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My 6E trading strategy
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My 6E trading strategy

  #91 (permalink)
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masood chughtai View Post
took the same trade but I got stopped out at a 7 tick profit. I had a trailing stop that was allowing room for 10 ticks and as I was approaching 21 tick target it had trade room that narrowed to 7 ticks. I did not get a fill and it turned back. Stop was trailing at 10 ticks, then 9, then 7. What is more approperiate

it is really your decision based on risk tolerance how you manage your trade.

personally I do have a stop in the market but I move it manually, I have never had success personally with an auto trailing stop. I would almost always get stopped out early while the move had plenty to go.

you may want to review my trailing stop technique I posted on Memorial day

Charles

 
  #92 (permalink)
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6e strategy and News


cjbooth View Post
Sure massood

first of all i'll say i am not trading this particular time slot as I dont trade the news euphoria, you had ADP coming out here and then Trichet of the ECB speaking at the top of the hour. I find this time is a good time to enjoy the coffee and breakfast, wait until after the news and let things resume more normal trading

to review the chart as you asked see this 377 chart as you were correct the 1508 chart was setting up properly

#1 trigger bar closing above trigger lines
#2 hidden divergence
#3 if you elect to tail your stop as I do you would be stopped out 1 tick under this bar for a small gain
#4 again the trigger bar closing above the trigger lines
#5 again the hidden divergence
#6 note on this high that stochastic at #7 did not go higher be prepared for a possible exit as you would have been forced out with the bar closing back in the cloud or could have just got out on the bar before with stochastic diverging to save a few ticks

Attachment 39753

the trades if you took them both were valid setups, my only point is the volatile time period with news effecting the moves


I hope this helps -

Charles


Charles,

As part of your trading plan, how long do you avoid trading before and after news, market opens and other volatile events?

Thanks,

 
  #93 (permalink)
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cjbooth View Post

look at 377 chart

#1 trigger bar closing below trigger lines
#2 hidden divergence on stochastic for strong confirmation to sell and that the ABCD would possibly fail

Attachment 39776 Attachment 39777

I saw this same trade and the hidden divergence. I guess I'm learning!

Do you use a stop order on the low of the trigger bar (the "1" in your 377 chart) or do you just enter a short at the market the moment the bar closes?

The 1508 had another setup at 12:44 EST, but the 377 did not agree. At least that's how I'm interpreting what I see.

Thanks,
-C

“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” - Sun Tzu
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  #94 (permalink)
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jpygbp View Post
Charles,

As part of your trading plan, how long do you avoid trading before and after news, market opens and other volatile events?

Thanks,

i don't put a time on it for say as a hard rule. I watch the speed in which the 377 candles are printing and how hyper active they are. Although I will not trade 15 minutes either side of the U S open

the candles if they are jerking really fast between the high and low or gapping I just wait and let it calm down.

I will never jump in afraid I will miss a move, just let the market do its thing and wait for a safer entry when things are not so crazy. Jumping in to a volatile move does not usually work out to well for the small retail trader.

As an example if you were watching around 9 cdt this morning when the ISM news came out the market appeared to be going down in an uptrend and then violently shot back to the upside. That type of move is not what I want so I waited patiently for everything to settle down and eventually the market went into a downtrend producing a very nice clean short


patience and discipline for the right kind of move is the key

Charles

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  #95 (permalink)
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cbritton View Post
I saw this same trade and the hidden divergence. I guess I'm learning!

Do you use a stop order on the low of the trigger bar (the "1" in your 377 chart) or do you just enter a short at the market the moment the bar closes?

The 1508 had another setup at 12:44 EST, but the 377 did not agree. At least that's how I'm interpreting what I see.

Thanks,
-C


I enter a sell market order on the close , I do not use limit or stop orders at entry

the 11:05 cst entry was just the perfect setup, the 11:44 cst look was perfect on the 1508 but the 377 did not cooperate. It was trying to form an ABCD pattern but the 2nd leg up went to far. Remember for the pattern the last leg needs to equal the 1st leg. The setup did not qualify, for a strict rule based system that I trade I must pass on it. The trade in hindsight was a great one but unfortunaley you must make a decision on the right edge and at that moment it was not right. these missed trades will happen in a strong trending market just wait for the right ones

Patience & discipline will win out

Charles

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Charles, here is 1508 chart, please see the chart, it was retracement after HH.
by the way, do you use default ichicloud setting? I remember somebody said the displacement should be 9 in this thread.

Attached Thumbnails
My 6E trading strategy-6e-06-11-1508-tick-6_1_2011.png  

Last edited by supermht; June 1st, 2011 at 09:25 PM.
 
  #97 (permalink)
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supermht View Post
Charles, here is 1508 chart, please see the chart, it was retracement after HH.
by the way, do you use default ichicloud setting? I remember somebody said the displacement should be 9 in this thread.


There should NO displacement on the IchiCloud indicator, check make sure it says "0" in the displacement setting.

Some have suggested using a displacement to extend the indicator off to the right, this is wrong as it will distort S&R levels on the live data. Ninja trader does not support indicators plotting ahead of data do not change the settings trying to force it.

As far as your chart and question - refer back to post #86 on the previous page where I addressed this same setup. The 377 chart trigger lines were exceptionally wide spread apart here and the 1 candle that went through it was not expected to turn the trigger lines.

Charles

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appreciate

Thank, Charles, I went back to check #86 and my 377 chart, you are absolutely right.

 
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cjbooth View Post
I enter a sell market order on the close , I do not use limit or stop orders at entry

the 11:05 cst entry was just the perfect setup, the 11:44 cst look was perfect on the 1508 but the 377 did not cooperate. It was trying to form an ABCD pattern but the 2nd leg up went to far. Remember for the pattern the last leg needs to equal the 1st leg. The setup did not qualify, for a strict rule based system that I trade I must pass on it. The trade in hindsight was a great one but unfortunaley you must make a decision on the right edge and at that moment it was not right. these missed trades will happen in a strong trending market just wait for the right ones

Patience & discipline will win out

Charles

At 11:44 cst please explain why you say 377 chart did not cooperate, bar closed below the cloud and below trigger lines. it was coming off of a lower high after a lower low had formed. Keltner was sloping down. Why did lower high ,you say went too far and disqualfied the trade set up .What is that yellow line on your 377 chart. Thanks it will clear up my confusion for 377 set up

 
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