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CHOROS System

  • #7,281
  • Feb 15, 2012 12:28pm Feb 15, 2012 12:28pm
Patience indeed. With nothing else showing on the board yesterday morning, I more or less rolled the dice on a eur/gbp trade. I made good money, but I'd have made much EASIER money if I'd just waited an hour for that beautiful setup to sell eur/usd.
I am always fighting boredom and my penchant for gambling, no matter how many times I'm given the lesson that it's simpler and more profitable to "just sit and wait".
Writer, currency trader, madman
  • #7,282
  • Feb 15, 2012 12:32pm Feb 15, 2012 12:32pm
Gil - Thanks ever, again, for that clever news alert tool. Great contribution, much appreciated, as I never remember anything other than the NFP report. I took a trade one day, and had no earthly idea why I'd made 200 pips in about 5 minutes until much later when I saw, "Ohhhh, big news report".

Thank God it didn't go the other way.
Writer, currency trader, madman
  • #7,283
  • Feb 17, 2012 9:49am Feb 17, 2012 9:49am
Wow, despite almost continually zigging when I should have zagged, I finally managed to escape with a small profit today. Not pressing my luck any further for the week.
Writer, currency trader, madman
  • #7,284
  • Feb 17, 2012 11:34am Feb 17, 2012 11:34am
Quoting jbmaverick
Wow, despite almost continually zigging when I should have zagged, I finally managed to escape with a small profit today. Not pressing my luck any further for the week.
There were quite a few opportunities to scalp 12-20 pips, but nothing like yesterday that you can hold a trade for 50+ while still feel safe.

I took a EU M15 10 touch + confluence with round number at around 12:50am, after price bounced off M15 35/50. Price run off the RN very quickly then come back, and I exited at +12. I could hold it for quite a bit more, but 12 pips is better than no pips anyway.
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  • #7,285
  • Feb 17, 2012 1:25pm Feb 17, 2012 1:25pm
Quoting Darkforce
There were quite a few opportunities to scalp 12-20 pips, but nothing like yesterday that you can hold a trade for 50+ while still feel safe.

I took a EU M15 10 touch + confluence with round number at around 12:50am, after price bounced off M15 35/50. Price run off the RN very quickly then come back, and I exited at +12. I could hold it for quite a bit more, but 12 pips is better than no pips anyway.
Yeah, 12 pips is ALWAYS better than no pips.
Writer, currency trader, madman
  • #7,286
  • Feb 18, 2012 2:48pm Feb 18, 2012 2:48pm
Quoting Darkforce
I could hold it for quite a bit more, but 12 pips is better than no pips anyway.
Are you kidding? My latest money management plan is: 15 pips/day for 20-25 lots, so when at 12 pips I am already planning how to spend the rest of my day
  • #7,287
  • Feb 19, 2012 4:45am Feb 19, 2012 4:45am
Quoting kostas1
15 pips/day for 20-25 lots, so when at 12 pips I am already planning how to spend the rest of my day
Makes me sad and at the same time gives hope. Almost 2 years already, but feels, like I'm still at day 1
  • #7,288
  • Feb 19, 2012 8:13am Feb 19, 2012 8:13am
Quoting messiahua
Makes me sad and at the same time gives hope
Well said. The important part is "gives hope." That is the difference between the 5% and the 95%.
Luck occurs when preparation meets with opportunity.
  • #7,289
  • Feb 19, 2012 10:16am Feb 19, 2012 10:16am
Quoting messiahua
Makes me sad and at the same time gives hope. Almost 2 years already, but feels, like I'm still at day 1
I think it is perfectly find to go and search other trading methods that will suit you. Leaving a method that haven't been working after many attempts is a smart thing to do IMO. There is more than one way to skin a cat.

I hear a lot of gurus telling their disciples to avoid day trading and scalping like a plague, they will emphasise scalping is for amateurs and ignorant people(that's exactly what I heard at a free trading seminar trying to sell me stuff.... it was a waste of time) and I believe there is some truth in that because it could be that most people are not suited to day trade or scalp.
Riding the order flow
  • #7,290
  • Feb 20, 2012 5:35am Feb 20, 2012 5:35am
Quoting AlienFrog
Well said. The important part is "gives hope." That is the difference between the 5% and the 95%.
"Only quiting can ever stop you from achieving your goals." - Clay

We are lucky that people such as Kostas set a benchmark for us, so that we know what we could achieve, and motivate ourselves before we achieving it.
  • #7,291
  • Edited 6:02am Feb 20, 2012 5:36am | Edited 6:02am
Quoting kostas1
Are you kidding? My latest money management plan is: 15 pips/day for 20-25 lots, so when at 12 pips I am already planning how to spend the rest of my day
Kostas, its amazing to see how your MM evolved. Maybe soon enough you will be buying your private island in the Aegean
  • #7,292
  • Feb 20, 2012 3:30pm Feb 20, 2012 3:30pm
Quoting kostas1
Are you kidding? My latest money management plan is: 15 pips/day for 20-25 lots, so when at 12 pips I am already planning how to spend the rest of my day
I think your idea is perfectly well-founded. Unfortunately I'm not at the point where I can trade anywhere close to that many lots. But that's what I'm aiming for. A very small profit, multiplied by multiple lot sizes, is much easier to hit every day, and will certainly provide one a nice income.
Writer, currency trader, madman
  • #7,293
  • Feb 20, 2012 3:37pm Feb 20, 2012 3:37pm
Quoting Binyamin
I think it is perfectly find to go and search other trading methods that will suit you. Leaving a method that haven't been working after many attempts is a smart thing to do IMO. There is more than one way to skin a cat.

I hear a lot of gurus telling their disciples to avoid day trading and scalping like a plague, they will emphasise scalping is for amateurs and ignorant people(that's exactly what I heard at a free trading seminar trying to sell me stuff.... it was a waste of time) and I believe there is some truth in that because it could be...
I, too, have heard a zillion times that scalping "doesn't work" - I heard it so often that I stopped doing it for awhile. The only thing that brought me back to it was your recommendation of the Dance strategy, along with the fact that the markets have been so up and down recently that I'm more dubious of any longer term trend trading strategy, at least for the time being. You're right, though, some people just don't have the temperament, mindset, whatever required for scalping or daytrading.
I think the ideal strategy is perhaps to use a scalping system like this one - plus a good, solid (low drawdown) trend trading strategy, like the Conquer we're both familiar with - and perhaps a good carry trade as well. At the moment, however, I can only manage one of those, so I'm sticking with Dancing, although when there's not a Dance trade available that I see, I'll sometimes just use daily pivot points. established support/resistance, and price action to try to swipe a few pips.
Writer, currency trader, madman
  • #7,294
  • Feb 21, 2012 9:16am Feb 21, 2012 9:16am
Quoting merlincocai
If you mean the Conquer by Jordan Lindsey...
I agree with you but this is not the place to discuss this. Should you want to, start a thread in the members lounge. Delete this post and start a thread there.
Riding the order flow
  • #7,295
  • Feb 21, 2012 10:09am Feb 21, 2012 10:09am
Hi fellow dancers
this is my first post on forex factory although i have been studying this thread and some others for about a year now.
I just wanted to drop by and say hi because your posts have helped me a lot.
I have opened a live account with ducaskopy and i am trying to use the dance strategy along with some trade signals from the eohater' s system. I think that these two strategies are like twin brothers and i hope that they are going to help my trading.
For now 50% of my trades are winners but my account is not growing because i am trigger happy and i am very impatient so i make a lot of mistakes. But i will not give up as Clay has mentioned.

i hope that i will be posting more.

good luck and many pips to you all.

Κώστα, survivor, Binyamin, Haydel,endroute your posts and your efforts are very inspiring as all the posts are from the successfull traders in this thread.
  • #7,296
  • Feb 21, 2012 4:10pm Feb 21, 2012 4:10pm
Quoting Mr Diamond
Hi fellow dancers
this is my first post on forex factory although i have been studying this thread and some others for about a year now.
I just wanted to drop by and say hi because your posts have helped me a lot.
I have opened a live account with ducaskopy and i am trying to use the dance strategy along with some trade signals from the eohater' s system. I think that these two strategies are like twin brothers and i hope that they are going to help my trading.
For now 50% of my trades are winners but my account is not growing because i am...
Welcome to Choros Jimmy,

Good luck with your trading, feel free to post your trades here.

Kostas
  • #7,297
  • Edited 3:26am Feb 23, 2012 2:35am | Edited 3:26am
Half way through the Thread so will be demo dancing soon, this morning looke like a good setup on EURUSA 15m
Attached Image
  • #7,298
  • Feb 23, 2012 11:36am Feb 23, 2012 11:36am
Hi ALL!! I have a failed setup today on the AU.

Price approached H4 35/50. Then M5 produced a head and shoulders pattern there. Latter the PA in M5 show signs of a constrainment against the 12 EMA. So I entered at a rejection of the M1 and as you can see it gave me a lost.

Can anyone kindly tell me what I did wrong? is there anything I failed to notice. Thanks in advance!
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Riding the order flow
  • #7,299
  • Feb 23, 2012 12:53pm Feb 23, 2012 12:53pm
Hi Kostas.. I read this thread http://www.forexfactory.com/showthread.php?t=260052
seems you almost broke before you use CHOROS.
my questions... How you improve your psychological factor like discipline etc?
  • #7,300
  • Feb 23, 2012 3:04pm Feb 23, 2012 3:04pm
Quoting Binyamin
Hi ALL!! I have a failed setup today on the AU.

Price approached H4 35/50. Then M5 produced a head and shoulders pattern there. Latter the PA in M5 show signs of a constrainment against the 12 EMA. So I entered at a rejection of the M1 and as you can see it gave me a lost.

Can anyone kindly tell me what I did wrong? is there anything I failed to notice. Thanks in advance!
Bin,
My approach for H4 TF is to wait for M15 double top before entering. This results in safer trades because most times price rechecks the high TF reaction points before reacting. The disadvantage is that when there is no double-tap you will loose the opportunity to enter the trade. Alternatively, you enter right after the first M5 rejection for a scalp.

P.S. When in M15 TF, I use double M5 tops (or bottoms if looking for longs).
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