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Trading the 6E Old School, With a Twist
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Trading the 6E Old School, With a Twist

  #191 (permalink)
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There's no School like the Old School

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Charles Darwin



It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.
Charles Darwin



eminitrdr View Post
Cashish has taught me many elements of the Old School trading method.

For readers of this thread, don't be fooled. IMO, @eminitrader is the real deal, he has done the work of finding his personal "style." He took the middle out of the method described in this thread and made it his own. As Darwin said, "It is the one that is the most adaptable to change," (that survives). He (eminitrader) is a unique individual and harbors a drive to succeed at trading that is relentless, I believe he's going to go far in this business.

My trading style like most "market survivors" has definitely evolved over time and I always keep an eye out for ways to improve my results. Subtle changes over time can mean thousands of dollars in profits. If by some twist of fate readers find my ramblings useful to their own trading don't overlook the value of "making it your own." What I mean by this is don't look for a cookie cutter trading system, put your fingerprints on it and make it yours. I believe there are many ways to successfully trade the markets, but the method has to fit your individual belief system (personality).

I hope we hear more of eminitrader in the future, he might not know it, but he has a lot to offer us.

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  #192 (permalink)
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Cashish View Post
[center]There's no School like the Old School


For readers of this thread, don't be fooled. IMO, @eminitrader is the real deal, he has done the work of finding his personal "style." He took the middle out of the method described in this thread and made it his own. As Darwin said, "It is the one that is the most adaptable to change," (that survives). He (eminitrader) is a unique individual and harbors a drive to succeed at trading that is relentless, I believe he's going to go far in this business.

My trading style like most "market survivors" has definitely evolved over time and I always keep an eye out for ways to improve my results. Subtle changes over time can mean thousands of dollars in profits. If by some twist of fate readers find my ramblings useful to their own trading don't overlook the value of "making it your own." What I mean by this is don't look for a cookie cutter trading system, put your fingerprints on it and make it yours. I believe there are many ways to successfully trade the markets, but the method has to fit your individual belief system (personality).

I hope we hear more of eminitrader in the future, he might not know it, but he has a lot to offer us.


those are some kind words, and its good to see someone give credit to someone else, on these threads..

too often sarcasm, quick assessments and fast conclusions of the negative kind pepper conversations, as if someone were selling something and pestering others....

because of the kind words, I'm going to give attention to this thread, and see if I too can't get something beneficial from this useful thread.

on behalf of myself (and presumptuously others too), thanks!

good trading to you (too!)

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  #193 (permalink)
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PREP Work


Just the beginning of my PREP work for my early Monday EU session trading.

Try to visualize where price wants to go and what YOU need to see to get onboard.

Where are the high volume areas and do they align with any trend reaction numbers?

Embrace the uncertainty and CONTROL your RISK.

emini

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  #194 (permalink)
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There's no School like the Old School

A Self-Fulfilling Prophecy?

A common occurrence in trading that is often linked to Market Voodoo is the notion of a self-fulfilling prophecy. In trading, I believe a self-fulfilling prophecy is basically a prediction that comes true due to traders aligning their actions (behaviors) with a common belief. Since the market is made up of masses of traders with completely different beliefs, it is no wonder such phenomena are often labeled Voodoo. But if there are one thousand traders that believe this equals that, the result will be much different than ten traders believing this equals that. I believe self-fulfilling prophecies are real in today's market, I also believe some of them offer trade-able opportunities.





Following the Herd

Thread after thread and post after post describe the ongoing search many traders trudge looking for that one sacred indicator originally chipped into a stone tablet then transported through space and time by aliens from another planet and ultimately left on the doorstep of Goldman Sachs. You know of what I speak, the holy of holies, the one indicator that enlightens traders to the forthcoming market conditions . It identifies before the day's trading begins, trending markets and range bound markets. It lets traders know before the next tick, whether they should prepare to trade in chop or in a choppy market, or chop suey, or pork chops, or in a chopped topped automobile, I believe (but I'm not sure) it even answers the question, "How much wood a woodchuck could chop if a woodchuck could actually chop wood?." I'm sure it exists (I read it on the internet), so keep looking and good luck with that.



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Following the (other) Herd

I've never actually seen that indicator, but I have found an indicator that many people use in many different markets. It's not a red light green light indicator but when used with a little common sense it does very well identifying market conditions, it is a simple 20 period moving average. I want to back peddle here and resurrect the theory of a self-fulfilling prophecy. I have a few trading buddies, one trades oil, another the Mini Dow, they both swear by the 20ma and they both use 5m bars on their charts. Some like the EMA and some the SMA, some use the close some the OHLC/4, my point is the 20 period ma is used by a lot of traders (herd). Another spooky Voodoo-ish thing about the 20ma is it works pretty good on a daily chart as well. I think "that Bar by Bar guy" uses the 20ma too. I trade the 6E and noticed price respects the 20ma line quite often, often enough to keep my "third eye" on it throughout the trading day.

In this thread I outlined the way I use the Bollinger Band study, the settings on the study are, you guessed it a 20 period simple moving average. Since this average is already on my chart, albeit buried in the B Band study it's easy to keep an eye on the location of price in reference to the average. I'm not going to make any wild statements like sell when below the average or buy when above the average, I'll leave that to you. I will say this simple moving average line running across my 5m chart has been a mainstay for many years. I believe we as traders, trade our belief systems, I also believe there is a mass of people trading the 6E with 5m charts, looking at the 20ma. I believe in normal price rotation, in the 6E I believe that rotation is +/- 14/16 ticks, you might disagree, the point is I believe it, and I trade it. I take the notion of rotation and compare the location of price to the location of the 20ma. If price is trading thru the 20sma again and again and again I'm trading in range mode. If price is above or below the 20sma I'm trading in trend mode. I'm not a good prolonged trend trader, I'm impatient, but that asks the question what is a trend, is it 6 ticks or 60 ticks, the answer is yes. I've found the 20sma on 5m bars fits me right down to the ground, it allows me to identify and trade in a tight range bound market and at the same time provides me with "warnings" or signs that the "ranging time" is over or might be ending.

A simple 20 period moving average on a 5m chart is IMO a great tool. I've only scratched the surface here but if you spend a little time looking at a stripped down 5m chart of the time of day you usually trade, I'll bet your efforts will be worthy of further study. If you feel compelled to venture deeper into the rabbit hole slowly add your "normal" indicators and study their relationships. I'm posting a few stripped down charts to make things easier to see, but, if you don't look, you can't see. I also use the VWAP study and when traders become familiar with the relationship between these two averages they can devise signals and methods of their own. Often in a range bound market the 20sma will be the "first line of defense" (or the last) of the beginning of a trend, or the converse, the end of a trend (3rd chart).

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I've said before sometimes I don't like posting my trades. The purpose of the following chart is to show what is possible in a tight range bound market. This is no time for me to be surfing the web or typing in the chat box, I need to be completely and intensely focused on the price action. Any interruption of my focus (T.V., ringing phone, children or pets) can make the difference between a good day and a day I question my analysis and skill. Targets are tight and small, I find days like this very stressful but I've always believed I had to learn to trade what the market offers during the time I've set aside for trading. My suggestions to anyone attempting this is, get focused, tighten up your jock strap, get out on the end of your seat and hang on tight to your saddle horn.

And control your risk.

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As many who read this thread know, I use volume profile in my trading. When I "boot-up" for the trading day I look at the 20sma (within the B Band study) and compare it to the volume profile of yesterday, is it near the POC or LVA or UVA ,,,, where's price right now in reference to the 20sma. Ask questions, might price use the 20sma for support or resistance or has price been slicing through it like butter for the last three hours. If for example you want to get long off the LVA and the 20sma is sitting 6 ticks below, splitting the difference with a one or two lot might save you from taking 6 ticks of heat on the trade, or if you're a 6 lot trader buying one on each level all the way down might prove to be a very low risk entry. I'd swap my horse and dog for a 20sma.


Oh, and don't forget to have fun




Last edited by Cashish; January 6th, 2013 at 10:10 AM.
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  #195 (permalink)
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kronie View Post
.........because of the kind words, I'm going to give attention to this thread, and see if I too can't get something beneficial from this useful thread.

on behalf of myself (and presumptuously others too), thanks!

good trading to you (too!)

@kronie what can I say? I usually spend way to much time thinking about and pecking out my posts but I felt your post required a response from me, clicking the Thanks button just didn't feel like enough. Thank you, I'm speechless.

Topics for posts have been hard for me to come up with since I blasted through my initial outline last December, but the thread lived on. Conversations and PMs with @eminitrader and a few others have stimulated many of the topics lately and I've been realizing how much stuff I do day after day subconsciously, not really realizing I could share this little belief or that little tidbit. If someone started stringing together these little nuances the next thing you know a trading system might be born.

Even if the only thing you find beneficial during your visit is a you tube music video, welcome aboard.


Last edited by Cashish; January 6th, 2013 at 09:33 AM.
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  #196 (permalink)
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Old School

Just reiterating what Mr Cashish has so often mentioned in the thread. Always be mindful of rotations and location, (especially near whole numbers) including CASH or, as he likes to call it, the BIG DOG.

I just try to follow what the MASTER has taught me.

emini

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Old School

Specific session templates are important. A solid belief in your studies even more so. Nothing new here that Mr Cashish hasn't discussed somewhere in the thread.

emini

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thank you

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  #199 (permalink)
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Old School

In Ohio, we have a lottery game called Cash Explosion. I believe I just witnessed it in the Euro.

The initial move in the EU session was up...3062 to 3082. I personally waited for a pullback below VA...saw some buying on my buy/sell study...targets...each individual's discretion

emini

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Emini, what time frame do you use on that oil can chart?

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