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DS1, Entry was as per setup 1, took a little while to fill, but then reversed on news. Going against my direction.
Next ....
Just a small note. If you follow the Setup 1 flow chart ... there is an orange box rule, "is the M5 level to close" in this case, is the box level to the left too close or is the 5XHTF level to close. So if you look at the pic, you see that it would make a lot more sense to have entered above the box level to the left, that way your entry would have been away from the so called S/R zone. But keep in mind that if you do that you still h ave to then check whether this action makes the stop loss being too far... e.g. sometimes level to the left is too close but if you take entry above that level would also mean that distance between SL and Entry level becomes too big and making it not worth the risk. hope this makes sense.
moreover, this chart shows a strong wave down, followed by a pullback up. so the long entry was still under the umbrella of the strong wave down. Which is ok but good to know where is the setup within the 5XHTF wave count... it does not make you take or stop from taking a trade but it allows you to understand the market better
this weekly chart shows that your long setup was within the wave 5 of this down wave... actually right at the possible peak/top of wave 4
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
Thanks Immy, yes that all makes sense. Relooking at it, if I have been above the higher box, the trade would not have been filled. Also looking at the weekly chart you posted you would not have entered as the signal/setup is short. On D1 is it a good idea to have a quick look at the W1 chart?
I will make a note to check for past S/R lines as well.
Thanks again
Vicky
"It is literally true that millions come easier to a trader after he knows how to trade, than hundreds did in the days of his ignorance"
Yes a quick look at W1 is always a a good idea if trading D1. This applies to Setup 1/2. This is because you want to know "what is the wave on CTF" and then you also want to know, What is the wave on the 5XHTF. So that you can establish what is the position of this signal within the wave on CTF and 5XHTF. ofcourse if you follow the rules for CTF only it will still be good. Please note we don't trade S/R per se, but only one aspect of it is of interest to us. That is the Box leveles. When you see a few box levels that are close to each other I'd go for the outer most levels.
cheers
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
Thanks Immy, I understand what you mean Aims don't do S/R per sa, I will check past boxes.
I am now waiting patiently for the start of my next T20, nothing showing yet.
A question, do I do another T20 on setup 1 or can I add Hunt now and follow along with you? I tried to get into the Hunt section but don't have access at this point.
Reviewing my first T20 I got a 70+% DS1, but you might have a different view, if so please let me know.
Many thanks again
Vicky
"It is literally true that millions come easier to a trader after he knows how to trade, than hundreds did in the days of his ignorance"
The First thing to do is , ANALYSE the T20 Batch. Give it a Full Post. Look at how many Mistakes you made, jot down what you've learned from it. Why did you make mistakes an what are you going to do about them in the next batch. The Goals for Next batch will be created from the analysis of previous batch. And if you are all set and satisfied you can add ~AIMS the Seed into the perspective asn Setup 1 and Seed are closely related.
cheers
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
Thanks Immy.
On review, Trade 9 Gpb/Usd, Trade 11 AUS200, Trade 15 Eur/Aud & Trade 18 Usd/Cad are all DS0.
Trade 4 Ger30 I have to include as DS0 due to having a bit higher risk than my chosen 1% (this was the smallest position I could get)
Overall I am happy with this first batch, and from the start to my last ones taken, I have been more disciplined and got better at seeing in the charts the set up I need to take.
It has shown me with the AIMS system, if you stick to the rules and are disciplined it will work, this is very exciting as it is the first time since I started trading that I can see a system that with constant discipline will work for me.
Next batch the goal is to be patient, don't rush or force setups to happen, and be confident to take all step up 1 on my times frames (D1 daily and H4 2 days a week on my days off) when they present. I am also going to duplicate my trades in my small live account.
I will stick to another batch of set up 1 with out adding seed at this point.
"It is literally true that millions come easier to a trader after he knows how to trade, than hundreds did in the days of his ignorance"
DS1,
Entry was as per set up 1, this trade was a test of patients, it took a few days to go anywhere, then it started to take off. Finally making it to BE.
Then it started to drop, I thought it was going to get stopped out at BE, only to come back and shoot up to my target on 12th Jan.
A good reminder once it gets to BE it can do what it likes.
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"It is literally true that millions come easier to a trader after he knows how to trade, than hundreds did in the days of his ignorance"
The Game begins when you see the Setup ... BE is just an illusion. it does not increase or decrease profitability in the long run. (its just there to test your DS) [infact one might be able to bring proof that the move ot BE results in decreasing profitability in the longer term. However if it works to help with "care free st ate of mind" then well and good)
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
