Ray's amnesty page

[wiseambitions]

I feel good about a little quick win this morning, as per chart. I was able to sit undisturbed and watch things for about half an hour until a setup presented itself. (The previous breakout downwards would have been towards the purple, and would have been a rent trade).
Having had a meagre run for a few days, which I have shared with buddies and received valuable feedback as follows. I think it is important to share our bad experiences as well as the good: As you can see it is largely a matter of concentration; it needs incredible focus to do well on m1 and m5 although the results can be spectacular. I can testify of that by having made over 450 pips in 8 trading days in one recent intensely managed period. (Such periods are of course potentially worth more than any other work!)

Mainly I trade m5 ej,

1) It has been more volatile lately

2) I have not been able to baby sit and regulate trades as I have been doing other things at the office which distract my attention

3) Getting issues with GKFX - trade context busy, requotes and inability of course to place pending orders within 5 pips of spot price

4) wonky broadband.

5) I have had to go on errands, and that is bad too, not good to leave open trades on short TFs

It dents my confidence to get 3 or 4 consecutive losers after having taken average 60 pips a day profit in first half February!

I know it's me and not the system though

The reply was:

the good news is, it's not the system, the system is solid IMO.

I think you have also answered your own solution in your post, read it back to yourself.
You have lost focus ! This system, especially with M1, M5 trading, takes all your focus, concentration, no distractions, otherwise don't trade !
I suggest you go back to trading on EU and GU as you were before when making great results.
You will be more familiar with EU charts and make better decisions on your trades. Forget EJ for now, you need to get your confidence back and trading on EU will do that.

Let me know if you want to switch to D1 and H4 charts, I can help, and you don't need to spend as much time watching charts, but you still need to focus when deciding your trades. I'm still making close to 100 pips per day on the days I trade, but I have been skipping some days like Mondays and Fridays, so averaging 250 to 300 pips per week.

good luck my friend !

PS Sorry my chart is a bit messy. The green dots are parabolic SAR and show how the market ranged without direction in the Asian session, the blue and red dots are something different which I'm following to a limited extent called HiLo activator. I think it's part of a Gann trading system but , have no fear, I can't make any sense out of that strategy, Aims still makes a lot more sense. The thick yellow line is 34SMA

[immy]

I feel good about a little quick win this morning, as per chart. I was able to sit undisturbed and watch things for about half an hour until a setup presented itself. (The previous breakout downwards would have been towards the purple, and would have been a rent trade).
Having had a meagre run for a few days, which I have shared with buddies and received valuable feedback as follows. I think it is important to share our bad experiences as well as the good: As you can see it is largely a matter of concentration; it needs incredible focus to do well on m1 and m5 although the results can be spectacular. I can testify of that by having made over 450 pips in 8 trading days in one recent intensely managed period. (Such periods are of course potentially worth more than any other work!)

Mainly I trade m5 ej,

1) It has been more volatile lately

2) I have not been able to baby sit and regulate trades as I have been doing other things at the office which distract my attention

3) Getting issues with GKFX - trade context busy, requotes and inability of course to place pending orders within 5 pips of spot price

4) wonky broadband.

5) I have had to go on errands, and that is bad too, not good to leave open trades on short TFs

It dents my confidence to get 3 or 4 consecutive losers after having taken average 60 pips a day profit in first half February!

I know it's me and not the system though

The reply was:

the good news is, it's not the system, the system is solid IMO.

I think you have also answered your own solution in your post, read it back to yourself.
You have lost focus ! This system, especially with M1, M5 trading, takes all your focus, concentration, no distractions, otherwise don't trade !
I suggest you go back to trading on EU and GU as you were before when making great results.
You will be more familiar with EU charts and make better decisions on your trades. Forget EJ for now, you need to get your confidence back and trading on EU will do that.

Let me know if you want to switch to D1 and H4 charts, I can help, and you don't need to spend as much time watching charts, but you still need to focus when deciding your trades. I'm still making close to 100 pips per day on the days I trade, but I have been skipping some days like Mondays and Fridays, so averaging 250 to 300 pips per week.

good luck my friend !

PS Sorry my chart is a bit messy. The green dots are parabolic SAR and show how the market ranged without direction in the Asian session, the blue and red dots are something different which I'm following to a limited extent called HiLo activator. I think it's part of a Gann trading system but , have no fear, I can't make any sense out of that strategy, Aims still makes a lot more sense. The thick yellow line is 34SMA

EU M5 is a lovely pair to trade! Always love it. EJ is a japanese samurai's grand daughter who became the princess of europe! she has something strange in her! EU however is the Prince of europe. Yes, he's not a girl! EU does not have weird but sexy accent. Its a bloke and very fat one. haha! EU is good. Not violent. It usually takes a lot more money to move it!

cheers

ps: it was a tidy setup. nice very nice.

[wiseambitions]

Thanks Immy

In spite of what you say about EJ I have heard it said this one is 'synthetic'

Whilst the major crosses would include EU, GU, Swisse, UJ,
I don't know whether the person saying it was right but he claims EJ is the multiplication of EU by UJ

Whether or not that is of any importance, the thing we already know is that it has a volatile personality.

And we have to respect that by being careful with our stops Spikes of 100 pips are not uncommon, and seem to be somewhat sharper than we see on EU nowadays.

Perhaps I fell in love with her a bit quick because she loaded me with pips in the first couple weeks then tried to take them back from me soon after...... that's why affairs with forex can be so deceiving if you don't have suspicious mind and eyes all around you......

[wiseambitions]

I've been looking back at the London session of today (Wednesday) and noticing how few pips would have been available from the potential setups which emerged.

Apart from about 15 pips at 0700 this morning I stayed away; I think I'd have been chewed to pieces if I'd attempted taking the signals today. (As of up to 1730 anyway)


The range - about 40 pips between top and bottom is low for this pair, the ATR is usually about 150

[Dave]

Hi Ray, is the yellow line the 34? I only ask because when I did my testing of the 34 I'm sure it hugged the blue line much more closely.... (can illustrate with a pic soon - not at the charts).
Dave

[wiseambitions]

Hi Ray, is the yellow line the 34? I only ask because when I did my testing of the 34 I'm sure it hugged the blue line much more closely.... (can illustrate with a pic soon - not at the charts).
Dave

Woops I just checked, and on that last chart it had reverted to 63EMA which is where I previously had it

I changed it to 34 SMA and it's still not exactly like the blue line. I cant remember if the gator properties are based on candle close, or HL/2 etc, they are the things that would make the difference, also the displacement. And to what extent is this an exact science?
,,,,OTOH, Blue line is 13 SMA - which is a lot different from 34, so I wouldnt expect them to always run very close

[Dave]

Blue line is 13 smoothed MA and 34 is a simple MA using (H+L)/2, but they are very close!
And you're right, it's not an exact science, its just an indicator to guide us. What's important is the underlying price action.

[wiseambitions]

Blue line is 13 smoothed MA and 34 is a simple MA using (H+L)/2, but they are very close!
And you're right, it's not an exact science, its just an indicator to guide us. What's important is the underlying price action.

ok, seeing we are both members of the same secret society (ie DaveNSW at PI) here's an idea of mine. If anyone else joins in on the conversation good for them.

Please experiment, by adding MACD (12,26,9) to your MT4 chart. You'll hopefully have a histogram and a red line.

In whatever TF and whatever cross you're watching, look for the first histogram when the bar falls below the red line. Is this (i.e. the start of the next candle) a similar time or before the price falls through the aims box? Would it be a good time to go short?
Similarly,look for when the histogram bar (hanging usually below the zero line) first shows a gap with the red line being lower than it. Would it now be a good time to go long?
IMHO these crossovers occur potentially at a good time in a price reversal, better I'd say than waiting for the histogram to cross the zero line.
It's just an idea - not to replace the Aims system whatsoever, but perhaps to help confirm a setup.

[wiseambitions]

Another indicator GOILER gave out a buy signal on EJ at 2200 last night, and look how the TP was only just taken before the price turned around again (whether it will go to another high who knows?)
Although I am writing on the Aims site, the thing about Goiler intrigues me. Nobody seems to know how it works except it is something to do with a price spiral devised by a guy called Gann. It is right about 3/4 of the time. I dont know whether Fibonacci projections come into it at all.

[wiseambitions]

I was so busy analysing my morning's experience that I missed the 1330GMT addon

(at least 50 pips bah)

----

My morning was not good. I coudlnt sleep, came online and entered a setup 1 over an hour before europe opening. SL ensued. Traded opposite direction on next setup. ditto. If I had let the first trade run (just a few more pips SL wriggle room) it would have gone to TP. GRrrrrrrr

Anyway I recovered the losses in 2 more goes but havent actually moved forward today yet.... One lesson from it might be don't trade when the markets are in limbo (between Asia and Europe)....stay in bed til 7......?

PS There was another Add-on trade at about 14:30GMT which subsequently gave me about 15 pips for which I am extremely grateful. Positive on the day again now After a few knocks, I mean 3 or 4 consecutive rents (which I have usuallyfound rare) it takes a bit of doing to get back confidence. After all this is the system which gave me nearly 500 pips in first half of February, and surely the market can't permanently change for the worse? It is definitely a matter of focus when trading short TFs - distractions like phonecalls and going to put the kettle on can actually prove expensive. One has to keep the mind uncluttered and question adherence to the rules at every move.