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CHOROS System

  • #12,741
  • Jul 5, 2016 1:37am Jul 5, 2016 1:37am
Quoting tonny47
{quote} Wahnone, below is the example of the type of trades I am struggling with. In the below example is AUDUSD ema35/50 touch on 15 min chart. In the red box is the touch on 15 min chart and the the 5 min chart where the same 15 min candle is shown in a box as three 5-min candles. Price often overshoots. I presume, your entry would be at the break of the low of the candle I marked with yellow star. I would most likely be stopped out if I took that trade. Any thought how to avoid these or would you take the trade at all? {image} {image}
Hi Tonny, and good morning guys/ladies. The trade you described above would have been a good trade but which ended up not working in your way. It's a good trade because it followed all the guidelines I use to get into a trade. It just didn't work out, plain and simple. But it would have been a very small loss, probably like 7 pips. That's just one loss which won't matter in the long run. Just take these entries over and over, and I can tell you it will all work out nicely in the end.
  • #12,742
  • Edited 2:04am Jul 5, 2016 1:46am | Edited 2:04am
Quoting tonny47
thanks! still struggling to see how to filter out good signals from bad when the price on 5 min chart is above 35/50 as it was with your GBPUSD chart - just looking back at charts few weeks, there would be quite a lot of loser for those type of trades. Please keep posting your charts whenever you have time {quote}
Please, post examples of such losing trades, and I will explain how I would have gone about it. Or better still, select a day which you feel would have been a very bad trading day for this way of trading, and I'll show you how I would have gone about such a day.
First trade today was based on Candlestick pattern on 15min UJ after noticing a strong downtrend. Price came back to take me out at my trailing stop for +7 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: 1USDJPYM15.png Size: 45 KB
  • #12,743
  • Jul 5, 2016 5:56am Jul 5, 2016 5:56am
Quoting Wahnone
{quote} Please, post examples of such losing trades, and I will explain how I would have gone about it. Or better still, select a day which you feel would have been a very bad trading day for this way of trading, and I'll show you how I would have gone about such a day. First trade today was based on Candlestick pattern on 15min UJ after noticing a strong downtrend. Price came back to take me out at my trailing stop for +7 pips. {image}
Nice, now time to keep an eye on the possible 1H 10MA touch trade
  • #12,744
  • Jul 5, 2016 6:14pm Jul 5, 2016 6:14pm
Quoting sasha.fx
{quote} Hi Theorize and Iero. I'm no expert, but the way I see it, the price had already gone more than 50 pips from the first M15 35/50 setup (the first red circle on Theorize's chart) before it formed a setup on H4 35/50, which is more than enough for a good trade by the dance rules. The second red circle on that chart is already the second reaction at M15 35/50 and there's a reason why everyone is saying it's best to take the first touches only. If it's not the first touch and if it's against any higher time frame setup (either 35/50, or 10ema...
Sasha - Well stated. The first touch M15 trade worked, and subsequently the setup on H4 developed, so they both worked in this case. Though that's an interesting observation you made on countertrends in the lower TF. I generally look for entries in M15, and confirm trend in the higher TF. Perhaps is better to consider the reverse, i.e. look for entries on H1 or H4, and confirm with M15 (?)
What i find difficult to discern is whether to take a trade on the first touch 10ma, or wait for it to overshoot 10ma and touch the 35/50 ma, which is a stronger indicator according to the manual. But this makes it hard to keep SL tight
Thank you for your insight !
  • #12,745
  • Jul 5, 2016 7:21pm Jul 5, 2016 7:21pm
Quoting Theorize
{quote} What i find difficult to discern is whether to take a trade on the first touch 10ma, or wait for it to overshoot 10ma and touch the 35/50 ma, which is a stronger indicator according to the manual. But this makes it hard to keep SL tight Thank you for your insight !
Simple, take only the first touches
  • #12,746
  • Jul 6, 2016 2:33am Jul 6, 2016 2:33am
Here are my trades for today. Daily Target met with almost the whole day still left to spare.
1. GU Scoop Buy: 20Pips SL, Exit at +50Pips.
2. UCad Constrainment Sell: 15Pips SL, Exit at +15Pips.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 66GBPUSDM15.png Size: 35 KB
Click to Enlarge Name: 66USDCADM15.png Size: 42 KB
  • #12,747
  • Jul 6, 2016 5:10pm Jul 6, 2016 5:10pm
Quoting Wahnone
{quote} Please, post examples of such losing trades, and I will explain how I would have gone about it. Or better still, select a day which you feel would have been a very bad trading day for this way of trading, and I'll show you how I would have gone about such a day. First trade today was based on Candlestick pattern on 15min UJ after noticing a strong downtrend. Price came back to take me out at my trailing stop for +7 pips. {image}
Hi Wahnone,
Thank you for your response and I do apologise for late response. Been exceptionally busy lately.
There are two types of struggle scenarios for me. One is choppy market as shown on the GBPUSD example and the other is when the market blasts through 35/50 as its shown on the example of AUDUSD (on 5 min chart I have included in a box three 5 min candles which form 15 minute candle which breaks 35/50 on 15 min chart).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSDM15.png Size: 49 KB
Click to Enlarge Name: AUDUSDM5.png Size: 47 KB
Click to Enlarge Name: GBPUSDM15.png Size: 53 KB
  • #12,748
  • Jul 6, 2016 5:13pm Jul 6, 2016 5:13pm
Quoting Wahnone
Here are my trades for today. Daily Target met with almost the whole day still left to spare. 1. GU Scoop Buy: 20Pips SL, Exit at +50Pips. 2. UCad Constrainment Sell: 15Pips SL, Exit at +15Pips. {image} {image}
why not short gbpusd on touch of 35/50 just one candle after your entry. it was a first touch. is it because the extended period of downtrend?
the same for second trade the same, 35/50 touch to go long few candles before your entry - I presume this one occurred before frankfurt open.
  • #12,749
  • Jul 7, 2016 12:41am Jul 7, 2016 12:41am
I got to this thread from an old blog post by JB Maverick. He mentioned the author of this system, who it seems, is either a hero or a crook.

So this must happen a lot, and I am sorry, because I am being an annoying n00b. But, after 638 pages of content, is there a faster way to learn the latest thinking on the choros trade system?

I am currently going through the TOC, but it is still very long, and most of the pages haven't been updated since 2012 or so. Has the system changed, improved over the years, and are there files/addons for MT4 that can help with it?

Thanks, and sorry again, for being a clueless intruder.
  • #12,750
  • Jul 7, 2016 1:51am Jul 7, 2016 1:51am
Quoting Theorize
{quote} Sasha - Well stated. The first touch M15 trade worked, and subsequently the setup on H4 developed, so they both worked in this case. Though that's an interesting observation you made on countertrends in the lower TF. I generally look for entries in M15, and confirm trend in the higher TF. Perhaps is better to consider the reverse, i.e. look for entries on H1 or H4, and confirm with M15 (?) What i find difficult to discern is whether to take a trade on the first touch 10ma, or wait for it to overshoot 10ma and touch the 35/50 ma, which is...
Hi once more. Lately, I've also tried to look for and take only such M15 trades, which have a higher TF trend confirmation, IMO these are more reliable. If you decide to trade higher TF setups, I would suggest looking for a candle pattern confirmation on M15 or M5, just as Iero4 mentioned in his post (pin bar on M15).
And I absolutely agree with Awaken on your second question, why not take them both - the first 10ema touch and then wait for the first 35/50 setup, if they are both strong and solid?
Everything is possible
  • #12,751
  • Jul 7, 2016 3:39am Jul 7, 2016 3:39am
Quoting clemmo17
I got to this thread from an old blog post by JB Maverick. He mentioned the author of this system, who it seems, is either a hero or a crook. So this must happen a lot, and I am sorry, because I am being an annoying n00b. But, after 638 pages of content, is there a faster way to learn the latest thinking on the choros trade system? I am currently going through the TOC, but it is still very long, and most of the pages haven't been updated since 2012 or so. Has the system changed, improved over the years, and are there files/addons for MT4 that can...
Hi Clemmo. The Choros trading system is so stable that it hasn't changed at all since the day the original author brought it to us in 2009. It remains the same till today. Only variation you will notice is that some filter entries using candlestick patterns on lower timeframes, nut that's just personal preference. No shortcuts to learning it though, you have to put in the effort in studying the charts and documents, and practice on the simulator. PM me if you wanna talk in private.
Here are my first two trades for today:
1. UJ 35/50 Sell: Ended in a loss of -11 Pips. Hit SL
2. GU 35 Containment: Profit of +32Pips. TP Hit at 4Hr 10.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1USDJPYM15.png Size: 53 KB
Click to Enlarge Name: 1GBPUSDM15.png Size: 54 KB
  • #12,752
  • Jul 7, 2016 3:42am Jul 7, 2016 3:42am
Quoting clemmo17
I got to this thread from ........... But, after 638 pages of content, is there a faster way to learn .
If you start with the original thread.. http://www.forexfactory.com/showthread.php?t=224697
, you´ll have quickly an eye for what we´re looking for...
....just skip the Ema 5 from the original and you got it ... FOR A FIRST VIEW!! EVERYTHING ELSE IS TRAINING :-)
Guido
Risiko birgt immer auch die Chance.
  • #12,753
  • Jul 7, 2016 3:17pm Jul 7, 2016 3:17pm
this one went for around 8-9 pips before coming back
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM15 7 july.png Size: 43 KB
  • #12,754
  • Jul 7, 2016 3:19pm Jul 7, 2016 3:19pm
Quoting Wahnone
{quote} Hi Clemmo. The Choros trading system is so stable that it hasn't changed at all since the day the original author brought it to us in 2009. It remains the same till today. Only variation you will notice is that some filter entries using candlestick patterns on lower timeframes, nut that's just personal preference. No shortcuts to learning it though, you have to put in the effort in studying the charts and documents, and practice on the simulator. PM me if you wanna talk in private. Here are my first two trades for today: 1. UJ 35/50 Sell:...
USDJPY - that would be a second touch of 35/50. I presume you only took it because of the nice pin on 15 min chart
how do you trail your trades?
  • #12,755
  • Jul 7, 2016 3:27pm Jul 7, 2016 3:27pm
Wahnone, below is an example of what I believe is tough to trade... Any suggestions?
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDM15 7 july.png Size: 43 KB
  • #12,756
  • Jul 7, 2016 4:09pm Jul 7, 2016 4:09pm
Quoting tonny47
this one went for around 8-9 pips before coming back {image}
... I agree , the TDI is a nice tool .
Risiko birgt immer auch die Chance.
  • #12,757
  • Jul 7, 2016 4:25pm Jul 7, 2016 4:25pm
Quoting tonny47
Wahnone, below is an example of what I believe is tough to trade... Any suggestions? {image}
Hello Tonny. This isn't a trade setup for me. It isn't a Dance/Choros trade, and isn't a PA/Candle Pattern trade either. So no setup here.
I trail my trades using hign/low of the last closed bar, just as suggested in manual. But i also exit trades at recent SR zones, or High TF 10/35/50 lines.

Edit: Didn't realize you were referring to areas in the yellow boxes. I'll post my own charts soo to show how i would have gone about it.
  • #12,758
  • Jul 7, 2016 4:56pm Jul 7, 2016 4:56pm
Quoting tonny47
Wahnone, below is an example of what I believe is tough to trade... Any suggestions? {image}
This is how AU would have been for me if I had traded it today. Wouldn't have been a very profitable day, but would still be positive with minimum of 10 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: 1AUDUSDM15.png Size: 112 KB
  • #12,759
  • Jul 7, 2016 5:20pm Jul 7, 2016 5:20pm
Quoting Sesamstrasse
{quote} ... I agree , the TDI is a nice tool .
I have been testing it but dont find it all that useful to be honest. not giving up on it just yet ) I removed the tdi cross arrow not to confuse people as i don't look at it at all with choros trades.
  • #12,760
  • Jul 7, 2016 5:23pm Jul 7, 2016 5:23pm
Quoting Wahnone
{quote} This is how AU would have been for me if I had traded it today. Wouldn't have been a very profitable day, but would still be positive with minimum of 10 pips. {image}
thank you very much, that is very helpful!

for 35/50 touches, I presume you scale down to 15 min chart for entries, right?

“I trail my trades using hign/low of the last closed bar” - when you trade 15 min touches, do you trail it based on 15 min candles or 5 min candles?
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