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CHOROS System

  • #4,501
  • Mar 21, 2011 3:07pm Mar 21, 2011 3:07pm
Quoting Survivor
Dont worry some of fellow dancers was always squeezing it.

BTW- you thing 35/50 touch was trade of the day? Then look harder buddy. There was some serious juice there.

I like this trade because it shows how things develop. 35/50 is going north in all time frames so long is the trade of the day. Then i see a constrainment. I get long but am frustrated at inability to cross day high. Allso lower highs. I get out. But as i always say, a wick through constraning MA always confirms the trade for me. I get in again for daily target.

Hope that...
I knew you must have gotten in on that constrainment. Even I might have taken it if I had been up. This last week and a half, my alarm timing has been terrible. I have a wonderful habit of waking up about 15 minutes after a great signal, and then giving up about a half hour before the next really good signal. Last night, for example, I got to the computer just after the 10 touch that immediately followed your double top exit. I haven't lost anything over that time, except for opportunities, so it's not a big deal I still need to figure out how to make my dancing card fit my everyday schedule.
  • #4,502
  • Mar 21, 2011 9:47pm Mar 21, 2011 9:47pm
Quoting Survivor
Dont worry some of fellow dancers was always squeezing it.

BTW- you thing 35/50 touch was trade of the day? Then look harder buddy. There was some serious juice there.

I like this trade because it shows how things develop. 35/50 is going north in all time frames so long is the trade of the day. Then i see a constrainment. I get long but am frustrated at inability to cross day high. Allso lower highs. I get out. But as i always say, a wick through constraning MA always confirms the trade for me. I get in again for daily target.

Hope that helps....
That wick took my stop out and I wasn't there to re-enter. Had a bad day due to distractions (I don't know how Kostas can do this while running his business) and resulting bad (late) entries where I didn't have enough room to secure the trade without choking it.

You can get away with late entries when price ruins on, but not where it keeps retracing (where you SHOULD enter) like it did yesterday,

If anyone else is doing this... you can find the source of the problem just as I can...... Look in a mirror!
  • #4,503
  • Mar 22, 2011 1:29am Mar 22, 2011 1:29am
Sorry to get this out so late.

1) 35/50 Bounce. Winner. The MAs are pretty steep and parallel. The price action on the way down is cause for concern. Price creeps down to the MAs over a succession of fairly short bars, with no real push until the second to last bar. Also, there was a near touch of the H1 10 just a few bars before this bounce, and that might lead one to suspect that price already bounced, especially since this pair has respected the H1 more than the M15 in recent days.

2) 10 Touch. One bar retrace to the 10. The MA is steep enough. This is a good by the rules trade, and a loser. I don’t see any good reason not to take this trade. I know that at least one dancer commented before that he would only take perfect two bar retraces, and that a one bar retrace is too abrupt. Here there was a slight bounce, but not enough to get to break even.

3) 10 Touch, 35 Bounce. This is another cross and retest trade. Price went all the way down and bouced off the H1 50 (I didn’t mark that one as a trade, and I probably should have.) It then bounced up for a retest of the 35 and hit the 10 in the same bar. This trade seems to work out very often. Here, there’s also confluence with the round number.

4) On this bar and the next we get bounces off the H1 50 and then the H4 10. There is a slight bounce on each of them, and the H4 10 is in confluence with a pivot level. But the best any of these would do is break even.
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  • #4,504
  • Edited 6:14am Mar 22, 2011 5:57am | Edited 6:14am
+55 on GU. Perfect dancing conditions - the 35/50 are coming together and turning up in a lovely slope, absolute certainty this trade would go well.
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  • #4,505
  • Mar 22, 2011 6:06am Mar 22, 2011 6:06am
Quoting arha
+62 on GU. Perfect dancing conditions, absolute certainty this trade would go well.
wow arha, that was very brave of you to trade the news
  • #4,506
  • Mar 22, 2011 6:13am Mar 22, 2011 6:13am
Quoting arha
+62 on GU. Perfect dancing conditions - the 35/50 are coming together and turning up in a lovely slope, absolute certainty this trade would go well.

Good trade, It looks like the dance but in reality the price was not bounced it was the CPI news that came out better than expected and sky rocket the price.
  • #4,507
  • Mar 22, 2011 6:51am Mar 22, 2011 6:51am
Quoting K_Minos
Good trade, It looks like the dance but in reality the price was not bounced it was the CPI news that came out better than expected and sky rocket the price.
It doesn't really matter what the reason for price movement was. The setup was perfect dance, and it worked out exactly as expected.
  • #4,508
  • Mar 22, 2011 7:06am Mar 22, 2011 7:06am
Quoting lunaturtle
wow arha, that was very brave of you to trade the news
Thank you. I would only do it with a fantastic setup like this.
  • #4,509
  • Mar 22, 2011 12:17pm Mar 22, 2011 12:17pm
This one should be quick. We go into the day in a strong uptrend. All charts agree.

1) 50 Bounce. 50 and 35 are pretty flat, but they are converging. The same bar also bounces off the H1 10, which is rising, and there is confluence with a Round Number. This doesn't look like a great trade, but there isn't much in the above it, and this might be worth a gamble to try to get in early on the likely daily move. If the higher time frames were confused, I would say this is a no trade. Here, you might get out with only 15, or you could ride this for the full move of the day and get 95+ pips on the one trade. If I had taken it, I probably would have gotten half off at +16 (Weekly R2) and the other half at +50 (Daily R1).

2) 10 Touch. As arha said, an easy trade. One bar retrace to the 10. First touch. Good for 60 pips. (The Daily move was about 100 pips, but an agile dancer could have made more than that on these two trades.)

With my perfect timing, I got to the computer two bars after this entry.

3) 10 Touch. Second touch of the 10. It comes on the 5th bar from the top, and there has been a clear double top. Moreover, the top was at the Daily R2 and a Round Number. I passed on this trade. If I had taken it, I would break even. A better scalper might get 8-10 pips from it.

4) 35 Bounce. Well, price has run horizontally into the 35, so I don't think it's really a bounce trade, and I just passed on it as well. To me, this looks more like a ping pong trade than anything else, except at the 35 you aren't even in the bottom of the range. London has closed and we are entering the dead time. Usually, from here, the market will not make a new high. I think it's more likely that it will drift down toward the 50 as we get to Asian open. Thus, even as a ping pong trade, I don't think this is very good. Finally, the H1 has shown a remarkable series of shooting stars, and I would not trade into that formation.
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  • #4,510
  • Mar 22, 2011 1:14pm Mar 22, 2011 1:14pm
Quoting kostas1
Guys,
We are almost at 300 pages in the CHOROS thread so I believe it is time for a "Table of contents". It seems at this time that we have developed most of the ideas and we are repeating them over and over. So it would be nice to have a sort of "most important moments" posted at the first post to benefit both the newbies but also ourselves if we need to look back and refresh our memories.

Unfortunately, my schedule prohibits something like that and I would like to put this as a request to the community (which is you)....
I would love it if someone would post the rules without any of the dressing.

I have downloaded the PDFs for this method numerous times but each time I get bogged down with the philosophy and extra stuff.

I am not a newbie, so I don't need all the warnings and all the don't trade if you are not in the right mind set stuff.

I just want to know the exact rules.

Kostas posted this in the rookie session.

========================================
The main idea is using the M15 with the 10/35/50 MAs. It is not a crossover MA system, but rather a touch or bounce from the MA system (so is NOT a lagging indicator in that respect).
.>snip
My twist to that method includes taking profits at 10-15pips per trade
>snip
===============================================

So I just need to know....are the MA's EMA's or SMA's or a mixture.
Is it the 10 MA you are looking for a bounce from?

I am guessing the thread can be distilled down to:

"Take a bounce off the 10 MA, use candle patterns, and trade in the direction of the trend."

I want to say that Kostas has obviously done an amazing job and all the respect for what he has accomplished is absolutely due to him.


....but reading through hundreds of pages gets very daunting, so it is difficult to know what is valid to grasp and what is not.

The one thing about reading through a whole thread is you realize that some people post real gems anytime that member posts you should take notice. Unfortunately I just do not want to spend the time to read through 300 pages to figure that out.

So if anyone could distill the rules into 10 (or less) simple rules, I would be very appreciative

PGPB
  • #4,511
  • Mar 22, 2011 3:45pm Mar 22, 2011 3:45pm
Quoting pgpb
I would love it if someone would post the rules without any of the dressing.

I have downloaded the PDFs for this method numerous times but each time I get bogged down with the philosophy and extra stuff.

I am not a newbie, so I don't need all the warnings and all the don't trade if you are not in the right mind set stuff.

I just want to know the exact rules.

Kostas posted this in the rookie session.

========================================
The main idea is using the M15 with the 10/35/50 MAs. It is not a crossover MA system,...
I'm about halfway through the initial selection process for the outline.

Early on in my involvement, I posted a 5 or 6 page .pdf which was my summary of the dance rules as I understood them. Clay seemed to like the summary. It's not 10 or less simple rules. But keep in mind, there are three distinct major entries for the dance on the M15, so 10 rules may be a bit optimistic to cover all three. If you want to see my .pdf, search the thread for dancesummary.pdf

Here is the quickest summary I could give:

10 Touch -
1) Trade only with the trend of the moment. (Trend of the moment is defined by price and the 10 in relation to the 35/50)
2) 10 EMA is very steep (as if pointing at 1 or 5 oclock)
3) Price pulls back 12-15 or more pips in one or two bars to touch the 10.
4) Enter in direction of trend with stop loss of 9 plus spread.
5) Move to break even as quickly as possible.
6) Exit to taste.
But, 7) Avoid trading into heavy resistance.

35/50 Bounce
1) Trade only with the trend of the moment.
2) 35 and 50 are fairly steep and parallel. (Now thinking 2 and 4 oclock).
3) 35 and 50 are not diverging.
4) Price pulls back to the MAs on a fairly sharp pullback. Two bars is best, but there is leeway here.
5) Either trade on the touch, if everything is perfect or
6) Fine tune the entry on the M5 by looking for a good price action entry (hammer, hanging man, engulfing bar), or confluence in the M5 (a parallel dance pattern in both time frames).
7) Stop Loss of about 15, but never more than 19 pips.
8) Move to break even quickly.
9) Exit to taste.

Constrainment
1) Trade only with the trend of the moment, and there must be some trend.
2) At least three wicks in a row, or the body of three candles in a row, touch one of the MAs and then are rejected by the MA.
3) It's best if the candles are small and in a well defined high/low range.
4) There is no larger MA in the way of the trade.
5) The last candle before entry must close on the trend side of the MA.
6) Enter on the next touch of the MA.
7) Stop loss very tight, maybe 6-8 pips plus spread.
8) Move quickly to Break even.
9) Exit to taste.

Keep in mind that these brief summaries are my interpretation, and others might have a different perspective. Also, this loses quite a bit of the subtlety and learning that has gone on over the last 10 months. So, you might want to start with this, but you really will get a much better feel by going through things in more detail and by studying the thread.

Preparing the outline is taking me through my third reading of the thread, and I can't even begin to say how much more I am seeing this time around. So, maybe I shouldn't have posted this. In my opinion, there really is no substitute for doing the work and putting in the time it takes (however much time that might be).
  • #4,512
  • Mar 22, 2011 7:13pm Mar 22, 2011 7:13pm
Quoting duffypratt
I'm about halfway through the initial selection process for the outline.

Early on in my involvement, I posted a 5 or 6 page .pdf which was my summary of the dance rules as I understood them. Clay seemed to like the summary. It's not 10 or less simple rules. But keep in mind, there are three distinct major entries for the dance on the M15, so 10 rules may be a bit optimistic to cover all three. If you want to see my .pdf, search the thread for dancesummary.pdf

Here is the quickest summary I could give:

10 Touch -
1) Trade only with the trend...
This is indeed very helpful.
I know what you mean, that there is nothing like going through the whole thread to really get the system.
There are some threads that I have followed for a long time, and it drove me nuts when someone came in at the end and asked for a summary, so I appreciate your polite and thorough response.
I am not new to forex so I figure with a lot of systems I can quickly grasp the basics.
(although I must admit that there are some systems that I have tried to read that I will never grasp ....LOL)
I keep on coming back to his system because of seeing Kostas's posts.
I have lots of respect for Kostas
I will spend some time on the weekend playing with this.

So, again...thank you for this summary.

PGPB
  • #4,513
  • Edited 3:14am Mar 23, 2011 1:52am | Edited 3:14am
Am into USDCHF 4H constrainment. Will update in evening how it goes.

EDIT: Was good for quick +30 on 3 times normal lot. Constrainment in 4H is rare and am expecting a huge crash here therefore holding part position still open with +20 locked in. Will post charts in evening if someone needs it.
Making money is easy- Just dont take losing trades
  • #4,514
  • Mar 23, 2011 5:20am Mar 23, 2011 5:20am
hi,

What do you think about this?
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A small profit is better than a big minus...
  • #4,515
  • Mar 23, 2011 9:27am Mar 23, 2011 9:27am
Just want to thank evryone who is keeping this thread going. I am implimentinting much of this into my trading and its starting to pay off. A lot of this method fits in with how I trade and my psychology (short term - I do better at this level). Hopefully as I improve I will be able to add positive contributions to this great thread.

Mark
Mark ... Everything you have been told is a LIE
  • #4,516
  • Mar 23, 2011 11:06am Mar 23, 2011 11:06am
Quoting spzd
Just want to thank evryone who is keeping this thread going. I am implimentinting much of this into my trading and its starting to pay off. A lot of this method fits in with how I trade and my psychology (short term - I do better at this level). Hopefully as I improve I will be able to add positive contributions to this great thread.

Mark
Warm welcome to Davy Crockett's friend.
  • #4,517
  • Mar 23, 2011 1:11pm Mar 23, 2011 1:11pm
kostas1: Hi. i'm interested how much daily average profit you have with this system now. I mean do u still get 5-10% increasing to your capital in daily basis?

Thanks and sorry for my english
  • #4,518
  • Mar 23, 2011 1:17pm Mar 23, 2011 1:17pm
Quoting wskeal
kostas1: Hi. i'm interested how much daily average profit you have with this system now. I mean do u still get 5-10% increasing to your capital in daily basis?

Thanks and sorry for my english
If you read the thread, you will see that I have reduced that to 2.5%. It seems most of the days I can do that.....
  • #4,519
  • Mar 23, 2011 1:27pm Mar 23, 2011 1:27pm
Quoting kostas1
If you read the thread, you will see that I have reduced that to 2.5%. It seems most of the days I can do that.....
but your risk per trade was reduced too? how much % you risk per trade now?

i think 1% risk per trade is good for big capital (more than 10k) but i trade with 500$ capital, so my goal is to mke 5% daily


sorry, i have no time to read full thread.
  • #4,520
  • Mar 23, 2011 1:32pm Mar 23, 2011 1:32pm
Quoting kostas1
If you read the thread, you will see that I have reduced that to 2.5%. It seems most of the days I can do that.....
it´s awesome, kostas it must be an unbelievable feeling for you if you think at the last year, where you lost 80 % of your capital and after you found the dance

cheers

Andrey
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