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CHOROS System

  • #6,921
  • Dec 2, 2011 3:35am Dec 2, 2011 3:35am
Quoting AlienFrog
The rest of the world uses NY close for end of day for purposes of PP calcs. This is GMT 17:00.
NY close is at 22:00 GMT
http://www.forexmarkethours.com/GMT_hours/02/
thanks a lot for the indi
  • #6,922
  • Dec 2, 2011 3:43am Dec 2, 2011 3:43am
Quoting asos101
NY close is at 22:00 GMT
http://www.forexmarkethours.com/GMT_hours/02/
thanks a lot for the indi
Oops! Thanks asos! Still a little sleepy...
Luck occurs when preparation meets with opportunity.
  • #6,923
  • Dec 2, 2011 5:13am Dec 2, 2011 5:13am
While we are talking about the beauty of Constrainments

Power News (NFP) in a few minutes...what will Clay's spy say about that ?
If the constraiments (and if the -no Choros- daily Bullish outside bar) are sign of anything...we should go up ?

Let's see.
Nothing is ever 100% sure in this universe...
Have a nice week end everybody
Attached Image (click to enlarge)
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  • #6,924
  • Dec 2, 2011 5:47am Dec 2, 2011 5:47am
Quoting AlienFrog
Ah, Pivot Points! ....
AlienFrog, Thanks for "Pointing" me in the right direction. You were right I had not set the value in my old PP indi, but now I have the latest one you provided and it is greatly improved. Wise words on confirming the PP daily with that site.
My feeling with pivots is that they are a rather arbitrary value, but as long as we are all using the same arbitrary value it is useful.
Thanks.
  • #6,925
  • Edited 6:42pm Dec 2, 2011 6:25pm | Edited 6:42pm
GU Failure: D1.E10 + H4.E50 + H1 PPA + RN (1.56500) + Fibo 38.2 + with HTF trend

All confluence are within 12 pip distance at the time of hitting.
Attached Image (click to enlarge)
Click to Enlarge Name: report.gif Size: 44 KB
  • #6,926
  • Edited 8:28pm Dec 2, 2011 6:35pm | Edited 8:28pm
Quoting Haydel
I was chatting with our fellow traders today, explaining what I’m currently doing to trade H1 10ema and H4 10ema consistently and profitably. So I got inspired by that chat session and I have outlined some rules I use for those trades transcribing and ordering what I said on the chat room.
Here you can find an addition to the basics for trading H1 10ema and H4 10ema CHOROS rules including a typical “before, during and after” example.

Rules:

First: Wait until the confluence of at least 4 levels (let’s...

Thanks Haydel

I have checked your chart and compared with my AU trade (post #6910). I found both are against HTF trend, and both have reaction off from other HTF line. Both has long HTF wicked before hand. Both momentum is accelerating at the time of hitting. Both has not very steep MAs in the confluence.

Sadly my setup did not work out and yours work out. The AU trade has a confluence of M15.35/50 + H1.E10 + RN + PPA + Fibo50. Nevertheless, there was little rebound compared to your entry. So, I got a loser and you got a winner.

cheers,
kk


http://www.forexfactory.com/attachme...1&d=1322744534

http://www.forexfactory.com/attachme...5&d=1322767003
  • #6,927
  • Dec 2, 2011 6:40pm Dec 2, 2011 6:40pm
Thanks Whenever,

Thanks for your long comment. The trouble area and RN is part of the confluence (since they are within about 10 pip width) and so they were expected to help the dance rebound.

cheers,

kk


Quoting Whenever
Hi !

I know that afterwards every comment is easy and we are all "Masters" in that , but I would like to point out some points which I would have told you "live" if I could:

1) Why the Heck do you go to look for AUD/USD when there is a lot to do on E/U and G/U as well ?
(I hope you know I am saying that friendly)

2) You wanted a first touch of the 35/50 on M15.
That's ok, and you expected it to work....

IT DID!

For such a counter trend Risky trade

a) not two bars
b) retracement bars much bigger than the previous 2, 3 bars...
  • #6,928
  • Edited 5:10pm Dec 3, 2011 5:00pm | Edited 5:10pm
Quoting kk007
Thanks Haydel

I have checked your chart and compared with my AU trade (post #6910). I found both are against HTF trend, and both have reaction off from other HTF line. Both has long HTF wicked before hand. Both momentum is accelerating at the time of hitting. Both has not very steep MAs in the confluence.

Sadly my setup did not work out and yours work out. The AU trade has a confluence of M15.35/50 + H1.E10 + RN + PPA + Fibo50. Nevertheless, there was little rebound compared to your entry. So, I got a loser and you got a winner.

cheers,
kk


http://www.forexfactory.com/attachme...1&d=1322744534

http://www.forexfactory.com/attachme...5&d=1322767003...
You have already gave the answer to your comment kk. You made good observations and your entry was risky but not bad at all.

The Pinbars you highlight on the H1 and H4 are showing that the bounce on MP and DP is going to be strong. When you see something like that you should think: "OK, that was a H4 10ema first touch in confluence with DP and MP so I won't get in it's way unless I see a good confluence to trade for a quick scalp".

And you know what? You got it. You made a perfect entry for a quick scalp with almost zero drawdown, you could have enden at BE or even at around +7p.

I made a very similar trade the other day on EU, on real time at the chat room, it was an M15 35/50 touch with good confluence and it was aginst an scoopup!!! so it was risky. On that scenarios I move my SL to BE as soon as I can, some times even when I get only to +6 pips in profit. When that EU trade of mine went to +6p I moved my SL to BE, then when it went to +10p I moved my SL to +5p where I got Stoped Out at +5p profit, after that, price went totaly against my entry continuing the scoopup. Kostas said that it was a good entry for a quick scalp and that 5 pips is an important % of his daily target. That made me feel good.

In conclusion, you got it right kk, always look the big picture to decide what to do next.

Just one thing to remember, Pivot Points are stronger than Round Numbers so do not expect that a confluence that includes a Round Number will stop or reverce a bounce from a HTF confluence that includes Pivot Points. That could work only for risky quick scalps.

Happy trading.

EDIT: I just realized that it was Whenever the one that gave the answer and deserves the credit for highlighting the Pinbars on the H1 and H4 charts that KK included in his post.
  • #6,929
  • Dec 4, 2011 2:36am Dec 4, 2011 2:36am
Quoting Haydel
You have already gave the answer to your comment kk. You made good observations and your entry was risky but not bad at all.

The Pinbars you highlight on the H1 and H4 are showing that the bounce on MP and DP is going to be strong. When you see something like that you should think: "OK, that was a H4 10ema first touch in confluence with DP and MP so I won't get in it's way unless I see a good confluence to trade for a quick scalp".

And you know what? You got it. You made a perfect entry for a quick scalp with almost zero drawdown, you could...
Thanks for comment Haydel,

Yes, this one is counter HTF trend, but the confluence is solid. It is not the best possible setup, even though it cannot frequently encountered.

The maximum profit I have ever got was about 5 pip in this trade. In hindsight, I would take 5 pip and out. I can say it is good for a small scalping. But this is only possible after the fact.

If entry is made at the first line of the confluence (i.e. the RN 1.0200), it is a sure loser.

kk007
  • #6,930
  • Edited 6:04pm Dec 4, 2011 1:04pm | Edited 6:04pm
Quoting kk007
If entry is made at the first line of the confluence (i.e. the RN 1.0200), it is a sure loser.
Remember this KK:

Quoting Haydel
Do not take these rules as written on Stone. You have to use your good criteria so you can adjust your entries and exists
And take note of this too:

Quoting Haydel
Pivot Points are stronger than Round Numbers so do not expect that a confluence that includes a Round Number will stop or reverce a bounce from a HTF confluence that includes Pivot Points.
I'm not an expert, I'm just showing what works for me.
  • #6,931
  • Dec 5, 2011 3:43am Dec 5, 2011 3:43am
Quoting asos101
someone asked for my templates so here they are.
you will need to add Kostas M5 , 12 and 23 EMAs.
Knock yourself out :nerd:
also the indis i use, + a couple more than you will find in the templates
i just realised that my M15 template posted here is the one with all the higher TFs MAs on, so here is the classic one. sorry if i confused anyone.
Attached File(s)
File Type: tpl choros-m15-1.tpl   13 KB | 549 downloads
  • #6,932
  • Dec 5, 2011 11:56pm Dec 5, 2011 11:56pm
Hi Guys

My first post on the forum. I've read Clay's manual a few times now, read the Dance thread and have nearly finished the Choros thread, and I've been in the chatroom for the last couple of weeks, mainly just watching for now.

Just have a question about which MA's I should have on the M5 & M1. At the moment I have:

M5 - 5ema, 12ema, 23ema, 35sma, 50ema (does the 12ema replace the 10ema?)

M1 - 14ema, 35sma, 50ema, 200ema

Have I missed any or got too many?

Thanks

p.s. please could someone send me the link to the new chatroom - as I've 1 post I can't pm any of you at the moment!
  • #6,933
  • Dec 6, 2011 12:56am Dec 6, 2011 12:56am
OK. I've just seen the templates that Asos recently posted, but I'm still confused.

On M5 do I need both the MA10 & 12?

On M1 Asos has MA75, 150, 525 & 750. This is completely different to what I read in Clay's manual (14ema, 35, 50 & 200)for the M1 charts!), so now I'm really confused and my charts seem overloaded with MA's!

Please could some clarify for me.

Thanks again
  • #6,934
  • Edited 2:19am Dec 6, 2011 1:18am | Edited 2:19am
I have establish a visual pip tracker indi, that show me status for current trade pips gain/loss and current daily accumulation of pips.

http://www.forexfactory.com/attachme...1&d=1323162055

To have better view of this indi, I suggest you got to the chart properties [F8] and un-check <Chart on foreground> option

http://www.forexfactory.com/attachme...1&d=1323163049

I would love any comments for it

gilben
Attached File(s)
File Type: mq4 PIPs Tracker .mq4   5 KB | 392 downloads
  • #6,935
  • Dec 6, 2011 1:28am Dec 6, 2011 1:28am
this is my first post here:

i think we have a constrainment in EU on the M15 35/50 now.
sorry, so far i cant post charts, due i have the forum on a seperate pc.
  • #6,936
  • Dec 6, 2011 1:50am Dec 6, 2011 1:50am
I've seen that USDCAD usually reacts fast and good on HTF Mas with confluence. Here's a trade I took last friday for 15 P. Entry right at the daily pivot closed at RN 1.0150.
Attached Image (click to enlarge)
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Swedish steel!
  • #6,937
  • Dec 6, 2011 1:54am Dec 6, 2011 1:54am
Here is an attempt of a Kostas M5 scoop up for about 7 p. I don't know it was perfect or not.
Attached Image (click to enlarge)
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Swedish steel!
  • #6,938
  • Dec 6, 2011 2:06am Dec 6, 2011 2:06am
Here is an example of what not to do and that you should always trust the Choros signals. It was an EURJPY trade this morning. We had 4 layers of confluence: M15 35/50, H1 10 and RN.
Entry was almost at RN but when it didnt go down quicly enough i got spooked and thought to myself, it's coming up with a double bottom from the daily lows and the EU looks scooped up, I better close it.
I shouldnt have, coudl have gotten 20 on that one, had I only been a little stronger.
Attached Image (click to enlarge)
Click to Enlarge Name: EUJP111206.jpg Size: 64 KB
Swedish steel!
  • #6,939
  • Dec 6, 2011 2:49am Dec 6, 2011 2:49am
Quoting jaja
this is my first post here:

i think we have a constrainment in EU on the M15 35/50 now.
sorry, so far i cant post charts, due i have the forum on a seperate pc.
so constrainment is gone...now i am waiting for the first 10ema touch.
  • #6,940
  • Dec 6, 2011 4:42am Dec 6, 2011 4:42am
Quoting Trekker
OK. I've just seen the templates that Asos recently posted, but I'm still confused.

On M5 do I need both the MA10 & 12?

On M1 Asos has MA75, 150, 525 & 750. This is completely different to what I read in Clay's manual (14ema, 35, 50 & 200)for the M1 charts!), so now I'm really confused and my charts seem overloaded with MA's!

Please could some clarify for me.

Thanks again
on M1 i have the M15 equivalents + the 5 (75ema)
the ones you refer to from Clay are from his "new Dance manual" that noone uses as far as i know.

as for M5, i use the old ones, i guess the 12 replaced the 10 but i hope someone who knows better replies to you to clear this up.
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