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My 6E trading strategy
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My 6E trading strategy

  #1091 (permalink)
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another winner

Hi,

Wanted to post another winning trade- Thank YOU Charles!

As earlier, My personal preference is the MAcDBB's on the 1508 Chart as well as the 377.

Small uptrend trade for 5 ticks. I anticipated it would be a small move because the MACDBB on the 1508 where no where near riding the upper band.

However at around 7:08, they were rounding upward and BBs turned blue. At 7:10 they were touching the midband, and as you can see, the distance between the midband and upper band is very small, so I knew that the move might be small, therefore My stop would have to be pulled up FAST on any hesitation of price.

Also at 7:10, on the 377 chart the BB's turned Blue and preceeeded to cross the upper band.

EXIT- on the 1508, when the BBs reached the upper band, I know resistance can form here, also the spacing on the 377 BBs was getting smaller (momentum weakening) so I YANKED my Stoploss up for a quick $125
Not bad for 2 minutes worth of work.

Nice weekend everyone

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My 6E trading strategy-charles-method-8-19-2011.png  

Last edited by bobbyacim; August 19th, 2011 at 06:43 PM.
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Quoting Charles

For those who understand, no explanation is necessary, for those who don't, no explanation will suffice.

For those of you who may think that my small 5-8 tick winners are not in line with Charles philosophy.

8-22-11 video

"it is better to have 6 to 10 tick win than a 12 tick loss!"

 
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bobbyacim View Post
For those who understand, no explanation is necessary, for those who don't, no explanation will suffice.

For those of you who may think that my small 5-8 tick winners are not in line with Charles philosophy.

8-22-11 video

"it is better to have 6 to 10 tick win than a 12 tick loss!"

its about risk reward.. if you have a 12 tick stop and are only going for 5-8 ticks then it will be hard to make money in the long run.. should never be below 1:1..

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YOUR LOGIC MAKES PERFECT SENSE


madLyfe View Post
its about risk reward.. if you have a 12 tick stop and are only going for 5-8 ticks then it will be hard to make money in the long run.. should never be below 1:1..

Hi, I know what your saying makes logical sense, but recently, thanks to seeing Charles trade LIVE, I have seen that what makes logical sense does not ALWAYS work in real life trading situations.

as of TODAY, I have recovered a $2000 loss by NIBBLING 5-8 ticks wins on a max STOPLOSS of 8 ticks!!!

Mr. Charles Booth has SHATTERED many die hard logical beliefs I have held for so long.

With all due respect, it comes down to this:

WOULD YOU RATHER WIN OR BE RIGHT?

I think the missing link for all of us (including me) has been that we are approaching the markets as if they were logical instead of realizing that fear and greed; WHAT DRIVES THE MARKETS,HAS NOTHING TO DO WITH LOGIC.

It has cost me 10,000 to learn that "should never" does not exist in real, LIVE trading.
I pray to God, it does not cost you nearly as much to learn this very thing!


Last edited by bobbyacim; August 23rd, 2011 at 09:19 PM.
 
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bobbyacim View Post
Hi, I know what your saying makes logical sense, but recently, thanks to seeing Charles trade LIVE, I have seen that what makes logical sense does not ALWAYS work in real life trading situations.

as of TODAY, I have recovered a $2000 loss by NIBBLING 5-8 ticks wins on a max STOPLOSS of 8 ticks!!!

Mr. Charles Booth has SHATTERED many die hard logical beliefs I have held for so long.

With all due respect, it comes down to this:

WOULD YOU RATHER WIN OR BE RIGHT?

I think the missing link for all of us (including me) has been that we are approaching the markets as if they were logical instead of realizing that fear and greed; WHAT DRIVES THE MARKETS,HAS NOTHING TO DO WITH LOGIC.

ya thats fine as long as your 1:1 +.. if you are able to lose more than you are able to make, in all situation in life, you wont make it in the long run.. there isnt really an argument against that..

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madLyfe View Post
ya thats fine as long as your 1:1 +.. if you are able to lose more than you are able to make, in all situation in life, you wont make it in the long run.. there isnt really an argument against that..

EXCEPT if your win ratio is very high and Charles is!!!

Then you can afford to have a slightly lower Risk to reward ratio

 
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bobbyacim View Post
Hi, I know what your saying makes logical sense, but recently, thanks to seeing Charles trade LIVE, I have seen that what makes logical sense does not ALWAYS work in real life trading situations.

as of TODAY, I have recovered a $2000 loss by NIBBLING 5-8 ticks wins on a max STOPLOSS of 8 ticks!!!

Mr. Charles Booth has SHATTERED many die hard logical beliefs I have held for so long.

With all due respect, it comes down to this:

WOULD YOU RATHER WIN OR BE RIGHT?

I think the missing link for all of us (including me) has been that we are approaching the markets as if they were logical instead of realizing that fear and greed; WHAT DRIVES THE MARKETS,HAS NOTHING TO DO WITH LOGIC.

It has cost me 10,000 to learn that "should never" does not exist in real, LIVE trading.
I pray to God, it does not cost you nearly as much to learn this very thing!

Hello@bobbyacim,

Good read here......Trading Expectancy and Being Right

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Repeating for clarification


trs3042 View Post

With all due respect, I will repeat what has cost me $10,000 to learn,

EXCEPT if your win ratio is very high and Charles is!!!

Then you can afford to have a slightly lower Risk to reward ratio
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Proof that it is do-able

I have spoken to several members of this forum via telephone recently.
Most echo my exact sentiments.

Before I saw Charles trade LIVE, with my very eyes, I did not really believe that gains of 20-40 ticks on a 12 tick max stoploss was possible daytrading!

It is safe to say, He has rekindled my faith that; THIS CERTAINLY IS POSSIBLE!!

 
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bobbyacim View Post
I have spoken to several members of this forum via telephone recently.
Most echo my exact sentiments.

Before I saw Charles trade LIVE, with my very eyes, I did not really believe that gains of 20-40 ticks on a 12 tick max stoploss was possible daytrading!

It is safe to say, He has rekindled my faith that; THIS CERTAINLY IS POSSIBLE!!

Bobby, TRS was just trying to help you. He wasn't criticizing or condemning you but standing from the outside and looking in.

You haven't seen Charles trade long enough, nor have you probably mastered his system. I think Charles has probably learned (I don't know the rules, sorry...) that he has to have a higher TP to accommodate maybe a string of losers.

I am glad you are gaining confidence. It is nice to see.

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