Dave from Sydney's Journal [Awarded Title: the Box-Trader]

[Dave]

Some rent. NEXT!
(Jumped the gun a bit [-x )

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[Dave]

Didn't catch this trade as I was late to start today... but this is my 100% favourite setup for the M1/M5 entry system, or for any CTF trend / HTF break trade......
Tattoo on the brain!

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[Dave]

Just spent a bit of time going back through my journal and reading old posts. Interesting to see that a few of the old problems have come back to haunt my trading today - not letting trades run, exiting without genuinely valid exit signals, failing to wait for the perfect setups that are outside the range. There will always be losers but there's important things to remember:
- wait for M5 to establish a trend. Use the pattern of the AIMS boxes on M5 to show the way in the same way we use the pattern of the AIMS boxes on M1. ie higher highs, lower lows etc.
- a S2 entry on M5 where we enter on the first break of the AIMS level on M1 in line with the trend of M5 is extra super HPT.
- I used to love the idea of trading 'into clear space' but too often lately I'm getting caught in chop. Back to old habits, always look left, if H1 is flat look to a pair that's moving (thanks Fran for a good reminder of this - I'm paraphrasing here but something like - "check the charts, find a pair that's moving, look for setups on that pair"). Even if that means I'm trading NZDUSD or USDCHF, find an open H1 alligator and go with it. This beats taking M1 trades and hoping they become a trend.
- I KNOW that there are 50 pip trades on offer on M1 every week. I also KNOW that by adding to these trades in their infant stages and allowing them to run and give a valid exit signal that my winners will always be bigger than my losers. I also KNOW that I have trouble with executing this so it's time to take action.
I've been neglecting my trading of late (excluding holiday time, that was never trading time) and if I want to be consistent I have to be consistent starting with maintaining this journal. I've had trouble replicating my success of 6 months ago lately so back on track is the plan. Cya Monday!

[Darren]

Hi Dave,

It is great to have your own pep talk sometimes - I need one quite regularly!

I have a question about your setup of your charts. You seem to have 5 charts of different time frames for each pair which obviously takes up a lot of screen space so have you set up a profile for each pair and switch between them, so you only have one pair shown at one time? Of course you could have 10 monitors each with a different pair but I don't that that is the case!!!

Cheers,

Darren

[Dave]

Easy answer Darren... when I take my screen shot trade photos I change profile to give the nice 5 charts picture! I don't look at that all day Just think it looks nice for trade documentation.
I do have 3 monitors though.
1. M1 charts - off to the side, gets my attention when necessary
2 & 3. M5 and H1 charts - holds my attention most of the time and is where I look for M5 trends and breakouts. It's probably overkill and I could do with less but I set it up one day with monitors that were available and it has just stayed that way.
Dave

[Darren]

Cheers Dave - that makes more sense!

Darren

[Dave]

Monday 26 August

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[Dave]

Tuesday 27 August

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[francisrama]

Excellent trade Dave! This is the one I was talking about this morning. Really great trade, hats off!!!!

^:)^ ^:)^ ^:)^

KR

[Dave]

Wednesday 28 August

No trades. Had about an hour after LO but didn't see what I was looking for.