Moty`s Journal [Awarded Title: Samurai Sword Fruit Chopper]

[immy]

Cousin Moty

I agree with Richard this is a tidy setup and well managed.

Wish you have a great weekend.


Cheers

[Herbert]

Moty

From my observations there were two key elements that would have kept me from taking that trade or at least exiting earlier. The first and most important for me was you were trading straight into a support zone which was about 10pips below your entry. That would have been a good point to take profit or at least protect your trade by moving to be.

The second point was that TZ1 was about 6 or 7 pips below your entry again limiting the potential downward movement of the trade.

These levels don't always hold and sometimes the price smashes right through them but more often that not it respects them by either bouncing off or pausing for a while. On M1 and M5 these bounces and pauses more often that not take out our sl, therefore, they need respecting.

I hope you don't mind me making these comments Moty. I simply want to give my opinion and help you.


Richard

Excellent observation. Cannot have done it better. :-bd
S/R in the form of aims box levels, Aimsigator lines, Trendlines and additional identified major S/R levels are very influential to price. At times it get a bit much to consider all but we have no option but to adhere. Typically a good S/R level like yHigh/Low, Open etc. is where one can expect a bigger than usual reaction as bigger players take action there. All of course in context of AIMS rules and conditions to keep one's sanity.... )


Herbert

[moty]

Two trades today (first this week)
1. -6 pips
2. +22.6 pips

[immy]

Moty

An excellent trade. Perhaps the rent was a bit unfortunate, but I too had a rent only mine was only 2 pips luckily followed by a smaller gain, since I had put a Target Point at the high of M5 level. It turns out, it was not a good decision. In fact 3 of us got the same results. You played it well.

cheers

[moty]

1.I knew that AO does not cross the zero line, but m5/15 were so beautiful downward, -4pips.
2.Because I thought it's S2 setup, I took only half quantity as normal. -6pips.

[immy]

1.I knew that AO does not cross the zero line, but m5/15 were so beautiful downward, -4pips.
2.Because I thought it's S2 setup, I took only half quantity as normal. -6pips.

Moty.

With benefit of hindsight we now know that the second trade was taken during the 3 - 3 situation. it was showing 3 down and 3 up. as it turns out, what you took for short was a 4th of the 3 up. Most important thing is that you managed the trade well and kept your rent small. thats the most important thing. the next most important thing , which is equal and the most important thing in trading is, to let those winners run. They should be at least bigger than your average losing trades. on m1, from experience I find that you need at least 8-12 pips winning average to remain profitable.

cheers

[moty]

1.Bad decision, no valid setup.
-7 pips.
2.one more with -4 pips

[moty]

One trade today, +8 pips.

[immy]

Moty!

well done on this trade. Just keep repeating it. I'm sure you know but I'll point to a fact that this trade however was at the end of an M5 trend so setting target point was very logical here. And since the Target point was at a psychological numerical whole number it was even more of a logical thing to have set a TP there. Having said that setting target points is not the best strategy and we should focus more on letting it running following the Gator lines and higher time frames.

cheers

Well Done Again.


ps: I wish you had caught the long setup as well.

[Bettina]

Nice one Moty, and I filtered it, because we already had w5 in m1 - I always tap into that trap.
But it was within M5 w3, so good setup !! (wd)
Bettina