Mike's Journal MSK185

[Tomi]

BE's are not that bad - just my opinion. I took many rents in a row in similar situation earlier this month. Today it was tempting to take these trades but those were W5 within W3/M5 and M5 was losing momentum. This kept me away from these. Lot of waiting Your trades could have been winners also, so it's not that bad trade.

[msk185]

Third trade today and more rent this time.

AO was a little old on M1 but price action on M5 looked to indiacte short bias for wave 5 move on m5, but wasn't to be

Not a good day for me so far which coupled with missing all the good moves yesterday is making trading less enjoyable today.

Mike

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[msk185]

Tough day at the office today, 3rd rent of the day -7 this time. Feel like I've gone backwards this week so going to have to have a rethink about what I'm doing.

Not sure what else to say

Mike

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[msk185]

For completeness two more trades today, not proud of these, first entry was almost taken in anger short watching m5 chart finished with +9, the second entry was a little more structured in that it was an addon on the break of the m5 and m15 lows and closed for +3

So finished the day with some positive pips

Mike

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[hammy]

Mike

Cutting the losers short is the KEY. giving room to a winner is ok, giving room to a loser so that it turns around is not the best way forward. I see you had 3 exit signals before you exited. IMHO

We must keep our rents as small as possible. I can safely recommend that we should aims for keeping an average loser of no more than 7 pips on m1. and Average winner of at least 10 pips. Without this it would be hard to remain profitable in the long run. to achieve that we ought not to take full -10 losers. In fact I don't remember when was the last time I had -10.

cheers

so, are you saying we should set Aims EA to SL=7 instead of 10 ?..and maybe TP=10 to start with ?

thanks !
cheers !

[immy]

Nope I'm not saying that. I'm saying take your exits, for losing trades and/or winning trades on system generated signals. the SL of 10 and tP 20 is just a default setting. 10 pip sl however is our Emergency Disaster Stop loss. we don't want it to be hit. That is also why we don't take setups where 10 pip SL may be too small. etc etc...

[msk185]

First trade today and -9 pips

Setup 2 looking for a wave 5 short, triggerred in and bounced straight out, been a pretty bad week this week for me in terms of outcomes having missed all the lovely setups on Tuesday.

Oh well NEXT!

Mike

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[immy]

Mike

I have a few questions. Thought I'm not trading today and its my holiday until Monday, I came across your post and could not resist. So here I am. B-)

You were hoping to get into 5th wave? 5th wave on which time frame? M5 or M1.?
I read your chat in skype and found that you thought M5 gator was open to downside. I don't thing that was the case. M5 Gator was NOT in an impulse mode. Infact m5 was showing that it was in 4th wave. Here is a picture of m5. In fact I'd ask every one who posts pictures to post a picture of m5 as well. This would help us evaluate our setups better IMO>

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Also note that m5 breakout had failed once and this was second attempt. We need to take trades within strong impulse waves. Everyone must get the science of trading right 100% 100% of the time. only then we will be able to learn and improve the art of trading. The Science of trading is knowing the Setup.


Again, must I mention, I'm trying to help, we are here to learn. There is no criticism intended nothing like that. All is Well and I send positive vibes of success, happiness and Love. Specially this is a holy day for me. So i send all of you love and love and more love.

[msk185]

Second trade today unfortunately a second rent but this time just 4 pips.

Fresh cross of AO setup 2 with break of news aIMS level but then no momentum behind the trade.

On to the next

Mike

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[immy]

I have a few pictures for you. Please study them properly.
IMHO.

Picture 1. Two Rents Today.

In picture to the left, you see gator was open to upside. it turned around and really did not setup. it was just going up and down. This is what we call the b wave down, during abc after a strong 3. but lets not get stuck in abc and etc. lets just keep it simple. Impulse and corrective waves is enough for us.

to left we have a black dot which was not a setup and then price dropped and retraced. then gator never really slept and we had DA. Around a DA like that we look at trend on m5. if m5 has a strong impulse wave recently we must give it some time to go sideways and create a tight range before we get back in. the p5 principle is very useful here, (but not necessary)

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Picture 2.

Below are picture of M5 charts for the M1 Non-Setups Setups. on to the left you see a sleeping gator and you'd notice that before the vertical maroon line it once tried to break the m5 level but failed and was creating the picture on m1 above as if it was a good setup to continue back into the trend down. But staying in the now, you'd have found that gator on m5 was sleeping and was thus currently in 4th wave. In other words the setup on m1 was under the umbrella of 4th wave. There was no confirmed open gator on m5. it could have been easily filtered.

On to the right you see a picture where we, using the Elliott Wave logic say it may be doing b down. if you look at green candles up, it was just recovering from the sellout... the 4 red candles to the right of the chart were sort of retrace of the green candles up. usually its best to wait until m5 creates a high aims level. like it did after a few candles. on the chart to the right you see arrows telling you to spot setups during those areas. but if you check m1 during those times you did not find any setup. if you do not , then you do not trade.

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Picture 3.

Below is picture of a setup that was created on the 23rd, which was a nicetrendy day and many of us made some nice pips. but now look at this setup on that day. what do we see. Is it similar to picture no 2 on the right? i think so it is. Why/ we have a strong sellout , an impulse wave down adn price is recovering. This in my opinion would be the b down during 4th wave. Corrective wave that follows an impulse wave.

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Picture 4.

Below you see the outcome of the setup in the picture above. Rent paid. No worries as long as the rent is low. But if we can avoid it, then why not?

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Picture 5.

Continuing from picture 4, a litle while later we had a setup again. Now we have given the corrective wave some time. and now we see a proper Setup 1. Risk is low. What happens afterwards, does not matter, but it was good S1. not s2. it was Setup 1. My favourite. Though this is not my favourite spot of all to catch S1. i like it just after m5 has recently openned or somewhere in the middle on m5 impulse wave. nevertheless here is the picture.

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Picture 6.
A lovely trade followed. you can see the similarities and differences. But it really does not matter if you pay rent as long as you get out on time and if it goes in your favour, its PARAMOUNT to take as many pips as possible.

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Picture 7.

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