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CHOROS System

  • #7,381
  • Mar 29, 2012 2:01pm Mar 29, 2012 2:01pm
Today I took a losing trade on the AU , I'm posting the chart to get some feedback from the more experienced guys since I still not sure what went wrong with the setup. From my limited analyses looked like a pretty strong entry, but later I realised that a hammer was about to be printed on the 4H TF, maybe this was a warning signal of a bad short entry? Anything else I'm missing or this is just part of the game?

Thanks in advance
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  • #7,382
  • Mar 29, 2012 6:23pm Mar 29, 2012 6:23pm
Quoting ForexForce
Today I took a losing trade on the AU , I'm posting the chart to get some feedback from the more experienced guys since I still not sure what went wrong with the setup. From my limited analyses looked like a pretty strong entry, but later I realised that a hammer was about to be printed on the 4H TF, maybe this was a warning signal of a bad short entry? Anything else I'm missing or this is just part of the game?

Thanks in advance
ForexForce, your entry was good for a scalp; you have to work on your exits.

At your entry point, M15 35/50 was starting to diverge, and that makes the signal weaker. Note that the previous time that the price approached the M15 35/50 on a very similar way, the M15 35/50 were parallel, almost overlapping.

You are right about the warning signal on the H4 TF, but you could have noted that even before that hammer formed by looking to the left and identifying where price reacted before. That is what we call Pervious Price Action (PPA).

Please see the attached image for more details.

Happy trading
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  • #7,383
  • Mar 29, 2012 6:41pm Mar 29, 2012 6:41pm
Quoting Haydel
ForexForce, your entry was good for a scalp; you have to work on your exits.

At your entry point, M15 35/50 was starting to diverge, and that makes the signal weaker. Note that the previous time that the price approached the M15 35/50 on a very similar way, the M15 35/50 were parallel, almost overlapping.

You are right about the warning signal on the H4 TF, but you could have noted that even before that hammer formed by looking to the left and identifying where price reacted before. That is what we call Pervious Price Action (PPA).

Please...

Hummmm, very interesting...I'm happy to know that my entry wasn't bad, and u Sir made something "click" in my head when u mentioned the correlation of the diverging MA's and Take Profit. Something I was trying to figure it out.

I'm studying day and night the charts and the method, lots of simulator time, also studying it with my buddy VitalHb (also a novice CHOROS trader and nice guy) over msn.
Hope u don't mind those noobie questions, but I'm afraid they're necessary.

best regards, and thanks for the HUGE help
  • #7,384
  • Mar 30, 2012 12:20pm Mar 30, 2012 12:20pm
My two last trades of the week.

A very nice by the book H4 10ema touch.
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  • #7,385
  • Apr 2, 2012 3:05am Apr 2, 2012 3:05am
GU 15M 10 touch. Entry was M1 divergence, trigger is engulfing cob for 10 pips with 6 pip sl.

Bin
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Riding the order flow
  • #7,386
  • Apr 2, 2012 3:44am Apr 2, 2012 3:44am
Quoting Binyamin
GU 15M 10 touch. Entry was M1 divergence, trigger is engulfing cob for 10 pips with 6 pip sl.

Bin
Nice combination of techniques.
Swedish steel!
  • #7,387
  • Apr 2, 2012 9:06am Apr 2, 2012 9:06am
Hello dancers,I'm refining a techique which basically is a variant of the dance,using the 10EMA only(either on M15 and H1)in confluence with some pivotal lines drawn by a propietary indicator.Testing on EU,GU,AU,but since the signals are very far beetwen(average 2 per week per currency),I'm thinking to apply it on EJ,GJ and AJ as well.The question for the most experienced dancers is:can the spread on these crosses(3.5 pips with my broker)harm the effectiveness of my scalping techique(average sl 15 pips,R:R ratio 1:1)?.Any tip/suggestion would be appreciated.
  • #7,388
  • Apr 2, 2012 10:40am Apr 2, 2012 10:40am
Quoting merlincocai
Hello dancers,I'm refining a techique which basically is a variant of the dance,using the 10EMA only(either on M15 and H1)in confluence with some pivotal lines drawn by a propietary indicator.Testing on EU,GU,AU,but since the signals are very far beetwen(average 2 per week per currency),I'm thinking to apply it on EJ,GJ and AJ as well.The question for the most experienced dancers is:can the spread on these crosses(3.5 pips with my broker)harm the effectiveness of my scalping techique(average sl 15 pips,R:R ratio 1:1)?.Any tip/suggestion would be...
10 EMA is a good MA to hone your skills.
In my experience (mostly scalping), 3.5 p spread is high. For this reason, I am mostly trading EU, GU, AU.
If you see something interesting with your indi, feel free to share.
  • #7,389
  • Apr 2, 2012 10:52am Apr 2, 2012 10:52am
[quote=kostas1;5534370]10 EMA is a good MA to hone your skills.
In my experience (mostly scalping), 3.5 p spread is high. For this reason, I am mostly trading EU, GU, AU.
If you see something interesting with your indi, feel free to share.

Thanks Kostas,I'll follow your warning not to trade a 3.5 spread currency.When I'll have more entries on my trading diary,I'll certainly share if something good will come out.
  • #7,390
  • Apr 2, 2012 11:05am Apr 2, 2012 11:05am
Quoting merlincocai
The question for the most experienced dancers is:can the spread on these crosses(3.5 pips with my broker)harm the effectiveness of my scalping techique(average sl 15 pips,R:R ratio 1:1)?.Any tip/suggestion would be appreciated.
Well logically the smaller the spread the better is it for any kind of trading

Your trading style will be different than mine so I will tell you how to answer your question with you style.

To answer your question of how it affects you. Your overall results is a function of your average RR and your win %. Profit = AverageRR * (win%) – (1-win%). However your win % is a function of your spread(bigger your spread the lower your win % and vice versa) So given an average RR(say 1 for your eg.) you need to find out the relationship between your spread and your win %. Find that out through statistics gathered from back/forward testing.(can be ploted on a 2d graph, spread vs win% for say an RR of 1. You can do a 3D graph too for every RR, use R or matlab) Pick a point on the spread vs win% graph and then with your RR you can figure out if you will come out profitable in the long run or not.

profit = AverageRR * (win%) – (1-win%)
Where win% = is a function of spread

Statistics requires at least 30 data points to make a conclusion but in the market you can never test enough data. Fortunately trading is not completely a science so you don't need to use such precisions because the market is not. Just figure out how far into your analysis you need to go before you "feel" that the analysis is enough. Your conclusions have to be a function of your discretion and your analysis. A quant will tell you to lean more towards analysis, a technical trader will tell you to lean more towards discretion. Pick your weapon according to your personality.
Riding the order flow
  • #7,391
  • Apr 2, 2012 11:30am Apr 2, 2012 11:30am
Quoting Binyamin
Well logically the smaller the spread the better is it for any kind of trading

Your trading style will be different than mine so I will tell you how to answer your question with you style.

To answer your question of how it affects you. Your overall results is a function of your average RR and your win %. Profit = AverageRR * (win%) – (1-win%). However your win % is a function of your spread(bigger your spread the lower your win % and vice versa) So given an average RR(say 1 for your eg.) you need to find out the relationship between your...
Copied and pasted your reply on my diary,I'll study it soon and apply to my data as soon as I'll have 100 live trades done.Thanks a lot.
  • #7,392
  • Apr 2, 2012 12:02pm Apr 2, 2012 12:02pm
[quote=Binyamin;5534469]
profit = AverageRR * (win%) – (1-win%)
Where win% = is a function of spread
/QUOTE]

  • #7,393
  • Apr 2, 2012 1:24pm Apr 2, 2012 1:24pm
Quote
profit = AverageRR * (win%) – (1-win%)
Where win% = is a function of spread

B4 the math guys come in here and spank me let me define things more clearly.

Total Profit % = (Total RR)*(% Risked pertrade)

This is where correction is intended. In the 1st equation I assumed all the losses will be -1 RR. This will account for partial losses.

AverageRR pertrade = (AverageRRWin * win%) - (AverageRRLose * Lose%) = (Total RR)/(number of trades)

This stats may not be enough for you so you want to plot RR vs time to measure the drawdown or to see if you like the equity curve.
Riding the order flow
  • #7,394
  • Edited 3:33am Apr 3, 2012 12:38am | Edited 3:33am
Quote
profit = AverageRR * (win%) – (1-win%)

LHS: Dollar value
RHS: percentage
  • #7,395
  • Apr 4, 2012 2:41am Apr 4, 2012 2:41am
another good trade (among other stupid ones lol).
touch of the 35sma and although i entered late i got 13 pips.
i also tried another trade(eohater style) after the big doji for a long position this time. it went up only for 5 pips and i got 2.9 luckily for me because that move was a retest really and then it went down.
the dance strategy along with the eohater one(which is explained better in the kenneth lee's thread) can give you a pretty good idea of what is going on in the charts.
of course mixing those two is confusing some times but the more you study price action the better.:nerd:
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  • #7,396
  • Edited 8:33am Apr 4, 2012 8:17am | Edited 8:33am
Woke up this morning and the first thing i see is this beautifull constrainment forming, took it as fast as a heart beat ( best entry was one candle later on the touch of the montly pivot), went against me 10pips and them headed my way. Closed half at +12 pips and moved to BE + a few pips and now wait.

Good entry by the rules? Comments r apreciated

PS: Starting to get a feel for this strat

PS2: Stoped at +10 re-entered at the touch of the 15m 10MA
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  • #7,397
  • Apr 4, 2012 4:30pm Apr 4, 2012 4:30pm
Quoting ForexForce
Woke up this morning and the first thing i see is this beautifull constrainment forming, took it as fast as a heart beat ( best entry was one candle later on the touch of the montly pivot), went against me 10pips and them headed my way. Closed half at +12 pips and moved to BE + a few pips and now wait.

No comments needed force...except that you were spot on, it was a perfect setup. I took this too at 1.5871 and exited near RN (1.5854 to be exact) for +17pips.

Glad to see this thread still going strong...can't post much now cuz I am using weird personal setups of my own, but still with the same MAs of the Dance. I'm just here to sing praises of Choros (and myself, lol jk). Because that was my 7th win in a row, so if someone as dumb as me is starting to figure it out, something really "wrong" is going on, or this is a cheat code to making money. Not gotta get ahead of myself tho, still a noob in many ways. Cheers everyone, many pips to you all...
  • #7,398
  • Apr 4, 2012 7:04pm Apr 4, 2012 7:04pm
Quoting natnimrey
No comments needed force...except that you were spot on, it was a perfect setup. I took this too at 1.5871 and exited near RN (1.5854 to be exact) for +17pips.

Glad to see this thread still going strong...can't post much now cuz I am using weird personal setups of my own, but still with the same MAs of the Dance. I'm just here to sing praises of Choros (and myself, lol jk). Because that was my 7th win in a row, so if someone as dumb as me is starting to figure it out, something really "wrong" is going on, or this is a cheat code to making money....
Thanks man, but I still need to improve a LOT, seems like I get completely lost when it comes to where to exit , also my re-enter was a complete failure, but that's alright, I'm learning more day after day
  • #7,399
  • Apr 4, 2012 11:11pm Apr 4, 2012 11:11pm
Just took this trade on GU and need some confirmation if it's by the rules, entered a bit too early (could have jumped in a little later for the best entry). Also confluence with previous PA (triple Top) S/R, price is in a ping-pong area on 1H so I'm targeting the 1H 50MA.
SL is 7pips.
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  • #7,400
  • Apr 5, 2012 4:44am Apr 5, 2012 4:44am
Hi everyone, I haven't been posting here for a while, but I am still enjoying Choros and benefiting from it.

Here's a GU trade I took this morning. [email protected] [email protected] +12

Reason for enter:
1.Bad data(UK Manufacturing production) released half an hour ago put on downward pressure on GU
2.Price retrace to 10EMA+MP+DP+38.2%Fibo, good confluence
3.Two bar retrace
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