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My 6E trading strategy
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My 6E trading strategy

  #311 (permalink)
Trading for Profit
aurora,il
 
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6/10 short

traders,

As I mentioned in last post concerning the whole #'s, when there is enough room to justify risk/reward into a whole # per your risk tolerance, I emphasize "your risk tolerance" and the setup is perfect take the trade.

When price approaches the whole # if price is showing any rejection, meaning you get reversal bars on the # push the close button and take your 12 ticks. In this example price blew through and hit profit target.

You never know if price will go through or not, you need to decide 1st is the trades setup valid, 2nd knowing the whole # is there is the R/R for you good enough

As you can see by the charts the trade setup that I look for everyday was present

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If not for the whole # this trade had every reason to take it, I did take it but I was not going to allow a losing trade if price rejected the #



Charles

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  #312 (permalink)
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cjbooth View Post

If not for the whole # this trade had every reason to take it, I did take it but I was not going to allow a losing trade if price rejected the #

This is what I mean by "works both ways" - the volume in the June contract was NOT testing a whole number during this trade. The volume in the September contract was testing but with the strong down momentum (which is what Charles' method takes advantage of) the number was in effect "weaker" support than it would be outside of this rollover period.

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  #313 (permalink)
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aurora,il
 
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6/10 2nd trade


traders,

While I was creating the post for my last trade I missed this one. look at the charts is this not the same pattern repeating again. It may not happen as often as you like it to but it does happen everyday at least once on what has been some slow choppy days this week.

If you survive the choppy days and then get 1 good trending day you are set for the week

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If you miss one thats OK just sit back and wait - THERE WILL ALWAYS BE ANOTHER TRADE


Charles

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  #314 (permalink)
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cjbooth View Post
traders,

As I mentioned in last post concerning the whole #'s, when there is enough room to justify risk/reward into a whole # per your risk tolerance, I emphasize "your risk tolerance" and the setup is perfect take the trade.

When price approaches the whole # if price is showing any rejection, meaning you get reversal bars on the # push the close button and take your 12 ticks. In this example price blew through and hit profit target.

You never know if price will go through or not, you need to decide 1st is the trades setup valid, 2nd knowing the whole # is there is the R/R for you good enough

As you can see by the charts the trade setup that I look for everyday was present

Attachment 40690 Attachment 40689

If not for the whole # this trade had every reason to take it, I did take it but I was not going to allow a losing trade if price rejected the #



Charles

Doesn't price have to close below the cloud and trigger lines for a short trade? It seems the entry was before price closed below the trigger lines.

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  #315 (permalink)
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Lmess View Post
Doesn't price have to close below the cloud and trigger lines for a short trade? It seems the entry was before price closed below the trigger lines.

trigger lines were flat - take the trade when the signal triggers in this case. Trigger lines were a non issue on that look

Entry bar closed below spinning top with flat trigger lines

Charles

 
  #316 (permalink)
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Charles - on that trade you just noted (trade 2) the 377 chart closed back within the ichicloud about 6 bars after the entry bar. It would seem to be a breakeven trade following the exit plan of a bar closing back within the cloud prompting exit. In this case the cloud was very thin and the 1508 was still below its 13 EMA. Does anything about the 377 chart in this particular case strike you as reason to stay in the trade past this bar closing within the cloud or do you think there would have been justification for keeping your stop a bit higher? I know that hindsight is 20/20 but I think this is an interesting case of a possible discretionary intervention...

thanks - and please don't take time out to answer unless you're sure you're not looking at a trade setup.

surly

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  #317 (permalink)
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Surly View Post
Charles - on that trade you just noted (trade 2) the 377 chart closed back within the ichicloud about 6 bars after the entry bar. It would seem to be a breakeven trade following the exit plan of a bar closing back within the cloud prompting exit. In this case the cloud was very thin and the 1508 was still below its 13 EMA. Does anything about the 377 chart in this particular case strike you as reason to stay in the trade past this bar closing within the cloud or do you think there would have been justification for keeping your stop a bit higher? I know that hindsight is 20/20 but I think this is an interesting case of a possible discretionary intervention...

thanks - and please don't take time out to answer unless you're sure you're not looking at a trade setup.

surly

I recommend using my trailing stop technique when your risk tolerance allows

Charles

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  #318 (permalink)
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Charles in second trade you showed hidden divergence which did not show up on my 377 charts. It showed double top at price and equal height tops at stochastic. I am using ninja default stochastic indicator set to 3,9,3. Both fast and slow produced equal heights when compared to price double tops. Do you use fast stoch for hidden divergence. Thanks

 
  #319 (permalink)
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masood chughtai View Post
Charles in second trade you showed hidden divergence which did not show up on my 377 charts. It showed double top at price and equal height tops at stochastic. I am using ninja default stochastic indicator set to 3,9,3. Both fast and slow produced equal heights when compared to price double tops. Do you use fast stoch for hidden divergence. Thanks

I only use the slow stochastic - its smoother

Why your charts are that much different I cant explain, are you watching the September contract

 
  #320 (permalink)
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Yes I changed to September this morning. It probably is trading technology tick difference. Thanks


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