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

[Dave]

Purple wrapped in is a good thing so long as your entry is with the 5 min trend (in the direction of the open alli) and away from the purple.

[Luke]

Thanks for that just looked at it the hour trend it was down if i knew that i would have prob took it as would be looking for shorts only all looked good on other time frames

[Dave]

Hi everyone,

Not a particularly productive week for me:

3 trades (with one add on) for 1 loser (which of course was the add on trade) and two very small winners: -7.9 pips, -0.55%

So, two weeks worth of journal for 17 pips, 2.01% total

I've attached the v6.0 beta to my charts to get a simpler indication of the overall trend, so fingers crossed for some chart time and some nice setups this week.

Dave

[Dave]

Still waiting for the right entry this week. Have set a couple PO's but yet to take a trade. Good time to exercise my patience when EURUSD H1 is in W4 - although I see it may have completed W5 during NY last night....

[Dave]

A textbook entry on the GU that unfortunately I sat down 5 mins too late to catch! Hoping you all grabbed some pips - thrust upward with the chaos of London open.

Double arrows, distance to M5 AIMS was 6 pips, AIMS box only 7 pips tall, a nice completion of the ABC of W4 showing red W3 and W5 on the eWaves, and even an add on shortly after the initial trigger. The sell diamond has just appeared and the trade offered 21 + 11 for 33 pips, or about 3.5%!

Screen Shot 2012-07-11 at 5.29.39 PM.jpg

A little disappointing given I've been waiting for this perfect setup, so now is the real test of patience. I am aware not to chase a trade I've missed. Patience. Patience.

[Dave]

Couple entries just before London open...

EU short BE (11 SL). Gap to M5 AIMS was >5 pips and all XXXUSD charts trending down, plus double arrows, but when trade wasn't happening and with London open so close happy to close it out at BE and move onto the next trade.... if it hadn't dropped afterwards I'd happily call this a 'rent avoider' but there were a few pips to be had. My theory on any market open is that if I'm in a trade prior to the open I exercise caution, close with my profit, move stop to BE etc. But if it's the chaos of the new market that triggers my entry I'll go with it.

Screen Shot 2012-07-12 at 4.54.11 PM.jpg

GU short at same time for 3.8 pips (8.8 SL, 0.43%). Below M5/15 lows, double arrows, closed when high of 5 consecutive red candles breached. In hindsight not a great entry as by the time I was triggered eWaves were well and truly red.

Screen Shot 2012-07-12 at 4.54.32 PM.jpg

Dave

[Bettina]

Hi Dave,

same with me on EU, +0.5 but even worse than you: Kept patience during the sideways and then didn't take the profit after the big red one 8-}

Bettina

[Topher]

Dave

I took the same gbp-usd trade as you. I saw the alligators all trending down beautifully so there was plenty of momentum which was confirmed by the higher timeframe. There will always be short pullbacks like we saw, the key is to have conviction in your thought process and in how you plan your trade (this will come with practice).

I set my TP at the daily low and just let it go for +21pips (+1.6%). Target for the day hit so I'm done for the day.

Richard

[Dave]

A lesson from the master, well done! (wd)

[Dave]

Another quiet week for me with not much chart time, and not very productive time at that.

2 trades, 1 BE and 1 winner for 3.8 pips, so a grand total of 0.43%

Hoping for some more time and some trending this week, or if not then next week, or the week after..... patience!

Dave