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

[Darren]

Great trades Immy! :-bd

You mentioned in the trade room that your stop was 7 pips on that 40 pipper and it nearly got hit. Why was it 7 pips?

[immy]

Great trades Immy! :-bd

You mentioned in the trade room that your stop was 7 pips on that 40 pipper and it nearly got hit. Why was it 7 pips?

Normally i go with 10 pip SL, when it triggered I moved to 7 pips aboev the trig candle. and commented in the chatroom, if its moved 17 pips from top to my entry, it may move back 7 pips... I survived. Had it taken me out I'd have got back in on the next break which was a great add on spot and I wish I had added on.

good question mate.. .

[Michal]

thx for nice explanation and that you carry on doing it great stuff !

[immy]

The hardest part in our setup is catching that 3 out of the sideways market. If you end up taking too many trades and/or paying too many rents during those times, try to change your strategy and stick to only clear trends. Make yourself trade only when Wave 3 is clear and you go for wave 5. again, you don't want too big to extended wave 3 because the pairs only move a certain number of pips per day. Its like mileage per tank. If wave 3 eats most of the pips out of the possible range (law of averages) chances are wave 5 will be either relatively smaller or may not even happen. There will still be odd rents but the setup will be higher probability.

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There is a way to improve your prediction or trading or forecasting of Wave 3 by training yourself using the 10 second elliott wave principle. Check the pictures below.

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[Darren]

Great trades Immy! :-bd

You mentioned in the trade room that your stop was 7 pips on that 40 pipper and it nearly got hit. Why was it 7 pips?

Normally i go with 10 pip SL, when it triggered I moved to 7 pips aboev the trig candle. and commented in the chatroom, if its moved 17 pips from top to my entry, it may move back 7 pips... I survived. Had it taken me out I'd have got back in on the next break which was a great add on spot and I wish I had added on.

good question mate.. .

Thanks Immy - makes sense!

[immy]

A lovely jubbly Daxy london session today... fantastic.

Every one Got Pips... Well Done Ray, Well done Moty ,Well done Dave, Well done Darren, Well done peter...

This picture is worth framing. One of the best m5/m1 wave formation. Love it!!!

[Nikita]

Immy, does it make sense to scan more than 5 pairs looking for H4 open gator and then go down to H1 and wait for setup?
I m talking about 10-20 pairs and commodities. Doing that way could provide us with almost perfect setups. But of course it's not possible to control so many pairs. It means that we will trade the pair that offers the best conditions. Skipping some setups on other pairs.
Or doing so we will lose our edge?

This is THE ONLY WAY we trade THE SETUP. This concept that you just point towards, this is THE SETUP. This is the concept, the essence of AIMS. Congratulations. We look for Confirmed trend on a 5x higher time frame and then we go to 5x lower time frame and trade a Breakout an S1 setup. This is what we call Higher Probability Setups because HPS are breakouts in the direction of higher timer frame trends. all the best matey


ps: keep in mind
1. Keep it Simple
2. Less is more

Less is more - very wise phrase. Thank you.

It s not exactly what i was asking about. I was asking if super amount of different pairs will spoil my result?
If every day i will be looking for new pair which is trending. I m asking because i remember our chat about casino(about its edge) and how important not to miss any setup. If i will be scanning 30 pairs, looking for trend, i will defenetely miss some setups. For example, monday - trade on EU, tue - trade on GU, wed - trade on uchf and so on. Every new trade on new pair wich is trending.
Will such approach appropriate dor AIMS?
Or it will be more profitable to trade only 5-6 pairs never missing a setup?

Thanks in advance.
And sorry for such chaotic way of expressing my thoughts #-o

[Michal]

If i can add my two cents

Nikita think about it this way : if you will scan many pairs what happens if you get a setup on all 20 of them and even worse let's say all of those will not work.So how you will react to 20% loss based on 1 % risk.I wouldnt be able to digest loss of 20 %.And another thing I've noticed there always will be setup which you miss... We are just humans not computer that can process milions of operations at one time.I miss some setups as everyone else i think.You can miss even some because you will focus more on the one which is higher probability.But you have to remember if you miss setup there always will be next setup
You wrote it's important not to miss any setup in my opinion it's way more important to take proper setup rather than trying not to miss any

I hope that make a little bit of sense
just sharing my thoughts.....

[immy]

Trading is an ART EA is a Science. Chose which one you want. I prefer playing cricket myself rather than having a robot. Though I do have a robot that throws balls at me for practice. Not in real. Robots don't think and markets are alive. They are people making decisions. Even the high frequency traders have a group of geeks constantly monitoring it and tweaking it on a consistent basis. Chose your favourite few pairs and learn to understand and be one with those pairs.

[immy]

What an amazing and simple trading this mid afternoon session. +40 + 45

Do read the chat session added into the chart. I was looking for a 1-2 within the 1-2. and i found it the challenge was to stay in it and add on below what I thought was low of wave 1 down. it paid off.