Added August 18 2011 by Big Mike by request of cjbooth:
*** Message from cjbooth ***
I have a request to all traders that would like to ask a question or post a comment on this thread.
Since Mid May 2011 when I first came to futures.io (formerly BMT) with this method I spent a lot of time and work to try to present what I have found to be a profitable way to trade the 6E contract. During the thread I have explained my method in much detail, shown chart examples, tweaked a few things a long the way and eplained the change and why, posted videos, answered every question asked, and even started a free trading room so the traders that spent time and did work to learn my method could take their training to a new level by seeing the trades explained on the right edge of the chart instead of seeing them in a hind sight photo posted on the thread.
As the thread has extended much beyond the length that I ever anticipated many post as late have been way off topic of what I am teaching. I am seeing post that send traders to different indicators, I have seen charts using different times frames, I have seen charts that are not the 6E, and I have seen post that is more like a general chat room that have nothing to do with trading
My request to you out of respect for what I have spent the time and work to present is when you post a question or chart for explanation lets keep the post directly centered on my method so new traders just coming in to my thread will learn from the post and not be confused by all the off topic conversation
Hi, This is my 1st post mainly because if I was going to post something I wanted it to be of great value. I have been trading the 6E this way for several months now with a 73% trading accuracy trading from 3 am to 12 noon central time.
I use 2 charts a 1508 tick chart for trend and price action. It contains the indicators IchiCloud, a 13EMA and the ZIGZAG UTC indicator. Price must be making HH/HL or LL/LH and the retracements must pull back to the MA or the Cloud. I do not trade with price in the middle of no where.
I use the 377 tick to enter trades so as to minimize risk at the entry. The indicators consist of the Ichicloud,Trigger lines,ZigZag UTC,Stochastics,Keltner Channel,and Super Trend. the actual rules are bit complex but also very simple.
See chart examples below If you would like more information reply to this post or you can also find me on Skype at "lazytrader53"
I will try to each day to post my trades - direction & time. This methodology is 98% price action trading, it is as close to trading a naked chart as I think you can get. I will sometimes go the entire day without even considering what the Stochastics is doing as I have entered trades with it over 80 and short below 20. All indicators on the 377 tick are there for timing the entry not making a trade decision. If your curious no I am not entering or exiting a trade based strictly on the Super Trend arrows.
Yes the trading is subjective but is also very mechanical when you know what I look for in the setup. The 1508 chart must set up before considering the 377 for an entry. There is no fun intended when I say that I do not use Fibonnacci lines trying to guess which line will hold and the same goes for floor pivots. Again if that works for you great please continue to use it but those lines have never personally made money for me.
5/20 trades, short @ 5:52, short @8:44,long @10:17, long @12:17 all times are central and each trade achieved my goal of 21 ticks on 2 contracts all in/out - that equates to $525 a winning trade. For today a gross gain of $2100 for 9 1/2 hours of work.
My trading manual explaining the rules and the Indicators I use other than the basic Ninja 7 indicators are on page 3 post#29 of this thread
Last edited by Big Mike; August 18th, 2011 at 09:34 PM.
Reason: did not think attachments would post
The following 104 users say Thank You to cjbooth for this post:
I have to object to that statement. I commend you for sharing, so please don't take offense, but that is pretty far from trading a "naked chart".
If those indicators works for you, that's all well and good, but don't confuse it with PA trading.
The following 2 users say Thank You to Lornz for this post:
I enjoy reading your posts, as it seems you have a good insight into trading.
Your trading style is a bit of an enigma to me however, and I am wondering if perhaps you could detail some of how you trade etc?
If you don't want to give anything away I understand however.
The following 2 users say Thank You to Twiddle for this post:
I don't really want to go into specifics, but I will say that I rely on simple statistical information, Market Profile and a "clean" chart for entries/exit. I have been contemplating writing a more detailed outline of how I approach trading. It seems most on this board are spending too much time trying out various indicators and not enough time trying to understand market mechanics and dynamics. I will try to do it within the next couple of days...
The following 6 users say Thank You to Lornz for this post: