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CHOROS System

  • #12,941
  • Edited 1:53pm Feb 2, 2017 11:00am | Edited 1:53pm
Quoting sandman1111
Hello all Choros people. Im very new to forex and this strategy. I have been practicing for 4 days. I thought I start posting trades, so you guys (hopefully) can help me figure out my problems. Im using cTrader, because I like it a lot better. Next time Ill try to make my template a bit more like you guys are using in Metatrader. This is a DEMO account. Okey. This is a EURUSD m15 chart. I placed my trade with SL 10 and TP 16. There was a nice double top forming, so I was hoping that the price will fall considerably. I quess I got excited, because...
Hi Sandman ..
Nice to have you in Kostas thread.. :-)

after watching your entry , I must say.. sorry.. has nothing to do with " dancing " ..
reason is simple ..

You entered in a clear sideways market , as your chart shows..

I wouldn t trade this situation ..
But only posting charts -- with good and bad trades will make you better from trade to trade..

Stay tuned
Guido

Guido
Risiko birgt immer auch die Chance.
  • #12,942
  • Feb 2, 2017 11:14am Feb 2, 2017 11:14am
Quoting sandman1111
Should have played it smarter, I was too afraid to lose money. This is how it looks now:Screenshot1.png;2169675 {image}
I'm not a "Dance" expert, I mainly trade high TF, but I do use it when I have time to focus on lower TF. It's a long time from when I last looked at this thread but if things are not changed it's a trend following system and that's what makes it suitable for both novices and experts. If you are new to forex I strongly suggest you to focus on trend following trades.
  • #12,943
  • Feb 3, 2017 3:31am Feb 3, 2017 3:31am
GBPUSD: M5 12ma bounce ( round number was right there) +20 done for the day.
Attached Image (click to enlarge)
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thinking outside the box
  • #12,944
  • Feb 4, 2017 1:36pm Feb 4, 2017 1:36pm
Kostas how many lots are you trading nowadays??
  • #12,945
  • Feb 6, 2017 5:13am Feb 6, 2017 5:13am
Today I took 3 losses in a row, I really need some review from the more experienced Dancers, because I can't see where I'm failing...

GBPUSD: 2nd M15 10ma bounce Fail -15pips (didn't wait m5 confirmation)
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GBPUSD: First touch of 35/50 this time waited for m5 confirmation, another Fail -17pips
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Click to Enlarge Name: gbpusd-2.jpg Size: 250 KB


EURUSD: H4 bounce + Daily S1 using M15 confirmation candle, another miserable fail -15pips and definitely done for the day
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thinking outside the box
  • #12,946
  • Feb 6, 2017 5:58am Feb 6, 2017 5:58am
Quoting Mercennary
Today I took 3 losses in a row, I really need some review from the more experienced Dancers, because I can't see where I'm failing... {image} {image} {image}

Hey Mercennary .

Your trades aren t that much safe .. YES, you go with the trend .. but you trade 7th , 9th touches and expect a nice run ...

EU trade .. first touch happened about 4 hours before .. after the break of the daily pivot .. ..
YOU decide , if you trade against a round number , or the weekly pivot at this moment.. I would not recomment it and better skip --- Being picky pays out ;-)

TheGU trade.. first touch already happened .. " keep in mind " first touches are the safest ...

The second GU trade looks for me more like a scoop up ... the price touches the 35/ 50 .. opens a new candle above the 10 ema .. and hits your SL

Hope that helped you a bit on your way ..

Stay tuned
Guido
Risiko birgt immer auch die Chance.
  • #12,947
  • Feb 6, 2017 6:19am Feb 6, 2017 6:19am
Quoting Sesamstrasse
{quote} Hey Mercennary . Your trades aren t that much safe .. YES, you go with the trend .. but you trade 7th , 9th touches and expect a nice run ... EU trade .. first touch happened about 4 hours before .. after the break of the daily pivot .. .. YOU decide , if you trade against a round number , or the weekly pivot at this moment.. I would not recomment it and better skip --- Being picky pays out ;-) TheGU trade.. first touch already happened .. " keep in mind " first touches are the safest ... The second GU trade looks for me more like a scoop...
7th, 9th touches? What are you talking about? To me I was trading the 2nd and 1st touch on GU
On the EU I can see your point and agree, however could you elaborate more about your touch counts Sir?

best regards and thanks in advance
thinking outside the box
  • #12,948
  • Feb 6, 2017 6:25am Feb 6, 2017 6:25am
Quoting Mercennary
Today I took 3 losses in a row, I really need some review from the more experienced Dancers, because I can't see where I'm failing... GBPUSD: 2nd M15 10ma bounce Fail -15pips (didn't wait m5 confirmation) gbpusd-m15.jpg;2174464 GBPUSD: First touch of 35/50 this time waited for m5 confirmation, another Fail -17pips gbpusd-2.jpg;2174467 EURUSD: H4 bounce + Daily S1 using M15 confirmation candle, another miserable fail -15pips and definitely done for the day eurusd-m15.jpg;2174470 {image} {image} {image}
Hi, Mercennary. I was watching all of your mentioned setups, but haven't taken any of them, so I will try and give you my opinion/analysis.
1. It's best to only take the first reactions on M15 10ema, they are the strongest. Also, remember the two bar rule
2. 35/50 were too flat for my taste; also, the way I see it, it was already the second test of 35/50 (I would consider the pin-bar at London open as the first one), so I stayed out of it. But this setup might have been traded, the only suggestion would be to enter right at the MAs, as I think that a dead-end on overlapping 35/50 was a good confirmation by itself. So if entered right at the next bar open, the trade could give almost 10p right away and even more, if held for longer (with such an entry - right at 35/50, one would be able to place a SL above DP and stay in a trade for much longer).
3. I saw it as a third reaction on H4 35/50, the 35&50 started to diverge and 50ema was getting too flat, so I didn't feel too confident with it as well. However, the trade probably might have been taken after the H4 COB at WP and 50ema with a very small SL, but I would consider it as a riskier one.

Also, I suppose, one of the main rules I've learnt through the many years of watching the market, learning to "dance" and listening to other dancers - one must be very picky with his/her trades. I was in your place too, I still find myself there sometimes - too eager to trade and willing to catch every setup I see. But many experienced traders said many times - before entering any trade, first of all ask yourself, why you shouldn't open it and what might be wrong with it, instead of why it is good and should be taken. Such approach helps me to fight my eagerness to trade every touch and bounce I see

Of course being picky comes at a price too, e.g. I regret hesitating and missing a good entry today on GBPUSD M15 right after London open: first reaction, two nice pin-bars constrained by 10ema, the second one had a wick at 35/50, also with a M5 35/50 confirmation. But at the time the setup formed, I saw it as too flat and didn't have enough courage But what I know for sure - there will be a new day with new setups, that will be better and stronger.

And last but not least, while you are learning this method and are gaining confidence with it, I would suggest to look for trades that require a smaller SL. If a trade has already gone too far from the MA's, it helps me to think of it this way - I could already be 5-10pips in profit if entered correctly, so with a 10-15p per trade target approach, it makes more than a half of my target, why would I want to risk more to gain less?

Hope it helps, good luck and green pips
Everything is possible
  • #12,949
  • Feb 6, 2017 6:37am Feb 6, 2017 6:37am
Quoting sasha.fx
{quote} Hi, Mercennary. I was watching all of your mentioned setups, but haven't taken any of them, so I will try and give you my opinion/analysis. 1. It's best to only take the first reactions on M15 10ema, they are the strongest. Also, remember the two bar rule 2. 35/50 were too flat for my taste; also, the way I see it, it was already the second test of 35/50 (I would consider the pin-bar at London open as the first one), so I stayed out of it. But this setup might have been traded, the only suggestion would be to enter right at the MAs,...
I see your points, and thanks a lot. I trade the 1st and if action looks good the 2nd touches, never the 3rd... obviously I should have re consider the EU as it violates my own rule, but at the time I didn't consider as a 3rd test, so I waited for confirmation on m15 and entered.

And I'm by no means eager to enter, I follow this thread for years, bu never posted on it, mostly because All questions was already answered, I believe that having losing streaks are normal part of the game, and judging entries after the fact is easy, what Im really seeking is leaks in my analysis, and you helped me a lot, thanks mate.
thinking outside the box
  • #12,950
  • Feb 6, 2017 6:56am Feb 6, 2017 6:56am
Quoting Mercennary
{quote} 7th, 9th touches? What are you talking about? To me I was trading the 2nd and 1st touch on GU On the EU I can see your point and agree, however could you elaborate more about your touch counts Sir? best regards and thanks in advance

"however could you elaborate more about your touch counts Sir" = NO

aha .. okay.. -- 6 touches.. sry ..but doesn t change anything about the situation .

Stay tuned
Guido
Attached Image
Risiko birgt immer auch die Chance.
  • #12,951
  • Feb 6, 2017 7:24am Feb 6, 2017 7:24am
Hello again dancers. I made the same mistakes as Mercennary. I was hoping for a good bounce, when I was trading. I quess, the rules are simple, but the damn fight against myself is hard.

And thank you for the feedback for my last entry.

As you can see, this was in rules, except it was 5th bounche, and that is bad. I could have got 6 pips out of it, but decided not to stop there, and lost 10 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 163 KB


Same problem here. So far I could have won 10 pips, but again decided to get more, and lost10 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 168 KB


I quess the good thing is that I understand what I did wrong, and I hope to not repeat that mistake anymore.
  • #12,952
  • Feb 6, 2017 7:34am Feb 6, 2017 7:34am
Quoting Mercennary
{quote} I see your points, and thanks a lot. I trade the 1st and if action looks good the 2nd touches, never the 3rd... obviously I should have re consider the EU as it violates my own rule, but at the time I didn't consider as a 3rd test, so I waited for confirmation on m15 and entered. And I'm by no means eager to enter, I follow this thread for years, bu never posted on it, mostly because All questions was already answered, I believe that having losing streaks are normal part of the game, and judging entries after the fact is easy, what Im really...
Sorry for my assumptions regarding the eagerness to trade, was speaking from my own experience
Everything is possible
  • #12,953
  • Feb 6, 2017 7:58am Feb 6, 2017 7:58am
Quoting sasha.fx
{quote} Sorry for my assumptions regarding the eagerness to trade, was speaking from my own experience
No problem mate, thanks for your answer
thinking outside the box
  • #12,954
  • Feb 6, 2017 8:00am Feb 6, 2017 8:00am
Quoting Sesamstrasse
{quote} "however could you elaborate more about your touch counts Sir" = NO aha .. okay.. -- 6 touches.. sry ..but doesn t change anything about the situation . Stay tuned Guido {image}
holly jesus, apparently Im counting the touches wrong for a long time, to me when price is pushed away from a ma is a touch/bounce, but your answer makes more sense..thanks a lot Guido
thinking outside the box
  • #12,955
  • Feb 7, 2017 6:29am Feb 7, 2017 6:29am
Quoting sandman1111
Hello again dancers. I made the same mistakes as Mercennary. I was hoping for a good bounce, when I was trading. I quess, the rules are simple, but the damn fight against myself is hard. And thank you for the feedback for my last entry. As you can see, this was in rules, except it was 5th bounche, and that is bad. I could have got 6 pips out of it, but decided not to stop there, and lost 10 pips. Screenshot1.png;2174774 Same problem here. So far I could have won 10 pips, but again decided to get more, and lost10 pips. Screenshot2.png;2174780 I quess...
Hi Sandman,
what MA is the white line?
  • #12,956
  • Feb 7, 2017 6:39am Feb 7, 2017 6:39am
What a beautiful reaction today on GU H4 200sma confluenced with RN... Gave us at least three opportunities to get in with lower TF confirmations (or four if we count the very first bounce too). Grabbed around 15p on the 2nd M15 bounce from the RN. Hope you guys were able to catch a piece of it too
Everything is possible
  • #12,957
  • Feb 7, 2017 8:27am Feb 7, 2017 8:27am
Todays trade. Picture is made a bit later, but I entered at the touch. I had to leave, so I took only 2 pips, but it turned out very good. Could have earned a lot of pips. Iīm not very sure if it was by the rules, I canīt really comment. There was good touch just before the trade, that I missed. Maybe too early to take a new trade? Also at the open trade moment, the angle is not 45 or more degrees. Any comments?
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Quoting L.m
{quote} Hi Sandman, what MA is the white line?

Great that you asked, SMA 14. I did not know it was wrong. Changed it to 35.
  • #12,958
  • Edited 9:54am Feb 7, 2017 9:25am | Edited 9:54am
Quoting sandman1111
Todays trade. Picture is made a bit later, but I entered at the touch. I had to leave, so I took only 2 pips, but it turned out very good. Could have earned a lot of pips. Im not very sure if it was by the rules, I cant really comment. There was good touch just before the trade, that I missed. Maybe too early to take a new trade? Also at the open trade moment, the angle is not 45 or more degrees. Any comments? Screenshot1.png;2176793 Screenshot3.png;2176810 {quote} Great that you asked, SMA 14. I did not know it was wrong. Changed it to 35. {image}...
It looks like a scoop-up, not a touch trade. Have you read the manual? There are very good and thorough explanations with examples in it. Also, this thread and the original one are full of very useful and valuable information too

Unless you did take it as a scoop-up setup, not a touch, in such case it was a proper and well taken trade

Quoting sasha.fx
What a beautiful reaction today on GU H4 200sma confluenced with RN... Gave us at least three opportunities to get in with lower TF confirmations (or four if we count the very first bounce too). Grabbed around 15p on the 2nd M15 bounce from the RN. Hope you guys were able to catch a piece of it too
Feeling kind of silly about such an early exit, especially seeing the price going 10 times higher (orange line is the equivalent of H4 200sma)... But keep on reminding myself that it is consistency I am after, not the 'home-runs'...
Attached Image (click to enlarge)
Click to Enlarge Name: Capture GU M15 2017-02-07.PNG Size: 32 KB
Everything is possible
  • #12,959
  • Edited 10:16am Feb 7, 2017 9:56am | Edited 10:16am
Quoting sasha.fx
{quote} It looks like a scoop-up, not a touch trade. Have you read the manual? There are very good and thorough explanations with examples in it. Also, this thread and the original one are full of very useful and valuable information too Unless you did take it as a scoop-up setup, not a touch, in such case it was a proper and well taken trade
Yes I have read a lot. I dont think the manual talks about scoop ups? Cant find anything about that. And yes there has been quite a lot talk about scoop up in forums, so it is a bit confusing subject. I did take it as a touch trade in the beginning, and started to really doubt it, because the more I looked it, the more I started to feel doubtful.

Since Im very new to Forex, it is quite hard to process everything, and to remember all the details. Im sure it is actually quite easy for someone who is already familiar, with all the terms, movements etc. But for me, it means I have to make ever mistake and correct trade to really understand it. And probably not once, but 10 times to build confidence.

Edit: Only thing in manual, that I find to suit this trade is called : Triple A trade
  • #12,960
  • Edited 10:32am Feb 7, 2017 10:14am | Edited 10:32am
Quoting sandman1111
{quote} Yes I have read a lot. I dont think the manual talks about scoop ups? Cant find anything about that. And yes there has been quite a lot talk about scoop up in forums, so it is a bit confusing subject. I did take it as a touch trade in the beginning, and started to really doubt it, because the more I looked it, the more I started to feel doubtful. Since Im very new to Forex, it is quite hard to process everything, and to remember all the details. Im sure it is actually quite easy for someone who is already familiar, with all the terms, movements...
The main difference between a touch (or bounce) and a scoop is the direction of a trade. Touches and bounces are taken with the main trend (e.g. if it's a downtrend, like in your example, then the 10ema touch or bounce trade would be a short, so it could've been taken much earlier, when price went up to 10ema and bounced down, around 18-20 bars before your entry). The next touch (or bounce) short could have been taken at 35&50, 4-5 bars before your entry.
Scoops are counter-trend trades, so they are taken "into" the 35/50 or against them, usually with a TP either at one of the lines (35sma or 50ema) or higher, if you expect the trend to change. So in your example, it was a long taken at the 10ema (with a solid confirmation on M5 35/50).

I think, there are more scoop examples in the threads than in the manual. Also, there's a very useful DanceTOC document in the first post of this thread, you can find some links to the scoop examples there. Good luck!

Edit: please see the picture attached, the mentioned trades are marked there
Attached Image (click to enlarge)
Click to Enlarge Name: Capture GU M15 2017-02-07.PNG Size: 35 KB
Everything is possible
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