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My 6E trading strategy
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My 6E trading strategy

  #181 (permalink)
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very slow start

GM Traders,

It has been a very slow Euro session this morning

Look at this 1508 chart and the 2 horizontal lines I have on it.

This mornings price movement is a mere 41 ticks. With no significant news events today it will likely take a breakout of this 41 tick range to get enough traders involved to produce a trend

If you have to stare at the screen to see a trend there is probably not one

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Be patient and wait for the right setup


Charles

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  #182 (permalink)
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# 174
But Charles, there is a higher low at the bar before the entry bar in example 2 isn`t it? What we don`t have is a HH before ..


cjbooth View Post
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


 
  #183 (permalink)
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PowerM View Post
# 174
But Charles, there is a higher low at the bar before the entry bar in example 2 isn`t it? What we don`t have is a HH before ..


Exactly which is why you dont take that trade.

A LH follwed by a HL is not an uptrend its a sign of congestion

Wait for the right setups - patience - they will appear but not 10 times a day

You start jumping on every move that looks like it will go and the only thing that will go is your money to somebody else. I've been there and I have learned to sit on my hands and only take the trades with a high probability of success and that one you reference is not one of them.

that is what this method is all about waiting,patience, and discipline. If you need 10 trades a day this method is not for you


Charles

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  #184 (permalink)
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Charles, I`ve got you, we need a 2nd HH for the uptrend and then we jump in as fast as our account allows - if the remaining conditions are met as well



cjbooth View Post
Exactly which is why you dont take that trade.

A LH follwed by a HL is not an uptrend its a sign of congestion

Wait for the right setups - patience - they will appear but not 10 times a day

You start jumping on every move that looks like it will go and the only thing that will go is your money to somebody else. I've been there and I have learned to sit on my hands and only take the trades with a high probability of success and that one you reference is not one of them.

that is what this method is all about waiting,patience, and discipline. If you need 10 trades a day this method is not for you


Charles


 
  #185 (permalink)
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second HH?

what you mean is on 377 chart?

 
  #186 (permalink)
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you mean me? there is a LL, then LH on which a HL follows ..




supermht View Post
what you mean is on 377 chart?


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  #187 (permalink)
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ZIG ZAG UTC

Does anybody understand why the ZIG ZAG UTC (1,2) doesnt make a LH on the place where I wrote "LH"? I didnt reload the chart etcpp .. with (1,1) there is a LH in place.

It happend at about 11.40 am German time which is 5.40 EDT ..

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  #188 (permalink)
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PowerM View Post
Does anybody understand why the ZIG ZAG UTC (1,2) doesnt make a LH on the place where I wrote "LH"? I didnt reload the chart etcpp .. with (1,1) there is a LH in place.

It happend at about 11.40 am German time which is 5.40 EDT ..

Because you dont have 2 candles making consecutive HH's above the high of the last down bar. There is not a swing on my chart either

Charles

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  #189 (permalink)
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Charles, sorry for going so much into detail, this question is also none that has to be answered immediately: the last down bar in #187 is obviously the red candle. on my chart its high is at .33. the next 2 green candles close at .30. So you mean these 2 bars do not count for ZIG ZAG calculations, as their H is below the H of the red candle, right?
The following 2 bars both close at .36, so there is only one H but on 2 candles. You say that we need 2 HH but we only have one (.36) over 2 candles.
So you think that we would get a swing on ZIG ZAG if one candle had closed at .36 and one on .37!?
Sorry again for asking this question which seems to be quite silly


cjbooth View Post
Because you dont have 2 candles making consecutive HH's above the high of the last down bar. There is not a swing on my chart either

Charles



Last edited by PowerM; June 6th, 2011 at 09:05 AM. Reason: adding the # for the thread I refer on (chart in #187)
 
  #190 (permalink)
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Charles can you please comment on a short set up at 7:14 cst that failed . Can you comment on that


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