H4 Setup 1 and Monarch Hunt
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immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 14
Re: H4 Setup 1 and Monarch Hunt
Fantastic t rading mate... well done ... now all you have to do is patiently wait for setups like these.... over and over and over again
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.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
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.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
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SprayPlaster
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- Posts: 152
- Joined: 29 Mar 2016, 02:45
- 9
Re: H4 Setup 1 and Monarch Hunt
Thank you very much Immy. I learn something everyday from watching the charts and reading skype, especially from your sermons, eventhough I don't place a single trade on most daysimmy wrote: 26 Jan 2018, 00:36 Fantastic t rading mate... well done ... now all you have to do is patiently wait for setups like these.... over and over and over again
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SprayPlaster
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- 9
Re: H4 Setup 1 and Monarch Hunt
Trade 20
Pair: USDCAD H4
Entry: Seed
Exit: TP at 2R and SL to BE at 1:1
Result: 2R
Disciplinary Score : DS 1 (19/20)
Pre-trade comments: Clear wave 3 followed by a ranging wave 4. Price broke out of range, retraced and retested the levels, creating a monarch hunt with small seed.
Post-trade comments: -
Pair: USDCAD H4
Entry: Seed
Exit: TP at 2R and SL to BE at 1:1
Result: 2R
Disciplinary Score : DS 1 (19/20)
Pre-trade comments: Clear wave 3 followed by a ranging wave 4. Price broke out of range, retraced and retested the levels, creating a monarch hunt with small seed.
Post-trade comments: -
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SprayPlaster
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- Joined: 29 Mar 2016, 02:45
- 9
Re: H4 Setup 1 and Monarch Hunt
Another batch done. Some thoughts:
- I feel like my setup 1 entries are better than before, as I am better able to spot them live now. Previously, I can only see them on hindsight and kept hesitating to take them even if my rules were met.
- Still trying to spot monarch hunts better, but I've learnt the importance of letting the price break out of range first and then retracing before taking a hunt signal.
- Despite getting a 95% DS score, I think that was a bit deceiving, as I'm still having some problems with discipline when it comes to being punctual in front of my charts (laptop or phone) every 4 hours. Due to this bad habit, I've missed quite a lot of great trades. This is something I should strive to improve on.
- My overall profit right around trade no. 16 was 0R. And I was expecting this batch to end around BE or so (And I'm okay with that, as profit wasn't my main concern). Then the final 4 trades were winners, resulting in a nice 8R profit for the whole batch. This really drilled home the importance to me of not judging your method, plan and yourself based on just a few trades, but rather a big batch of them.
- I'm still loving the pace of H4, and I feel like this will be my timeframe of choice for the foreseeable future. The only change that I might see is the possibility of joining Immy and the others on M1 once I get my stage 3 badge hehe.
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SprayPlaster
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- 9
Re: H4 Setup 1 and Monarch Hunt
START OF BATCH 5
The same as before but this time, instead of just monarch hunt, I'm planning to do the normal hunt as well. I expect to make some mistakes here and there, but I feel like I am ready now to do Setup 1 + Hunt on H4.
The same as before but this time, instead of just monarch hunt, I'm planning to do the normal hunt as well. I expect to make some mistakes here and there, but I feel like I am ready now to do Setup 1 + Hunt on H4.
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SprayPlaster
- Free Member
- Posts: 152
- Joined: 29 Mar 2016, 02:45
- 9
Re: H4 Setup 1 and Monarch Hunt
Trade 1
Pair: GBPJPY H4
Entry: Cherry
Exit: TP at 2R and SL to BE at 1:1
Result: 2R
Disciplinary Score : DS 0 (0/1)
Pre-trade comments: New 3, cherry bouncing off green gator and box levels to the left.
Post-trade comments: First trade and it's already DS0. Sigh... I forgot to remove the default "maximum SL: 50 pips" setting on ATM, so while my trade did technically hit 2R, it's supposed to be BE only. Moreover this is a J setup, and wasn't really a clear new 3.
Pair: GBPJPY H4
Entry: Cherry
Exit: TP at 2R and SL to BE at 1:1
Result: 2R
Disciplinary Score : DS 0 (0/1)
Pre-trade comments: New 3, cherry bouncing off green gator and box levels to the left.
Post-trade comments: First trade and it's already DS0. Sigh... I forgot to remove the default "maximum SL: 50 pips" setting on ATM, so while my trade did technically hit 2R, it's supposed to be BE only. Moreover this is a J setup, and wasn't really a clear new 3.
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SprayPlaster
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- Joined: 29 Mar 2016, 02:45
- 9
Re: H4 Setup 1 and Monarch Hunt
Trade 2
Pair: Gold H4
Entry: Seed
Exit: TP at 2R and SL to BE at 1:1
Result: -1R
Disciplinary Score : DS 1 (1/2)
Pre-trade comments: New 3, seed bouncing off green gator and box levels to the left.
Post-trade comments: -
Pair: Gold H4
Entry: Seed
Exit: TP at 2R and SL to BE at 1:1
Result: -1R
Disciplinary Score : DS 1 (1/2)
Pre-trade comments: New 3, seed bouncing off green gator and box levels to the left.
Post-trade comments: -
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SprayPlaster
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- Joined: 29 Mar 2016, 02:45
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Re: H4 Setup 1 and Monarch Hunt
Trade 3
Pair: NZDUSDH4
Entry: Cherry
Exit: TP at 2R and SL to BE at 1:1
Result: -1R
Disciplinary Score : DS 1 (2/3)
Pre-trade comments: Nice setup 1 pattern on H1, and cherry bouncing off green gator
Post-trade comments: On hindsight, price might've been moved down too fast (rubber band effect), but basing on H1 I thought it looked good.
Pair: NZDUSDH4
Entry: Cherry
Exit: TP at 2R and SL to BE at 1:1
Result: -1R
Disciplinary Score : DS 1 (2/3)
Pre-trade comments: Nice setup 1 pattern on H1, and cherry bouncing off green gator
Post-trade comments: On hindsight, price might've been moved down too fast (rubber band effect), but basing on H1 I thought it looked good.
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SprayPlaster
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- Joined: 29 Mar 2016, 02:45
- 9
Re: H4 Setup 1 and Monarch Hunt
Trade 4
Pair: USDCAD H4
Entry: Cherry
Exit: TP at 2R and SL to BE at 1:1
Result: 0R
Disciplinary Score : DS 1 (3/4)
Pre-trade comments: Clear new 3, price bouncing off green gator, BRN and multiple levels to the left.
Post-trade comments: Got stopped out by a tail before price moved on for a further 5R. Next
Pair: USDCAD H4
Entry: Cherry
Exit: TP at 2R and SL to BE at 1:1
Result: 0R
Disciplinary Score : DS 1 (3/4)
Pre-trade comments: Clear new 3, price bouncing off green gator, BRN and multiple levels to the left.
Post-trade comments: Got stopped out by a tail before price moved on for a further 5R. Next
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SprayPlaster
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- 9
Re: H4 Setup 1 and Monarch Hunt
Trade 5
Pair: GBPAUD H4
Entry: Setup 1
Exit: TP at 2R and SL to BE at 1:1
Result: 0R
Disciplinary Score : DS 1 (4/5)
Pre-trade comments: Clear 3, clear 4, gator sleeping and purple gator is away but not too far. Classic setup 1.
Post-trade comments: Okay, so I'm not sure what happened here. Somehow my trade got stopped out at BE (which is what would've happened anyway). I double checked my ATM settings and everything was fine. Someone was probably messing with my laptop when I was away? I don't know. Anyways, price bounced back down after hitting TZ1 and BRN
Pair: GBPAUD H4
Entry: Setup 1
Exit: TP at 2R and SL to BE at 1:1
Result: 0R
Disciplinary Score : DS 1 (4/5)
Pre-trade comments: Clear 3, clear 4, gator sleeping and purple gator is away but not too far. Classic setup 1.
Post-trade comments: Okay, so I'm not sure what happened here. Somehow my trade got stopped out at BE (which is what would've happened anyway). I double checked my ATM settings and everything was fine. Someone was probably messing with my laptop when I was away? I don't know. Anyways, price bounced back down after hitting TZ1 and BRN
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