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CHOROS System

  • #8,181
  • Oct 22, 2012 1:10am Oct 22, 2012 1:10am
there's something I don't understand this morning.
EUR/USD
1 day chart shows long
1 hr shows short
15 mins shows long.
on same standard 10/35/50
which chart should I treat as best trend indicator?
On my way to financial independence - if others can do it - I can do it
  • #8,182
  • Oct 22, 2012 1:58am Oct 22, 2012 1:58am
Quoting Eur Usd
there's something I don't understand this morning.
EUR/USD
1 day chart shows long
1 hr shows short
15 mins shows long.
on same standard 10/35/50
which chart should I treat as best trend indicator?
Depends on which TF you are playing. The rule of thumb is the higher the TF the stronger the signal. For me, it looks a 2-bar retrace on the Daily, so I would favor longs, but I am not that long term trader.
  • #8,183
  • Oct 22, 2012 2:05am Oct 22, 2012 2:05am
cheers kostas

sorry for bothering you, but can you please take a look at it and share your opinion?

Quoting Eur Usd
a bit about my modifications of the system:

after 5 good trades according to manual you should get out from trade for the day. what I did, I stopped treating be+1 and similar trades as successful. if a trade gave me less than 0,3% profit I don't count is as successfull.

I change the risk depending on how many indicators push me to entry.
usually it is 1% risk with 7 pips (of course sometimes I move sl behind nearest round number). but when I see few confirmations for entrance I double or triple position size with same pips on s/l(for example...
I try to match this system to my lifestyle or rather working style.
I work on 4 on 4 off rota which means there are weeks when I can trade only 1 day a week, there are weeks when I can trade 4

btw how long did it take you to master this system?
On my way to financial independence - if others can do it - I can do it
  • #8,184
  • Oct 22, 2012 2:10am Oct 22, 2012 2:10am
Quoting kostas1
Depends on which TF you are playing. The rule of thumb is the higher the TF the stronger the signal. For me, it looks a 2-bar retrace on the Daily, so I would favor longs, but I am not that long term trader.
I trade on 15 minutes TF
On my way to financial independence - if others can do it - I can do it
  • #8,185
  • Oct 22, 2012 5:10am Oct 22, 2012 5:10am
Hi Dancers!
I decided to register and join you
I use chronos system for about 2 months and I'm really impressed

Thanks Kostas and Clive for sharing !!

Oh and for a day like today it is very useful to have 400 simple MA on m15 chart, what do you think?

Many pips to all !
  • #8,186
  • Oct 30, 2012 12:50am Oct 30, 2012 12:50am
Hi
Can anybody take a look at it?
I was sure it is signal to go down, but it moved north. Could it be due to the hurricane in USA?
Attached Image (click to enlarge)
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On my way to financial independence - if others can do it - I can do it
  • #8,187
  • Oct 30, 2012 3:34am Oct 30, 2012 3:34am
Quoting Eur Usd
Hi
Can anybody take a look at it?
I was sure it is signal to go down, but it moved north. Could it be due to the hurricane in USA?
Eur Usd, my advice would be to limit yourself to certain hours - have open and close hours, like in other businesses. For example, trade from London open - an hour before London close. By doing this you will have enough liquidity, get consistancy and it will save your ass from such movements.

Cheers
  • #8,188
  • Oct 30, 2012 3:36am Oct 30, 2012 3:36am
Quoting 2121
Eur Usd, my advice would be to limit yourself to certain hours - have open and close hours, like in other businesses. For example, trade from London open - an hour before London close. By doing this you will have enough liquidity, get consistancy and it will save your ass from such movements.

Cheers
you are right. I keep working on myself. the point is I can trade only 1-4 days a week, depending on week, and it is what makes me do this mistakes. In one day I want to show myself that I can do it as I will have no chance to trade till next week
On my way to financial independence - if others can do it - I can do it
  • #8,189
  • Oct 30, 2012 9:06am Oct 30, 2012 9:06am
Quoting kostas1
Actually, the way I trade, there is no reset. Here is the order in my mind:
1. First touch of 10: take it
2. Second touch of 10: maybe if action looks strong
3. After that no more 10 touches
4. First touch of 35/50: take it
5. After that no more 10 or 35/50 touches.
6. Wait for higher TF 10 (assuming steps 1-5 were on M15, then this is for H1 or H4).
7. First touch of higher TF 10: take it
etc.
etc.
etc.
Kostas, could you share your thoughts how you measure the FIRST touches and all in all, how you deal with countings ? I am a bit confused because I always thought that we start to count them when price and 10 EMA gets above/below 35/50.. But now as seen on your attachments it doesn't seem to be like that. Expecially on days like today, countings will not help..
  • #8,190
  • Oct 30, 2012 9:49am Oct 30, 2012 9:49am
Its low liquidity day due to NYSE close. Not the best time to trade.
Riding the order flow
  • #8,191
  • Oct 30, 2012 10:20am Oct 30, 2012 10:20am
Quoting Binyamin
Its low liquidity day due to NYSE close. Not the best time to trade.
Yes Benny but I need some confirmation am I going the right way..
  • #8,192
  • Oct 30, 2012 11:21am Oct 30, 2012 11:21am
Quoting 2121
Kostas, could you share your thoughts how you measure the FIRST touches and all in all, how you deal with countings ? I am a bit confused because I always thought that we start to count them when price and 10 EMA gets above/below 35/50.. But now as seen on your attachments it doesn't seem to be like that. Expecially on days like today, countings will not help..
I had they same problem until I put Choros on a daily chart where trends are clearer and there is not much ranging to confuse you.
Don't Fight Forces, Use Them.
  • #8,193
  • Oct 30, 2012 11:26am Oct 30, 2012 11:26am
Quoting Timetraveler
I had they same problem until I put Choros on a daily chart where trends are clearer and there is not much ranging to confuse you.
No, it's not about determining the trend, I also use choros on multiple TF's long enough..
  • #8,194
  • Oct 30, 2012 11:50am Oct 30, 2012 11:50am
Quoting 2121
No, it's not about determining the trend, I also use choros on multiple TF's long enough..
I didn't said what I said for determining the trend but for being accustomed of touches and numbering them on trend conditions since Choros has a little issue with ranging(like these days). Then you'll notice that even under clear trend and PA only the first touch of each MA can be considered safe to take.

Yet again I'm not using exclusively or for a long time Choros so that is how I see it.

Best of dancing trades
Don't Fight Forces, Use Them.
  • #8,195
  • Oct 30, 2012 2:11pm Oct 30, 2012 2:11pm
Quoting 2121
No, it's not about determining the trend, I also use choros on multiple TF's long enough..
In my mind, when I see a strong trend then the first time it retraces and touches is the first touch. Remember that I use M5 mostly, so my trends can be just noise in H1 or H4.
My trade today was a classic EU M5 12 bounce at GMT 7:45. If you look at the chart you will see a nice long trend, then retrace to the 12, and bounce up. If you were playing at the M15 then the retrace and bounce from EMA10 happened around 9:00 GMT which was also a cool trade.
  • #8,196
  • Oct 30, 2012 8:24pm Oct 30, 2012 8:24pm
Quoting kostas1
My trade today was a classic EU M5 12 bounce at GMT 7:45. If you look at the chart you will see a nice long trend, then retrace to the 12, and bounce up. If you were playing at the M15 then the retrace and bounce from EMA10 happened around 9:00 GMT which was also a cool trade.
Hi Kostas, I have follow this thread silently and something come in my mind.

If you took the trade at EU M5 GMT 7:45, what guts do you have to stay on that trade since the PA doesn't move much around 3-4 candle? Because the H1 and H4 trend is down and almost the fist touch at M5 GMT 7:00. It is the same with M15 trade.

Please comment my situation here so I can trade well.
After series of winning almost 90% I become confident, greed is come to me. I know what money management is. I know the rule. I know stop loss.

I took the sell after damn Jpy news at EU M5 12 touch GMT 6:10 because I certain it will give 5-10 pips. The reason is big down momentum on EU and all Jpy especially E/J pair move down more than 100 pips. Wow not a single pips down, price move up to M15 10 touch I add position, then M5 35/50 I add position, then M15 35/50 I add position, then H1 35 I add position, one more H1 50. I loss my mind. Stop loss is above H1 62. The support at 1.288 is very strong and I got loss big.
Then I took the revenge trade, see the opportunity at GMT 7:35 first touch M5 10 full lots. Stay on that trade until I have breakeven day with small profit. If I have guts to prolong that trade, my account will be double.
  • #8,197
  • Oct 31, 2012 5:16am Oct 31, 2012 5:16am
[quote=koi99;6146986]Hi Kostas, I have follow this thread silently and something come in my mind.

Although I am not Kostas and I am not that good trader like he is I would like to make some comments hoping that it will help you a bit.

If you took the trade at EU M5 GMT 7:45, what guts do you have to stay on that trade since the PA doesn't move much around 3-4 candle?

If you have a clear plan for every trade you take and if you have predefined your loss, you don't need any guts. Actualy, you don't need anything. You can leave your pc and go shopping.

Please comment my situation here so I can trade well.
After series of winning almost 90% I become confident, greed is come to me.

From my personal experience, If you still have greed you are going to destroy your current account and probably the nextone until you control it.

I took the sell after damn Jpy news at EU M5 12 touch GMT 6:10 because I certain it will give 5-10 pips. The reason is big down momentum on EU and all Jpy especially E/J pair move down more than 100 pips. Wow not a single pips down, price move up to M15 10 touch I add position, then M5 35/50 I add position, then M15 35/50 I add position, then H1 35 I add position, one more H1 50. I loss my mind. Stop loss is above H1 62. The support at 1.288 is very strong and I got loss big.

It is true that some pairs are related to each other but this does not happen all the time and in my opinion you shouldn't rely on this.

Then I took the revenge trade...

The best account destraction technique.

Excuse me for my quick reply but I have no free time at the moment. All my comments were based in my little experience and believe me...I have destroed several accounts before I understand the most important thing in FOREX... PREDEFINE AND ACCEPT YOUR RISK!
You are allowed to fall but you are imposed to get up!
  • #8,198
  • Oct 31, 2012 6:01am Oct 31, 2012 6:01am
Quoting kostas1
In my mind, when I see a strong trend then the first time it retraces and touches is the first touch. Remember that I use M5 mostly, so my trends can be just noise in H1 or H4.
My trade today was a classic EU M5 12 bounce at GMT 7:45. If you look at the chart you will see a nice long trend, then retrace to the 12, and bounce up. If you were playing at the M15 then the retrace and bounce from EMA10 happened around 9:00 GMT which was also a cool trade.
-----how is TP/SL assigned for M5 ?
  • #8,199
  • Oct 31, 2012 2:37pm Oct 31, 2012 2:37pm
Quoting asteriskstar
-----how is TP/SL assigned for M5 ?
Hello Asteriskstar.
There is no predifined tp & sl for m5. M5 is manual scalping system.
Sometimes you have to accept bigger s.loss below/above a rn, or dp-wp or some moving average also for tp you can use trailing stop and see p.action . Anyway sloss always have to be less than 12-15 pips.
This from my little experiance.
  • #8,200
  • Oct 31, 2012 8:04pm Oct 31, 2012 8:04pm
Quoting iero4
Although I am not Kostas and ...



PREDEFINE AND ACCEPT YOUR RISK!
Hi Iero4, thanks for your comment.
I know my SL, my rule, but in some condition I get carry away.
I have predefine my first trade after Jpy news, then market is moving fast playing my emotion. I'm so sure that first touch M5 12MA will give you at least 1-3 pips. When I noticed there was not a single pips down, then my mind tells it is impossible maybe in M15 10 MA so I get carried away.
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