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CHOROS System

  • #12,661
  • May 13, 2016 8:10am May 13, 2016 8:10am
These are my trades for today. Missed the two entries on GU because the first occurred during Asian market and the second was a second touch of the 35/50 which I don't take(I only take the first touch of the 10 and the 35/50 for touch trades).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPYM15 13th.png Size: 44 KB
Click to Enlarge Name: GBPUSDM15 13th.png Size: 43 KB
Click to Enlarge Name: USDJPYM15 13th.png Size: 54 KB
  • #12,662
  • May 18, 2016 4:37am May 18, 2016 4:37am
Hi guys, A quick question for the more experienced, I've came to the conclusion that the area that is causing more trouble in my CHOROS trading is Profit taking, most of the time my losing entries go 7-9 pips in my favor before turning around and taking my SL, is there a reasonable approach to capture those pips before they reverse on me? Or the scalper's profit is a pure hunch, like "when price stall Im out". BTW I use 5m to enter trades.

regards
  • #12,663
  • May 18, 2016 5:41am May 18, 2016 5:41am
Quoting Awaken
Hi guys, A quick question for the more experienced, I've came to the conclusion that the area that is causing more trouble in my CHOROS trading is Profit taking, most of the time my losing entries go 7-9 pips in my favor before turning around and taking my SL, is there a reasonable approach to capture those pips before they reverse on me? Or the scalper's profit is a pure hunch, like "when price stall Im out". BTW I use 5m to enter trades. regards
Hi

You can try to increase position size and lower down tp. Might help, might not, depends how you trade, but worth to check.
On my way to financial independence - if others can do it - I can do it
  • #12,664
  • May 18, 2016 5:46am May 18, 2016 5:46am
Quoting Eur Usd
{quote} Hi You can try to increase position size and lower down tp. Might help, might not, depends how you trade, but worth to check.
Yeah but not rly the answer Im looking for mate, I want to know how to take a scalper profit correctly, how do I know If I should kill the trade at +7 or let it ride to +20?
  • #12,665
  • May 18, 2016 5:56am May 18, 2016 5:56am
Quoting Awaken
{quote} Yeah but not rly the answer Im looking for mate, I want to know how to take a scalper profit correctly, how do I know If I should kill the trade at +7 or let it ride to +20?
.... depends on your SL ... as closer you get the touch @ the Ma , as tighten you can have your SL..
With a SL 7 , youre fine with only 7 Pips TP...

Keep in mind you need a plan to exit ;
1. TP
2. worst case


.... stick to the plan .....

As higher the TF , as easier it is to hunt... ... spezially greed hunts you in small timeframes...Make sure you´re the hunter !
.. one tool is really helpful .. its the " retrace bot " of the member ARHA some years ago ... it calculates the SL/ TP with 1:1 ... and shows you a good exit.. ..
I like it

Guido
Risiko birgt immer auch die Chance.
  • #12,666
  • May 18, 2016 6:22am May 18, 2016 6:22am
Quoting Awaken
{quote} Yeah but not rly the answer Im looking for mate, I want to know how to take a scalper profit correctly, how do I know If I should kill the trade at +7 or let it ride to +20?
Hi Awaken, I remember Kostas saying he considers taking (or at least used to) 6-8pips of profit if the price starts to reverse on the lower TF's. Also, partial closing might be useful in this case, i.e. closing half of position at +7p or whatever suits you, moving the rest to BE and trailing it later the way you prefer. I must admit, it didn't work for me as well as I expected, but there were dancers, who used such exits very well. Good luck!

Quoting Sesamstrasse
one tool is really helpful .. its the " retrace bot " of the member ARHA some years ago ... it calculates the SL/ TP with 1:1 ... and shows you a good exit.. ..
Do you still use it, Guido? I've tried to use it in a non-active way recently - not to open trades, but just to get the signals, so I attached it to a chart with disabled automated trading and it didn't do anything. And with the automated trading allowed/enabled, it executes the trades automatically. I think, when I tried it earlier, it used to make a sound or give some other kind of alert with the automated trading being disabled, but now all I get is a message in the "Experts" bar, that the EA couldn't launch because the auto trading is disabled. Do you or anyone else have an idea, how this could be fixed? Thanks in advance.
Everything is possible
  • #12,667
  • May 18, 2016 6:40am May 18, 2016 6:40am
Thanks a lot guys, rly helpful.
  • #12,668
  • May 18, 2016 10:40am May 18, 2016 10:40am
Quoting Awaken
Hi guys, A quick question for the more experienced, I've came to the conclusion that the area that is causing more trouble in my CHOROS trading is Profit taking, most of the time my losing entries go 7-9 pips in my favor before turning around and taking my SL, is there a reasonable approach to capture those pips before they reverse on me? Or the scalper's profit is a pure hunch, like "when price stall Im out". BTW I use 5m to enter trades. regards
If your daily target is 15 pips then 7-8 pips is 50% of your daily target, TAKE IT.....
  • #12,669
  • May 18, 2016 10:44am May 18, 2016 10:44am
Power of the scoop (I didn't have the patience to wait for retrace to M15 10 because it had already bounced from MP, WP, RN, Daily 50....)

Exit at Daily R1, also previous daily high.
Attached Image (click to enlarge)
Click to Enlarge Name: GU.png Size: 42 KB
  • #12,670
  • May 18, 2016 2:25pm May 18, 2016 2:25pm
Hi everyone!

I'm new to this thread, so I thought I'd share my first impressions with this system.

I found this thread by chance and, while the first post is short and sweet, it was that screenshot of the myfxbook chart that got me to delve deeper. I sure hope it wasn't a fake

Anyway, after I read through the manual and several posts from the original thread (big thanks to Clay!) I kept an eye on two pairs and was pleased with what I saw. I like the fact that this system uses PA, which I was told by a number of experienced traders that it's a very efficient tool. I also like the risk/reward ratio and the fact that, from what I've seen so far, the number of successful trades greatly exceeds the number of fake signals.

So, now I plan to go through the manual one more time and also read through the posts in the TOC document, and I'm looking forward to interact with all of you as I try to master the Dance!

Cheers!
  • #12,671
  • May 18, 2016 4:08pm May 18, 2016 4:08pm
Quoting kef2138
Hi everyone! I'm new to this thread, as I try to master the Dance! Cheers!

Welcome to the thread.. feel free to ask for the first steps..
I´m sure the better experiented dancers will help you as much as they can ..
Green pips Guido
Risiko birgt immer auch die Chance.
  • #12,673
  • May 18, 2016 10:23pm May 18, 2016 10:23pm
Guys is this mean the first touch?
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSDM15.png Size: 37 KB
  • #12,674
  • May 19, 2016 12:45am May 19, 2016 12:45am
Quoting jnfer
Guys is this mean the first touch? {image}
1. EMA 10 bounce
2. 35/50 confluenced with H1 10 and DP
Attached Image (click to enlarge)
Click to Enlarge Name: NZD.png Size: 40 KB
  • #12,675
  • May 19, 2016 8:15am May 19, 2016 8:15am
EUR/JPY today: the price touches the 35 SMA on D1 and hesitates at the level, pretty good entry signal on M15. SL - 7 points, exit on opposing pin bar for 32 point profit.

Does this signal qualify?
Attached Image (click to enlarge)
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Attached Image
  • #12,676
  • May 19, 2016 11:50am May 19, 2016 11:50am
Quoting kef2138
EUR/JPY today: the price touches the 35 SMA on D1 and hesitates at the level, pretty good entry signal on M15. SL - 7 points, exit on opposing pin bar for 32 point profit. Does this signal qualify? {image} {image}
Hi and welcome mate, I'm still learning as well but here is my 2cents, most dancers focus on the 15m for entries and MA's interaction, using the higher TF MAs, Pivots and RNs as a confluence factor. If you intend to take touches based on the D1 timeframe you can, however on your setup the 35ma was already touched and failed to give a LL, therefore a bit risky for my taste. In the chart you post I would look to trade the 15m 35/50 that is forming.

regards
  • #12,677
  • May 19, 2016 11:54am May 19, 2016 11:54am
Quoting kostas1
{quote} If your daily target is 15 pips then 7-8 pips is 50% of your daily target, TAKE IT.....
But do you use the lower TFs like 1m or 5m to time those exits? I struggling really hard on my exit strategy, and its costing me consistency. (Also failing to take only the 1st touches, I definitely need more discipline and patience).
  • #12,678
  • May 20, 2016 6:44am May 20, 2016 6:44am
Hi everyone. I just wanted to drop in and say hi, I know it has been quite some time since I posted. It is good to see that this thread is still going strong and that people are having success with it.
  • #12,679
  • May 20, 2016 6:51am May 20, 2016 6:51am
Quoting endroute
Hi everyone. I just wanted to drop in and say hi, I know it has been quite some time since I posted. It is good to see that this thread is still going strong and that people are having success with it.
Hi Sir, ur posts are very very inspirational and informative for the newcomers (me included). Nice to see you back here.
  • #12,680
  • May 20, 2016 8:41am May 20, 2016 8:41am
Quoting endroute
Hi everyone. I just wanted to drop in and say hi, I know it has been quite some time since I posted. It is good to see that this thread is still going strong and that people are having success with it.
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