I don't trade 6E.....nothing against it I just haven't done it. The reason that I post an occasional 6E chart is that I have friends that trade 6E and I wanted to demonstrate that my approach works on all markets.
That said........the best time to trade any market is when the volume is at its highest. Here's an article that I think sums up currency trading trade times very nicely.
It's a "confluence" of events........on the trade at the open we were looking short because the sling shot and the CCI (50) were clearly showing that we were in a down trend (both red) then the CCI (6) showed the pullback as it rose above the zeroline (turned blue) then returned to the zeroline (turned red).......at the same time this happened the ADX(10) turned blue indicating a trending condition..... put that together with rising selling volume and a JeffDot ( ema 8 turning down) and that constitutes a trade entry for a continuation trade. Once these events occured I entered "at the market."
That's about it.......of course there are other types of trades (counter trend) but I am focusing on trading with the trend. I'm trying to just observe the 1-2-3 reversals and not trade them. Sometimes this is tough........but that is where discipline comes in.......I need more of that !!
Hope that helps, Jeff
Last edited by Jeff Castille; April 8th, 2010 at 01:02 PM.
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cant agree more. i have tried every combination of indicators, bands, timeframes and voodoo dust. and voila, i always come back to a simple set of three moving averages, candles and something i actually live by now, Z trend bars, guess i just like technicolor, lol.
nothing makes it easier for me to follow whats going on then a clean chart focused in on the price action.
i also, have two DOM's setup one for 4+ contracts and one 250+ contracts.
seems to work for me and i think i will soon be setting up a thread of my own.