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My 6E trading strategy
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My 6E trading strategy

  #511 (permalink)
Urban Samurai
Chicago IL
 
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forrestang's Avatar
 
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Long I got, I got a favorable exit as i moved my trail mid bar as it was closing thinking it was showing up. Real exit should have been lower at about 48.

Attached Thumbnails
My 6E trading strategy-prime2011-06-17_071223.jpg  
 
  #512 (permalink)
Trading for Profit
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forrestang View Post
Long I got, I got a favorable exit as i moved my trail mid bar as it was closing thinking it was showing up. Real exit should have been lower at about 44.


Good Job

 
  #513 (permalink)
Trading for Profit
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Just a heads up


Hi,

This pattern that you might think is forming on the 1508 presently cant be an ABCD point C has made a HH

Charles

 
  #514 (permalink)
Elite Member
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cjbooth View Post
you did have the divergence, you had 4 candles with equal body highs forming a nice top coupled with a tripling Stochastic Divergence on those highs.

A candle closing below the cloud knowing you are in a downtrend gave me the confidence to take the trade

If trading was based strictly on rule 1,2,3 I would program my computer to do it on auto and go fishing. Look at the chart and read what it is saying. Yes there was a candle close back inside the cloud, look at volume it is declining showing no strength in the retrace on both charts. granted i was watching that retrace like a hawk but I gave the 55 MA on the 377 and the 50 & 13 MA a chance to hold. Would I have taken a bigger loss if they had not - yes - but thats trading is it not

I have presented in this forum a simple method that can give you and edge to make some money, but it takes more than a 27 page manual to trade successfully. After each trade I ask myself why did this trade or that one not work, there are reason why they work or dont and it takes screen time, and more time to see the whole picture.

I took a trade just like this yesterday and it lost and after the fact I study it and saw why it lost - thats what you have to do

Charles

I think you should tag that trade as an advanced entry, not for beginners. I thought I was the only guy on futures.io (formerly BMT) who traded off of micro divergences like that

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  #515 (permalink)
Elite Member
Quebec
 
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cjbooth View Post
...
If trading was based strictly on rule 1,2,3 I would program my computer to do it on auto and go fishing. Look at the chart and read what it is saying. Yes there was a candle close back inside the cloud, look at volume it is declining showing no strength in the retrace on both charts. granted i was watching that retrace like a hawk but I gave the 55 MA on the 377 and the 50 & 13 MA a chance to hold. Would I have taken a bigger loss if they had not - yes - but thats trading is it not

I have presented in this forum a simple method that can give you and edge to make some money, but it takes more than a 27 page manual to trade successfully. After each trade I ask myself why did this trade or that one not work, there are reason why they work or dont and it takes screen time, and more time to see the whole picture.
...

Charles, i can feel a bit of frustration in your reply. As i said, i was curious to know why you did not close the trade when price closed above the cloud but still below the 55 EMA. At that point the trade was facing some heat. I am the student here so i suppose i am allowed to ask some precision when i see something which breaks one of your rule. Also, i consider each question interesting as i try to look at your approach as a newbie or complete neophyte. How else could i enter into your brain ? Regarding volume on a tick chart, it is much less significant than on a time based interval. In fact, it can even be misleading. I tell you this as i have made extensive tests in that department. If a tick chart would speak volume then i think VSA traders would use that type of bar.

Regarding this short you took, i think this trade was borderline in terms of probability. In fact, it was a risky bet in my book because price had a much higher probability to stop into the balance area defined between 1.4093 and 1.4107 with a middle point at 1.4100. So there was some room for a scalp but if i consider the entry at 1.4119 as given by the 377 ticks chart then we can say you shorted right on a support line (a few ticks in front, that's why you faced some heat). A more secure entry would have been below that level at 1.4113. But at that point the merit of this trade was too small.

Let's look at it using another representation using a 5 minutes interval. Please, don't take offense by this comment as i am only sharing some of my experience.

Attached Thumbnails
My 6E trading strategy-6e_lowprobabilitytrade.jpg  
 
  #516 (permalink)
Elite Member
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Balance Areas?

Are these micro market profiles and where did the support line at 1.4116 come from? Thanks.

 
  #517 (permalink)
Elite Member
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wireford View Post
Are these micro market profiles and where did the support line at 1.4116 come from? Thanks.

1.4116 comes from the previous higher swing Low on the left above the EMA. See my chart where price broke above the EMA(21) then pulledback to it and went higher. The pullback occured at 1.4116 this was acting as support as shown by price action.

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  #518 (permalink)
Trading for Profit
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trendisyourfriend View Post
Charles, i can feel a bit of frustration in your reply. As i said, i was curious to know why you did not close the trade when price closed above the cloud but still below the 55 EMA. At that point the trade was facing some heat. I am the student here so i suppose i am allowed to ask some precision when i see something which breaks one of your rule. Also, i consider each question interesting as i try to look at your approach as a newbie or complete neophyte. How else could i enter into your brain ? Regarding volume on a tick chart, it is much less significant than on a time based interval. In fact, it can even be misleading. I tell you this as i have made extensive tests in that department. If a tick chart would speak volume then i think VSA traders would use that type of bar.

Regarding this short you took, i think this trade was borderline in terms of probability. In fact, it was a risky bet in my book because price had a much higher probability to stop into the balance area defined between 1.4093 and 1.4107 with a middle point at 1.4100. So there was some room for a scalp but if i consider the entry at 1.4119 as given by the 377 ticks chart then we can say you shorted right on a support line (a few ticks in front, that's why you faced some heat). A more secure entry would have been below that level at 1.4113. But at that point the merit of this trade was too small.

Let's look at it using another representation using a 5 minutes interval. Please, don't take offense by this comment as i am only sharing some of my experience.


i welcome your questions & everyone else's, i also value any opinion you have on certain setups that i trade. In your example I think looking at the 5 minute is very good if that is what works for you, I've mentioned before that if you like what I do see if you can make it work for you and sometimes this may be looking at something I dont. there is nothing wrong with that at all. At the same token there if you are looking at other things or indicators I am going to take trades that you dont and you are going to take trades that I dont.

What i try to explain in my post is not only the trade I take it but why I take it. In my replies to your questions it is not my intent to insult anyone but I know sometimes I may attempt to make a certain point.

Charles

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  #519 (permalink)
Trading for Profit
aurora,il
 
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Are u interested

traders,

if there is enough interest I am willing to hold an online Skype conference with any of you concerning my method and how i trade it.

If there is enough interest in you all doing this click on the "thanks" tab and then when I see how many post there are I will schedule say a Saturday morning when we can get together on Skype.

I can group however many traders there are in a group and speak to all of you at once. I also know of a website that you will be able to view my charts on your computer as we talk

Let me know

Charles

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  #520 (permalink)
Elite Member
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great


count me in.

since you introduced this method, my trading performance has been improving....


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