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My 6E trading strategy


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My 6E trading strategy

 
 
monpere's Avatar
 monpere 
Bala, PA, USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus, IB
Trading: SPY, Oil, Euro
Posts: 1,854 since Jul 2010
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cjbooth View Post
Hi traders,

As evident by my last post patience and discipline to wait - wait - wait will take care of you

look at 1508 chart
#1 price went above the red cloud giving the signal for a potential trend reversal trade - refer back to trading manual
#2 Cloud held the retracement - this is where you immediately go to the 377 chart for a proper trade entry

Attachment 39948

377 chart

#1 market making higher highs
#2 hidden divergence compare with point #3
#4 up candle closing above Doji, I entered a market order as candle went into the trigger lines, I do this only on strong signals

this is a very powerful trade that is fueled by traders who are short covering their position which adds fuel to your long trade as their stops are taken out

Charles

On the 1508 chart, at point #1, what rule are you referring to in the manual? Since we are not making a HH, I would not think there would be an entry there.


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cjbooth
aurora,il
 
Posts: 319 since Aug 2009
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monpere View Post
On the 1508 chart, at point #1, what rule are you referring to in the manual? Since we are not making a HH, I would not think there would be an entry there.


Before reloading my charts accidently I knew there was a ZjgZag swing on my 1508 chart at around 10:24 which meant that a close above 1.4425 the Zig ZAg would be making highs.

If you have not changed anything on your chart causing the chart to reload check your 1508 chart and see if that swing is indeed there.

I had made a note of that swing on paper because it was there before the chart reloaded, but once it reloads you can't get it back Ninja & tick charts

Charles

 
cjbooth
aurora,il
 
Posts: 319 since Aug 2009
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GM Traders

we are seeing very slow choppy price action this morning ahead of the NFP release at 7:30 cst. this is very normal as traders dont want to commit ahead of that #

trading my method as you know by now requires patience & discipline to wait for the proper setup.

When this news release comes out I have seen in previous months over 100 candles print on the 377 in less than 3 minutes. I personally cant make sound trade judgements when the market is moving that fast - so I will be very cautious ,let the market slow down and choose its direction

Then I will look for my trade signals

Good trading
Charles

 
arbitrage
Denver
 
Posts: 3 since Jan 2011
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Very interesting system. Looks really good. Thanks for sharing it.
Arbitrage

Thanked by:
 
cjbooth
aurora,il
 
Posts: 319 since Aug 2009
Thanks Given: 134
Thanks Received: 1,405

Hi Traders

my 1st trade today was a 9 tick loser - see here

I at the time thought I was seeing a hidden divergence on this swing as price on the 1508 pulled back to the MA at 7:59 cst.

See how I have the hidden divergence marked on the Stochastics - what I did not see was that last up candle made a higher high see black horizontal line and the candle with the 3 red arrows.

So since price made a higher high the stochastic higher high was not a divergence



this was an expensive lesson for me but it goes to show the importance of staying focused and not get tunnell vision. You/I need to see the entire picture and unfortunaley when the market teaches you/I a lesson it cost a tuition fee

So OK I lost 9 ticks, I 1st ask myself what did I miss, I see the mistake and write down on my journal so not to make that mistake again hopefully.

This trade is now over forget it and wait for the next one


Charles

 
cjbooth
aurora,il
 
Posts: 319 since Aug 2009
Thanks Given: 134
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Hi Traders.

this is my 2nd trade today which was when paying attention is the classic look that I want

See the 1508 chart price pulls back to the MA after a higher high



Now see the 377 chart which I have marked with text instead of the # system I have been using to hopefully make my trades in the future easier to understand as you open the picture

See where I got in (text & green arrows) see the hammer bar in front of the entry bar sitting right on the Keltner Channel, this is where the 1508 candles were sitting on the MA.

You may also notice the move is originating initially off the 55 EMA but I want to be careful not to enter too early

As the entry bar explodes through the trigger lines I jump the entry on the candle, as you get more experienced trading this system you will gain the confidence as to know when to do that as waiting for the candle to close may have been too much risk.

had you waited for the close the move still made 21+ ticks

Notice looking at the text when and where I manually trailed my stop until the trade hit target at 1.4553



Charles


While I was creating this post and being done trading for the week there was another long trade at 9:23 cst on the 377 with the 1508 confirming the pullback - test yourself and see if you see it - if not reply to this post and ask me for clarification

 
cjbooth
aurora,il
 
Posts: 319 since Aug 2009
Thanks Given: 134
Thanks Received: 1,405

Hi Traders,

just to give you a quick over view of the effectiveness trading this system I will show the summary of my trading for the week -


Winning trades 9 totaling 129 ticks
Losing trades 5 totaling 42 ticks

weekly gain 87 ticks.

It was not an exceptionally great week due to the holiday and a lot of untradable vertical moves, but a positive week non the less

Have a great weekend

Charles

 
cjbooth
aurora,il
 
Posts: 319 since Aug 2009
Thanks Given: 134
Thanks Received: 1,405

Traders,

I want to say thank you for showing interest in my trading method. When I started this thread a couple of weeks ago I never imagined that it would draw the amount of interest that it has.

My main purpose of this thread was I'm sure some if not a lot of you are tired of losing money and are looking for a system that works most of the time. My goal is continuig this thread and if I can show you or teach you something that reverses your trading fortune then what I am doing is worth every minute of my time.

If what I am showing helps just 1 trader it is worth it

As I sign off for the day/week if you have any suggestion or would like to see/hear more explanation concerning my method by all means reply to this post and next week I will try to address your wants


Charles

 
 
kronie's Avatar
 kronie 
NYC + NY / USA
 
Experience: Advanced
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Trading: EMD, 6J, ZB
Posts: 796 since Oct 2009


cjbooth View Post
here you go Rick

Attachment 39961

here it is without the audio alert

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 masood 
san antonio texas
 
Experience: Intermediate
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Charles your trading method has been very helpful and the way you explain the set ups makes it exceptional. Can you please explain about 1508 retracement. For example long set up today at 9:23 cst. At 9:16 cst after candle closed ,it showed retracement to 13 ma and zig zag drew a down leg. Now do we wait for next candle to be completed and close higher or do we wait for zig zag to draw an up leg before we go to 377. Thanks


 



Last Updated on October 5, 2011


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