Tom from Leeds's Journal

[tombacon89]

Having just read my post I have found a mistake.. I didn't 'know' cable was going to retrace up, what I should have said was I believed cabled had a higher probability of going long, as we all know there are no definates in trading!!!

[tombacon89]

BE or thereabouts on euro this morning. I didn't like the stalling just under the overnight high therefore made the decision to move sl to be rather than trail aims boxes. I would have paid rent trailing aims boxes. Hopefully some of you caught the full move

[tombacon89]

Morning all,

I've been told about the 1min 34 strategy. I have read through the rule set but not sure I'm grasping it. I went long on euro this morning and it worked; however I am not conviced my first entry was correct. If anyone could express their thoughts it would be much appreciated. I really like the simplicity of the chart and using price action so this method is something I am keen on getting an understanding for.

Cheers

[immy]

Morning all,

I've been told about the 1min 34 strategy. I have read through the rule set but not sure I'm grasping it. I went long on euro this morning and it worked; however I am not conviced my first entry was correct. If anyone could express their thoughts it would be much appreciated. I really like the simplicity of the chart and using price action so this method is something I am keen on getting an understanding for.

Cheers

Tom! Glad you like it, I love it too. I always run it on one of my screen on the side. I actually run a separate account trading the 34.
The 34 is really simple. You want cross of 34 and retest. I cannot say more than what I have said in the document. But its for strong trending markets. So don't trade until you are SURE what is the Trend.

[immy]

and y es, your entry was spot on. Since you have the AIMS box, Break of AIMS Level is your entry criteria. if the box is big and 34 is sloping up and down, you'll be trading the classic, buying dips and selling rallies, using BDC, IB, BLT, Pin Bar as an entry candle. as explained earlier.

cheers

[tombacon89]

Whoever reads this, or remembers me from 2011/12/13... I'm back.

I 'paused' my trading once I managed to get into the career I had always wanted and have spent several years away from the charts. Until a recent injury, forced me to spent lots of time at home. Curiosity got the better of me, and here I am again with mt4 loaded up; keen to learn from my previous trading errors and give this another good go.

I am open to trading the daily charts, and also M1 M5. But I will not be sat for hours on end due to other commitments; sometimes I may only make one or two opening sessions a week.

It's good to see Immy and co producing good results and content. From what I have access to still, it appears there has been quite some changes but the fundamentals remain the same.

I appear to have retained quite a bit of knowledge around forex surprisingly after all this time, a little bit like riding a bike. Except this time I will concentrate more and stop riding wobbly no handed. I am going to take it right back to the basics and not consume myself in several strategies. I Intend to trade setup one and two, m1 m5; and I will be looking into trading the daily as well.

I don't want to double my account every month, or have unrealistic expectations. In fact, I don't really have any financial or percentage growth targets in mind, other than to be consistent for the long run. I won't be trading live yet, I am going to spend the next week or so going over the learning material again, making notes etc, going through my previous journal. Following the charts, and then on to some back testing. I will then trade demo until I am seeing that consistency and only then will I go live. It may take a while, but, hopefully it will be worth it in the long run.

So, standby for whatever happens next; and chances are I will bombard the forum with questions, sorry in advance =)

Tom

[immy]

Hey Tom

Welcome back and wish you all the best. Remember: do not forget about your journal. Make a habit of making an entry in this journal every single day even if you don't trade.

Cheers

[tombacon89]

No Trading Today. Day job this morning, studying this afternoon.

I have setup my templates and everything as I prefer now; so I can start following the markets and look back at some setups or no setups whilst reading the setup one and two material.

In addition to the setup one and two document which I keep reading on an evening, today I have:

10 SEC TO E/W PDF STUDIED.

What key points did I learn?

- I will not trade elliot waves as such, but use EW as a guide to predict where the market MAY choose to go, appreciating that the waves can change from a 1 to a 3, 3 to a 5.

- AIMS AO / EWAVES is the tool used to count the waves, in conjunction with the price action peaks/swings. Looking for divergence on the price peaks with AO peaks from w3 to w5 which may indicate the end of w5. ​

- Use between 100-140 bars of data on the AO for a more accurate picture of current momentum.

- W1/2 AO is around the ZL, W3 peak, W4 crosses the AO, W5 AO crosses back in our trade direction, and forms divergence with price action.

Did anything confuse me?
- No, it all made logical sense to me reading it for the first time. However, I will go back through the document another day this week and see what i have missed or what hasn't sunk in.


WATCHED THE ‘LET ME FIX YOUR PERCEPTION OF SETUP ONE’ VIDEO

What key points did I learn?

- M1 setup one, price action levels to the left are less important. * I would like to learn more around the clarification of this as I feel it could be quite a subjective opinionated topic, in order to keep my trades objective as possible.

- stick to one time frame, with confirmation from the one 5x higher.

- If you see a W4 on the M5 chart, then look for a break out of the aims box. Then go to M1 for a setup one.

- M1 Is classed as a sleeping alligator when: M1 alligator is clearly intertwined in a tight range. But it can also be classed as sleeping when the green touches the red, when it starts to cross the red, but it is trading towards the purple line.

- M5 chart around 20 pips is a large aims box and should filter these trades.

- To manually plot TP levels draw the fib tool from AO cross to the Wave peak. I will only look for 1:2R trades to provide the highest probability of success, but if I am a pip or two short or 1:2, eg 1:1.8ish then I would still consider taking the trade.

- Setup 1 has 3 methods of exit. 1, Hard SL is hit. 2, TP 1:2 is hit, 3, SL to BE at 1:1profit.

* to clarify, is this instead of manually closing for small rents on the blue/red/black dot when price closes across the green line? So accepting to full -1 losses, BE or 1:2 TP?

* I would like to clarify the exit rules for a setup 2.

- The conversation about trading a demo account or a small live account was interesting, a small live account to 'focus more' actually is a good concept to me. But something to consider in a few weeks time.

I will re-watch this video and make notes again.

I intend to keep reading and watching the material available to me, make notes and going back through the days trading looking for the setups for the rest of this week.
 

[tombacon89]

MARKET OBSERVATIONS 01 DEC 21.pptx

 I know this isn't the proper t20 journal format, however print screening as they developed helped me. I observed three setups tonight as a starting point to my next steps on this journey. Any feedback more than appreciated. 

[tombacon89]

Throughout the afternoon I have looked for setups, if I have 'entered' I have gone with the fractal trail method combined with a close ABOVE the red line for a manual exit. Whichever comes first.

One I would like to discuss or at least have an opinion on was EURUSD M1 SHORT tonight... 

The entry of the EURUSD big move down M1 chart. Black dot, alligator is sleeping as it crosses back down, passes the purple line, we have a lower fractal and then I 'took' a short. There was no red dot on my pending order but I looked at this as a setup two. Rational that we had the black dot to signify a possible change in direction, a new fractal formed after this, waiting for the fractal high and low to complete. Is that ok? m5 showed a rejection of the recent high in a 'double top' sort of move. IMHO. 

I do not want to get caught into this as a 'lucky trade.' if it is not a valid entry setup. m5 showed a rejection of the recent high and looked to be reversing. If it is an invalid setup two, then I am totally cool with that for future. 

On this trade. 2R would have been hit first. Great.
closing above red line would have produced a very similar profit.
if there was a 3r set, then this would have been hit. (interestingly, the 5m chart next significant level was around 3r which is why i plotted it.)
fractal trailing would have produced a longer time in trade, but just over 2R. further targets over time in trade comes to mind. 

Overall, I looked at 3 trades.
EURUSD short m1. 0.5%+
GBPUSD short m1. 0.12% (small but positive.)
GBPUSD short m1. 2.0%

2.62% this afternoon overall. 

EURUSD SHORT 02 12 2021.pptx

MARKET OBSERVATIONS 02 DEC 21.pptx

 Hope you all caught some pips today.

Regards
Tom