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CHOROS System

  • #12,521
  • Mar 22, 2016 7:51am Mar 22, 2016 7:51am
Quoting Dnc48
Is this a scoop forming ? {image}
I took this one short, first touch of 35/50 with good angle and confluence of Resistance.
  • #12,522
  • Mar 22, 2016 7:54am Mar 22, 2016 7:54am
Quoting Awaken
I find myself taking these trades based on PA but not sure how to fit them into the CHOROS method, how should I proceed taking trades based on PA? Are they all valid if with confluence of MA's?
What I do is I enter when there is confluence of PA and 10 ema for example. But when PA is against EMAs then I skip trade
On my way to financial independence - if others can do it - I can do it
  • #12,523
  • Mar 22, 2016 7:59am Mar 22, 2016 7:59am
Quoting Awaken
{quote} I took this one short, first touch of 35/50 with good angle and confluence of Resistance.
I took it also short at first when saw a double top on M5 but got out on BE because I saw it wants to go up and I suspect was forming a scoop which means it is ready to burst further up...Am I right?
  • #12,524
  • Edited Mar 23, 2016 7:35am Mar 22, 2016 8:04am | Edited Mar 23, 2016 7:35am
Quoting Eur Usd
{quote} What I do is I enter when there is confluence of PA and 10 ema for example. But when PA is against EMAs then I skip trade
That's what I'm doing, however It seems to give many false signals
  • #12,525
  • Mar 22, 2016 8:07am Mar 22, 2016 8:07am
Quoting Awaken
{quote} That's what I'm doing, however I seems to give many false signals
Maybe you enter before last candle of formation closes?
Besides PA is better on higher timeframes, safer.
As about PA - have you been to Nial Fuller's page?
On my way to financial independence - if others can do it - I can do it
  • #12,526
  • Mar 22, 2016 8:17am Mar 22, 2016 8:17am
Quoting Eur Usd
{quote} Maybe you enter before last candle of formation closes? Besides PA is better on higher timeframes, safer. As about PA - have you been to Nial Fuller's page?
What do you mean with "Maybe you enter before last candle of formation closes?"

Yes, I've been to Nial Fuller's page and others, really helpful imho .
  • #12,527
  • Mar 22, 2016 8:19am Mar 22, 2016 8:19am
Quoting Dnc48
{quote} I took it also short at first when saw a double top on M5 but got out on BE because I saw it wants to go up and I suspect was forming a scoop which means it is ready to burst further up...Am I right?
I was wrong!

Should have stayed in the short trade. Guess I need more confidence in the system. And make sure I learn what exactly is a scoop.
  • #12,528
  • Mar 22, 2016 8:29am Mar 22, 2016 8:29am
Quoting Awaken
{quote} What do you mean with "Maybe you enter before last candle of formation closes?" Yes, I've been to Nial Fuller's page and others, really helpful imho .
Price action has formations. Let's say my favourite to trade - pinocchio by James 16 - it is formation made of 3 candles and works well with 10 ema. Properly you should enter after last of 3 candles of formation closes with sl above mid candle's wick. If you enter before - it is your risk, can work as well, but can be that last candle broke the formation. James 16's topic's first 20 pages are good as well.
On my way to financial independence - if others can do it - I can do it
  • #12,529
  • Mar 22, 2016 8:50am Mar 22, 2016 8:50am
Quoting Eur Usd
{quote} Price action has formations. Let's say my favourite to trade - pinocchio by James 16 - it is formation made of 3 candles and works well with 10 ema. Properly you should enter after last of 3 candles of formation closes with sl above mid candle's wick. If you enter before - it is your risk, can work as well, but can be that last candle broke the formation. James 16's topic's first 20 pages are good as well.
I see, I'm familiar with what you're talking about, usually I like to enter with a pending order bellow the low of the signal bar, but as you can see would fail as well, if I wait for a 3rd candle to print as per James16 pinocchio the SL needed would be larger, not really what I'm looking for. What Im considering is how the usage of PA within the rules of the CHOROS:
1- Should they respect the "first touch" or are they valid on subsequent touches?
2- Are they are a way to take a trade if price takes more than 2 bars to "get there" against the 10MA?
  • #12,530
  • Mar 22, 2016 9:53am Mar 22, 2016 9:53am
Awaken, I am also practicing the method, but as far as I know a touch is a touch and PA is PA - you don't count touches to go ahead with another PA trade. You will find many examples in the manual that confirm this. However, you have to use some common sense as well - if you see the price moved a very long distance in one direction - well, you don't want to be getting in at the last station. So I would say: although PA trades are allowed regardless of touch count, the higher the count the more cautious you should be, for example look for extra confirmation, confluences, extra 35/50 steepness, etc.

Also: PA has a built in 2 safety features: price itself confirms a possible continuation after a retrace (they signal the fuel that run the retrace might be already gone) and often they define a tighter than usual SL just above the formation. With touches you don't have that extra safety, essentially you might be entering at the top of a very strong candle which might be your trend reversing against you - therefore, as a safety feature for touches - they should be counted to reduce the risk of entering at the end.
  • #12,531
  • Mar 22, 2016 10:23am Mar 22, 2016 10:23am
Quoting Jkdt
Awaken, I am also practicing the method, but as far as I know a touch is a touch and PA is PA - you don't count touches to go ahead with another PA trade. You will find many examples in the manual that confirm this. However, you have to use some common sense as well - if you see the price moved a very long distance in one direction - well, you don't want to be getting in at the last station. So I would say: although PA trades are allowed regardless of touch count, the higher the count the more cautious you should be, for example look for extra confirmation,...
Thx man for the help. I tend to use PA to trade outside the touch guidelines, and needless to say that I get very "inconsistent" results, that's why I'm asking, because I was suspecting I'm using it to justify overtrading. I'll start to use PA in accordance to the touches and just as filters on lower TFs and see the results.

regards
  • #12,532
  • Mar 22, 2016 10:27am Mar 22, 2016 10:27am
Quoting Dnc48
{quote} I was wrong! Should have stayed in the short trade. Guess I need more confidence in the system. And make sure I learn what exactly is a scoop.
At this time of my CHOROS learning phase I have no idea how to trade a scoop or identify it. I'm focusing on touch trades and that's it
  • #12,533
  • Mar 22, 2016 4:48pm Mar 22, 2016 4:48pm
Quoting Awaken
{quote} At this time of my CHOROS learning phase I have no idea how to trade a scoop or identify it. I'm focusing on touch trades and that's it
There´s nothing wrong with it.. step by step



Guido
Risiko birgt immer auch die Chance.
  • #12,534
  • Mar 23, 2016 4:38am Mar 23, 2016 4:38am
I am into the scoops recently and I am really liking them. Easy to spot and seem to have a high rate of success if taken safely. Check the attachment - that's a good example of scoop - the price went down quite a distance, it reached its low in no1, then it bouced 2 more times from that low creating higher lows at no2 and no3 - that's a signal for a possible trend reversal. Then it got scooped up by 10MA WHILE 35/50 are getting flat and diverge from each other (that's a must, otherwise the trend may still be strong). You should enter after the close of the spinning top marked yellow at no4 - although from my observation pin bars and dojis are the best signals. Double bottoms are nice as well. You could then pick one of my potential targets marked by the 3 lines, 50MA @18 pips, Pivot @21 or 1hr 50MA @25. You could also manage the trade your own way as the move was good for 60 pips+

Although you could have a setup where you have only no1 and then instantly no4 - those are also very good and happen even more often. Though creating 2 higher lows at 2 and 3 should give u some better confirmation.

Funny thing I barely could notice those setups in reversed form at the top of the move - price seems to be acting differently, either goes flat or even when it does form a PA at the lower high it is very rarely scooped.

Any comments are very welcome.
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  • #12,535
  • Edited 7:07am Mar 23, 2016 6:45am | Edited 7:07am
Hello friends, quick question about money management, do you guys take more than one trade at the same time, like today, both EU and GU offered nice touches at same time, do you guys take them both with 1% each? Take just one? Or split the risk .5% each?
I took them both with 1% each but not sure if this violate The Dance rules as per manual.

regards
Attached Images
  • #12,536
  • Mar 23, 2016 9:58am Mar 23, 2016 9:58am
Quoting Jkdt
I am into the scoops recently and I am really liking them. Easy to spot and seem to have a high rate of success if taken safely. Check the attachment - that's a good example of scoop - the price went down quite a distance, it reached its low in no1, then it bouced 2 more times from that low creating higher lows at no2 and no3 - that's a signal for a possible trend reversal. Then it got scooped up by 10MA WHILE 35/50 are getting flat and diverge from each other (that's a must, otherwise the trend may still be strong). You should enter after the close...
Hi mate, the only comment I can make about it is congratz on the pips made .
  • #12,537
  • Mar 24, 2016 3:29am Mar 24, 2016 3:29am
Quoting Jkdt
I am into the scoops recently and I am really liking them. Easy to spot and seem to have a high rate of success if taken safely. Check the attachment - that's a good example of scoop - the price went down quite a distance, it reached its low in no1, then it bouced 2 more times from that low creating higher lows at no2 and no3 - that's a signal for a possible trend reversal. Then it got scooped up by 10MA WHILE 35/50 are getting flat and diverge from each other (that's a must, otherwise the trend may still be strong). You should enter after the close...
Very nice observation and a nice example, Jkdt I don't trade scoops as I usually spot them afterwards and can't catch them in advance, at least not on the lower TF's. There were two nice scoop examples on EU and UJ H4 in the last couple of days though, but these require much more attention, time and proficiency IMO, so I only watched them If you see more scoops forming on M15 and have enough time, could you please post a notification in the Choros Interactive? I would really appreciate a couple of live examples.

Quoting Awaken
Hello friends, quick question about money management, do you guys take more than one trade at the same time, like today, both EU and GU offered nice touches at same time, do you guys take them both with 1% each? Take just one? Or split the risk .5% each?
I took them both with 1% each but not sure if this violate The Dance rules as per manual.
I think that it all depends on your risk management and circumstances. I usually set myself a limit of risk per trade and per day and try not to exceed it. If I take two non-related trades at one time, the same rule applies - not to exceed the daily limit and the limit per trade. Just as if it were two separate trades taken at different time.
However, I am very cautious about taking simultaneous positions in highly correlated pairs (quite often they offer same signals at the same time), since that might be considered as simply doubling the risk. So if I am very firm about the setups and my daily limit allows that, I might take them both with a full position size each and be ready for the double risk (however I would already consider this as overtrading risk-wise for myself). If I'm not that confident and/or the daily limit might be exceeded, I might take each of them with half. It's possible to take only one of them with a better setup with full size, but I got tricked several times being caught in a slower trade or in a wrong one, so prefer to take both with a half position. And it also depends on the SL - if it's very small and I'm not risking more on two trades than I would normally risk on one, why not take them both with full size?
But that's just my personal experience, maybe it's too discretionary. So I'm not sure if I violate the rules or not and any comments are very welcome
Everything is possible
  • #12,538
  • Mar 24, 2016 3:58am Mar 24, 2016 3:58am
I've been trading the dance on 1m charts and with good success and only 1 pair but I have trouble with discipline. I do around 2-3 setups a day. I'm looking for a Skype trading buddy. Someone else who is trading the dance preferably on 1m charts so we can keep each other in check and go over setups and trades. Thus learning together by helping each other out.

I trade end of Asia and thorughout most of London.
send me e pm if you're interested.
  • #12,539
  • Mar 24, 2016 4:08am Mar 24, 2016 4:08am
Quoting moneydeep
I've been trading the dance on 1m charts and with good success and only 1 pair but I have trouble with discipline. I do around 2-3 setups a day. I'm looking for a Skype trading buddy. Someone else who is trading the dance preferably on 1m charts so we can keep each other in check and go over setups and trades. Thus learning together by helping each other out. I trade end of Asia and thorughout most of London. send me e pm if you're interested.
Hey moneydeep.
The trouble with discipline gets much better in higher timeframes..
.. less signals = less space for interpretation .. imagination .. or however you wanna call it .
.. know what Im talking about .. made a bunch of green pips in M1 with another strat some years ago ..
Good luck
Guido
Risiko birgt immer auch die Chance.
  • #12,540
  • Mar 24, 2016 10:04am Mar 24, 2016 10:04am
Quoting moneydeep
I've been trading the dance on 1m charts and ...
Hey Moneydeep,

I traded choros on M1 for a few months, but kept finding that I would overtrade... and then get frustrated... and then revenge trade... you know the cycle I'm sure. I could make gains for 2 weeks and wipe them out on one bad morning and I just couldn't quite train myself not to.

I have had better luck with M15 for the reasons that have been said before -- but everyone has a different personality and there are a bazillion ways to trade.

Now, for my morning confessional:

Went long on GA at a 35/50 confluence with 1.8800 level. First entry got in early and lost, second entry on bounce and lost:

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Double loss on one trade - that was dumb. Here is what I see that went wrong:

1) 35/50 were not very steep
2) Not many candles since the last 35/50 test
3) Entered too early on first position - this is something I really need to work on

I probably shouldn't have entered 2 times for the same move because it doubles the risk on the same trade. I think I really wanted to trade today, but it was a slow morning. Those are hard days for me to be disciplined.

Also, my brokers spread on GA is high - around 3-5 pips - and it makes big moves which makes it maybe the wrong currency pair for me to trade in Choros. I could have taken +12 pips at one point on my second trade but didnt want to because I had a bigger SL and like to trade minimum 1:1 R:R. Oh well, time to wait for the next entry...

Anyone else have any comments on this one?

Sam
Remember that guy who gave up? Neither does anyone else.
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