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

[immy]

It was a good spot for a Wave 5 on M1 which was within Wave 3 of M5. Ah, I guess this concludes the trading session until NYO!

[immy]

A lovely 10 pipper setup that usually happens after a wave 3 and price is retracing back to purple on m5. Warning: this is trading under the umbrella of wave 4 of m5. When is it allowed to do it? when the market's Wavelenght is bigger. how do we know that? When price is moving, making big dashes over 10 pip dashes and distance between purple on m5 and gator is over 10 pips. Another Warning: the above are not rules, rather guidelines, trading is subjective!

[immy]

Life is really worth living and worth recording!

I had a fantastic Friday! Last friday of the year, and I loved it, My Favorite!

In the pic below you'd see a clear wave 3 up, looking for wave 5 up, TZ1 was at 1.3235 and thats where I put my TP. nicely hit for 22 pips. I'm eternally grateful! ^:)^

[wiseambitions]

Your posts this week have been inspirational Immy. You have been rewarded for keeping going at a time when others would either be relaxing (not a bad thing), but moreover, when a lot of the experts would say the markets are too tricky to go near, and yet you seem to have been on a roll.

Unless you're only trading with microscopic amounts I bet you've done rather better than 5% ROI this week, and if we hear you've traded up to a newer Bentley then you deserved it!

Please keep showing us the way.

[immy]

Ray

Its been third year in a row, i trade on those few days between Christmas and new year, if you check hte charts for the last 3 years even 2009 so make it 4 year may be, and chekc the date 27 and 28, you'd see what I mean. As I said before, m1 is our territory where no one else dare step in! everyone is so scared of it, thats why I like it.

Most of the stuff comes from commodity and stocks markets, about markets being thin etc, whereas currencies, IMHO are a different thing specially on m1, there is always a trend.!

hope everyone's enjoying their weekend! I'm getting bored to death! 8-}

cheers

[wiseambitions]

Don't get bored to death my friend

I have used some of the quiet time to contemplate whether to split my volume and traade in more, smaller chunks

Usually I can be near my screen, I could trade ten hours a day if I wanted, and I would like to try some volume on m15 and m30 as well as m5. I think this will stagger the entries and potentially make for a smoother overall experience

I also want to get a better return on w5 and if 8/10 go to 61.8 fib extensions I will try and set tz1 as tp and insert break even resets. I really see this as a way of improving my average gain per trade.

I face 2013 with hope and excitement altho will feel nervous putting in my first order after nearly two weeks away

[immy]

Don't get bored to death my friend

I have used some of the quiet time to contemplate whether to split my volume and traade in more, smaller chunks

Usually I can be near my screen, I could trade ten hours a day if I wanted, and I would like to try some volume on m15 and m30 as well as m5. I think this will stagger the entries and potentially make for a smoother overall experience

I also want to get a better return on w5 and if 8/10 go to 61.8 fib extensions I will try and set tz1 as tp and insert break even resets. I really see this as a way of improving my average gain per trade.

I face 2013 with hope and excitement altho will feel nervous putting in my first order after nearly two weeks away

Correction:

8 out of 10 times, wave 5 will end between TZ1 and TZ2. Remember, Elliott Wave is subjective and ungrounded like everything else there is in nature. The law of Chaos states that 50% of the stuff that's about to happen depends upon what's already happened immediately prior to it. and that the rest of the 50% is pure potentiality. (its for events that continue as a process) (but even between two events this is true)

So e.g. while you're walking, we know where your step is right now, the next step could be in any direction, but if you're facing north, your forward step cannot be anything below the horizontal line between east and west. Your forward step will have to be between the semi circle ahead of you between north east and north western hemisphere. haha.

The distance of the step is also predictable within certain parameters, (thats what is going to make a semi circle. e.g you cannot suddenly step 50yards forward, its going to be within a certain normal range e.g 1-4 feets, and as you walk forward you cannot walk back all of a sudden so 50% of the stuff can be predicted the other 50% is pure potentiality. I hope this analogy is acceptable and understandable, otherwise I'll have to think of something else. haha

What am I trying to say? well, what i'm trying to say is that, it seems so obvious to many people, and very comforting that if we see a 3 just put a TP at TZ1 and you're done. Yes, its possible, but remember the success rate of this pattern again will be, ???? yes, you got it, 50%. That's what the market does. every tick has a probable outcome and that is exactly like a toss. price either goes up or down. If it stays where it is, nothing happens, there is no tick. Like Albert Einstein puts it so beautifully, "nothing happens until something moves". So its either 0 or 1.

Like wise, when these ticks form in to candles they still carry the same probability. 50/50. anyway this is just my opinion. So in the end, i'd say, yes u can adopt that as one of your entry techniques and keep in mind, that there is no holy grail to market and the holy grail in fact is that there is no holy grail but if there was one, it would be inside of us.

We are all humans, and we are all similar but not identical, our thought process may be the same structure too. hence the markets create similar patterns again again but never identical. Its like there is freedom, but within a certain parameters. E.g. the market can do whatever it wants, and it does that every day, but the probability of certain events happening over others is different. E.g. seeing a 100 pip m1 candle is possible, and i've seen it, but how often does it happen? very rarely, I don't know if we had one during 2012. But then its also possible that you may see it tomorrow, and you may see it twice within 10 minutes. This, then brings the freedom in to it. There is complete freedom but still there are boundaries, there are some boundaries that are not easy to cross and require more force than others.

I heard this phrase for the first time from Nick, "it would take a lot less money to turn around an m1 chart than it would to turn around a Daily or hourly chart.". think about it. Its true. it makes sense. So there are probabilities attached to each candle, each tick. And the probability of a Setup is 50%. So the famous phrase, is about to be printed. If probability of Setup is 50% then how do we make money? Well, its simple really. You have to have your average winning trade bigger than your average losing trade. and I'd say, a good score would be a factor of 2.

Warning: but don't get too stuck in these statistics either. Goal setting is good, but remember, a daily goal of lets say, 10pips is good, but that does not mean you will get it every day. The market does not work like that. You may make 20 one day and nothing the other day, and that would give you an average 10 pips a day, for the two days. So goal setting is good but we ought to trade on MERIT. Want what the market wants, actually means, that when the market is moving hard, get on with it and keep trading until it dies. and if it never starts moving during the entire day, then stay away.

Yet, you'd have seen, it even happens to me, that the most trades we make are during the days/times/session when there is no significant market moves. And when the market starts moving, we either miss it, or make 10 pips and leave it alone for the rest of the day. End of the day, we look at it and say, ah, i could have made 50pips today. I believe if we have time and if we are sitting there, don't sit on your 10 pips protecting it, if the market is moving and setting up, just keep taking those 10 10's and when the momentum dies, then leave the screen and do something else. that's what I do (or at least i try) It may sound contrary to saying 10 pip a day is enough, but this is more efficient way of doing it. But I'm not saying that its completely wrong to stop trading after you've made your ten pips. That also is good. we just need to learn to know ourselves and find a match between our personality and the strategy we adopt. We need to learn to strike the balance. That's what life is all about, Striking a Balance. IMHO

Ok its time to end my Sunday Service! Drinks are being served... enjoy

cheers :-h :-bd \m/

[Topher]

Immy

Very enlightening as ever.

I have spent the past week reading Bill Williams books and the inspiration this has given me is enormous. Another source of inspiration was found reading ‘Profitunity (Chaos) Trading System by Bill Williams’ on a certain forum. I particularly liked the contributions from Yousafzai and the explanation of the system he creates.

Armed with this new found inspiration, Aims and a much better understanding of Elliott Waves and how to read and project the waves, I see 2013 being a very special year.

Thanks for all you have done so far it is greatly appreciated.

Richard

[Aletheia]

Immy

I think what you write contains within it a key to life and not just trading. That is why I am so drawn to Chaos. It contains within it the answer to so many unfathomable things. The answer, as mere mortals, is to accept that these things are unfathomable and in doing so one learns what IS achievable. "Want what the Market wants."

[Grant]

Happy Birthday you old sod.....

(party) (party) (party)