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My 6E trading strategy
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My 6E trading strategy

  #201 (permalink)
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masood chughtai View Post
Charle please comment on a long set up at 10:35 cst. Thanks

the signal by the rules was valid, the market is just not showing any momentum today that will produce follow through on the trades. See my "Stay patient " post

Charles

 
  #202 (permalink)
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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

I thought the only rule for the 377 chart was that it could not make a lower low before a trade sets up (rule #6) which in this case, it does not. It makes a LH followed by a HL, there is no LL, that is why I considered it a valid setup.


In this chart you posted as an example of a valid entry, you took an entry when price was coming from a triple top, no HH had been made and it was coming from a LL with divergence.

As for the trigger lines being to wide apart, what do you consider to be too wide? 3 or more ticks between them? Establishing a parameter for too wide would help us as otherwise what might seem wide to you, might not seem wide to me or to others.

On the second example I posted, the chart made a LL in the retrace, but made a HL on the candle preceding the entry. So at the time of the entry, the chart would have shown a HL. From a price action standpoint, during a retrace, price will most likely make LL as it is retracing unless during the retracement there are no small swings but one consistent downmove.

Attached Thumbnails
My 6E trading strategy-6e-06-11-377-tick-5_27_2011.jpg   My 6E trading strategy-06032.jpg  

Last edited by Lmess; June 6th, 2011 at 01:51 PM.
 
  #203 (permalink)
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cjbooth View Post
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.

Many people say this thread:
https://futures.io/elite-circle/3506-elusive-price-action-how-trade.html

Which is over 100 pages and 1,000 posts, is one of the best threads they've read on futures.io (formerly BMT) - and it is devoted to understanding price action. No indicators, just price. Most posts contain marked up charts, there are also several videos.

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  #204 (permalink)
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Another tight range

GM Traders,

We are once again stuck in a very tight morning range. We can not break these highs or lows and until we do its not going anywhere fast.

All we can do is be patient and wait

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Charles

For those who stuck around through the messy day yesterday there was a good short at 2:10 CST in the afternoon - curious to see let me know if anyone caught that

 
  #205 (permalink)
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Yesterday @ 2:10 CDT

I see the 377 gave a short signal, but I must be missing something since it appears that the 1508 was not right.

 
  #206 (permalink)
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Charles please comment if this is ABCD formation on 1508. Thanks

 
  #207 (permalink)
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deanoky View Post
I see the 377 gave a short signal, but I must be missing something since it appears that the 1508 was not right.


Here is the look of the 1508 yesterday afternoon when the 377 showed the short signal

If your chart does not look like this make sure you have the "session template" set to "CME FX Futures ETH" in the data series control window

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Charles

 
  #208 (permalink)
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masood chughtai View Post
Charles please comment if this is ABCD formation on 1508. Thanks


Masood - please post a chart so I know where you are looking at and then I will comment

 
  #209 (permalink)
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cjbooth View Post
Here is the look of the 1508 yesterday afternoon when the 377 showed the short signal

If your chart does not look like this make sure you have the "session template" set to "CME FX Futures ETH" in the data series control window

Attachment 40358

Charles

Duhhh! My mistake, I was looking 2 days back instead of yesterday. No wonder I have trouble with my trading, lol.

 
  #210 (permalink)
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