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My 6E trading strategy
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My 6E trading strategy

  #901 (permalink)
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forrestang View Post
If anyone has other instruments they've been watching, along with what settings for the chart resolution, I'd be interesting in hearing WHAT you use, and WHY you've chosen that setting.

Example, I've been looking at the CL, and the 1508/377 combo appears to provide a similiar frequency of signal as the 6E. Along with that I am looking at stop/target of 13/25 tics. Also, instead of giving it a minimum of 2 tics within a SR level like 6E, I'm willing to give it 4 tics based on the way CL moves. Everything else is the same (not looking for changes in settings indicators, just chart resolution and why).

I didn't mess with the TF, but I did bring it up quickly. The 1508/377 looks fine, but it was a completely different frequency of signal, in that 1508 tics on TF doesn't bring up as many trades due to the volatility of TF compared to CL or 6E.

The reason I mention is because Charles mentioned the other day there is a certain 'look' that provides the best opportunities. I think for me personally, it would be nice to tune my eye to 'that look.' This particular 'look' happens every once and a while, and once one could recognize this 'look' easily, deploying it across a few instruments might make trading a bit easier. There are valid trades without 'the look,' but for me I would like to have the option to look just for that one type of pa.

'The Look' was basically price remaining above/below the cloud in an obvious trend. The cloud will also have some fatness to it. Basically anytime price goes more than a few tics into the cloud, the look dissapears.

In the case of price coiling, or not really being in that obvious trend.... when it starts to move in one direction or another, waiting for 'that look' could make things easier.

Here are two different instruments over the same period. I tried to mark off the areas with 'the look' in green, and the other areas where price isn't in that obvious trend mode in red.

Interesting. This is the way I trade. I have been calling that 'look', setup 'pictures'. I trained my eye to see the set of rules of my setup as a picture, that I can recognize instantly. So, then I can watch 3 or 4 uncorrelated markets, and instantly recognize setups in any of them.

As the system in this thread seems to be a trend following system (as every pullback system is), I think it should be equally easy to follow multiple uncorrelated markets. If you would develop a rule to determine if a market is in the proper trending mode (I personally use 20/50/200MA stack), then it that market is not trending properly, then you can just ignore it, and focus on any market which is in that mode.

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  #902 (permalink)
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forrest,

I don't know if you've actually been trading this with CL, but while the 1508 'looks' fine, the 377 seems like it could chop you up quite a bit - the full stop may hold, but I'm not sure of the rule about exiting on a close back in the cloud, as the CL 377 seems to exit and re-enter quite often. I think CL may need more wiggle room.

 
  #903 (permalink)
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monpere View Post
Interesting. This is the way I trade. I have been calling that 'look', trading setup 'pictures'. I trained my eye to see the set of rules of my setup as a picture, that I can recognize instantly. So, then I can watch 3 or 4 uncorrelated markets, and instantly recognize setups in any of them.

As the system in this thread seems to be a trend following scalping system, I think it should be equally easy to follow multiple uncorrelated markets. If you would develop a rule to determine if a market is in the proper trending mode (I personally use 20/50/200MA stack), then it that market is not trending properly, then you can just ignore it, and focus on any market which is in that mode.

Exactly!!! And I plan to work on it this weekend, but I can script "The Look." So I'll come up with an aid to point out when "The Look" is occurring. Even something we can put into market analyzer and have it pop up on various uncorrelated instruments. Not that it will point out trades or anything, but you can easily define this obvious trend I think.

Then it's just a matter of finding the chart settings that give the 'frequency of signal' that the trader wants.

 
  #904 (permalink)
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futuretrader View Post
forrest,

I don't know if you've actually been trading this with CL, but while the 1508 'looks' fine, the 377 seems like it could chop you up quite a bit - the full stop may hold, but I'm not sure of the rule about exiting on a close back in the cloud, as the CL 377 seems to exit and re-enter quite often. I think CL may need more wiggle room.

I know what you mean, but I don't use the 'close inside cloud' for an exit. I think CJ applies a bit of discretion on his exits. I couldn't do this, so for a while I've been using a pretty mechanical way to exit. So CJ's exits will likely be better than mine most of the time, but it's a trade off.

One advantage to CL, is that it MOVES and doesn't backfill as much. I think it backfills less than 6E. I think it will likely move out directly to its target quickly as long as that obvious trend has set in, and you can get a fill.

 
  #905 (permalink)
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forrestang View Post
Exactly!!! And I plan to work on it this weekend, but I can script "The Look." So I'll come up with an aid to point out when "The Look" is occurring. Even something we can put into market analyzer and have it pop up on various uncorrelated instruments.

Then it's just a matter of finding the chart settings that give the 'frequency of signal' that the trader wants.

This is what I tried to mention a few posts back when someone added a sound alert to the zigzag. I said, how about instead of adding an alert to the zigzag swing high/lows, add an alert to a 1508 zigzag HH followed by a retracement to the MA or cloud. That way you don't have to keep your eyes glued to one chart (or any chart), you are alerted only when you are getting a potential setup.

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  #906 (permalink)
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monpere View Post
This is what I tried to mention a few posts back when someone added a sound alert to the zigzag. I said, how about instead of adding an alert to the zigzag swing high/lows, add an alert to a 1508 zigzag HH followed by a retracement to the MA or cloud. That way you don't have to keep your eyes glued to one chart (or any chart), you are alerted only when you are getting a potential setup.

All sounds like a good idea. And you can create custom .wav files that say "6E", or "CL" or whatever for each instrument, that way you can instantly focus on the proper instrument.

 
  #907 (permalink)
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monpere View Post
This is what I tried to mention a few posts back when someone added a sound alert to the zigzag. I said, how about instead of adding an alert to the zigzag swing high/lows, add an alert to a 1508 zigzag HH followed by a retracement to the MA or cloud. That way you don't have to keep your eyes glued to one chart (or any chart), you are alerted only when you are getting a potential setup.

That was me. I've switched to the PriceActionSwing indicator with voice synth. I'll probably do alerts for HH/HL and LL/LH sequences. I think if you wait for the touch you might not have much time to really look at the setup before you have to act. You can also use the PAS in the Market Analyzer to glance at the status of multiple instruments.

Edit: with voice synth you don't need custom .wav files, it just reads the instrument name.

 
  #908 (permalink)
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futuretrader View Post

Edit: with voice synth you don't need custom .wav files, it just reads the instrument name.

Way cool.

Pardon my newb-ness.

 
  #909 (permalink)
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Saturday Webinar

Hi trades

I am enjoying my day off that I really needed, but still looking at my charts ... just cant get away

If you are interested/available I have set up a training webinar for tomorrow at 10 am cst

I would like to discuss a possible technique that could provide more trades with my method while keeping losses small and having much bigger winners.

I would like as many traders input on this as posiible but i understand with such small notice you may not be available

If you are click this link to register

http://www.anymeeting.com/PIID=E955DF87864C


Charles

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  #910 (permalink)
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forrestang View Post
I know what you mean, but I don't use the 'close inside cloud' for an exit. I think CJ applies a bit of discretion on his exits. I couldn't do this, so for a while I've been using a pretty mechanical way to exit. So CJ's exits will likely be better than mine most of the time, but it's a trade off.

One advantage to CL, is that it MOVES and doesn't backfill as much. I think it backfills less than 6E. I think it will likely move out directly to its target quickly as long as that obvious trend has set in, and you can get a fill.

Yes, that's the great advantage of CL. If you've caught the momentum you can hit a 20-30 tick target almost at once. But if you're even a bit early, it can move 13 ticks to collect stops in an instant - another trade-off.


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