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My 6E trading strategy
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Created: by cjbooth Attachments:356

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My 6E trading strategy

  #131 (permalink)
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question about market numbers

Charles - I think I know the answer to this question but here goes:

I'm currently in a long trade which I entered based on my (still developing) following of your rules. The signal came at 11:44 EST on the 1508 and 11:47 EST on the 377. I got long at 1.4590 above the doji on the 377 and have been trailing my stop with the lows and supertrend blue line.

My question is about the 1.4600 level - I wonder if trading into this level affects your trading decisions. Normally I would tighten my stop and consider taking profits as price "plays" around this round number level. Please let me know whether this type of level would affect your trading decision and how.

thanks for your reply and this thread - I will write a more detailed thank you at some future point.

Surly

 
  #132 (permalink)
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Patience and Chop

Charles-
You have been wonderful stressing patience. Detecting chop helps in that regard. There is a great thread here in futures.io (formerly BMT)--"Detecting Chop". Some folks use ADX thresholds. Two indicators which I prefer are:

1. Chop TMFT courtesy of and with great thanks to ThatManFromTexas
2. anaKaufmanEfficiency courtesy of and with great thanks to Fat Tails

Each one shows thresholds which must be breached to tell you market is entering or exiting chop. Sharky also has a good indicator posted in that thread. Have not learned how to post thread links but will give it a shot.

https://futures.io/elite-circle/770-detecting-chop.html

Attached Files
Register to download File Type: zip ChopTMFT.zip (5.2 KB, 167 views)
Register to download File Type: zip ModifiedKaufmanEfficiency.zip (10.8 KB, 164 views)
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  #133 (permalink)
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clarification


Charles - I thought I should clarify - I'm just SIM trading to take a look at your system and I'm not seeking advice on this trade - just a more general treatment of that question.

 
  #134 (permalink)
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Round Numbers

In this thread Charles expressed caution about trading at round numbers. He wants to have 21 points between entry and round number--not to speak for him.

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  #135 (permalink)
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Post 117

Surly-

See post #117.

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  #136 (permalink)
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Patience and Chop

Pursuant to my post #132 where the Indicator Zip files can be found I will attempt to post a chart here. Do not want to detour from Charles thread so if you have questions you can pm me but it is pretty plain. Use default settings and change colors and look as available on each indicator.

When price moves up (arrows and elipse), the white line on the KaufmanEfficiency indicator passes its threshold indicating a "possible" exit from chop. At the same time the bars have turned blue on the ChopTMFT indicating the same condition. Yellow bars denote market in chop.

See 10:52cst and 11:20cst. There is a failure at 10:41cst which is unmarked.

 
  #137 (permalink)
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Chart did not attach

Here you go hopefully. As my father said "He is a little too heavy for light work and a little too light for heavy work."

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My 6E trading strategy-6e-06-11-4-rangenogap-6_3_2011.jpg  
 
  #138 (permalink)
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masood chughtai View Post
Charles your trading method has been very helpful and the way you explain the set ups makes it exceptional. Can you please explain about 1508 retracement. For example long set up today at 9:23 cst. At 9:16 cst after candle closed ,it showed retracement to 13 ma and zig zag drew a down leg. Now do we wait for next candle to be completed and close higher or do we wait for zig zag to draw an up leg before we go to 377. Thanks


excellent question,

I have attached a 1508 chart here at the area I think you are referring to, I have enlarged this chart so you can clearly see the point

the Moment candles are approaching the MA or cloud you start looking at the 377 for the specific rule based entry.

Just almost at the same time you are ready to enter the trade glance quickly at the 1508 chart and make sure support being the MA or cloud is still holding.

You cannot wait the next up bar to close on the 1508 to enter or you will miss the entry point and your risk/reward will be out of line

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Charles

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  #139 (permalink)
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Surly View Post
Charles - I think I know the answer to this question but here goes:

I'm currently in a long trade which I entered based on my (still developing) following of your rules. The signal came at 11:44 EST on the 1508 and 11:47 EST on the 377. I got long at 1.4590 above the doji on the 377 and have been trailing my stop with the lows and supertrend blue line.

My question is about the 1.4600 level - I wonder if trading into this level affects your trading decisions. Normally I would tighten my stop and consider taking profits as price "plays" around this round number level. Please let me know whether this type of level would affect your trading decision and how.

thanks for your reply and this thread - I will write a more detailed thank you at some future point.

Surly


No Surly I would not take this trade as your entry would be within 10 or so ticks of the 4600 level.

I do not trade hoping and praying the trade will work, these whole #'s have punished me to much in the past, if there is not at least 15 ticks between my entry and the whole # I will pass the trade regardless of what the market does in hindsight.

I never scalp trade I must have at least a 1.5:1 r/r on the trade - it is not worth it to trade for 10 ticks while risking 12

Charles


Last edited by cjbooth; June 3rd, 2011 at 02:44 PM. Reason: text
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  #140 (permalink)
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wireford View Post
Here you go hopefully. As my father said "He is a little too heavy for light work and a little too light for heavy work."


I have to say I dont understand your post here. I see nothing on your chart that resembles my method.

I strongly encourage everyone to take my method and make it work for you even it means using extra indicators for confirmation. I do so with a word of caution as the more you add to your chart the more there is to confuse you, I'm sure you all have heard the "keep it simple stupid" phrase.

These tick or range bar charts can move very quickly at times - the more you have to look at to make a decision the greater the chances are you will be wrong

Charles

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