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

[immy]

Its everywhere!

[Tomi]

That is a basic S1 setup if dots are shown in the chart. So, good to go long. But for that particular BDC... first I would interpret that it's end of wave (corrective W4) and would give more confidence for long S1 setup. Also I interpret that because price broke AIMS level again it would indicate trend reversal also and if there would have come red dot (actual black dot because against purple) it would be good setup for short. Just my opinion

[Dave]

Excellent posts Immy and thank you for your time and effort. I suppose this all comes back to the question "when are we in a confirmed trend?" It seems like an easy question but often presents difficulties. So my definition is, when alligator is open and price is outside the alligator we have a trend. So now I am looking at the HTF for the trend and looking for entries on M1. Let the learning continue - begin haha .

Dave

Edit: And of course I should add that we can use the AO of the HTF as an indicator of trend, so on correct side of ZL and continuing to increase/decrease.

[immy]

Thanks Dave!

The first Job of any trader in the world is???
Find the Trend. It is a relatively simple thing to do. Trend on your current time frame can be established using two simple techniques.
1. Using Mark 1 Eye Ball see which was is the market going.
2. Using the above and looking at a certain indicator. Above Gator, Green AO = Up Trend Below Gator, Red AO = Down trend.

But we can use our knowledge of eWaves and be a bit smarter!

cheers

[immy]

Last night evening session was the best of this week! 8-}

Took 3 trades this am, one short that ended with +7 10.18 to 10.38 close on green line. Then long at 10.50 for 35 pips exit on trailing and then targeting the 5th wave from 11.26 to 11.38 trailing candles exit for +16. thats me done for the week. I'll play some more after NFP if it sets up. I like NFP afternoons.

I managed to take step by step pics again. Enjoy.

01-02-2013 09-32-52.png

01-02-2013 09-33-27.png

01-02-2013 09-36-02.png

01-02-2013 09-36-19.png

01-02-2013 09-37-23.png

01-02-2013 09-38-30.png

01-02-2013 09-39-04.png

01-02-2013 10-10-05.png

[Bettina]

Hi Immy,

thanks again for all your work on getting us more consistent.
Question on the last one, which you filtered because of 10 p TZ1 : I filtered it because w3 had already diverged. Does that still play a role or not, if we want to use the existing trend aggressively ?

Bettina

[immy]

Hi Immy,

thanks again for all your work on getting us more consistent.
Question on the last one, which you filtered because of 10 p TZ1 : I filtered it because w3 had already diverged. Does that still play a role or not, if we want to use the existing trend aggressively ?

Bettina

Yes that was the thought as well. More importantly, I saw m5 had completed a 1-5 and i saw this as the 5th of the 5th of the 5th. Plus as we go near NFP the less the chances of good price action. Though reversals were good. I did go short at 12.23 and paid a rent and then left the charts went for a walk in the cold and received a call from wife. She logged into her account after a couple of months, she was bored and still is , doing my head in, lol, and so she caught a short on EU for 20 pips. At the same time EJ had a lovely setup which also achieved 20 pips straight hit or close on green exit for 20.

[immy]

similar type of question thrown at me during conversation with Erik. I copy paste the good bits of the discussion.

[11:37:09] erik5599: u got some pips after the long move? (referring to 35pip long earlier)
[11:37:27] Immy: i traded wave 3 and wave 5 up.
[11:37:42] erik5599: nice
[11:37:43] Immy: +7+35+16-6
[11:38:42] erik5599: u take +35 on a counter trend coz h1 was long, why not going long now? (he's referring to 13.33)
[11:39:49] Immy: 1. time of the day, quit trading because of that, pre nfp
2. previously i had reason to believe wave 5 was tradle using m5 analysis, now, i h ave complete 1-5 on m5. we are within the larger degree fourth wave of m5.
[11:40:17] erik5599: ty
[11:41:14] Immy: if you use the purple for trend direction then you'd see the previous long would be very near the purple. 13.01 was perfect aims setup.
[11:41:28] Immy: but i think the above logic is better than purple.
[11:41:37] erik5599: yes
[11:42:45] Immy: moreover, if you see the previous short, you'd count 1-5 down as well. which was 1bc for me... this whole down in the am, was C down for me. (I'm referring to pre london open starting 9.46 (gmt+2)
[11:43:09] erik5599: ok

[11:44:03] Immy: i know at hindsight you may look at charts and find your assumptions were wrong, (eWave analysis) but you have to use ewave analysis only for confidence, not to prove you've cracked Elliott wave. its like if you are learning to swim your body has good buoyancy of its own and you can stay afloat but you're scared and you ty to stand up right which kills your buoyancy and starts to drown, so can can float by NOT DOING ANYTHING but if you have a friend just next to you , you have more confidence and you let go and relax and thus enjoy the swim.

[11:44:50] Immy: in trading confidence is everything, in other words, we all trade our belief system, and when you are in a situation where you don't have a reference point to create your belief from, you need an anchor to cling to, without that you feel you are lost, you are confused, you have DOUBT which is the opposite of BELIEF/Confidence.


[11:44:52] erik5599: ew analysis gives more confidence tahn just a look at purple

[immy]

POST NFP Drama!
A couple of trades on EJ some smaller lots some bigger lots. !

Meanwhile Enjoy your weekend and have a great time! many pips to you

[immy]

Here is how the Setup Looked like on the V5.1 Template. The v5.1 is for everyone Classic template with only 3 indicator's is for those who have 1. mastered the v5.1 and now wants less lines or dots on their charts. 2. generally prefer less on their charts.