CHOROS System | Page 296 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

CHOROS Interactive 2,625 replies

Money management for CHOROS and other strategies 2 replies

I want to pay off my mortgage asap with Choros 181 replies

3-9% a day with CHOROS? 63 replies

Would you trade this system? New system #2. 10 replies

Attachments: CHOROS System
Exit Attachments

CHOROS System

  • #5,901
  • Aug 9, 2011 12:01pm Aug 9, 2011 12:01pm
Quoting Haydel
Yes that is crazy. The question is, Will it continue falling? I do not see something on the left to stop the fall.
If it continue to fall then shorting at M15 5EMA in confluence with RN or Pivots would be in order because we are having very steep 10EMA and 5EMA.
There is nothing on the left indeed, as we are seeing historical highs of CHF against all major currencies... shorting is a good idea still

EDIT: I mean shorting USDCHF
Flp. 4:13
  • #5,902
  • Aug 9, 2011 12:04pm Aug 9, 2011 12:04pm
Quoting Haydel
Yes that is crazy. The question is, Will it continue falling? I do not see something on the left to stop the fall.
If it continue to fall then shorting at M15 5EMA in confluence with RN or Pivots would be in order because we are having very steep 10EMA and 5EMA.
yeah I agree however the swiss gov has been talking about intervention to weaken the swiss, however I think it won't stop the CHF rise if the world economy is in turmoil. Maybe some odd spikes here and there that's it. 2008 and happy days are here again. lol
Riding the order flow
  • #5,903
  • Aug 9, 2011 3:20pm Aug 9, 2011 3:20pm
Hey Bin, regarding that comment I just did some hours ago, it's something I have observed and really don't know the validity of the observation. There must surely be traders around who could enter opposite directions in each pair and get them both winning, but I personally prefer to have them both going the same direction, as I've found out that they will eventually end the day going the same way, as you can see today...

EDIT: actually after watching both charts next to each other I think they almost moved alike except for the exact time we were discussing going long on EU while GU was in bearish position (I mean below 35/50) and falling. In fact EU didn't wen't down and instead started acting funny when FOMC statement and rates came out, then it started going up with GU finally following this direction..
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EU_pace.jpg Size: 126 KB
Click to Enlarge Name: GU_pace.jpg Size: 128 KB
Flp. 4:13
  • #5,904
  • Aug 10, 2011 12:41am Aug 10, 2011 12:41am
Market is acting very strange especially the JPY and CHF pairs.
Riding the order flow
  • #5,905
  • Aug 10, 2011 6:53am Aug 10, 2011 6:53am
Anyway just to keep things alive here I just took in 22 pips from GJ 5EMA touch off the 15M chart. Now I am up 15 pips for today.

My earlier loss was off a failed 10EMA touch trade of 15M GJ. I learn a lesson today, I should give my trade time to breath.
Riding the order flow
  • #5,906
  • Aug 10, 2011 4:16pm Aug 10, 2011 4:16pm
Quoting Binyamin
Anyway just to keep things alive here I just took in 22 pips from GJ 5EMA touch off the 15M chart. Now I am up 15 pips for today.

My earlier loss was off a failed 10EMA touch trade of 15M GJ. I learn a lesson today, I should give my trade time to breath.
Yes, I missed this thread today, yesterday we gave it a little more live tho', nice call that one mate... well done

btw what do you mean with give my trade time to breath?? I think I kinda get it, but It'd be great if you explain a little further...
Flp. 4:13
  • #5,907
  • Aug 10, 2011 4:33pm Aug 10, 2011 4:33pm
Nothing new or special, kostas has commented on timing entries on M5 and on further thinking I think I saw this same comment on testing all confluence levels in Clay's original Dance Manual...

Anyway I hope this would help someone, it is worth posting
Attached Image (click to enlarge)
Click to Enlarge Name: testinglevels.jpg Size: 155 KB
Flp. 4:13
  • #5,908
  • Aug 10, 2011 8:40pm Aug 10, 2011 8:40pm
Quoting Anthar
Yes, I missed this thread today, yesterday we gave it a little more live tho', nice call that one mate... well done

btw what do you mean with give my trade time to breath?? I think I kinda get it, but It'd be great if you explain a little further...
I mean when I put on a trade I shouldn't be so quick to move my SL to BE I should move to BE after the the price go a certain distant and after a set time. To date, quite some nice trades got away because I have been playing too defensively. Just my nature.

Once I put on a trade I should just sit still without interfering too much.
Riding the order flow
  • #5,909
  • Aug 11, 2011 5:54am Aug 11, 2011 5:54am
Woot I have just taken a lost at AUDJPY for a 15m 10ema TOUCH TRADE. I did everything right and I still end up with a lost for today.....

I notice that this week I am pulling off quite some losing trades, but when I analyze my trades I hardly made any mistakes at all. I think the market has been not acting favorably these days. Anybody experiencing the same thing? Is that why Kostas choose to take a break now??

I am going to significantly scale down my PS until I start pulling in profits again....

PS: ANY OPINIONS ARE WELCOMED
Riding the order flow
  • #5,910
  • Aug 11, 2011 6:09am Aug 11, 2011 6:09am
Quoting Binyamin
I notice that this week I am pulling off quite some losing trades, but when I analyze my trades I hardly made any mistakes at all. I think the market has been not acting favorably these days. Anybody experiencing the same thing? Is that why Kostas choose to take a break now??
You are not alone Binyamin,

Last 2 days were disaster but the thing is that it is logical due to so many speeches of economic VIPs etc. At days like these the market goes bananas and we should wait for price to go to a ping pong formation (as it did).

Although I had many losses, today I managed to recover with 96 pips gain and full lot size (not recommended). From today the market seems to be as normal with no wicks etc and hope to stay like this.

What we should learn from the last 2 days is that when it is a news day (especially when related to the economic crisis) STAY OUT

EDIT: Binyamin I like your occupation in your profile
You are allowed to fall but you are imposed to get up!
  • #5,911
  • Aug 11, 2011 6:20am Aug 11, 2011 6:20am
Quoting iero4
You are not alone Binyamin....

EDIT: Binyamin I like your occupation in your profile
Glad to know I am not alone with the results, and bravo to your recovery.

I am glad you like my occupation, I can teach you the secrets but it won't be cheap.

Nah that is not how I earn my money or what I do at all, it's a joke! lol
Riding the order flow
  • #5,912
  • Aug 11, 2011 7:07am Aug 11, 2011 7:07am
Quoting Binyamin
Woot I have just taken a lost at AUDJPY for a 15m 10ema TOUCH TRADE. I did everything right and I still end up with a lost for today.....

I notice that this week I am pulling off quite some losing trades, but when I analyze my trades I hardly made any mistakes at all. I think the market has been not acting favorably these days. Anybody experiencing the same thing? Is that why Kostas choose to take a break now??

I am going to significantly scale down my PS until I start pulling in profits again....

PS: ANY OPINIONS ARE WELCOMED
This days have been extremely difficult for me too, I barely managed to get out BE or with a loss, so I think I'll take it easy and not let it affect me psychologically because markets may be acting funny... today I took to 35/50 touches that blew my stops instantly because of large wicks...
Flp. 4:13
  • #5,913
  • Aug 11, 2011 7:54am Aug 11, 2011 7:54am
plz post your losers too guys
we may learn something, apart that the market is acting a little crazy lately.
  • #5,914
  • Aug 11, 2011 8:13am Aug 11, 2011 8:13am
Quoting asos101
plz post your losers too guys
we may learn something, apart that the market is acting a little crazy lately.
Sure thing mate, here's one, a EU M15 35/50 touch...
IMO it failed because:

I failed to look for what I posted about yesterday, PA will test all levels of confluence before reacting.

Afraid of loosing the oportunity I ended up loosing money
Attached Image (click to enlarge)
Click to Enlarge Name: EU_failedtouch.jpg Size: 144 KB
Flp. 4:13
  • #5,915
  • Aug 11, 2011 8:24am Aug 11, 2011 8:24am
Quoting Anthar
Sure thing mate, here's one, a EU M15 35/50 touch...
IMO it failed because:

I failed to look for what I posted about yesterday, PA will test all levels of confluence before reacting.

Afraid of loosing the oportunity I ended up loosing money
Under normal conditions I think I would have taken it because that was such a sharp retrace back to the 35/50 MAs...... Usually the sharper it retrace the better I feel about the trade... not so with this market conditions.

I remember Kostas say that he/she barely has more than 2 losses in a row... Lets ask his take on this market when he comes back.
Riding the order flow
  • #5,916
  • Aug 11, 2011 8:34am Aug 11, 2011 8:34am
Quoting Binyamin
Under normal conditions I think I would have taken it because that was such a sharp retrace back to the 35/50 MAs...... Usually the sharper it retrace the better I feel about the trade... not so with this market conditions.

I remember Kostas say that he/she barely has more than 2 losses in a row... Lets ask his take on this market when he comes back.
Yes, maybe we're not seeing the best of market conditions to trade this way... nonetheless I think kostas has been trading enough to avoid this kind of bad entries most of the time, of course not always, he losses trades too..

BTW I think he's a he, lol... so Bin I'm about to try that page you sent me, thanks mate...
Flp. 4:13
  • #5,917
  • Aug 11, 2011 9:02am Aug 11, 2011 9:02am
Quoting Anthar
Sure thing mate, here's one, a EU M15 35/50 touch...
IMO it failed because:

I failed to look for what I posted about yesterday, PA will test all levels of confluence before reacting.

Afraid of loosing the oportunity I ended up loosing money
If this may help in anyway for the future: by EUR/USD such big candels in my opinion usually show that something is going to happen in their direction.

So I would take care of touch trades in those moments.

Moreover it was not the first touch (even if not exactly by the pip, but the price was already back around the 35/50 after the first strong move down).
This is another reason to carefully have a look at PA before trusting touch trades.

I could get something from G/U instead.
By the first Ema10 and first 35/50.

Bin, what about another thread about your other business ?
Attached Image (click to enlarge)
Click to Enlarge Name: 2.jpg Size: 123 KB
  • #5,918
  • Aug 11, 2011 9:11am Aug 11, 2011 9:11am
Quoting Whenever
If this may help in anyway for the future: by EUR/USD such big candels in my opinion usually show that something is going to happen in their direction.

So I would take care of touch trades in those moments.

Moreover it was not the first touch (even if not exactly by the pip, but the price was already back around the 35/50 after the first strong move down).
This is another reason to carefully have a look at PA before trusting touch trades.

I could get something from G/U instead.
By the first Ema10 and first 35/50.

Bin, what about another...

Thanks for your comments W, they're truly helpful... I'm just tryin to figure out why I took the bad trades when I see some nice signals in your chart... lol, just kiddin' trading is like this.. you win you lose...

I'll take what you say into consideration, thanks a lot...
Flp. 4:13
  • #5,919
  • Aug 11, 2011 10:43am Aug 11, 2011 10:43am
I do not want to show off, please consider this as sharing information for our benefit, but this week was good for me.

This week on Monday, my first trade was a looser but after that one until yesterday I had 5 winners and 2 BE (One lucky trade included). All days ended with profits.

Today I had 2 wins and 3 losses, the good thing was that the losses where controlled and the winners where bigger meaning that today ended with a little profit too but I stopped for the day after those three losses.

This week my account has grown 14.5% so I´m very satisfied with the outcome.

Here are some things I find useful to remember:

 

  1. Do not rely only on MAs, always look for confluence with levels like Pivots, PPA or RN (In that order).
  2. Always look at Higher and Lower Time Frames before entries to have an idea on where the price is going.
  3. Always look to the left to see where price have bounced before (PPA - Previous Price Action). If price bounced there once, it will probably bounce there again. Use those PPA levels to fine tune your entries and exits. I find that H4 swings are very strong PPA levels for entries. And even M15 swings are useful when setting your targets. Even my lucky trade this week reacted well to a H4 PPA resulting in profit.
  4. In order of preference I use the following levels for confirmation, considering the first as the strongest:

1. Pivots (Calculated at NY close)
2. H4 PPA
3. RN

  1. Look for CHOROS Signals (Touches, Constarinments, etc.) in confluence with those levels for higher probability trades.
  2. Last but not the least, consider Demand and Supply Areas (I’m not talking about Support and Resistance levels). I’m talking about areas where you can expect a lot of buyers (Demand) or a lot of Sellers (Supply). You can have an idea of where those areas are looking to the left, for example if you see a huge break out UP at some level, it means that there where more buyers than sellers there. So, after some days or weeks, when price is going down into that area again, you can expect some reaction that can go from dozens of pips to a complete trend reversal. Have those areas in mind so when price gets there pause, wait, and consider changing form looking for SHORT CHOROS Signals to start looking for LONG CHOROS Signals or vice versa.

Happy trading

  • #5,920
  • Edited 11:15am Aug 11, 2011 10:53am | Edited 11:15am
Quoting Haydel
I do not want to show off, please consider this as sharing information for our benefit, but this week was good for me.
.....
Thanks for sharing, I found your post rather interesting considering the traders that has been successful in the sonic R thread state that they are not trading now due to the market conditions.

I will take your ideas and do some backtesting. I have the impression from your post that MAs are not nearly as effective as an S or R as other ones like pivot etc. Also high probability trades like touch happen with confluence with the others(and since you trade so little you probably only trade hi probability setups). The concept of previous price action is something I see but now I will use it as a S n R for my testing. Thanks heaps for your generous sharing.
Riding the order flow
7 traders viewing now