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

[immy]

Today I found a proper setup 1 with great odds of success into wave 5. I targeted the mircro target zone one. But I went with fix 10 pip SL at 1% risk and setp TP at 20 pips which was below TZ1. easy peasy

step by step pictures were taken... love it.

Slide 1 = Pending Order (stop to get in)



Slide 2 = The order is in now and ATM has drawn a line to show that's where it will move the SL to BE (at 1:1)



Slide 3 = Now lets have a look how I saw both the m5 and m1 charts side by side. its IMPORTANT TRICK



Slide 4 = 2:1 Target point hit with ease. This puts me ahead of my weekly target which is a humble 2.5% per week. This very low target makes me feel comfortable. I can miss a setup and not throw my monitors out of my office because I know, there will be more and i'm looking for 2.5% per week. I know that only one good trade can get me 2%. I did that using this trade and earlier I had 1% so i'm 1.5% ahead of my target. So I've taken tomorrow off.

[immy]

What is the difference betwween the trade I posted above and this...


Nothing I hear you say! yes... thats' the point..

Same setup over and over and over again

KEEP WORKING TOWARDS TARGET ZONE 1

The lucky few of the Skype Group had their hands on something special! Everyone's enjoying 10% growth makes me feel extra special!



Do you see that lovely Monarch Cherry? however I took the box!

And the last 3 days have been fascinating ... I was doing analysis on the daily chartin the skype room and Grant was with me. We thought GU was sideways... and so it won't produce great setups. Later I look at it and found that the daily chart was actually ready for the burst... I took a cherry short. but got stopped out on trailing aims for -1% but that did not stop me, as it formed a nice PC setup. Went short and from there ... it produce a trade that is collectively up ... a whooping 550pips.

100 pippers first attempt
300 pipper the second trade
150 NFP trade

550 pips

[Nikita]

It was 6 o clock in the morning. How you were able to catch it?

[immy]

It was 6 o clock in the morning. How you were able to catch it?

The best Seed setups start fro the 6am candle! Its not often that I'd check charts at 6 but come on, EVERYONE knew what happened to cable the night before --- IT WAS FAMOUS!

[immy]

something about the Wave ... how we formulate it step by step as it forms... Shared earlier in the Skype room

[petera]

Hi Immy

I really appreciate these charts. They provide a wealth of information. I saw the chart in the skype room today but was too busy to comment. Now that I'm sitting down, I just want to express my appreciation because I know you put a hell of a lot of effort and time into the skype room and this forum. Thanks again

Peter

[SprayPlaster]

Hey everyone, my first post here after joining a few days ago, been reading the books and threads here and planning to re-read them several more times in the next week or so. One part from the first post here that I don't quite understand is:

"Old Trade Managemetn Plan
Stop Loss at the time of PO:
SL on opposite Side of AIMS Level or 15 Pips EU/EJ

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
Profit Taking:
a. Before Divergence = Red Line
b. After Divergence = green Line
c. After Angulation = Trailing Candles
d. Optional: Significant Target Levels. "

By Old Management Plan, does it only refer to the stop loss protocol, or does it also include the Exiting with a Loss and Profit Taking sections? Do we still cut our losses when candles close at red line for example? Thanks for your time, and looking forward to learning more from you guys =)


Edit

Lol, of course the answer is posted in the previous page, should've finished reading through every page instead of just halfway through..

"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]

Hi

The simplest TM is 10P stop loss move to BE at +10 and exit at 20p. this is ideal for Stage 1. Which is , Train to be Disciplined by utilising T20 principle into your Written Trading plan as per the template.

Thanks for your post, appreciate it.

cheers

[SprayPlaster]

Hi

The simplest TM is 10P stop loss move to BE at +10 and exit at 20p. this is ideal for Stage 1. Which is , Train to be Disciplined by utilising T20 principle into your Written Trading plan as per the template.

Thanks for your post, appreciate it.

cheers

Thank you very much for this tip Immy (as well as for everything else in the books and forum). I have done 20 trades with The Setup on EURUSD M1 with 0.1% risk as I feel like I learn much more from winning/losing $0.50 of real money than winning/losing $500 of demo money. The overall result has been positive, up just slightly less than 0.2%, would've been more if I didn't make some silly mistakes here and there.

I want to give another go on the T20 M1 The Setup but this time on Dax. This is going to be my first time trading non-currency pairs, so I'm not sure what to use for maximum box sizes, buffer pips for entry/SL etc, as the numbers are much bigger than EURUSD. The spread on my platform for DAX is 400 points if that helps.

Another silly question, which one is DAX? Is it GER30Cash or GER30-JUN16? The first has a spread of 200 points, the latter 400.

Thank you very much for your time, hoping to learn much more from you and the other Aimsters.

[Dave]

GER30Cash - the other is a futures market.

Regarding box sizes, I've written this a few times but I'm happy to be disagreed with. It's not the size of the box in pips that's important, rather the size of the box relative to the boxes before it. This can just be visual. For example, if the market is dead and the average box size is 5 pips, then a 10 pip box is big relative to the size of the previous boxes and therefore big relative to trade potential. Conversely, if the average box size is 30 pips then a 20 pip box can be considered small.
So my advice, for what it's worth, is rather than set a numerical value, look at the chart and ask "will my stop loss be small relative to current price movement".

Where this is difficult of course is at 8:01 am UK when the markets open and volume comes in and the first few boxes are almost always bigger than those before them, before LO. But you'll get a feel for that.

:-bd