Immy's Corner [The Setup The Hunt - T20's and more]
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 15
Re: Immy's Journal - Setup 1, Setup 2 and some other stuff!
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!
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 15
Daxy Today 2/6/2014
First Campaign was a huge success.
The trade was taken off the bounces off the Open line. Risk was only 5 pips so went in with .25%. Second one was S1/S2 type after a PC was more convinced and added another .75% and then added one more time at the break of M5 level .25%. Total 136 pips. (48pips (MM 15pips =1% traded .25% based on 15pips) = 0.75% gain, second gain 2.1% and third 36 = 0.6% gain Total gain = 3.45%. Had I used 1% for each entry then it would be a massive 9%. But I'm conservative with money management and aggressive with trading.
136 pips
The Search for Wave C up.
hindsight
Chatroom snapshot
and a trade taken before the above 2. a BE outcome.
and a buy trade which was not really a good decision. It was a market order and I thought it was time for the breakout.
The trade was taken off the bounces off the Open line. Risk was only 5 pips so went in with .25%. Second one was S1/S2 type after a PC was more convinced and added another .75% and then added one more time at the break of M5 level .25%. Total 136 pips. (48pips (MM 15pips =1% traded .25% based on 15pips) = 0.75% gain, second gain 2.1% and third 36 = 0.6% gain Total gain = 3.45%. Had I used 1% for each entry then it would be a massive 9%. But I'm conservative with money management and aggressive with trading.
136 pips
The Search for Wave C up.
hindsight
Chatroom snapshot
and a trade taken before the above 2. a BE outcome.
and a buy trade which was not really a good decision. It was a market order and I thought it was time for the breakout.
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!
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 15
Re: Immy's Journal - Setup 1, Setup 2 and some other stuff!
A Dollar Cad Famous Setup.
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!
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 15
Re: Immy's Journal - Setup 1, Setup 2 and some other stuff!
Hi Markfxmark wrote:HI Immy,
The manual is focusing on the M1 to enter the trades and M5 to confirm. I have noticed in your journal that you use mostly the H1 Chart on the currencies and M1 on Dax. Is there a reason why you are not trading on the M1? would you recommend to go higher time frame (maybe because the market has changes since you wrote the manual ?)
I am just a little confused because I thought the system was designed for the m1 to take the trades ? ( On the H1 is there a different template or you use the same as the m1 )
Thank you for your response in advance
Mark
Thank you for your question. Volatility in the forex market in general and euro dollar in particular has gone very low. It can still be traded and many of my good friends are doing it however I have a rule. I only trade 1 pair on m1. I've tried two at the same time but it was not fun. Luckily my broker , a spread betting broker that has mt4, also provides indices. We looked at Dax and found it moves 100-150 pips in a day and the spread is Only 1 pip. It is ideal for our M1/M5 setup. So I started trading that and enjoyed it. So I wait for volatility to return and then we will try them currencies again. Moreover, I have always traded H1 and we use the same template and technique only difference is we remove the "built in filters" in the indicators by replacing the values by 0's . So yes, i trade Dax m1/m5 and 6-8 pairs on H1.
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!
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 15
Daxy Today 5/6/2013
Chat
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!
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 15
Re: Immy's Journal - Setup 1, Setup 2 and some other stuff!
A Kiwi Trade
EJ The princess
Rent on AU
It hit my SL and that candle turned into a great Long Signal but I refused to believe it... oh well
EJ The princess
Rent on AU
It hit my SL and that candle turned into a great Long Signal but I refused to believe it... oh well
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!
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 15
Re: Immy's Journal - Setup 1, Setup 2 and some other stuff!
Yeah the new German Norse Warrior Princess ... I wish Bettina reads this ... (she tired hard but gave up in the end i guess... hit Bettina come back to me... xoxo)fxsam wrote:Looks like Dax is your new princess now or i should say prince) .
Kiwi was good trade as well. Can you please advise what led you go long on kiwi ? i'm more interested in your analysis.
Thanks,
Sam
Kiwi. 1. 50% retrace on D1 chart...
A complete wave on h4 which was further refined using 140 candles/bars on eWave dropping to h1 chart. it was a "stretched and compresed type down move not very much vertical suggesting pat of least resistance may be upwards and not downwards.
There are some cool Famous Setups coming tomorrow...
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!
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 15
Re: Immy's Journal - Setup 1, Setup 2 and some other stuff!
Who said I don't trade EU m1? I do, but lately there has been nothing interesting until recently. So today here is one .
Update; 11.am uk
Update; 11.am uk
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!
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 15
The 7 Sins of a Forex Trader
The 7 Sins of a Forex Trader
1. Takes Too many trades
2. Trades Multiple Systems
3. Trades multiple currencies
4. Trades all times of the day
5. Risk more than 1-2% per trade
6. Takes long and short term trades
7. Reads more about systems and less about discipline.
1. Takes Too many trades
2. Trades Multiple Systems
3. Trades multiple currencies
4. Trades all times of the day
5. Risk more than 1-2% per trade
6. Takes long and short term trades
7. Reads more about systems and less about discipline.
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!
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wiseambitions
- AIMSter
- Posts: 1127
- Joined: 17 Sep 2012, 21:36
- 13
Re: The 7 Sins of a Forex Trader
immy wrote:The 7 Sins of a Forex Trader
1. Takes Too many trades
2. Trades Multiple Systems
3. Trades multiple currencies
4. Trades all times of the day
5. Risk more than 1-2% per trade
6. Takes long and short term trades
7. Reads more about systems and less about discipline.
There are extra sins than that........
8. Does not set stop losses
9. Applies hope and stretches stop losses mid trade instead of getting out
10. Does not take an acceptable profit when it is presented
11. Confuses himself by listening to the opinion of others, 50% of whom are bound to be wrong
12. Does not wait for setup conditions to be fully established before entering his trade
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."