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My 6E trading strategy
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My 6E trading strategy

  #171 (permalink)
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monpere View Post
On a long trade, if trigger lines are blue, does it matter the spacing of the lines, or if the candle closes inside or above them?

excellent question

The trigger lines are an excellent filter to getting in a trade too early or preventing a bad trad
If you are looking for a long trade you want a candle to close inside or through the trigger lines - but you also want to see signs that the trigger lines will roll and turn up. the greater the spacing between the 2 lines the less likely that 1 bar will turn them.

Let me show a couple of examples

look in the shaded area I drew on the chart

in this example where i went long on that up bar with the blue arrow under it see how tight the trigger lines are just before it. In this case it is likely that the candle I entered on would turn the lines as although they had been red they were not overly spread apart

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In this next setup which at the time on the 1508 was a potential long, again look at the shaded box I drew see the up candle with the blue arrow under it closing just above the trigger lines after a doji.

Notice how excessively wide and spread apart the trigger lines are - it is unlikely that this bar will cause the trigger lines to turn. It would have been a good idea to pass on this trade

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If the trigger lines are still blue when you get the signal you can go ahead and enter the trade without any consideration of the trigger lines - but that is not going to be the case very often at all. Usually by the time the 1508 candles have retraced enough the trigger lines on the 377 will have turned over and gone red

i hope this helps,

Charles


Last edited by cjbooth; June 5th, 2011 at 02:33 PM. Reason: text
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  #172 (permalink)
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Lmess View Post
Hi Charles,

I do understand price action, that is what I use to trade. Perhaps the problem is my understanding of the zigzag indicator as I don't use these kinds of indicators, so I am not too familiar with them. And my interpretation of the first rule seems to be mistaken.

I will disregard my interpretation of rule 1 and use your interpretation and @supermht's interpretation as to when to start looking for trades.

From a logic standpoint, let's say that:

A= HH in ZigZag;
B= HL in ZigZag;
C= wait for retrace on 1508 and look for entry on 377 chart;

My original interpretation of rule 1 was:

If A and B show up on chart, then look for C;

It seems the correct interpretation is:

If A shows up on chart, then look for C; (B does not need to show up on chart as retracement in C will possibly become B)

So I will use the second interpretation instead and will look for examples.

I apologize if I have taken too much of your time or the thread's space, I just thought it might help others as well.

On a different subject:

Once price has established a trend, say for example an uptrend, do you look for entries at every retracement to the MA/cloud as long as price is making HH, or do you only look for entries on the first retracement to the MA/cloud?

I will look and consider a trade on every retrace to the MA or Cloud as long as the prior price swing made a HH or LL

A good example of this is on post #39 a where I show points of a potential trade on the 1508 chart, and also post 109 talking about knowing when not to trade

Charles

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  #173 (permalink)
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Lmess View Post
Hi Charles,

...

From a logic standpoint, let's say that:

A= HH in ZigZag;
B= HL in ZigZag;
C= wait for retrace on 1508 and look for entry on 377 chart;

My original interpretation of rule 1 was:

If A and B show up on chart, then look for C;
...

The problem i see with your original interpretation is that if A and B have formed then looking for C is not logical as you would need a HH in zigzag (see A). Hence you would be in a perpetual loop.

B is the retracement you'll watch in order to spot an entry on the 377 ticks chart

 
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trendisyourfriend View Post
The problem i see with your original interpretation is that if A and B have formed then looking for C is not logical as you would need a HH in zigzag (see A). Hence you would be in a perpetual loop.

B is the retracement you'll watch in order to spot an entry on the 377 ticks chart

You're right, I guess what I meant to say was this:

A and B show up on chart...then A again...and wait for C.

It seems the correct way is to ignore the first part and just look for A to show up and then wait for C.

Look at mi picture for a visual representation.

@cjbooth

These are some setups I found from Friday. Would these be valid setups?

Attached Thumbnails
My 6E trading strategy-hh-hl.png   My 6E trading strategy-0603.jpg   My 6E trading strategy-06032.jpg  
 
  #175 (permalink)
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right

One concern is about B,
let's say, on up trend, " A" has been formed, now we wait for retrace to MA(that is C), once the price approaches or breakout MA, we start to look for entry on 377 chart, but if on 1508 chart, price continues falling and makes LL( at this moment, we are focusing 377 chart and looking for entry), if we find an entry on 377 and enter, the trade will end up with loss.
I appreciate if anybody can help with this situation.

 
  #176 (permalink)
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Lmess View Post
You're right, I guess what I meant to say was this:

A and B show up on chart...then A again...and wait for C.

It seems the correct way is to ignore the first part and just look for A to show up and then wait for C.

Look at mi picture for a visual representation.

@cjbooth

These are some setups I found from Friday. Would these be valid setups?

On your 377 Tick chart, where it says "HL, look for entry", that is another point of confusion as well. That is the point where Rule #3 comes into play. Now, given that rule #1 says the exact same thing as rule #3 (...HH/HL), and given that the interpretation of rule #1 is we only need a HH, then I would assume here that rule #3 also means we need a HH on the 377, not a HL. That would be the assumption, if the wording of the rules are consistent. So, I am not sure about how to interpret that spot on the chart.

 
  #177 (permalink)
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Lmess View Post
You're right, I guess what I meant to say was this:

A and B show up on chart...then A again...and wait for C.

It seems the correct way is to ignore the first part and just look for A to show up and then wait for C.

Look at mi picture for a visual representation.

@cjbooth

These are some setups I found from Friday. Would these be valid setups?


By looking at your charts

I would not have taken the 1st trade - see how wide spread apart the red trigger lines are it is unlikely that 1 candle going through will turn those lines up

On the 2nd trade this was not a setup at all as the 377 ZigZag made a lower low in the retrace without making a double bottom

Also I notice you have the Stochastic Fast indicator on your chart - I suggest you use the slow stochastic it is smoother

Charles


Last edited by cjbooth; June 6th, 2011 at 04:07 AM. Reason: text
 
  #178 (permalink)
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supermht View Post
One concern is about B,
let's say, on up trend, " A" has been formed, now we wait for retrace to MA(that is C), once the price approaches or breakout MA, we start to look for entry on 377 chart, but if on 1508 chart, price continues falling and makes LL( at this moment, we are focusing 377 chart and looking for entry), if we find an entry on 377 and enter, the trade will end up with loss.
I appreciate if anybody can help with this situation.


If price continues to fall on the 1508 it is unlikely the trade will setup properly on the 377

In the event the 377 does setup properly and trade fails, then that is something that is just going to happen, you will have losing trades with this method just like you will trading any method.

 
  #179 (permalink)
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monpere View Post
On your 377 Tick chart, where it says "HL, look for entry", that is another point of confusion as well. That is the point where Rule #3 comes into play. Now, given that rule #1 says the exact same thing as rule #3 (...HH/HL), and given that the interpretation of rule #1 is we only need a HH, then I would assume here that rule #3 also means we need a HH on the 377, not a HL. That would be the assumption, if the wording of the rules are consistent. So, I am not sure about how to interpret that spot on the chart.


That is correct you also need HH's on the 377, you cant be in an uptrend if price is not making HH's

Charles

 
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Guys, here is a thread about price action books.

https://futures.io/traders-hideout/8625-books-about-price-action.html

Here are details about the book of Al Brooks (I didnt read it)

https://futures.io/traders-hideout/734-book-discussion-reading-price-charts-bar-bar-al-brooks.html

At the end of the month there will be a webinar with Al Brooks. It is for elite members only. Guys, sign in for elite membership, it is so cheap, futures.io (formerly BMT) site has earned a lot of attention and there is a lot to discover in that area.



cjbooth View Post
I am not missing your point at all, you are not understanding price action

I suggest you either contact me by email for a 1 on 1 or find some book on price action

I learned it by losing a lot of money until I figured a way for it to make sense to me

I do not want to extend this thread 5 pages to discuss this topic. I have explained it in great detail, if you cant comprehend it take my offer for private help or find more information on price action

I personally do not know of a good book or class on the subject as I painfully figured it out on my own. Perhaps another member can suggest a good book or class.

Charles


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