Mike's Journal MSK185

[msk185]

Two trades both full hits

both entries were triggerred in to the pip and then reversed on me.

Both looked like good setups but the outcome was not what was desired

That will have to be me for today.

any comments welcome still learning!

Thanks
Mike

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[msk185]

Now i watch incredibly frustrated as price falls and both those trades would have been winners if I'd not had my stops so tight.

I'm definately missing some key pieces of this puzzle

[Grant]

Hey Mike,

not a comment more a question for trade 1. What buffer do you use on shorts? I use 2 and wouldnt have been triggered on that set up....

then on trade 2 you have a 30 pip range form LO roughly and you entered just on the H1 low (i think)...... In long tight ranges i take the h1/m15 into account, if i filter the initial breakout because of them then so be it but at least my rents are reduced.... Again with 2 pips the PO wasnt triggered

hope this helps

Grant

[msk185]

Hi Grant

On the first trade I had a level of 12865 so set my entry at 12863 - I typically look to set my entry 1.6 - 2 pips from the level.

My second entry was set at 1.5 pips below the 60min low so not my 1.6 but as it was well below the 1 min and 5 min lows I thought that would be a good entry point, alas not to be on that one.

I didn't take the one that worked as I had already taken 2 full hits and the AO was looking old at entry - murphy's law prevailed

Cheers
Mike

[Grant]

Ah ok thanks Mike,

my lows are slighty lower so hence my POs were as well...

as you said Murphies Law did prevail as i didnt take the next one either... (set up 2 dot didnt create a fresh AIMS quick enough)..... sigh

NEXT

Grant

[msk185]

Hi everyone
Waited all morning patiently but I didnt see any setups worth trading - not sure if anyone else managed any trades on EURUSD M1.

Finally got what looked a good setup for a wave 5 after the sharp fall shortly after US open but alas I only managed a b/e trade.
Entry was clean enough on break of aims targetting the 5min low some 15-17 pips away. Price started off well but retraced I kept my stop above the aims level after my hits yesterday but moved to b/e when price reacted to the newly formed aims level and got breakeven. Given what had gone before I think a good result.

chart below

Any thoughts welcome

Cheers
Mike

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[msk185]

I have been pretty focussed on trying to master EURUSD M1 but in light of EURUSD's relunctance to play nicely with me I thought I would tryout another pair. I chose AUDUSD as I can get similar spreads with Axi on it so this was a demo trade as it was my first time with AUDUSD.

There was nice wave 4 retrace on M1 a break of the retrace trend line (ala Steve's recent posts) and then a break of aims, I set my entry at 9972 and tgt of 9954, closed early when price started to stall close to my target for 15 pips

Nice looking setup, almost text book

Cheers
Mike
PS there was EUR setup around the same time but not as elegant IMHO

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[Herbert]

Hey Mike, this is just awesome dude!!! :-bd

[Grant]

(wd) (wd) (wd) (wd) (wd) (wd) (wd)

nice Mike,

re the EU trade, several AIMSters took it as well, for a rent in most cases so WD on the BE outcome

cheers
Grant

[snorm]

Nice going Mike and it's great to see you grabbed some pips with this method.

I prefer to draw trend lines by connecting the extreme points - the highs and lows; subsequently adjusting the lines on failed breaks. I think the re-drawn trend line would have been closer to the AIMS break, in your picture. The trade would have been the same for you, as it happens, so all good.

Please post more of those trades (wd)

cheers
Steve