Momo's Journal

[momozazat]

Hi all, i am momo. i am going to use setup 1&2 to enter trade. i am new to this forex thing and i do hope i could learn from all of you here.

My Trading Strategy will be H1 with setup 1 & 2.

My Trading Plan (edited 17/3/2017)

1. if there is a dot in H1/H4?
* check only when dot comes out

2. If there is visible trend
* No trade for Setup 0, wait for alligator open

3. Check the ewave
* continue only if ewave is relatively low or cross zero

4. Check the news
* No trade during FOMC, Non Farm Day

5. Check Higher Time Frame
* continue only HTF show same direction

6. Set TP to at least 1:1 SL or Tz1
* ignore if RR 1:1 TP less than TZ1

7. Trade Management
* using Fractal level (default)
* manual drag SL to the support when the candle stick move away from aims.


For GBPUSD, i enter the PO only few bar after the dot, where , the low ewave and 30pips aims look like a setup to me. however it didnt turn out to be profitable.

[momozazat]

2nd Trade, not end up quite well 2...

[immy]

Hi Momo
welcome to AIMS...

Its a great thing that you've started your journal. Journal is the single most important thing for becoming a successful trader. Trading is a skill and to learn a new skill one needs to break it down into parts to concentrate on smaller chunks. This increases performance and learning curve is steeper. But you've taken an important step. Now the next important part is "consistency". don't be like the rest of the 95% traders who STOP updating their journal. I have figured it out why they end up doing that.

They don't have a trading plan.

Yes, if you don't have a detailed trading business plan, chances are you won't have goals and objectives to work towards. Life is goal oriented. The animal kingdom has one goal, survive. So does the plants and the rest of the thing.s It's the structure of the universe to have a goal to work towars. So its important that you consider working on a trading plan. And apply the T20 principle. To be good at trading first you must learn how to trade. And that is what brings you here, to this forum. But the most important problem of traders, is discipline. So it makes sense to make that as the KEY performance indicator. Years of testing and working with people leads me to believe that profitability is a byproduct of disciplined trading.

More on this in the Hunt section.

All the best...

[momozazat]

Immy, did i enter the setup 1 correctly? this trade look more like luck than setup to me. the trade triggered and remain nonprofit for sometimes before it went up again. i didnt close it as it didnt trigger initial SL. The TZ1 is 165 pips away, should i use it as TP in this case?

[immy]

Question. Are you an Expert in trading?
If not, would you like to become a trading expert?
if yes,
would you like to learn to be a trader?
If yes,

Are you highly disciplined. because successful trading requires you to be highly disciplined?
Is Yes,
Would you like to do some training in discipline?
If Yes

Apple 5 Batches of T20.. Read the T20 Principle and Judge your "trading performance" by the Score you give your trade and your self making use of Discipline Score concept. It does not matter how many pips you make or lose, how many dollars you make or lose. It matters how man DS1's you get per batch.

For me this was not a good setup , but it was within a moving trending pair, USDCAD was going up. no doubt, setup 1 was not perfect but trend was there. Pedro took it and held on to it. You did well too. Is it a DS1 trade? that would depend on the rules you have decided to follow. If you've followed your rules then no matter its a winning or losing trade based on the monetary or counting pipwise results.. its a winning trade if its a DS1... So here, the important thing is WHAT DO YOU WANT FROM TRADING? and WHAT IS THE END OBJECTIVE OF THIS PARTICULAR TRADE. When you're learning to be disciplined, your main objective is not profitability rather discipline. So it would be a wrong question for me ask " were you disciplined " because I don't know if you're trading for discipline or trading for making money/
hope this helps ... and/or make sense

[momozazat]

Thank immy. in short i need to be constantly follow the same principles (T20) again and again until i used to it. The outcome isnt that important during the starting. highly disciplined is the key to success :-bd

[immy]

Yes, Momo,

Don't take my word for it. be a scientist about it, i.e take a scientific approach and say, Ok immy, lets test your damn setup 1 idea. The quesiton then is, how do you perform a proper test? well the easiest way is to perform a methodical test with the simplest of rules. Be very dumb about it. And make an objective that you are trading only for one purpose. AT the end of each trade you want to look at your rules and say, I've followed all my rules. Pat yourself on the back, write, dS1 is the score and move on...

This way, when you have completed 5 batches , you'll most probably be disciplined as well as profitable. In most cases, if you were not profitable you'll find that your DS scoree will be much lower than 70%... but don't just finish all 5 batches... you must not got to Batch number two unless and until you have maintained 50% DS. If DS is less than 50% for a batch, you must count that again. In this manner you'll get there with style. all the best...

[momozazat]

1. What was TF traded? H1 comfirm with H4
2. was A0 close to 0? Yes
3. Was Alligator asleep? Yes
4. where Alligator Heading? Down
5. Was Purple Correct? Yes
6. Was dot candle inside AIMS? Yes
7. Setup UP Number Used? setup 1
8. Was there a fresh AIMS Level? N/A
9. How Far was aims Level? Pips
10. How Far was SL set? 30 Pips
11. How Far was TP set? 30 Pips
12. Ratio 1:1
13. What was the Exit Strategy? Fractal Trailing
14. Result -28 pips

should i avoid trading on days with high impact news? (eg Non Farm, FOMC etc)

[momozazat]

1. What was TF traded? H1 comfirm with H4
2. was A0 close to 0? Yes
3. Was Alligator asleep? Yes
4. where Alligator Heading? Down
5. Was Purple Correct? Yes
6. Was dot candle inside AIMS? Yes
7. Setup UP Number Used? setup 1
8. Was there a fresh AIMS Level? N/A
9. How Far was aims Level? Pips
10. How Far was SL set? 30 Pips
11. How Far was TP set? 41 Pips
12. Ratio 1:36
13. What was the Exit Strategy? Fractal Trailing
14. Result -28 pips

should i trade on FOMC day?

[immy]

Hi Momo

For the purpose of T20, Technically, it was a correct Setup (sort of ) ... Your charts are WAY too zoomed in for me. I like to see at least 150 candles on my chart if not 200. but 140 is a MUST. I want to analyse my chart from that perspective. But as I said, you gotta learn to be disciplined. And that is a very powerful skill that will be the foundation of the "future consistently successful trader" that you want to become. So for the purpose of DS1 it was a Ds1.

However as I commented on aonther journal, at least two kind of News , are there, that I'd definitely lookout for if trading anything below D1 time frame. FOMC and NFP. Last night was FOMC.

cheers