Daily Trade Opportunities anyone ...?

[immy]

Some stuff from Chat I wanted to expand on...

Immy: though not always possible on m1 due to time restrictions. the fib studies are very powerful tool that adds points of "confluence" and boosts confidence in taking trading decisions. e.g. when trading h1 2 kind of fib studies can be used and it may help you. 1. fib retrace for "predicting" possible end points of Wave 4 and fib exp to then "predict" possible end zone for wave 5. and then one can do multiple time frame analysis and look for "confluence" it may sound complicated but its not that much once you know the concept of "The structure of the Market". 8:21
Immy: I must add here that nothing is set in stone, and any study and its outcome only adds to the total pool of probabilities... 8:23
Immy: as we all know a Winning Trader is one who have a "Probabilistic Mind-Set". 8:23
Immy: Short Morning Sermon Over! 8:23
Immy: and now example: when EJ was going crazy. up and then started retracing. it stopped exactly at Fib Retrace of 50%.. can be seen easily on h4 chart. 8:25
Immy: 8 out of 10 times a 4th wave would retrace between 38 to 50% we al lknow that and that it comes to the 4th wave area of the previous 3rd wave. 8:26
Immy: during the early hours of the 5th april... there are two red candles on h4 chart EJ... that was the 4th of the 3 up... adn the 50
% retrace timed nicely with it.

Immy: GOLD H1 getting interesting.... perhaps a C up is possible.. and if its true we may apple retrace tool to predict (probability) the end of C, using two tools retracement. easy peasy an fib expansion suing concept of A=C 8:54
Immy: 1441 end of C = 4th confluence 1445 fib retrace 50%

[immy]

AUD/USD

[immy]

AUD/USD

[Darren]

Nice setup Immy. I didn't take it, but it is great to see that the trade is 2% up now and most probably risk free!

[immy]

AU Update.

Darren: yes, I think 1:2 exit would have been fine. however I took trade using 30SL so it was not quite 1:2. Was trying to let it run ....

[CHEROMEYS]

Hi All,

When trading on....say the H1 chart do you still place the PO's 1 pip below the lower AIMS level for a short trade and 1 pip + spread above the upper AIMS level for long trades, or does the 1pip need to be adjusted? also the aims levels on the M1 should be 15 pips, what qualifies as a acceptable aims level for the 1 hour?

Regards
Roman

[immy]

Roman.

the first part of your question, for any time frame, exactly the same, 1 pip plus spread. second part of the question requires experience. Differnet pairs require different SL's under circumstances that are dynamic. Higher volatility times, EJ might give you a Setup with 50pip SL and would seem like a good deal, yet, other itmes, a 30pip SL would be too big... Think Relativity!

[immy]

EUR/USD Long term potential trade timed on m5/h1.

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[immy]

A Setup on Gold which was NOT an A Class Setup. But I took the risk. The result, as expected. -1%

Setup Taken. Ignoring Big Box.

29-04-2013 12-30-45.png

Result

[immy]

This is not a strictly Higher Time frame trade but I took this only because I was monitoring H1 charts and saw potential in this trade. Since the H1 was way up there I thought the only way to get most of this one would be trade it on m5. (another benfit of trading higher time frame charts) A full time trader has the luxury to trade any style or time frame. Part timers will have to find the best match of time frames and pairs for their life style, schedule and most importantly their personality.