Terry's journey

[terence]

I joined up about a year or so ago but did not give the Aims strategy the attention it deserves. I am absolutely terrible at that.

No discipline at all. I have come along the road of forex for ten years or more, seen and done it all. Just no consistency at all.

So I know I have a rough road ahead. I am hoping this journal will keep me more focused.
My times to trade are varied and limited. I wll try for the LO most days.

My plan is to trade as per the flow chart and to use the trade management that Immy posted recently with the '188 pips and 20 trades' which impressed me.

Here they are for my reference:

Stop loss strategy:

Initial stop loss = 10 pips
Triggered at = -7
At +5 = move to -4
At +10 = BE (optional)

Exit:

1) Stop Loss hit
2) Trailing after consecutive red/green candles.
3) Close on green line i.e black dot.
4) AIMS trail

Cheers for now.

[immy]

I joined up about a year or so ago but did not give the Aims strategy the attention it deserves. I am absolutely terrible at that.

No discipline at all. I have come along the road of forex for ten years or more, seen and done it all. Just no consistency at all.

So I know I have a rough road ahead. I am hoping this journal will keep me more focused.
My times to trade are varied and limited. I wll try for the LO most days.

My plan is to trade as per the flow chart and to use the trade management that Immy posted recently with the '188 pips and 20 trades' which impressed me.

Here they are for my reference:

Stop loss strategy:

Initial stop loss = 10 pips
Triggered at = -7
At +5 = move to -4
At +10 = BE (optional)

Exit:

1) Stop Loss hit
2) Trailing after consecutive red/green candles.
3) Close on green line i.e black dot.
4) AIMS trail

Cheers for now.

First good think you've done is, you've started a jouranl. Congratulations. This may be your grand quantum leap towards consistent success. And let me welcome you again. Stay with us and you'll love it.

[terence]

Well here I am back again, almost 3 yrs later. A lot has happened since then, both health and otherwise.
Anyhow all is well and I am determined to start my journal now.

What I wrote about my strategy above I must now amend, especially the trade management stop loss side of things.
So I will be using the Setup stategy 0/1/2 or even the box breaks further down the line if a strong trend persists on the higher t/f.
I am practicing my eye to find box consolidations within the 4 hourly and/or 1 hourly charts and then using the lower t/f chart to find the box 'fit'
on a lower still t/f.
So a 4hr chart could well yield a 1hr, 15m or 5m box entry and stop accordingly.
The height of the box must yield my % risk (Using FTM at present) and will target 1:1 and 2:1 Reward to Risk.
So nothing set in concrete yet..... a WIP!
The flow chart is a great guide except I sometimes find the Entry Indicator needs to be used with discretion.
Example: I get a pink candle as price has marginally broken the bottom of the box, or there is no dot as price has pulled back sufficiently to form a fractal box but has not crossed the green line sufficiently to produce a dot candle.
I guess on lower t/f there is another trade soon enough but on higher t/f trades can be scarce enough.

[terence]

Now let me try and post my charts from last week, I hope they are self explanetary.

Very important rule: Gator of higher t/f must be open in direction of the intended trade!

2017-07-17_CHF-JPY.png

[terence]

2017-07-17_EUR-JPY.png

[terence]

And finally a 1:1 target achieved.

2017-07-19_USD-JPY.png

[immy]

Hey some nice trades there ... my 2 cents worth would be... why risk 3 times on same currency? when yen moves, it will change its value against the rest of hte currencies. It would be ok of you go for lets say, UJ and EJ or UJ and GJ ... but CHF/JPY probably not a good idea... I limit myself to max 2 yens...

[terence]

Hey some nice trades there ... my 2 cents worth would be... why risk 3 times on same currency? when yen moves, it will change its value against the rest of hte currencies. It would be ok of you go for lets say, UJ and EJ or UJ and GJ ... but CHF/JPY probably not a good idea... I limit myself to max 2 yens...

Aah right! I do have far too many charts I am watching. Best to simplify with fewer charts. The way I see it I need to find the more popular crosses, ie the ones with the lower spreads and higher ATR.
Thanks Immy....

[immy]

the Majors works just fine for me... I cannot monitor more than 8 pairs on H1 ... not at all...

[terence]

Its been a frustrating week. I have had most of everyday to trade and only traded once on Thursday.
I was watching 8 pairs on two to three time frames each, but mainly H1 and 15m. I need to downsize to 4 majors only or just focus more...
I spent this afternoon reading up on the Famous Strategy and I see it is a great H1 strategy for the swings in Daily trends.
Anyhow I know USD/CAD moves on gas or oil storage news so focused and a nice trade unfolded.
Here it is...

2017-07-27_USD-CAD.png