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

[immy]

Me: Keep it Up Paul, you can do it. Consistency is the KEY. there will be times when the MIND will look for problems, it is then that strength of belief/character plays its part. A consistently winning trader is one that sticks to his plan as long as it works. but sadly most traders never trade their plan and thus never find out what would have been the outcome had they played their plan. so i wish you Consistency most of all.

Me: thanks Herbert, let me have a looksie(09:41)
PaulF: Yes, you said to make sure it's not corrective on m5.... what about m15?(09:42)
Me: same thing. you wont get DA(09:42)
Me: and you know whats the best example?(09:42)
Me: right now.(09:42)
Me: we want to be in impulse wave of 1 TF higher at least and best to have it in direction of 2 time frames higher. so if m15 is in its corrective, the longer the corrective wave, more chances that m1 will start to look like an impulse wave, but with no DA you'd know that what you think is an Impulse wave on m1, is actually a corrective on higher tiem frames, so in a way under the umbrella of 4th wave. chnaces are 1. you'd get in early in to a new impulse wave when the market reverses, or 2. you'd end up trading corrective wave against the trend. in either cases you may havea winner or loser but chances are higher hat you'd have a rentigo becasue corrective waves move in zigzaggy fashion. IMHO(09:49)
James: That makes complete sense(09:51)
PaulF: ok, ta!(09:52)
Paul: I wish there was a way to copy and print these little gems of your's Immy , I read what's on the screen but it doesn't seem to gel with me, I am old school it seems it needs to be on paper for me to get it, but I do understand what you are telling us tx mate(10:01)
James: Out for now...back for NYO!(10:07)

[Sasa]

Dear immy,
I have read through manuals, and on some of the charts or examples on the blog I see that "away from pur. line" is not always very clearly followed. Dose price has to be over/bellow the pur. line o price and aligator as well?
BR
Saša

[immy]

Hello Sasa

The purple line is a Filter. So we look at the 3 lines of the Gator first. If our AIMS level is above (buy trades) or below (sell trades) purple lien an Gator lines are correct we will take the trade. Having said that the best setups, meaning the higher probability setups are the onees where purple is on the correct side of all 3 gator lines. e.g. green above red, red above blue and blue above purple is per fect for longs or 3 lines inter-twined or sleeping and purple is below it is good setup for a higher probability long setup (but dont forget there are other factors involved too)

I hope this answers your question.

cheers

[Sasa]

Thats fine immy,
One more thing for today. If you enter the trade on valid setup and you get dot in oposite direction do y<ou immediatelly exit or lower your stop loss?

BR
Saša

[Sasa]

Hi Immy,
is there any roule you have for taking the trade in profit to BR, expl after +10 pip or something like this?

by the way chat room is cool...congrats on that.
BR
Saša

[immy]

Thats fine immy,
One more thing for today. If you enter the trade on valid setup and you get dot in oposite direction do y<ou immediatelly exit or lower your stop loss?

BR
Saša

In most cases I will but eg if the other side of AIMS Box (the opposite level of where I took the trade) is close to the close on green/red line, thats where you get the black dot or opposite dot, I try to hang in there but I dont take, ever more than 10pips hit on M1.

[immy]

Hi Immy,
is there any roule you have for taking the trade in profit to BR, expl after +10 pip or something like this?

by the way chat room is cool...congrats on that.
BR
Saša

I guess what you're asking is that is there as rule for brining to Break Even? There isn't such rule otherwise I'd have included in the Book or my journal. However you would find me saying, "I'm at break even" in the chatroom. In most cases I don't bring hard stop loss to BE its mental stop for me, but here is a little trick, usually price breaks out and then comes back, once it comes back and resumes, you can put your stop loss above that swing, in most cases you will get an AIMS level anyway. e.g. if price moves in my favour and its time for retrace, if price is too far from green line, and profit is over 10 pips. ie. 1:1 i'll consider exiting using one of the exit signals, e.g. 5 red/green candles. otherwise if I'd like to stay in it, if my belief system is such that it is in the open area and more shorts/longs are expected I'd find ways to let it run. Letting it run is the single most important thing in trading.

[Sasa]

Hi immy,
Your answer is right to the pointo of my question.
Thanks.

BR

Saša

Hi Immy,
is there any roule you have for taking the trade in profit to BR, expl after +10 pip or something like this?

by the way chat room is cool...congrats on that.
BR
Saša

I guess what you're asking is that is there as rule for brining to Break Even? There isn't such rule otherwise I'd have included in the Book or my journal. However you would find me saying, "I'm at break even" in the chatroom. In most cases I don't bring hard stop loss to BE its mental stop for me, but here is a little trick, usually price breaks out and then comes back, once it comes back and resumes, you can put your stop loss above that swing, in most cases you will get an AIMS level anyway. e.g. if price moves in my favour and its time for retrace, if price is too far from green line, and profit is over 10 pips. ie. 1:1 i'll consider exiting using one of the exit signals, e.g. 5 red/green candles. otherwise if I'd like to stay in it, if my belief system is such that it is in the open area and more shorts/longs are expected I'd find ways to let it run. Letting it run is the single most important thing in trading.

[immy]

Don't Forget the DOTS, the Dots is the the Actual Entry Alert/Indicator. You must understand the Dots first before you understand the DA! a DA is nothing but a Qualified Dot! Probability Wise A Dot < Arrow < Double Arrow. Never under estimate the power of Dots!

[immy]

Something for KYLE the Tasmanian Devil!



if someone missed EU , its perfectly fine. but EJ, not to be missed on m5.

17-08-2012 10-36-54.png

Me: remember that DA is originally designed for M5's so its NITIN's best birthday gift.
Me: The DA are my way of trading H1 on m5.
Bettina: ok, thanks, sorry I'm only speaking of m1
Me: so if EU or EJ got filtered for some reason based on a trader's belief system no worries
Me: no worries,filtering is good. taking wrong or non-setups is bad. and whats worse, when your BELIEF System(even if you believed wrong) sees a setup and you don't take it for no reason. That is the key to frustration and affects confidence and badly affects traders' performance
Me: me is out of EU and EJ.
Me: now DA GU.
Me: but am not interested in GU DA short

Me: AU M5 DA but I guess H1 too far from Gator lines.

17-08-2012 11-11-37.png

Me: or lets say too early after 3.
Me: on m5
Paul: no you're still here, I just digesting all the knowledge being written ! I'm a bit slow these days
Jerome: Hi Immy, what you mean by H1 too far from GL?
Me: I mean H1 too far from GL
Me: just kidding, for a DA I visually inspect the TF of the Arrows.
Jerome: I got it now thanks
Me: on m5, I have set it to m15 and h1. so I check h1. and see where price is in relation to distance from Gator line, I see what the AO is telling me, I check what is the count. when I'm on H1 I stop thinking M5, I start thinking H1 (in the now) I ask myself, do I want to trade this chart. if yes, where is my entry? if its already past, then i say, ok would I be able to get entry on this time frame on a retrace, if thats true I'll take those DA's. it might sound complicated but its not. takes only a second.
Jerome: so the AIMS box being already broken on H1 is too late too enter?
Me: hmmmm, let me understand your thinking....
Me: ok lets put it this way, i look at H1 now, and I see that prie started dropping from 1.0527 and now travelled 93 pips without retracing on H1. where would I have made my entry on h1, had it setup , in this case it did not, but where would be ideal entry had it setup?
Jerome: What i try to get out is: an entry on H1 at the break of the AIMS box will have been ok but now it is too late for H1
Me: of course it would be when and where it broke aims level. if gator lines were above it, I'd have entered around 1.0500. now would i be willing to make an entry now on this h1 chart? no I'd be actually waiting for exit signals. meaning, momentum now might be decreasing to downside. more Probability of a Pullback then further thrust. but you never know. its enough for me to filter a DA.
Me: now lets check m15, because Red Arrow shows M15 is open
Me: I see that Gator was sleeping during ASIAN sessing with good classic entry around 1.0500. i have exit signal on M15. and m5 is giving me entry. meaning m15 is not in favour and H1 is in limbo.
Kyle has joined the chatroom
Me: (by the way its good way to catch a setup, e.g. on this h1 chart if you though during asian session, that its going some direction but there is no setup, go down a time frame or even up a time frame and CREATE a setup. DONT CREATE A TRADE rather CREATE A SETUP> )
Me: having said that. even if we try out luck on this one, our rent is minimized so if someone fancy trying their luck this could be it.
Jerome: Great thanks for the explanation. A ray of sunshine in my understanding of the method... Cheers
Me: cheers Jerome
Paul: I'm slow but I'm getting there. !!
Me: its simple we play with pullbacks, the traditional PA but with a twist.


Me: GU Getting interesting now
Me: GU DA, now look at M15.

17-08-2012 11-13-40.png

Me: M15 Gator is not wide open. eWave/ AIM Wave is too old after is cross of ZL over night. (midnight) and we see a 3 up from yesterday. looks like we are in 4th of m15. not good or easy Tick YES SIR go for it. no .. its hmmm,, ahnnn, let me think, scrathing my head kind of situation.
Me: so now let me check h1.
Jerome: Paul you go to have some competition, I bet you I'll be slower
Me: H1 Gator is Sleeping.
Me: its not a 100% hot setup. but could be taken.