Grants Journal [Awarded Title: Guru of the Gurus]

[immy]

Very Well Done Indeed! 1% a day
let the millions come your way!

[Grant]

Hi everyone,

Another day where I had little time to trade, it seems to have been the recurring theme this week. Caught a couple during London am

1. -2
2. +10

Total +8 (0.61%)

Trade records and pics below.

As for the weekly total, it was a very part time week trading wise, felt like I barely managed to get in front of the charts.

Week Total: +56 (4.3%)

As for the month it was decent but as I have said my exits sometimes still need some work and I have to trust trades in their early stages in order to get into longer trends. Entries on the other hand were solid and I didn’t feel i was chasing the market. The figure below is the result from when I started the journal on the 15th Sept.

Monthly Total: +240 (18.5%).

Have a great weekend!!

Cheers
Grant

[kubrick]

Thank you so much for this journal grant.Im learning so much,

[immy]

Grant thank you very much for updating your journal. I learned alot from this. I really do appreciate it. This shows the power of compounding and correct money management. 18% is such a huge growth. Well Done and Congratulations! Keep em coming buddy!

[Barrie]

Same as the above Grant, keep posting your trading, very much appreciated.

[Grant]

Hi everyone,

Thanks for all your comments, I’m glad this journal is helping some of you.

Yet another day where I had little time to trade, managed to catch some trades in the early NY session though, so :

1. -4
2. 18
3. 2
4. -8
5. 3

Total +11 (0.84%)

Trade records and pics below.

It looks like there were some other good trades to be had in the late London session after I had packed up for the day, well done if you caught them. Part time trading is no good some days… sigh.

Cheers
Grant

[Grant]

HI Everyone,

A member of the skype chat has asked me to write down some of the things I look for when exiting a trade that is going well…. Please remember that exits are IMHO the hardest part of any strategy and there is NEVER a bad exit as long as there is a reason to exit the market. Just closing a trade because of fear is not a good exit.

As you know I am fairly aggressive in the very early stages of a trade, employing a SL move at +5 pips up to -4. After I have that move in place then I will either exit the market using a trailing exit or a target based exit.

The trailing exits I use are:

1. 5 consecutive colour price candles in the direction of my trade (+/- 3 pips)
2. AIMS high/low levels +/- 3 pips

With regard to targets there are a few levels I like to watch for price reaction. These include:

1. H1/H4/Daily AIMS levels. Depending on the number of times they have been tested will depend on my getting out of trades, ie the 1st touch of a daily level will 9 times out of 10 bounce.

2. Fib Expansion levels, 3rd waves will more often than not finish between the 161 FE and the 261 FE levels. 5th waves will more often than not finish between the 62 FE and the 100 FE. These make good zones so when coupled with higher TF AIMS levels give good targets

3. I have 20 pip lines marked on my chart. From trading the EU exclusively for so long I know now that it likes to move in 20 pip blocks. So if my entry is say halfway in between 2 of these lines then there is a fair chance it will move to next line at 30 pips away. If it does move to +30 without a decent retrace creating an AIMS level then I know that that retrace is due so exiting for +30 may be a good idea.

4. Pivots, I use GMT pivots and again if they line up with any of the above lines then there is a chance that price will bounce at that level.

5. I also plot the opening prices of the week, Tokyo, London and NY sessions using a horizontal line, you will be surprised how many times price will bounce off of those prices, ie if we are in the NY session and heading to the Tokyo open price then price may bounce.

6. I also plot the 5 day ADR which when reached will usually provide a bounce.

Like I said earlier exits are the hardest part, but remember the power of compounding an account through consistent pips (base hits) rather than trying to knock it out of the park on every trade (home run).

Whether it is good or bad exit in hindsight always have a reason for getting out of trades.

I hope this helps

Grant

[snorm]

Terrific posts Grant, thanks for sharing.

[alright]

Whether it is good or bad exit in hindsight always have a reason for getting out of trades.

Grant

All your "secrets" you just posted are very much valuable stuff, but this last sentence is surely worth the most. That's the field where I find myself failing most of the times. Thanks, Grant.

[Grant]

Hi everyone,

Only 1 trade for me today, was just after LO for +17 pips (1.3%), was then called out to work and got back around the Trichet and Bernanke speeches so although there were a couple of set ups I didn’t take the trades as the initial SLs were too big for me.

Trade record and pic below.

Cheers
Grant