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

[immy]

Here are some thoughts on EJ!

EU M1 Setup. The pair was stuck in a tight range and I wanted to trade the breakout! Upside was not favourable as the market was ok with the gains euro printed last night/yesterday. So a breakout south was expected (not that I ever expect anything, but that seems to be what the market wanted, which of course we found out later) I paid a rent

11-01-2013 10-06-28.jpg

Here is what the next setup did.

11-01-2013 12-17-29.jpg

Picture on M5

[immy]

"As a trader it is more important to know that you will always follow your rules than it is to make money, because whatever money you make, you will inevitably lose back to the market if you can't follow your rules."

[wiseambitions]

"As a trader it is more important to know that you will always follow your rules than it is to make money, because whatever money you make, you will inevitably lose back to the market if you can't follow your rules."

Wow, that one needs framing, or printing into the wallpaper!

[immy]

How do we Deal with Sideways choppy market.

First of all. Its not a big deal!
The simple cure is that when you know its choppy, do the simplest of all things. Don't trade. Like the 2 word therapy comedy clip. Don't Trade. If you lose a lot during sideways ugly choppy market. Don't Trade. Don't Just Don't trade.

Ok I hear you, but you'd misss that break out... here is another 2 word therapy.

So What?

Yes, so what,

So what if you miss that trade. Do you think that will end the market. Do you think there will be no other trading session? Do you think the market is going to end there. RELAX (with a longer aaaaaaaaa) and enjoy the moment!

Forget about it, NEXT is the best One Word Therapy. So the simple answer is, if the Trend is not confirmed Don't Trade. You need an example here right?
Ok you wake up and you check your charts and what do you see. A market with purple stuck inside, its been going sideways, it goes 10 pips up and turns around the n15 pips down and back up. you see choppy m1, but as you look at m5, u see some tight levels. or may be m5 is also choppy but m15 may have some tight levels. Thats it, you know the range. You now know this is the bracket. so you have 2 options here. 1. you don't want to miss the breakout and the trend that may follow the breakout, so you look for a Setup 1 on m1 near the upper or lower range of the bracket. You then hope that when you do get an entry, it breaks out nicely but if it does not you will get out with minimal rent to pay. And Remember, IT IS OK TO PAY RENT. You may not have a house to live in if you did not pay your rent or mortgage (mortgage/installment is also a rent isn't it? or at least you rent the money to buy the hosue, makes sense? ). You pay the rent to LIVE THE WAVE!

So lets suppose you got chopped. What do you do next, (btw we are still in option 1.) you may want to try again. But seriously how many tries are you going to do? 1-3 are enough. After that I'd say, f****it (meaning forget it it haha), I ain't trading this. I'll look for something more fun, like play with Adam or Tickle Sarah! or if they are both away then why not check if mummy's mood is a bit , you know.... nice.... wink wink! what I mean is, do something fun, something you like enjoying. The markets will stay their for a long time.

oh before i forget, you also have option 2. You say, suck it up tiger, wait for the breakout to happen and then try to catch a setup once the trend is confirmed. This is conservative, it is also possible that you may miss the whole thing and not get a setup later, or you may miss the breakouts or fakeouts and enjoy a nice ride later and paid either minimal or no rents. What ever the outcome of this session of day, in the long run (meaning weeks, months and years), everything will balance its self out. Everything will average out. The bottom line is, are you winners at least twice as big as your Rents? or Not!

So let them run , ride those waves, ride the gator until it bends.

and yes, so you thought m1 was more choppy and you jumped to m5 and decided this weekend, from now on I will only trade m5 hoping you won't get chopped. That's not going to happen. You will get chopped on m5 too, on H1 or H4, hell you may get chopped even on Daily time frames. Its part of the game, whatever happens on m1 also happens on any other time frames. That's the beauty or sometimes even the curse of Fractal geometry. Micro and Macro-cosm. Whats up there is down here too.... So Just Trade and Enjoy! As long as you, let your winners be, on average, twice as big as your losers, oopsie, Rents, you will be profitable in the long run. And yes, once you've remained profitable for at least 6 months consistently, try adding on and you'd shorten the journey to becoming rich beyond your wildest dreams!

My Saturday thoughts!

Hope everyone's having a blast! have fun!

[Grant]

Nice thoughts guru.... ^:)^ ^:)^

[Tomi]

Immy, as always I enjoyed your thoughts! Thanks for sharing.

With this post you increased my confidence to the personal trading plan. Not that there was lack of it in the first place

[immy]

Thanks Guru Grant and Tomi! cheers

Here is what we did today on EU, there was a rent on EJ too.

[Bettina]

Immy, Immy [-x
the second one was no M1 setup in terms of AO, but a nice M5 setup ( which I didn't take ( )
Bettina

[immy]

hi

There was a Setup 2 that Grant took earlier, but I just did not see it as a setup at that time. There you go, same strategy, same chart, different opinions. But hindsight says, should have taken it. never mind, I went to catch the 5th wave but could not succeed due to strict SL management. +12 target from entry point 1.3372 was right on TZ1. It did exactly that. pic attached

[immy]

Dr. Stephen R. Covey - My Favourite Author and Personality, passed away last year 16 July 2012. May his soul rest in peace. I have tremendous respect for him.
Love this guy. Tony Robbins interviewed him. Great Talk

http://training.tonyrobbins.com/1900/st ... apable-of/" onclick="window.open(this.href);return false;

I send love and prayers and dedicate pure intentions of love to this great human being! He surely did impact the world in a very positive, productive and long lasting way. Salute. His mantra was "To Love, To Learn and to Leave a Legacy".