Grants Journal [Awarded Title: Guru of the Gurus]

[bgbearnavy]

Jesse,

the white lines are at 20 pip intervals, EU loves moving in a 20 pip ranges, i use them to aid in TPs.

The solid black candles indicate inside bars.

Cheers
Grant

Thanks for clearing that up for me...

[Bettina]

Hi Grant,

you really have phantastic results.What was the change in strategy ?
It looks as if you were less restrict with AO : being on the right side and only fresh cross seems to be discarded a little. Is it that ?

Bettina

[Grant]

Hi Bettina,

I think Immy is referring to 2 slight changes :

1. Having used the 34 method for a couple of weeks it proved that AO too old was irrelevent. So as long as its close to 0 line i will take the trade
2. If the m5 alli is wide open i will usually (but not always) ignore the m5 aims level and set the PO under/above the m1 level

hope that makes sense

Grant

[Grant]

Morning Sam,

It was a question on the flow chart so applied to all the entry versions.

hope that helps
grant

[Bettina]

Thanks Grant. Seems to make a lot of difference, especially much more trades !
Bettina

[Grant]

Morning

TG, just for you m15 EU as i see it... please dont take this as 100% correct.... you only have to look at the count chart i posted yesterday.... (rofl) (rofl)

cheers
Grant

[Grant]

Evening,

tough today for trend traders... i know form the chat room that there were a lot of frustration and P&D was tested to the limit, so congrats to everyone in there for resisting the temptations of wave 4s...

chart attached with my 3 trades, all from just before NY onwards.......

Grant

[immy]

Evening,

tough today for trend traders... i know form the chat room that there were a lot of frustration and P&D was tested to the limit, so congrats to everyone in there for resisting the temptations of wave 4s...

chart attached with my 3 trades, all from just before NY onwards.......

Grant

Good Trading Mate! A day like this with +6.. Even I'm impressed! You need new hairstyle now! :o3

[Grant]

Evening

a nice London am session followed by quite a crap NY am/London pm..

Trades attached

Grant

[Grant]

morning

Bettina, chart attached as i saw it when taking the long trade, remember at the time of entry i am thinking C up without knowing what will happen....

will also post the chat room text of the same time as i think it is useful....

Grant


mirgi: grrr Why are you trade buy EU? Today your trading is for me very confuse 10:17 AM

Grant: mirig, looking at the flow chart waht part dont you agree with ? 10:19 AM

Grant: at Be now on the EU long 10:19 AM

mirgi: alligator 10:20 AM

Grant: ok waht wrong with it... i see it open and heading up 10:20 AM

Grant: remeber no blue line on my alli 10:20 AM

mirgi: M5 was open down when I received blue dot at M1 10:21 AM

Grant: where is the purple line on m1? above or below price at the time of the dot? 10:21 AM

mirgi: purple was ok, but alligator M5 was open down 10:22 AM

Grant: ok, the flow chart only asks the position of the pruple line, so for me as it was below it was a trade... 10:23 AM

Grant: it doesnt ask if m5 alli is closed or open... 10:23 AM

mirgi: second is Is the alligator asleep or awake? 10:24 AM

Grant: thats the current TF, so in this case the m1? 10:24 AM

mirgi: aha, I think that when I want trade M1 that must be open or sleep M5 alligator. 10:25 AM

tg: Grant... What is the black X on ur chart? 10:25 AM

Grant: so from the top of the flow chart, is there a dot yes 10:25 AM

mirgi: yes 10:26 AM

Grant: alli asleep awake.. 10:26 AM

Grant: awake 10:26 AM

Tait joined the Pipping Room and says Hello! 10:26 AM

mirgi: M1 awake 10:26 AM

Grant: purple correct 10:26 AM

Grant: yes 10:26 AM

mirgi: but higher TF is down 10:26 AM

Grant: dot inside aims 10:27 AM

mirgi: purple correct 10:27 AM

Grant: makes no difference mirgi... 10:27 AM

Grant: we are only looking at purple 10:27 AM

Grant: not at the whole alli of the higher TF 10:27 AM

Grant: so pruple correct 10:27 AM

Grant: yes 10:27 AM

Grant: dot insiude 10:27 AM

mirgi: yes 10:27 AM

Grant: yes 10:27 AM

Grant: AO close to 0 10:28 AM

Grant: yes 10:28 AM

Grant: as its yellow 10:28 AM

Grant: exit close 10:28 AM

mirgi: yes 10:28 AM

Grant: yes 7 ish pips 10:28 AM

Grant: m5 aims close 10:28 AM

Grant: yes same level as m1 10:28 AM

mirgi: Grant what dot do you think? at 12:06 10:28 AM

Grant: PO ave the m5/1 level at 1.2779 10:29 AM

Grant: above* 10:29 AM

mirgi: yes ok 10:29 AM

Grant: it really is that simple.... every part of the flow chart said trade 10:29 AM

Grant: so if thats the case put a PO on... 10:30 AM

mirgi: Now I understand it, I think that I must look at high TF and trading with trend. 10:30 AM

Grant: they wont always work BUT you wont know if you dont put POs in 10:30 AM

mirgi: think - thought 10:30 AM

Darren: For an S2 trade shouldn't there be a fresh Aims level after the dot? 10:30 AM

Grant: only position of purple and m5 level 10:30 AM

Bettina: Grant, what about M5 being in w4 ? 10:31 AM

Grant: XX53 there was Darren 10:31 AM

Grant: XX06 wass just a nice confirmation with no low aims broekn so trend was stepping up 10:31 AM

Darren: Gotcha 10:32 AM

Grant: Bettina, thats true but there are always C waves in wave 4s.... to get into this wave we had to break an m5 level as well 10:32 AM

Grant: TG black x marks BDBs... ] 10:32 AM

rayaims: I tend to agree with Bettina, this could be a 4 in m5 10:33 AM

mirgi: Grant thank you very much, now it is for me clear [smile] 10:33 AM

Grant: i am disagreeing Ray, but there are still tradeable set ups within m5 wave 4s, just dont swing for the fence, take a nice base hit.... 7 pip risk was worth it IMHO with a double aims break to trigger the PO 10:34 AM

Grant: i am not * 10:34 AM

Grant: if it failed my max loss would have been 6 pips on a trigger candle SL 10:35 AM

Grant: as it was i managed +13, so 2:1 on the initial risk... i will take that every day of the week... 10:35 AM

Grant: Mirgi your welcome.... glad it has clarified your thoughts 10:36 AM

rayaims: thats a good result for you Grant, I dont disagree over that 10:37 AM

Bettina: ok, would you have taken xx32 also ? tight box, AO yellow, alli sleeping, purple right ? 10:37 AM

Grant: which XX32 Bettina? 10:39 AM

Grant: as in 8 mins ago? 10:39 AM

Bettina: yes, if there wouldn't have been the black and then S2 10:40 AM

Darren: I have a dot at xx36 as well. 10:40 AM

Darren: I didn't take the trade though! 10:40 AM

Darren: Unfortunately!!! 10:40 AM

Bettina: yes, but xx36 is a S2 10:40 AM

Grant: yes i would have done... but was in here... lol 10:40 AM

Darren: Lol 10:41 AM

Grant: AO never turned yellow though 10:41 AM

Bettina: ok, this makes me so unsure. I think, Oh it has gone so far already etc... 10:41 AM

Bettina: oh, it did with 0006 and 0002 10:41 AM

Grant: so looking at AO we have a 3 up so we can then "expect" a wave 5 which is what it is doing 10:41 AM

Bettina: why did you change to 0003 for AO ? 10:42 AM

Grant: i will label a chart and post in my journal... 10:42 AM

Grant: i have always used 0.0003 10:42 AM

Grant: and i have no idea why/how i got to that number 10:43 AM

Grant: it was a ,ong time ago 10:43 AM

Grant: long* 10:43 AM

ftsforex: 20 pips on EU, and 20 pips on EJ this morning, first proper trades with AIMs 10:45 AM

ftsforex: very nice 10:45 AM

ftsforex: I can see both sides of that argument with the EU trade i.e. it was a perfect setup on 1min but against purple on 5min, same happened on my EJ this morning, I think the higher TF is more of a guideline than a rule though 10:46 AM

ftsforex: thats the way im approaching it anyway 10:46 AM

Grant: agreed fts, the flow chart is a great starting point to then go and adapt to the way you trade.... 10:47 AM

ftsforex: I also think risk management is a massive thing and what you said Grant about your risk only be 6 pips so worth a go, that hits the nail on the head, if I had to risk 15 pips on the trade when the 5min was the wrong side of the purple I probably wouldnt take it 10:47 AM

ftsforex: but if you can get in with a low downside and high potential upside, then I guess you can loosen the criteria SLIGHTLY 10:48 AM

ftsforex: I spent ages yesterday working through your journal grant and really like the risk management u use, lots of small losses and bigger wins 10:48 AM

ftsforex: even 10-15 pips is a great win if you're losing 4-10 pips on your losses 10:49 AM

Grant: average loss per moonth is normally less than 5/6 fts.... For me i find it easier to recover from 2 or 3 4/5 pip losses than 1 or 2 10 pip losses 10:50 AM

Grant: mentally as well as financially 10:51 AM

Bettina: Last question Grant : would you have taken the xx06 trade also, if it was within a big M5 box ? Say with 12 p distance to M5 level ? 10:52 AM

Grant: right i have to go to have my cshoulder looked at... back just after NYO 10:52 AM

Grant: yes 10:52 AM

Grant: Bettina, becuase i can get my SL to -4 before it hits the m5 level 10:52 AM

Darren: I agree fts - I read Grants journal and found it very inspirational. I try to trade similarly but probably not quite so rigid, but use small stops as much as possible.