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

[immy]

[youtube]gjaH2iuoYWE[/youtube]

[kohalmiz]

Hi Immy,

I read a lot of times, but still have some questions about trade management:
1. "Exiting with a Loss:
Always Exit on close of red line. Making sure entries are always near green/red line. or if too tight box than SL hit on the opposite side e.g. Box"
What does it mean make sure entries are always near green/red line?
2. "a. Before Divergence = Red Line
b. After Divergence = green Line"
This is additional to normal take profit technics(dot, trailing candle,etc) or it refers only when we are in loss?
3. Can you suggest a sensible plan for closing part positions if someone is willing to use the Aims Ea?
My way would be : 50 % at 10 pip,mo loss after 9 pips, second part tp 40 pip, trail stop 20. Of course if obvious turn happens close manually.

Please suggest.
Thanks,

Zoltán









How to Get Support?
Note: This entire forum is our Support Mechanism.
1. Ask a Question in Your Journal (Start a Journal NOW) . 2. Go to Q&A Forum Please Click Here for Q&A Help and Support [/quote]

[immy]

Hi Immy,

I read a lot of times, but still have some questions about trade management:
1. "Exiting with a Loss:
Always Exit on close of red line. Making sure entries are always near green/red line. or if too tight box than SL hit on the opposite side e.g. Box"
What does it mean make sure entries are always near green/red line?
2. "a. Before Divergence = Red Line
b. After Divergence = green Line"
This is additional to normal take profit technics(dot, trailing candle,etc) or it refers only when we are in loss?
3. Can you suggest a sensible plan for closing part positions if someone is willing to use the Aims Ea?
My way would be : 50 % at 10 pip,mo loss after 9 pips, second part tp 40 pip, trail stop 20. Of course if obvious turn happens close manually.

Please suggest.
Thanks,

Zoltán

This post needs updating. I have switched to fruit style of trading and now I believe the best way to get out of a Setup one if its not going your way is the opposite side of the box. simple. once the market goes in your favour simply exit on green line or trail 5 green bars or red for shorts if price has gone too far from green line. Don't like target points as in setting hard exit levels. letting it run is the art of trading. i do not suggest scaling out for this technique. but only if you scale in then you can scale out. through the years i have found that the best methods of trading are scaling in to positions as opposed to going full and scaling out. the exit methods discussed in Fruit is my favourite now.

make entries close to red and green line. ignore this now.
The Setup strategy is very objective now. You are supposed to follow the flow chart for entries and Grant's trade management for exits. I suggest just follow the flow chart. the flow chart takes care of all of this. flow chart will give you over 50% success rate which is phenomenal.

hope it helps

[kohalmiz]

Thanks, your answer made me clear.
What about closing half of the risk at 1:1? What do you think would be the affect for average Win/Lose?

Regards,
Zoltán

Hi Immy,

I read a lot of times, but still have some questions about trade management:
1. "Exiting with a Loss:
Always Exit on close of red line. Making sure entries are always near green/red line. or if too tight box than SL hit on the opposite side e.g. Box"
What does it mean make sure entries are always near green/red line?
2. "a. Before Divergence = Red Line
b. After Divergence = green Line"
This is additional to normal take profit technics(dot, trailing candle,etc) or it refers only when we are in loss?
3. Can you suggest a sensible plan for closing part positions if someone is willing to use the Aims Ea?
My way would be : 50 % at 10 pip,mo loss after 9 pips, second part tp 40 pip, trail stop 20. Of course if obvious turn happens close manually.

Please suggest.
Thanks,

Zoltán

This post needs updating. I have switched to fruit style of trading and now I believe the best way to get out of a Setup one if its not going your way is the opposite side of the box. simple. once the market goes in your favour simply exit on green line or trail 5 green bars or red for shorts if price has gone too far from green line. Don't like target points as in setting hard exit levels. letting it run is the art of trading. i do not suggest scaling out for this technique. but only if you scale in then you can scale out. through the years i have found that the best methods of trading are scaling in to positions as opposed to going full and scaling out. the exit methods discussed in Fruit is my favourite now.

make entries close to red and green line. ignore this now.
The Setup strategy is very objective now. You are supposed to follow the flow chart for entries and Grant's trade management for exits. I suggest just follow the flow chart. the flow chart takes care of all of this. flow chart will give you over 50% success rate which is phenomenal.

hope it helps

[immy]

1:1 exits is for those systems that do not use indicators for exits.

We are looking for unlimited profits. talk about 1:10. (with add ons etc)

Have a great weekend everyone!

[immy]

Some mistakes
some beauties

[Tomi]

OMG, Immy IS a human?? (rofl)

[immy]

What am I Doing Wrong?

what am I doing wrong.png

Problem 1: A Very obvious one. This picture shows 8 trades taken within 16 minutes. Note that 6 out of the 8 were taken within 8.13 to 8.22am UK. 9 minutes and 6 trades.
Problem 2: there is only one entry signal, short at 10.13 on the chart which should have been a -10 if managed correctly. The trader here is totally not disciplined. Not following a plan, simply going long and short on his/her feelings.

This is no trading , this is gambling.

[wiseambitions]

Those conditions are madness, I dont know what the AO would have made of it, even the alligator looks giddy, and the boxes are too tall.

[immy]

This is a Perfect Setup 1

M5 is trending nicely. Its broken out once and ready for breakout agian. Tight box, sleeping gator, eWave close to ZL.