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My 6E trading strategy
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My 6E trading strategy

  #811 (permalink)
Market Wizard
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supermht View Post
perfect entry at 9:49 CST 21 gain

2011-07-08_0958 - supermht's library

did you code lh/hl text for zigzag indicator?

 
  #812 (permalink)
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SeeTrader View Post
I have question about the stop on the 9:50 trade. After the low of that up bar at 9:53 is taken out isn't the stop moved a tick or two above that up bar? My chart has a high of 34 on that up bar and so the stop would be at 35 or 36 which would have been taken out with about a 3 or 4 tick profit before the market dropped.

I'm not too clear when to tighten the stop.

Thanks!

According to one of the posts (post # 42) that trendisyourfriend posted, your placement of the stop was correct, the first upbar after entry was the one at around 9:52 CT. Once the low gets taken out you could move the stop to a tick or two above the high of that upbar. That would be my interpretation of what was mentioned in that post.

However, it depends on what you consider to be a pivot. The upbar at 9:52 did not take out the high of the prior downbar, so in my personal interpretation of price action, I would not consider that to be a pivot. So in my opinion, the stop would move for the first time after the low of the 9:57 bar gets taken out, as that is the first bar to take out the low of the series of upbars which made higher highs in relation to the previous bar. I repeat, this is my interpretation of price action. Now, had I been able to withstand a 14 tick retracement? That's a different (psychological) subject.

Maybe Charles will tell us how he managed his trade.

Attached Thumbnails
My 6E trading strategy-0708stop.jpg  
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  #813 (permalink)
Trading for Profit
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7/08 video


Traders,

here is my video presentation for Friday 7/08,2011

Click here to watch

http://www.anymeeting.com/tradingmymethod/E159DC8287

While I was creating the video I see some questions came in concerning trade management and being bored

1. The video will explain how I manage a trade, but let me stress that how I do it and how you do it may not be the same due to your risk tolerance and how much money you trade with. I can only share how I trade and that is no way telling you how to do it - this has to be your decision, there is no wrong way or right way to do it as every trade carries with it the risking of your hard earned money

2. As far as what I do when no trades are occurring, the main thing I do is convince myself to trust the method and not get caught in choppy market. When the setups are not occurring tell myself this is not right get your hand off the mouse and wait. rarely does a day go by that I dont get at least 1 trade, I usually get at least 2 but it requires a lot of discipline and patience to wait for the market to come to you and not get anxious to trade. When it gets too boring and my vision begins to blur or I get distracted I will completely walk away from my office area for 5 - 10 minutes and just clear my mind. Thats all you can do because if you start to force trades bad things will happen. This is not a 20-30 trade a day scalping method - it is a very conservative trend trading method that will produce very high profitability trades


Everyone have a great weekend, if you have any questions be sure and post them here on the forum for all to learn as I check in & out of the forum during the weekend

Talk/ chat with you all Monday

Charles

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  #814 (permalink)
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Nice Trade


masood chughtai View Post
There was no heat at all. I could not find anything against the trade in either chart. But what surprised me the most was that right after the 21 tick fill, the price went up

Nice trade Masood, I also took this trade looks like studying Charles video's are paying off for us Thanks Charles I realize the videos take alot of doing but I for one much appreciated them.

BB Flashback express is a free download that lets me record my screen while watching Charles videos. I can then replay later at my leisure.
Cheers Sam

 
  #815 (permalink)
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no


cory View Post
did you code lh/hl text for zigzag indicator?

it is an option within priceactionswing

 
  #816 (permalink)
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Nice trade


supermht View Post
perfect entry at 9:49 CST 21 gain

2011-07-08_0958 - supermht's library

Hey nice lines on the chart "supermht"... !!! where do them come from LOL!!!!

Just kidding

Bugs

 
  #817 (permalink)
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haha

you know it, Bugs, all from your number

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  #818 (permalink)
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Just playin with ya


supermht View Post
you know it, Bugs, all from your number


Im just kiddin.. you know that... you didnt share your profit story... kiddin again


goodluck trading

bugs

 
  #819 (permalink)
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Lmess View Post
According to one of the posts (post # 42) that trendisyourfriend posted, your placement of the stop was correct, the first upbar after entry was the one at around 9:52 CT. Once the low gets taken out you could move the stop to a tick or two above the high of that upbar. That would be my interpretation of what was mentioned in that post.

However, it depends on what you consider to be a pivot. The upbar at 9:52 did not take out the high of the prior downbar, so in my personal interpretation of price action, I would not consider that to be a pivot. So in my opinion, the stop would move for the first time after the low of the 9:57 bar gets taken out, as that is the first bar to take out the low of the series of upbars which made higher highs in relation to the previous bar. I repeat, this is my interpretation of price action. Now, had I been able to withstand a 14 tick retracement? That's a different (psychological) subject.

Maybe Charles will tell us how he managed his trade.


Here is something i have begun to test for trailing my stop. I use a very clean 3 RangeNoGap chart beside the regular ones (1508/377). As indicator i use the PriceActionSwing(2, standard) and the TriggerLines(20,5) to gauge if momentum is still intact. Each time a new swing is forming i trail my stop. This removes any form of ambiguity and i get a precise price level where to move it. As you'll note, price is hidden on this chart because i use it for one purpose only, ie, knowing when to move my stop.

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My 6E trading strategy-stop_loss_management.jpg  
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  #820 (permalink)
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I've had to remove most of the ambiguity from my exit as well. What I've been doing is trailing my stop 2 tics beyond the super trend UNTIL i get to BE+1. At that point, I then begin to trail on reversal bars as described early on and ignore the supertrend.

That trade today Charles posted, I would have been tic'd out. But there were of course other times when it kept me in just right.

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