Sydney Kris' Journal
-
- Free Member
- Posts: 97
- Joined: 14 Oct 2013, 01:33
- 12
Re: Sydney Kris' Journal
A couple of rents on AU below. I've been having a tough time of it the last few days. Winning trades have been few and far between. I had been feeling a bit exasperated by the whole thing, but have gone back and started re-reading Mark Douglas' trading in the zone and it is becoming more and more clear that the problems are all in my head. A disciplined, consistent approach is the key to long-term profitability.
You do not have the required permissions to view the files attached to this post.
- immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 14
Re: Sydney Kris' Journal
Rule 1. Trade M1 Pairs with HIGH Volatility. Volatility exits during two times in most cases 1. Session Open and 2. News Times. You can open trades at open times but for news just let hte news spike happen first then look for setups. Setups may occur during normal hrs as well but you gotta learn how to tell if this particular market or pair is actually moving as it should. btw moving is Delta price / delta time. i.e change of price per change of time. Plus before you start trading have a quick look at h1 and see if hte gator is close or open, if the eWave is peaking or near ZL and if price is within tight box or outside or it and is it making sideways boxes or stepping up or down. Then trade the lower time frame accordingly.KrisL wrote:A couple of rents on AU below. I've been having a tough time of it the last few days. Winning trades have been few and far between. I had been feeling a bit exasperated by the whole thing, but have gone back and started re-reading Mark Douglas' trading in the zone and it is becoming more and more clear that the problems are all in my head. A disciplined, consistent approach is the key to long-term profitability.
Having said all of that... why not try trading H1 only until you're ready to trade lower faster time frames.
cheers ...
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
The Consistent Pursuit of DS1

The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
-
- Free Member
- Posts: 97
- Joined: 14 Oct 2013, 01:33
- 12
Re: Sydney Kris' Journal
Thanks for the advice Immy. I'll certainly get into the habit of checking H1 before trading the lower time frames.
This week, I've also set up a simple template similar to Bill Williams' Trading Partner spreadsheet that he describes in Trading Chaos, but adjusted to include the AIMS setups (S1, S2, Fruit and Seed). I apply the template to the D1 chart once a day, and to the H4 and H1 twice a day (prior to Tokyo and London opens). I am finding that the template helps to identify valid setups on the higher time frames, but it also helps in aligning myself with the behavior of the market on those higher time frames.
This week, I've also set up a simple template similar to Bill Williams' Trading Partner spreadsheet that he describes in Trading Chaos, but adjusted to include the AIMS setups (S1, S2, Fruit and Seed). I apply the template to the D1 chart once a day, and to the H4 and H1 twice a day (prior to Tokyo and London opens). I am finding that the template helps to identify valid setups on the higher time frames, but it also helps in aligning myself with the behavior of the market on those higher time frames.
-
- Free Member
- Posts: 97
- Joined: 14 Oct 2013, 01:33
- 12
Re: Sydney Kris' Journal
I've been reading material on Elliot Waves and observing them unfold in the forex world quite a lot recently. W3 is typically the wave that you want to get into. W5 is typically not as long as W3, however W5 is not confirmed until it diverges from W3 so you don't know if you're in W5 until it is pretty much over. A clue is that W3 will typically be an extended move, with more than one retracement/corrective wave.
However, we don't need to be expert Ellioticians to be successful, as the above observation aligns with the oft-stated concept of avoiding an entry if you've missed the bulk of the move. If you've missed the move, don't push it, simply wait for the cycle to complete, wait for price to come back to the balance line and get into the start of the next move. Simple.
In my short trading career, it has become obvious that there is absolutely no need to feel any anxiety or concern about missing a move, because the next one is always just around the corner. The other implication of this is that we can afford to take only the best setups, because they aren't going to run out any time soon!
However, we don't need to be expert Ellioticians to be successful, as the above observation aligns with the oft-stated concept of avoiding an entry if you've missed the bulk of the move. If you've missed the move, don't push it, simply wait for the cycle to complete, wait for price to come back to the balance line and get into the start of the next move. Simple.
In my short trading career, it has become obvious that there is absolutely no need to feel any anxiety or concern about missing a move, because the next one is always just around the corner. The other implication of this is that we can afford to take only the best setups, because they aren't going to run out any time soon!
- Dave
- AIMSter
- Posts: 865
- Joined: 13 Feb 2012, 06:05
- 13
Re: Sydney Kris' Journal
Good posts mate, and I thoroughly agree: If you miss a move then who cares, the next one is just around the corner, and you're more likely to pay a rent trying to get into a move after it's done its dash. With this in mind trying to catch M1 setups when M5 is showing a new wave/fresh cross etc is definitely the way to go. If M5 shows a long, extended, well established wave just wait and look for the next one.
And I like your D/H1 summary, sounds a lot like Fran's higher timeframe wave analysis leading into seed and fruit entries in line with this higher timeframe analysis. Nice!
And I like your D/H1 summary, sounds a lot like Fran's higher timeframe wave analysis leading into seed and fruit entries in line with this higher timeframe analysis. Nice!
Now, I choose to make a profit in trading.
-
- Free Member
- Posts: 97
- Joined: 14 Oct 2013, 01:33
- 12
Re: Sydney Kris' Journal
A GU H1 fruit trade for me yesterday. Got it to free trade, and then my intention was to let it run on H1. Stopped out on a news spike later in the day. Probably should have taken more profit off the table just before the news was due.
You do not have the required permissions to view the files attached to this post.
-
- Free Member
- Posts: 97
- Joined: 14 Oct 2013, 01:33
- 12
Re: Sydney Kris' Journal
Thanks Darren!
My wife spotted this H4 fruit on GJ this morning (Australian time), and we decided it looked about right. Possible bottom of corrective wave, into a fresh impulse wave. There were other opportunities to trade this pair on lower time frames after the H4 fruit appeared, but I don't generally watch it, so we set a buy order for the H4 fruit and left it to do its thing. So far, we have closed half at 1:1 and are now trailing the M15 AIMS levels to lock in some profit. Positive news on the pound this evening definitely helped the cause. I didn't close the trade prior to the news announcement as I felt that the stop loss was far enough away.
My wife spotted this H4 fruit on GJ this morning (Australian time), and we decided it looked about right. Possible bottom of corrective wave, into a fresh impulse wave. There were other opportunities to trade this pair on lower time frames after the H4 fruit appeared, but I don't generally watch it, so we set a buy order for the H4 fruit and left it to do its thing. So far, we have closed half at 1:1 and are now trailing the M15 AIMS levels to lock in some profit. Positive news on the pound this evening definitely helped the cause. I didn't close the trade prior to the news announcement as I felt that the stop loss was far enough away.
You do not have the required permissions to view the files attached to this post.
-
- Free Member
- Posts: 97
- Joined: 14 Oct 2013, 01:33
- 12
Re: Sydney Kris' Journal
Moved stop loss to lock in 3% profit, while still giving the trade some room to move.
You do not have the required permissions to view the files attached to this post.
-
- Free Member
- Posts: 97
- Joined: 14 Oct 2013, 01:33
- 12
Re: Sydney Kris' Journal
I've been reading a lot about Elliot Waves recently, as I think a deeper understanding would be a fantastic tool to have in the trading arsenal. I don't think we necessarily need to be expert Ellioticians to be successful, but a solid understanding would help filter certain trades and fine tune trade management.
Anyway, during the course of my reading I came across a couple of things yesterday that are valuable enough to share. Firstly, Edwards and Magee, in Technical Analysis for Stock Traders state "The market trends only 30% of the time." As traders who make their profits from following trends, this quote exemplifies for me the reason why patience is one of the pillars of success in this game.
Secondly, Jeffrey Kennedy (an Elliotician) says that the three steps of successful trade management (in the long term) are:
1. Lessen the risk
2. Eliminate the risk
3. Protect open profits
I like to lessen the risk of my trades where possible by moving my stop loss to trail the candle that broke the AIMS level and triggered my order. We eliminate the risk by turning the position into a free trade as quickly as possible (by either closing half the trade or moving the stop loss to break even). We protect open profits by having a clear exit strategy (set a take profit level based on Fibonacci expansion, trail AIMS levels, trail five candles of the same color, or exit on close beyond the red line).
What do others thing of this trade management philosophy? Anyone do anything different?
Anyway, during the course of my reading I came across a couple of things yesterday that are valuable enough to share. Firstly, Edwards and Magee, in Technical Analysis for Stock Traders state "The market trends only 30% of the time." As traders who make their profits from following trends, this quote exemplifies for me the reason why patience is one of the pillars of success in this game.
Secondly, Jeffrey Kennedy (an Elliotician) says that the three steps of successful trade management (in the long term) are:
1. Lessen the risk
2. Eliminate the risk
3. Protect open profits
I like to lessen the risk of my trades where possible by moving my stop loss to trail the candle that broke the AIMS level and triggered my order. We eliminate the risk by turning the position into a free trade as quickly as possible (by either closing half the trade or moving the stop loss to break even). We protect open profits by having a clear exit strategy (set a take profit level based on Fibonacci expansion, trail AIMS levels, trail five candles of the same color, or exit on close beyond the red line).
What do others thing of this trade management philosophy? Anyone do anything different?