Mike's Journal MSK185

[msk185]

HI Grant

A quick question, do you analyse the setup at when the dot occurs and then think either no trade as I'm sure you did with this setup or do you also wait to see what the setup is like closer to entry?

Thanks

Mike

[Grant]

Set up 1 on the dot

Set up 2 on the price action

Grant

[Thuvie]

Mike

Just in relation to missing out on trades.. Not to worry another trade will come along.. I learned the hard way from losing trades with high and live money.. BE PATIENT and wait for waves 3 and 5...


Coopps

[msk185]

Thanks Coopps

I'm trading with small stakes until I become consistently profitable, raising them as I progress

Cheers

Mike

[jayvee]

Hi Mike, I must be thick, read the Elliott Waves E Book 5 times and I still can't count them. The only thing that stuck is that the Aims wave cross of the zero line is Wave 3 and from reading the book that is the best one to trade. So there is no need for me to count them. I just follow the 3 Rules Setup Flow Chart and use Grant's MM, he is a great guy.

If I am wrong please someone correct me.

May the pips be with you.

[msk185]

Hi Guys,

Thanks for the input.

I have a question about this last setup. I saw the red dot and placed an order to go short at 13170.5, but I cancelled the order as I thought the setup was similar to this morning ie the alligator nor really asleep or awake heading down, just curious if anyone else took this trade or rejected it as price promptly fell like a the proverbial stone.

Feeling a bit frustrated at the moment.

Thanks

Mike

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[moty]

Hi Mike
I took it, but unfortunately I took profit too early, because I moved the stop, after five consecutive red candles.
Moty

[Grant]

HI Mike,

As i use the red and green only then for me alli was asleep, it has intertwined itself, so yes i took this. All i can say is keep at it, the more chart time you get watching just the EU the more you can get used to it and in time feel more confident in what you are seeing...

pic is attached of my chart to show the alli as i had it

cheers
Grant

[msk185]

Thanks for the feedback, looks like i still have much to learn, time for a break while the next possible setup forms

Cheers

Mike

[msk185]

Hopefully this was a good setup as well as a good outcome, 15 pips profit to finish the month with.

Maybe should have held on for my 20 pip target but price looked to be stalling after a reasonable run so took profit at 15 pips.

Cheers

Mike

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