My 6E trading strategy - Currency Futures | futures io social day trading
futures io futures trading


My 6E trading strategy
Updated: Views / Replies:249,085 / 1,177
Created: by cjbooth Attachments:356

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Closed Thread
 356  
 
Thread Tools Search this Thread
 

My 6E trading strategy

  #101 (permalink)
Elite Member
Nürnberg, Germany
 
Futures Experience: Intermediate
Platform: Ninja Trader
Broker/Data: IB/Kinetick
Favorite Futures: CL, YM
 
PowerM's Avatar
 
Posts: 110 since Jun 2010
Thanks: 156 given, 43 received

2nd of June

Good morning Charles

I will post a pic below, this is what I see in this European morning. There is a holiday today in Germany, so the volume may be low, but we see a strong short term up trend.
I would like to ask to confirm my estimation about possible trades, please add/correct me if I would be wrong.
Thanks again for what you are doing here, good to see that your thread id running for the iPad now

From my point of view the green arrows mark possible entry points. 1508 is strongly up. What always should be noticed is that the price each time it goes up is moving at the days high. So generally one should have this in mind.
I only consideres trades with entries above the trigger line, or, in case they are red, at least between the two lines.

Entry for the 1st green arrow would be very close to the daily high, possibly to close. It would return for about 7 ticks on the next bars but would not arrive at cloud or MA. Following your rules the loss should be taken as the price arrives the cloud
Entry for the 2nd green arrow would be between the red trigger lines which is allowed. Thr price returns to the cloud with about -6 ticks which one may make quit the trade or not.
Between arrow 1 and 2 is bullish hidden divergence which i did not mark in the chart.
The stochastics panel shows another hidden divergence, this one I marked. I am aware hat you mentioned that (hidden) divergence on a 377 chart is not so remarkable.
Entry for the 3rd green arrow is after the (2nd) hidden divergence came up, the bar closes above the trigger lines, still close to the daily high. Red bars do not touch the cloud nor the MA, so no need to cancel.
The 4th green arrow bar closes between the 2 red trigger lines which is a allowed for a trade signal. This trade simply works, nothing else to mention.

Do you agree with what I think about this chart? As I said, every input is welcome

Attached Thumbnails
My 6E trading strategy-77.jpg  

Last edited by PowerM; June 2nd, 2011 at 06:56 AM. Reason: text
The following 3 users say Thank You to PowerM for this post:
 
  #102 (permalink)
Trading for Profit
aurora,il
 
Futures Experience: Intermediate
Platform: ninja
Broker/Data: AMP, zen-fire
Favorite Futures: currency futures 6E
 
Posts: 319 since Aug 2009
Thanks: 134 given, 1,390 received

reply


masood chughtai View Post
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


If your chart looks like this you will see an attempt to form an ABCD retrace on the ZigZag.

In order for it to be right the 1st swing A=B must be the same lenght of C=D. C-D is longer so the ABCD is not right, and my rules say that "ZigZag cannot make a higher high during a retracdement, if it does a stochastic divergence must occur" ZigZag does make a higher high, stochastic makes a higher high, no setup at that point in time

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


the yellow line is the 55 EMA, again read my manual the 55MA is optional

Charles


Last edited by cjbooth; June 2nd, 2011 at 07:37 AM. Reason: text
The following 3 users say Thank You to cjbooth for this post:
 
  #103 (permalink)
Trading for Profit
aurora,il
 
Futures Experience: Intermediate
Platform: ninja
Broker/Data: AMP, zen-fire
Favorite Futures: currency futures 6E
 
Posts: 319 since Aug 2009
Thanks: 134 given, 1,390 received

reply to comment



PowerM View Post
Good morning Charles

I will post a pic below, this is what I see in this European morning. There is a holiday today in Germany, so the volume may be low, but we see a strong short term up trend.
I would like to ask to confirm my estimation about possible trades, please add/correct me if I would be wrong.
Thanks again for what you are doing here, good to see that your thread id running for the iPad now

From my point of view the green arrows mark possible entry points. 1508 is strongly up. What always should be noticed is that the price each time it goes up is moving at the days high. So generally one should have this in mind.
I only consideres trades with entries above the trigger line, or, in case they are red, at least between the two lines.

Entry for the 1st green arrow would be very close to the daily high, possibly to close. It would return for about 7 ticks on the next bars but would not arrive at cloud or MA. Following your rules the loss should be taken as the price arrives the cloud
Entry for the 2nd green arrow would be between the red trigger lines which is allowed. Thr price returns to the cloud with about -6 ticks which one may make quit the trade or not.
Between arrow 1 and 2 is bullish hidden divergence which i did not mark in the chart.
The stochastics panel shows another hidden divergence, this one I marked. I am aware hat you mentioned that (hidden) divergence on a 377 chart is not so remarkable.
Entry for the 3rd green arrow is after the (2nd) hidden divergence came up, the bar closes above the trigger lines, still close to the daily high. Red bars do not touch the cloud nor the MA, so no need to cancel.
The 4th green arrow bar closes between the 2 red trigger lines which is a allowed for a trade signal. This trade simply works, nothing else to mention.

Do you agree with what I think about this chart? As I said, every input is welcome

GM Power M,

Your trade entry points are correct on the 377, remember though the 1508 must also be right at the time of the 377 setup meaning price on the 1508 has retraced to the MA or cloud. On my chart presently it has only done that once around 2:10 cst, and came real close at 3:39.

Knowing of the bank holidays in Euro land I did not get up early to trade I am surprised to see this move this morning. In either event I plan to start trading today during the U S session

Charles


Last edited by cjbooth; June 2nd, 2011 at 07:37 AM. Reason: text
The following 3 users say Thank You to cjbooth for this post:
 
  #104 (permalink)
Elite Member
Nürnberg, Germany
 
Futures Experience: Intermediate
Platform: Ninja Trader
Broker/Data: IB/Kinetick
Favorite Futures: CL, YM
 
PowerM's Avatar
 
Posts: 110 since Jun 2010
Thanks: 156 given, 43 received

Hi Charles,

thank you. Actually what you pointed out makes sense, means that some of my trading ideas are nonsense when one looks at the 1508. I will start cleaning my glasses right after submitting this post. Attached is a chart that shows the 4 entry points on the 1508.
First green arrow to enter: no reason to do so
2nd: looks better
3rd: in the move, no retrace
4th: take it or leave it.

Charles, what about reentering or taking the first trade on a strong up move like this one but the 1508 does not retrace?

The green triangle would give me an entry on the 377 chart which is obviously bullish hidden divergence (green triangle on 1508 shows the same bar).
The idea behind that would be to wait for a good opportunity to (re-)enter a trade. I am aware that the setup for a trade to re-enter may not be worse than for entering a trade for the first time.
I suppose that your rules do not allow such a 2nd trade on a stong move up or down!? In general one could say that this would not be a bad thing, we simply wait for the retrace and thats it. IN particular i think that this is what you say. Are these your rules?


cjbooth View Post
GM Power M,

Your trade entry points are correct on the 377, remember though the 1508 must also be right at the time of the 377 setup meaning price on the 1508 has retraced to the MA or cloud. On my chart presently it has only done that once around 2:10 cst, and came real close at 3:39.

Knowing of the bank holidays in Euro land I did not get up early to trade I am surprised to see this move this morning. In either event I plan to start trading today during the U S session

Charles


Attached Thumbnails
My 6E trading strategy-88.jpg   My 6E trading strategy-99.jpg  
The following 2 users say Thank You to PowerM for this post:
 
  #105 (permalink)
Trading for Profit
aurora,il
 
Futures Experience: Intermediate
Platform: ninja
Broker/Data: AMP, zen-fire
Favorite Futures: currency futures 6E
 
Posts: 319 since Aug 2009
Thanks: 134 given, 1,390 received

reply to comment


PowerM View Post
Hi Charles,

thank you. Actually what you pointed out makes sense, means that some of my trading ideas are nonsense when one looks at the 1508. I will start cleaning my glasses right after submitting this post. Attached is a chart that shows the 4 entry points on the 1508.
First green arrow to enter: no reason to do so
2nd: looks better
3rd: in the move, no retrace
4th: take it or leave it.

Charles, what about reentering or taking the first trade on a strong up move like this one but the 1508 does not retrace?

The green triangle would give me an entry on the 377 chart which is obviously bullish hidden divergence (green triangle on 1508 shows the same bar).
The idea behind that would be to wait for a good opportunity to (re-)enter a trade. I am aware that the setup for a trade to re-enter may not be worse than for entering a trade for the first time.
I suppose that your rules do not allow such a 2nd trade on a stong move up or down!? In general one could say that this would not be a bad thing, we simply wait for the retrace and thats it. IN particular i think that this is what you say. Are these your rules?

Jumping into a trade at this point will not work over the long term. You would be entering a valid setup on the 377 with price on the higher time frame in the middle of no where. Trades look great in hindsight, but follow the rules and the winning trades will take care of themselves and you.

Being discipline to wait for the right setup is the key, even when you may wait 4 or 5 hours for it. To get 3 trades a day using this method is a good day

Charles

The following 9 users say Thank You to cjbooth for this post:
 
  #106 (permalink)
Elite Member
Naperville IL
 
Futures Experience: Intermediate
Platform: ninjatrader
Broker/Data: NT broker
Favorite Futures: NQ ES 6E GC CL
 
Posts: 954 since Feb 2010
Thanks: 1,184 given, 650 received

Asia session

On Asian session, 6E jumped a lot, that is why US open is choppy, right?

 
  #107 (permalink)
Trading for Profit
aurora,il
 
Futures Experience: Intermediate
Platform: ninja
Broker/Data: AMP, zen-fire
Favorite Futures: currency futures 6E
 
Posts: 319 since Aug 2009
Thanks: 134 given, 1,390 received

Choppy Start

Gm traders,

With the bank holiday in Euro Land you want to be caredful not to get anxious to trade and get caught in this low volume chop. Wait and let the market break out if it is going to and show a trend with a little conviction.

When choppy you have a tendency to get bored which leads to forcing a trade that is not there

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Don't be afraid of missing a move make the market show its hand first

Charles

The following 5 users say Thank You to cjbooth for this post:
 
  #108 (permalink)
Elite Member
san antonio texas
 
Futures Experience: Intermediate
Platform: ninja trader
Broker/Data: amp/zen fire
Favorite Futures: oil
 
Posts: 706 since Oct 2009
Thanks: 176 given, 3,278 received

Please advise how to stay out of chop when we dont know what is going to be to the right of the chart. According to this system what should I look for such as cloud being thick or prolonged or ema 13 being flat etc. Thanks

The following user says Thank You to masood for this post:
 
  #109 (permalink)
Trading for Profit
aurora,il
 
Futures Experience: Intermediate
Platform: ninja
Broker/Data: AMP, zen-fire
Favorite Futures: currency futures 6E
 
Posts: 319 since Aug 2009
Thanks: 134 given, 1,390 received

Knowing when not to trade


masood chughtai View Post
Please advise how to stay out of chop when we dont know what is going to be to the right of the chart. According to this system what should I look for such as cloud being thick or prolonged or ema 13 being flat etc. Thanks

I think as important as it is to know when to trade it is more important to your survival as a daytrader to know when not to trade

Look at these points on the posted 1508 chart

#1 1st higher low after extended vertical move up, the market usually goes into a pro longed period of congestion after a vertical move
#2 congestion period is confirmed by a lower an almost immediate lower high
#3 barely a lower low , price is lower than point #1 but barely inside a thick blue cloud telling you that the cloud should be strong support
#4 Lower high, retrace went back above cloud slightly. the point of Point #4 is at 7:55 cst if you look at at your 377 chart you did get a hidden divergence short signal there. I did not take this trade based off of basically sideways price action in front of it
#5 A stronger lower low deeper in to the cloud seeing this you will want a retrace back to the top of the cloud or the MA
#6 The retrace did not hold and price went up and made a higher high
#7 Again after price makes a higher high at point 6 now price blows through and makes another lower low. pay close attention and notice that this lower low stopped on the bottom edge of the cloud to the tick
#8 A lower high at the top of the cloud but also above the MA, this occurs at 9:00 cst looking at the 377 chart you see that any potential short trade has failed as ZIgZag makes a higher high as does Stochastics
#9 a higher low without a higher high in front of it, so this basically breaks the downtrend cycle and nothing else
#10 price makes a higher high by a tick
#11 price makes a double bottom with point #9 which is also below the cloud. I also want you to notice how thin the cloud is here at point #11, This is an indication of very low volatility in the market which is generally needed for good setups
#12 this is a double top as no candle closes above the high of Point #10. Also notice that when price is going up the cloud is turning red and expanding. Again a sign of no volatility or at least not enough of it
#13 the low of another vertical move down with no retraces in it to trade. This move was a news driven move (refer back to my post yesterday about trading news) based off of oil inventories

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).



Also notice on the 1508 chart the horizontal line I have at 1.4400. I put these lines on the 1508 chart at the whole #'s as the market reacts at these points. You will notice that the vertical down move stopped there to the tick. You want to be aware of where the whole #'s are and consider avoiding trades that must go through the number for you to make profit


Charles

The following 9 users say Thank You to cjbooth for this post:
 
  #110 (permalink)
Trading for Profit
aurora,il
 
Futures Experience: Intermediate
Platform: ninja
Broker/Data: AMP, zen-fire
Favorite Futures: currency futures 6E
 
Posts: 319 since Aug 2009
Thanks: 134 given, 1,390 received

Patience wins


Hi traders,

As evident by my last post patience and discipline to wait - wait - wait will take care of you

look at 1508 chart
#1 price went above the red cloud giving the signal for a potential trend reversal trade - refer back to trading manual
#2 Cloud held the retracement - this is where you immediately go to the 377 chart for a proper trade entry

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


377 chart

#1 market making higher highs
#2 hidden divergence compare with point #3
#4 up candle closing above Doji, I entered a market order as candle went into the trigger lines, I do this only on strong signals

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


this is a very powerful trade that is fueled by traders who are short covering their position which adds fuel to your long trade as their stops are taken out

Charles

The following 8 users say Thank You to cjbooth for this post:

Closed Thread



futures io > > > > My 6E trading strategy

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Best Strategy 6E - Net 10p per day traderjcf Currency Futures 15 December 3rd, 2015 02:19 PM
6E (EURUSD) trading alex123 Elite Trading Journals 35 September 17th, 2011 09:15 PM
Timeframes for Trading 6E traderjcf The Elite Circle 8 June 30th, 2011 01:22 AM
Trading the 6E camsolution Currency Futures 12 May 17th, 2011 09:00 PM
Trading 6E and DX tellytub The Elite Circle 7 August 4th, 2010 07:33 PM


All times are GMT -4. The time now is 06:19 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-15 in 0.20 seconds with 20 queries on phoenix via your IP 107.20.115.174