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CHOROS System

  • #4,001
  • Feb 15, 2011 5:41am Feb 15, 2011 5:41am
Quoting kostas1
Had an earlier loss of -19p, but this Endroute-style bounce from the M5 gave me +58p. I stayed so long in the trade due to the M5 gap.
  • #4,002
  • Edited 6:16am Feb 15, 2011 5:52am | Edited 6:16am
Attached Image


Rod says, "Welcome to .....

.......................The Bounce Zone!

RN, Weekly pivot, H4 35/50 and D1 10. As price approaches those MAs will move closer to the RN and pivots, making the confluence stronger.

Attached Image (click to enlarge)
Click to Enlarge Name: Bounce zone.jpg Size: 89 KB


That is if it ever gets there.... Maybe I should delete that blue line, it seems to be holding it back!
  • #4,003
  • Feb 15, 2011 7:03am Feb 15, 2011 7:03am
Quoting bigtent
It's code I knocked up this afternoon, so I suppose you could say it's brand new.

It's an EA and if you put it on a chart it will trail the trade on that chart's currency. Note, that there is no provision for other trades on the same pair, so ALL open trades on that pair will be handled the same! I can fix that, but it'd mean setting a MAGIC number in the trade when it is opened, to distinguish it from others.

SBE+1 is a from the Dance. If it comes back that far it will probably take the trade out, so why set it at...
cheers bigtent!
  • #4,004
  • Feb 15, 2011 9:24am Feb 15, 2011 9:24am
Quoting kostas1
Had an earlier loss of -19p, but this Endroute-style bounce from the M5 gave me +58p. I stayed so long in the trade due to the M5 gap.
EDIT: 5% of the trade still open shooting for daily R2
Even i dont see any gaps on my fx pro. Mind sharing which brokers data feed you are using? These gaps look sweet. I used to trade them in other markets but though forex markets are "continuous "
Making money is easy- Just dont take losing trades
  • #4,005
  • Feb 15, 2011 9:38am Feb 15, 2011 9:38am
Using my scripts, I have the risk set to 2% per trade, at a standard stop of 15 pips (I don't add spread), and two trades, which means each is a 1% risk.

My script uses strict risk, meaning that it will open the trade at a lot size that will be less than or equal to the set risk.

Last week I funded my GoMarkets minilot account with a very small amount. It was so small that, opening 2 trades, I was not able to open trades at my full risk amount, as each part of the trade was at the minimum lot size, and if it were incremented 1 step, it would exceed the 2% limit. So the total risk I ended up with was just over 1%. That meant I had to work a bit harder to build the account. Which is good in 2 ways, it reduces the risk at the beginning and making it a little tougher to gain is good for my development.

Tonight I got my balance to a level which means my next trade will be actually at the 2%, and my next trade will be double the lot size of my last, so compounding has actually started.

Of course, 1 loss, and it's automatically back to the lower risk.

For me, that is a minor milestone reached!

Yes it is only "early days", but the stats on that were only 4 positions (2 trades) losers out of 18 positions (9 trades) and only 1 of the losers was a full loss.

My rationale on the very small real money account is that it is not a significant risk personally, but it is real money and as I become successful, it will grow into a realistic account, and I will grow with it psychologically, and be able to trade it.

I highly recommend people to consider this when starting out, as, to me, that makes much more sense than spending time on demo, and then having to swap to a real account, and deal with the psychological step as well as forego profits while learning.

Maybe it is beginners luck, but I have been trying to trade 4x for almost 3 years and have paid for courses and "live trading rooms", but never seen anything that works like this style of trading, and I have never seen so many people getting consistent results like Kostas and others, and it has been the Dance/CHOROS that has turned them around.

Every day I am learning to read the market in ways that I never could before with all the other systems, paid and unpaid.

I have a long way to go to make back all that I lost over that period, but I truly believe that I can do it.

Once again, thanks to Clay, Kostas, Survivor, Duffypratt, and all the other contributors to this thread and the original Dance thread.
  • #4,006
  • Feb 15, 2011 10:29am Feb 15, 2011 10:29am
Quoting Survivor
Even i dont see any gaps on my fx pro. Mind sharing which brokers data feed you are using? These gaps look sweet. I used to trade them in other markets but though forex markets are "continuous "
FXPro IS my broker. Am I imagining things here? Actually, when I see a big gap like this one, I double-check with a DEMO broker before I believe it.
Could you post your M5 chart here (try to get it around the same time like mine)?
  • #4,007
  • Feb 15, 2011 10:31am Feb 15, 2011 10:31am
Quoting kostas1
FXPro IS my broker. Am I imagining things here? Actually, when I see a big gap like this one, I double-check with a DEMO broker before I believe it.
Could you post your M5 chart here (try to get it around the same time like mine)?
kosta i have it in my fxpro AND in finfx, so its there, at least for our TF
  • #4,008
  • Feb 15, 2011 10:32am Feb 15, 2011 10:32am
Quoting bigtent
G'day Kostas,

Pass this on to Clay and see if it is what he is after. It's only basic at the moment, and I haven't had time to test it (compiles OK), so the old rule applies.... "DEMO ONLY!!!!"

For now there are only 2 parameters, Pips_buffer (how many pips above/below previous candle)) and Trail_before_profit (true/false).

I want to add auto SBE+1 after X pips later.

I didn't have time to test it yet but here is Clay's comment:
" Only issue is that is seems to take off the SL set on the order during the trade at some point. Not sure why, but it did it on my chart. I like the concept a lot though. If he gets it done, it's pretty much exactly what we have been looking for."
  • #4,009
  • Feb 15, 2011 10:37am Feb 15, 2011 10:37am
Quoting asos101
kosta i have it in my fxpro AND in finfx, so its there, at least for our TF
Thanks man! That's comforting.....
  • #4,010
  • Feb 15, 2011 10:43am Feb 15, 2011 10:43am
No gap on mine.
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  • #4,011
  • Feb 15, 2011 11:33am Feb 15, 2011 11:33am
I use MBTrading (an ECN) and it shows a 2.6 pip gap. Kostas' first chart also showed the gap clearly, which makes me wonder about FXPro's data feeds. Do they use more than one? Or do they do something with the data after a certain amount of time has passed (switch from tick to minute feed, maybe)?
Attached Image (click to enlarge)
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  • #4,012
  • Feb 15, 2011 11:45am Feb 15, 2011 11:45am
Quoting bigtent
Using my scripts, I have the risk set to 2% per trade, at a standard stop of 15 pips (I don't add spread), and two trades, which means each is a 1% risk.

My script uses strict risk, meaning that it will open the trade at a lot size that will be less than or equal to the set risk.

Last week I funded my GoMarkets minilot account with a very small amount. It was so small that, opening 2 trades, I was not able to open trades at my full risk amount, as each part of the trade was at the minimum lot size, and if it were incremented 1 step, it would...
Congratulations on your progress. But I can't believe you are thanking me when you are actually further along as a trader.

I've been doing something sort of similar to your approach. Like you, I need to have at least something real at stake. I funded an account with quite a bit more than the very small amount you did. But my lot sizes to start with are probably the same as yours. My approach is to increase my lot size by milestones until I finally get to either 1.5 or 2% per trade. If I make 100 pips, I get to increase the lot size. If I lose it, I go back to the previous level. This way, I figure I can learn what I need to without paying too much tuition, and total disaster will end up costing me a few hundred dollars.

I too am very thankful to all the contributors here. Unlike you, I found this thread early on, and I haven't wasted my money and time with any of the BS courses. I think that's a blessing and like to think that I have jump started my progress.
  • #4,013
  • Feb 15, 2011 2:10pm Feb 15, 2011 2:10pm
Quoting bigtent
Maybe it is beginners luck, but I have been trying to trade 4x for almost 3 years and have paid for courses and "live trading rooms", but never seen anything that works like this style of trading, and I have never seen so many people getting consistent results like Kostas and others, and it has been the Dance/CHOROS that has turned them around.

Every day I am learning to read the market in ways that I never could before with all the other systems, paid and unpaid.
That feels good and your results are a dream to most forex traders. Keep it up. Don't forget to keep contributing and helping others. Lets make such enormous money trading dance that one day even clay and Kostas will be proud of us.
Making money is easy- Just dont take losing trades
  • #4,014
  • Feb 15, 2011 3:12pm Feb 15, 2011 3:12pm
Quoting kostas1
Had an earlier loss of -19p, but this Endroute-style bounce from the M5 gave me +58p. I stayed so long in the trade due to the M5 gap.
EDIT: 5% of the trade still open shooting for daily R2
++++++++++++++++++++++++++++++++

End Route Style Bounce?

The first time I've heard mention of this. Can you elaborate?

"I have the right to remain stupid, but to do so would be... Stupid!" ~ Me :nerd:
  • #4,015
  • Feb 15, 2011 3:39pm Feb 15, 2011 3:39pm
I too am very thankful to all the contributors here. Unlike you, I found this thread early on, and I haven't wasted my money and time with any of the BS courses. I think that's a blessing and like to think that I have jump started my progress.[/quote]
++++++++++++++++++++++++++++++++

There is alot to be said for coming straight here without window shopping the internet for the next "Fool Proof System". You may be the only 4X trader in history with that experience.

Not only that, but you mentioned your trading on a Mac. Sounds like you got the world on string! Started on Macs in 95' and I've never looked back. Probably saved myself months worth of typical computer head banging.

Thanks for your consistent input. It is appreciated.
  • #4,016
  • Feb 15, 2011 3:39pm Feb 15, 2011 3:39pm
Quoting diamonddbw
++++++++++++++++++++++++++++++++

End Route Style Bounce?

The first time I've heard mention of this. Can you elaborate?

"I have the right to remain stupid, but to do so would be... Stupid!" ~ Me :nerd:

The idea comes from this post:

http://www.forexfactory.com/showpost...postcount=2061

Endroute was one of Clay's mentors. It's worth going to his profile and just reading through his posts.
  • #4,017
  • Feb 15, 2011 4:00pm Feb 15, 2011 4:00pm
I've been trying to compile a "checklist", something to take a look at before each trade and perhaps evaluate the chance of a successful entry. I have tried to make it rather general to fit most situations. What would you add/remove/change in the list below ?

1) Is the (Pip Value * Spread) of the pair acceptable ?
2) Is the pair trending well ? (parallel moving averages of good slope - no "porcupine")
3) Is the trade in the direction of the trend as defined by your preferred moving averages ?
4) Is the price on the trendy side of the moving averages ?
5) If entering on a pullback, is the pullback sufficiently big ?
6) Is the trade supported by a valid touch on a moving average in 5M/15M/1H/4H/1D ?
6a) If yes, is the MA acceptably steep ?
6b) If yes, has the touch occured sufficiently quickly (eg in 1 or 2 candles) ?
7) Is the trade supported by a valid price level ? (valid = not having been breached more than 1-3 times in the vicinity of the timeframe)
7a) Round Number ?
7b) Previous Day or Week High/Low ?
7c) Daily/Weekly/Monthly pivot point (Pivot/S1/S2/R1/R2) ?
7d) Fibonacci retracement ?
7e) Some other S/R not falling in the above categories ?
8) Is there price constrainment in any of the above lines ?
9) Is the trade supported by a characteristic candle pattern in 5M/15M/1H/4H/1D ? (pinbars, IB, OB, double tops/bottoms, etc) ?
10) Is the trade supported by the setup of relevant currency pairs (eg reversal indications in both EURUSD and GBPUSD) ?
  • #4,018
  • Feb 15, 2011 4:14pm Feb 15, 2011 4:14pm
Quoting duffypratt
Congratulations on your progress. But I can't believe you are thanking me when you are actually further along as a trader.
Mate, your daily wrapups are well worth the thanks, I read them all with great interest and find them very valuable in my learning.

You often learn more from "fellow travelers" than you do from experts in any field.

As I've said before, the beauty of the Dance is that it is a simple way to view the market and learn to read it. Because it is not a "system", that will take time, so don't worry, the "pennies will drop" more and more, as you get those "Aha!" moments, but it's different for all of us, like learning to ride a bike, or "learning to Dance" as Clay put it.

I suffer from many of the same problems a yourself, (hesitation, chasing, sitting out because of doubt, and resulting frustration, etc) and don't consider myself a better trader at all. Your sharing in this area helps me overcome them in myself.

If you just see posts from people who are succeeding when you are not, and you are not yet seeing what they are seeing and therefore missing the opportunities, it can lead to greater frustration, but having peers at similar levels willing to share and discuss their experiences lets you know that you're not alone and reduces that frustration.

This is one of the powers of a forum, and you have been a great contributor. Your trading success should follow, and I know it will because of the work you've put in.

So, yes, you very much deserve my thanks!
  • #4,019
  • Feb 15, 2011 4:18pm Feb 15, 2011 4:18pm
Quoting kostas1
I didn't have time to test it yet but here is Clay's comment:
" Only issue is that is seems to take off the SL set on the order during the trade at some point. Not sure why, but it did it on my chart. I like the concept a lot though. If he gets it done, it's pretty much exactly what we have been looking for."
Not quite sure what he means as it should move the original stop as it trails, not "take it off". Does that mean that it ends up with no stop at all?

It would also help if the trades had a "Magic number" attached to them, but that would need to be added by the script that initiates the trade.

I will not have a lot of time to test it for the next few days, but will certainly get to it.
  • #4,020
  • Feb 15, 2011 4:32pm Feb 15, 2011 4:32pm
Quoting Survivor
That feels good and your results are a dream to most forex traders. Keep it up. Don't forget to keep contributing and helping others. Lets make such enormous money trading dance that one day even clay and Kostas will be proud of us.
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