Peter's Journal

[Grant]

Morning,

did someone mention debate......

Firstly apologies for hijacking your journal Peter.

( ? ). Its a tough question but i tend to agree with Dave (apologies Sam)

In my experience it boils down to how many pairs i can watch comfortably on my chosen TF without missing set ups. As i trade M1 its very very difficult to watch more than 2 and not miss trades.

So, if only 2 pairs then which ones? I like Dave don't look at correlation to a certain extent but rather which pairs have the lowest spread, so for me its UJ and EU. That said on GKFX the FTSE has a spread of 1 so you could make a case for trading a currency and an index.....

Despite what i have just written it really is down to each trader and what he/she is happy and comfortable with..

Grant

[immy]

Morning,

did someone mention debate......

Firstly apologies for hijacking your journal Peter.

( ? ). Its a tough question but i tend to agree with Dave (apologies Sam)

In my experience it boils down to how many pairs i can watch comfortably on my chosen TF without missing set ups. As i trade M1 its very very difficult to watch more than 2 and not miss trades.

So, if only 2 pairs then which ones? I like Dave don't look at correlation to a certain extent but rather which pairs have the lowest spread, so for me its UJ and EU. That said on GKFX the FTSE has a spread of 1 so you could make a case for trading a currency and an index.....

Despite what i have just written it really is down to each trader and what he/she is happy and comfortable with..

Grant

Immy Likes your comment "...."

[exponent83]

Thanks for you comments, Mates!

Here is an other one from yesterday. I tried to use trailing AIMS.


And today morning was a small rent at AU:


I'm learning a lot from You Guys. Thanks for your comments again.

[Dave]

They're good entries, Peter, especially the AUD sell. Sometimes they work, sometimes they don't, but just stick with that setup and she'll be apples :-bd

[exponent83]

Thanks Dave for your comment.

Some post NFP trades from yesterday on M1 with Darren and Sam

[KrisL]

Hi Peter,

I'm pretty new to this, so others may want to correct my comments! I wanted to suggest that you try closing 50% of your position when your trade reaches 1:1, giving you a free trade on your initial stop loss. This allows you to give the market a little more room to breathe than you would get if you trailed AIMS levels on M1. Obviously the downside is that you make 50% less profit if the trend really takes off. In my limited experience, I've found that this method also gets you into that elusive 'care-free state of mind' which facilitates objective management of your trade.

Cheers
Kris

Edit - I see that you have been closing 50% of your position, but after you do that I think you need to keep your original stop loss until the trend really asserts itself.

[Dave]

I'll just add to Kris' comments, I agree with him about closing 50% with the objective of letting it run (or if you add on close the add on). So let's look at why we do that:
As M1 traders we take breakouts in the direction of the higher time frame (M5) trend. So with our attention on M5 we watch the alligator and the eWave and we wait until we have an indication of a clear direction, a clear trend. Then knowing that we want to get on board the M5 trend we dial down to M1 and look for the setup to get us in. But the real profit comes from hanging in there so long as the M5 chart continues to move, and avoiding the stop out that comes with the corrections of M1. So close 50% on M1 and then don't touch anything until M5 allows you to move your stop loss.
The real key to making this strategy successful is getting on board the M5 trend in its initial stages. So use three factors on M5 to indicate the start of the move:
1. Freshly opening alligator;
2. Fresh cross of eWave/close to ZL/start of new wave;
3. No divergence.
And if these three factors are present on the M5 chart, then get your free trade and then manage the remaining portion from the M5 chart. If you're not catching the very start of the M5 wave (remember all time frames are the same, so the start of an M5 move starts with an M5 S1 or S2) that's ok, but if you close 50% to get your free trade at least give it a chance to run by following AIMS levels on M1.
Just my opinion Good luck!

Edit: I meant to mention this before but forgot. A good way to instill confidence in letting your remaining 50% run on the HTF is to take your entries when the HTF is not just open/trending, but when there are genuine entry opportunities from the HTF, as per the rules of S1 and S2. That’s probably not a very clear way to explain myself, but Bettina described this a long time ago as looking for S2 entries on the M5 chart, and nailing your M1 entries in these spots. In my opinion, this is THE best place to nail your M1 entries! Always best in pictures (I’ve used these pics before so sorry for the repetition, but that's the name of the game, and it's still great learning for me to hammer the concept home!)

1.jpg

2.jpg

3.jpg

[immy]

I'll just add to Kris' comments, I agree with him about closing 50% with the objective of letting it run (or if you add on close the add on). So let's look at why we do that:
As M1 traders we take breakouts in the direction of the higher time frame (M5) trend. So with our attention on M5 we watch the alligator and the eWave and we wait until we have an indication of a clear direction, a clear trend. Then knowing that we want to get on board the M5 trend we dial down to M1 and look for the setup to get us in. But the real profit comes from hanging in there so long as the M5 chart continues to move, and avoiding the stop out that comes with the corrections of M1. So close 50% on M1 and then don't touch anything until M5 allows you to move your stop loss.
The real key to making this strategy successful is getting on board the M5 trend in its initial stages. So use three factors on M5 to indicate the start of the move:
1. Freshly opening alligator;
2. Fresh cross of eWave/close to ZL/start of new wave;
3. No divergence.
And if these three factors are present on the M5 chart, then get your free trade and then manage the remaining portion from the M5 chart. If you're not catching the very start of the M5 wave (remember all time frames are the same, so the start of an M5 move starts with an M5 S1 or S2) that's ok, but if you close 50% to get your free trade at least give it a chance to run by following AIMS levels on M1.
Just my opinion Good luck!

Edit: I meant to mention this before but forgot. A good way to instill confidence in letting your remaining 50% run on the HTF is to take your entries when the HTF is not just open/trending, but when there are genuine entry opportunities from the HTF, as per the rules of S1 and S2. That’s probably not a very clear way to explain myself, but Bettina described this a long time ago as looking for S2 entries on the M5 chart, and nailing your M1 entries in these spots. In my opinion, this is THE best place to nail your M1 entries! Always best in pictures (I’ve used these pics before so sorry for the repetition, but that's the name of the game, and it's still great learning for me to hammer the concept home!)

1.jpg

2.jpg

3.jpg

READ THIS POST A 1,000 TIMES THEN DO IT 10,000 TIMES

[tandlbakke]

Good read Dave. I use this (Close all open positions) script and it works great. I set the hot key to "alt" "C" so its super quick.

Good job, Tait

[immy]

Good read Dave. I use this (Close all open positions) script and it works great. I set the hot key to "alt" "C" so its super quick.

Good job, Tait

Thanks Tait!

Could some one share "leave all open positions open as long as possible" script as well... it will be much appreciated...

on a more serious note though, I have used this script for quite a while in the past. I stopped using it for 2 reasons. a. trades running on other pairs/tf b. creates bad habit of getting out of trades prematurely (but this reason can vary from person to person) \\

thanks for sharing... :-bd