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

[immy]

Grant: I can see we both went long at a wrong spot, but I think I realized my mistake and got out quickly while you stayed. ?? 12.06 on my chart

In fact we both got out quickly on that 11.06 for you!

[immy]

Grant: I can see we both went long at a wrong spot, but I think I realized my mistake and got out quickly while you stayed. ?? 12.06 on my chart

In fact we both got out quickly on that 11.06 for you!

I wish i was long EU M5.

[Dave]

Hey Immy. Just a quick ques about order management. Seeing as you no longer use dot alerts, so the entry is entirely based on the break of the fractal, do you set your orders as soon as price is within the alli's mouth and a fresh AIMS level is formed? I'd imagine this would lead to a few set and then cancelled orders? I find I miss some of these entries as I'm alerted by the voice but price had already broken out.

Thanks! Dave

[Erik]

Hello les amis
i had also a poor morning
missed the first long on ej as for me the trend was not clear, then took 38 entry... I let it run but closed it a bit early at 13:05 for +45
off to other wok this pm

Cheers

Erik

[immy]

Hello les amis
i had also a poor morning
missed the first long on ej as for me the trend was not clear, then took 38 entry... I let it run but closed it a bit early at 13:05 for +45
off to other wok this pm

Cheers

Erik

Well done Erik, and +45 is not really an early exit but I know what you mean. We are after letting it run and that can be done by lettting the market generate a proper exit signal. I know , you and I both would be extra pleased had we taken exit at the close on green line at 13.18. nice

[immy]

Hey Immy. Just a quick ques about order management. Seeing as you no longer use dot alerts, so the entry is entirely based on the break of the fractal, do you set your orders as soon as price is within the alli's mouth and a fresh AIMS level is formed? I'd imagine this would lead to a few set and then cancelled orders? I find I miss some of these entries as I'm alerted by the voice but price had already broken out.

Thanks! Dave

Dave!
thanks for the question. Before I answer let me clarify that I don't use dot alert, because I can see them in my minds eye. I like clean charts. I don't use purplse because I can use ewave or a quick look at m5 to see the trend. I believe in more manual work lets say! Trading is an ART!

I set my order as soon as I know 1. Trend is confirmed (belief is created without an expectation i.e. Anything can happen) The 5 Fundamental Truths I have put at the start of my journal.
So I constantly check my 3 rules. GAtor Sleeping, AIMS box tight, AO clsoe to zero line. I don't really do this mental exercise anymore, as ingrained in me and all works automatically. from time to time, i start getting whipped and I suddenly realise that I may have diverted from trading the setup and literally start chasing. Thats the curse of Classic Setup. Its too active. So you gotta get your 1Second eWave count right (but don't get biased too much or get stuck too much in the count. just use this "lie" to help you remain confident because confidence is everything in trading). that would keep you on the correct side of the trend.
So. Job 1. What's the Trend - Use Mark I Eye Ball - best to use zoomed out to see the forest.
Job 2. Where to Enter - The Setup is the Entry - get down to chopping wood

[Dave]

Thanks for your reply, Immy, makes perfect sense.

I agree the dots become unnecessary once you know how the dot is formed and can spot those places in an instance... but I'm not yet ready to take them off! I guess it's a speed thing, and the notification on 1 min charts is very handy.

I like your little check list:
1) Trend? If not, don't trade
2) Alli asleep, AIMS tight, cross/close to ZL.

Makes it sound so simple (and I know that it is, and that's why I get sooooo frustrated!!! (angry) (angry) (angry) )

Dave

[immy]

Thanks for your reply, Immy, makes perfect sense.

I agree the dots become unnecessary once you know how the dot is formed and can spot those places in an instance... but I'm not yet ready to take them off! I guess it's a speed thing, and the notification on 1 min charts is very handy.

I like your little check list:
1) Trend? If not, don't trade
2) Alli asleep, AIMS tight, cross/close to ZL.

Makes it sound so simple (and I know that it is, and that's why I get sooooo frustrated!!! (angry) (angry) (angry) )

Dave

Practice Practice Practice!
Patience, Discipline = Consistency
Patience and Discipline = Accepting The Risk Completely. Following the Divine 5 Fundamental Truths. = Consistency.

[immy]

This is a Good Practice.

Don't look at M1 Chart Until You are confident of the direction on m5 . chart. Remind yourself again and again,
I trade The M5 chart
but
I make entries on M1.

In fact I have a wall note that I'd like to share with you. Its laminated, and I created that in 2010. So let me find in the documents. I never delete things, so I should find it soon.

cheers

[immy]

Points to Remember Wall Note/Poster.