Chris's Journal - Step 1 (Setup 1)

[Boad]

Starting to record my step 1 journey here. I will be concentrating on getting 5 sets of S1 trades. Starting instruments will be AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDCHF, USDJPY, Silver, Gold and Oil.

First signal triggered tonight is USDJPY short. It is currently running and I will update with the result once its closed.

RESULT: -1R. Happy though as I believe it was a good signal to take. DS1

[acceleratum]

Congratulation on starting your journey.
I would recommend to zoom out a bit more so you can see structure in those screenshots, it is important to get a feel for the setup visual pattern, the ideal is to see 140ish candles on screen.

[immy]

Hey well done on starting your journal...

I'm sure you are secretly working on your detailed trading plan using the Trading Plan section material. I know you are....

[Boad]

Trade 2 / Batch 1
Long Spot Gold

Result: -1R. I understand now that I shouldnt have taken this signal as it was not the first signal after the 4th wave. I should have waited for a new wave 3 before proceeding. Have posted the explanations from Immy and Pedro below. DS0 due to lack of proper understanding.

[Boad]

Immys Wisdom:

We are Catching the breakout of the new impulse wave in the direction of the previous impulse wave.

[Boad]

Pedros Wisdom:

big 3 pullback 4 .. signal into 5

[Boad]

EURJPY

Looking at the last blue dot as an S1. We have the 3 long, topped with the green number 3, followed by that pullback to the purple line. My only doubt on this S1 is that the box is too wide. There is however plenty of space to the next marked TZ1.

Question? With a trade like this is it ok to restate your stop based on the new tighter box formed a couple of bars after the actual signal, given that the order hasnt triggered before it was formed??

RESULT: -1R DS0 - took signal before market was properly reset.

[acceleratum]

Market has not rested, gator is not completely sleeping, while the ao has crossed the price has not pullback much. So the box is big and its a very risky setup, not a setup 1 and you should not have placed po, should wait for a tight box for better probabilities and risk/reward

[Boad]

USDJPY Short

Entry: 111.454
Initial Stop: 111.969
Target: 110.424

RESULT: DS1

[Boad]

Spot Gold: Long

Entry:1260
Initial Stop: 1253
Target: 1274

RESULT: DS1