Bettina's Journal

[wiseambitions]

Today -2,52%.
This week -10,09%, 19 Trades with 2 winners.

Actually I am no expert whatsover in the application of Elliot Wave. And very much like the book says, I think it is still possible to succeed without taking too much notice of it. I honestly wonder if you'd be better to use a simple approach like mine, which seems to do well for me.

I'm trading usually on the m5, taking notice of the DA, the purple line, and the Waves 5.2 indicator where I'm merely happy if my trade is opened when the colour is orange, not red or green, and preferably when the wave is pointing up for longs and down for shorts. As well as the purple line I look for confirmation of the trend direction, by putting a moving average, period 63, EMA, not displaced, and feel confident to trade long when price is above that line and vice versa. Don't ask me where period 63EMA came from, it's just a discovery I made a couple years ago which I think can keep me out of trouble whatever TF I trade in. This line is just a bit slower than the purple line, which I think equates to period of 40. And I dont trade against the trend.

[Bettina]

I didn't change strategy much since I started with Aims last January. the funny thing is, the first 6 weeks I traded pure dots and had phantastic results.

The more improvements came along, the more I red and listened to advice and looked to waves and higher timeframes and DAs and...the worse it became.

DAs on M1 made me completely nervous, so I removed them. Perhaps they are more useful on m5. I will try your advice and trade with M5 for a while, though it's so awfully slow.

Thanks for your reply
Bettina

[lordiko]

Hallo Bettina,
I looked at your chart this morning and your first trades, one about market open. Some time ago I got a very good advice from an professional trader: " During market Open, dealer tend tu push the chart to a near S/R lines first, then they will make their decision from there..." So 1. Wait for market open when the big money to go in. 2. If you see some candles that jump toa directionforming a trend then wait for it to pull back (getting some rest),. If the pullbacks appear, then draw a trendline. Nail it as they start to continue to trend further. 3. If the pullback is too long, then stay away. If after sometimes you don`t see a sign the first trend will continue then it`s a good time to lookinf for a trade to the other way. Wait to it to jump orfall to otherside as trend change confirmation and repeat step 2.

I get better results when I trade the dots especially when there are choppy alligator lines and there is a setup 1. Then I take a halfposition with the stoploss on the other side of the dot level and ad on the other half when the trend is confirmed or at the brake of the next box. Most of the time you have less stopouts or you can trail your stoploss and get out at Breakeven. Look at swinghigh and swinglow. May be it can help you a little bit. Look at your past chart or use a training programm.

Best Luck

Alexander

[Bettina]

Good morning Alexander,

Thanks for looking at my chart. It made me studying it again.
Principally I know, what you have said and try to trade it, but often I have problems to do or realize it in the very moment.
Here I waited for a first jump down, waited for 2 ZL Cross and had a trendline. My exit was exactly at the other side of the box ( or did you mean the high of the dot candle ? dot level ?).
What makes me nervous is, the the trade doesn't start with fresh ZL cross, but after a first small wave.( see lilac arrow down) I have seen that very often, but don't know, how to integrate into setup rules ( well, orange is allowed, but I usually try to avoid it ).

One thing could be : Wait for PC ( see lilac arrow up ) , I do that in expected w2s, but not when expecting w5s.

But the most important is : I only today realised, that is was not a good setup. At the time of the dot the M1 alligator was still wrong ( see lilac triangle ) . It looked only as if ........
This is, where I want to be much more carefull.

Thanks again and have a good week !
Bettina

[Bettina]

Better start into the new week : + 8.7 on GU
Entry below M5 low, because only 1.5 pips away and it was wave c of M5 correction W4.
Exit at obvious (?) end of wave. it was 61,8 % in M5
Bettina

[lordiko]

Hallo Bettina,
I think, your setup on friday morning was not so bad. There was a trend on 5 Min and a little retracement. I would have set my stoploss above the red dot candle box because that was the 5 Min box too. And there was the 200 MA for confirmation and 4 double arrows and two red dots with lower lowerbox levels. The first 2 minutes of the london open is sometimes not quite easy when the big money has not decided which way to go. At this time I take only 1/2 position for the first move and if there will be a trend then I will take the other half position. Anyway it`s happen to me too that I realise later what I should have done.

In the past I was to late in the trade near S/R or tried breakout trades. It didn`t work very often and I got stopped out with 4 -6 Pips and then after 2 losses in a row I had now courage any more and missed the big move. Now I am early in the trade, trade the dots and sometimes just the dot candle like "trading in the box" ( advanced techniques) always near the alligator lines. The stoploss is above or under the dot candle or the box. When it doesn`t go in your direction the next 3 or 5 candles then ther is nearly always a chnce to get out at BE or 2-3 Pips loss. I always look for confirmation to the USD/CHF pair. Where are the levels there? You have a strong move when on both pairs the levels break and you get a retrace on EUD/USD very often when it stops at a level on USD/CHF. Just have a look at it.

Have a nice week Bettina

Alexander

[Bettina]

Was a little better the last days, 1,67 % on Wednesday and no trades yesterday.
Today - well : always the same : I don't trust my trades, this time because M5 had already shown w5, though it was small. Could have been 10 pips instead of the 0.1 I reached
Bettina

[Bettina]

The week ended with +1,72%.
Since I have started my small real money account beginning of August, this has been the third positive week. There was one beginning of September with +3% and onther one in August with +0.5%.
I didn't catch anything of the afternoon run today, because I shut down my screens at 3 pm, believing that it was Friday afternoon, day after thanksgiving ......
Have a nice weekend !
Bettina

[Bettina]

After setting PO I saw, that it was just above the blue line of M5 and deleted the PO again (

[Bettina]

After deep thinking about what could be the problem - my problem - culminating in in a desastrous November...

30-11-2012 EU1.png

Curious about the results ?
Nothing new at all :
- main fear : to miss some good trades, became stronger the more I missed them
( Immy thanks very much for the video about fear - can't find it any longer ?)

- individual impressions were taken as more important than proven probabilities ( wow, all these black dot trades, but if it's no ZL cross, can be also a good trade if ... ( remembering pieces of singular events ), sometimes it does a nice wave c, even if against HTF trend, but I've seen that Immy has ..... the more trades I missed, the bigger became the collection of "good" setup possibilities - of course I took a terrible lot of rents.

- the result simply was, that I didn't stick to the rules, I interpreted them together with waves and HTFs and alligators and arrows and whatever I had seen to happen before a nice run.

So the only measure could be : Back to the basics
Complete and relentless dot analysis.

Yesterday I had 1% and today 1,87 %. Let's see, how it continues. It's probably not the final step to success, but the direction seems to be the right one.

Have a nice weekend !
Bettina