CHOROS System | Page 434 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

CHOROS Interactive 2,625 replies

Money management for CHOROS and other strategies 2 replies

I want to pay off my mortgage asap with Choros 181 replies

3-9% a day with CHOROS? 63 replies

Would you trade this system? New system #2. 10 replies

Attachments: CHOROS System
Exit Attachments

CHOROS System

  • #8,661
  • Dec 20, 2012 2:32am Dec 20, 2012 2:32am
Quoting kostas1
If you are just starting with this, I suggest you do what Eur_Usd does, focus on one or two good M15 setups and become skilled on one currency (I suggest GU, EU).
depending on time zone you live of course ;-). for me the best time to trade EU/GU is same as kostas 7am (usually there is price constrainment, and after or just before London opens the chart goes same direction as day before, so there is a few pips to catch, and I usually catch about 2-3% profit just on this one) till about 1-3pm London time. when US session opens lots of unpredictible (at least for me) moves happen, especially after 3pm.
On my way to financial independence - if others can do it - I can do it
  • #8,662
  • Dec 20, 2012 7:41am Dec 20, 2012 7:41am
Just some considerations about Higher TFs Confirmation.

H4 was also very near to its 1st touch of the Ema10 at the moment of the long entry.
Attached Image (click to enlarge)
Click to Enlarge Name: 2.jpg Size: 148 KB
  • #8,663
  • Dec 20, 2012 10:14am Dec 20, 2012 10:14am
Quoting kostas1
Starry,
There is no constrainment or other signals in M1.
The method is mainly M15, some people try H1, H4, I do mostly M5.
M1 is used only to fine-tune entries/exits.
If you are just starting with this, I suggest you do what Eur_Usd does, focus on one or two good M15 setups and become skilled on one currency (I suggest GU, EU).
Thats weird, in the rules it says "1 minute charts primarily for all entry signals." (the 1 minute rule pamphlet)
http://www.forexfactory.com/showthre...77#post4273877
http://www.forexfactory.com/showthre...82#post4271782

I guess 15 minutes is easier? Ill get the nonrevised manual then. R u guys still having good success with this method?
  • #8,664
  • Dec 20, 2012 10:44am Dec 20, 2012 10:44am
Quoting kostas1
Starry,
There is no constrainment or other signals in M1.
The method is mainly M15, some people try H1, H4, I do mostly M5.
M1 is used only to fine-tune entries/exits.
If you are just starting with this, I suggest you do what Eur_Usd does, focus on one or two good M15 setups and become skilled on one currency (I suggest GU, EU).
Thx, i will try this on the simulator for m15 constrainment trades on eurusd. One thing i was confused on was how price action is used in this strategy. In constrainment trades , do we need a double top/bottom or pin bar, etc along with the constrainment in order to enter? I see constrainment examples where price action isnt present.
  • #8,665
  • Dec 20, 2012 11:18am Dec 20, 2012 11:18am
Quoting Starry
Thats weird, in the rules it says "1 minute charts primarily for all entry signals." (the 1 minute rule pamphlet)
http://www.forexfactory.com/showthre...77#post4273877
http://www.forexfactory.com/showthre...82#post4271782

I guess 15 minutes is easier? Ill get the nonrevised manual then. R u guys still having good success with this method?
We never used the M1 as the main signal timeframe in the CHOROS thread. Clay has produced a manual like that, but I don't know of anyone who is using the M1. In addition, the M1 is very noisy for my taste and not a good timeframe for new traders. On the other hand, I use it all the time to fine tune my M5 or M15 entries....
  • #8,666
  • Dec 20, 2012 12:19pm Dec 20, 2012 12:19pm
Quoting kostas1
We never used the M1 as the main signal timeframe in the CHOROS thread. Clay has produced a manual like that, but I don't know of anyone who is using the M1. In addition, the M1 is very noisy for my taste and not a good timeframe for new traders. On the other hand, I use it all the time to fine tune my M5 or M15 entries....
Good to know ...
  • #8,667
  • Dec 21, 2012 10:00am Dec 21, 2012 10:00am
I was looking in the manual, the "Taking the trade!" part. I found some constrainment trades that weren't marked, and I was wondering why. I came up some reasons why they might not be traded, r they right?

1. Not sure why
2. Constrained on a flat moving average?
3. Very near previous resistance (round number) which was bounced off of
4. Very near previous resistance (round number)
5. Very near resistance/looks like price is trapped between two moving averages?
6. Very near round number/ maybe higher timeframe trend is down?
7. Not sure why. Is it a price trap since one bar also bounced off the black moving average.
8. Very near strong round number resistance. Or maybe its because of the long wicks bouncing off the resistance
However, the next red circle is also very near the resistance o though.
9. There wasn't any pullback to the moving average, it was already moving along it.
10. Porcupine/near resistance
11. Porcupine.
12. ??
Attached Image (click to enlarge)
Click to Enlarge Name: extra constrainment.png Size: 133 KB
  • #8,668
  • Dec 21, 2012 10:51am Dec 21, 2012 10:51am
Lets see, I wonder if im complicating things. Ive posted two pics, of EURUSD Dec 11th and 12th. I was wondering if the constrainment trades were right. Using the previous post and filtering based on things like if its close to a round number or not, and if it has a large upper wick in an uptrend, i wouldn't have taken some of these perhaps. Do we need these filters or do all we need is the definition of constrainment?

1. Wouldn't trade because of large upper wick. Would've been good if traded on third bar.
2. Wouldn't trade, its near all that wicky resistance on trade 1.
3. Would trade, it made a pullback and made a higher low. However, it is constrained by a relatively flat MA. I think i will ignore filtering out based on flat MA. On the other hand, its low is supported by the lower moving average, and its body rests on another moving average.
4. Not sure if i would've traded this one. The yellow MA sloped upward greatly and is now moving toward inner MAs, indicating possible ranging behavior. Wouldn't have worked out.

5. Wouldnt trade, near round number
6. wouldn't trade, near round number
7 Would trade
8. Wouldn't trade, right beneath round number (price trap), could break down.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_DEC_11th.png Size: 93 KB

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_DEC12th.png Size: 215 KB


EDIT: I have problems making excuses for not trading trades that would've gone bad (looking into the future!). On the other hand ,if extra rules increase winning chances ,then im cool with them. This is long thread, got alot of reading to do, see ya in a week or so
  • #8,669
  • Edited 3:17pm Dec 21, 2012 3:04pm | Edited 3:17pm
Great way to close the year! (Next trade around 3rd of January).
I got a very rare (for me) 40 pipper which came from M15, so I wanted this posted to show how you should think.
I am posting the chart to show you what a no-brainer looks like:
I entered when price rejected the very strong confluence of H4 10, H1 10, M15 35/50, Daily S1, RN.
Half an hour later the price faked a strong up move. I stayed because price was contained perfectly by H1 35 (not that I was completely brave here since shooting higher up could still happen. First target was S2 but when M15 10 contained the retrace, I stayed longer for RN 1.6200.
Didn't stay longer, but based on H1 I could have stayed for S3 (that would be greedy....) or previous weekly high or previous monthly high.
Attached Image (click to enlarge)
Click to Enlarge Name: GU1.jpg Size: 246 KB
  • #8,670
  • Dec 21, 2012 3:11pm Dec 21, 2012 3:11pm
For those wondering what are those red filled areas: I found a nice indi that colors areas between MAs. I adjusted it to color red when 10 is below 50 and green when 10 is above 50 (use 10,1,0,50,1,0 in parameters). It gives me a nice quick reminder to go with the flow (i.e. short when red and long when green). It creates a less "clean" chart but I still like it personally.
Attached File(s)
File Type: mq4 MA ribbon filled.mq4   2 KB | 671 downloads
  • #8,671
  • Edited 3:23pm Dec 21, 2012 3:12pm | Edited 3:23pm
Quoting kostas1
Great way to close the year!
I got a very rare (for me) 40 pipper which came from M15, so I wanted this posted to show how you should think.
I am posting the chart to show you what a no-brainer looks like:
I entered when price rejected the very strong confluence of H4 10, H1 10, M15 35/50, Daily S1, RN.
Half an hour later the price faked a strong up move. I stayed because price was contained perfectly by H1 35 (not that I was completely brave here since shooting higher up could still happen. First target was S2 but when M15 10 contained...
Hi kostas. just curiosity: what is your risk? I mean how many pips for 1% of risk? besides, sorry for asking, if you don;t want, dont answer. since when you started trading choros succesfully?
how many % of profit you do at the moment? daily and yearly. I remember on the beginning you were doing 3-9% daily, which is my profit (at least if I don;t try silver). can you keep this now, or did you lower risk with higher trading amounts?
why did you change original dance rules?
On my way to financial independence - if others can do it - I can do it
  • #8,672
  • Dec 21, 2012 3:28pm Dec 21, 2012 3:28pm
Quoting Eur Usd
1) what is your risk?
2) since when you started trading choros succesfully?
3) how many % of profit you do at the moment? daily and yearly.
4) why did you change original dance rules?
Too many questions in such a short post....
1) 0.5% for 15 pips
2) I started the thread when I thought that something good happened in my trading
3) see 1)
4) Clay's work was the cornerstone, I don't consider CHOROS as "changing" the Dance but rather an evolution custom-made to my personality and risk tolerance. Of course, I also added some elements like Pivots, but the only reason that Clay kept those out was to simplify the method. I still think the best way for a beginner is the M15 and only when you know what you are doing moving to M5. Actually, if you read the thread you will see how my thought process evolved from M15 to M5.....
  • #8,673
  • Dec 21, 2012 3:34pm Dec 21, 2012 3:34pm
Quoting kostas1
3) see 1)
I was asking about percent profit per year ;-)

Quoting kostas1
4) Clay's work was the cornerstone, I don't consider CHOROS as "changing" the Dance but rather an evolution custom-made to my personality and risk tolerance. I still think the best way for a beginner is the M15 and only when you know what you are doing moving to M5. Actually, if you read the thread you will see how my thought process evolved from M15 to M5.....
I startet reading few month ago, to be honest I didn't look back too far as this thread is really long.
as about m5 - I tried it, but I go for it only when I see that there is not much movement on M15, if I see movement on M15 I stick to it.
On my way to financial independence - if others can do it - I can do it
  • #8,674
  • Edited Dec 22, 2012 3:01pm Dec 21, 2012 10:11pm | Edited Dec 22, 2012 3:01pm
Does the 15 pip stoploss include the spread already? So if we buy at the ask price, its 15 pips below the ask price not the bid price?

edit: its from the ask price, looked at the scripts
  • #8,675
  • Dec 22, 2012 4:43pm Dec 22, 2012 4:43pm
I like this strategy Up 5% from January 2- January 4th 2012on forex tester. 11 trades one loss ! Hopefully not luck Plus i traded some hangmans and shooting stars (2 trades or so)

Attached Image (click to enlarge)
Click to Enlarge Name: dance.png Size: 186 KB
  • #8,676
  • Dec 22, 2012 8:21pm Dec 22, 2012 8:21pm
<3 CHOROS another green week

Everyone have a good holiday
  • #8,677
  • Dec 23, 2012 3:57pm Dec 23, 2012 3:57pm
Quoting Eur Usd
that is weird. 98% of bad trades? describe me your trading style please, because you must be doing something wrong, maybe your position size and leverage are too big, or you just hesitate too much. I trade according to Dance setups without any more add ons at all. no pivot points, no other mickey mouse indicators. I focus only on 10/50 ema and 35 sma on 15min chart
My biggest obstacle is FEAR. I enter a lot of good trades, but get scared out early if it goes a few pips against me.
The other main obstacle is lack of screen time. I need much more experience to become confident.

Other reasons are: I want to roll my own (TM) before learning the basic trades.
I watch on all time frames except 30min and monthly (occasionally)
and have Daily, Weekly and monthly Pivot points on, the Choros MAs, in addition to that the 20, 89 and 144 EMA.
I use Volumes on M1, M5, Daily and Weekly.
My main objective now is not to get profitable as quickly as possible,
but rather to learn how the markets really work, and my setup does a great job
since the reaction to those mas and Pivot points is very strong on ALL time frames.
Also Volume spikes contain significant information. I was quite successful trading Indonesian stocks
using those mas and Volume.

I already had very precious insights into how the markets work,
and my main challenge is still to adapt the system to my personality.
My goal actually is trading something like the equity millipede, but with
the Choros setups as entry strategy.
Another entry strategy I am looking for is buying the lows/highs in the asian session
of ie. AU or EY in the asian session in order to follow the long term trend (position trading).

Will take time but I am pretty confident (since I met CHOROS). I trade with real money but only 0.02 lots, so my losses are about 1CHF per trade
in average and I don't have large dents in my acct (anymore). I will scale up when things become consistent.
  • #8,678
  • Dec 23, 2012 3:59pm Dec 23, 2012 3:59pm
Quoting Eur Usd
I was asking about percent profit per year ;-)
You said you make about 15-20% a month in CHOROS, if you compound it that would be about 900%-1000%+ a year.
Not satisfied? I think that's an awesome figure.
  • #8,679
  • Dec 23, 2012 4:03pm Dec 23, 2012 4:03pm
Quoting bscholes
My biggest obstacle is FEAR. I enter a lot of good trades, but get scared out early if it goes a few pips against me.
The other main obstacle is lack of screen time. I need much more experience to become confident.

Other reasons are: I want to roll my own (TM) before learning the basic trades.
I watch on all time frames except 30min and monthly (occasionally)
and have Daily, Weekly and monthly Pivot points on, the Choros MAs, in addition to that the 20, 89 and 144 EMA.
I use Volumes on M1, M5, Daily and Weekly.
My main objective now is...

you use too many indicators. stick to 10 ema/35 sma/50 ema 15m chart. that's it. nothing else. why do you need all them pivots, weird ema etc. stick to rules, don't complicate your life, you hesitate because different setups tell you different things that show you opposite.
as about fear -
Trading in the Zone by Mark Douglas
Super Trader : Make Consistent Profits in Good and Bad Markets by Van K. Tharp
On my way to financial independence - if others can do it - I can do it
  • #8,680
  • Dec 24, 2012 1:52am Dec 24, 2012 1:52am
By the way over the holiday I will try and to experiment with Murreys math lines on the simulator and seeing how they work in addition to the CHOROS system. I currently use pivots but upon discovering the math points it has struck some interest. Happy holidays and good luck to all my fellow traders
10 traders viewing now