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CHOROS System

  • #8,801
  • Jan 20, 2013 3:26am Jan 20, 2013 3:26am
Quoting iForex
How can I train myself to overcome those problems?
http://www.amazon.com/Trading-Zone-C.../dp/0735201447
Riding the order flow
  • #8,802
  • Jan 20, 2013 3:41am Jan 20, 2013 3:41am
Quoting iForex
Hi, Kostas
I am a fan of CHOROS, and I am applying CHOROS with Price action.
But I still have problem with money managemant and SL. Sometimes one trade lose will eat my profit of one month or half year.
Next problem is I do not have enough patient to wait for the best entry point.

How can I train myself to overcome those problems?

By the way, I Know you resigned in the end of 2011, and started your professinal trading last year. Is it possible to share with us your experience of professional trading. your sucess is a great encougement to all...
Trending in the zone is good book, try also van Tharp's Super Trader

regarding to mm:
I set the trade this way: I tell myself that my risk is 1%, then I tell myself how many pips on s/l. then I adjust the position this way that 7 pips of s/l will be equall to 1% of my whole balance. on the end after entry into trade I move the s/l about 5 pips behind round number if it is close. This way there is no way that you will loose few months profit in one trade (if you're profitable trader;-))

here you have info about the books I have read and their short description: http://www.forexfactory.com/showthread.php?t=367514
On my way to financial independence - if others can do it - I can do it
  • #8,803
  • Jan 20, 2013 6:59am Jan 20, 2013 6:59am
SCREEN TIME

Hello dancers,

I would like to mention the similarities of the m5 trades below.
The first is from Darkforce trade on 18-9-2012 at m15/10
and the second is from last Friday. (m15/35-50)
m5 consecutive pins at a choros rejection areas is very powerfull signal.
I saw it after the fact because I was out of my office.
I know that every moment at the market is unique (as Mark Douglas said)
but you can see the importance of screen time as Kostas said.

Have a nice weekend!
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  • #8,804
  • Jan 21, 2013 5:09am Jan 21, 2013 5:09am
Quoting Xhale12
One thing I still struggle with is getting entries on the 10ema on the higher TF's. Often times as many of you know price will come within a certain range of the 10 or another ema, and then bounce a bit above or below it. Then when the EMA starts curving with the trend, it shows it as a touch when in real time it wasn't and I'll miss the trade. Any advice?
In this case, it is not a Dance setup.
The cold fact is that this strategy does not generate pip continuously, you have to wait and wait and wait, you will see some grade C-- setup works out and grade A+++ setup fails.
It is hard to get pip with this strategy consistently, but which strategy is easy?
  • #8,805
  • Jan 21, 2013 8:02am Jan 21, 2013 8:02am
Quoting kk007
In this case, it is not a Dance setup.
The cold fact is that this strategy does not generate pip continuously, you have to wait and wait and wait, you will see some grade C-- setup works out and grade A+++ setup fails.
It is hard to get pip with this strategy consistently, but which strategy is easy?
My friend, don't mislead people in here because CHOROS works. It is your personal journey and can not be applied to all of us. I have read somewhere that 60% is patience and discipline, 20% takes MM and only 20% of skill - I think there is a lot of truth in that statement.
  • #8,806
  • Jan 21, 2013 8:13am Jan 21, 2013 8:13am
Quoting 2121
My friend, don't mislead people in here because CHOROS works. It is your personal journey and can not be applied to all of us. I have read somewhere that 60% is patience and discipline, 20% takes MM and only 20% of skill - I think there is a lot of truth in that statement.
Mislead what? Even kostas1 said trading Choros is not easy. Have I said Choros doesn't work?
  • #8,807
  • Jan 21, 2013 8:16am Jan 21, 2013 8:16am
Quoting Xhale12
One thing I still struggle with is getting entries on the 10ema on the higher TF's. Often times as many of you know price will come within a certain range of the 10 or another ema, and then bounce a bit above or below it. Then when the EMA starts curving with the trend, it shows it as a touch when in real time it wasn't and I'll miss the trade. Any advice?
You need to watch what is happening "there" as price approaches the MA, that is why we need to fine tune entry by watching P/A.
  • #8,808
  • Jan 21, 2013 8:23am Jan 21, 2013 8:23am
Quoting kk007
Mislead what? Even kostas1 said trading Choros is not easy. Have I said Choros doesn't work?
I was talking about this part: The cold fact is that this strategy does not generate pip continuously

And by adding that quote to highlight the importance of discipline. Sorry if I got you wrong.
  • #8,809
  • Jan 21, 2013 8:31am Jan 21, 2013 8:31am
Quoting 2121
I was talking about this part: The cold fact is that this strategy does not generate pip continuously

And by adding that quote to highlight the importance of discipline. Sorry if I got you wrong.
Some days (like today perhaps), there are no by-the-manual setups for major pairs.
  • #8,810
  • Jan 21, 2013 8:36am Jan 21, 2013 8:36am
Here is what I found for myself regarding Choros:

1) It is difficult to learn a setup. I have only manage to learn and be consistent with 2. The 1st one stop working after a while.(at the start of 2012)
2) The fact that it is a 5M 15M 1H timeframe setup, I tend to miss trades out of boredom. I can't keep up with staring at the screen day after day, I need a social life.

I was consistent but wasn't making much. It came to a point that I got burnt out.

For myself if I trade purely according to the rules(with the exception of the setup I found that is consistent) my back test shows me that I won't make a profit in the long run. But that is just my own experience after nearly 2 years of seriously trying to make it work for me. However, you have a bunch of people here that seems to pull out pips everyday and if they are not lying, I solute them. For those that seems to consistently pull out pips there are not many that call out their trades before it happens, it is always after the fact (Haydel seems to be the only one that call out his trades before it happen, my apologies if I miss any) It could be that they have no time or maybe afraid to look stupid.

I am not saying choros doesn't work. It just doesn't work for me because of the above reasons and I have tried very hard. I write this to find out if others here also struggle because of the reasons I wrote?
Riding the order flow
  • #8,811
  • Jan 21, 2013 9:03am Jan 21, 2013 9:03am
Quoting Binyamin
Here is what I found for myself regarding Choros:

1) It is difficult to learn a setup. I have only manage to learn and be consistent with 2. The 1st one stop working after a while.(at the start of 2012)
2) The fact that it is a 5M 15M 1H timeframe setup, I tend to miss trades out of boredom. I can't keep up with staring at the screen day after day, I need a social life.

I was consistent but wasn't making much. It came to a point that I got burnt out.

For myself if I trade purely according to the rules(with the exception of the setup I...
It seems that CHOROS don't suit your personality. As for myself there were days in a row when I sat half of a day staring at screen and have not found any opportunities and I don't see any problems because there will be another day. To add something more, CHOROS is really one of the advanced categories strategies and it is hard to be consistant with it but I am trying, I had 14 days in a row when I was profitable but those were not calendar days. The last thing is that one have to learn all types of trades very very well and only then try to choose the entries.
  • #8,812
  • Edited 9:05pm Jan 21, 2013 8:48pm | Edited 9:05pm
Quoting kk007
The cold fact is that this strategy does not generate pip continuously, you have to wait and wait and wait, you will see some grade C-- setup works out and grade A+++ setup fails.
There is no strategy that generates pip's continuously.... Surely you must know that. If you aren't making money with this system, I assure you it's not because of problems with the method.

I've been using it for 6 months now and my results have gone through the roof compared to where I was before.

Two traders could be using the exact same system and have vastly different results. Find what works for you. I will never trade anything other than the dance.
What is any ocean but a multitude of drops?
  • #8,813
  • Jan 21, 2013 9:39pm Jan 21, 2013 9:39pm
Quoting Xhale12
There is no strategy that generates pip's continuously.... Surely you must know that. If you aren't making money with this system, I assure you it's not because of problems with the method.

I've been using it for 6 months now and my results have gone through the roof compared to where I was before.

Two traders could be using the exact same system and have vastly different results. Find what works for you. I will never trade anything other than the dance.
Sorry. Have I said this method doesn't works? I just mean you can't catch every move of the price with this strategy and this strategy is not a holy grail..... Surely you must know that.
  • #8,814
  • Jan 22, 2013 1:58am Jan 22, 2013 1:58am
Quoting Xhale12
There is no strategy that generates pip's continuously.... Surely you must know that. If you aren't making money with this system, I assure you it's not because of problems with the method.

I've been using it for 6 months now and my results have gone through the roof compared to where I was before.

Two traders could be using the exact same system and have vastly different results. Find what works for you. I will never trade anything other than the dance.

What he said!

Using the dance, I monitor 3 pairs on the 15m. I usually only make 2 trades a day max, but with the Dance, when the setup is there, its pretty reliable. Patience is a must, its more of a slow dance than a break dance.
Damn The Torpedoes, Full Speed Ahead!
  • #8,815
  • Jan 22, 2013 1:59am Jan 22, 2013 1:59am
Quoting DizzleFX
Patience is a must, its more of a slow dance than a break dance.
What you said....
Great analogy my friend!
  • #8,816
  • Jan 22, 2013 3:07am Jan 22, 2013 3:07am
Quoting kostas1
What you said....
Great analogy my friend!
Damn The Torpedoes, Full Speed Ahead!
  • #8,817
  • Jan 22, 2013 3:25am Jan 22, 2013 3:25am
Quoting DizzleFX
I usually only make 2 trades a day max, but with the Dance, when the setup is there, its pretty reliable.
Yes, I am thinking this is roughly about the frequency you can have if you sit for most of the London session.
  • #8,818
  • Jan 22, 2013 3:36am Jan 22, 2013 3:36am
Quoting kk007
Yes, I am thinking this is roughly about the frequency you can have if you sit for most of the London session.
It all depends on what TF you trade man. And how many pairs you monitor.

There were dozens of setups on EJ alone using m1, m5, and m15 today. Although I agree you don't need to take more than 1-2 a day to make more than enough pips for the day.
What is any ocean but a multitude of drops?
  • #8,819
  • Jan 22, 2013 4:13am Jan 22, 2013 4:13am
Quoting Xhale12
There were dozens of setups on EJ alone using m1, m5, and m15 today.
Sounds that you have already done better than everyone else.
  • #8,820
  • Edited 10:13am Jan 22, 2013 8:52am | Edited 10:13am
Anyone can find a Dance M15 or M5 setup for EU and GU for the last 2 days?
Please tell me if possible. I can't find any.
EU has been very strange these two days
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