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My 6E trading strategy
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My 6E trading strategy

  #481 (permalink)
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People who are trading right now need to grow up and pay some regard to support and resistance, I think

 
  #482 (permalink)
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template

CJ, I am really enjoying your thread and trying to follow it accordingly. Is there anyway to post a template of your trading chart. Once again I am really enjoying your thread.

Thanks
Hector

 
  #483 (permalink)
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52 Period EMA


Surly-
Thank you for your post. I have heard of doing this before but have never done it. Great to be able to see where the 1508 is relative to its EMA on the 377 chart. Simply multiply the 13 EMA by 4 to arrive at 52. The multiple of 4 is the relationship of 377 to 1508. Never knew how to do it. Great.


Surly View Post
Hey guys - I put a 52 period EMA on my 377t chart (colored white to match the 13 EMA on the 1508 chart). This has been helpful when focusing on the 377 chart because it is a very good approximation of the level of the 13 EMA on 1508 and shows you about where the 1508 chart is pulling back to relative to its 13 EMA.

Hope it helps.


 
  #484 (permalink)
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forrestang View Post
Haha, well the rule #1 states "1508 must be making HH/HL" for a long trade. I was always under the impression that we would see 1 clear swing back on the 1508, but the smaller 377 chart might show a Double Bottom.

So basically, does the Double Bottom that appears on the 1508, invalidate the trade, as you are no longer making HH's, once that down leg appears (shown on chart)? I keep thinking that we should be making HHs in the uptrend.

One picture is the trade we are talking about. The other is showing a single swing on the 1508, that produced a DT on the 377 (it is not a trade, just illustrative purposes).

The rule is during an uptrend if price makes a lower low on the 377 ticks chart then to consider an entry you need to get a double bottom formation with divergence and price closing above the cloud.

 
  #485 (permalink)
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wireford View Post
Surly-
Thank you for your post. I have heard of doing this before but have never done it. Great to be able to see where the 1508 is relative to its EMA on the 377 chart. Simply multiply the 13 EMA by 4 to arrive at 52. The multiple of 4 is the relationship of 377 to 1508. Never knew how to do it. Great.

Your welcome - remember the relationship is not 1 to 1. The 52p EMA is an approximation - it will not agree to the tick and will sometimes move differently. Watch it for a while and you'll see what I mean. It is great as a reference though and I find it helpful to have on my 377 chart.

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  #486 (permalink)
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trendisyourfriend View Post
To be honnest, i tried to understand your comment here but alas i can't decipher what you mean maybe someone else or if you try to make it more clear. What's the problem you have with double top or bottom in regard to the system presented by Charles ?

Ya, I had a hard time explaining it.

I think I can sum it up with the question........ Are Double Bottoms to be treated the same way that HLs are treated on the 1508 chart, while in an uptrend?

 
  #487 (permalink)
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Not Trading

Traders,

The way the market is moving today this is not what I want for my setups.

The market moves sideways and then just explodes with no tradable pullbacks and when it does it makes lower lows

this resembles a move triggered by short covering rather than true fundamental buying

i will be taking the rest of the day off, see everyone tomorrow

Charles

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  #488 (permalink)
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I really only saw one trade that I liked the look of today and fit the the rules as I understand them.

Was taken out at BE on the trail.

Attached Thumbnails
My 6E trading strategy-prime2011-06-16_115710.jpg  
 
  #489 (permalink)
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forrestang View Post
I really only saw one trade that I liked the look of today and fit the the rules as I understand them.

Was taken out at BE on the trail.

One observation, you were shorting right into support. The potential was somewhat limited even if the rules were respected. If you look on the left side, price made 3 attempts to go lower and it failed to even make a true double or triple bottom. This is usually a sign that demand is still present. In fact, from a demand/supply perspective this was a place to go long but from an auction point of view. I am always hesitant to open a trade in such a risky configuration. Your first question should be, has this trade some merits in terms of potential, are there any obstacles in the way that could compromise it.

Here is a trade setup on the ES that comes close to respecting Charles's rules. We need to live with such ambiguity and be ready to risk a little bit if the potential is appealing.

Attached Thumbnails
My 6E trading strategy-es_weirdconfig.jpg  
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  #490 (permalink)
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trendisyourfriend View Post
One observation, you were shorting right into support. The potential was somewhat limited even if the rules were respected. If you look on the left side, price made 3 attempts to go lower and it failed to even make a true double or triple bottom. This is usually a sign that demand is still present. In fact, from a demand/supply perspective this was a place to go long but from an auction point of view. I am always hesitant to open a trade in such a risky configuration.

Here is a trade setup on the ES that comes close to respecting Charles's rules. We need to live with such ambiguity and be ready to risk a little bit if the potential is appealing.


While I am here a minute what settings are you using on that swing indicator you gave me the zip file for.

When i plot it I get all kinds of crap on the chart

If you could share the indicator settings I would appreciate it

charles


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