Mike's Journal MSK185

[msk185]

Yep just watchin it fall, but all part of my learning

at least I can go get a coffee now!

Thanks again for all your help Grant, you and Immy have been really inspirational for me

Mike

[msk185]

Hmm, all this movement and my first trade today is a rent payment of 6.7 pips

Was looking for a wave 5 long but it didn't happen. Fresh cross of AO new aims level but no follow through

Next!

any comments welcome as always, still learning the system

Mike

1801 1055.gif

[Herbert]

Hey Mike. yeah, only reason my mirror shows me no follow-through is w3 already testing a trendline on 1h and the energy it already expended in such quick fashion.

Herbert

[Herbert]

Mike, i know we are not trying to kill ourselves locating waves and just follow the setup, which u did.
I do however have keen interest in the wave background.

Do you see the count on your trade the same as i am showing here? You took the next wave, after AO crossed zl as w4?

(Sorry if viewed already, i reposted updates)
Notice the 3 equal drives on 1,5? and 5? (white equal lines)
2nd 5? after AO shows possible divergence to previous drive... i would then also assume 2nd 5 is correct.

According to my elliot sidenotes:
A failure is an impulsive pattern in which the fifth wave does
not exceed the third wave. Fifth waves, which travel only
slightly beyond the top of wave 3, can also be classified as
a kind of failure. It indicates that the trend is weak and that
the market will show acceleration in the opposite direction.

Herbert

1801 failed w5 1min.png

[Grant]

Hmm, all this movement and my first trade today is a rent payment of 6.7 pips

Was looking for a wave 5 long but it didn't happen. Fresh cross of AO new aims level but no follow through

Next!

any comments welcome as always, still learning the system

Mike

1801 1055.gif

HI Mike,

I stepped away after Alpari screwed me over other wise i would have joined you in a rent on that trade....

as you say NEXT!..

Grant

[msk185]

Hi Herbert

Thanks for your input.

I try not to get to detail about Elliot wave, I was using the 10 second method counting on the AO. So I had the push up being wave 3, the cross of AO into red as indicating wave 4 followed by a buy signal unfortunately no wave 5 appeared.

I try to trade what I see as I have found when I think about a trade I can come up with lots of reasons to take the trade and lots of reasons not too, then I procrastinate and then the opportunity is gone.

I am following a process of taking 20 setups, journalling them, and then assessing the effectiveness of my rule set across all 20 trades. If successful I will increase my stake and repeat my process.

Not sure this answers your question, but I haven't studied Elliot wave beyond what has been provided by Immy and Grant.

Cheers

Mike

[msk185]

Hi Grant

Thanks again for your input, it's helpful to know that you would have seen it as a setup.

Cheers

Mike

[Herbert]

Absolutely Mike. Good strategy. I suppose i will be stabilising in the coming week or 2 with all this.
As you said, nothing more needed to trade effectively.

[msk185]

Looking for some advice on this picture.

Intially I set up an order after the first blue dot at 1.28283 as this was above the 1min level and well below the 5 min.
Cancelled on red dot, then re instated as now new aims level and order above new 5 min level.

Then cancelled again and then was waiting for a new aims level which never came.

Should I have stuck with my original order? Was this a valid setup, anyone else trade it?

As I type this trade would now be 13pips in profit and rising!

Thanks for everyones help

Mike

1801 1430.gif

[Topher]

Mike

I did exactly as you did. I await an answer from the masters.

Richard