Tom from Leeds's Journal

[tombacon89]

I have still been following aims depsite the lack of posts and trades, I have been 'swotting up' on reading price action the last 2 months as i am confident combining price action with aims will be a deadly combination. I took this trade based on 5min price action after the big move down, which to me looked a good aims 1min setup 2, and a fresh cross down on 15min ao. I had 2 orders on this one. Price looked to be heading for target 1 which was the recent low and a 1:1 from my initial stop (0.5% monetary.) I moved to break even when price tested this level. Unfortunatly the spread didn't quite get through and retraced for a break even.

[msk185]

Hi Tom

Well managed trade IMHO, I filtered this as it was quite soon after a significant fall and I have been caught out before trying to catch the "wave 5" too early but then yesterday similar setup worked nicely so well worth a go and b/e was a cheap ticket.

Cheers
Mike

[tombacon89]

Cheers mike. The pull back on m5 tested yesterday's low so I went for it. BE is always a nice place to be especially like you say after a big move. All the best

[tombacon89]

HTF bias was long, the 60 min high had just been tested so I took this as support. Felt that we were going to see a really strong push up with London session just getting into play. Ao was close to zero on 5min, the 15min high was also near the 240high, perhaps I should have taken this as a tgt and 1% but I was confident it would break as it had tested it prior to LO. Held trade at break even. Break even it was.

[tombacon89]

just taken 10 pips on euro short. rejection from 60high on hourly, 4hr was to become a bearish pin bar rejecting the zone on daily high from 17th october. 11:43 aims 1min short bar had momentum so i took the break of 60 low. targeted 1.3075 as possible support (240high from yesterday) but was happy to take 1:1 on this trade.

[tombacon89]

I took this short trade earlier on EU just prior to London markets closing. It seemed logical to me after such a good run up on euro from the start of the week that with the strong resistance traders may be exiting their long positions at london close. Euro had been really rejected by the 240 high yesterday and today (4hr chart shows this well and the bullish movement the past few days) I was observing 15min chart after the strong rejection (bearish engulfing bar on a key resistance area) I bided my time and waited for a short setup after a pullback to the purple line on m1. 6.9pip stop and came out just above tz1 on 15min chart which gave me a 2.33% return.

[immy]

Tom!

A lovely Setup and nicely traded. I however, had no complicated thoughts or analysis. It came down, retraced back up, nicely to purple setup and I was sitting watching it, hoped in and out on 19.21 candle! nicely played Tom very nice! its always good to take a decision based on "something" and let that something be consistently applied, understood, believed and implemented. A consistent formula gives consistent results. All the best.

cheers

[Topher]

A nice cheeky little trade there Tom.

Richard

[tombacon89]

cheers guys,

I hope this post can help people especially newbie traders who get too focused on m1 which was my downfall to start with. my trading has developed from searching for setups on m1 to taking a back seat and analysing the bigger picture.
when i sit down to trade now i do the following and would really recommend:

identify key s/r zones on htf. (regardless of strategy this is so important in my trading now)
identify market bias (overall trend)
identify the overnight range. i will usually not trade until this is broken and comes back to test it as s/r (rarely take the break but depends on market conditions)

from there i am applying my knowledge of price action (i really believe the markets tell us all where it wants to go if we understand pa. and it's pretty powerful when it occurs on key s/r zones. I love the 15min charts for this)

I then will look to see what m15 is offering or scale down to 5min and either trade price action. OR I will look for an entry on 1min aims and I will hold my stop aggressively because I am confident the trade will work out. Especially if I can place my stop on the opposite side of a key s/r zone.

[tombacon89]

I took the break of the 60low this morning, unfortunatly the trade ended up a break even but happy with it nontheless. another big rejection of this weeks high after it tried to break the resistance. (big bearish hourly eb) looked for the wave 5 setup and went for it. tz1 was 20 odd pips away. perhaps i got greedy and should have set tp at 1%..