Kyle's Journal Mk2

[Kyle]

It's as per Immys book. When the opposite dot appears, ie a buy signal, then i close the trade. That is when the candle closes after passing the green line.

[bambino45]

I think this is a really great journal entry.

I noticed that you mentioned others in the chat room had mentioned the M5 low being close. You have the M5 rule on your screen as well as the M5 Low indy visible, so on reflection you have yourself covered. The fact you are also honest enough to admit you placed a market order means you have entered a very important visual and narrative entry into your journal today.

Every single one of us makes mistakes every single day and having this in front of you helps not only you but all of us too. A reminder why have have what we have on our screen and how important that discipline is. We all know this stuff theoretically inside out but it's the practical application that is the key to success. Trading M1 you certainly have to react relatively quickly but never too quick to forget your own rules. If time is creating an additional stress than be conscious of it. Do you think this may be a factor ?

The Motto at the top of this Forum should be in bigger letters !!

Cheers

[bambino45]

Hi Kyle,
Just curious as to the manual closure of the trade at 9926.50. I am fascinated by how everyone manages their trades. Exit strategy is the one variable that I see that varies so much between AIMSters. Was it just a general view that this was a reversal or did you look at a particular line cross, alert signal or have a percentage in mind based on R:R ?

Thanks

Thanks Kyle. I find this exit signal very unambiguous too.

[Kyle]

Thanks for that Bambino. In Immys spirit of being so open and honest with his trading and critique (I do really appreciate it all Immy), I want to post warts and all. Learn from both good and bad trades. I see that if I post my opinion, then others can either learn from mine, or they can also comment and help me learn if I have misinterpreted something.

It is all in the process of becoming a full time trader one day, which I am committed to and really looking forward to

[Grant]

Morning Kyle,

I may be reading FX factory wrong but i think it says today is a German Bank Holiday so i would be nowhere near the DAX today....

cheers
Grant

[Kyle]

You are right Grant. Will give the rest of the day a miss and have a look tomorrow, bearing in mind that it is last day of the week. Not so sure how that has gone in the past. Older methods I uses were a bit funky on Mondays and Fridays.

[bambino45]

Happy Ascension Day to our German friends.

Kyle, Fridays and Mondays are certainly different, bookending the week but really I think AIMS circumvents this a little. You often get good short term trends as traders close out the week towards the end of sessions as opposed to the start for example.

And it's Western Australia day on Monday so a long weekend here for us and the weather's still great so I'll take advantage of that.

"In the middle of difficulty lies opportunity".

[Kyle]

I took one trade yesterday, on London Open. It went almost to 1:1 Reward:Risk and at that point, I locked in BE. In hindsight, it should have been BE+1 as per the trade management. I will be better at it next trade. I think it was valid, but lost 1 pip (spread). In all, fairly happy with it. It just didn't work out this time.

2014-06-10 de30m1 entry 1656.png

There was a great trade to take a little later (1hr into London), but unfortunately, I was tending to my son. A bit unlucky not to be there to take it, but you can never get back time with your family. I have attached it below for visualisation purposes. Could have been a weeks target in one trade .

2014-06-10 de30m1 entry 1801 did not trade.png

It is alt least good that the setups are happening. Fantastic to see them being discussed in the trading room as well. If you aren't yet a part of the trading room, why aren't you???? B-)

[Kyle]

Entry taken today just on NYO, but got cancelled out, which was a good thing in the end. Must have been within a whisker of a pip for the trade to be taken.

2014-06-11 de30m1 entry 2159.png

[Kyle]

Two trades today. Unfortunately, no profits to take home, with one being a rent and the other cancelled, but at least I am getting into the trades and not paralised by over analysing the charts.

The first one (DAX obviously) was just on NY Equities Open. Initial hindsight told me that there were 38 candles since the last crossing of A0, which is longer than Immy's book allows for, so maybe I should have kept out. In the chat room, Immy also suggested "Mot my favourite setup... best wait for touch of purple if going for W5... but not bad" which is definitely food for thought. Here is that first chart.

2014-06-12 de30m1 entry 2333.png

Close to 0.5% rent on 1% risk with this one. As Immy says though ..... Next

Second opportunity was more of a classic setup. A0 crossing just 10 candles prior. All set up and placed the PO, however, the chart decided to go elsewhere and the order was cancelled. Happy that I recognised it and also was confirmed in the chat room.

2014-06-12 de30m1 entry 2355.png

That's it for the DAX today i think. back to the charts tomorrow evening B-)