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CHOROS System

  • #7,501
  • May 16, 2012 8:42am May 16, 2012 8:42am
The reason why EU SHORTS didn't work is because that was the first reaction form a very clear D1 Demand Area.

Supply and Demand Areas like this one on D1 (I'm not talking about Support and Resistance Levels) are very strong and usually these are turning points for trends, or big moves against the trend.

So, since EU reached that D1 Demand Area we can expect a ranging market and then an Up-trend to get at least to 1.2920

Ofcourse, I could be wrong.
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  • #7,502
  • May 16, 2012 9:00am May 16, 2012 9:00am
As explained before, the reaction from that EU Demand Area made the SHORTS very risky, and turn them into losers.

Attached you will find my loser example at entry and exit moments.

The entry looked like a possible M15 10ema touch, in confluence with RN.

That is why we have to pay atention to these Demand/Supply Areas on HTF. In this case I did not.
Attached Image(s) (click to enlarge)
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  • #7,503
  • May 16, 2012 9:15am May 16, 2012 9:15am
GBPUSD is also in a Demand Area, so keeping targets small when shorting near these Area is a key factor to trade CHOROS setups.

After the EU loser, I was able to profit with an M15 10ema touch trade and then an H1 10ema touch trade.

So I'm with a little profit for the day.

Attached you will find the Entry an Exit moments of my two GBPUSD trades today.
Attached Image(s) (click to enlarge)
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  • #7,504
  • May 16, 2012 10:12am May 16, 2012 10:12am
Those greek news are making my charts look ugly
Better to lose opportunity, rather than capital !
  • #7,505
  • Edited 1:49pm May 16, 2012 1:14pm | Edited 1:49pm
Quoting metrilbg
Those greek news are making my charts look ugly
Not so when you are trading HTF with the trend
Been shorting gold euro and aus.

But frankly I prefer a more happy and stable world and as a consequence trade markets with smaller swings. This market is not normal, it is a result of some regions in crisis.

I would say this market is strange because during the euro crisis in 2010 when euro was taking a dip the dance was doing well on hindside (cough cough, I am not talking about M5 trades so don't go doing this )
Riding the order flow
  • #7,506
  • May 16, 2012 5:38pm May 16, 2012 5:38pm
Many thanks file Diamond & my friend Metrilbg!
  • #7,507
  • Edited 6:05am May 17, 2012 5:30am | Edited 6:05am
Hi all, trade finished just now, opened two positions, one closed +7 pips, one +9 pips. +2% total, my daily target is 9 pips (only trade part-time), so done for the day. Exited just above the S1 line.
Entry was based on M5 10 EMA touch, previous wicks indicating resistance on M5 10 EMA, M15 10 EMA "near touch" (would have turned into a touch after the price kept falling and M15 10 EMA would have readjusted itself), and confluence with M1 35 SMA.
That was quick!
Screenshots attached.
Attached Image(s) (click to enlarge)
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  • #7,508
  • May 17, 2012 7:54am May 17, 2012 7:54am
Looking for some shorts at about 1,2710-15. SL around 1,2725. Let's see will it get where i want it
  • #7,509
  • May 17, 2012 8:59am May 17, 2012 8:59am
Taken that trade at 1,27092, 1 exit at 1,26966 and second at 1,26902, so total 2% gain. SL was at 1,2725.

You can see that in my trade profiles trade book. Thanks and good luck to you all !
  • #7,510
  • May 18, 2012 10:00am May 18, 2012 10:00am
Hi everyone. I was sent a private message by someone asking me if I had been consistently profitable with the Dance trading method. Rather than just reply privately, I thought I'd post my thoughts here for the thread.

Here is the question:

Quote
Have you found consistent profitability with the Dance/Choros?

I’ve tried it a few months before, but it wasn’t profitable for me. Maybe I didn’t do it right; maybe the time for testing was not enough, I don’t know…
While browsing the Choros thread I’d seen that there are several other traders who were suffering with that method.
I always admired Kostas for his huge success, although I constantly asked myself that it is possible at all?
What could be the reason that he is so successful with it while lots of others aren’t?
It’s just his...

Yes, I have been consistently profitable with the Dance method. I think it is fantastic - extremely simple and extremely effective.

I have made a few posts in this thread with my exact methods, but essentially I follow the rules exactly as described in the original Dance PDF.

  1. I watch four currencies - GBPUSD/EURUSD/AUDUSD/EURAUD.
  2. All trades I open with a 50 pip TP and a 50 pip SL.
  3. I move the SL to BE at +15, and then let the trade run as it will.


I put my success down mainly to two things:

  1. I follow the rules and only enter ideal setups. This took me a very long time and a lot of money to learn.
  2. I follow the rules and only enter the most ideal setups.

Having a main trading screen with four currencies on it allows me to wait for the currency offering the best setup. I generally only pick the best setup and enter that, I don't do two at once. On my individual currency screens I pretty much no longer use the M1 and M5 charts, and just keep my eye on the H1 and D1 charts to make sure that they confirm the setup on M15. If not, I probably won't trade it.

I don't use the daily/weekly pivots and I don't care about them. I don't use any support/resistance lines and I don't care about them. For me, the interaction between the 35/50 MAs is all I care about. I no longer wait for touches or ideal retraces, I just look at the M15 MAs and the H1 MAs and if they look good I enter. This comes from experience. You need to get your experience up first. Practice on the simulator, practice in demo. It takes time. I've been doing this system for a while and so now for me it is second nature.

I'm on holiday at the moment (have been for a while), so probably won't be on very much to reply. I hope this post helps some of you.

Keep at it.

p.s. Shoutout to Kostas and Clay, you are both beautiful, wonderful people.

  • #7,511
  • May 18, 2012 10:53am May 18, 2012 10:53am
Hi arha,

Thanks for sharing. May I ask

- your frequency of entering
- your growth rate target and achieved rate
- how many years have you traded
- winner, Be, loser %
- typical size of winner and loser
- are you trading full time

cheers,
KK

Quoting arha
Hi everyone. I was sent a private message by someone asking me if I had been consistently profitable with the Dance trading method. Rather than just reply privately, I thought I'd post my thoughts here for the thread.

Here is the question:



Yes, I have been consistently profitable with the Dance method. I think it is fantastic - extremely simple and extremely effective.

I have made a few posts in this thread with my exact methods, but essentially I follow the rules exactly as described in the original Dance PDF. [list][*]I watch four...
  • #7,512
  • Edited 1:37pm May 18, 2012 11:34am | Edited 1:37pm
Don't be silly of course each and everyone always makes money with Choros. It's a guarantee.

KK: Wait, hang on........ were you even for a second questioning the fact that even 1 person in this world might not make money with Choros? How dare you! Didn't you see what arha said, easy, follow the rules and BANG! success! oh I forgot, follow the rules exactly but you must have experience. (Kinda like getting promotions at work based on seniority)

Look I am just being trendy! Everyone says it makes money, it's the trend see? So except for me everyone have to be making money with Choros and I don't care about evidences. Whats wrong with you to even think for a second otherwise?

PS: KK: You can put that as your new permanent profile comment instead.
Riding the order flow
  • #7,513
  • May 18, 2012 2:48pm May 18, 2012 2:48pm
Quoting arha
1. Yes, I have been consistently profitable with the Dance method. I think it is fantastic - extremely simple and extremely effective.

2. This comes from experience. You need to get your experience up first. Practice on the simulator, practice in demo. It takes time. I've been doing this system for a while and so now for me it is second nature.

3. Shoutout to Kostas and Clay, you are both beautiful, wonderful people.
1. Great work my friend, glad for your success. Simple is good.

2. Exactly, what I have been telling the CHOROS guys: spend the time in front of the screen and success will come....

3.
  • #7,514
  • May 19, 2012 6:38am May 19, 2012 6:38am
Quoting Binyamin
Don't be silly of course each and everyone always makes money with Choros. It's a guarantee.......
Binyamin next time please put some constructive criticism in your posts, otherwise you are just loosing our time and patiance!

The smart guy talks because he has someting to say, the fool one because he has to say something!

All the best!
Metrilbg
  • #7,515
  • Edited 5:10am May 21, 2012 4:59am | Edited 5:10am
Price has been bouncing between H1.35/50 5 times already, interesting. I turn on my PC when the 5th bounce(about 9:30am) was undergoing, so pretty much missed the whole thing.

It's always a pleasure to observe a classic Dance price action like this, but I've never got any good result out of trading the PingPong.

All MAs flat, are we ready for a big move?
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  • #7,516
  • May 22, 2012 4:55am May 22, 2012 4:55am
an eu trade just took.
entry & exit moments..
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Attached Image
  • #7,517
  • May 22, 2012 5:31pm May 22, 2012 5:31pm
and on afternoon a failed trade.
The set up was 2 bars retrace at m15/10 ema.

I think I had to set a little more space behind all
the emas.....
I don't know , any thought is welcome!
thank you.
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  • #7,518
  • May 23, 2012 1:43am May 23, 2012 1:43am
Makonen i have taken exactly the same trade. But i quit shortly after it broked the 10 EMA(5 pips after the enter). After this when it reached 35/50 MA's and stalled there for a minute i entered again and exited at the RN bellow. Sometimes they just don't work... think that the DS1, which was just bellow stopped the price and needed a bigger velocity. The stop loss in your case had to be about 25 pips, so that it can withstand - this is too huge stop for me. Maybe exit and reenter was better at that case ...

All the best!
P.R.P
  • #7,519
  • Edited 8:20am May 23, 2012 2:24am | Edited 8:20am
Hello Makonen. As P.r.p said, sometimes they just dont work, but for me there was no trade, look at my attachment. I think you should wait for better signals, be patient. I didnt take this trade because i trade form 8:00 to 10/12:00. Sure on history everyone can show you better entry point, i dont know what would i do in real time situation, anyway, this is my thoughts about entry. (entry=gray recktangle, PPA+ema10, retrace after impulse)
Good luck!
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  • #7,520
  • May 23, 2012 5:07am May 23, 2012 5:07am
First trade of the week. Absolute beauty!
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Swedish steel!
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