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CHOROS System

  • #12,561
  • Apr 1, 2016 7:32am Apr 1, 2016 7:32am
Quoting Awaken
{quote} Hey mate, I don't take too many trades on H4 as well, at least not lately, however this one looked good, first touch, good converging angle and rejection on M15. I was out with +8pips. I would be really careful in taking the 10ma touch after this H4 bounce, also today is NFP day.
That's the reason why I initially placed TP above it - thinking it won't hold under these circumstances. The price did react there though, but the rejection wasn't too strong IMO. I exited manually with +25p on the second trade (after a pin-bar on M1 below DS1 formed), didn't want to risk more, also it was 15min until NFP, so better safe than sorry

Have a nice weekend, everyone!
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Everything is possible
  • #12,562
  • Apr 1, 2016 7:53am Apr 1, 2016 7:53am
And that is a nice come back after a short brake from real-time trading ;-) Did take the risk during NFP on EU, but the setup looked so nice I couldn't resist a long wick through parallel 35/50 and steep. I additionally hoped for the major RN to reject it - so it did. 54 pips bagged for the day, one of my best days recently.
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  • #12,563
  • Apr 1, 2016 8:18am Apr 1, 2016 8:18am
Quoting sasha.fx
{quote} That's the reason why I initially placed TP above it - thinking it won't hold under these circumstances. The price did react there though, but the rejection wasn't too strong IMO. I exited manually with +25p on the second trade (after a pin-bar on M1 below DS1 formed), didn't want to risk more, also it was 15min until NFP, so better safe than sorry Have a nice weekend, everyone! {image}
Great trade mate, I took a seccound position on the EU 35/50 touch after NFP release, grabbed another 8 pips and I'm happy with daily target reach, for me 15 - 20 pips is enough, specially on Fridays. Kudos on your +25p

Happy weekend
  • #12,564
  • Apr 1, 2016 8:47am Apr 1, 2016 8:47am
Thanks, Awaken. But it's not me, it's Jkdt, who gets all the praise today Well done, Jkdt! Very nice catch on the first GU 10ema reaction And nice job on taking the EU trades, guys
Everything is possible
  • #12,565
  • Apr 1, 2016 12:19pm Apr 1, 2016 12:19pm
.. agreed..
was a good day ..
..and a nice weekend @ all
Guido
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Risiko birgt immer auch die Chance.
  • #12,566
  • Apr 1, 2016 2:28pm Apr 1, 2016 2:28pm
Thank you Sasha for your kind post It seems like we all did very well today, job well done - the weekend has a decent spot to land on

All the best to you guys and chat to you after the weekend.

PS> If anybody is trading with pivots - you can check out my modified version of pivot points by TSD. The main feature is following a method of looking at pivots that Kostas once recommended, i.e. daily pivots with S/R along with weekly and monthly pivots only. No customization for now except of the previous periods' levels to be displayed. The advantage over ~50 other pivot indicators I have looked at and the main reason to spend time on modifying the indicator was the ability to show both PP for daily, weekly and monthly AND display past levels. If anyone is interested in including custom options (line colours, styles, turning on/off certain levels) - please PM me and (although I can't truly code) we will try to work it out
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File Type: mq4 Pivots Day.mq4   4 KB | 384 downloads
  • #12,567
  • Apr 4, 2016 1:27am Apr 4, 2016 1:27am
Hi,

I am absolutely new to this system and I want to ask if it has still the same rules which are presented in first post?

Which TF is most suitable for choros?

Thanks for answers,
  • #12,568
  • Apr 4, 2016 2:17am Apr 4, 2016 2:17am
Quoting wellard
Hi, I am absolutely new to this system and I want to ask if it has still the same rules which are presented in first post? Which TF is most suitable for choros? Thanks for answers,

Rules are pretty much the same, just you don't need 5 ema.
Best time frames for me are 15minutes, I look sometimes at 1h and 4h, rarely 1d, but it's just to check long term trends.
On my way to financial independence - if others can do it - I can do it
  • #12,569
  • Apr 4, 2016 2:19am Apr 4, 2016 2:19am
First trade of today - I've noticed rectangle so my long entry was at green circle, exit at red circle with 17 pips profit - great beginning of the day ;-)
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On my way to financial independence - if others can do it - I can do it
  • #12,570
  • Edited 3:16am Apr 4, 2016 2:47am | Edited 3:16am
Another one - just 8 pips - bounce off round number, exit as the price was hesitating

Edit: also the reason for exit was that price stopped on the other side of 10 ema - indicating possible reversal in trend. At the moment price went up 20 pips - I wasn't sure I was right at that moment, but looks like I were - missed this one, but never enter once you're not sure if entry is correct.
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On my way to financial independence - if others can do it - I can do it
  • #12,571
  • Apr 4, 2016 5:20am Apr 4, 2016 5:20am
Hello all. As for the rectangles that EU mentioned above - I see them often, I see some potential, i.e. entering on a pinbar at the end (hopefuly) of a rectangle, but doesn't a rectangle mean hesitation and ranging? Doesn't that mean that the market is lacking thrust to continue which would increase the risk?
  • #12,572
  • Edited 5:44am Apr 4, 2016 5:31am | Edited 5:44am
Quoting Jkdt
Hello all. As for the rectangles that EU mentioned above - I see them often, I see some potential, i.e. entering on a pinbar at the end (hopefuly) of a rectangle, but doesn't a rectangle mean hesitation and ranging? Doesn't that mean that the market is lacking thrust to continue which would increase the risk?
If rectangle is after strong move up/down and does not appear below/above round number (against trend), or below or above daily pivot (against trend) or some support/resistance point (against trend) then it means the trend will continue

In other words, lets assume trend goes up. rectangle appears just below round number - bit tricky and may go up, but may be rejected.
Rectangle appears above round number - I'd go for it and go long
Rectangle appears just somewhere after run up, no s/r points - I'd go long
but another condition. If rectangle is too long and already went over or below 10 ema - I'd think again, I'd check higher timeframes
On my way to financial independence - if others can do it - I can do it
  • #12,573
  • Apr 4, 2016 5:44am Apr 4, 2016 5:44am
Quoting Eur Usd
First trade of today - I've noticed rectangle so my long entry was at green circle, exit at red circle with 17 pips profit - great beginning of the day ;-) {image}
Glad to see you back here my friend!
It is a good idea to use your trading experience combined with the CHOROS signals. For the sake of keeping the thread focused, please mention the CHOROS signal that gave your entry. I don't mind mentioning additional criteria you may use, but definitely want the normal signals mentioned.
  • #12,574
  • Edited 6:05am Apr 4, 2016 5:51am | Edited 6:05am
Quoting kostas1
{quote} Glad to see you back here my friend! It is a good idea to use your trading experience combined with the CHOROS signals. For the sake of keeping the thread focused, please mention the CHOROS signal that gave your entry. I don't mind mentioning additional criteria you may use, but definitely want the normal signals mentioned.
I am back but still struggle, mentally and timewise and still do mistakes due to greed and not understanding the time. Did my over 3%profit today anyway ;-)

As far as I remember Clay mentioned that PA signals are good as well. So often I do entry based on PA by Nial Fuller or James 16, but the Dance lines are always on my chart.
On my way to financial independence - if others can do it - I can do it
  • #12,575
  • Apr 4, 2016 6:05am Apr 4, 2016 6:05am
Quoting Eur Usd
{quote} I am back but still struggle, mentally and timewise and still do mistakes due to greed and not understanding the time. As far as I remember Clay mentioned that PA signals are good as well. So often I do entry based on PA by Nial Fuller or James 16, but the Dance lines are always on my chart.
Hi friend, I've been thru James16, Nial Fuller, Steve Nison and more advanced PA stuff like Al Brooks and James Dalton on the course of my 2.5 years of forex experience, always struggling to find consistency, and realized the struggle stops when you simple focus on a SINGLE setup at time, for me is to master TOUCH trades to its fullest, them, after making a living out of it I will consider including other setups. Now, I'm not to say PA based entries don't work, they DO work however they also include a lot more variables in your equation than It's necessary to rise above most. When I decided to ignore the PA for now and simple focus on first touches, things looked waaaay more relaxing.

anyways, my 2 cents
  • #12,576
  • Apr 4, 2016 6:09am Apr 4, 2016 6:09am
Quoting Awaken
{quote} Hi friend, I've been thru James16, Nial Fuller, Steve Nison and more advanced PA stuff like Al Brooks and James Dalton on the course of my 2.5 years of forex experience, always struggling to find consistency, and realized the struggle stops when you simple focus on a SINGLE setup at time, for me is to master TOUCH trades to its fullest, them, after making a living out of it I will consider including other setups. Now, I'm not to say PA based entries don't work, they DO work however they also include a lot more variables in your equation...
I focus only on easy PA, nothing advanced. I know there are 1000 pages books on it, but I prefer simple PA. As about focusing on first touch - how many do you find? How many hours a day do you spend on it? How much profit/pips/% you are capable to take a day on average?
On my way to financial independence - if others can do it - I can do it
  • #12,577
  • Apr 4, 2016 6:19am Apr 4, 2016 6:19am
Quoting Eur Usd
{quote} Rules are pretty much the same, just you don't need 5 ema. Best time frames for me are 15minutes, I look sometimes at 1h and 4h, rarely 1d, but it's just to check long term trends.
Thanks, I will go through thread.
  • #12,578
  • Apr 4, 2016 6:21am Apr 4, 2016 6:21am
Quoting Eur Usd
{quote} I focus only on easy PA, nothing advanced. I know there are 1000 pages books on it, but I prefer simple PA. As about focusing on first touch - how many do you find? How many hours a day do you spend on it? How much profit/pips/% you are capable to take a day on average?
Usually 1-5 trades a day on 5 hours of market monitoring, midway london Session and 2hours of US open (I live in Brazil). As for profit/pips/% I can't really provide them since, as I mentioned, I'm still figuring out them myself as I learn and master the setup.
I was simple trying to point you a way to make the mental struggle stop, by no means I'm a expert, quite the contrary, IMHO when I stopped focusing on stats and focused on not repeating the same mistakes expecting different results when things started to click for me.

best regards
  • #12,579
  • Apr 4, 2016 6:46am Apr 4, 2016 6:46am
Here are 2 trades from today.
The first is a loss, not surprisingly since the 35/50 are not very steep. But the H4 MA200 confluenced with RN seemed like a strong barrier....
I took the long trade when it looked as a scoop-up targeting the WP.
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  • #12,580
  • Apr 4, 2016 6:50am Apr 4, 2016 6:50am
Quoting kostas1
Here are 2 trades from today. The first is a loss, not surprisingly since the 35/50 are not very steep. But the H4 MA200 confluenced with RN seemed like a strong barrier.... I took the long trade when it looked as a scoop-up targeting the WP. {image}

Sorry for bothering you, but can you please explain idea of scoop up?
On my way to financial independence - if others can do it - I can do it
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