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

  #311 (permalink)
Elite Member
Miami FL USA
 
Futures Experience: Advanced
Platform: Ensign 10, NT7 DOM
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There's no School like the Old School

Waiting ?



All eyes are on the FOMC's projections and Ben Bernanke's press conference later this afternoon but I don't think this 26 tick range will hold until then. Gotta go somewhere 'cause you can't stay here.



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  #312 (permalink)
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Great Stuff, Great Site



Big Mike is sure showing his quality this month with all the great webinars he has made available to all of us here on futures.io (formerly BMT) and the entire world over on his You Tube channel. Al, Suri, Larry, David, Ernest and Linda just to mention a few. I still find it fascinating how many different methods can be used to trade the markets. Firm believers in one method, that have absolutely no desire to incorporate the tools used by the next presenter. IMO, these traders putting on these webinars make it absolutely clear there are many ways to make money trading. Anyone looking for a method sure ought to find something within this collection of methodologies to get things started for their own trading. I haven't seen all the videos (yet) but I do know Big Mike has "chosen wisely," for us.

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  #313 (permalink)
Elite Member
Miami FL USA
 
Futures Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker/Data: IB, IQ
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Posts: 803 since May 2011
Thanks: 811 given, 2,103 received


There's no School like the Old School

Rotation, Rotation, Rotation


This is a quickie. 6E traders can pull up their own charts for a closer look if they find interest in this post. As always the times are EST, these are 5m charts. This first chart shows most of yesterday's price movement and what I wanted to point out is the yellow dot dash line, this is the 50% lor mid line of yesterday's range. It's a bit hard to see with today's VP on the chart but notice the rotation around this 50% level. IMO, the prior day's 50% line and the current day's pivot "usually" generate much more rotation than the TR Buy or Sell Numbers at the extremes. I thought this was a good example of a few things, (1) 50% line (2) Pivot Line (3) Pivot Range and (4) W and M patterns.

Roughly, and you may have to squint to see a M pattern from 2200 hours through 0300 hours. Notice the "center" of the M is banging against the 50% level. Of course between 0000 hrs and 0100 hrs this pattern was still building but that is what this post is about, identifying what is happening and preparing to enter for a continuation of a move. Now, REALLY squint and look at the W pattern that formed YESTERDAY from 1200 hrs and into today's Asain open. After the fact it's a W but but the failed spike down that tested yesterday's POC would have formed an M. Ms Ws,,,, more Cashish nonsense? Maybe, but I believe it's important to remember "it takes two." It takes two highs to form resistance and it takes two lows to define support, hence Ms and Ws. The M that formed this morning during the EU session had it's "right leg" sitting firmly on the 50% level, one target for a short trade could have been the Pivot or Pivot Range. I marked yesterday's POC as another possible target which was 1 tick below the pivot range. What is NOT shown on this chart is a POC shift of yesterday's profile, guess where that level was, correct 1.3115 the low tick of the bar in the white circle. So the idea is there were several price levels in this area that could have been used as possible targets for a nice 20 tick target, IF a short trade was entered a few ticks above the 50% level.

If a trader subscribes to the notion that support becomes resistance and resistance becomes support they may ascertain the 50% level just became a significant resistance level. Take another look at the chart from 0300 to 0700 hrs. IMO, this is rotation around the Pivot Level, as it rotates the "resistance" at the 50% level appears "safe and solid" a great location for a stop if another short trade is entered around today's POC, VWAP, Pivot or previous left high of the "new" M pattern. Same selection of targets as before could have yielded another 20 tick trade.

I hope readers might find something worthwhile in this post, remember these are 5m charts and these M & W patterns will often reveal smaller Ms and Ws "inside" these 5m patterns if viewed on a smaller time frame. In a "normal" market not driven by a news event Price Discovery is most often achieved by Price Rotation.


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Last edited by Cashish; June 21st, 2013 at 11:17 AM.
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  #314 (permalink)
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There's no School like the Old School

It's the First Day of Summer,

Let's have some fun





One more Chart

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It's Summertime





I think this is @eminitrdr



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  #315 (permalink)
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Cashish View Post
Great Stuff, Great Site



Big Mike is sure showing his quality this month with all the great webinars he has made available to all of us here on futures.io (formerly BMT) and the entire world over on his You Tube channel. Al, Suri, Larry, David, Ernest and Linda just to mention a few. I still find it fascinating how many different methods can be used to trade the markets. Firm believers in one method, that have absolutely no desire to incorporate the tools used by the next presenter. IMO, these traders putting on these webinars make it absolutely clear there are many ways to make money trading. Anyone looking for a method sure ought to find something within this collection of methodologies to get things started for their own trading. I haven't seen all the videos (yet) but I do know Big Mike has "chosen wisely," for us.

Thank you @Cashish, I appreciate your support, and the support of all the other members.

Sixteen events in one month is way too many. I have learned my lesson, and will be taking a break as soon as I finish the remaining six.

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  #316 (permalink)
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FWIW, I just wanted to put this out there prior to the Sunday Night Open.
These are the price levels I'm watching for Sunday/Monday's trade.

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

Net Long

Friday's COT report showed Large Spec were sitting Net Long on Tuesday but this market hasn't looked up since. This could be another exciting week starting with IFO numbers out of Germany on Monday and GDP numbers on Wednesday and then there's that Greece thingy.


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  #318 (permalink)
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Not Good


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I was looking to buy "10 and sell "26 before 8 pm, I wonder if this IB issue was hurtful or helpful.

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  #319 (permalink)
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All Good?


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I'm a little "connection shy" now.

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

Gann 50% Line


"You can make a fortune by following this one rule alone," Gann wrote in his trading course. The theory is if price is trending down SELL the pullback at the 50% (Mid Line) of the decline, or BUY the 50% line during a rally. He (Gann) goes on to say if the market cannot hold and reverse on this level it may be an indication the entire move will be retraced. Today may be an opportunity to watch this theory in action. Personally, when I take this trade I look for the door quick, I target normal rotations of 14-16 ticks, or look for other significant price levels in the area. Depending on the "surroundings" I most often limit fading this level to two (twice),, (on a 1m chart), after that look for the "entire retrace" to setup. Keep an eye on the TIME of day, e.g. European Close.


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This is an Edit of this post.

Just wanted to post the outcome of the move.

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Last edited by Cashish; June 26th, 2013 at 02:39 PM.
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