Trading the 6E Old School, With a Twist - Trading Journals | futures io social day trading
futures io futures trading


Trading the 6E Old School, With a Twist
Updated: Views / Replies:72,933 / 588
Created: by Cashish Attachments:802

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 802  
 
Thread Tools Search this Thread
 

Trading the 6E Old School, With a Twist

  #541 (permalink)
Elite Member
Prospect, KY. USA
 
Futures Experience: None
Platform: Sierra Chart
Broker/Data: Infinity
Favorite Futures: /CL
 
WilleeMac's Avatar
 
Posts: 683 since Jan 2012
Thanks: 301 given, 606 received

More on manipulation

BOE Staff Said to Have Condoned Currency Traders? Conduct - Bloomberg

Today's court ruling

German Court Challenges OMT -What Does That Mean for the Euro? | BK Asset Management


Quoting 
In its ruling the German court took issue with OMT program which is designed to allow ECB to buy sovereign bonds in order to stabilize financial markets in times of deep turmoil. However, the court noted that , “In the view of the Federal Constitutional Court, the objective mentioned by the European Central Bank to justify the OMT Decision, namely to correct a disruption to the monetary policy transmission mechanism, cannot change this assessment. The fact that the purchase of government bonds can, under certain conditions, also help to support the monetary policy objectives of the European System of Central Banks does not turn the OMT Decision itself into an act of monetary policy. If purchasing government bonds were admissible every time the monetary policy transmission mechanism is disrupted, it would amount to granting the European Central Bank the power to remedy any deterioration of the credit rating of a euro Member State through the purchase of that state’s government bonds. This would largely suspend the prohibition of monetary financing of the budget.”

Nevertheless the German justice refrained from issuing an outright ban on the program and referred the final decision to Brussels.


Quoting 
By referring the matter to ECJ the German court implicitly acknowledged the superiority of Brussels to Berlin and ceded sovereignty on the matter. The ECJ is expected to take a more liberal view of the matter and will likely rule in favor of the program.


Quoting 
Although tonight’s ruling has no immediate impact on ECB policy it does highlight the tensions within the EU monetary system and forces the central bank to walk a very fine line. At very least it removes some of the macroprudential tools at its disposal and making it rely on indirect methods of stimulus such as LTRO. ... but tonight’s ruling certainly limits the choices for policymakers for the time being.

Stay frosty

-Bill

Reply With Quote
The following 2 users say Thank You to WilleeMac for this post:
 
  #542 (permalink)
Elite Member
Miami FL USA
 
Futures Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker/Data: IB, IQ
Favorite Futures: Currency Futures
 
Cashish's Avatar
 
Posts: 803 since May 2011
Thanks: 811 given, 2,103 received


shuglu View Post
Great journal Cashish. Enjoy learning from your experience. Here's my take on trend lines so far. Any feedback appreciated.

Justin

@shuglu Thanks

I like onions in my meatloaf, not for the visual effect, for flavor. But if my little girl sees an onion in anything (except a pile of onion rings) she won't have anything to do with it, so my work around is onion powder, we're both happy! I've been thinking about your request for feedback and I'm a little hesitant to respond. I believe the ingredients folks put in their meatloaf is based on a personal preference, the same with trendlines. I know nothing of your trading style, the time frame you trade or your tolerance for risk. This is what makes working with trend lines and channels personal, at some level every line we draw on a chart comes down to our individual style. I believe there are dozens of ways to make money trading the 6E, in this thread I've tried to show examples of many of the theories I use. I also believe if someone is looking for another tool for their trading tool box they'll find several good ones in this thread. That being said, if/when a reader does find something that "speaks to them" stick with it, study it, take it apart, refine it and make it your own.

IMO, trend lines and channels can be as short as 3 daily bars or a half dozen 5m bars, it all depends on the recipe of what you are trying to "cook up." Today is NFP Day, and I've posted my NFP Day game plan a couple times in this thread. This is one point of view of one way to utilize information derived from a trend line/channel.

Everybody has their own recipe for anchoring a trend line, not that it really matters, but I usually don't include tails. This morning I drew this (blue) line on my chart, my charting software will automatically draw the High Low parallel lines (if I select it).

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Around 1am est price tested the swing low of 1.3585 from 3pm Yesterday afternoon, at this point a wedge was formed. One method of projecting a Price Target is to subtract the distance from the bottom horizontal line of the wedge (1.3585) from the high (1.3620) and projecting that difference an equal distance (35 ticks) lower, this is often referred to as, a measured move. The 35 tick distance is calculated on the left margin of this chart (white dotted line).

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


The chart below shows the 35 tick measured move projected from the horizontal line of the wedge (1.3585) 35 ticks lower (red dotted line) to 1.3550 (yellow line).

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


I've extended the parallel lines on this chart as a comparison to the measured move price target. I know, I know, I know the measured move target of 1.3550 never traded price stopped dead at 1.3551 1 tick away from the target. I hope readers are astute enough to realize the 1.3551 price level was what significant number on today's chart?


Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


In closing, "Don't be a dick, for a tick." Have a great weekend fellas, and thanks for viewing the thread.

Reply With Quote
The following 4 users say Thank You to Cashish for this post:
 
  #543 (permalink)
Elite Member
Miami FL USA
 
Futures Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker/Data: IB, IQ
Favorite Futures: Currency Futures
 
Cashish's Avatar
 
Posts: 803 since May 2011
Thanks: 811 given, 2,103 received



WilleeMac View Post
More on manipulation

-Bill



@WilleeMac

Exclusive: Deutsche fires three New York forex traders - source | Reuters

Reply With Quote
The following user says Thank You to Cashish for this post:
 
  #544 (permalink)
Elite Member
Miami FL USA
 
Futures Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker/Data: IB, IQ
Favorite Futures: Currency Futures
 
Cashish's Avatar
 
Posts: 803 since May 2011
Thanks: 811 given, 2,103 received

One last, Random Line for the week.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Reply With Quote
The following 2 users say Thank You to Cashish for this post:
 
  #545 (permalink)
Elite Member
Miami FL USA
 
Futures Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker/Data: IB, IQ
Favorite Futures: Currency Futures
 
Cashish's Avatar
 
Posts: 803 since May 2011
Thanks: 811 given, 2,103 received


WilleeMac View Post
@Cashish

Would like to have more commentary on COT, please

What type of commentary?

OI, change in OI, commercial vs spec, all tied together w/ charts, what you were expecting, how it played out and/ or possibly why.

Seasonality?

Other?

Thank you

-Bill_M

Boy, you're not asking for much are you Bill? I'm happy to take a shot at this but for the record my energy level is still pretty low.

To get things rolling here is a chart of the 1 hour bars during the Tuesday time frame (8am to 12pm) that I analyze to assess the net positions of Large Spec. Since the COT data isn't posted until Friday I can never be certain my analysis of their behavior is correct, until well after the fact. BUT, one important thing to remember when making an assessment of their behavior is, more likely than not the players seldom change. I don't have to assess the behavior of ALL market participants only the 100 or so Large Spec that always seem to hold positions week after week (according to the COT Report). This information alone should make your job much easier, especially when you begin to see patterns in their actions. How much information can you glean from (4) 1 hour bars, a lot. Obviously a range is identified, in this case it's 1.3530 to 1.3494 or 36 ticks. A quick look into the sub panel shows these 4 bars were within the period of the day's highest volume. Also the range these bars defined were left unchallenged, for 24 hours. Could that be, when these same traders returned to the market, for the next day's trading, just a thought. The Open Interest numbers are not posted until the close of the next day, but traders can see the preliminary data for the prior day on the CME website by viewing the Daily Bulletins. If you had, you may have noticed even though the volume was lower than the prior day (Monday) the OI actually increased. Lastly, and I posted this before, where is this range of Tuesday's trade in comparison to previous COT Reports? Based on what I just posted, I have to believe Large Specs are Net SHORT within this range.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Below is a chart of the 5m bars that made up the range of the 1 hour bars posted above. At 8:35 I drew the "blue line" and the rest of the session unfolded as seen.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


This is the same chart as above just shifted a little to the left. Doesn't this chart make it look so easy? I don't want to wander off topic here, but just couldn't pass up the opportunity.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


This is the first chart re-posted, in the "Meat Loaf" post I outlined another channel that played out during the ADP Report, that was an UP move consisting of the red bars (Wednesday) on this chart. Price is still within the COT Data "range" and the Daily Bulletin shows OI dropped a little during Wednesday's trade BUT some profit taking around Wednesday's run to 1.3550 ought to be expected. So, the ECB left rates unchanged and the white bar on the far right formed. Look where this bar is, still sitting in the range from Monday, Tuesday and Wednesday. I posted this just prior to Mario's comments, "Trying to guess direction is meaningless, BUT my 8 Ball says, "Look North!" Why "look north"? Because I still haven't seen anything up to this point that makes me believe my "Sideways to Up" view of the market has changed. I'm certainly not going to pretend to GUESS what words might come out of Mario Draghi's mouth, and I'll NEVER recommend holding a position into a ECB Press Conference. But you asked me for my analysis and this is basically it.


Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).




Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Last edited by Cashish; February 9th, 2014 at 10:58 AM.
Reply With Quote
The following 7 users say Thank You to Cashish for this post:
 
  #546 (permalink)
Elite Member
Prospect, KY. USA
 
Futures Experience: None
Platform: Sierra Chart
Broker/Data: Infinity
Favorite Futures: /CL
 
WilleeMac's Avatar
 
Posts: 683 since Jan 2012
Thanks: 301 given, 606 received

@Cashish

Thank you very much

For those stopping by or may have overlooked it, earlier in this thread I posted a COT.xls

-Bill

Reply With Quote
The following user says Thank You to WilleeMac for this post:
 
  #547 (permalink)
Elite Member
Miami FL USA
 
Futures Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker/Data: IB, IQ
Favorite Futures: Currency Futures
 
Cashish's Avatar
 
Posts: 803 since May 2011
Thanks: 811 given, 2,103 received

There's no School like the Old School

Guess What?


Guess what, I'm watching two price levels 1.3700 and 1.3500.

Here we go again, by now everyone should be very familiar with these price levels, we've been here since the government shut-down back in October. But that's the way it works, chutes and ladders. This week all eyes are on Janet, remember, her prepared statement will be released 90 minutes before her "live" speech. Twice she speaks, Tuesday and Thursday, who knows what she'll have to say, but I'm sure there will be plenty of grandstanding from a lot of dead beat politicians hoping to get reelected next fall.

I'm going to throw a couple charts up and highlight the obvious, resistance above and support below.


Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).



Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


The chart below is a Volume Profile of the "visible bars" it also includes the Value Area.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).




So, same story different day, we need "someone or something" to move this market. IMO, it's Janet's turn! In the meantime get back to basics, locate the swing highs and lows and watch the process of price discovery unfold. Keep a close eye on Friday's high, 50% level and VWAP those are always on the top of my list on Sunday night, you have to start somewhere. Once price starts to find a direction, keep it simple and look for tests of failed moves from Friday, or old levels such as these. These are only examples. You may have noticed the UP chart is a 1 hr chart and the DOWN chart is a 5m chart. If you do look at these levels as price unfolds, use the same time frame chart you normally trade, again these are only examples.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).



Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Reply With Quote
The following 4 users say Thank You to Cashish for this post:
 
  #548 (permalink)
Elite Member
Melbourne
 
Futures Experience: None
Platform: NinjaTrader
Broker/Data: Amp/CQG
Favorite Futures: ¥/$
 
shuglu's Avatar
 
Posts: 65 since Jul 2012
Thanks: 288 given, 84 received

@Cashish

I enjoy your journal as much for a glimpse of your experience as to the fact it helps me to think for myself. Thanks for your considered response and I realised post session that I had a short bias and was drawing my TL's based on this, not the facts.

Justin

Reply With Quote
The following 2 users say Thank You to shuglu for this post:
 
  #549 (permalink)
Elite Member
Miami FL USA
 
Futures Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker/Data: IB, IQ
Favorite Futures: Currency Futures
 
Cashish's Avatar
 
Posts: 803 since May 2011
Thanks: 811 given, 2,103 received


shuglu View Post
@Cashish

I enjoy your journal as much for a glimpse of your experience as to the fact it helps me to think for myself. Thanks for your considered response and I realized post session that I had a short bias and was drawing my TL's based on this, not the facts.

Justin

",,, it helps me to think for myself," if you are walking away from this thread thinking along these lines, my efforts have been successful, thanks.


Last edited by Cashish; February 10th, 2014 at 11:28 AM.
Reply With Quote
The following 2 users say Thank You to Cashish for this post:
 
  #550 (permalink)
Elite Member
Miami FL USA
 
Futures Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker/Data: IB, IQ
Favorite Futures: Currency Futures
 
Cashish's Avatar
 
Posts: 803 since May 2011
Thanks: 811 given, 2,103 received



Cashish View Post
This week all eyes are on Janet, remember, her prepared statement will be released 90 minutes before her "live" speech.



Here's her prepared statement.

FRB: Testimony--Yellen, Semiannual Monetary Policy Report to the Congress--February 11, 2014

She's got the touch!

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).



Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Last edited by Cashish; February 11th, 2014 at 10:04 AM.
Reply With Quote
The following 2 users say Thank You to Cashish for this post:

Reply



futures io > > > Trading the 6E Old School, With a Twist

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
emini trading school (www.eminitradingschool.com) review drdam1 Trading Reviews and Vendors 29 October 28th, 2015 03:32 PM
Trading School Recommendation Request plethora Trading Reviews and Vendors 37 September 4th, 2012 01:02 PM
My 6E trading strategy cjbooth Currency Futures 1177 October 5th, 2011 06:22 AM
6E (EURUSD) trading alex123 Elite Trading Journals 35 September 17th, 2011 09:15 PM
Trading the 6E camsolution Currency Futures 12 May 17th, 2011 09:00 PM


All times are GMT -4. The time now is 04:05 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-12 in 0.19 seconds with 20 queries on phoenix via your IP 54.163.210.170