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

[immy]

oh well... after a long wait just a few minutes before I was about to quit I saw this setup. I literally set a tp of 10 and a SL of 5. and left the screen. I do not recommend doing this specially on m1 but I was confident. A lovely trade followed.

I wish you all a nice weekend. See you all Tuesday!

[immy]

Good Morning AIMSters

This Monday morning I sat down well before time. But soon realised I'm not in UK and went out for a walk in 20c weather. came back to see this lovely setup. quickly entered with 5 pip SL and 10 Pip TP. Thats all I wanted from this pre London Open session. it may fall further down but once my 1:2 target for 1% account growht is hit I damn care about it. NEXT

slight mistake. I went only 1 pip below the most currect aims level. and now its dropping further. I could have got 1:4 but no worries.

Here is the picture.

2012-11-05_1241.png

New York Session. A breakout Setup that did not work very well. Had a PO earlier as well which was not triggered but this one did. It was a quick moving market that just moved up and down. The only thing gained was experience.

Here is how it looked like on m1 followed by a picture of m5 with trade levels.

M1

2012-11-05_2007.png

M5

2012-11-05_2011.png

[immy]

The Ten Pip Game is Over!

I was playing, rather watching my borther playing Need for Speed the Run... and suddenly it occurred to me, what about that strong 3 down. As soon as i looked at m1 I saw DA! Entered at will .. m5 did not look that attractive but that the retrace was not too share but was clean. But there usually is a short little move around these areas. Sometimes, it turns in to that damn b wave down and turns into a rent quickly. But I was prepared I took only 5 pip Risk. after only 1 candle, risk was moved down to 3 pips. and it hit 10 pip TP (Peak of Previous Wave 3). Here is a pic of the trade I took.

[naqviimran]

Hi Immy,

I have often seen you closing your trades on the candles that peak the march, following which, the price moves in opposite direction. How do you achieve this? I mean how do you come to know that the price will just change direction and you need to exit at that point?

[immy]

Hi Immy,

I have often seen you closing your trades on the candles that peak the march, following which, the price moves in opposite direction. How do you achieve this? I mean how do you come to know that the price will just change direction and you need to exit at that point?

Hi

its simple. I plan my trades according to the situation. Usually when there are AIMS Levels to the left I'll target a level with atleast 1:2 pips and then eitehr put a TP or watch and see how price reacts around those levels. if there are none then I let it roll and then use an exit signal.

cheers

[immy]

Some thoughts.

[immy]

Everyone's a lazy bugger... no replies to my posts ... and they want to be traders.... 8-} (angry)

Here is another one for you!

[Kobie]

Thanks for the pic; still finding my feet around the site and will definitely check this blog every day.

[immy]

There is a good news or may be a bad one. AIMS Forum will be closed to new members starting 24th Dec 2012. No more memberships. Original plan was to stop at 500 but we went above that. Then I thought I'll close it at 1000 but it appears we are lagging. So a fantastic year of meeting loads of new friends comes to an end. There will be no skype chatroom. I would like to concentrate on my trading and give more time to family. Perhaps we may have a small get together every now and then, or may be even a tiny master mind group.

I thank you all for joining and lets trade and manage our journals here and trade and learn and move forward together.

Here's to a new prosperous, happier, joyful and most importantly Pipsarious NEW YEAR 2013. \m/ :-bd \:D/ (wd)

[immy]

Some Thing I thought was worth Repeating and Preserving here. (Will-AIMS = ME hehe)

[12:15:09] Will-AIMS: i suggest everyone to get intune with the market by following Gator lines on your current time frame.
[12:15:43] moty: what do u mean?
[12:15:55] Manuel: I am trying so hard master!

[12:16:06] Will-AIMS: if price is above it ... think of the trend on m1 being Long. if its below it, think of the trend as short. thats the trend Q done.

[12:16:28] Will-AIMS: then look to our Holy Grail.

[12:17:00] Manuel: EJ Setting up for short?

[12:17:17] Will-AIMS: AO above ZL = Trend Up
AO Below ZL = Trend Down. thats Elliott Wave sorted.

[12:17:22] Will-AIMS: now. HTF analysis.

[12:17:46] Will-AIMS: If price is above purple. Trend on Higher TF is UP

If price is below Purple Trend on Higher TF is Down.

[12:18:34] Will-AIMS: so time to Go Short now. Trend Wise.

[12:18:44] Will-AIMS: now we ask the Q. Is this is A Setup.

[12:18:54] Will-AIMS: First we must Establish Trend.

[12:19:01] Will-AIMS: Then we Wait and Look for Setups.

[12:19:16] Will-AIMS: so Any Trader in World has two jobs.
[12:19:53] oksanao: Thanks Immy, that's really helpful


[12:19:55] Will-AIMS: Job 1. Trend Direction. What is the Trend. (Define the parameters for yourself that will let you ASSUME/Establish what the immediate and higher TF trends are.

[12:20:42] Will-AIMS: Job 2. Entry Criteria. Define an entry criteria, that when trend is so and so, e.g Long how will I enter. Thats where we h ave given you THE SETUP. The Setup is the Entry Criteria. It is the SETUP.

[12:20:58] Will-AIMS: So we know the Trend is DOWN and we are waiting for Entry Setup.
[12:21:03] Will-AIMS: Why is Trned down?

[12:21:24] Will-AIMS: Priceis Below Purple = HTF Trend Down.
Price is Below Gator Lines = CTF Trend Down.
[12:21:45] Manuel: bellow purple, bellow ali
[12:21:52] Will-AIMS: Where do we Use AO: we use AO to Monitor the MOMENTUM of the WAVES and Trend.
[12:25:31] Will-AIMS: Ok Trend is Established. (whew)
[12:25:51] Will-AIMS: ooopsie,
[12:25:57] Will-AIMS: so what do we do now?
[12:26:07] Paul Fenton: POS?
[12:26:36] moty: waiting for s/u
[12:26:55] Will-AIMS: POS?
[12:26:56] oksanao: Guys, where it would be best to put PO now, on M1 which is 1.30649 or it makes more sense to put it below M5 at1.30626?
[12:27:07] Paul Fenton: Pending Order Short?
[12:27:42] Will-AIMS: Oksanao its up to ou and your TRADE PLAN. have you decided that you'll put PO below M1 or you will put it below m5's when m5 is too close?
[12:27:54] Manuel: M5? its so close...
[12:28:37] Will-AIMS: when m5 is too close best to put below m5. but when you do that, you will have to check what is then the distance between upper side/ gator lines.
[12:28:48] oksanao: Yes, I guess below M5, it seems very close, only 2 pips away
[12:29:06] Will-AIMS: when price approachces peak of 3. it usually bounces. so if m5 level is within 2-3 pips from m1 level best to use m5.
[12:29:37] oksanao: thank you!