Dave from Sydney's Journal [Awarded Title: the Box-Trader]

[immy]

Dave

You spotted a nice setup and perfect add-on. Its best to calculate lot size on a pip value slightly larger than average box size. e.g. my position size is calculated at 10 pips for m1's so add on will be the same but SL will not be based on pips will be put where the market tells me to put SL. so if the market requires a larger stop loss I have two options 1. lower the lot size to half 2. dont take the add on.

once add on is where would be your stop loss for first entry and addon? they should both be at the same place. both entries are treated as part of the same TRADE not separate trades.

thats how I was taught how to do it.

cheers

[Dave]

Thanks Kyle and Immy for your replies. I'm supposed to be spending time with my girlfriend so I better do that (while thinking about how to treat my add on position sizes ) ).... decision pending....

Dave

[Dave]

Another nice trade to finish the week, my best week since starting this journal.... I don't think it's a coincidence that this week I started a pre-trade daily routine, including affirmations and meditation, and that my results are improved. The power of confidence and clear thought is amazing. And of course the new Setup One indi!

DAX long for 17.8 pips (SL 14, 1.27%). I am happy with the result of this trade given how I treated it "in the now". I was trailing my stop loss and only got stopped out by a fraction of a pip. It's a little disappointing that the DAX then continued up for 250 pips, but that's the nature of trading. I set my stop loss for a reason and what happened afterwards was out of my control.

Screen Shot 2012-08-03 at 5.33.47 PM.jpg

Immy mentioned something last week that really resonated with me, something similar to "we wait for price to break the range before looking for the entry", and all of my entries this week were into 'clear space'. No near AIMS levels to contend with, so often breaking multiple AIMS levels on the entry.

Weekly summary:

4 trades for 4 wins, 70.1 pips and 5.67%

Dave

[Dave]

Hi all and welcome to a new week.

Two trades for me today for a net result of 3.2 pips, 0.25%

GU sell for 6.1 pips and an add on of 2 pips for a total of 8.1 pips (SL 10, 0.81%). AIMS box SL was too large but I liked the setup into clear space so my default SL is always 10 pips in this case.

Screen Shot 2012-08-06 at 5.42.33 PM.jpg

GU sell for -4.9 pips (SL 8.8, -0.56%). Hindsight in trading can be such a frustrating thing, especially when you close an entry for rent and then see price drop away and well into profit. I closed this entry as price beat the high of the trigger candle, which it did only fractionally, and then a nice 30 pip trend continued without another close signal. Oh well, NEXT! #-o Managing these entries on the GU is a little more difficult for me as my stop loss must always be >10 pips from current price, so these closes are manual knowing I'm not able to set a stop at the high of the trigger +3, and then relax knowing it'll close me. So I can get a little jumpy on the trigger.

Screen Shot 2012-08-06 at 5.58.41 PM.jpg

Good luck to all for the week!

Dave

[Dave]

Wise words....

immy: start off D1 down to H1 quickly, then analyse H1. What do I look for? Is Gator Sleeping or Open , if open then see how long has it been open. This would give me idea which side would I be expecting the DA's on m5 to appear, then drill down to m5, meaning if Gator is open and I'd like to make an entry and H1 is not offering entry I'd go to m30 and find a DA setup, then m15 and then m5. if Gator is open on H1, i'll look for setup on any time below. if gator is sleeping i'll look for setup on h1.

[Dave]

Thursday 9 August

Just the one entry for me today as I had to work.

EU sell for 1.7 pips and an add on of 0.1 pips for 1.8 pips total (SL 10, 0.18%). Had a TP at 1.23500 and it missed by less than a pip. Out on the retracement - never let a winner turn into a loser. Shame, as it showed approx. +6/+4.5, so could have had my 1% with the two positions combined......

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Dave

[Dave]

Friday 10 August

There were setups everywhere just after London open, so looking forward to seeing everyone's journal entries and lovely trade photos! Just the one trade for me, off to work now with profit for the day.... but oh there were so many more nice entries on EU and GU and EJ.

AU sell for 9.5 pips with an add on of 7.7 pips and another of 3.5 pips for 20.7 pips total (SL 12.4, 1.67%). This wasn't double arrows on the M1, but it was on M5, and the M1 gave a good entry AIMS low and a good SL AIMS high, so money management based on M1. The confluence of signals across time frames is very powerful! Entry into clear space on M5 - i.e. outside AIMS box. Possibly a premature close, there were a few more available, although if I'd waited for the black dot inside the lips the result would have been about the same after a bit of a retrace. Happy to close with target and all three positions in profit.

Screen Shot 2012-08-10 at 5.22.09 PM.jpg

Dave

[Dave]

Weekly summary:

4 trades for 3 wins and 1 loss, 25.7 pips and 2.1%.
Getting there slowly!

Dave

[Kyle]

Friday 10 August

There were setups everywhere just after London open, so looking forward to seeing everyone's journal entries and lovely trade photos! Just the one trade for me, off to work now with profit for the day.... but oh there were so many more nice entries on EU and GU and EJ.

AU sell for 9.5 pips with an add on of 7.7 pips and another of 3.5 pips for 20.7 pips total (SL 12.4, 1.67%). This wasn't double arrows on the M1, but it was on M5, and the M1 gave a good entry AIMS low and a good SL AIMS high, so money management based on M1. The confluence of signals across time frames is very powerful! Entry into clear space on M5 - i.e. outside AIMS box. Possibly a premature close, there were a few more available, although if I'd waited for the black dot inside the lips the result would have been about the same after a bit of a retrace. Happy to close with target and all three positions in profit.

Screen Shot 2012-08-10 at 5.22.09 PM.jpg

Dave

Awesome effort there Dave. I look forward to seeing many more of these for you. I will learn from charts such as tis. Thankyou ^:)^

[Dave]

Monday 13 August

EU buy for 0.4 pips (SL 14.7, 0.03%). Speaks for itself, buy above M5 high, eWaves showed change of colour and divergence so out without any damage.

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Dave