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

[immy]

What is feel for the market?
When you see a pattern over and over for an extended period period of time you develop ar n intimacy with it. You begin to understand how it forms from start to end. It's just experience. What it's not is a mystical inspiration as many think it is. It's not higher forms of intuition or your connection to divine sources. While not denying it could be that it is not necessarily divine esoteric or mystical knowledge.

Repeated exposure to information under proper learning conditions as Brett Steinbargger calls it.

You might have read about "feel" for the market or bones indicator in our Skype chatroom. It's not a form of prediction rather it's simply knowledge of what's happening now.

[immy]

Another thought....

If sub atomic particles can jump back forth in time and since everything is energy and since thoughts are movements of electrons or electrical impulses or simply energy then is it possible my mind could think of the future while in the now?

[Nikita]

Hi, Immy,
I have few question about S1/S2 HTF trading (h1-h4), and i`d really appreciate if you can help me:

1) In Mind eBook, "The Setup" eBook you always mention that initially S1/S2 trading has proven its efficiency on HTF. Where can i read about it? Are there any statistics?

2) I ve decided to modify my exit strategy (now i use TP with RR 1:3). I reread TheSetup book and some forum branches, but didnt find clear answer for HTF.
For m1-m5 you recommends 2 ways:
a) follow Grants (13 pips method and close trade if it s more than 1%);
b) If price dont move in our way - close on RED, if it moves - close on Green (http://www.itradeaims.net/forum/viewtop ... =361#p1724 and http://www.itradeaims.net/forum/viewtop ... 361#p13356)
The question is - Do these methods acceptable for HTF?
Are there any exit strategies for HTF especially?

Sorry for messing up your m1-m5 thread, just cant find here anyone who trade H1-H4 like me.
Thanks in advance.

BR,
Nikita

[immy]

Hi, Immy,
I have few question about S1/S2 HTF trading (h1-h4), and i`d really appreciate if you can help me:

1) In Mind eBook, "The Setup" eBook you always mention that initially S1/S2 trading has proven its efficiency on HTF. Where can i read about it? Are there any statistics?

2) I ve decided to modify my exit strategy (now i use TP with RR 1:3). I reread TheSetup book and some forum branches, but didnt find clear answer for HTF.
For m1-m5 you recommends 2 ways:
a) follow Grants (13 pips method and close trade if it s more than 1%);
b) If price dont move in our way - close on RED, if it moves - close on Green (http://www.itradeaims.net/forum/viewtop ... =361#p1724 and http://www.itradeaims.net/forum/viewtop ... 361#p13356)
The question is - Do these methods acceptable for HTF?
Are there any exit strategies for HTF especially?

Sorry for messing up your m1-m5 thread, just cant find here anyone who trade H1-H4 like me.
Thanks in advance.

BR,
Nikita

Hi Nikita

Thank you for your question. And you have not messed up this journal. As you may have noticed i don't update this one too often for 2 reasons. 1. i am trading mostly using The Fruit template 2. This journal as more than enough examples that span over several years. So its ok. We can use this space for all questions like this. And its a good question.

The answer is pretty simple. IF you're trading D1, you done't need to change anything simply follow the green line. So if you're trading S1 Setup on D1, you get in, your stop loss is on the side of the box, it quickly turns around and close above gator you exit. or you may want to just let it hit Stop loss on the other side of box.
if it goes in your favour you simply wave for it to close above/below green line i.e. black dot. If market runs away too far too fast away from green line, then chose to trail if you see five red for shorts or five green bars for longs. So in simple Your exit strategy is simply this.
1. Initial Stop loss Opposite side of the box.
2. Taking profit, Green line or
if market is too fast
3. Exit on 5 Bar Trail.

Thats it.

[Nikita]

Thank you for your answer.

About D1 - i get it.
What do you think about such approach for H1/H4 combination?

Im a little worried that exit on black dot reduces a room for price.
On H1 price very often starts to move, reaches 1:1 RR, than it crosses green (so i should close with such low RR) and than it continue to move in my favour but i m already out.
When i say often - i mean almost always. RR is very rare bigger than 1:1. It s not enough.. You always said it sould be atleast 1:1,5
It happenes often, so is there a way to avoid it?

[immy]

Thank you for your answer.

About D1 - i get it.
What do you think about such approach for H1/H4 combination?

Im a little worried that exit on black dot reduces a room for price.
On H1 price very often starts to move, reaches 1:1 RR, than it crosses green (so i should close with such low RR) and than it continue to move in my favour but i m already out.
When i say often - i mean almost always. RR is very rare bigger than 1:1. It s not enough.. You always said it sould be atleast 1:1,5
It happenes often, so is there a way to avoid it?

Hi

I don't think RR is less than 1:1. I think H1 or H4 all give you more than 1:2 on a regular basis. But if you don't like the green line exit you can set a target point at 1:2 and leave the screen. Start wiht this and see how it goes. I still think that adding on and exiting on green is far better approach. If you promise to trade only wave 5 then you can set your TP at TZ1

cheers

[Nikita]

I ve already tried 1:3 target. Such approach has its pros and cons, but when price move 1:2 and reverse - you feel bad, cause your result BE. And when price move 1:4 - you feel sad, cause you exit without any signals. Just close the trade.

That s why i want to do a step away from limiting myself.

Here s some examples of what i m talking about. RR nevere more than 1:1,5 with potenial of 1;3 minimum.

egb.png

gu.png

ucad.png

ucad2.png

UJ.png

May be i get the Green line wrong way, but i see that exit on green dont give any space for price.

[immy]

Hi

There is this one issue with H1 charts. Markets really go dead during NYO close and mostly all of asian session. That can bring price down close to green and give you exit. but you're not trading at that time so in order to trade those markets you either trade H4 or D1 charts or you need to keep your SL away above/below the range. having said that i still believe there are other examples where you'd see that following green actually got you 100's of pips. If you feel bad about why you did not hit 1:4 because you got out at 1:3 and and it came to be BE because it missed 1:3 then you need to understand that its not the problem of technical side of trading . the problem is in your head. You are not supposed to feel good or bad based on this. You are supposed to feel good and bad about whether you've followed your plan or not.


Daily charts are the best.

[Nikita]

About those feelings - you re right. I m not in the zone now, but pretty objective. That s why i m thinking about my exit stategy.
Feeling bad about how many pipos price move - that s stupidity. I should be happy, that price moves in my direction instead i feel bad that price covered only 10pips or so.

D1 is still not my choice. Not enough patience and discipline.

Gonna think about this exit mechanism and how to avoid this premature exits.
Will keep you in touch.

Thank you for you time.
BW

[immy]

A Lovely Session in skype today. We were discussing how beautiful it is and how good it feels if you get to trade in line with the market. Then I shared these pictures of the day's trades which we took live. It was good fun... check the screenshots below although it does not have the supporting commentary that went in Skype messages.