Imran Naqvi's Journal

[naqviimran]

Hi All,

Friends, as recommended, I have initiated my journal, wherein I expect dissolving all my doubts.

Well, lets come to the query. I have attached a M5 EUR/USD chart, assuming that I will trade this timeframe (is it fundamentally right or wrong according to AIMS).

As seen in the chart, I need to understand how to ascertain all the three rules. While I have been to mark the first two rules, I seem to have faltered at the third one: identifying exit through AIMS box.

Please help me clarify my doubts, Immy, Grant, John.

[Grant]

Afternoon,

congrats on starting your journal!!!

just before i answer your queries am i right in saying you are trading the m5 TF on its own and not using m1 for entries?

if you are using m5 only then read my answers below:

when looking at rule 3 i would look at the last confirmed AIMS level opposite to the direction i am looking to trade in. So for long trades the last aims low and for short trades the last aims high.

as for the pending order if trading the m5 charts then i would have an eye on where the m15 levels are in relation to my entry, so if m15 is within 4/5 pips then i would place my PO under the m15 level. This is the case in the pic you posted.

every time the AO creates a new peak either high or low then we can say that an impulse wvae has finished. in your pic it looks to me that its a 3rd wave. the only way to say for certain is to go up or down a TF and see what that chart is saying waves wise..... BUT we dont trade elliot wave in that much detail.... the way the set ups occur are "usually" (but not always) at the beginning of an impulse wave... watch your chosen TF over a few days/weeks and you will see the same thing repeating over and over...

i hope i explained it ok

Many pips to you

Grant

[immy]

Hi All,

Friends, as recommended, I have initiated my journal, wherein I expect dissolving all my doubts.

Well, lets come to the query. I have attached a M5 EUR/USD chart, assuming that I will trade this timeframe (is it fundamentally right or wrong according to AIMS).

As seen in the chart, I need to understand how to ascertain all the three rules. While I have been to mark the first two rules, I seem to have faltered at the third one: identifying exit through AIMS box.

Please help me clarify my doubts, Immy, Grant, John.

Great Work Imran! Imran's really good (I am I know LOL)

Great to have another Imran here.

In your chart you have spotted the two rules really nicely. May be referring to the flow chart would be really nice. AIMS Stress Free Trading has not fully adopted AIMS version of the flow chart. It really breaks down the three rules in to logical steps.

so, for rule 3 as pointed in the flow chart you'd look at how far is the upper aims level and how far is your next m5 aims level. Rule 3. Exit Close Enough, means check how far is the other side of aims level. if its more than 10-15pips(for m1) away you may be entering too late so better let the price travel sideways. In t his example Rule 3 seems to be Check Marked as well. It would be best to check m1 examples in the future. M5 examples would mean different pip levels. But there is no big difference.

I hope this answers your questions. I love questions and please be my guest when you have questions. throw in a few pictures like you did, and draw a few lines on it with some text. ooooyeahhh.. love it!

cheers

ps: Grant beat me to it! pressed submit too late... damn it

[John Wimberley]

Another Imran
Welcome and congrats on starting your Journal. Grant and Immy have covered it all.

[naqviimran]

Thank you so much Grant and Immy.

[naqviimran]

Hi Immy/Grant/John,

I have attached an interesting chart from David's Journal. I have the same questions as shown in the chart.

However, to my mind, I would have exited on the blue dot where David questions as to why he did not exit, and I would have entered again on the red dot that followed and banked some more pips, since it seemed like a setup 2.

Did I get it right?

[snowman]

Hi Imran

I can't remember how I missed the blue dot, knowing me I was just not paying enough attention, phone,email,coffee,ebay or something along those lines.

The red dot that followed would not have been an entry as it had already broken the current aims level, so you would wait for a new aims level first.

Cheers
David

[naqviimran]

Oh yes, you are right, David. I did notice that the red dot candle had already crossed the AIMS level.

So, it seems that was a lucky trade for you...Lol

Thanks for your comment!

[immy]

Imran

Further to what David said, using Grants Trade management you would have brought SL 3 pips above the trigger candle. it never went (i think) 5 pips into profit so SL would have stayed there, but if the green candle just before blue dot did not hit your SL you would have stayed in anyway. I'm sure Grant or I would have exited somewhere around where David did. This is the fruit of consistency. When you rinse and repeat this system of entries and exits gets tranferred to your right more powerful brain which uses the power of the subconscious i.e. automatic trading, some call it 'you develop trading intuition'. But to achieve this, which I love calling, the state of "Knowing without knowing how you know" you must learn to trade the Setup, use your left brain properly to learn the Setup properly and remain consistent and with time and sufficient repetition the brain will transfer this activity to the right brain and eventually you trade as automatically as you would breath!

IMHO

Cheers

[naqviimran]

Hi Immy,

You said: "using Grants Trade management you would have brought SL 3 pips above the trigger candle. it never went (i think) 5 pips into profit so SL would have stayed there, but if the green candle just before blue dot did not hit your SL you would have stayed in anyway."

But don't you advise to close the trade once it closes above/below the green candle. So as per rule, assuming that the reversal would land me into paying larger rent, I would have closed my trade at the blue dot. Why would have I continued anyway, as pointed out by you?

Also I need your more clear advise with respect to stoploss management. Where can I find Grant's trade management technique? Where is the literature for it? :-s

Please help. Thanks.