Grants Journal [Awarded Title: Guru of the Gurus]

[Grant]

Hi everyone,

I only managed to sit at the pc for the first couple of hours of London today so no trades for, the only real set up triggered on the red news in the UK which kind of sums up my week…

It finished a colossal +6.6 pips (+0.50%) and I’m actually surprised it was that high to be honest, thought this may have been my first losing week since I started my journal.

Have a great weekend

Cheers
Grant

[bhands]

Hi Grant,

Have you made any new discoveries since using Steve's new Multi AIMS Level indicator vs. Session Open Lines, or any other take profit target that you had been using in the past?

I was just wondering if you have adopted or dropped any other TP target method since using Multi AIMS Level indicator?

Thanks,

Bruce H

[Grant]

Hi Bruce,

I use a combination of everything for profit targets. If the aims levels shown by steves indy are in confluence with another factor, ie Fib expansion or pivot etc then i will place my TP at that level.....

hope this helps

Grant

[bhands]

Thank you Grant,

Yes that does help, I'm preparing for an extended travel trip and have been slightly interrupted in my AIMS studies and research.

I was going through your journal and was very interested in your take profit target methods and made notes up until page 4. Is there a single post in your journal that outlines all those take profit methods that you like to use?

Using the confluence of these areas for take profit targets makes very good sense. Do you prefer to set hard take profit levels, or do you watch the trade and decide on an area or zone when price starts to stall at certain price levels before you exit the trade?

Great journal thanks for being so consistent and sharing.

Bruce H

[Grant]

HI Bruce

As soon as i enter a trade i set a hard TP at the place where i think price will react (bounce) against my trade, that may be (a minimum) 10 pips away it may be 30 or more. That being said i will watch closely as the trade develops and if a trailing SL opportunity arises then i trail.

There is a description of what i use half way down page 3 of this journal..

hope this helps

Grant

[Nigel]

Good Morning Grant,
Apologies if this has been covered before, but my Q is regarding setting an order for TP. I had thought that your system set an "ordered" TP at plus/minus 13 PiPs profit, however the above discussion implies that you "manage" your TP level otherwise ? just asking because if one orders plus/minus 13 Pips (ie 1%) then one has to be very deft with the fingers to cancel and set a different (perhaps greater level) if price moves on ones's favour - it can shoot through it as it did one a couple of occasions this week.

Or do you now prefer trailing candles up to a pre identified level (higher timeframe AIMS, Fib extn 62 etc) ?

Thanks
Nigel

[Grant]

Morning Nigel,

i will set mt TP at a level where i think there will be a reaction by price, this is normally a confluence of fibs, pivots higher TF aims levels etc...

the minimum i set it to is +10 but there is no real maximum, if price has broken out of m1, m5, m15 and h1 levels then the next logical place could be 20/30 or maybe even 40 pips away.

Whilst i do have a set TP, i still utilise the trailing methods as outlined in my trade management document, so that i have always + pips out of a good set up...

As for overshoots, yes they do happen and whilst annoying i know that i have my pips banked and am actively looking for a new entry... You will see from my journal records that i very rarely hit home runs (pips wise), but rather hit base hits and letting compounding do the rest...

hope this helps

Grant

[Nigel]

Thank you Grant

[bhands]

Yes, thanks too Grant.

[jayvee]

Hi Grant

Do you trade any other pairs than theEURUSD on the 1 minute TF?

Just being a nosey parker.

Thanks John