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CHOROS System

  • #13,061
  • May 9, 2017 9:17am May 9, 2017 9:17am
I d'like to have feedback from those with experience with Choros because I am getting excited about the idea of trading this 5 min 12 EMA touch setup.
  • #13,062
  • May 9, 2017 9:48am May 9, 2017 9:48am
Quoting Eagle Trader
I d'like to have feedback from those with experience with Choros because I am getting excited about the idea of trading this 5 min 12 EMA touch setup.
Mate, in the end is up to you...this game is built on probabilities. Signals from m5 works however you can't expect the same winrate as with m15 or higher, signals are weaker but in more quantity, its a trade off. The real pressure will be on your judgment and your skills.
thinking outside the box
  • #13,063
  • May 9, 2017 2:17pm May 9, 2017 2:17pm
Quoting Eagle Trader
Does anyone has any tip or advice for those who want to trade the 5 min 12 EMA Touch?
You seem excited, which is great but first calm down.....
My experience with M5:
Main advantage is that it gives many signals even in flat markets (flat in higher TF, but trendy in smaller TF).
Main disadvantage is that you get more false signals.
If you keep small TP and SL it is tradable with good profits when you get experience with it. If higher TF support your M5 trade it is very-very good...
  • #13,064
  • May 9, 2017 4:39pm May 9, 2017 4:39pm
Quoting Eagle Trader
EURJPY 5 min 12 EMA touch: {image}
why not enter at the touch in the red circle?
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  • #13,065
  • May 10, 2017 1:15am May 10, 2017 1:15am
Quoting tonny47
{quote} why not enter at the touch in the red circle? {image}
Is this the first sign of this 5 min setup "many false signals"?

Also, I am thinking about using small stop of about 6 pips and the target is usually at the previous intraday hign and low, giving about 10 to 15 pips target.
First red arrow is the entry, the second is the possible exit.

So, even if it gives 50% chance of winning, we may be still positive.

What do you think?
  • #13,066
  • May 10, 2017 3:03am May 10, 2017 3:03am
Quoting kostas1
{quote} You seem excited, which is great but first calm down..... My experience with M5: Main advantage is that it gives many signals even in flat markets (flat in higher TF, but trendy in smaller TF). Main disadvantage is that you get more false signals. If you keep small TP and SL it is tradable with good profits when you get experience with it. If higher TF support your M5 trade it is very-very good...
Thanks Kostas for the reply!

I am really excited! LOL. And I decided to focus my attention to the 5 min setups.

I am testing two new variations of the 10 or 12 EMA. Why? As many already mentioned, sometimes the price drags the EMA and make it touch the candle. So, there is no mechanical way to enter those trades. The only way would be to use a discretionary approach, thinking "oh, I feel the price will touch the EMA". And a few pips before the price touches, we would enter.

I am trying to overcome this problem by testing the EMA with the option of "apply to open" instead of "apply to close". And isntead of using 10 EMA (applied to close) I am testing the 8 EMA (applied to open), so the EMA does not move when the current candle is still open.

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  • #13,067
  • May 10, 2017 3:08am May 10, 2017 3:08am
Real live example of 8 EMA applied to open:
First touch with confluence of broken previous day high (aqua blue line).
The red arrow points to the real touch (not "almost" touch).
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  • #13,068
  • May 10, 2017 3:52am May 10, 2017 3:52am
Quoting Eagle Trader
Real live example of 8 EMA applied to open: First touch with confluence of broken previous day high (aqua blue line). The red arrow points to the real touch (not "almost" touch). {image}
i thought your plan was to trade with 6 pip stop loss, this one has stop much larger than that
  • #13,069
  • May 10, 2017 4:21am May 10, 2017 4:21am
Quoting tonny47
{quote} i thought your plan was to trade with 6 pip stop loss, this one has stop much larger than that
Yes, you are right! That one had a stop above 6 pips! LOL

But please, notice that:
1- I am testing the 8 EMA applied to open touch. (this testing is for very strong moves).
2- The other yellow EMA is the 12 EMA applied to open too. That would be the "original entry". The stop is just a few pips below this original entry.
3- The target was around 15 min 127 extention, giving a target way bigger than the stop loss. That's my goal. We can adjust the risk per trade using adjusted lots accordingly to each individual risk % per trade.
4- And most importantly, thanks for your participation! Any feedback is very welcome! I hope other traders would interact too and give their feedback.

On a side note, I am planning to use the 12 EMA applied to open when the market is not moving so strongly.
  • #13,070
  • May 10, 2017 4:35am May 10, 2017 4:35am
Quoting Eagle Trader
{quote} Yes, you are right! That one had a stop above 6 pips! LOL But please, notice that: 1- I am testing the 8 EMA applied to open touch. (this testing is for very strong moves). 2- The other yellow EMA is the 12 EMA applied to open too. That would be the "original entry". The stop is just a few pips below this original entry. 3- The target was around 15 min 127 extention, giving a target way bigger than the stop loss. That's my goal. We can adjust the risk per trade using adjusted lots accordingly to each individual risk % per trade....
I don’t think you should be trading live the size you are trading when you are starting – if you want live experience, trade 0.01 until you manage to get positive results on consistent basis.
You seem to be all over the place and not being able to stick to something you just said few posts back. If things didn’t work out with 8 ema trade, you will say to yourself “ I should have used 12 ema in this instance” and vice versa for missed trades. Similarly with your targets - you mentioned 127 extention target although few posts back it was intraday high/low...
All I am saying you should have some basic framework in place.
  • #13,071
  • May 10, 2017 4:40am May 10, 2017 4:40am
Thanks, that was a nice and productive feedback!
  • #13,072
  • May 10, 2017 4:51am May 10, 2017 4:51am
Quoting tonny47
{quote} why not enter at the touch in the red circle? {image}
This question is for anyone who wants to participate:

Should we prefer to trade only when there is confluence of S/R with the touch of 12 EMA to increase the probability?

A first touch with Pivot, RN or other S/R confluence? Or just 15 with 5 min aligned with momentum on the same direction?
  • #13,073
  • May 10, 2017 4:56am May 10, 2017 4:56am
For example...
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  • #13,074
  • May 10, 2017 5:37am May 10, 2017 5:37am
Trading approach to 5 min setup...
12 EMA and 23 EMA that Kostas shared:

Should we take the first 12 EMA touch (or 10 EMA, whatever you like) with a tight stop, and if it doesn't work, we take the first 23 EMA with another tight stop?

This is just a trading scenario I am asking. I am NOT saying this is how everyone should trade. I am looking for the best framework.

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  • #13,075
  • May 10, 2017 9:01pm May 10, 2017 9:01pm
hey guys
quick question, just found about the dace\CHOROS system, so do you still trade the system. if so, how's everything going with the system.
excuse my english, its not my first language and this is my first time in ff
  • #13,076
  • May 11, 2017 5:04am May 11, 2017 5:04am
Quoting Saleh198
hey guys quick question, just found about the dace\CHOROS system, so do you still trade the system. if so, how's everything going with the system. excuse my english, its not my first language and this is my first time in ff
Hi Saleh..
Whenever a thread is still alive, the people still trade it ;-)

Hope this answered your question.

Stay tuned
Guido
Risiko birgt immer auch die Chance.
  • #13,077
  • May 11, 2017 5:28am May 11, 2017 5:28am
Quoting Sesamstrasse
{quote} Hi Saleh.. Whenever a thread is still alive, the people still trade it ;-)
  • #13,078
  • May 11, 2017 8:22am May 11, 2017 8:22am
Quoting Sesamstrasse
{quote} Hi Saleh.. Whenever a thread is still alive, the people still trade it ;-) Hope this answered your question. Stay tuned Guido
Correct

Just exited this trade.

Why I took it:
USDCAD confluence of many MAs --> High probability trade, beautiful rejection candles both in M5 and M1.

Why I was a bit hesitant:
I don't like trading against such a clear H1 pinbar, so I took a rather quick exit.
Attached Image
  • #13,079
  • May 11, 2017 10:23am May 11, 2017 10:23am
Quoting That guy
{quote} Correct Just exited this trade. Why I took it: USDCAD confluence of many MAs --> High probability trade, beautiful rejection candles both in M5 and M1. Why I was a bit hesitant: I don't like trading against such a clear H1 pinbar, so I took a rather quick exit. {image}

Hi TG,
I took the same trade.
Unfortunately it was a loser for me ..

after 10 pips profit I went away from my screen .
I expected a higher high and wanted to let it run 60 pips ..

stay tuned
Guido
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Risiko birgt immer auch die Chance.
  • #13,080
  • May 11, 2017 7:58pm May 11, 2017 7:58pm
Hi guys,

I've started this system again (long time reader, not big on posting!). Where I am finally having success with it is keeping my R:R at 1:1 for the first trade then aim 2:1 for the second. In the past I was closing positions too quickly getting two or three right, then having one position go against taking out all profits which became frustrating. The other thing is, taking a max of two trades per day and being prepared for a losing streak of up to 5 trades in a row (even if it is unlikely) and 10 in a disaster scenario (all based on 3% per trade). By being prepared for this and with a good R:R I seem to be doing better. With this set up (a potential of 10 trades per week) , I still only make my weekly target the equivalent of one correct trade at 2:1.

Also limiting the pairs traded to just one or two is giving better results for me (GU and UJ seem to be my preference).

In the current market conditions I'm preferring quick trades because here in Australia if I have winning position I'm likely to see it knocked out overnight because Trump decides tweet something or other - so better to get in and out quickly.

Cheers.
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