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My 6E trading strategy

  #819 (permalink)

Trading Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: AMP/CQG
Favorite Futures: ES, NQ, YM
trendisyourfriend's Avatar
Posts: 3,853 since Oct 2009
Thanks: 3,428 given, 4,872 received

Lmess View Post
According to one of the posts (post # 42) that trendisyourfriend posted, your placement of the stop was correct, the first upbar after entry was the one at around 9:52 CT. Once the low gets taken out you could move the stop to a tick or two above the high of that upbar. That would be my interpretation of what was mentioned in that post.

However, it depends on what you consider to be a pivot. The upbar at 9:52 did not take out the high of the prior downbar, so in my personal interpretation of price action, I would not consider that to be a pivot. So in my opinion, the stop would move for the first time after the low of the 9:57 bar gets taken out, as that is the first bar to take out the low of the series of upbars which made higher highs in relation to the previous bar. I repeat, this is my interpretation of price action. Now, had I been able to withstand a 14 tick retracement? That's a different (psychological) subject.

Maybe Charles will tell us how he managed his trade.

Here is something i have begun to test for trailing my stop. I use a very clean 3 RangeNoGap chart beside the regular ones (1508/377). As indicator i use the PriceActionSwing(2, standard) and the TriggerLines(20,5) to gauge if momentum is still intact. Each time a new swing is forming i trail my stop. This removes any form of ambiguity and i get a precise price level where to move it. As you'll note, price is hidden on this chart because i use it for one purpose only, ie, knowing when to move my stop.

Attached Thumbnails
My 6E trading strategy-stop_loss_management.jpg  
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