Bill Allen JOURNAL or Pipbill

[Pipbill]

August 31, 2011

Missed big move and took next set up but it didn't meet all 3 rules and I jumped the gun.

I think my pattern is miss a good set up take a bad set up.

[Pipbill]

August 31, 2011, Today's trade

[Pipbill]

Set up and didn't see it.

Bill

[Pipbill]

Possible Aha moment.

Reading Trading Chaos by Bill Williams, the sleeping alligator with the AO at the Zero Line is like the small stream slowly flowing. When the alligator is awake it is like a mighty river wide and deep or hungry Alligator.

How many traders are interested in the market when the price is moving sideways or nowhere? Not many but this is where we need to pay attention. We wait and wait with our PO and maybe pay the rent a few time but when the alligator wake up he will be hungry.

I remember a commodity trader that his favorite formation he called a snake, it looked like the dots at the zero line, The longer it stayed low and crawled along the more excited he became. He knew the price could not stay the same forever. As soon as it broke in one direction or the other he had his trade. Most of the other traders wanted action all the time he was patient.
Bill

[immy]

My second trade is a buy on break of aims and AO at the zero line.

Must be not a good wave count,

Bill Allen

The First trade is ok, the short trade entered and then closed completely incorrect. if you have to go short it should be 1pip below aims level and should have been immediately closed at hte exit signa.

[immy]

August 31, 2011

Missed big move and took next set up but it didn't meet all 3 rules and I jumped the gun.

I think my pattern is miss a good set up take a bad set up.

Once you missed the move you had to wait for a setup. This was not a proper setup.
also your exit was a few bar earlier. must minimise losing trades. very very important.

[immy]

Possible Aha moment.

Reading Trading Chaos by Bill Williams, the sleeping alligator with the AO at the Zero Line is like the small stream slowly flowing. When the alligator is awake it is like a mighty river wide and deep or hungry Alligator.

How many traders are interested in the market when the price is moving sideways or nowhere? Not many but this is where we need to pay attention. We wait and wait with our PO and maybe pay the rent a few time but when the alligator wake up he will be hungry.

I remember a commodity trader that his favorite formation he called a snake, it looked like the dots at the zero line, The longer it stayed low and crawled along the more excited he became. He knew the price could not stay the same forever. As soon as it broke in one direction or the other he had his trade. Most of the other traders wanted action all the time he was patient.
Bill

Very Well Said Bill! I love that book and I recommend everyone read it. thanks for sharing your thoughts.