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

[immy]

What do you really know about your trading problems?

Is not making money your main problem?

Really! is that the problem? Or is it RESULT of a or a set of problems? Are the problems mental? are they technical?
Is there a problem with your strategy? is there a problem with your perception? Is it a behavioral problem?
What is it?

Have you tried to look at the problem and asked what is that you can do differently to change results?

Would you agree that the results of your trading is the actual measure real representation of your skill as a trader?

Whatever your results = the Level of your trading skills
Now, how often do you upgrade or downgrade you "personal worth" and "personal value" as consequence of
your trading results? e.g. do you think you are a failure because you can't make money from trading?
or worst, do you feel bad about yourself because you cannot seem to be able to discipline yourself?

I am not satisfied with my trading results
(assuming you calculate them on a monthly basis. Judging your results on a daily or weekly basis surely is not logical)

So are you wondering, why am not miraculously making lots of money especially when my system is so good?

You will have to look at the problem from a different perspective to get to the answer. Lets use the
results as your actual measure of your skill level as a trader. Don't get upset with it. Use it as a measure.

Be your own manager.

If you are not happy with your results, you know that you need to improve your skills. Does it make sense?

Firstly, do you know what you want? Have you objectively identified what you want? and then
Secondly, what is the nature of the problems. Mental, Psychological or Technical?

What do I Want?
Have you written it somewhere that says, for instance,
My goal is to grow my account by 20% every month? How do you feel about this target? Lets suppose you feel really
optimistic about this and you believe this is achievable. You will then ask another question.

Why do you feel that this target is realistic and how would you achieve this. Meaning what are the "tasks" and "activities" the strategies, you will employ to achieve this.

If you know the answer to this question then you know what you are doing. e.g. I will trade 2 hrs a day either at LO
or NYO/NEO. I will aim to trade 2-3 times a day and if I hit -3% (3 losers in a row) or +4% (two winners) I will quit for the day. this way I will easily achieve my weekly goal of 5% and hence achieving the target of 20% a month will
be a realistic goal? Does it make sense?

As we grow as traders we begin to realize many different trading problems. Some are common to all traders others unique to us. But you will only find these problems if you have mechanism of "self monitoring" system. In short and simple
terms its your own audit system. If you have not yet bothered with writing a simple 10 page long trading plan. Chances
are that you will never discover anything about you and will continue to cook with the same old recipe and receive the
same results.

"Insanity: doing the same thing over and over again and expecting different results." Albert Einstein

If you are not getting the results you want perhaps you're doing things in a "pattern" that needs to be altered or
replaced by a more useful pattern. In behavioral sciences we have discovered that we have different behavioral
patterns. All these patterns exist because of their support mechanism. That support mechanism is the "under-lying"
structure. The underlying structure can always be found and can be altered.

e.g. The trading strategies have been applied successfully and created by people who have an "underlying" thoughts/conceptual structure of "probabilities" and "risk management". Now as a trader if you don't yet understand
the laws of probabilities and risk management , how can you expect to fully "Comprehend" and consequently "apply"
the strategies effectively to efficiently achieve your "goals and objectives". Aha, do you have a set of goals and objectives?

All this brings us once again to a very important aspect of trading. Do you have a written well documented, detailed TRADING PLAN?

If Not DO NOT TRADE AGAIN UNTIL YOU HAVE A PLAN. A proper plan would touch base on everything and some of the parts will have much more detail.
The best, simplest way to start is use Tim Wilcox Template shared earlier in this thread. 1st page 2nd post. found the link http://www.itradeaims.net/forum/viewtop ... 352#p21958

[immy]

How to Reduce Stress and its Negative Effects on your trading .

“Your Brain releases cortisol that raises your heart rate, it modulates adrenaline levels and it clouds your thinking.”

And with all the cortisol in your brain your thinking will be cloudy and you won't even know about it because "your thinking is cloudy".

“It's something that he had gotten from the psychologist Gary Klein, who had written about it a few years before, also called the pre-mortem. Now, you all know what the postmortem is. Whenever there's a disaster, a team of experts come in and they try to figure out what went wrong, right? Well, in the pre-mortem, Danny explained, you look ahead and you try to figure out all the things that could go wrong,and then you try to figure out what you can do to prevent those things from happening, or to minimize the damage.

said Daniel Levitin in his recent Sep 2015 TED talk, “How to stay calm when you know you’ll be stressed?”.

Watch the Talk and read the rest of the article in my blog ... http://www.itradeaims.com/2015/10/how-t ... ll-be.html

[Sonata95]

Hi Immy,

Thanks you very much for your post, it is inspired when we can trade Daily TF with only technical analysis. Now, we have almost two time frame with back test and forward test with very good performance, M1/M5 and D1/W1.

Now I also add more product to my trading so that I can follow your D1 trading signal.
Can you share more detail add on strategy because I think D1/W1 add on will be played a important role in trading plan.
I just think if we start from top/bottom of D1 TF and keep the trade from wave 1 to wave 5 how much RR can be generated it may be more than 1:50, it looks like counter trend plus trend following.

I have my idea about the money management and trade management for D1/W1 TF. eg: If 1st entry move 2R move to BE and look the new add on, 2nd entry to be added on and move 1st entry to take profit (stop loss function MT4) 1R and the same strategy for 3rd/ more add on. After good 1st entry (move 2R) the product trade do not have any risk to account (1st profit will be funded to the add on entry). We only risk 1% account every product/ instrument from top/bottom if it is a rent signal.

I hope I can learn more from you about trading strategy D1/W1 TF.

[immy]

Hi Thang

Thank you for your comment and suggestions .

We follow the Fruit strategy to the letter on the daily time frame. Money management and risk manamgent is based on the Fruit eBook. We don't close half etc as we build in to our positions. And exit all together when there is exit signal. STage 1 -3. simple stuff

cheers



Dax today: No Trades for me.
Trading Time
LO: 2hrs
10.42 was taken by the Kuntz! I did not.t NEXT

Nothing during NYO and NEO.
End Time 15.30

See you tomorrow.

News Strategy: we got just under 2% winner and a -1% loser on EU Red news.

[immy]

A part from my new Trading Plan

Affirmations can help with Visualisations and Imaginations
Use affirmations to visualise success. It has been scientifically proven that creative visualisation increases performance.
Your mind is a powerful organ.

How to create affirmations and scenarios for creative visualisations?
You can create your affirmations by doing your SWOT analysis. Or simply by writing down a list of your Weaknesses and Strengths.
At first you might go blank and won’t know anything but don’t stop. Take 10-30 min break and sit somewhere alone, without distraction
and try to relax using controlled slow breaths. You may want to put your favourite relaxing music on, close your eyes and take a few
deep breaths in and release nice and slow. Ideally 6 breaths per min. 2 min of that and your mind will start to be very creative and intelligent.

Now think about your strengths and write them down. 6 would be enough. Now focus on your weaknesses. Next step is to turn the
statements in the weaknesses section into positives and reinforce the positives. e.g. let's suppose you have identified the following
weaknesses

Weakness Identified:

I exit trades prematurely (narrow) or
I am not disciplined (broad)

Would you agree that weaknesses might include statements pointing to things that you “Do not want” and Strengths
might list the things that you want? It's true for me. So I consider all the statements in my weaknesses list as the things
“I do not want”.

The above being “What I do not want”. Ask the Question, What do I want? What would I love to have instead?
the answers might be

“ I want to exit my trades using a proper exit signal” and
“I would love to be highly disciplined”.

You can then create a positive affirmation for your visualisation, using the statement of “what you want” which that
you have derived from the weaknesses i.e. “what you do not want”.

In doing so we are shifting our focus from “What we do not want” and moving it to “What we do want”. Remember:

Everything is energy and Energy Flows where Attention goes.

It is important, for the purpose of visualisation that you assume that the event, (what you want) has already happened and
that you have achieved what you want so that you can create the “feeling” of having already achieved it. This way gratitude
will play its “powerful” part as well.

So your statement might read as: “I am so happy and thankful now that I am 100% disciplined trader” and “I am so happy and
thankful now that I allow my trades to run and exit using proper exit signals”

Initially you can run through a rough draft version or you can copy from others affirmations as well but later you must refine
the statements and make them your own. However the above method is an easy methodical way of creating your own “genuine”
affirmations that are designed for you by you. You will find it easier to resonate to the words and sentences and the thoughts and
feelings they refer to. Its important that the statements are yours and truly resonate with your inner self.

[immy]

PEERCD Analysis

Pair: AUD/USD
Entry: Fruit
Exit: TP 2%
Result: 2%
DS: 1

Comments: (let me copy and paste from Skype)
don't forget I only take Fruits in line with eWave
[15:05:30] Immy - AIMS: must have reason to believe that its
a fruit at the end of 1-2
Fruit at the end of 4
fruit at the end of 5.
[15:05:43] Immy - AIMS: and the 5 has to be a correction on HTF.
[15:05:51] Immy - AIMS: bit complicated I know. but it works.
[15:07:09] Immy - AIMS: A PC Cherry or PC Fruit is often 1-2 Fruit.
[15:07:23] Immy - AIMS: Apple is 3-4 Fruit (could be 1-2 fruit on HTF)
[15:07:38] Immy - AIMS: and Fruit at the peak of 5 = Peak of Wave 2 or Wave 4 on HTF.
[15:07:47] Immy - AIMS: Makes sense? if not its ok. leave it.
[15:08:21] Immy - AIMS: Look at AU Fruit.
[15:08:28] Immy - AIMS: then switch to H4.
[15:08:36] Immy - AIMS: isn't it an Apple?
[15:08:54] Immy - AIMS: if I wanted I could have ran it. but I only wanted 2%.

[immy]

03-11-2015 15-23-53.png

[15:10:45] Immy - AIMS: lets look at UCAD.
[15:10:53] Immy - AIMS: we see 1-5 completed to downside.
[15:10:59] Immy - AIMS: then we see price broke up YD.
[15:11:06] Immy - AIMS: and then gator slept.
[15:11:19] Immy - AIMS: it then broke towards purple today. making the gator open up.
[15:11:28] Immy - AIMS: we know we can't get a long setup as purple is above.
[15:11:33] Immy - AIMS: but formation was great.
[15:11:36] Immy - AIMS: so drop to m15.
[15:11:49] Immy - AIMS: there you found monarch Seeds for longs.
[15:12:20] Immy - AIMS: if you traded that Seed, you actually traded an M1 Setup 1 without even looking at m1. feck the m1 on currencies... we have the best of the best using The Seeds setups.
[15:12:41] Immy - AIMS: or another way, for those who like the Setup 1.
[15:12:53] Immy - AIMS: you see h1, gator open, with pullback, drop to m5, trade Setup 1.
[15:13:24] Immy - AIMS: before you drop to m15, make sure H1 is OPEN GATOR.
[15:13:38] Immy - AIMS: same for M5/M1 Dax, before you take a setup on M1. make sure M5 gator is OPEN>

[Seabreeze]

Thanks for sharing your wisdom Immy I am going to read every post and study every chart. I am really enjoying my trading and everyday I learn that little bit more and with that my confidence grows with it. Hope to see you in the SKYPE Room soon when work gets less demanding.
Thanks again.

[immy]

EUR/USD
WE have a clear downtrend last week or so and we are not looking at anything but shorts. and they are happening. As long as the down trend continues H1 will keep setting up. Keep taking Setup 1s, cherries and apples. [don't forget apples are traded on the current time frame, cheerier and seeds are traded on current time frame but within open gator and targets will always be smaller than apple.

04-11-2015 21-18-21.png

A reminder again: To further check if you got the correct apple setup, go a time frame above and see if its a proper Monarch setup. Check if the pattern is correct for a seed/cherry on that 5x higher time frame. if yes, your apple is class 1 british gala!

Compounding hmmmmm!

[20:53:07] Immy - AIMS: 5% per week, compounding every week. suppose you trade 40 weeks in a year. and start with 5K account ,how much will it be at the end of the 40th week?

[20:56:57] Immy - AIMS: well I can tell you this much, if you were to put 5K into your account and manage to make 5% a week and compound on a weekly basis in two years on the same date 4th of Nov 2017, you will see $247,807 In your account. the next year will VERY interesting.

[20:59:35] Immy - AIMS: the important question is , is it possible? YES.

We can do that by trading only 2hrs every day. so tha's 80wks x 10hrs per week = 800hrs of work. (meanwhile you'll end up doing 8000 hrs of job and make $50,000)

Trading only within the the following 3 limits. Stop trading if
1. Profit Target of +4% achieved
2. Loss target of -3% reached
3. Time of 2 hrs ends.
Whatever is hit first .

2 hrs daily trade only Dax. using
-1R BE and 2R as trade management and trading only seeds and cherries! Monarch ones.

Why would you not give it a try?

GBP/USD Analysis

H1 Chart

04-11-2015 21-02-08.png

D1 Chart

04-11-2015 21-04-05.png

[immy]

So the Gu Analysis must have fed my subconscious mind with some information becasue when I woke up today and saw the chart it felt like there is only thing possible and that is a break to the downside. However the urge to go short did not materialise until I saw two things 1. the 9.30 news and 2, the 1-2 pattern with a PC. After I saw that I set a PO with 1:1 at half risk and 4:1 the other half. It went quite quick after news and I was out with 2.5% instantly.



Initially it retraced back almost near the Stop loss level. What can you do. nothing really



So the first half was hit pretty nicely and then later the TP was hit 120 pips later.

Later a Post News M1 trade .