Immy's Corner [The Setup The Hunt - T20's and more]

[immy]

The Best of All Trading Places is a Trending Market

It should be the easiest place to trade in a trending market but most people find it very difficult to follow a trend.

Definition of Trending Market
1. It stays out of the alligator's mouth.
2. Its pullbacks are less than its thrusts
3. It will contain more green candles in an up trend and more red candles in a down trend.

What is a Trend?
Price on the Correct side of Alligator
Up Trend = Price Above All three Lines
Down Trend = Price Below All Three Lines.

Why the Purple:
We want to trade in the direction of the M5 but we also want to trade when the M5 turns around. So on M1 we keep our trades at least above the Red Line of M5. For that we have the Purple plotted onto m1.

Trading in a Trend
What Trades to Take in a Trending Market

Only those in the direction of the trend.

1. With the Elliott Wave
We use eWave (1 second Elliott Wave Indicator) or AIMS Wave (10 Seconds Elliott Wave Indicator)

2. Without the Elliott Wave
It is not neccessary to trade with Elliott Wave, since Elliott Wave is made of Impulse and Corrective waves. When Price is going away from Alligator and its mouth is open its an impulse wave. When price starts coming back to alligator's mouth that is a corrective wave. So Trade away from Alligator's mouth and in most cases you'll end up trading either Wave 1, 3 or 5. (all impulse waves.) Impulse waves are the ones that move the market. or rather when the market really change price in a sequence it is called an impulse wave.

Problems of a Trending Market
1. How to handle the Pullbacks (Grants Favourite)
2. Must make an executive decision of whether or not you are committed to this trend.

Strong Longs or Strong Shorts: If you are committed to the trend, and you have confidence in your position you have more staying power.
Weak Longs and Weak Shorts: If you don't have the ability to be committed to the trend don't have confidence in your position, you have less staying power.

Important Question:
Where to put your Stops in a Trend?

> The Confident Well Financed Trader: Where you put your stops depends upon whether you are strong or weak long/short. If you have confidence in your position, you have all the grounded assessments for staying in the trend, then it would be foolish not to follow the trend. Remember the Holy Grail is "Want What the Market Wants"

> The Scared, Unsure, Afraid Trader (we all get there one time or another): The most valuable commodity you will ever deal with in your life is your perspective.
You want to watch your perspective closer than any other market or any other commodity in the world. If you find yourself in unsure afraid place you may want to just exit the market ,get out and come back when you're feeling better.

Remember to Ride the Alligator As long as it allows you.

[immy]

I wonder if anyone read the above! I think all the above applied specially today.

[Mdock]

It's my mantra Want what the markets wants (*)

[immy]

To Change Future Events, the following steps are required

1. Be happy and grateful about the current.
(The Power of Gratitude - Make a Daily Routine of Gratitude Process e.g. A Gratitude Diary)

2. Forgive and Love yourself for the mistakes of the past.
(Use the Power of EFT, Affirmations and Meditations - Give yourself a tribute of Silence everyday. e.g. Close your eyes, and take 3 deep breaths, inhale as much as you can and release slowly and accept and love yourself mentally)

3. See yourself happy and successful in your mind's eye in the future.
(Benefit from the power of Visualisation, Mediations and Affirmations)

More on this in The Mind2 (raised to power 2) eBook coming soon....

[Herbert]

Hey Immy. I trust your enjoyed your travels. (hug)
Did u come across my email yet i sent you a while ago? dated 01/06/2012
Herbert

[immy]

Herbert

Yes I did receive that and I thought I had sent something like this to you in reply " Thank you Herbert for this very nice email. I'm in transit flight right now will talk later" It appears that email never got through!

cheers

Immy

[Herbert]

Oh, tx Immy
I may have missed it then, i will have a look.
Herbert

[immy]

Testing P5

[Herbert]

Immy!
:-bd \m/ (*) B-) :thumbup:

[immy]

There is a fine line between Staying in the Now and Trading the Setup with Elliott Wave at the back of your mind as an opinion (ungrounded assessment) to give you confidence and Actually Trading The Elliott Wave (ungrounded assessment)

That finer line is called, Expectations and Predictions.
If you count wave and expect a wave you're trading Elliott Wave. If you count wave, and Expect nothing you're trading the Setup. >>IMHO<<

The Difference between Trading Using Grounded Assessments and Ungrounded Assessment Must be Understood and applied. We Trade only Grounded Assessments and those are 3.
1. AIMS Gator
2. AIMS Boxes
3. AIMS Wave
and An Alert that brings your attention to the chart.

Ungrounded Assessments................Grounded Assessments

Trade what you think.......................... Trade What You See
Trade Elliott Wave...............................Trade eWave/AIMS Wave
Predict the Future................................Stay in the NOW
Trade with emotions.............................Trade Stress Free

ps: was going to post here, instead posted in Bettina's Journal 8-}