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CHOROS System

  • #7,421
  • Apr 25, 2012 2:19pm Apr 25, 2012 2:19pm
Attached is a classic example of how the larger time frames provide a much clearer picture. If you zoom out to your Daily TF for the EUR/USD you can see how prior resistance, once broken to the upside, becomes future support. When you add in that same area is also in Confluence with the Daily 10EMA touch, it creates a "hot zone" which is acceptable to enter. If you also scale down to a H4 chart, you will also see that the CLOSING price is always ABOVE the H4 10EMA. By looking at these larger time frames, it will help you avoid going against the trend on the smaller M15 charts during times like these...notice how even though we had red alert announcements today by Fed and Bernanke, price still respected the higher time frames...the old adage holds true, "The higher the time - the Stronger the line....just my two cents which might help some of those who solely focus on the short-term perspective....(Not sure if I uploaded the charts correctly, as I've never attached charts on FF b4)....Happy Trading all...
Attached Image (click to enlarge)
Click to Enlarge Name: EUROD1042512.jpg Size: 186 KB
  • #7,422
  • Apr 26, 2012 5:19am Apr 26, 2012 5:19am
Hi to everyone.
My english isn't good, but i am sure you will understand what i will trying to say.
Dear Dancers, please dont post the trades that you didnt take, i mean i can do the same thing, i am master of recognizing entries on HISTORY, i can see 5 min old trades but in real situation i miss it, that kind of post doesnt make sens for me and maybe for other The Dance newbies, but maybe i am wrong. Please dont take offence. Thank you.

Dear Ragu. The problem is, that your entry could be on last bearish candle(white), when it touches red MA, imagine it in real time, who knows that bearish candle will be bearish, maybe it is touch of resistence, same es your entry point, i mean who knows that on your entry would be touch, maybe the candle would blow throw the MA as last bearish candle does. I think this trade isnt by rules, that kind of trades looks for me like "trade what you expect not what you see" . If am wrong, i will be happy if someone will correct me. Once more, dont take offence, i am not trolling here for no reason, just want to learn. Thank you. Good luck
  • #7,423
  • Apr 26, 2012 11:24pm Apr 26, 2012 11:24pm
I appreciate your comments alexLV, however there were additional factors which provided better than average probabilities on this trade which I did not include, such as 50% retracement from the prior move along with a bounce along the rising trendline, H4 bounce on 10ema... Successful trades are the ones in which the probability of that trade working out are greater than 50% and this instance, since there were soo many strong factors converging together into one area of confluence - the trade was well worth the risk (for me), as my stop was just below the 61.8% retracement (.3152). Usually the best trades are the ones that look the worst - in terms of the prior candle - just before entering. Very rarely does the prior candle look good in a trade that works out (unless its a breakout/breakdown trade). As long as all the rules of your entry are met prior to entering, you usually get paid to not "wait" to see what is behind the curtain and that is perhaps the hardest thing to do as humans, since we many times want to "see it to believe it". Clay and Kostas referred to this as "standing in front of a train" - such as in a two-bar retrace. The key is to make sure you are on the correct side of the trend on the higher time frames. Hope this clarifies my prior post....Happy Trading.

Quoting alexLV
Hi to everyone.
My english isn't good, but i am sure you will understand what i will trying to say.
Dear Dancers, please dont post the trades that you didnt take, i mean i can do the same thing, i am master of recognizing entries on HISTORY, i can see 5 min old trades but in real situation i miss it, that kind of post doesnt make sens for me and maybe for other The Dance newbies, but maybe i am wrong. Please dont take offence. Thank you.

Dear Ragu. The problem is, that your entry could be on last bearish candle(white), when it touches red MA,...
  • #7,424
  • Edited 2:48am Apr 27, 2012 2:14am | Edited 2:48am
[email protected]

Confluence of H1.35+DP+M15.35+M15.50
Downward trendline on top
1.6178 is the line of battle for the past few days so expected some reactions here

[email protected]
Targeting S1 but Little hammer on M1 made me nervous so I just quit
Attached Image (click to enlarge)
Click to Enlarge Name: gu20120427.gif Size: 32 KB
  • #7,425
  • Apr 28, 2012 8:06am Apr 28, 2012 8:06am
Dear AlexLV
You have right about charts. Better to post trades have taken but I posted
some choros signals to supply our belief that everyday will come
at least one AA choros trade.

Anyway , here is an early (a little dangerous ) trade as
constrainment m15/10 & m5/12-23 before Frankfurt open.
(I had a pending sell order at 1.3180).
first part close +12 & second B.E.....

many pips to all.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu2.png Size: 26 KB
Click to Enlarge Name: eu3.png Size: 29 KB
  • #7,426
  • Apr 29, 2012 8:40am Apr 29, 2012 8:40am
I have stop trading choros in the meantime. I am waiting for better market condition for choros. Well if market condition don't improve for choros setups then I will stay on the sideline for as long as it takes. Meanwhile I will be checking out other methods as I have always been.
Riding the order flow
  • #7,427
  • Apr 30, 2012 3:44am Apr 30, 2012 3:44am
Short [email protected]
Reason:
Confluence of MP+H1.10+M15.50+M15.35+M15.10
Some more bad data released this morning for EU, price tapped 1.3262 three times but unable to stay above suggest it will move down a bit.
The price at time of entry looks like a retrace

Exit @1.3231
Reason:
Target was H1.50+H1.35 and the target was reached

Very quick profit, good start for a day
Attached Image (click to enlarge)
Click to Enlarge Name: gu20120430.gif Size: 26 KB
  • #7,428
  • Apr 30, 2012 2:04pm Apr 30, 2012 2:04pm
So, can anybody recommend a broker to me real quick? - I haven't kept up with who's good in the past year. I just got an email from Trading Point (whom I loved) saying they caved in to the Goddamned CFTC and are bouncing all their US clients - I've got 2 days to close my account.
I appreciate:
High leverage (I just graduated from micro to mini trading, I'm not operating with a fortune)
Good spreads
Metals trading included
Ease of deposit/withdrawal

Thanks in advance.
Jack
Writer, currency trader, madman
  • #7,429
  • Apr 30, 2012 5:17pm Apr 30, 2012 5:17pm
I'm really starting to hate the fact that I'm a US resident. On one broker comparison I looked at, NOT A SINGLE ONE of the top 20 rated forex brokers accept US residents as clients.
Writer, currency trader, madman
  • #7,430
  • May 1, 2012 7:41am May 1, 2012 7:41am
Quoting Darkforce
Short [email protected]
Reason:
Confluence of MP+H1.10+M15.50+M15.35+M15.10
Some more bad data released this morning for EU, price tapped 1.3262 three times but unable to stay above suggest it will move down a bit.
The price at time of entry looks like a retrace

Exit @1.3231
Reason:
Target was H1.50+H1.35 and the target was reached

Very quick profit, good start for a day
you were riding the porcupine yesterday?
i have another exciting game for you, its called "the russian roulette".
  • #7,431
  • May 1, 2012 8:01am May 1, 2012 8:01am
Quoting jbmaverick
So, can anybody recommend a broker to me real quick? - I haven't kept up with who's good in the past year. I just got an email from Trading Point (whom I loved) saying they caved in to the Goddamned CFTC and are bouncing all their US clients - I've got 2 days to close my account.
I appreciate:
High leverage (I just graduated from micro to mini trading, I'm not operating with a fortune)
Good spreads
Metals trading included
Ease of deposit/withdrawal

Thanks in advance.
Jack
Oanda is your best bet
All posts are my personal opinion
  • #7,432
  • Edited 8:29am May 1, 2012 8:09am | Edited 8:29am
Quoting asos101
you were riding the porcupine yesterday?
i have another exciting game for you, its called "the russian roulette".
Need some stimulation for the already boring life. Btw, that porcupine did look spiky enough, I thought I might be lucky, and got out alive
  • #7,433
  • May 1, 2012 8:20am May 1, 2012 8:20am
Quoting Rtm
Oanda is your best bet
RTM - Thanks for your reply, but I'm a bit leery. While I know Oanda used to have a good reputation, I've heard a number of negative comments on it over the past year, with Forex Peace Army (who also used to view it favorably) summing it up as "nothing more than a high-end bucket shop".
Are you currently with them?

Thanks again.

Jack
Writer, currency trader, madman
  • #7,434
  • May 3, 2012 12:48am May 3, 2012 12:48am
Quoting Survivor
As promised here full PDF version of original dance thread. Cant post here - it too large. Here is the link

http://www.*shared.com/document/pGzd_O2i/Dance_thread.html


Please replace * in link with 4. It's 4shared.com.

Cheers

EDIT: Link updated.
The link is dead, brad.
i am a beginner, so one pair is enough
  • #7,435
  • May 3, 2012 6:35am May 3, 2012 6:35am
I am SO sick of U.S. regulations. If I had the money and the know-how, I'd open my own forex brokerage in the Cayman Islands.
Writer, currency trader, madman
  • #7,436
  • Edited 4:13am May 4, 2012 3:48am | Edited 4:13am
m5/12 (first) touch after consolidation
late entry
close +7

I think the "by the book" choros entry
was 6 bars later at 9:10gmt
Attached Image (click to enlarge)
Click to Enlarge Name: eu4.png Size: 24 KB
Attached Image
  • #7,437
  • May 4, 2012 6:41am May 4, 2012 6:41am
Quoting jbmaverick
I am SO sick of U.S. regulations. If I had the money and the know-how, I'd open my own forex brokerage in the Cayman Islands.
From a trader to a broker, nice move!
  • #7,438
  • May 6, 2012 1:39am May 6, 2012 1:39am
Quoting Binyamin
I have stop trading choros in the meantime. I am waiting for better market condition for choros. Well if market condition don't improve for choros setups then I will stay on the sideline for as long as it takes. Meanwhile I will be checking out other methods as I have always been.
http://www.forexfactory.com/showthread.php?t=347075
Good luck!
  • #7,439
  • May 6, 2012 9:04am May 6, 2012 9:04am
Quoting kk007
http://www.forexfactory.com/showthread.php?t=347075
Good luck!
Haha it does seems to describe this thread too.

However I did like to add that the market condition is really different compare to last year. There were setups that had 80% winning rate which I use to take with a few of you guys last year that seems completely random now. It is not only choros, other systems in FF that seems profitable haven't been as hot too. (Kostas is in his own league)

As for the M5 and M1 setups I know the good ones are still profitable, even now, but they are rare. Watching the charts intensely for hours just to make 1 good +10 pip trade a day is just not my cup of tea, it is too much work for too little. So until the market can give the good signals more frequently like last year I will stay on the sidelines for Choros/Dance.
Riding the order flow
  • #7,440
  • Edited 10:38am May 6, 2012 10:15am | Edited 10:38am
Quoting Binyamin
Haha it does seems to describe this thread too.

However I did like to add that the market condition is really different compare to last year. There were setups that had 80% winning rate which I use to take with a few of you guys last year that seems completely random now. It is not only choros, other systems in FF that seems profitable haven't been as hot too. (Kostas is in his own league)

As for the M5 and M1 setups I know the good ones are still profitable, even now, but they are rare. Watching the charts intensely for hours just to make 1 good...
Kostas1 is looking for just more than 10 pip a day (as he said some time ago), what do you want?

By the way, the only one I know who keep trading the basic form of Choros and has a track record of success is now struggling for profit. (I don't consider kostas1 is trading the basic form of choros, I am far from able to understand how exactly he trades choros after 1/2 year of daily following).

About last year, when you said "any idiot can do this", I took similar basic setup types as you. While you enjoyed 80%-100% win rate, I got only 50% win rate. And there was nothing to do with execution flaw.
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