Humpha's big wave journal

[immy]

The Golden Equation

Consistency = Patience + Discipline

[humpha]

Thanks Immy, for me learning patience has been my biggest hurdle and yes it is key. Thank you again Immy, Snorm, Grant and fellow Aimsters for such a great system and forum full of support and guidance.

[humpha]

The week thus far, currently watching the retrace after the big downward move on Eur, time to sit on the hands or post in my journal.

Monday night, no trades, trade time 2.5 hrs.
Tuesday night, no trades, trade time 2 hrs. Market was choppy so walked away.
Wednesday night. Eur/usd +1, entry on previous red dot below 5 min aims level. AO was old but thought may of had more momentum left. Stopped out following aims + spread.

27-6-12 eurusd.gif

Thursday night. Logged on to find movement, eur dropping, gbp dropping. Too late for entry on 1/5/15 so took entry short on 1hr. Eur/jpy +43 or .91%

28-6-12 euejpy.gif

And gbp/usd short on 1hr. This was a set up 2 so should of waited for fresh aims level, but across board they were dropping so took it. Result +44 or .94%

28-6-12 gbpjpy.gif

And then looked for wave 5 on Eur/usd after possible wave 4. This was probably a little ambitious and somewhat greedy as I thought it may produce a full wave 3,4,5 up before a possible P5 down but set up was valid so took it. Result -9 or .7%.

28-6-12 eurusd.gif

So sitting on 1.23% for the week and hopefully pull a nice winner to get my 2% weekly target. Just sitting, looking to the horizon and waiting for the swell to build. There's always another wave.

Tony

[humpha]

Weekly summary,
School holidays here in oz and had family visiting so no trading, took the week to relax, fish and explore. Did have 2 x 4hr trades on. looking for wave 5, followed aims boxes until stopped out. Overall 2.1% for week.
Aud/usd +158 pips, 1.5%

26-6-12 audusd.gif

Nz/usd +67 pips, .6%

26-6-12 nzdusd.gif

[immy]

Enjoy the weekend and your holidays! Nice Trading! \m/

[humpha]

All,
My previous post had my chart pictures taken after my password had expired 'hence no signal dots'. I have reposted my chart photos so all can see that dots were there and the nz trade also had the smiley face and arrow.

26-6-12 audusd.gif

26-6-12 nzdusd.gif

[humpha]

weekly summary,
Well this week was good, I hit my weekly target of 2% but learnt a great deal more. For me I am starting to trade across the 1 and 5min charts better and succeeding with the odd 5min trade. I feel I am recognising the wave within a wave pattern better and this is no doubt thanks to chart time. Patience is the key though and good trade management which I got the big 'F' for this week. I have set tp's and hit them on several trades but they've gone on to run a lot further with me paddling back out into the ocean. So big lesson learnt.

9-7-12 eur/jpy 15min trade +6, tried to catch wave 5 but closed manually didn't feel right.

9-7-12 eurjpy15min.gif

9-7-12 eur/usd 15min -5, tried for wave 5 but closed it. Only new to 15min charts and wasn't comfortable with the retrace. Felt better to get out and wait for a 1 or 5min trade.

9-7-12 eurusd15min.gif

9-7-12 gbp/usd 1min. +4

9-7-12 gbpusd.gif

10-7-12 gbp/usd -7, looking for a new wave 3 but paid rent. Disappointed after the trade as dot was not inside box so essentially no set up.

10-7-12 gbpusd.gif

11-7-12 eur/jpy 15min +17, closed it as I was that excited by nailing a good trade and it was past my bedtime.

11-7-12 eurjpy15.gif

12-7-12 eur/jpy 1min +13, red arrow.

13-7-12 eurjpy.gif

So overall approx 2%, learnt tp's are good but let them run to take full advantage of trade. Hope everyone is having a great weekend. All the best.

[Topher]

Another great week Tony.

Well done.

Richard

[immy]

Great Trading!

and very good post in your journal imo.

I'd like my 2 cents worth, stick with certain target points and do not change until you are consistently profitable for a certain period say 6 months. Only then look in to maximising your profits. First by learning to let it run then another 6 months or so one can look in to increasing your ROI!

cheers

[humpha]

Immy,
Thanks for the reply. I did think long and hard about my trade management over the weekend and how I have come to this point in time. It is easy to look back now and contemplate why I didn't let them run but overall I have set a tp and accomplished the goal, and if I can achieve my weekly target and be happy with my trade management then hopefully as a trader things will only improve. I came to exactly the same conclusion as you this afternoon and then open the forum to see your words. It is the small but disciplined steps I've taken with my trading this last couple of months that have seen consistent weekly targets. Many thanks for your kind words and here's to another week full of pips! (wd)