Immy's Corner [The Setup The Hunt - T20's and more]

[Erik]

Bonjour Mr Immy
I got principle B eed at 10:12 on ej
then got 2 entries at 10:30 and 10:40
i took my profit on my addon at TZ1 for +20 and wanted to let it run my first entry & got only +12

erik

[immy]

Bonjour Mr Immy
I got principle B eed at 10:12 on ej
then got 2 entries at 10:30 and 10:40
i took my profit on my addon at TZ1 for +20 and wanted to let it run my first entry & got only +12

erik

Erik thanks for posting your chart. I love it. and Yes. I almost got PB'ed too! haha, I'll tell you the truth, I got in and got out immediately realizing that. I did not put in the previous picture because I thought it was a mistake which was rectified so no need to talk about it. But there you. I'll post picture again. I saw that when i entered there was no retrace. it looked like it was the same wave and it would normally retrace if it was Wave 1 or B up. So I got out, knowing that I chose the wrong setup to trade then exiting proved good as I chose the right trade to get out of. Worked all good. otherwise that would be Rent but SOOOO WHAT if it was a rent. I'm not being big headed. Its the ATTITUDE we need for consistency. Whenever we put a trade we should have a cool and relax attitude and FULL acceptance of the fact and possibility that your SL may and will get hit. And if it does, I'm going to say, "It's ok. I'm fine with small losers. I don't mind paying rent." or may say, " I don't give a shit about it" "rents are ok, so what", "NEXT".

I see you tried a short there too. I usually get whipped there too god help me.

[immy]

I'd like to Invite everyone to start using my journal as a Discussion Thread. You may post your charts, your comments etc etc. It does not matter if you do or do not have your own journal. I've changed the topic of my Journal. Its OUR Journal Now.
So Erik! How about you and I run this thread. Instead of a Journal, its a thread now. B-) :o3

[immy]

A Trade on Cable M5.

[immy]

Cable Update

[immy]

Cable Update

When something moves too fast, your best option is to move to a lower time frame to manage it using candle. e.g. consecutive red candles (normal sizes) on m5 usually translated into nice stepping up or down aims boxes/levesl on m1. but if price moves so fast far from the gators like in the charts above, you'd see consecutive candles on m1 too. then you'd wish if you could go a step lower. . Any way, I let the TP be hit at 1.5600 if it drops further so be it! +42 at the risk on 10. Can't moan about this can i?

[immy]

Meanwhile I missed a Setup on EJ M1.... darn it!

Picture on M5.

13-02-2013 10-49-33.png

Picture on M1. TZ1. and going beyond it.

[immy]

Cable Update

When something moves too fast, your best option is to move to a lower time frame to manage it using candle. e.g. consecutive red candles (normal sizes) on m5 usually translated into nice stepping up or down aims boxes/levesl on m1. but if price moves so fast far from the gators like in the charts above, you'd see consecutive candles on m1 too. then you'd wish if you could go a step lower. . Any way, I let the TP be hit at 1.5600 if it drops further so be it! +42 at the risk on 10. Can't moan about this can i?

DAMN thing, I'm NOT happy about it now! 100 pips done..... oh well NEXT

[immy]

Why is it Important to not trade big boxes.
The first question after this question that pops in mind is what is big box. This is a bit subjective. It is different each pair and different for each time frame. I have one easy way to solve this problem. Simply attach our Widget or any other tool to find out the normal daily average for the pair. If the pair's daily average = 100 pips or around, it would normally given you nice tight 10 pip and below boxes. its average moves are going to be around 20 pips. Thats true for EUR/USD. on the other side lets look at EJ which is doing +200 ADR (average daily range) you'd see it move on average 40 pips. So even a 20 pip box would some time get you into a 40 or 60 pip move. If you play around on different time frames, you'd get the idea pretty soon. Thats the subjective bit. Luckily for you, we've done that already so if you trust me/us, you can follow us.

EU MAX Box
M1 = 10 (rough estimate - could be different on different days)
M5 = 20 (ditto)

EJ M1 = 15 pips
EJ M5 = 25 pips

One more thing. see if the gator lines and price action started from the bottom for longs or from the top of the box for shorts. If that is the case it may be that by the time the little wave that is coming out of the box, hits your order right at the top of its little range and might retrace. So we gotta look at that too. And the larger the box the more the chances of a little retrace, or reversal. so for that reason, tight boxes are the best places, as you will know immediately and costing you less number of pips whether its going your way or not. HEre is an exmaple on UJ M5.

[immy]

What's M5 saying to us on this long here. ?