Mike's Journal MSK185

[immy]

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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I'd just like to add that Gentleman de la France Monsieur Erik, managed your trade exactly like you.

[humpha]

(wd) Catching waves in Australia Mike, lovely 1 mtr swell all the way to the beach (wd) Well done mate

[msk185]

Hmm, no trades for me today, have been watching EURUSD, GBPUSD and AUDUSD but have seen no setups to tempt me. I've found today really hard to read so calling it a day now a little earlier than usual but no point chasing something that may not be there.

Always tomorrow, curious to see if anyone spotted something I didnt

[msk185]

I saw this setup this morning, could easily have filtered this one as the 15 min low was only 5-6pips from entry but it could have broken that level. 5 min trend and direction was short. Entry set 1 pip below 5 min low which was 2 pips below M1 level.

Triggerred in beautifully but unfortunately thats where the momentum stalled, moved stop to b/e when price rejected the new low a second time.

B/E was what the market wanted.

I think this was a valid setup and happy with how I managed the trade.

Next

Mike

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[msk185]

Steve - I am liking this 5th wave correction

Have been out but got back to my screen to see this setup on GBPUSD. 5min in downtrend, wave 3 completion, two peaks with divergence in wave 4 and a setup dot to go short.

I missed the initial entry but got in when price retraced so a slightly better entry price, target was the 15 min low, moved my stop to plus 10 pips when price stalled close to my target and took the 10 pips (or 1%).

definately liking this variant of the setup.

Mike

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[snorm]

Nice one Mike. We've decided to call it the "P5" - Principle 5, like Principle C, or PC. I think it will soon be everyone's favourite ...

[msk185]

Morning all, I took this trade this morning on GBPUSD, I chose GBPUSD over AUDUSD or EURUSD as the 5 min chart was more supportive of a short trade.

I am happy with my entry - it looked like a classic wave 5 setup, I exited when price stalled near the 15 min low, a little more patience and I could have had a lot more pips, still 7 pips is 0.7% so nice account growth.

Thoughts welcome?

Also I would welcome suggestions as to what I should do next as I have now taken close to 100 trades without really making consistent profit, each batch of 20 trades yields a small loss or small gain. I began on demo and each time I have made a small gain after 20 trades I have moved to small cash trades but I am sometimes mixing demo and cash trades as I am not yet confident. This usually follows the pattern of 3 or 4 losing cash trades - panic, move to demo or smaller cash trades win a few then move up again - so not very disciplined. Immy in line with your recent posts about taking 100 trades or more to get the entry right then work on exit how would you suggest I proceed?

Many thanks for taking the time to read my journal and for your always helpful comments.

Cheers

Mike

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[Bettina]

Hi Mike,

I still do Demo, since January. I take it serious, as if it was real money, but need first to have - perhaps not doubled the account, - but to have continous positive results over a longer period of time.

Bettina

[msk185]

Took the following trade on GBPUSD, I prefferred the setup on GBPUSd as the M5 chart was setting up for a wave 5 and looked more likely of the 3 pairs I am watching.

Got in at 15715 initially and then did an addon at 15713. Closed out 1 position when price stalled just below 15700 and the second position was closed when aims level was broken.

In total 20 pips

Mike

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[msk185]

first trade in cash for a while and unfortuately its rent. -8pips

EURUSD seeking wave 5 - was this a good setup? It looked good to me but now I just dont know

Missed all the moves earlier as I didnt see any setups, so very frustrating

I guess its just next

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