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CHOROS System

  • #7,141
  • Jan 12, 2012 11:51am Jan 12, 2012 11:51am
Quoting jbmaverick
I took it pretty much right at the touch, as soon as it hit the 35 SMA on the hourly and drew back just a couple of pips (I got in at 1.5361) - I was looking at that, and the 10 EMA on the 4 hour chart that Binyamin noted - All things being equal, I probably would've waited for some confirmation, but I had a strong fundamental bias to the downside, so I jumped on it without waiting - I figured what the heck, I was only risking about 12 pips on it. It went down to 1.5311, but I didn't get out there, just shoved my stop down - I was stopped out at...
Very good trades, I think you were very wise to jumping in the second time, especially given the divergence of strength between EU and GU today(As you mentioned in your early posts).
  • #7,142
  • Jan 12, 2012 11:54am Jan 12, 2012 11:54am
Quoting jbmaverick
Lovely way to start the day - Sold Gbp/Usd off the touch of the 35 SMA on the hourly chart. Currently about 50 pips to the good, with about a third of that profit locked in.
That's a great trade, well done, I took the same trade, but didn't hold it for as long as you did. Two questions:

1.How did you entered the trade? Immediately at the touch or wait for the PA? I personally entered after I saw those small bars.

2. How did you hold it for that long? I exited at the small doji(I kind of chicken out + hit my daily target already) for 16pips. 16 pips are good, but 50 pips are GREAT!
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  • #7,143
  • Jan 12, 2012 1:29pm Jan 12, 2012 1:29pm
Keep up the good work and I will keep on studying to get there!!!

Quoting Binyamin
hi JB thanks for sharing. From my experience with dance i beg to differ a lil from your view. If you master good setups your win rate can be as high as 90%. In dance we are usually trading reaction to certain areas which can be quick and are usually short impulsive moves. I usually exit when price reach the next S/R or MA. (My average RR is around 0.9-1 these days for high timeframe and 0.5-0.7 for M5 trades but my win rate on average if I take from last year is higher than 80%)

IMHO if your strategy have a win rate of less than 50% you need to...
  • #7,144
  • Jan 12, 2012 3:51pm Jan 12, 2012 3:51pm
Quoting CRmission
Keep up the good work and I will keep on studying to get there!!!
I think the best part of this forum is people sharing their trades in real time, which helps other people (well, it certainly helps ME anyway) get better at recognizing the setups. Like Binyamin's post earlier on the Gbp/Usd trade - although I'd taken the trade, it was still helpful/educational for me to see the other indicators that he saw that I had missed.
Writer, currency trader, madman
  • #7,145
  • Jan 12, 2012 3:54pm Jan 12, 2012 3:54pm
I may change my feeble mind, but at this point, I'm inclined to sell the board tomorrow - Eur/Usd, Gbp/Usd, and Eur/Gbp. They're all up big today, but pretty near right up against significant resistance of one description or another.
Like I said, I may change my mind when I look at things in the A.M., but it's just something to consider.
Writer, currency trader, madman
  • #7,146
  • Jan 12, 2012 3:59pm Jan 12, 2012 3:59pm
How many currency pairs do you watch with this system? So far, I'm just sticking to the basics - Eur/Usd and Gbp/Usd. One reason is that they offer the tightest spreads, which lets me run tighter stops and puts me into profit more quickly. I don't really like putting on trades where I start out 5 pips in the hole as soon as I open the trade.

Also I'm just lazy as hell, and it's pretty darn easy to just check two currency pairs.

I do watch other currencies, but I don't have the Dance charts open on all of them.
Writer, currency trader, madman
  • #7,147
  • Jan 12, 2012 8:37pm Jan 12, 2012 8:37pm
Quoting jbmaverick
How many currency pairs do you watch with this system? So far, I'm just sticking to the basics - Eur/Usd and Gbp/Usd. One reason is that they offer the tightest spreads, which lets me run tighter stops and puts me into profit more quickly. I don't really like putting on trades where I start out 5 pips in the hole as soon as I open the trade.

Also I'm just lazy as hell, and it's pretty darn easy to just check two currency pairs.

I do watch other currencies, but I don't have the Dance charts open on all of them.
I have been primarily watching EU and AU. EU because that's what Kostas has proven it's possible to trade only one pair and do well. AU because it seems to move with EU, sometimes faster with better pips.

But I saw a couple of Clay's videos and I decided to set up my charts like his. He watches 23 pairs. I'm trying this out for a while. But I've only started this week so as yet I have no history to report.

I added 3 pairs to his 23. Here is my list:

AUDCAD
AUDJPY
AUDNZD
AUDUSD
CADCHF
CADJPY
CHFJPY
EURAUD
EURCAD
EURCHF
EURGBP
EURJPY
EURNZD
EURUSD
GBPAUD
GBPCAD
GBPCHF
GBPJPY
GBPNZD
GBPUSD
NZDCAD
NZDJPY
NZDUSD
USDCAD
USDCHF
USDJPY
Luck occurs when preparation meets with opportunity.
  • #7,148
  • Jan 12, 2012 9:05pm Jan 12, 2012 9:05pm
23? 23?! 23??!!
That's a lot. I guess the advantage would be that you'd nearly always have something going on.
Wow.
23?????
Writer, currency trader, madman
  • #7,149
  • Jan 12, 2012 11:05pm Jan 12, 2012 11:05pm
Quoting jbmaverick
23? 23?! 23??!!
That's a lot. I guess the advantage would be that you'd nearly always have something going on.
Wow.
23?????
Each pairs behaves to some degree differently from each other. For example the BOJ and SNB are constantly intervening with their safe haven currencies which IMO makes certain setups less reliable in the JPY pairs than it would have been in other pairs where their central bank let them free float. For Gold and Silver I don't think they react the same way to the MA's like currency pairs and trading gold and silver the way I trade EU would be a disaster. Therefore IMHO, for choros it is good to focus on a few 1st and get to know them b4 we look at more and more pairs. The last thing is, markets are the same in the past, present and will be the same in the future because they change all the time, and that makes this game interesting.

I feel that one size fit all are reserved for system that are less sensitive to how market react to their S/R.(Like most good trend following system)
Riding the order flow
  • #7,150
  • Jan 13, 2012 6:15am Jan 13, 2012 6:15am
Lol i couldnt even handle trading 2 currencies - whatever i made trade eur/usd, i lost trading gbp/usd. since than i only trade 1. but that could be because i am very short term trader, sometimes making more than 20 trades a day (few weeks back i placed 37 in one day only to break even). now i am trying to hold positions for longer because of other commitments but its just not working out for me. but its going to happen. eventually
  • #7,151
  • Jan 13, 2012 6:56am Jan 13, 2012 6:56am
Quoting tonny47
Lol i couldnt even handle trading 2 currencies - whatever i made trade eur/usd, i lost trading gbp/usd. since than i only trade 1. but that could be because i am very short term trader, sometimes making more than 20 trades a day (few weeks back i placed 37 in one day only to break even). now i am trying to hold positions for longer because of other commitments but its just not working out for me. but its going to happen. eventually
I think there are two different broad approaches as for spotting trade opportunities with the Dance:

The Choros way: would be stick to one or two pairs; live it, feel it by the tick and take LTF trades.
The Clays way: would be to scan many pairs, filter to the ones that are showing perfect conditions and are obviously respect the lines, then go for only AAA entries.

I like the Choros way for the many opportunities it provides per session. It is a good way for getting scalping oppts. It is very good approach for any trader targeting a daily quota.

Clays way is good for less frequency trading. I think it would be also lower tension trading way. It deals with only the higher probability trades. Its is good for the ones with great patience (I wish I had more of this quality).

This is how I understand it, there are two approaches for the same trading method.
Use what suites you best, or develop your own prefences.
The good thing here, Dance/Choros signals are working with high probability either way.

Anyway, I do combine both ways: I scan many pairs, then filter up to 2 or 3 pairs to trade by LTF.
  • #7,152
  • Jan 13, 2012 7:37am Jan 13, 2012 7:37am
any coders out there that can add an alert when double tops or bottoms appear (the blue line on top or bottom of candles) ?
  • #7,153
  • Jan 13, 2012 9:19am Jan 13, 2012 9:19am
Damn it! Damn it! Damn it! I missed every single opportunity to sell Eur/Usd (I count three obvious ones so far) - and I had my finger on the trigger at 1.2785, then got distracted by something - when I looked again, it was already down to 1.2750. Just beat me with a stick. Oh well, at least I shorted Eur/Gbp fairly near the top (based on previous price resistance and pivot points). Since it's Friday, I may just call it day.
Damn it.
Writer, currency trader, madman
  • #7,154
  • Edited 9:57am Jan 13, 2012 9:36am | Edited 9:57am
Quoting jbmaverick
23? 23?! 23??!!
That's a lot. I guess the advantage would be that you'd nearly always have something going on.
Wow.
23?????
That's exactly why I am trying this. I have at most only a couple of hours each morning to trade. When EU or GU is not offering a setup, I can look elsewhere.

Six weeks ago I would have agreed with you that no one can watch that many pairs. But then I saw Clay teach this in one of his recent videos. Watch the video and you will see that it is not hard to do. Bin posted links to them a few pages back.

There are pairs in this list I don't like to trade, but I watch them just same. GY has never been nice to me. JPY pairs don't seem to move fast enough, have to wait too long. CHF pairs seem to constrain a lot rather than give touch trade setups, and I still can't make constrainment trades work. Other's have high spreads, which usually prevents me from pulling the trigger to enter a trade on those pairs.

Gil summed it up well. You assume Choros works for any pair, then cherry pick only the AAA setups. As I said, I have only started doing this a week ago. So I have yet to see whether I can really handle this!

For me, this is the next implementation of Clays teaching. It's a trial to see whether it works for me, or whether I will tweak it to work, or end up dumping it entirely.

EDIT: Gil said that, not Asos. I've edited. Sorry, Gil!
Luck occurs when preparation meets with opportunity.
  • #7,155
  • Jan 13, 2012 9:40am Jan 13, 2012 9:40am
Quoting Binyamin
Each pairs behaves to some degree differently from each other. For example the BOJ and SNB are constantly intervening with their safe haven currencies which IMO makes certain setups less reliable in the JPY pairs than it would have been in other pairs where their central bank let them free float. For Gold and Silver I don't think they react the same way to the MA's like currency pairs and trading gold and silver the way I trade EU would be a disaster. Therefore IMHO, for choros it is good to focus on a few 1st and get to know them b4 we look at...
Of course, you are 100% right about all of this. But I have made the choice to trade primarily on technical analysis. Not because those things are not influential, but because I have only so much time to devote to trading. It's just a practical decision.

Applying Choros principals to any pair also requires discretion, but isn't that true every time you enter any trade?

I will also continue to focus mostly on EU, GU, AU, etc. Although I'm not an expert yet, I'm no longer a noob, either. I intend to explore other FX areas, and I think a great way to do that is to build on Clay's teaching, since it's been the best I've come across so far.

BTW, this weekend I am going to try setting up your alert tool. My plan is to scan all these pairs each morning, and enter price alerts into your spreadsheet for possible approaching setups. That's a nice little program, thanks for sharing it!
Luck occurs when preparation meets with opportunity.
  • #7,156
  • Jan 14, 2012 9:45pm Jan 14, 2012 9:45pm
Quoting jbmaverick
Damn it! Damn it! Damn it! I missed every single opportunity to sell Eur/Usd (I count three obvious ones so far) - and I had my finger on the trigger at 1.2785, then got distracted by something - when I looked again, it was already down to 1.2750. Just beat me with a stick. Oh well, at least I shorted Eur/Gbp fairly near the top (based on previous price resistance and pivot points). Since it's Friday, I may just call it day.
Damn it.
That has to be one of the biggest missed opportunities of Friday. I actually entered at 1.2788 right at DP and M15 10, it went my way quickly so I moved to BE, but price retested the DP and shot past by 3-4 pips, stopping me out. Next thing I knew, it had formed a M1 double top at DP and it was at 1.2750 as you said. That could well have been the trade that made my week. But well I suppose we just have to keep believing that there will be many more setups and sooner or later the home run will come.
  • #7,157
  • Jan 15, 2012 12:44am Jan 15, 2012 12:44am
London, I think u r dng a great job as a newbie. At least u din lose that trade. With more experience, u will be able to catch more consistence pips. Keep it up.
  • #7,158
  • Jan 15, 2012 8:47am Jan 15, 2012 8:47am
Quoting gilben
Dear Minos,

In that case it would be very easy to load equivalent MA
Use this simple formula then load it to your daily chart:

H4 equivalent to D1 = {needed Ma} / 6
H1 equivalent to D1 = {needed Ma} / 24
H1 equivalent to H4 = {needed Ma} / 4

and so on....

good luck
I'm sorry it took me so long to reply, is your indicator based to the sane calculation? where / is *.

Thanks
  • #7,159
  • Jan 16, 2012 2:31am Jan 16, 2012 2:31am
Ucad saw a set up forming in M15. Place sell limit. 1st time, it dint touch, but 2nd time it touch..
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ucad short 1601.gif Size: 22 KB
Click to Enlarge Name: ucad short 1601 15pip tp.gif Size: 22 KB
  • #7,160
  • Jan 16, 2012 2:34am Jan 16, 2012 2:34am
Pretty new to this. My thought process was quite simple. 10 moved down below 35/50, 1st touch on 10 forming, London opened.
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