Ed's Audit of Incompetence

[Pushers]

Thanks a lot Immy.

Fair point. I shall trade the Set Up 1 no matter the "flatness" of the AO. I was just wondering if having larger waves made for an improved set up.

Anyhoo, as far as I am concerned this was DS1 as I hit all those Set Up 1 rules.

Interesting stats you mention.

Thanks again for your input.

At least you have not told me it wasn't a Set Up 1 this time round. Looks like I got it right trade entry wise. Phew!

[Pushers]

Batch 1

Trade 15

Monday, 13th August 2018 on EURUSD M15.

Red Dot - check
Dot candle inside AIMS box - check
Recent AO cross - check
Alligator sleeping - check (Set Up 1)
Purple Line above AIMS box (for Short) - check
Tight AIMS Box - check
TZ1 at least 2R away - check
PO placed below AIMS box - check
Initial SL above AIMS box - check

Initial 1% risk as per my trading plan.

I set a 2R TP and 1R SL Break Even (+2 pips). The trade opened and then price reversed almost immediately and I was closed out for a 1R loss when it hit my Stop Loss for -1%.

DS1 this time as I think all was okay with the set-up.

EURUSDM15 T15 13.08.2018.png

[immy]

Thanks a lot Immy.

Fair point. I shall trade the Set Up 1 no matter the "flatness" of the AO. I was just wondering if having larger waves made for an improved set up.

Anyhoo, as far as I am concerned this was DS1 as I hit all those Set Up 1 rules.

Interesting stats you mention.

Thanks again for your input.

At least you have not told me it wasn't a Set Up 1 this time round. Looks like I got it right trade entry wise. Phew!

The Purpose of the T20's is to instill the concept of "probabilistic mindset". What type of AO gives you an edge? i don't know. I know this. There is a thing called Setup 1, its created with the help of the rules of hte flow chart. its a visual pattern , the flowchart is a raw attempt to break it down in to comprehendible parts. So basically the flowchart breaks the "picture" down for you so that you can learn to put it back together in your head and learn to recognise the "visual pattern" that we call setup 1 within 10 seconds of seeing it. As you practice doing this, there will come a time when you'll be able to predict whether a certain pattern has a possibility of turning into a setup 1 in the near future. hence you'll st art saying things like "EUR/USD Might setup during london session tomorrow". that is because you might have seen a strong 3 today, expecting the overnight asian session to form a sideways 4th wave.. .etc. hope it makes sense.

[immy]

Batch 1

Trade 15

Monday, 13th August 2018 on EURUSD M15.

Red Dot - check
Dot candle inside AIMS box - check
Recent AO cross - check
Alligator sleeping - check (Set Up 1)
Purple Line above AIMS box (for Short) - check
Tight AIMS Box - check
TZ1 at least 2R away - check
PO placed below AIMS box - check
Initial SL above AIMS box - check

Initial 1% risk as per my trading plan.

I set a 2R TP and 1R SL Break Even (+2 pips). The trade opened and then price reversed almost immediately and I was closed out for a 1R loss when it hit my Stop Loss for -1%.

DS1 this time as I think all was okay with the set-up.
EURUSDM15 T15 13.08.2018.png

2 issues there

1. is the level to the left too close YES... IF yes, where do I put PO. The logical thing to do would be to put it below the lowest level so that you don't get hit by those "S/R" levels. (this rule automatically takes care of the traditional S/R supply demand zones) So your entry should have been below the low of hte three. but if the low of the three is too far then in that case its not good to go with a further out pending orde.r

2. I don't think you gave the trade enough buffer below the box low. this entry should not have triggered.

for that reason, its a DS0

cheers

[Pushers]

Thanks for that insight Immy.

Point 1 - right, I need to take that into account moving forward
Point 2 - Fair enough, I think you are right. However, the issue is I am using Steve's ATM and my broker has variable spreads, so that sometimes the buffer is correct at 1 pip below for a Short (and 1 pip plus Spread for a Long) but at other times, because the spread changes, the buffer changes. Sometimes to more than a pip and sometimes to less (like this instance). I am new to the ATM so I am not sure how to make it always be at least 1 pip

Thanks,

Ed