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

[immy]

..."it is important to remember that this is an inexact science, full of close calls and trade offs, some of which may go our way and some of which don't" Pryor

[Sasa]

Dear immy,
I just chack check again on PDF AIMS manual, and I realize thet when aligator is asleep on trading time freme and on higher time frame and boxes are tight we should use breacketing? And sell should be outside box on higher time frame to avoid taking tredes on noice!
I made mistake and take thate situation as potantional trader in dot direction.

Is this correct?

BR

Saša

[immy]

Dear immy,
I just chack check again on PDF AIMS manual, and I realize thet when aligator is asleep on trading time freme and on higher time frame and boxes are tight we should use breacketing? And sell should be outside box on higher time frame to avoid taking tredes on noice!
I made mistake and take thate situation as potantional trader in dot direction.

Is this correct?

BR

Saša

Sasa

With the introduction of AIMS Entry Alert V5.1, we do not do bracketing anymore but it certainly is a strategy that works and require correct money management. I'd suggest you do not go that path, just take the dots as they supposed to traded. Do not trade Black Dots, use black dots for exits, learn to trade the red and blue dots (using correct filters such as purple, the distance from purple etc) andtreat pink and green dots accordingly, that is if a dot candle has already broken an aims level you must wait for a fresh aims level to form and then check that setup is still low risk in case it reverses. best to trade "breakouts in the direction of higher time frame trend"

[immy]

Its very simple.

To all of those who are busy trying to understand and most importantly those who are trying to tweak and improve the system:

The Blue Line of the Gator is the BALANCE LINE. That is where the market will come to when there is No More New Incoming Information (No More Chaos Introduced)

Everything follows the path of least resistance because everything is Energy and Energy Does that... it Follows the Path of Least Resistance.

When you are losing money, and you still do not have exit signal what do you do? You follow the path of least resistance. Yes you close that trade before your exit signal only to find later that it went your way eventually.

So, The Balance Line: when new incoming information enters the stage of the market price starts going AWAY from the balance line, when that inflow loses momentum, price starts coming back to the blue line.

Did you read something about momentum up there?

Yes momentum, that increase and loss of momentum is displayed to us via what? yes, AIMS Wave/eWave. Elliott Wave says that in a single impulse wave we, under normal circumstance see 3 surges. 3 times we see Chaos (new incoming information) introduced into the market. Each time price goes away from the balance line. after each of these impulses prices correct itself and it pulls back toward the balance line.

Each time it gains momentum AIMS Wave Shows it to you (Shows as Light Green Bars = UpTrend, Red Bars = DownTrend on AIMS Wave) and vice versa.

Now here is a kicker!

Just put a 13 smooth moving average with a shift of 8 on to your chart (a naked chart would be better) give it Blue Colour, then add a 34 simple moving average both median price (H+L/2) and see what it tells you. It will show to you that the Balance Line i.e. Blue line of the Gator is the same as the moving average used for AIMS Wave yes, 34sma. So what is the Red Line then?

The Red Line: is the balance line (or you can say AIMS Wave) of a certain lower time frame
The Green Line: is the balance line (or AIMS Wave) of a certain lower time frame than red line.
Which time frame exactly lets suppose you are looking at a daily chart? well that's hard to tell because they are based on Fibonacci numbers, not deliberately but that's what Bill Williams' computer came up with.

So what is the Purple then? it is the certain higher time frame Balance Line or the AIMS Wave of a higher time frame.

I hope the above would help some of you understand the system better. There really is nothing to it. It is one thing 3 dimensions.

I must talk about the AIMS Boxes as well. Now we know that the Market has a structure and that is the Elliott Wave (which really is very simple but sine 90% of people like to complicate things, they have created a whole bloody ridiculous stuff out of this simple Elliott Wave) Elliott Wave also has a structure. That Structure is the AIMS Levels.

Remember:

"Within an Upper AIMS Level and a Lower AIMS Level there is always a Elliott Wave of a certain degree". You know Elliott Wave is nothing but impulse up/down with correction, a bigger than before impulse up/down with correction and a 3rd big impulse wave but proportionally smaller than the 2nd impulse wave. The first impulse is the smallest, the one that follows the first is called the 3rd wave, its the biggest an the one that is bigger than first but proportionally smaller than the 3rd wave (2nd impulse wave) is the called the 5th wave. this squence is then followed but a sequence of correction to the whole move created as a result of that previous sequence of impulse and corrective waves.

I hope it helps... Now off to bed.

ps: keep your entries as close as possible to the lines (this way you will be close to your exits and when you enter almost always you will have tight aims boxes and entries will when AIMS Wave is closer to zero line)

[Herbert]

Excellent and insightfull post Immy!!! Thanks :-bd
A Delicious read!!!

Herbert

[immy]

Excellent and insightfull post Immy!!! Thanks :-bd
A Delicious read!!!

Herbert

thanks! I'm much relieved now! B-)

here is nice Pictorial of the above. I hope...

[Sasa]

I just now come home, opened my trading platform and chack the exact same setup, setup on 5M and thought, "My God, why an I not home whe this is happening." i immediatally tspoted this setup.

Great.

BR

Saša

Excellent and insightfull post Immy!!! Thanks :-bd
A Delicious read!!!

Herbert

thanks! I'm much relieved now! B-)

here is nice Pictorial of the above. I hope...

[immy]

I just want to say, Consistency = Patience + Discipline.

Trading is ALL about Consistency. If you find a system, you do reasonable back testing and some forward testing and you find that it gives you a statistical advantage (an edge) then the next step to take is simple. Just trade it.

One must stay consistent. IF you keep adding or deleting indicators to your chart day in a day out you probably are not consistent. And how can you be consistent if you keep changing the environment for your mind and your eyes. Your eyes must see the same picture over and over and must not expect changed picture everyday. Meaning, if you keep using different templates on a weekly or daily basis, consistency will be hard to achieve.

Beware The Template Syndrome: So I urge everyone to select a template and then forget about other templates. If you're like many of us, you probably have over a dozen templates in your mt4. I've seen some people when they click on their templates button two or 3 columns appear, yes hundreds of templates. But that leads to nothing. Our first indicator is price, you can add 2-3 more derived indicators anything more than that would just complicate things. Trrading is ALL about consistency. and Consistency = Patience + Discipline.

If you want success in trading you must treat it as a business. You must be thorough. You must keep a journal and record everything. Accurate recording leads to better faster learning and helps with consistency. In a phrase successful trading is nothing but acquiring a personality trait. Being Consistent.

[Sasa]

Dear immy,
When you speake of discipline:
Please let me know if you exit without a question on oposite dot - even when you are in loss?
Do you have days thet you have more loss then profit trades?

I always frustrate my self with loss and I move winers to soon to BE and/or keep the SL bellow AIMS box even when oposit dot apears, hoping it will gain momentum and I will be exiting with BE.

BR

Saša

I just want to say, Consistency = Patience + Discipline.

Trading is ALL about Consistency. If you find a system, you do reasonable back testing and some forward testing and you find that it gives you a statistical advantage (an edge) then the next step to take is simple. Just trade it.

One must stay consistent. IF you keep adding or deleting indicators to your chart day in a day out you probably are not consistent. And how can you be consistent if you keep changing the environment for your mind and your eyes. Your eyes must see the same picture over and over and must not expect changed picture everyday. Meaning, if you keep using different templates on a weekly or daily basis, consistency will be hard to achieve.

Beware The Template Syndrome: So I urge everyone to select a template and then forget about other templates. If you're like many of us, you probably have over a dozen templates in your mt4. I've seen some people when they click on their templates button two or 3 columns appear, yes hundreds of templates. But that leads to nothing. Our first indicator is price, you can add 2-3 more derived indicators anything more than that would just complicate things. Trrading is ALL about consistency. and Consistency = Patience + Discipline.

If you want success in trading you must treat it as a business. You must be thorough. You must keep a journal and record everything. Accurate recording leads to better faster learning and helps with consistency. In a phrase successful trading is nothing but acquiring a personality trait. Being Consistent.

[immy]

Sasa

If you have chose black dot as your exit then you must exit. If you see an Entry alert, and all the entry criteria is met, you MUSt take the signal and put a trade likewise if you have chose black dot as your exit then you must follow it. I put my initial Stop Loss on the other side of aims level. In the beginning of the trade when my risk is only a few pips I dont worry too much about price coming back in the aims box, but if it closes on green line I'd close the trade in most cases but at times I wait for close of red line instead. once the market starts going my way, I watch what the market is telling me. if price goes too far from green line, I start trailing (using 5 consecutive red/green candles) if price goes parallel to the gator's mouth I may keep my stop loss behind aims level but will clsoe my trade if it closes on green line (black dot). If I want a bit longer commitment and stay in the trade I use the Red Line.

But for beginners ,I suggest using only 1 technique to ease the tension. Only use one exit technique and I suggest that be the Green Line. Exit is an Art.

Dear immy,

I always frustrate my self with loss and I move winers to soon to BE and/or keep the SL bellow AIMS box even when oposit dot apears, hoping it will gain momentum and I will be exiting with BE.

Immy: This is very typical of newbies. I remember when I used to think exactly the same way. I'll ignore my exit signal and then sit and wait and HOPE that it turns around so that I may exit BE. Successful traders think differently. To become good at trading we must alter our ways of thinking. Trading is a game of probabilities. Our success in trading as a whole and single trades in specific depends on our ability to 1. Understand the System and 2. Remain 100% disciplined in following the system.

How do you follow your system?
You Know your Entry Criteria. and you always follow it
You know your exit Criteria and you always follow it 100% of the time
You know your money management plan and you always follow it.

When I say stay disciplined I mean, follow your plan to the last dot.





cheers