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My 6E trading strategy
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My 6E trading strategy

  #331 (permalink)
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cjbooth View Post
To take the trade on the close of the previous bar you are

2. it is the 2nd candle to close below the trigger lines, which increases the likelihood that the trigger lines will turn


charles

Thanks.

I guess this is what makes the difference in this setup.

Edit: I just received your PM where you say you prefer I just "leave your thread" :s Sorry if I offended you in any way. I was just looking at other methods of trading as my current strategy gives me lots of time to watch other charts.


Last edited by Lmess; June 10th, 2011 at 03:01 PM.
 
  #332 (permalink)
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Charles have you looked into doing something to straight up/ down moves like happening right now such as 123 or ross hook type set ups whereas cutting stop and profit targets to 5/10 ticks etc. Thanks

 
  #333 (permalink)
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masood chughtai View Post
Charles have you looked into doing something to straight up/ down moves like happening right now such as 123 or ross hook type set ups whereas cutting stop and profit targets to 5/10 ticks etc. Thanks


1. the method I trade makes enough money for me. I'm currently not intrested in finding a method to take more trades. When I hunt for multiple way's of how to trade I will make mistakes

2. I do not and will not scalp trades. the r/r is horrible and you are over trading when you do

Charles

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  #334 (permalink)
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cjbooth View Post
Traders,

I wont be taking any more trades today, I dont like trading after 11 a m on Friday's

I will be in & out of the forum here over the weekend so if you have any questions post them and I will answer them as I see them

I continue to thank all of you for the continued following of the thread. I feel if you truly commit to this system and do some screen time live and after hour study you will be successful with this


Have a great weekend


Charles





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  #335 (permalink)
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Divergence

Charles,

It seems like your system works on other instruments too as long as I follow the rules very strictly.

While I tried to backtest,,,,I'm not clear on 2 things.

First one is about divergence.

You need to see divergence on 377 chart EVERYTIME or only for DOUBLE Bottom/Top?

I know you always draw divergence lines in your post but in your rule book you didn't point it out in every examples.

Another question is about Rule #4.

For a long entry, as long as the entry bar is NOT under WIDE SPREAD RED trigger lines OR it closes above

cloud, spinning top, doji, hammer then you take the entry?

You don't have to wait till bar closes above BLUE trigger lines?

For short entry, it's the other way I assume.

Lastly please confirm the entry bars for your long entry examples #1 and #3 in your rule book.

Are they #2 bar in example 1 and #5 in example 3?

Just wanted to clarify since I plan on looking at A LOT of candles this weekend.

(it's ok if you don't reply this weekend. I have next weekend just like good setups)

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  #336 (permalink)
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filter trades using volume

Hi Traders,

I hope you are enjoying your weekend, I am sitting in front of my computer studying charts (which is what I enjoy) while it is a balmy 58 degrees and cloudy out side Chicago

I would like to post a session here about using volume on the 1508 chart as a filter to considering a pullback valid enough to take a trade on the 377. Now be clear no rules are changing as far as when I even consider a trade I still must have a HH or LL follwed by the retrace to the MA or cloud - so please no questions about changing rules every rule is still very much the same.

What we want to do with volume is as price is pulling back to the MA or cloud we want to watch the volume. In an uptrend when price is pulling back after a HH we want volume declining as it pulls back, this shows us there is little interest in selling the market and this is just profit taking. The opposite will be true in a downtrend, after a LL and price retraces we want volume declining as it approaches the MA or cloud - again this is not true buying it is likely just profit taking


I will show some charts from yesterday to illustrate - do not be alarmed by the color change of the charts. I have recieved a couple of request from traders to change my chart to a white background to save you all printing ink. So in order for the chart to be viewable I had to change the color of some of the indicators so they would show up on white background, obviously a white colored Keltner channel would not be good on a white chart



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Study your charts - i believe this will be beneficial in your trading.

If volume increases during the retrace you would consider not taking the trade as this can be an early indication that the market movers are attempting to reverse the trend.

Charles

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  #337 (permalink)
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kalalex View Post
Charles,

It seems like your system works on other instruments too as long as I follow the rules very strictly.

While I tried to backtest,,,,I'm not clear on 2 things.

First one is about divergence.

You need to see divergence on 377 chart EVERYTIME or only for DOUBLE Bottom/Top?

I know you always draw divergence lines in your post but in your rule book you didn't point it out in every examples.

Another question is about Rule #4.

For a long entry, as long as the entry bar is NOT under WIDE SPREAD RED trigger lines OR it closes above

cloud, spinning top, doji, hammer then you take the entry?

You don't have to wait till bar closes above BLUE trigger lines?

For short entry, it's the other way I assume.

Lastly please confirm the entry bars for your long entry examples #1 and #3 in your rule book.

Are they #2 bar in example 1 and #5 in example 3?

Just wanted to clarify since I plan on looking at A LOT of candles this weekend.

(it's ok if you don't reply this weekend. I have next weekend just like good setups)


You dont always need the divergence on some signals that will usually occur in strong trending markets. You must have a divergence if the ZigZag makes a HH/LL during the retracement coupled with a double bottom or top, waiting for this will prevent some false signals. If the ZigZag makes a HH/LL during the retrace and price continues to move higher or lower you just saved yourself a losing trade

The trigger lines are a very much discretionary part of my method. As you study the charts look at signals that you thought should work and then look at the trigger lines at the entry point. When they are spread apart excessively and 1 candle closes inside or above them the move generally fails. Like I mentioned evaluate this while studying your charts. there is no set rule about how wide is wide its just a pretty good discretionary filter

As far as trading other markets I have not personally looked at doing that but I have heard from 3 other traders that this system is working very well on the S&P using the same time frames

Charles

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  #338 (permalink)
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Charles,
I am not sure with this trade, could you pls give any comments.
Thank you in advance.

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My 6E trading strategy-13-06-2011-16-21-45.png   My 6E trading strategy-13-06-2011-16-23-55.png  
 
  #339 (permalink)
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vladleb View Post
Charles,
I am not sure with this trade, could you pls give any comments.
Thank you in advance.


GM,
granted that was a HL you traded off of. It was a high risk trade in that on both charts the retracement came under the bottom of the cloud. Sometimes these setups work but was not the look I like.

Todays market is once again slow and choppy which is really no surprise with a lot of the European banks closed

Charles

 
  #340 (permalink)
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waiting & waiting


Hi Traders,

what a slow day going on.

this 1508 chart is the exact size of the chart I look at everyday. When the market has been open for this long and you can still see back before midnight on the time scale you know this is not going to be much of a day.

Sometimes when the mornings are this slow we will get a nice move in the afternoon. It is important to get away from the computer for awhile and not get trapped in this chop. there will be moves this week and every week be patient and wait

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Charles


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