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CHOROS System

  • #4,881
  • Apr 28, 2011 9:52am Apr 28, 2011 9:52am
Quoting AndreyBecker
eur/usd m15 10 touch in confluence with m5 35/50 bounce and PA on M5.. +19 Pips
Same trade here. I was concerned that the M15 retrace was too fast since it was only one bar, but the M5 rejection pinbar convinced me otherwise...
  • #4,882
  • Apr 28, 2011 7:35pm Apr 28, 2011 7:35pm
Quoting isengoz
my first trade today at G/U for +15 pips...

it may not be a perfect setup according to the rules but I had reasons to enter. actually a similar setup to the trade I sent yesterday. the reasons I had were:
- triple top price made and failed (showing down trend)
- unable to make a new high which I showed with the trend line (showing down trend)
- long upper wick the bar had after the last attempt (three bars before the entry) (showing down trend)
- 10MA was already turned downwards
- (one of the most important reasons) although touching the 50 line...
Isengoz, I was hoping a more experience dancer would weigh in on this, but since they haven't I'll take a shot at analyzing your trade in dance context. At best I'm right and someone may confirm me, or at worst I'm wrong and someone will correct and teach me.

Now I'm not good with the advanced dance concepts yet, so I will only speak according to the basic rules from the manual. I don't see any dance "rules" followed here. You entered between the 35 and 50, which is a no-no in the manual. It's really a price action trade, with the confluence of the 10, 35 and RN as resistance.

You broke two of the major dance rules: 1) Never trade when the 35/50 is diverging, and 2) Always trade above (long) or below (short) the 35/50, never in between (except maybe advanced which, again, I am not). And you almost paid for it - price tested the 50 but bounced against you, broke the RN, and even touched your 1.6503 resistance point before going your way! That happens, of course, but even with the signs of the downtrend in your favor, if it were me I would have felt that I just got lucky when it wasn't stopped out.

I like your entry reasons - the dead end and complete retrace of the third top, then the downtrend reinforced by the next bar with the long wick. Also, H1 looks good: 3 nice bearish candles, 35/50 close, and all MAs turning down - good bearish TOM.

But at decision time, is all this enough to override the 35/50 diverging? Maybe the strong H1 chart is enough, but not for me because I always get burned when I break that rule.

So I see this as a well-analyzed price action trade with help from the overhead resistance. But not so much a dance trade.

BUT... as you say, your reasons for entry were excellent reasons. Plus you taught me a little more from your post. And at the end of the day you are up +15 pips, right? Congrats on a good trade and thanks for sharing it!
Luck occurs when preparation meets with opportunity.
  • #4,883
  • Apr 29, 2011 7:11am Apr 29, 2011 7:11am
i took this trade on gbp/usd m15. it was a touch of 10 MA in confluence with 35/50 MA and the doji on the m5 and 35 MA on H1. I was stopped out
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  • #4,884
  • Apr 29, 2011 8:07am Apr 29, 2011 8:07am
I just took this trade, still live
Waited until it crossed RN, then entered
Short 1.66484, Target downtrend line, about 1.66320

Pinbar through 35 and 50
35 and 50 about 4 pips apart, both starting to turn down
M5 showing constrainment with pins through 35, closing below 35

Also...
Two tops trending down
Recent low lower than previous low
Moved stop to BE, let's see what happens..

While posting I got stopped out at BE.
It was up +10.5 pips at one point.
Shoulda taken it, but price moved fast, looked like there was momentum
But I didn't lose money!!! I'm learning...
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Luck occurs when preparation meets with opportunity.
  • #4,885
  • Apr 29, 2011 8:44am Apr 29, 2011 8:44am
Quoting AndreyBecker
i took this trade on gbp/usd m15. it was a touch of 10 MA in confluence with 35/50 MA and the doji on the m5 and 35 MA on H1. I was stopped out
35/50 on H1 are separated -> expect trend change, also note doji on m15, it is always a risk to go against it
  • #4,886
  • Apr 29, 2011 5:02pm Apr 29, 2011 5:02pm
When I look back at historical data (like this week), I often say "that was so obvious, why didn't I make the trade?"

When the markets are open, I try to look at 7 pairs on different pages in MT setup in a Choros framework.

Maybe that's too many, which might explain why a bunch of opportunities seem to slip through the cracks.

The flip side for me, is that it is too boring to focus on only one pair which might be going through huge consolidation.

I would be quite interested to know how others approach this issue.
  • #4,887
  • Apr 29, 2011 5:29pm Apr 29, 2011 5:29pm
Quoting cmeade2
When I look back at historical data (like this week), I often say "that was so obvious, why didn't I make the trade?"

When the markets are open, I try to look at 7 pairs on different pages in MT setup in a Choros framework.

Maybe that's too many, which might explain why a bunch of opportunities seem to slip through the cracks.

The flip side for me, is that it is too boring to focus on only one pair which might be going through huge consolidation.

I would be quite interested to know how others approach this issue.
Very good question. More and more, it's becoming clear to me that patience is the greatest skill you can have in trading this system. I just keep reminding myself that I'm in this to make money, and not for the action. I pretty much limit myself to GU and EU, and sometimes I think that may be too much. And I only take setups that look great to me. For the most part, if I have doubts, I don't take the trade. That means I miss lots and lots of opportunities. But I also don't suffer as often through pointless losses from chasing or, worse, inventing trades.
  • #4,888
  • Apr 29, 2011 6:03pm Apr 29, 2011 6:03pm
Quoting cmeade2
When I look back at historical data (like this week), I often say "that was so obvious, why didn't I make the trade?"

When the markets are open, I try to look at 7 pairs on different pages in MT setup in a Choros framework.

Maybe that's too many, which might explain why a bunch of opportunities seem to slip through the cracks.

The flip side for me, is that it is too boring to focus on only one pair which might be going through huge consolidation.

I would be quite interested to know how others approach this issue.
Cmeade, so interesting that you mention this! I have the same issue. I watch 7 pairs too because I am afraid of missing opportunities.

I did some homework and read some of duffypratt's links from his TOC.

Some successful guys, like Kostas and Birdland, have gone through this. They finally decided to stick with ONE PAIR ONLY. Later they may pick up another, but first they got good at that ONE PAIR.

I see Duffypratt's reply to you here, and he is so right. I made this decision just yesterday to trade only EU until I'm good at it. I may still look at the other pairs, maybe trade them in demo, but only for showing myself how dumb I would be if I traded them live! I will focus on only EU for now for live and sim, no others.

Duffy is so right, that is such great advice. I have to keep first in mind that I'm trading because I want to make money. I make the decision NOT to enter a trade far more times than entering. Even so I still enter too often, then I lose money. Duffy is right: Patience is the #1 key to success I think. It's definitely the hardest thing for me to overcome.

Here are the links I have been studying (thanks again Duffy!). Good trading to all!

Pairs to Trade

http://www.forexfactory.com/showpost...&postcount=311
http://www.forexfactory.com/showpost...&postcount=640
http://www.forexfactory.com/showpost...postcount=1545
http://www.forexfactory.com/showpost...postcount=1947
http://www.forexfactory.com/showpost...postcount=1954
http://www.forexfactory.com/showpost...postcount=2035
http://www.forexfactory.com/showpost...postcount=4177
http://www.forexfactory.com/showpost...postcount=4181
Luck occurs when preparation meets with opportunity.
  • #4,889
  • Apr 30, 2011 12:26am Apr 30, 2011 12:26am
Quoting AlienFrog
..... I watch 7 pairs too because I am afraid of missing opportunities. ......
7 pairs!

I was fighting with this problem too and my conclusion is that it only seems that you miss so many opportunities on other pairs, but in reality with this method you cant normal analize an hold in head all pairs simultaneously and most often you just miss all of them or pick the worst.

If 30 pips daily is enough for you, why not to stick just one pair, ok, maybe two? It looks boring, but much more easier and reliable.
  • #4,890
  • Apr 30, 2011 3:18am Apr 30, 2011 3:18am
Quoting AlienFrog
Isengoz, I was hoping a more experience dancer would weigh in on this, but since they haven't I'll take a shot at analyzing your trade in dance context. At best I'm right and someone may confirm me, or at worst I'm wrong and someone will correct and teach me. ...
hi AlienFrog and thank you for taking your time to write your ideas. I'll try to take your warnings into consideration for my next trades. About that particular trade, I realized the price action developing and was looking for a good place to enter, so the confluence of 10/35 seemed good to me.

another thing is that I have an idea of "if it's not a sell, it's a buy or vice versa". I know most of you will object to that. However, I realized that as we are not looking for huge gains the price would most of the time allow us to take this risk. I check the price action to my knowledge, and if price crosses all MAs and retraces back, I enter at the confluence of 10 and 35 or 50. my risk:reward ratio is generally 1:1 or less so even 51% is okay with me. for example on post #4864 I also had the same idea but that time the Dance rules were with me, I think.

anyway, don't listen to me much. in the end, I'm a newbie in this strategy. I'll practice that on sim and try to learn when to enter or stay out...

have a nice weekend...
  • #4,891
  • Apr 30, 2011 4:38am Apr 30, 2011 4:38am
Quoting AlienFrog
I watch 7 pairs too because I am afraid of missing opportunities. ...[/color][/url]
what about using a multiple monitor then? I dream of having one in a year or so to apply this strategy.
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  • #4,892
  • Apr 30, 2011 7:17am Apr 30, 2011 7:17am
Quoting isengoz
what about using a multiple monitor then? I dream of having one in a year or so to apply this strategy.
Haha! You mean like this? I don't have 8 monitors yet, though.

Edit: I should add for the benefit of those who may not be technically inclined that this is really easy to do and not expensive. I'll be glad to tell you how, just PM me.
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Luck occurs when preparation meets with opportunity.
  • #4,893
  • Apr 30, 2011 8:21am Apr 30, 2011 8:21am
Quoting AlienFrog
Haha! You mean like this? I don't have 8 monitors yet, though.

Edit: I should add for the benefit of those who may not be technically inclined that this is really easy to do and not expensive. I'll be glad to tell you how, just PM me.
The question it seems is whether it is still too distracting to look at a bunch of pairs even if you have limitless screen space.

I definitely fall on the other side of the spectrum, using a 13" Macbook, where I switch between different profiles for different pairs in MT.
  • #4,894
  • Apr 30, 2011 8:39am Apr 30, 2011 8:39am
Quoting cmeade2
The question it seems is whether it is still too distracting to look at a bunch of pairs even if you have limitless screen space.

I definitely fall on the other side of the spectrum, using a 13" Macbook, where I switch between different profiles for different pairs in MT.
No question, you are right! I do not want to mislead anyone into thinking that "the more monitors you have the easier it is to trade." That would be very wrong! To make money, Dance philosophy says SIMPLIFY, NOT COMPLICATE. Do not add distractions. I put those screenshots up for the photo.

I usually show MT4, my entry calcs spreadsheet, news, and my Oanda account, so it's nice to have the 3 monitors, but not really needed. I need this setup for work, otherwise I probably would have just one monitor.
Luck occurs when preparation meets with opportunity.
  • #4,895
  • Apr 30, 2011 10:09am Apr 30, 2011 10:09am
Quoting AlienFrog
No question, you are right! I do not want to mislead anyone into thinking that "the more monitors you have the easier it is to trade." That would be very wrong! To make money, Dance philosophy says SIMPLIFY, NOT COMPLICATE. Do not add distractions. I put those screenshots up for the photo.

I usually show MT4, my entry calcs spreadsheet, news, and my Oanda account, so it's nice to have the 3 monitors, but not really needed. I need this setup for work, otherwise I probably would have just one monitor.
A key feature of Macs and why they are so great is that you can set up multiple screen workspaces with different applications, and simply cycle between them. It's not like in Windows where there is one workspace and the question is which applications are open it. It seems this limitation is what drives the needs for additional screens.

I use 4 workspaces, which is equivalent to having 4 different screens. One has MT4, another has oanda, then there is a browser with a bunch of tabs, and finally the email program.

The only problem is you can't look at them all at the same time.
  • #4,896
  • Apr 30, 2011 12:41pm Apr 30, 2011 12:41pm
Is there a simulator where you can switch between different time frames. Say you are cruising along on the M15, and to confirm a possible entry you want to zoom in on the M5 or M1.

It doesn't seem possible on the simulators I have but maybe there are others
  • #4,897
  • Apr 30, 2011 8:40pm Apr 30, 2011 8:40pm
check http://www.forexfactory.com/showpost...ostcount=18042

Quoting cmeade2
Is there a simulator where you can switch between different time frames. Say you are cruising along on the M15, and to confirm a possible entry you want to zoom in on the M5 or M1.

It doesn't seem possible on the simulators I have but maybe there are others
  • #4,898
  • Apr 30, 2011 10:11pm Apr 30, 2011 10:11pm
Quoting cmeade2
The question it seems is whether it is still too distracting to look at a bunch of pairs even if you have limitless screen space.

I definitely fall on the other side of the spectrum, using a 13" Macbook, where I switch between different profiles for different pairs in MT.
Hey just wanted to say, the longer you look at multiple monitors, and the longer you stare at the same complicated mess of charts and indicators, the easier it gets. When I first put 20 charts at once in front of my face it seemed hard to grasp it all at once. Now, I can just glance at the whole mess of them and instantly know what all is happening in the markets. So long as the charts remain in the same layout of course.
  • #4,899
  • May 1, 2011 3:25pm May 1, 2011 3:25pm
Quoting AlienFrog
Haha! You mean like this? I don't have 8 monitors yet, though.

Edit: I should add for the benefit of those who may not be technically inclined that this is really easy to do and not expensive. I'll be glad to tell you how, just PM me.
DO tell us how to do this.
I am now comfortable trading both EU and GU. But I hate switching between them in MT4. I would prefer having one monitor per currency (i.e. one for GU and one for EU) and one for my other computer work.

As a general advice for newbies and as I said before: Stay with ONE currency and learn it well. Then you can try learning another one and when you feel comfortable you can trade both simultaneously. With all my experience, only now I can say I am comfortable trading both EU and GU.
  • #4,900
  • May 2, 2011 5:22am May 2, 2011 5:22am
Quoting kostas1
DO tell us how to do this.
I am now comfortable trading both EU and GU. But I hate switching between them in MT4. I would prefer having one monitor per currency (i.e. one for GU and one for EU) and one for my other computer work.

As a general advice for newbies and as I said before: Stay with ONE currency and learn it well. Then you can try learning another one and when you feel comfortable you can trade both simultaneously. With all my experience, only now I can say I am comfortable trading both EU and GU.
You can add as many monitors as you like by adding video cards to your computer. Here is how to do it for a desktop PC:

To add one additional monitor, buy a regular video adapter (or "card") and install it. You can get one at your local computer store, or Best Buy (in the USA), or even Walmart, probably for $20US. Tell them why you want it and what kind of computer you have and they will help you select the right card. If you want to add two monitors (3 total) get a "dual monitor video card."

The card will install in a PCI or PCI-Express slot in your computer, and will provide (one or two) additional ports where you connect the two additional monitors.

There are several different types of monitor connections, so it is important that you know the make/model of your computer so you get the same kind of connection as your current monitor.

If you aren't sure, and you have a Dell, HP, Compaq, or other brand name, just call the manufacturer and they will sell you the exact right card for your computer. It probably won't even cost more, maybe a little but not much.

Of course, you will also need to buy the extra monitor(s). Again, make sure you get the right kind that connects to your new video card.

Here's a link to a shopping search site that shows a bunch of dual monitor video cards. This is just to give you an idea of prices and descriptions - don't buy one from here unless you know it will match your system! http://www.nextag.com/serv/main/buye...dapter&psort=1

Once installed, open the Display properties in Windows and you will see options for how you want to set them up, i.e., which one is left or right side, which one shows Start button, etc.

Most laptops already have dual monitor capability built in. All you need is a second monitor and off you go! Here is a YouTube video that describes very nicely how to do it:
Inserted Video


(Wow, it puts the video right in the post just by cut and paste the link. Hope that's allowed.)

Many new computers (e.g., Dell Optiplex models) come with dual monitor capability as a standard feature. This has been so for a couple of years, so if you have a newer computer check your original documentation. You probably only need to connec the "Y" cable that came with it (that you didn't know what it was for!) to a new monitor.

You will LOVE having more than one monitor! You'll never go back to single monitor again. Any questions let me know. I don't want to digress the thread too much from the Dance so feel free to PM me. Good trading to all!
Luck occurs when preparation meets with opportunity.
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