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

[immy]

When you are planning to release this template and indicator Immy ?

Regards,
Sam

You've already got it mate!

[immy]

The Long Holiday is coming to an end! Back in England for The Smashing Bank Holiday that just ended with Adam having an asthma attack! The boy's in hospital but should be ok by midnight! Love and prayers requested!

all the best :-s

[francisrama]

Heartfully praying for Adam and all your family Immy, hope things will be ok promptly!!!

KR

[immy]

Heartfully praying for Adam and all your family Immy, hope things will be ok promptly!!!

KR

Thank you mate... all is well here ... it was minor one and we are home and Adam is nicely tucked in bed sleeping sound and cozy... Your warm wishes and pr ayers certainly did the magic. ^:)^

[francisrama]

oh excellent excellent buddy Immy!!! I can't do anything, just praying..."someone" bigger than you and me is doing the magic ))) let all thanx and praise flow to him...

KR

[immy]

hope Adam is feeling much better now Immy. Looking forward to see you in chat room today.

Thanks guys... Adam, is fine. Counting and Singing... he's our little Countola!

cheers

[immy]

Good Sunday Everyone!

I am excited, Refreshed and Rejuvenated. I intend for all of us a beautiful, enchanting, pipsarious and joyful September and end of Holiday Season.
Here is a to a Fantastic September... Cheers!!!

[immy]

What is a Fourth Wave?

A fourth wave is a corrective wave, its a period of time within which the price usually remains range bound. Being "range bound" means price goes up and down within a certain range. A fourth wave of a current time frame may appear simply a few sideways candles on a certain higher time frame, e.g. a small seed on H1 may often form a perfect tight fourth or 2nd wave on m5 or may be even m15 or m1 even. A tight sideways fourth wave preceded by a wave 3 on your current time frame may often appear as a range bound market on a certain lower time frame yet on even a certain lower time frame than that it may appear as trending up and reversing down and thus it may appear as trending up and down. E.g. you may have a tight range bound market on H4, when you drop to H1, it may appear as not setting up rather creating "false breakouts" up and down, an ugly chart of spikes on H1 yet if you drop to M5 or m1 you'd see it creating waves up and down sometimes very profitable on M! while on h1 it may create whipsaws. Fractal Geometry is the answer... to this question of "why is it so?" But the point is this information gives us an edge. We know the structure of the market.

We have got to understand this and act accordingly. E.g. if you see a 4th wave on M5 it may be possible to trade it on m1 but you must keep your stop losses tight knowing that 4th waves are notorious for whipsaws it may turn around sharply and hit your SL, comparatively a lower probability setup on m1 is one that is in the direction of a 4th wave on M5 or m15 or higher time frames sometimes, yet in doing so you may at times catch reversals and make good pips. As a Good Practice we ought to avoid such trades and take only trades that are in the direction of the trend.

Yet I have to mention that at times if you see that the daily trend is up and has retraced enough you may be able to catch a nice Fruit entry on h1 which may appear as against the trend on h1 but it may be nicely in line with the grand trend and turn into a nice trend following type trade even though it began as a counter trend entry...

I hope it makes a little bit of sense...

(i have to record things, not just for you guys, but for myself so I don't forget this, in my eyes, valuable knowledge. I know we are like RAM, we have to constantly keep reminding ourselves of what we already know otherwise we may forget and the search begins again.....ok off to bed...

Edit: 23.25 gmt+1
Sarah woke up, "can't sleep mummy".. so we put her to bed and meanwhile I hit another spot in my mind... it turned into another question and answer...

What is the biggest problem while trading using the lower time frames specially m1 besides the screen time? It is the "Activity of the markets" so may call it volatility of the market. It is the fact that on the lowest fastest time frames there are periods where the FLOW of "new incoming information" i.e. Chaos is very limited. At times there are just not enough ticks (every tick is new information, its chaos) that are necessary to create accurate picture of the market.

We have to know and learn to know when that happens and act accordingly. one simple technique is to keep an eye on average tick volume per candle. it may differ from broker to broker as in forex it is impossible to get the correct picture of the entire market, because we only get ticks from our broker and they get it from their liquidity provided i.e. their banks which are often less than a dozen banks... another useful to understand is, which I prefer, is to look at the picture. When there isn't much happening the candles might become spiky and there are tiny gaps here and there. I'll try to find picture and attach but meanwhile if you check the periods between NY close and Wellington open you'll see what I mean.. such charts at times may appear during busy periods too. thats are cure that the market may be waiting for something...

[francisrama]

Thx very much Immy, specially for this "GAP" stuff...priceless info definitely!!!

KR

[immy]

Thanks Immy for this invaluable info you providing. Can you please advise how can we check tick vaule ?
Would be nice if you post any picture.

Regards,
Sam