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CHOROS System

  • #7,061
  • Jan 6, 2012 11:33am Jan 6, 2012 11:33am
Quoting gilben
I would recommend using a sceenshot tool with simple editor like
http://getgreenshot.org/
You Capture, Add your notes and marks.. then its ready to publish!

But The simplest would be: CLICK right mouse button on the MT4 chart >> Save As Picture
Gilb thnx for Greenshot, nice and easy tool. I have been using microsoft one note to capture all this while. Very cumbersome.....

One note is meant for documenting and sharing research results categorically btw. Good for making market notes very fast for further research.
Riding the order flow
  • #7,062
  • Jan 6, 2012 12:10pm Jan 6, 2012 12:10pm
(I'm posting this in a number of the Choros threads, since there are so many different ones and they're not always populated by the same people - apologies for repetition to those of you who see this in multiple forums)
Hey, boys and girls - I'm considering writing a book on Choros. I'm looking not so much to talk about the strategy itself, but more to tell the story of a group of people (that's YOU guys) who got together in a trading forum (yeah, this place) to refine and practice a trading strategy that eventually made a number of them filthy rich (or at least successful).
So if you'd care to share your story with me - how you learned about "the Dance", your experience here at Forex Factory, and what level of trading success you've attained through using the Choros strategy, I'd appreciate hearing from you - Please email me at [email protected], and please put "Choros" in the subject line of the email.
This project is still in the research phase - I won't know until I hear from some people whether it's a viable book project or not. In any event, should I decide to use any of the information you provide me, I won't do so without first obtaining your permission. Thanks, in advance.

Jack
http://www.amazon.com/A-Cross-of-Hea...5872936&sr=1-1
Writer, currency trader, madman
  • #7,063
  • Jan 6, 2012 7:51pm Jan 6, 2012 7:51pm
I resumed my trading this year on Thursday and I made two trades this week one on Thursday and one on Friday.

It's like a curse, but every single time, my first trade after vacations is a looser. So as always my Thursday trade was a looser . I didn't take a screenshot of that trade, it didn't worth it.

On the other hand, my trade on Friday was a winner so, my first two days week of 2012 at least ended positive , you can see the trade on the attached chart.

That was a really nice setup that I should remember well, that is why I'm posting it here.

 

  1. The steepness or Tilt of M15 35/50 was considerable at entry point.
  2. The confluence was huge. You can't see it on the chart but H1 10ema was withing 5 pips along with M15 35sma, M15 50sma and M15 200sma. And also add to that, Daily Pivot and Round Number. That was a super confluence.


Entry was exactly at Round Number and target was +41.5 pips at an area where price struggled to pass 3 and 4 bars before.

On the other hand, based on resent Clays comments I can highlight two more things on this trade:

 

  1. CHOROS works on almost any currency pair, in this case was GBPAUD.
  2. At the moment of entry Spread was around 5 pips. This trade shows that when you are trading on Higher Time Frame (H1 10ema in this case) Spread is not that relevant.


Happy trading

Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUD.PNG Size: 20 KB
  • #7,064
  • Jan 6, 2012 8:39pm Jan 6, 2012 8:39pm
Quoting kostas1
Great work Gilben,
Thanks for your efforts and contributions. You have won your first "vouch".

Kostas
Wow Kostas, I wasn't expecting that.
Thank you.
  • #7,065
  • Jan 7, 2012 3:27am Jan 7, 2012 3:27am
Quoting jbmaverick
Hey, boys and girls - I'm considering writing a book on Choros. . In any event, should I decide to use any of the information you provide me, I won't do so without first obtaining your permission. Thanks, in advance.
Jack
Jack,
It is very satisfying to see that our work here has attracted the interest of a writer like you. The story would certainly make an interesting book. Personally, I would kindly decline the offer for the following reason: I don't want to attract the attention of more heavy traders in our approach. Already, I am aware of 4 Forex-related hedge-funds that expressed interest and follow the thread. That's good enough. I am not really familiar with the inner-workings and backstage mechanics of the Forex market, so I don't know what would happen if many heavy traders started following the method. It's a huge market and you would think that it wouldn't affect the profitability of the system, but again I don't want to take that risk at this point.
For the same reason, I am only posting the latest developments in a private chat-room which is free and only people that contribute here can join.
Thanks again for your interest, and if you are a trader, we would welcome your contributions to the CHOROS thread.

Kostas
  • #7,066
  • Jan 7, 2012 3:40am Jan 7, 2012 3:40am
Quoting Haydel
I resumed my trading this year on Thursday and I made two trades this week one on Thursday and one on Friday.

It's like a curse, but every single time, my first trade after vacations is a looser. So as always my Thursday trade was a looser . I didn't take a screenshot of that trade, it didn't worth it.
Hey my friend, this was a cool trade. Some comments for you:

a) In my first day of trading after vacation, I trade 1/10 of my lot size. I do that until I get back in shape. Yesterday, got my daily target like that, so on Monday I will probably go back to regular size.

b) I saw your questions in the chat room regarding the Haydel Tools. My opinion, would be to only release it to people in the chat for at least a year. This way you will have a custom-made development team with instant feedback and it will be easier to further develop your work. On the other hand, I would be concerned with a wider release for the same reasons mentioned in my previous post for the book offer. In any case, it looks like Haydel Tools would be great to give us an alarm for opportunities in many pairs and TFs. I am looking forward to use that.

c) Your contributions have earned you your first vouch. Congrats.

Kostas
  • #7,067
  • Edited 5:59pm Jan 7, 2012 7:05am | Edited 5:59pm
Quoting gilben
I attach here a series of indis to suite the Dance Strategy.
The idea of the indicators is to show all HTF Equivalent MA on a current chart.

The indicator is based on Swingman's code "Dance Moving Averages_V2"
I only modified it to be fixed equivalence to any given chart TF:

The series contains 5 indicators, so you may choose which ones you wish to have on your chart: D1, H4, H1, M15, M5.
thay all contains the 3 MA of the Dance Method: 50/35/10
Only Exeption is for Period M5: 50/35/23/12

What it actually does?
It Shows HTF...
Great stuff Gilben, exactly what i was looking for!
Only found one little mistake - your 1 hour ema 50 is actually set to 62 (or was it intentional?). This can be easily changed by rightclicking on the green MA and changing it to 50 in `Inputs` tab (in case somebody is struggling to change it).

Have a great weekend!
  • #7,068
  • Jan 7, 2012 7:14am Jan 7, 2012 7:14am
Quoting Haydel
I resumed my trading this year on Thursday and I made two trades this week one on Thursday and one on Friday.

It's like a curse, but every single time, my first trade after vacations is a looser. So as always my Thursday trade was a looser . I didn't take a screenshot of that trade, it didn't worth it.

On the other hand, my trade on Friday was a winner so, my first two days week of 2012 at least ended positive , you can see the trade on the attached chart.

That was a really nice setup that I should remember well, that is why I'm...

Thanks for explaining this great setup Haydel. I am planning to start trading more currencies (only trading EU at the moment) as you do and be more selective. I am placing way too many trades...

All the best!
  • #7,069
  • Jan 7, 2012 7:19am Jan 7, 2012 7:19am
Hi JB, I know you from the JCL days. Yes I was there helping to develop the EA there. I will decline for the same reason. Plus I don't think my trading career is worth even a part of a book. Well at least not yet. Even if I am, I won't be able to bear the burden of being a house hold name in trading EVER so no thanks. (I would rename myself AnonymousTrader given a chance)

However if you search the forum there are at least a few folks I've come across that seems to be good traders that have explicitly express that they aim to be the best in the world and want books written about them. Try RedLion.
Riding the order flow
  • #7,070
  • Jan 7, 2012 9:00am Jan 7, 2012 9:00am
Posting a failed constrainment trade here, hope you guys can comment if I had overlooked anything.

1) Pair was EURUSD at about 1000GMT on 6 Jan.
2) Price had crossed M15 35/50 up and seemed to be constrained below first by the 50EMA (blue line) then the 10EMA (yellow line). I thought it might be headed for the confluence of H1 35 and daily pivot at around 1.2830.
3) PA went my way for only 8pips or so before reversing down to hit my stop loss on the other side of the 35/50. I was somewhat confident of this trade so didn't monitor it actively until I came back from something else and found that my stop had been hit. Even if I could monitor, I doubt I would have moved to BE.

Reviewing this trade, I could only think of 2 reasons why I shouldn't have taken this in hindsight:
1) It was going against the H1 and H4 trends (which were down).
2) The wicks of the few bars prior to entry weren't making higher highs to support a buy.
Of course there is always the fact that not every trade will work out even if the entry was perfect. But are there any other signs here that should have told me not to take the trade?

Thanks in advance.
Attached Image (click to enlarge)
Click to Enlarge Name: failedconstrainment EURUSD.png Size: 256 KB
  • #7,071
  • Jan 7, 2012 10:16am Jan 7, 2012 10:16am
Quoting londonhearts
the entry was perfect.
35SMA below 50EMA and both are almost horizontal and you took a long trade. Looks like entry was not that perfect.
"Put all your efforts in becoming effortless"
  • #7,072
  • Edited 10:47am Jan 7, 2012 10:33am | Edited 10:47am
Quoting londonhearts
Posting a failed constrainment trade here, hope you guys can comment if I had overlooked anything.

1) Pair was EURUSD at about 1000GMT on 6 Jan.
2) Price had crossed M15 35/50 up and seemed to be constrained below first by the 50EMA (blue line) then the 10EMA (yellow line). I thought it might be headed for the confluence of H1 35 and daily pivot at around 1.2830.
3) PA went my way for only 8pips or so before reversing down to hit my stop loss on the other side of the 35/50. I was somewhat confident of this trade so didn't monitor it actively...
other than not going out at least BE you are right on all the above.
i was looking at the same and said so in the chatroom, this thing can only go up (i was thinking) for the same reasons as you said.

but price can and will go where it wants to, and if we are in the way we better step aside.
i also still get caught in that "trip", i think its because of ego. i want to be correct, i mean i was for 8 pips wasnt i?
now i wont settle for +1 pip only, how could i?
if i let it go past my stop for a few i say "it will come back".
right... you know whats next.
it may even be so generous at times that it will come back and offer me the chance to bail out for a fraction of a pip, but again how could i be wrong? i take this as a sign that its coming my way again.
sometimes it does, but most it does not and goes straight for my SL.
so all this "trip" above would have been avoided if i had bailed out for BE or +1 only, i would say "bugger, lets go for the next".
i would feel a bit stupid but i wouldnt take it to heart.

so this small --> i <-- has a big ego, and ego has no place in trading.

i dont write all these for you by the way, i do it for me because i hope it sinks in.

a lot of good traders here say cut your losses short and "enjoy the free rides".
  • #7,073
  • Jan 7, 2012 10:38am Jan 7, 2012 10:38am
Quoting kostas1
Hey my friend, this was a cool trade. Some comments for you:

a) In my first day of trading after vacation, I trade 1/10 of my lot size. I do that until I get back in shape. Yesterday, got my daily target like that, so on Monday I will probably go back to regular size.

b) I saw your questions in the chat room regarding the Haydel Tools. My opinion, would be to only release it to people in the chat for at least a year. This way you will have a custom-made development team with instant feedback and it will be easier to further develop your work....
Hey Kostas, thank you very much for the Vouch! and for all the good advice.

I will follow your suggestions and also will upload Haydel Tools on the Chat Room.

Happy Trading.
  • #7,074
  • Jan 7, 2012 11:11am Jan 7, 2012 11:11am
Quoting asos101
other than not going out at least BE you are right on all the above.
i was looking at the same and said so in the chatroom, this thing can only go up (i was thinking) for the same reasons as you said.

but price can and will go where it wants to, and if we are in the way we better step aside.
i also still get caught in that "trip", i think its because of ego. i want to be correct, i mean i was for 8 pips wasnt i?
now i wont settle for +1 pip only, how could i?
if i let it go past my stop for a few i say "it will come back".
right... you know...
SO TRUE!!

I go through the exact same thoughts. I would guess most traders do. Two things have helped me recently:

1. I think about how I will feel after the trade closes if A) I am wrong and I get out at BE, B) if I am right and I get out at BE, or C) if I am wrong and I get out at SL. I ALWAYS feel better after A or B than C, and I know there will always be another trade.

2. If the setup is good, and the entry is good, and I followed my rules, then I EXPECT price to go my way. So if I move to BE early, and price retraces and stops me out, then goes my way, at least I followed my rules, I did not lose money, and there will always be another trade.

Good judgment and discretion is still essential, but these thoughts help me stay focused.
Luck occurs when preparation meets with opportunity.
  • #7,075
  • Jan 7, 2012 11:33am Jan 7, 2012 11:33am
Quoting asos101
other than not going out at least BE you are right on all the above.
i was looking at the same and said so in the chatroom, this thing can only go up (i was thinking) for the same reasons as you said.

but price can and will go where it wants to, and if we are in the way we better step aside.
i also still get caught in that "trip", i think its because of ego. i want to be correct, i mean i was for 8 pips wasnt i?
now i wont settle for +1 pip only, how could i?
if i let it go past my stop for a few i say "it will come back".
right... you know...
so true, ego is a killer. i took long trade but based on 5 min chart as londonhearts.. was up 11 pips and didnt lock in profits (or BE) even though it wasnt a good trade considering other timeframes. ended up taking 12 pip loser on that one. eventually, my day was profitable, but not as much as it could be. oh well...
  • #7,076
  • Jan 8, 2012 1:55am Jan 8, 2012 1:55am
Quoting tonny47
Great stuff Gilben, exactly what i was looking for!
Only found one little mistake - your 1 hour ema 50 is actually set to 62 (or was it intentional?). This can be easily changed by rightclicking on the green MA and changing it to 50 in `Inputs` tab (in case somebody is struggling to change it).

Have a great weekend!
Hi Tonny,

You are absolutely right, I simply forget to mention it.
The H1 50 has unofficially changed to 62. This was mentioned in the Privet Chat a while ago...

Anyway, if anyone is interesting in tweaking the code rather then changing the inputs, here is how:

change the following
extern int Period50 = 62;
to this:
extern int Period50 = 50;
  • #7,077
  • Jan 8, 2012 2:40am Jan 8, 2012 2:40am
Quoting gilben
Hi Tonny,

You are absolutely right, I simply forget to mention it.
The H1 50 has unofficially changed to 62. This was mentioned in the Privet Chat a while ago...

Anyway, if anyone is interesting in tweaking the code rather then changing the inputs, here is how:

change the following
extern int Period50 = 62;
to this:
extern int Period50 = 50;
not sure if it was changed or not in some chat session.
but the 50 AND 62 were there from the start of Choros and i still use them both on my H1 and H4 charts.
so on H1 and H4 i have 10ema, 35sma, 50ema ad 62ema.
i dont use the 62 in M15, M5 , M1.
  • #7,078
  • Jan 8, 2012 2:58am Jan 8, 2012 2:58am
Quoting londonhearts
Posting a failed constrainment trade here, hope you guys can comment if I had overlooked anything.
Thanks guys, good to know my thinking wasn't that far off ...

Wonder if I can get a PM with the link to the chatroom? Would love to be part of the real time discussion.

asos101 and AlienFrog - great points there and I agree; only thing I'd add is that when taking trades off S/R levels I don't like the feeling of moving to BE too early and watch PA return to the level and exceed it by 2-3 pips, taking out the SL, then return in the direction of the trade. I often end up chasing the trade but entering at a level worse than the original entry which was exactly at the S/R level. More risk on that one if I stick to the original SL, although one could interpret it as having better odds on my side now that PA has successfully retested the S/R level.

IamTHAT - thanks for pointing out that MAs were horizontal. I suppose odds would be better with more tilt, but seems like many of these constrainment trades I've seen start out with the MAs fairly flat as PA is typically caught in a tight range with multiple retests of top and bottom of the range. Anyway, that particular trade was certainly not a "perfect entry" -- I was talking in general terms.
  • #7,079
  • Jan 8, 2012 4:35am Jan 8, 2012 4:35am
Quoting gilben
Hi Tonny,

You are absolutely right, I simply forget to mention it.
The H1 50 has unofficially changed to 62. This was mentioned in the Privet Chat a while ago...

Anyway, if anyone is interesting in tweaking the code rather then changing the inputs, here is how:

change the following
extern int Period50 = 62;
to this:
extern int Period50 = 50;
I remember now - lol I actually had 62 on my chart also but never paid attention to it
  • #7,080
  • Jan 8, 2012 7:15am Jan 8, 2012 7:15am
Quoting tonny47
I remember now - lol I actually had 62 on my chart also but never paid attention to it
I have seen GU H1 reacting to 62 many times.
Riding the order flow
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