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My 6E trading strategy
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My 6E trading strategy

  #651 (permalink)
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forrestang View Post
So my plan was to ONLY take trades that present some type of divergence on the 377 tic chart. No matter if that was a pullback to the 13 OR the 50 EMA on the 1508.

Some thoughts on today.

Posting a chart. Now the first one, I wasn't crazy about it even when it was setting up. This was for 2 reasons, First, I like the pullback to occur right at or near the 13 or the 50 on the 1508. This was kind of in between, in the middle of nowhere. The 2nd thing I didn't like was that the stoch showed the divergence, but occurred well above the 50 line.

On the next trade, I liked, but simply did not take b/c I didn't get my double bottom to the tic. It came within 1 tic of being a DB using either the bodies or the tails to match the bottoms. I have seen several trades go this way, but I wanted to give it some time before I switched up and added in a tic tolerance for double bottoms or tops.

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My 6E trading strategy-prime2011-06-29_074531.jpg  
 
  #652 (permalink)
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forrestang View Post
Some thoughts on today.

Posting a chart. Now the first one, I wasn't crazy about it even when it was setting up. This was for 2 reasons, First, I like the pullback to occur right at or near the 13 or the 50 on the 1508. This was kind of in between, in the middle of nowhere. The 2nd thing I didn't like was that the stoch showed the divergence, but occurred well above the 50 line.

On the next trade, I liked, but simply did not take b/c I didn't get my double bottom to the tic. It came within 1 tic of being a DB using either the bodies or the tails to match the bottoms. I have seen several trades go this way, but I wanted to give it some time before I switched up and added in a tic tolerance for double bottoms or tops.


I would not have been crazy about either of those 2 trades myself. In looking at your chart though I would have been interested around maybe the 5:25 area possibly. see the down candle that comes back to the 13 MA on the 1508, for what I can see in your chart it looks like a strong hidden divergence on the 377.

Possibly you can post what you saw there, I have about an hour I can stay here on the forum if you want to post a possible setup around that time

Charles

 
  #653 (permalink)
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cjbooth View Post
I would not have been crazy about either of those 2 trades myself. In looking at your chart though I would have been interested around maybe the 5:25 area possibly. see the down candle that comes back to the 13 MA on the 1508, for what I can see in your chart it looks like a strong hidden divergence on the 377.

Possibly you can post what you saw there, I have about an hour I can stay here on the forum if you want to post a possible setup around that time

Charles

You must be talking about this one. Definitely a hidden divergence though. I have thought quite a few times about adding in trades with hidden divergence that pullback to the 13. Just not sure though.

What didn't you like about that 2nd trade I posted the first time?

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My 6E trading strategy-prime2011-06-29_080508.jpg  
 
  #654 (permalink)
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forrestang View Post
You must be talking about this one. Definitely a hidden divergence though. I have thought quite a few times about adding in trades with hidden divergence that pullback to the 13. Just not sure though.

What didn't you like about that 2nd trade I posted the first time?

On that 2nd trade on your 1st post the fact that price had made a lower low on both charts would have kept me away from it, I would want to wait for a more definite move that the trend would continue up. I dont really like trades where price is caught between the 50 and 13 MA's on the 1508.

On the 2nd post where you show that re entry where the candle pulls back to the 13 MA on the 1508 I would have taken that, it was a little bit risky but the setup had a lot going for it.

Be careful taking trades until this vote in Greece is over and the market chooses a direction


Charles

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  #655 (permalink)
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forrestang View Post
Some thoughts on today.

Posting a chart. Now the first one, I wasn't crazy about it even when it was setting up. This was for 2 reasons, First, I like the pullback to occur right at or near the 13 or the 50 on the 1508. This was kind of in between, in the middle of nowhere. The 2nd thing I didn't like was that the stoch showed the divergence, but occurred well above the 50 line.

On the next trade, I liked, but simply did not take b/c I didn't get my double bottom to the tic. It came within 1 tic of being a DB using either the bodies or the tails to match the bottoms. I have seen several trades go this way, but I wanted to give it some time before I switched up and added in a tic tolerance for double bottoms or tops.

Hi Forrestang. I am still trying to discern between the good setups and the bad. Of course, its always easier to look at it after the fact. But on your Trade 2, it looks like the 1508 just made a lower high and a lower low. Let me know if I am missing something. Thanks.

 
  #656 (permalink)
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mizzoutrader View Post
Hi Forrestang. I am still trying to discern between the good setups and the bad. Of course, its always easier to look at it after the fact. But on your Trade 2, it looks like the 1508 just made a lower high and a lower low. Let me know if I am missing something. Thanks.

Yes definitely. That is a bit of a mixed bag though to try and explain...... technically it doesn't fit the rules described at the beginning.

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  #657 (permalink)
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mizzoutrader View Post
Hi Forrestang. I am still trying to discern between the good setups and the bad. Of course, its always easier to look at it after the fact. But on your Trade 2, it looks like the 1508 just made a lower high and a lower low. Let me know if I am missing something. Thanks.


You are correct and that is why I say it was a little bit risky. the reason I would have took a shot at it was the 377 had mad a HH on its previous swing unlike the earlier trade where the trigger bar was the 1st candle to make a HH. When I see a CANDLE make the 1st HH I would wait for a retrace back to an area to trade from with a low risk entry.

The 13MA on the 1508 is an area to trade from. I will take this trade usually and put a tighter than usual stop on it.

I wish I could post a chart to illustrate but this will be more clear when I get back next week and hold that training session I have promised all of you

Charles

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  #658 (permalink)
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Hi Charles,

I had a question on entries in certain situations. I was looking at the chart posted by forrestang and had a question about how you enter when the distance between the trigger lines and cloud is too wide. If you look at this chart, the first candle closes above the cloud, but well below the trigger lines. The following candle closes above the trigger lines, and well above the cloud (more than 12 ticks). Would that be a trade you would take? If so, where would you enter and why?


Thanks.

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My 6E trading strategy-prime2011-06-29_080508.jpg  
 
  #659 (permalink)
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Lmess View Post
Hi Charles,

I had a question on entries in certain situations. I was looking at the chart posted by forrestang and had a question about how you enter when the distance between the trigger lines and cloud is too wide. If you look at this chart, the first candle closes above the cloud, but well below the trigger lines. The following candle closes above the trigger lines, and well above the cloud (more than 12 ticks). Would that be a trade you would take? If so, where would you enter and why?


Thanks.


If you would post the high/low range of that up bar that closes above the trigger lines that you reference, as you may know I am out of town and away from my charts so I cant personally see

Also post a shot of the 1508 chart so I can see it as well

Charles

 
  #660 (permalink)
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cjbooth View Post
If you would post the high/low range of that up bar that closes above the trigger lines that you reference, as you may know I am out of town and away from my charts so I cant personally see

Also post a shot of the 1508 chart so I can see it as well

Charles

The screenshot was the one forrestang posted.However, in my charts, the high/low range of that upbar is 1.4371 low to 1.4383 high.

But in general terms, what do you do in cases like this one, where the distance between trigger lines and cloud is wide? Would you take the trade as soon as it closes above the cloud, regardless of where the trigger lines are as long as they are not too wide apart (in this screenshot they were flat)? Or do you wait for price to close above trigger lines eventhough the stop would be quite large? Or do you simply skip the trade and wait for another setup?


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