David's Journal

[snowman]

Hi Folks.

For the last 2 weeks I've spent some time checking out how everything fits together. It appears I'm like most people, as I still don't get Elliot waves. :-h My plan is to follow Mark Douglas's approach, so I intend to take the next 20 trades before I evaluate how I have done. This also tells me the max loss I will have if all my trades lose, as this is an ammount I can afford to lose it removes all the stress involved in lossing and allows me just to take the trades.

Please feel free to add comments to my journal, good or bad.

[John Wimberley]

Do not be overly concerned with elliott waves for now. Try to focus on seeing the type 1 saddles and go from there. That first trade was a distraction trade. It's best to always concentrate on the trade. When my wife asks me a question and I'm in a trade , I tell her "I'm in a trade" and she understands. Well done on the 2nd trade. Yes, it was a premature exit, but in this instance you did about the same had you waited for the exit signal.

I see from your comments that your left brain was giving you reasons to exit. Mine did exactly the same thing on Friday. I decided that it was late, hurricane was coming to NY, so I exited for 20 pips.. Had I stayed I would have scored 77 pips.
This is why it's important to stay in the now. "Is this where I should exit?" No!.. Wait for the signal.

[snowman]

Thanks for the reply Rhinomann.

Do the dots show up instantly at the close of the candle? as I missed it again today, but as the trade was moving in the right direction so I left it.

Anyway todays trades have gone well 50 pips banked.

Just notice I havn't said why I closed the second trade. Never let a winner turn to a loser. The trade was up 11 pips, so I moved my stop to break even.

Everyone Please feel free to comment on my enteries. its all part of the learning process.

[immy]

David,

I'm so pleased to see your charts. I told you long time ago you have perfect eye for this setup. I love your charts. keep em coming!

To Everyone Else: Please learn from this guy! thank you for sharing David.

[snowman]

Hi Imran

Thanks for the kind words. You really have move the aims method on from when you were using it on the BD. I really like the way you have added the red/blue dots to get people to stay in winning trades longer.

I took one trade today, before falling into the same old trap I allways seem to fall into when I join a forum. I end up reading whats on the forum, which leads to reading other things and get no trading done. ? On a positive note, I've been looking at http://www.smartlivemarkets.co.uk/Index.aspx site which I have seen mentioned a couple of times. What a fantastic offer, up to £300 of losses covered in the first Month. or in other terms 300 pips @ £1 a pip or 600 pips @ 50p. Now if that hasn't removed all the stress of taking a trade nothing will.

Hopefully next week will bring us back some better trending condition, as we get this weeks Bank holiday, end of school holidays and NFP out of the way.

Yes I have noticed how big the AO was at the time of the trade.

[immy]

Its Ok to enter at any Fractal as long as you know how to control your risk. here you did the right thing and closed. However a bit unlucky for you since it stopped right there and moved further. waiting for blue dot would have been a bit profitable. I waited the whole afternoon for Wave 5. Remember some one used to say market does 2 waves. take 1 and then another , after that forget it. That some one was consciously or unconsciously referring to the structure of the market. The moment you accept the fact that you cannot understand Elliott Wave, you've blocked your mind. You gotta be open. Open to change. But I'm not implying that you must must know waves. Because as long as you know how to trade the AIMSigator and AO you'll be trading the wave any way.

Happy Pippin!

[snowman]

Not a single ooops, but a double, took saddle trades on the Euro & cable then failed to let them run untill the blue dots. My logic for closing way early was, the Bank holiday in the USA, and around zero's, just shows it doesn't pay for me to think.

Closed the Euro for plus 12 pips, 37 pips had I waited for the blue dot.
Closed the Cable for plus 20 pips, 55 had I waited for the blue dot.

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[immy]

something was wrong with the settings, fixed. please try again. let me test here.

Test my scalp trade between purple and grey.

[snowman]

As it’s the start of a new month. It seems like a good time to reboot my Journal.

I’m failing to grasp the concept of Elliot waves, one trade I can see it, and the next it’s gone again. Please feel free to comment on my trades especially on the wave counts on the AO.

Method: Aims using higher time frames for confirmation rather than relying on the purple line.

Trading Hours: Trading approximately 3-4 hours a day. Trading either the London (8am-12am) or New York session (2pm-5pm).

Targets:
1. What the market gives me per session.
2. 10-15% a month.
3. Stop trading for the day if I lose 3% of the account. (prevents me taking stupid trades trying to recover losses)

My Weaknesses:
1. I still cannot get my head around Elliott Waves.
2. Failing to get out of trades at the best time.
3. Patience & Discipline to wait for perfect setups. (Over trading)

Risk per trade: 1%of account

[snowman]

So this morning trades.

Trade 1. I have not got a clue as to what the wave count on the AO is. 27 pips

t1.gif

Trade 2. is a add on trade. 8 pips

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