Tom from Leeds's Journal

[tombacon89]

Hi grant, I had my order set below the 1min level. whilst looking at the audusd chart price formed a higher 1min low (where you and the other's got it.) I kept my order there as i didn't feel comfortable with the price action that formed the new 1min level at the time. things just felt a bit cramped and wanted to see a bit of movement in the right direction before I was in if that makes sense??

As for the next setup I wasn't around so unfortunatley missed it.. seems to be a too common thing for me that I pay some rent then the next setup it works out! I am trying to limit my screen time to max 3hrs when trading any m1 session. On previous days where I have the full day to trade I get so caught up in the charts I miss obvious setups and lose my focus.

On the plus side It is definately helping knowing that I am taking the same trades that you and the aimsters are taking. It's good to know Im on the right track going the right way but at the moment the wrong side of the road. I'll get there!

[tombacon89]

-3.3 pips. waiting for a fresh cross has me paying rent, seems like taking a trade when ao is close isn't good enough either. I feel a bit like the sheep that's lost the heard this month.

[immy]

Hi Tom

Take it easy. There was not many things wrong with this but just look at how long price has been going long. Wave 3 had peaked and it was ready for divergence. Around here you'd be expecting that the wave should end. Why? there was a peak of AO and divergence was imminent. In the end, it was just another lower probability setup that did not work. Read this phrase again

"FRESH Cross of Zero Line and Close to Zero Line."

[tombacon89]

thanks immy your input is always helpful! I think I have had my 'aha' moment this morning by paying some more rent.. -2.2pips on the trade but I think I have figured out what's costing me!! my trade management is too aggressive and i'm choking out my trades and getting stopped out by trailing my stops too close and too soon.

I picked out this wave 5 correction trade this morning, really happy with the entry. following the wave 5 rules, it is keeping me patient and disciplined, something I have been lacking recently! This trade went on to hit target but unfortunatley I had been taken out. Next! Looking forward to trading next week now!

[msk185]

Hi Tom

What are your trade management rules?

entry looks good, 3 pips above the 5 min level at 12683 - it looks like. An initial stop of 10, then if following Grants method 3 below the trigger candle would put your stop at 12674. After this again using Grant's trade managment method the stop shouldn't be moved until after you've been stopped out - I make it 11.21 Alpari time to move stop to -4 as on this bar the trade would make 5pips profit.

Be interesting to see if you traded your rules

Cheers
Mike

[tombacon89]

Hi mike, after the trigger candle closes I move stop to 1 pip below that candle. If I see a run of more than 5 green candles I trail my stop 1 pip below each new green candle. (even if there is a red candle in the run) This seems to be ok when the trade takes off straight away. when the trade takes a bit longer to get going I tend to get stung with the method and the small pull backs take me out.

[immy]

thanks immy your input is always helpful! I think I have had my 'aha' moment this morning by paying some more rent.. -2.2pips on the trade but I think I have figured out what's costing me!! my trade management is too aggressive and i'm choking out my trades and getting stopped out by trailing my stops too close and too soon.

I picked out this wave 5 correction trade this morning, really happy with the entry. following the wave 5 rules, it is keeping me patient and disciplined, something I have been lacking recently! This trade went on to hit target but unfortunatley I had been taken out. Next! Looking forward to trading next week now!

When you trail stops too close, you're not being aggressive. We need to understand this correctly. If you use wider stop loss your are aggressive. When you use too tight stop losses, it shows that your BELIEF in the trend is not strong. You think that you might lose and you are "Conservative" about the direction of the move. These tactics must be understood and executed correctly. Keep your hard stop below the aims level and watch the price as it goes back and forth between high and back to green line. keep checking the levels to the left and see how it responds to it. choose your exit accordingly. but as a beginner here is

Step 1: Master the Entries. Keep 10pip SL and 10pip TP for a hundred trades or so. And simply focus on entries. Let it do its thing and keep trailing aims levels. Once you're satisfied iwth your entries , then we'll work on what's called exits. Step 2: Exits are 2 types. a. Exit with a loss and b. exit with taking profit. Two different things. More on this later.

cheers nice entry by the way!

[immy]

moreover, if you use Grants trade management technique its ok. you cannot be more 'conservative' than that. I tend to let the market decide where my stop is. But really my hard stop loss is only for protecting my trades from disasters. Mostly my SL is mental. I do trail AIMS levels though. Sometimes take advantage of Principle C as well. It all depends on the session, time of day, higher tiem frames, losses or winners before that trade, account size etc etc.

[tombacon89]

found some time to trade on my lunch breaks at work today in a quiet room not to be distracted. I passed on a long setup that was a nice profitable trade as i was only looking to trade the 5 wave correction setup this week. took a trade later on which looked like a nice entry. -4 for me, at least 10 pips for everyone else who took it no doubt! I feel confident at picking out the right entry poiints but I'm really struggling with my trade management; it's costing me every time - help!!!

[Grant]

Hi Tom,

the only think i can suggest is to reduce your lot size which means you can widen your SL to take the same % rent. i hope that makes sense...

As to that trade, would have been a rent for me as well......

cheers
Grant