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

[immy]

Further to the above post. I also Tried that on EUR/JPY but it does not work all the time. And you have to understand that and live with it. So here is example of EUR/JPY. These trades took me only 5 minutes at LO to see, check and take.
The main thing that will keep you profitable in the long run is to always know where would you exit your trade if it does not go in the direction you'd like it to go. And more important then this , let that exit spot be very close to your market generated exit signals. In other words, if you promise me that you'll always make entries when AIMS Level is Near the green line, ie. when you take a trade your AIMS Level and Green line are close to each other, meaning if it triggers and turns around you'd exit if it close on green line and green line is very close, i can almost guarantee you that you will turn into a profitable trader provided you let it run properly.

EUR/JPY that did not work.

[immy]

A Setup that looked ok After Doing Step 1. Which is Check if its proper S1 with a DA. IT was. BUT it had other things that I could have used to filter it.

Below is picture story.

[immy]

Todays Good and Not so Good Setup.

[Tomi]

Hi Immy, just watched the webinar you mentioned. I have seen that earlier but wanted to watch it still. Got to say that I would like to bracket the markets when M5 and M1 are in the saddle point because you won't miss the big moves so easily. But for now.....I'll stick to M5 confirmed trend and take the M1 trades in the M5 direction. Let's see in the future if bracketing will come to toolbox.

[immy]

Lets see a setup during earlier session. I'll show a picture using V6.1 template. Here you'll see why a black dot trade at times is higher probability setup. Why? because its in line with over all trend as shown by the Lovely Juicy DA's!

I noted that M5 had trended quite well and AIMS Wave was old on M5 but Setup on m1 was very low risk. Upon seeing the setup my initial thought was not to trade it because it was the end of Trend on M5 as Wave was coming back to ZL but upon further inspection I found that Risk was very low. Exit was very close , ie. lines and AIMS level were very close so Entry was just a pip below AIMS Level and 3 pips away from green line with green line itself on the other side of all 4 lines. so I went for a 10 pip Target on this keeping in mind the 1.3000 now I dont care much about these levels in general but since market bounced off that level a visible on the chart and now was retesting it, it became a basis for a very good logical target point. As we shall see from the picture that had I not respected this I'd have got slightly more or may be not.. but we must follow the axiom "Plan your trade and trade your plan".

19-09-2012 17-00-00.png

Edit: The second picture is a good example of a past news setup. (I thought it was news

19-09-2012 17-01-56.png

[immy]

Just for Fun

Label This.



Click Here for Answer

[Topher]

That's easy Immy

up down up down up down up down

Richard

[immy]

Lol
Exactly

[Tomi]

Hah

My kid has fever today and I'm nursing him. Not concentrating to trading today. However this period I was watching when having a coffee.

This looked like end of W5 in M5 - W5 within W5. Also starting of W5 in M1.

20120920_1.jpg

I drew P5 trendline and watched.....closely.....drink that coffee....enjoying that "I'm going to know what will happen veeeery soon" feeling...

And what happened:

20120920_2.jpg

Not up and downs, but down, down, down, downs in upwards move.

Lesson learned: don't expect anything. If you do, market wipes you down. Market doesn't have to do anything you think

[immy]

For Kemai

All Times GMT+1


moty: GM(07:29)
MOZD: GM(07:29)
Dave: hi(07:58)
moty: Hi Dave(07:58)
Kemai: hello(07:59)
moty: Hi kemai(08:00)
Me: GM Hello!(08:07)
nickderby has joined the chatroom(08:08)
nickderby has left the chatroom(08:08)
erik5599 has joined the chatroom(08:13)
erik5599: gm all(08:13)
moty: Hi Erik(08:13)
Topher has joined the chatroom(08:15)
Dave: might be waiting for a setup today after that recent drop(08:17)
Kemai: Guten Morgen again... Tried out short EJ 1min right before LO .. closed now with -1 @ close of candle above green line (black dot). Wave 5 on 5min seams to be over (divergence).... All coments welcome In future idealy should say BEFORE what I am doing, to get better feedback here, right? (08:21)
Me: Guten Morget Kemai(08:22)
Me: Guten Morgen(08:22)
moty: Hi Immy(08:23)
Kemai: Hi Immmy(08:23)
Me: Shalom Moty(08:24)
Me: Bonjour Erik(08:25)
Me: ok now let me talk about Kemai's trade(08:25)
Kemai: let him!(08:27)
Topher has left the chatroom(08:31)
Brian has joined the chatroom(08:32)
Me: oh, sorry Adam decided to stay home today. so pls don't think I was analysing your trade this long. sorry.(08:33)
Me: well it was LO and I saw price moved considerably before LO, that is in other words, wave was complete(08:34)
Me: so i did not fancy taking any setup on any of the correlated pairs.(08:34)
Kemai: Sold at the bottom....(08:34)
Me: having said that, your trade was based on good setup but its usually better to stay away after strong moves.(08:35)
Kemai: Ok, thanks...If I may:.... generally speaking, what would you look at, to consider entering again? AO close to zero on the 1hr? or better keep an eye on the 5min? (for a decent cross of AO and back again?... something stronger than the one it did on EU 8 bars back on the 5 min?)...(08:43)
Topher has joined the chatroom(08:45)
erik5599: south?(08:46)
Me: Kemai. I'll see if sets up again. Gators on m5 are going to sleep so I'm not interested . but lets see ...(08:50)
Dave has left the chatroom(08:53)
Me: i'd like to see flat sideways market, with tight aims boxes, sleeping gator and then a breakout. and I'd like to be here, with add on, and I'd like it to just drop or rise and fly and that it just goes on and on and I keep adding on until a week later my account has hit 1million.(08:53)
erik5599: yes its sleepy now(08:53)
Me: Kema, the m5 scenario you said above is a good one.(08:54)
Brian: wat about eu m5 now ,is that a set up u d consider nowl(08:54)
Me: but it Chaos the land of endless possibilities, every moment in the market is unique and so we explore it second by second.(08:55)
Dave has joined the chatroom(08:55)
Me: I'd like m5 to come back to its purple first. that might create a setup long on m1 possibly.(08:57)
Me: remember we are trading m1 in the direction on m5. so we are now stuckin in a sideways range.(08:58)
erik5599: triple aims north(08:58)
Me: and I'd like to get out of this range using an entry that is low risk and lower lot. then when gator will be open I'll go more aggressive.(08:59)
Me: this now could be a breakout to the north. i'm watching intently(08:59)
Me: can you see how aims levels played its rule.(09:00)
Kemai: Thanks for all the asnwers Immy(09:01)
Me: hmm now we have tighert M5 aims levels.(09:01)
Me: I wont stand infront of this train. so I'd see if it creates a new aims level next to m5. then we cantrade breakout down.(09:02)
Me: this could turn into a nice breakout in the direction of hourly and all. but I need an m1 setup.(09:04)
Me: some people might have shorted seeing it move too fast, but I like to stay away and wait for retrace. which we have now.(09:06)
Me: if it is going to breakout then we'd get in 1 pip below AIMS level.(09:07)
Me: it still on m1, is an entry within range.(09:07)
Me: 635 is good.(09:07)
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Me: though I am short on h1. from last night.(09:08)
Dave: 636 for me - we have the nice eWave pattern(09:08)
Me: yes Dave, 1-2(09:08)
Me: SL above AIMS level.(09:09)
Me: moving nicely. lets hope it clears the lows.(09:09)
Me: very strong indeed. nicely done.(09:09)
Dave: sl at be(09:09)
Kemai: nice....(09:09)
erik5599: shit(09:09)
Me: can lose now. free trade(09:10)
Me: why Erik?(09:10)
nickderby has joined the chatroom(09:10)
Me: at the end of this candle trailing begins(09:10)
moty: out TZ2 +10(09:10)
Dave: trailing now(09:10)
moty: thank u Immy(09:11)
Dave: nice one moty(09:11)
Me: ur welcome Moty (09:11)
Me: thanks Kemai for asking! and Brian.(09:11)
Dave: price at BRN(09:11)
Dave: but I follow the exit rules these days (09:12)
Grant has joined the chatroom(09:12)
Dave: no add on for me - too far from gator(09:13)
Me: I usually wait for one more thrust down.(09:13)
Me: i hope it does it.(09:13)
Dave: Sl above the last red candle(09:13)
Me: Hello Grant. are you still in it?(09:13)
Dave: out(09:13)
Grant: morning, in what Immy?(09:14)
Me: that explains.(09:14)
Me: haha Morning!(09:14)
erik5599: hi grant(09:14)
Grant: bonjour Erik(09:14)
Me: EJ hit TP 20 meanwhile. sometimes. one is better than other, but cant trade all.(09:15)
Me: whereas cable did nothing.(09:16)
Me: SL At 59(09:16)
Dave: there she goes again(09:16)
Me: Dave thats teh second thrust i was talking about.(09:17)
Me: ooopsie(09:17)
Kemai: Thanks Immy for all the responses... I know that probably the answers are also to be found in the forum and the books, but interaction is so much more effective when learning something new... If at some point I should ask something anoyingly obvious, please just refere me to the book or forum...(09:17)
Me: buyers entering the scene(09:17)
Me: I'm out.(09:17)
wiseambitions has left the chatroom(09:17)
Me: with 10. in the end.(09:17)
Me: coould have had more but .....(09:18)
Grant: m5 or m1?(09:18)
Grant: for the set up?(09:18)
Me: m1 Gman, we timed our entry with breakout of m5 knowing it was sleeping gators and all.(09:18)
Grant: son no dot or arrows but you entered..... interesting(09:19)
Grant: so*(09:19)
Grant: on m1(09:19)
Dave: 8.7 for me, was going to close at BRN but wanted to practice following proper exit rules(09:19)
Dave: question - when you are trailing reds and you get a green, do you start the trailing again i.e. wait for another 5 consecutive, or keep trailing reds?(09:20)
Me: we traded m5 breakout! in the direction the trend. for me the previous DA is still valid.(09:20)
Grant: lol, ok#(09:21)
Me: if you check M5, gators are sleeping with tight gators. we saw the spike down. so we waited for a new aims level, it was discussed above step by step. as it was building up.(09:21)
Grant: for me gator is not asleep as red was below green and heading ... but i dont use blue...(09:22)
Grant: heading up*(09:22)
Me: though there was nothing to "alert" us on m1, we did not need the alert, we were watching the charts live. so it spiked down. we stayed away, thinking we dont want to stand in front of bullet train. waited for news aims level on m1. it created, waited for upper aims level, it was created after a bounce of purple nicely. and risk was then very low. we then decided to take a lower lot entry, keeping in mind it was breakout trade, mentioned above, we knew we were still rangebound on m1. it broke out nicely. job done.(09:23)
Grant: 1 final q. if you traded m5 breakout why are you out? i dont see an exit signal and i know you dont like TPs.... lol(09:23)
Kemai: Immy, is there a way to acces the chats history ? Would love to be able to go over these things later again (but by then I will probably have been kicked out of it and lost the chat)....(09:24)
Me: 11.17 was a violent candle. clearly indicting buyers becoming stronger, i exited. had i stayed i would have taken 7 pips. this way I managed my 1%.(09:25)
Me: the second thrust down, did not give me a chance, otherwise I would have cashed in 1.5% . it reversed too soon.(09:25)
Me: here it is again. (09:26)
Me: I'll post it in my journal for you Kemai(09:26)
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