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CHOROS System

  • #6,861
  • Nov 9, 2011 6:43pm Nov 9, 2011 6:43pm
Here is my current analysis of cable. Is it correct?
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  • #6,862
  • Nov 9, 2011 9:04pm Nov 9, 2011 9:04pm
Quoting 786 trading
Here is my current analysis of cable. Is it correct?
I took long based on Daily TOUCH setup. On 15M price is above 35SMA. Please comments... thanks.
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  • #6,863
  • Nov 9, 2011 9:51pm Nov 9, 2011 9:51pm
Quoting 786 trading
I took long based on Daily TOUCH setup. On 15M price is above 35SMA. Please comments... thanks.
I am just learning the Dance/Choros system, so I can not comment with any authority. But, since no one else has anything to say I just wanted to mention that according to some of The Rules this may not be the spot to go long.

 

  1. 15 minute charts primarily for all entry signals, and
  2. The 50 EMA with the 35 SMA moving averages determine the trend of the moment on M15
  3. Look for longs only when price is above the 50 EMA/35 SMA lines.

According to those rules this would not be the place to go long on GU. Just my very humble and very uneducated, new to this system opinion....
Good luck

  • #6,864
  • Nov 10, 2011 7:22am Nov 10, 2011 7:22am
Quoting funwithbux
I am just learning the Dance/Choros system, so I can not comment with any authority. But, since no one else has anything to say I just wanted to mention that according to some of The Rules this may not be the spot to go long.

 

  1. 15 minute charts primarily for all entry signals, and
  2. The 50 EMA with the 35 SMA moving averages determine the trend of the moment on M15
  3. Look for longs only when price is above the 50 EMA/35 SMA lines.

According to those rules this would not be the place to go long on GU. Just...

You are right. Thanks.
  • #6,865
  • Nov 10, 2011 7:42am Nov 10, 2011 7:42am
I want to go short.. here is my analysis but not very confident that it is right or wrong.. not very strong setup.. so may be I will pass it....
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  • #6,866
  • Nov 10, 2011 7:43am Nov 10, 2011 7:43am
786 this is the right place to post. Unfortunately, my time is very limited to comment on posts these days, but many good dancers are around and will help.
There is also a chat room that some traders are getting together to discuss CHOROS trades:
http://www.scribblar.com/4qxy4df
  • #6,867
  • Nov 10, 2011 7:52am Nov 10, 2011 7:52am
Quoting kostas1
786 this is the right place to post. Unfortunately, my time is very limited to comment on posts these days, but many good dancers are around and will help.
There is also a chat room that some traders are getting together to discuss CHOROS trades:
http://www.scribblar.com/4qxy4df
Thanks.
  • #6,868
  • Nov 10, 2011 7:58am Nov 10, 2011 7:58am
Quoting 786 trading
I want to go short.. here is my analysis but not very confident that it is right or wrong.. not very strong setup.. so may be I will pass it....
My thought is that is a good place for the short (pivot+E50, S35), but i would not take it, bcs the green momentum is very strong, and i avoid to play conter that.

i don't say it is not a good trade, but i would avoid it
I hear and I forget. I see and I remember. I do and I understand.
  • #6,869
  • Nov 10, 2011 8:01am Nov 10, 2011 8:01am
Quoting 786 trading
I want to go short.. here is my analysis but not very confident that it is right or wrong.. not very strong setup.. so may be I will pass it....
it's also a RET38.6
I hear and I forget. I see and I remember. I do and I understand.
  • #6,870
  • Nov 10, 2011 10:20am Nov 10, 2011 10:20am
Short on EJ
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  • #6,871
  • Nov 10, 2011 10:23am Nov 10, 2011 10:23am
I am waiting for touch trade here for short.. it did not toch.. very close to it. May be I missed the trade.. Should we wait exact touch?
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  • #6,872
  • Nov 10, 2011 11:26am Nov 10, 2011 11:26am
Quoting 786 trading
I am waiting for touch trade here for short.. it did not toch.. very close to it. May be I missed the trade.. Should we wait exact touch?
I stopped out but I entered again as it is MA Soup now on M15 an Touch on H1 and Daily.
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  • #6,873
  • Nov 10, 2011 12:07pm Nov 10, 2011 12:07pm
Quoting 786 trading
I stopped out but I entered again as it is MA Soup now on M15 an Touch on H1 and Daily.
The EJ setup is not good for trade. H1 and Daily are close to each other but are right above the RN so not clear sky for a short... 15 M is showing nothing at all.. Try entering ONLY if 15M is confirming other TF... We want 20-30 pips from a trade... so the Higher Time Frames(HTF) are needed as a confirmation of a 15M setup...
Better to lose opportunity, rather than capital !
  • #6,874
  • Nov 10, 2011 2:30pm Nov 10, 2011 2:30pm
This would have been a 70+ pip trade, but I see no "Dance" setup. Just thought I would get an opinion from others more qualified than myself.
Thanks.
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  • #6,875
  • Nov 10, 2011 2:53pm Nov 10, 2011 2:53pm
Quoting funwithbux
This would have been a 70+ pip trade, but I see no "Dance" setup. Just thought I would get an opinion from others more qualified than myself.
Thanks.
You're right, I was following that real time and there was no Choros setup of my knowing, but that H1 pinbar at least kept me from entering short without taking some quick pips... Choros signals and Pinbars sometimes occur at the same time, giving us AAA set ups, but sometimes a pinbar will just happen and be validated as well... you can follow both PA and Choros signals if you're skillful enough
Flp. 4:13
  • #6,876
  • Nov 10, 2011 3:02pm Nov 10, 2011 3:02pm
Quoting metrilbg
The EJ setup is not good for trade. H1 and Daily are close to each other but are right above the RN so not clear sky for a short... 15 M is showing nothing at all.. Try entering ONLY if 15M is confirming other TF... We want 20-30 pips from a trade... so the Higher Time Frames(HTF) are needed as a confirmation of a 15M setup...
Thank you very much. Very nice tip. I understood it and now will keep in my mind but what do you mean by H1 and daily are close? Can you give example on chat plz. Thanks.
  • #6,877
  • Edited 12:47am Nov 11, 2011 12:22am | Edited 12:47am
This post is in response yesterday by one of the Choroser asking me to explain one of my trades which I took with another member. Of all the touch trades I rarely see any touch that is the better than this type IMHO. (With its confluence and good market state)

First thing to note is, market is already in a bearish trend, visible from the H1 and H4. The 35/50 for H1 is close together and steep, ripe for prices to bounce off.

However in the 1st image which is a H1 image, price approaches the 35/50 H1 however just above the MA is the daily pivot(DP). From my experience, when price reach a place of confluence, price will bounce off any MA or important area but if there are higher level of areas like DP price will return to test there before turning around and go back to the direction of the trend. Therefore you can see the price react of the H1 35EMA(yellow line) 1st before testing the DP. (My entry was between DP and 50SMA the blue line)

The next image is the H4 Chart, now look to the left of the chart you can see a price swing leaving a wick(also known in the chat as PPA), do your own research and you will find that price will for at least a few days react to these levels(the end of long wicks) So this became the second confluence.

So the number of confluence were. H4 10EMA, H1 35MA, DP and then H4 price swing. In order of importance, kindly shared by Haydel(The market touch master lol) in August:

1) PPA
2) Pivot
3) Round Number
4) The MAs

The above is not a rule, it is a guild-line which is effective after taking into account the markets states (Trending? Non Trending? Counter trending? Porcupine?) To do so look at the higher timeframe and then work your way down drawing your own conclusions.

On this trade I took my 1st TP at 10pips, market retraced and took out my BE stop lost. However I have been here and done this before and I know to expect more pips! I re enter and took my TP at 25 pips at the RN. Which gave me a 0.6% increase in my account.(target reached) hope it helps.
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Riding the order flow
  • #6,878
  • Nov 11, 2011 3:31am Nov 11, 2011 3:31am
Quoting 786 trading
Thank you very much. Very nice tip. I understood it and now will keep in my mind but what do you mean by H1 and daily are close? Can you give example on chat plz. Thanks.
The two MA's are close to each other ... 5-10 pips... so they are supposed to be a good S/R area. it is in the second trade you enter ... the ma's are blocking the way of your trade now...
Better to lose opportunity, rather than capital !
  • #6,879
  • Nov 11, 2011 8:15am Nov 11, 2011 8:15am
hai iam,,i am also from india,,,i am looking forward to trading in the forex...can u please suggest a reliable broker...thank you...
  • #6,880
  • Nov 11, 2011 8:54am Nov 11, 2011 8:54am
Quoting siraj282
hai iam,,i am also from india,,,i am looking forward to trading in the forex...can u please suggest a reliable broker...thank you...
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