Tofy's Journal

[immy]

Hey Tofy

Yes, when dot candle breaks the aims level and you take a trade using a market order, you end up break 2 Ground Rules. Now we can never break the ground rules. We may, only 1% of the time, break our other rules but ground rules are not to be broken. 1. Always set pending orders. 2. Always Take break of AIMS levels. 3. Dont trade against purple (that you followed)

The length and depth of M5 aims level matters only when you're taking trades inside m5 aims levels. if they are tall or short as long as you're taking break of m5 aims level its ok. e.g. you're trade on m1 comes inside m5 aims level, then we'd like it to be tall rather than short.

May the pips be with you!

ps: You have a few extra things on your charts, that kept me from replying \m/

[tofy]

4th trade of the day.

+10 pips.

Although it was a profit making trade. I do have some questions on whether this trade should have be taken or not.

Pending order was placed at break of M1 AIMS box.

However,
-there was no fresh AIMS level after dot (alligator awake - setup2).
-M5 AIMS box is rather wide at entry.

Appreciate all inputs!

[immy]

here is what I did
If this was my first trade of the day, I'd not take it. Because IMHO its not a high probability trade.

The fact that the entry was below m5 aims level as well as a major number. it gave me confidence

11-01-2012 12-30-04.png

[tofy]

Am on a losing streak today.

16 Jan (Monday) trades:

1) -8 pips
2) -4 pips
3) -10 pips
4) + 2 pips
5) -11 pips
6) -10 pips

Total: -41 pips

I sincerely welcome all inputs.
My morale is extremely extremely low right now.

[msk185]

Hi Tofy

Here are my thoughts

Trade 1 - good entry, you could have trailed candles as there are 5 green candles, would have made a few pips.

Trade 2 - looks like entry is just below a 5 min level to me.

Trade 3 - entry looks to be towards purple, always trade away from the purple.

Trade 4 - good entry, I think you could have exited for more profit by trailing candles, aims level or using the red dot

Trade 5 - Blue dot looks to be outside aims level with no new level formed before your entry.

Trade 6 - again looks like 5 min level would be just below your entry also trade is counter trend on 5 min in side the alligators mouth on 5 min.

Hope this helps

Mike

[Grant]

Morning,

Here are a few things trade by trade to that will help you avoid some rents in the future…

Trade 1 :
On my charts there are 8 blue up candles in a row, so I would have been trailing them, thus locking in a small profit.

Trade 2 :
You placed your PO right on the m5 AIMS level. BE aware of where m5 levels are and if within 4/5 pips of your M1 order then move the PO above the m5 level as long as the SL isn't too far away..

Trade 3 :
Your PO was above purple line

Trade 4 :
Alligator was neither asleep nor awake headindg up at the time of the dot. Even so there was again several up candles in a row so you should have really trailed your SL under these….

Trade 5 :
The dot candle broke the aims level so we wait for a fresh aims to form before placing a PO, this would have meant an entry was not triggered.

Trade 6 :
This was a good entry. Again though your SL shoul;d have been moved to just above the AIMS level that formed just after you were triggered. Yes you would have still paid rent but it would have been less than what you did…


I hope that helps some, keep at it, it may seem tough at the moment but It will become a lot simpler with more chart time…

Cheers
Grant

[tofy]

Morning,

Here are a few things trade by trade to that will help you avoid some rents in the future…

Trade 1 :
On my charts there are 8 blue up candles in a row, so I would have been trailing them, thus locking in a small profit.

Trade 2 :
You placed your PO right on the m5 AIMS level. BE aware of where m5 levels are and if within 4/5 pips of your M1 order then move the PO above the m5 level as long as the SL isn't too far away..

Trade 3 :
Your PO was above purple line

Trade 4 :
Alligator was neither asleep nor awake headindg up at the time of the dot. Even so there was again several up candles in a row so you should have really trailed your SL under these….

Trade 5 :
The dot candle broke the aims level so we wait for a fresh aims to form before placing a PO, this would have meant an entry was not triggered.

Trade 6 :
This was a good entry. Again though your SL shoul;d have been moved to just above the AIMS level that formed just after you were triggered. Yes you would have still paid rent but it would have been less than what you did…


I hope that helps some, keep at it, it may seem tough at the moment but It will become a lot simpler with more chart time…

Cheers
Grant

Grant,


Trade 2 :
Can I say that... even though the M5 AIMS is not too close (>5pips), I should still place my PO above the M5 level so long as my M1 PO is right on M5 AIMS level or a few pips away from M5 AIMS level?

Trade 5 :
May I ask if I should have taken into account the blue-dot on 11:15hour?

If I can take the blue-dot on 11:15 hour into consideration, there would be a fresh AIMS level after the dot.
(That was my thought process. Which explained why I took the trade.)

Trade 6 :
Am I right to say that once I am triggered into the trade, I should move my SL from the top of the AIMS box to just above the triggered candle?



Thank you again Grant. I appreciate it!

[tofy]

Hi Tofy

Here are my thoughts

Trade 1 - good entry, you could have trailed candles as there are 5 green candles, would have made a few pips.

Trade 2 - looks like entry is just below a 5 min level to me.

Trade 3 - entry looks to be towards purple, always trade away from the purple.

Trade 4 - good entry, I think you could have exited for more profit by trailing candles, aims level or using the red dot

Trade 5 - Blue dot looks to be outside aims level with no new level formed before your entry.

Trade 6 - again looks like 5 min level would be just below your entry also trade is counter trend on 5 min in side the alligators mouth on 5 min.

Hope this helps

Mike

Mike,

For trade 5 :
May I ask if I should have taken into account the blue-dot on 11:15hour?

If I can take the blue-dot on 11:15 hour into consideration, there would be a fresh AIMS level after the dot.
(That was my thought process. Which explained why I took the trade.)

Thanks again!

[Grant]

Hi again,

Ok so :

Trade 2:
There is an M5 high at 1.2656 created by the 0755 (UK) candle. Looking at your chart it looks like your entry was below this and within 5 pips. If my M1 PO/entry is within 5 pips I put the PO the m5 level as long as the SL isn't too far away…

Trade 5.
The up dot at 1115 is cancelled by the down dot at 1118..

Trade 6
Moving the SL to the high of the trigger candle is what I do… I would suggest you experiment with the SL movements as what I do may not suit the way you trade

Hope this helps..

Grant

[msk185]

Hi Tofy

The 11.15 blue dot would be a signal to go long if price broke the level above that dot. Price fell and a red dot occurred, which as Grant says negates the blue dot at 11.15. The next blue dot is above the aims level so I would wait for a new level to form above the blue dot and then assess the situation for an entry.

Hope this helps

Mike