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CHOROS System

  • #6,021
  • Aug 18, 2011 3:27am Aug 18, 2011 3:27am
This looked like scooping-up at the time. So I got long just before the close of the M15 bar. Got out close to the RN and I am done for the day (had already another +15p from EU this morning). Love it when I have 2 for 2 and finish the day that easily.
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  • #6,022
  • Aug 18, 2011 3:34am Aug 18, 2011 3:34am
Chart setup:

- Tight M15.35/50 overlaping
- Extreme strong PA at the few seconds price touch it

Consequence:
+17.4 pip.

PA note: price rebound from the MA just in a few seconds for 10 pips (not shown even on M1 chart), I am confident that there is a strong buying force there.
Attached Image
  • #6,023
  • Aug 18, 2011 3:36am Aug 18, 2011 3:36am
Quoting kostas1
This looked like scooping-up at the time. So I got long just before the close of the M15 bar. Got out close to the RN and I am done for the day (had already another +15p from EU this morning). Love it when I have 2 for 2 and finish the day that easily.
this is how i imagine my trading day - done in 2 trades in 2 hours of trading
  • #6,024
  • Aug 18, 2011 3:39am Aug 18, 2011 3:39am
Quoting tonny47
this is how i imagine my trading day - done in 2 trades in 2 hours of trading

Not a typical day, but when it happens, got to love it, have the discipline to stop trading and get out... See you tomorrow.
  • #6,025
  • Aug 18, 2011 3:40am Aug 18, 2011 3:40am
Quoting kk007
Chart setup:

- Tight M15.35/50 overlaping
- Extreme strong PA at the few seconds price touch it

Consequence:
+17.4 pip.

PA note: price rebound from the MA just in a few seconds for 10 pips (not shown even on M1 chart), I am confident that there is a strong buying force there.
It seems more and more of your posts are showing profits. You are on your way to be a dancer I guess...
  • #6,026
  • Aug 18, 2011 3:46am Aug 18, 2011 3:46am
Quoting kostas1
It seems more and more of your posts are showing profits. You are on your way to be a dancer I guess...
Thanks kostas1,

The fact is I don't post failure trades unless I want to ask for failure reasons. I think it is not worth others' reading if I posted trades with silly mistakes.

My performance is now winning trades slightly more than failure trades, even though I am still taking a lot substandard trades (sometimes intentionally).

Contradicting to most people said, we should take AAA trade, without lossing self-confidence I found I learn a lot from taking these substandard trades and making mistakes.

cheers,
  • #6,027
  • Aug 18, 2011 4:15am Aug 18, 2011 4:15am
Quoting kk007
Thanks kostas1,

The fact is I don't post failure trades unless I want to ask for failure reasons. I think it is not worth others' reading if I posted trades with silly mistakes.

My performance is now winning trades slightly more than failure trades, even though I am still taking a lot substandard trades (sometimes intentionally).

Contradicting to most people said, we should take AAA trade, without lossing self-confidence I found I learn a lot from taking these substandard trades and making mistakes.

cheers,

very true when you said you find it great learning from your mistakes and substandard trades. i felt the same way. however, i think you should set yourself a deadline from when you will only take AAA trades.

i was trading for a firm for about half a year (completely different way to trade than i am trading now) and vast majority of traders who made money there were very selective.

thats just my experience - you need to do whatever works for you
  • #6,028
  • Aug 18, 2011 5:07am Aug 18, 2011 5:07am
...I know that's fully overtraded (demo) but just let me share with you a 2,5 hours trading results just for fun.

Surely not only AAA Trades (I MUST learn to not follow temptations of overtrading).


So I agree: 2, max 3 AAA Trades in the day (they mostly happen during London / US Sessions) would be MORE than enough for doing great.
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  • #6,029
  • Aug 18, 2011 5:21am Aug 18, 2011 5:21am
Quoting Whenever
...I know that's fully overtraded (demo) but just let me share with you a 2,5 hours trading results just for fun.

Surely not only AAA Trades (I MUST learn to not follow temptations of overtrading).


So I agree: 2, max 3 AAA Trades in the day (they mostly happen during London / US Sessions) would be MORE than enough for doing great.
woooow those results are impressive! if you can consistently replicate this kind of trades than thats the way to go

are you planning to go live any time soon? perhaps microaccount?
  • #6,030
  • Aug 18, 2011 5:31am Aug 18, 2011 5:31am
Quoting Whenever
...I know that's fully overtraded (demo) but just let me share with you a 2,5 hours trading results just for fun.

Surely not only AAA Trades (I MUST learn to not follow temptations of overtrading).


So I agree: 2, max 3 AAA Trades in the day (they mostly happen during London / US Sessions) would be MORE than enough for doing great.
You made no losses trading a porcupine?
Riding the order flow
  • #6,031
  • Aug 18, 2011 5:35am Aug 18, 2011 5:35am
Well, no and actually I did other 10 pips and am in now again as you can see...somehow I am Milking a potential H1 Constrainment of the EMA 10 downwards...

EDIT: closed at the RN 6500 + 23 pips, now launch time.
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  • #6,032
  • Aug 18, 2011 5:48am Aug 18, 2011 5:48am
Quoting tonny47
woooow those results are impressive! if you can consistently replicate this kind of trades than thats the way to go

are you planning to go live any time soon? perhaps microaccount?

I'll surely will...after being retired

My problem is that I have no time from the work for following the charts properly ( and no way to live without my job's salary )

I am doing now because these days in Italy is more or less a desert (everybody on holiday), so I may get some time to follow (even for this reason I overtrade).

Otherwise I would have to trade from home after London close perhaps a couple of hours when only US afternoon session is near to end...
My grandmother dance faster than that.... nothing moves then unfortunately.

So, perhaps one day, I will trade real
  • #6,033
  • Aug 18, 2011 5:55am Aug 18, 2011 5:55am
Quoting Whenever
I'll surely will...after being retired

My problem is that I have no time from the work for following the charts properly ( and no way to live without my job's salary )

I am doing now because these days in Italy is more or less a desert (everybody on holiday), so I may get some time to follow (even for this reason I overtrade).

Otherwise I would have to trade from home after London close perhaps a couple of hours when only US afternoon session is near to end...
My grandmother dance faster than that.... nothing moves then unfortunately....
life is never that simple that we can do what we really like, is it..... oh well, i am sure one day...

i have a question about the way you trade - what kind of stop do you personally use, or how do you determine that you are wrong (in case you wait for PA to tell you that you are wrong)?
  • #6,034
  • Aug 18, 2011 5:59am Aug 18, 2011 5:59am
Quoting tonny47
life is never that simple that we can do what we really like, is it..... oh well, i am sure one day...

i have a question about the way you trade - what kind of stop do you personally use, or how do you determine that you are wrong (in case you wait for PA to tell you that you are wrong)?
Generally the previous swing or RN.
Other times when the "concept" I am trading has been broken by P/A.

In this case before the news I thought price could have tested the RN above my entry and it did, to invite traders to go long, but after it went down with the news (I had +47 in a moment but it didn't let me close)

But to trade seriously I would have a SL of max 19 pips and wait really only for AAA's.
  • #6,035
  • Aug 18, 2011 9:33am Aug 18, 2011 9:33am
Quoting Whenever
Generally the previous swing or RN.
Other times when the "concept" I am trading has been broken by P/A.

In this case before the news I thought price could have tested the RN above my entry and it did, to invite traders to go long, but after it went down with the news (I had +47 in a moment but it didn't let me close)

But to trade seriously I would have a SL of max 19 pips and wait really only for AAA's.
swing high/lows, i guess you probably had big breathing space for some trades . still profit is profit!

+47 pips - not bad. haha, something similar happened to me couple of days ago. but i was on the other side of the trade and couldnt close the trade. oh well lesson learnt - i enter now every trade using a script/ea (visual order editor you suggested) with predetermined SL and i move it if i need.
  • #6,036
  • Aug 18, 2011 11:57pm Aug 18, 2011 11:57pm
Hi Guys,

Am attaching the screenshot, which I believe should the entries with 10 pips SL and 12 pips TP as a start. I just want to trade the basic rules of CHOROS system and nothing more - nothing less. I would like to keep the TP decent, but only looking for PERFECT ENTRIES ONLY.

I found 4 entries (2 long and 2 short - left to right) by looking at the M15 chart alone, and should have taken the H1 chart - long (ofcourse, the trade should have closed with the higher TP, but as a newbie, I would stick to my rules).

Am using only the following Moving Averages to keep the setup simple along with daily pivots to understand the S/R (for entries and exits):

White - 10EMA
Magenta - 35SMA
Red - 50EMA

I would be happy, anyone of you would review my entry points rounded with the magenta color. Can you tell me, whether am I on the right track?

Cheers
YFx

http://farm7.static.flickr.com/6181/...d97ac82c_b.jpg
Prefer Price Action Method!
  • #6,037
  • Aug 19, 2011 12:56am Aug 19, 2011 12:56am
Quoting yameen.forex
Can you tell me, whether am I on the right track?
your 4 possible entries look ok at first glance but..
1st one is not a pullback to the 10ema so you would have a hard time finding that touch in realtime as the MAs move with price.
2nd is ideal, 2 bar retrace to the 10ema.
3rd is the third bar but it would be ok if you took it after the reaction (on its way down). another consideration here is that the reaction area was only 5 pips away.
4th looks ok.

BUT, and this is a big BUT...
i see the 35/50 are flat, so 10 touches without a decent angle (trend) of 35/50 are no valid (by the rules) trades.
then i measured in the chart the range in your image is only 50 pips, and this makes it quite clear that the pair is ranging rather tightly.
and last, if you zoom out a bit you will see that the pair is slowly drifting down with the movement the last few days being sideways in what? 50 pips daily range?
i would suggest you find another pair to trade, or for UJ i would consider larger TF to trade and constrainments on H4 rather than M15 touches.
just my thoughts.
ah, and welcome
  • #6,038
  • Aug 19, 2011 1:54am Aug 19, 2011 1:54am
Hi Whenever,

Well done. Not intend to be discouraging, but I am afriad the performance is not as good as it looks.

Your stop loss is huge compared to your actualized profit. For example, if price instead hit your stoploss in your first trade and other remain the same, your total profit will go down from $810 to $200.

cheers,



Quoting Whenever
...I know that's fully overtraded (demo) but just let me share with you a 2,5 hours trading results just for fun.

Surely not only AAA Trades (I MUST learn to not follow temptations of overtrading).


So I agree: 2, max 3 AAA Trades in the day (they mostly happen during London / US Sessions) would be MORE than enough for doing great.
  • #6,039
  • Aug 19, 2011 2:28am Aug 19, 2011 2:28am
Quoting kk007
Hi Whenever,

Well done. Not intend to be discouraging, but I am afriad the performance is not as good as it looks.

Your stop loss is huge compared to your actualized profit. For example, if price instead hit your stoploss in your first trade and other remain the same, your total profit will go down from $810 to $200.

cheers,
Hi Friend !

From you every criticism is well accepted

I don't know what position(s) you are referring to, but anyway most of the times that's the SL pre-set from the visual order editor or I just move it out of my view, because I do not need it.

Most of the times, as long as I may follow personally the chart I do not care about the SL, because if needed I close for sure much earlier than the SL level.

But I understand and agree with you about your post.
R/R is one of the most important things.

Cheers
  • #6,040
  • Aug 19, 2011 2:56am Aug 19, 2011 2:56am
For you KK07.

Look at the R/R now

Reason of entry: previous S/R and if I insert a lot of MAs I'll surely find one for the bounce off

(Or just lucky ? Probable).

News GBP in about 30 Min.
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