Mickey's Journal

[immy]

Please read my post in Trackers journal today. http://www.itradeaims.net/forum/viewtop ... 458#p19458

The most important bit about elliott wave is how to manage your expectations.

And the answer is simple don't use elliott wave for predictions into future.

That is what majority of traders tend to do despite the fact that it is not what Elliott Experts even Robert Prechter teaches. Elliott Wave gives you information in the now with a "possibility" of something happening in the future based on the knowledge of the now. It is not however a guarantee. Its is only a possibility. Just like an ATOM is not really a SOLID OBJECT its pure potentiality as proven by quantum physicists or lets say theorised for some.

But once we do that, the speculation, [A speculation is "An investment that is very risky but could yield great profits", or "A hypothesis that has been formed by speculating or conjecturing (usually with little hard evidence)" ]
we have to tell ourselves "ok, we have to make ourselves available (i.e. put your PO in based on the setup) to find out but not be 100% SURE that it will happen that way, because every moment in the market is unique and anything can happen.

We will accept whatever happens in the future and we will NOT create a BIAS. A slight bias is ok but always be open to all 3 possibilities. 3 possibilities? yes market goes up, sideways (within a range) or goes down.

~May the pips be with you... May the power of now open up on all of us. May we all understand the power of NOW.

[kiravon]

'' Elliott wave analysis would help you "raise your confidence" to take signals
and attach "mental" probabilities to certain situations in the market where a fruit
may appear and is supported by certain patterns in the market ''


Sequence 3
Campaign 12 -1
Campaign 13 -1
Campaign 14 -1
Campaign 15 -3
Campaign 16 -1

Daily Proofreading Strategy
Sequence 1
Campaign 3 23/3 +3p

[kiravon]

Hopefully to put Immy's Elliott Wave notes
into context I saw something interesting this
morning 5.30 am GMT -

Yes, not one but two Adam's Apples! - now
before Immy's comments to both Tracker and myself
I would have been on cloud 9 again in the absolute
certainty that a never ending Wave 5 was about to
form

As we see, no Wave 5 apparent! price hasn't reversed,
at least not yet. so we may not even be in Wave 4

So Adam's Apple may just be alerting to the possibility
that a Wave 5 is imminent

Nothing is carved in stone

but I found even more interesting that Immy could 'see'
things that both myself and possibly Tracker were
oblivious too in our different ways...

It is what is called 'Scotoma' or blind spot. Not visually
but mentally. Just as you can lose your car keys only
to find they were on the hall table all the time. but some
blind spot prevented us seeing them

Just as magicians skillfully misdirect the mind so you can't
see what should be obvious, and after the trick is explained
it is extremely obvious! - but you just can't see it at the time

This seems to happen in trading - a lot!

Perhaps more when we are less experienced, we get hung up
on some notion and our mind is misdirected from the more
compelling setup that has formed but we don't see it -

because we are too mentally inflexible to see anything but
the one image we have in our mind as we look at the chart.

When I took my first car test and failed, the examiner
informed me I had ignored a red traffic light

I never saw any traffic lights! - never mind what colour.

That was conscious incompetence

Now I might still not 'see' the traffic lights but I will stop
at red

That is unconscious competence

Not surprised I missed that red light really, I recall my mind
was focused on checking the rear view mirror every few seconds
to impress upon the examiner what a cautious and diligent driver I was

Apparently when driving you need eyes in the back of your head but
also in front of your head, indeed all round peripheral vision

You need that in trading

I don't have that yet

1.png

[kiravon]

I truly wish today was the day I 'turned the corner'

Results were outstanding - for me at least. Maybe just
luck but I need to retrace my steps to see if I might have done
something right

(btw results - 10 trades. 3 BE, 1 x -4 pip rent, 6 x Wins = +143 pips)

I can only think of two things:-

1) Immy's recent helpful comments to both me and Tracker
regarding Trading Scotomas - even though he didn't actually
use the expression - but being so focused on one thing only
we miss opportunities and absolutely don't see the bigger picture.

I really had that observation in mind this morning - particularly at
one point I wanted to trade upside momentum BUT I was also
very conscious of two Bearish Fruit signals

Yesterday I wouldn't have even seen them!

2) Five minutes before London Open I started tapping along with affirmations
to the effect:-

' I am in the Zone '

' I am completely relaxed, calm and composed'

'' I now release all anxiety around trading '

' I release all fear and hesitation and just take decisive actions '

' I do what needs to be done! '

' I just go with the flow of the market '
------------
I think both the above may likely have been instrumental. I don't feel
I was simply 'lucky' Of course not all days will be good and tomorrow
may be a losing day, but I want to build on this

There was some hesitation with Add ons although I did take them
later. I have lost so much with Fruit Add ons in the past and I
was letting the past interfere with the present.

I had some great Add ons today. So that can replace the previous
negative memories.

Now the pictures
8.03am GMT to 10.32am GMT - 2.5 hrs thats more than enough trading
for one day

but 32 pictures capturing various stages of ten trades in total.

Seems a bit excessive

1.png

2.png

3.png

4.png

5.png

6.png

7.png

8.png

a.png

b.png

d.png

g.png

h.png

j.png

k.png

l.png

m.png

[immy]

You're Rocking and Rolling mate... some refinement is required but good start... well done. You see how focusing on one thing does to You? YOU GET IN THE ZONE

[kiravon]

Absolutely! That was the third thing I did right, if I had been
juggling two or three systems today it would have been a very
different story! No question about that!

Maybe four things I did right - at 10.32 I stopped trading and stayed
stopped for the day

I think I actually spent more time annotating than I did trading! but
hopefully Aimsters in the future may be reading this and see how that
keeping a serious journal, particularly of your feelings during the trade is
critically important - What exactly are your thought processes? fear,
infallibility? Its only when you lay it out graphically for the whole world
to see can you really start to make progress

Which is ironically why most don't make a public journal, fear of looking
foolish!

But great! - 1) Look foolish, ( not that anyone thinks that ) 2) Have
mistakes pointed out 3) Stop making mistakes 4) Last and not least
become fabulously wealthy! Whats the problem with that?

I would say unequivocally that keeping a journal the last three weeks has
been more rewarding and productive to me than the last five years of flitting
from one system or indicator to another which has just been a total waste of time!

Its all about developing the Trading Mindset and regular, detailed journal
entries are probably the best way to achieve that.

[kiravon]

Daily Proofreading Strategy Sequence 1 Campaign 4 24/3 +9p

[kiravon]

Sequence 3

Campaign 17 BE
Campaign 18 BE
Campaign 19 +36
Campaign 20 +5
Total TBC

[kiravon]

Similar to yesterday nine trades but less pips in the end +38

Two initial rents, one a -50 loser which should have been a -6 rent (see pic)
then the trade of the morning with three Add ons , all locked in, and a nice +95 win

Overall today followed much the same pattern as yesterday, in terms
of state of mind. I was equally composed, calm. Just focused on
adding on and moving stops to optimum level.

Unlike yesterday The market was piddling about and very choppy
first hour. Nothing I can do about that.

It doesn't matter how changeable or Schizophrenic the market is
I remain constant and unflappable. That's my responsibility.

5.png

6.png

8.png

a.png

b.png

d.png

h.png

j.png

[kiravon]

Dax Fruit 5m Sequence 3

Campaign 1 -17
Campaign 2 -29
Campaign 3 -32
Campaign 4 -3
Campaign 5 -10
Campaign 6 -7
Campaign 7 -32
Campaign 8 +41
Campaign 9 -11
Campaign 10 -15
Campaign 11 -9
Campaign 12 BE
Campaign 13 BE
Campaign 14 BE
Campaign 15 -3
Campaign 16 BE
Campaign 17 BE
Campaign 18 BE
Campaign 19 +36
Campaign 20 +5

6 x BE
11 x Losers
3 x Winners

Total for Sequence = - 86
Average winner +27
Average Loser -15

Sequence 4
C1 BE
C2 +21
C3 BE
C4 -4
C5 +54
C6 +27
C7 -12
C8 -10
C9 +5
C10 -6
C11 BE
C12 -10
C13 -21
C14 +38
C15 +34
C16 +22
C17 BE

So far:- +138

4 x BE
6 x Losers Average -9
7 x Winners Average +28