Jims journals start today 6-11-2013

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Dave
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Re: Jims journals start today 6-11-2013

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Hi Jim and welcome to AIMS. You'll find there's a lot of information in the pages of the forum if you take the time to read through it all carefully. Just remember that everything we trade is based on the setup. The setup is - sleeping alligator - close to ZL - small AIMS box - but think about what those setup rules are asking you to look for and your analysis of the setup can improve.

1. Sleeping alligator. Means that price has gone sideways for a while. It has consolidated at a level. We want a period of sideways inactivity to increase the likelihood of a powerful break of that temporary range.
2. Close to ZL. Means that we are trying to catch the start of the wave. Rather than just looking in a glance to see if we're close to ZL, think of this as "am I entering at the start of a wave". Look at what the eWave has done for the last few candles. Are we just drifting slowly in a direction without the real momentum of an impulse move, or are we catching the start of a new wave. Here's a couple pics using your photos to illustrate this...
Screen Shot 2013-06-14 at 8.29.24 PM.jpg
Screen Shot 2013-06-14 at 8.31.23 PM.jpg
3. Small AIMS box. Means tight price range, keeps SL close so keeps position size high. More importantly than 'small box' look at the relationship of the box to it's previous ones. It should not only be small but preferably is not continuing a series of higher highs or lower lows. What I mean is, if your entry is outside a box that is making the 3rd/4th/5th whatever higher high in a row or lower low in a row, then that wave of movement started 3/4/5 boxes ago. The best entries are the first break of the high or low in a series, and increases the likelihood of being able to trail your SL behind a high or low successfully (see above pic). It's hard to describe but this might help....
LHLL.jpg
Anyway, my last word of advice is that rather than posting a pic and just saying "what do you think?". Ask a very specific question or two about that trade specifically. What we think fills the pages of this forum, but specific questions can be answered with specific answers :D

Best of luck, Dave
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Last edited by Dave on 14 Jun 2013, 13:45, edited 1 time in total.
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thestart
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Re: Jims journals start today 6-11-2013

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# 12.png
# 13.png
# 12.png
2 more trades. Immy what do you think. Bad night last night every trade lost but every trade was entered correctly ( I think) Wednesday I left a trade with 3.9 pips trade moved +180 after I left . I think It was Monday 2 more nice moves and I think Wednesday night my time 3 nice moves and If I had $1.00 on all of them I could have made 800/900 pips would have been good. I have to go to Russia for a couple weeks and I leave on the 17th so I will not be on site soon as I get home I will be back. 9 hour plan + 16 hr train to get to my better halfs city. Very long ride I am bringing the 2 books you talked about earlier trading chaos and new dimension.
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immy
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Re: Jims journals start today 6-11-2013

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thestart wrote:
# 10 follow up.png
trade failed going to bed trade #10 GBP/USD everything looked perfect when I entered.
Jim

Firstly, well done on recording your trades and maintaining your journal. This is now making it perfectly clear to me where you need to work on things.
I don't have much time right now, but I just saw your chart and I cannot leave without pointing out that there is an important understanding missing here about shorter time frames. The life blood of a chart is ticks / period of time = volatility. You'd expect volatility, price action, new incoming information to hit your screen when the Major Markets are open. So for me, its a rule, no trades on cable before London Open, no trades on Euro based currencies before Frankfurt open. These are the times when the respective banks start working. The cable trades is certainly not during the times where "more odds" woudl be on your side. Having said, please check the charts what happened shortly after frankfurt open? oh yes, they blasted down nicely. so had you stayed bit longer and taken that FO short you'd be posting a different picture. more on this later... keep posting them charts... I love it.
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1 :nerd

The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".

I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.

My Deathbed Advice "5:1 Reward to Risk Ratio".

Yo, banana boy! 🍌
thestart
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Re: Jims journals start today 6-11-2013

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# 12 follow up.png
follow up # 13 lost about 17 pips I am on a streak just streaking the wrong way. :-?
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thestart
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Re: Jims journals start today 6-11-2013

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I lost my first reply Dave I can not find it sorry if it pops up somewhere and causes confusion. I wanted to say thank you for your response the info about the 1,2,3,4, steps is very good I know what you said Is correct but to be honest many times I might forget at the time I enter a trade. I will not post what do you think again, and thank you. I new it was a broad question and thought this was ok. I understand what you mean and I will be more specific. If nothing else I am going to get really fast on this keyboard. I really would like to make money also, were working on it and thank you very much...............Jim
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Re: Jims journals start today 6-11-2013

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new # 15.png
new # 14.png
Thank you very much Immy I am going to get some rules together and place them to the wall in front of my face while I am trading still in 2 trades that did not go wrong (yet lol) buy on NZD/USD and AUD/JPY am posting charts not sure where original charts are and I am late to bring my dog to the vetso I am posting charts as new ones but they are somewhere allready I just can not find them
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thestart
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Re: Jims journals start today 6-11-2013

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#14 lost # 15 lost I had to leave to take my dog to the vet so when I was gone instead of trades going in the direction that they were going they went in the other direction. I was in a trade 2 days ago AUD/JPY and I left when I saw a black diamond. I left making 3.9 pips that trade went almost 200 pips higher by the time I came back from work some 7 hours later. Everything on these 2 trades that just lost was perfect when I entered and as they were going along there way by the time either trade gave clear signs of going bad I would have been just about even or a small loss if I was in front of the computer. I have placed 11 trades since 6-13-2013 today both trades combined were positive 75 pips and on Wednesday the trade I left with 3.9 pips moved 185+ after I was out of trade. I missed maybe 5 trades that would /did turn out good earlier in the week I am a little frustrated at the moment. I am done trading this week and because I am going away Monday I will not be trading till I come back. I will come back to the site to go through stuff here again thank you Immy and Dave very much.........................Jim
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Re: Jims journals start today 6-11-2013

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thestart wrote:#14 lost # 15 lost I had to leave to take my dog to the vet so when I was gone instead of trades going in the direction that they were going they went in the other direction. I was in a trade 2 days ago AUD/JPY and I left when I saw a black diamond. I left making 3.9 pips that trade went almost 200 pips higher by the time I came back from work some 7 hours later. Everything on these 2 trades that just lost was perfect when I entered and as they were going along there way by the time either trade gave clear signs of going bad I would have been just about even or a small loss if I was in front of the computer. I have placed 11 trades since 6-13-2013 today both trades combined were positive 75 pips and on Wednesday the trade I left with 3.9 pips moved 185+ after I was out of trade. I missed maybe 5 trades that would /did turn out good earlier in the week I am a little frustrated at the moment. I am done trading this week and because I am going away Monday I will not be trading till I come back. I will come back to the site to go through stuff here again thank you Immy and Dave very much.........................Jim
Jim

Now we're talking. Most people never really give trading a shot. They put a few incorrect here and there and they cannot cope with the results. They misunderstand the whole point. When you're learning, you're learning. I think we must also understand one important point here. Being right, is not what people think it is. In trading being right does not mean you had a winning trade. Being right means, "BEING CONSISTENT". Consistently following your plan is the primary objective of every trader. And that means, your losing trade is actually a winner if you have consistently followed your trading plan. And your trading plan is based on a statistical advantage, an edge. Now lets understand what is the meaning of being consistently successful winner. Mark Douglas subdivides this belief "I am consistently successful/winning trader" into 7 Sub-beliefs. Whenever you take a trade and you're able to say that
1. "I have objectively identified my setup",
2. "I have predefined the risk of this trade",
3. "I have fully accepted the risk otherwise I wouldn't have taken it"
4. "I have acted and taken the setup without reservation or hesitation"
5. "I have paid myself as the market made money available to m" (e.g. close part as soon as 1:1 target point was hit in case of The Seed or taken profit when there was signal to take profit)
6. "I have monitored myself for my susceptibility for making errors".
7. "I understood the absolute necessity of these principles of consistent success and therefore I followed it and always will"

then, you are, already, or on your to becoming, a consistently successful or winning forex trader.

I suggest that you consider trading the seed!

Meanwhile, have a great trip to Russia! Enjoy the great weather have fun... Happy Weekend to all

cheers
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1 :nerd

The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".

I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.

My Deathbed Advice "5:1 Reward to Risk Ratio".

Yo, banana boy! 🍌
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Dave
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Re: Jims journals start today 6-11-2013

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Hey Jim,

No problems at all and no need to apologise for anything in your journal - it's YOUR journal so write whatever you want! Enjoy your trip and remember the setup of trade #14 and #15 - they are very nice setups!

#14 - when you look left you have entered above the high of all of those previous AIMS boxes, so you're trading into clear space. It's important to check AIMS levels to the left.
#15 - PERFECT! first break of the series of lower highs AND an AIMS box smaller than the couple before it. I know that the AIMS low would have appeared after your order was triggered but by looking very closely at how the lower level is formed you would have known that it was coming, so your stop can be very small. And see how the eWave isn't 'drifting' sideways, but a nice down and up wave - that's what we want! Nice one.

Dave
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thestart
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Re: Jims journals start today 6-11-2013

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trade #00.png
had some confusion with computer this morning and posting my trades. I think I have it straight now lets see.
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