CHOROS System | Page 326 | 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

  • #6,501
  • Sep 21, 2011 10:10am Sep 21, 2011 10:10am
Quoting Binyamin
Why don't you stop taking trades that haven't been working for you even though some people say it works, if touch don't work for you it won't work no matter how many times you try. Keep trying something else until you find one that work consistently, if it doesn't work you can't force it to work.
This is from the interactive thread, let me answer here.

Right, I won't take a setup type serious until proved worked for me (I may take it just for experiment). I want to understand why it works for someone like Clay. Perhaps, after some more elaboration and learning, it will work for me too. And keep trying something else may not be a better strategy than working on something with a track record.
  • #6,502
  • Sep 21, 2011 10:12am Sep 21, 2011 10:12am
Quoting kostas1
1. YES
2. YES

Thanks a lot (although I don't understand much with this brief answer).
  • #6,503
  • Sep 21, 2011 10:15am Sep 21, 2011 10:15am
Quoting asos101
i wont keep this up much longer, but i will comment on that post above.
in the example you have above i dont think even Clay would call it a pure Dance trade, rather a price action one.
MY take on HIS post is that: he wanted to enter ANYWAY in the direction of the recent trend, that is to follow the M15 10 going down.
his entry was not good, trading contra the pin is not a good idea. but his justification is that the RN was recentrly broken, and the pin didnt close above the RN, and lastly that the M15 10 was close by and his SL would be above...

This is from the interactive thread.

Thanks for sharing of you view about trading choros/dance in general.

Although I don't agree much with your understanding of Clay's example, you seem don't want to discuss much.
  • #6,504
  • Edited 12:23pm Sep 21, 2011 12:21pm | Edited 12:23pm
Quoting 2121
Good evening, could someone help me out and point what I did wrong or missed on this trade. I went short and got stopped at SL 15 and I took because of the M15 EMA10 pinbar, M5 SMA35 rejection. Maybe the problem was the time, it was before close of the London session and do you guys take trades before close of one of the sessions or open ? Thanks.

P.S Do you guys trade during the news ? Sorry If the question was already answered.

http://www.forexfactory.com/attachme...1&d=1316453660
++++++++++++++++++++++++++++++++
I rarely post on this thread but a few issues need to be addressed, imho.

Unless you are trading daily or 4hr, avoid the news.

Times to trade? My rules for 15, 5 & 1m are "Only trade the 1st three hours of the FF/London Session & the same for the NY Session". Price action is usually curtailed 2 1/2 to 3 hours after these sessions beginnings.

Also this gives you plenty of time away from the charts. I may begin setting up 30-60 minutes prior to session beginnings to note trend and draw helper; i.e., fibs, trend lines (very important) and note s/r levels. Do not overlook s/r levels from the 1m charts. Quite often they will tell you exactly where current buyers/sellers are lurking.

One of the reasons I strongly urge certain thread policies, such as price targets, is because many times you are looking to make only a handful of pips. Think about this;
How many:
• 10 pip runs,
• 20 pip runs,
• 30 pip runs,
• 40 pip runs, etc.,
Happen daily?

Your chances of seeing +10 in you win column is INFINITELY more likely than seeing +30. Most of my trades have a set profit target. If I make that target, I'm out. If price continues in my direction, SO WHAT? Worrying about STUPID stuff like that is what muddles your thoughts.

Trading, like life in general, gives you what you expect. Expect a turd on you dinner plate, and guess what? So much psychology is present in trading that we must do all we can to keep it upbeat. When I begin a session feeling funky, I get funk. If I take a good trade and it fails, I know I did what I should be doing and move on to the next opportunity.
~end rant
Darryl

"Today, I would like to become the man my dog thinks I am." ~ Jack Thomson - 
Entrepreneur
  • #6,505
  • Sep 21, 2011 2:26pm Sep 21, 2011 2:26pm
Quoting diamonddbw
++++++++++++++++++++++++++++++++
Unless you are trading daily or 4hr, avoid the news.

Times to trade? My rules for 15, 5 & 1m are "Only trade the 1st three hours of the FF/London Session & the same for the NY Session". Price action is usually curtailed 2 1/2 to 3 hours after these sessions beginnings.

Most of my trades have a set profit target. If I make that target, I'm out. If price continues in my direction, SO WHAT? Worrying about STUPID stuff like that is what muddles your thoughts.

Trading, like life in general, gives you what you expect....
Very nice contribution diamonddbw, hope you post more often here.
  • #6,506
  • Sep 22, 2011 2:09am Sep 22, 2011 2:09am
Details on chart...
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.jpg Size: 131 KB
  • #6,507
  • Sep 22, 2011 2:25am Sep 22, 2011 2:25am
Quoting kostas1
Details on chart...
I opened my MT4 a few minutes after London open and saw this setup (the last spinning top H1 bar). Sigh!


Keep seeing you take the good setups and I missing the good setups
  • #6,508
  • Sep 22, 2011 2:37am Sep 22, 2011 2:37am
Quoting kostas1
Details on chart...
Retest of the EU.H1.E10 with M1 PA..+10 pip (SL -7 pip). Luck?
Attached Image
  • #6,509
  • Sep 22, 2011 2:42am Sep 22, 2011 2:42am
Quoting kk007
Retest of the EU.H1.E10 with M1 PA..+10 pip (SL -7 pip). Luck?
No luck. Good call, since retests occur often (if it happens one more time on the next H1 bar then we got officially a constrainment)
  • #6,510
  • Sep 22, 2011 2:54am Sep 22, 2011 2:54am
Quoting kostas1
No luck. Good call, since retests occur often (if it happens one more time on the next H1 bar then we got officially a constrainment)
Thanks, choros master !
  • #6,511
  • Sep 22, 2011 4:30am Sep 22, 2011 4:30am
I have observed this M5 10 constrainment several times in EU and GU. The advantage is that it can quickly become profitable with small SL. Another advantage is that it doesn't take a lot of patience (which I lack) to wait for it. Obviously is not as strong as an H1 constrainment but it's worth keeping an eye for it next time you see it forming.
Attached Image (click to enlarge)
Click to Enlarge Name: M5_10_constrainment.jpg Size: 127 KB
  • #6,512
  • Sep 22, 2011 4:37am Sep 22, 2011 4:37am
Quoting kostas1
I have observed this M5 10 constrainment several times in EU and GU. The advantage is that it can quickly become profitable with small SL. Another advantage is that it doesn't take a lot of patience (which I lack) to wait for it. Obviously is not as strong as an H1 constrainment but it's worth keeping an eye for it next time you see it forming.
I saw this happen and have considered to get in, but as I didn't backtest this type of setups. After you said so, I will try to take it next time.

I know all the choros/dance strategies in principle, but when execute still cannot benefit from them.
  • #6,513
  • Sep 22, 2011 4:43am Sep 22, 2011 4:43am
Hi, Kosta1 and all my CHOROS friends
Let us take down trend as an example:
Sometimes, when I see the price is touching 10 EMA, 35 SMA or 50 EMA, I also see bullish bars (pin bar, bullish engulf or long bullish bar) on 1H chart .
I start to hesitate to pull the trigger to short.

How do your guys feel? and how did you handle such situations?
Attached Image (click to enlarge)
Click to Enlarge Name: 2222.jpg Size: 199 KB
Dancing with Candlesticks
  • #6,514
  • Sep 22, 2011 4:47am Sep 22, 2011 4:47am
Quoting kk007
I saw this happen and have considered to get in, but as I didn't backtest this type of setups. After you said so, I will try to take it next time.

I know all the choros/dance strategies in principle, but when execute still cannot benefit from them.
kk007,
You already got good advice from our traders. Focus on just one kind of trade and perform only this for a couple of weeks. When you become successful then try to use other CHOROS trades.
  • #6,515
  • Sep 22, 2011 4:51am Sep 22, 2011 4:51am
Quoting iForex
Hi, Kosta1 and all my CHOROS friends
Let us take down trend as an example:
Sometimes, when I see the price is touching 10 EMA, 35 SMA or 50 EMA, I also see bullish bars (pin bar, bullish engulf or long bullish bar) on 1H chart .
I start to hesitate to pull the trigger to short.

How do your guys feel? and how did you handle such situations?
Another example!
Attached Image (click to enlarge)
Click to Enlarge Name: 333.jpg Size: 149 KB
Dancing with Candlesticks
  • #6,516
  • Sep 22, 2011 4:51am Sep 22, 2011 4:51am
Quoting iForex
Hi, Kosta1 and all my CHOROS friends
Let us take down trend as an example:
Sometimes, when I see the price is touching 10 EMA, 35 SMA or 50 EMA, I also see bullish bars (pin bar, bullish engulf or long bullish bar) on 1H chart .
I start to hesitate to pull the trigger to short.

How do your guys feel? and how did you handle such situations?
That's the secret of the method. You get in sort when most people get long. Since this is a retrace that's what you are supposed to do. This doesn't mean that it is easy. I am still concerned sometimes when I enter but I learned to trust the signals. With time you will also learn when NOT to enter (e.g. when the retrace is particularly strong you may be experiencing a change in trend, so you don't enter).
  • #6,517
  • Sep 22, 2011 5:04am Sep 22, 2011 5:04am
Quoting kostas1
kk007,
You already got good advice from our traders. Focus on just one kind of trade and perform only this for a couple of weeks. When you become successful then try to use other CHOROS trades.
Right. I should leave constrainment trade for the moment.
  • #6,518
  • Sep 22, 2011 5:04am Sep 22, 2011 5:04am
Quoting kostas1
I have observed this M5 10 constrainment several times in EU and GU. The advantage is that it can quickly become profitable with small SL. Another advantage is that it doesn't take a lot of patience (which I lack) to wait for it. Obviously is not as strong as an H1 constrainment but it's worth keeping an eye for it next time you see it forming.
I use this constrainment to stay in a trade I was in before the constrainment occured.
Riding the order flow
  • #6,519
  • Sep 22, 2011 5:06am Sep 22, 2011 5:06am
Quoting iForex
Another example!
I got +8 pip from it (Touch trade).
  • #6,520
  • Sep 22, 2011 5:36am Sep 22, 2011 5:36am
Quoting iForex
Another example!
as Kostas said Trust is the name of the game.
on those 2 charts the entries coincide with S/R areas on the left, not Choros but for me coupled with a choros signal (ie MA touch) they become very effective.
sometimes, when price is in new territories and you dont have nothing on the left to guide you, thats when you got to have faith (and a tight SL) .
6 traders viewing now