Sydney Kris' Journal

[KrisL]

A couple of fruit trades for me tonight. Not much seemed to be happening, but I took this seed on GU M15 since it looked a good candidate for the peak of the counter trend move. Angulation was good. I also took a seed entry, but it looked like it was going against me, so I moved my fruit stop loss down to the seed stop loss to at least come close to break even. To be honest, I wasn't very happy with myself for this decision, as it was based on fear more than anything. It turned out for the best as you can see in the chart, but still, I should have followed the rules. It could cost me in the future!

26 gu m15 fruit.png

I wasn't particularly focusing on fruit entries tonight, but this one popped up on UJ as well. Thought it might be the peak of wave 2. After I was triggered, the move up didn't look impulsive at all. Alligator started to open his mouth, but never really got going. I didn't like the look of the move, so got out at break even.

26 uj m5 fruit.png

[KrisL]

The true cost of date night:
Dinner - $80
Bottle of wine - $25
Closing your UJ trade before leaving the house - about 4% of account balance by my reckoning

27 real cost of date night.png

[Dave]

But tell us about the rewards of date night....

[KrisL]

Dave - let's just say that I'm happy with my investment!

Here's a trade on UJ from the Asian session this morning. Hope no one minds that my Elliot wave count is on the chart. I should make it clear that even though I use Elliot wave so much in my trading, that my entries and exits are based on AIMS. In this case, I wasn't super confident in my wave count, so I entered upon the break of the second fractal on M15. Notice that in this case, this corresponds to a significant cross of the purple line on M5. I've noticed that pattern crop up so often - a significant cross of the purple line (that is, a close beyond the purple line) confirming the start of the trend.

Notice my second add on (half of a full position) was a rent. I should have done better here. This was an example of Principle C (an expanded flat in Elliot wave terms), where wave C of the correction breaks the upper fractal. If you drop down to M1, the 3-3-5 pattern (characteristic of the flat) is obvious, which is a significant clue to give the trade a little bit more room to breathe.

Finally, I closed the trade just a couple of pips above TZ1. M1 had shown divergence, and the move just looked like it was over.

28 uj.png

[immy]

Dave - let's just say that I'm happy with my investment!

Here's a trade on UJ from the Asian session this morning. Hope no one minds that my Elliot wave count is on the chart. I should make it clear that even though I use Elliot wave so much in my trading, that my entries and exits are based on AIMS. In this case, I wasn't super confident in my wave count, so I entered upon the break of the second fractal on M15. Notice that in this case, this corresponds to a significant cross of the purple line on M5. I've noticed that pattern crop up so often - a significant cross of the purple line (that is, a close beyond the purple line) confirming the start of the trend.

Notice my second add on (half of a full position) was a rent. I should have done better here. This was an example of Principle C (an expanded flat in Elliot wave terms), where wave C of the correction breaks the upper fractal. If you drop down to M1, the 3-3-5 pattern (characteristic of the flat) is obvious, which is a significant clue to give the trade a little bit more room to breathe.

Finally, I closed the trade just a couple of pips above TZ1. M1 had shown divergence, and the move just looked like it was over.

28 uj.png

Kris! firstly very well done mate. Its fantastic. Secondly, no one will mind and on one has the right to mind whether you have Elliott wave count on it or not. Its your journal and you can post whatever you like. Of course we allow each other to comment in our journals and that keeps the place more interesting. I'd like to thank you for sharing your trades and ideas. cheers

[KrisL]

This EU trade from last night is interesting. Take a look at the two different corrective patterns side by side here. The one I took (which failed) was preceded by a series of stepping-up AIMS levels. The trade that would have been profitable (which I missed) was preceded by a series of stepping-down AIMS levels. We talk about this pattern all the time, but I think this picture really highlights the difference.

In Elliot wave terms, the stepping-up pattern would be a B wave of the corrective A-B-C sequence. B waves are difficult to profit from and are not high probability trading opportunities in general. The stepping-down pattern would be the C wave, which is usually the last move in a correction, and even if it doesn't lead into the next impulse (say for example if it leads into a more complex correction) it should precede enough movement in the opposite direction to at least get a free trade running.

Note that the trade I took would be the c sub-wave within the abc that makes up the B wave. As you can see, it is a relatively small move and I was lucky not to pay rent. I think if we can avoid trading this type of pattern, we could potentially save ourselves a lot of whipsaws.

I hope this observation is helpful. Would love to hear any feedback or comments about this.

4_EU.png

[KrisL]

Pretty quiet on the trading front for me lately. Been busy with work. I also row competitively and we are getting to the business end of the season, so time is at a premium at the moment.

Here's an AU trade that I tried this evening. Looked like a good entry, but didn't go far before I got stopped out. Might try again depending on what happens in the next little while.

12_AU_M1.png

[KrisL]

Nice gold trade held for about 24 hours. Still got a bit running. First exits weren't particularly well timed - but the AO had diverged a couple of times and I was keen to take some profit.

Also, check out the brutal spread - 5.4 pips! This is with a broker called FXTM. They have been very accommodating and their service has been awesome, but the abysmal spreads are costing me money. I've just opened an account with Pepperstone after some positive comments on this forum.

13_XU_.png

[immy]

Nice gold trade held for about 24 hours. Still got a bit running. First exits weren't particularly well timed - but the AO had diverged a couple of times and I was keen to take some profit.

Also, check out the brutal spread - 5.4 pips! This is with a broker called FXTM. They have been very accommodating and their service has been awesome, but the abysmal spreads are costing me money. I've just opened an account with Pepperstone after some positive comments on this forum.

13_XU_.png

Well Held Kris!

perhaps you misunerstand Gold. Gold, as quoted by most forex brokers, creates a bit of confusion. The 54 pips spread is to be considered as 5.4 points. IMHO. have a good weekend.

[KrisL]

Been a while between posts for me. Other commitments have been reducing my time on the forum. I've managed to do some trading the last couple of weeks, but much less than usual.

Here's an example of when not to exit a trade....however, the wave was old even on H1, so I really didn't want to push my luck.

26_AU_m5 a.png