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I didn't take any M5/M1 trades yesterday but I did take an AU H1 trade. Not the best setup as there wasn't a strong trend but Aims was small so decided to take it. I was almost stopped out during rollover, but then I went to bed to find the TP had been hit on 50%
Today I took a very silly EU M1 trade. It wasn't a setup at all in my eyes so I am not entirely sure why I took it! Small loss after trailing Aims.
UJ gave me a lovely M5 setup which proved nicely profitable along with AU.
I now have AU H1 and AU M5 running and going nicely. I will trail Aims on both of them and may even convert the M5 entry into a H1 one by trailing H1 Aims on both. We shall see!
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My H1 AU was stopped out during the Asian session, but it was a nice little winner!
I wouldn't mind knowing how others would have handled the trailing stop in a similar situation where you have to leave the trade. I could have taken profit at 1:3, taken part profits at 1:3, left the original stop where it was as it was a free trade, put the stop at break even on the second half or move the stop to 1:1 which is what I did!
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Thanks for the feedback Sam - all makes sense and was something that was on my mind when I took the trade. I shall look for higher probability setups from now on.
I don't trade fruit setups yet, but for what it's worth I'll add to Sam's comments about the position of the fruit. Immy said a while back that we look for fruit at the peak of waves 2, 4 and 5. So catch the turn of the corrective waves or the end of the complete cycle. In this instance that particular fruit was probably a bit far beyond what may be expected of a typical W4. I know this is entering into the realms of Elliott wave analysis but sticking to what eWaves tells you is a good start. I'd be interested to hear Immy's opinion on this....
Dave
Dave wrote:I don't trade fruit setups yet, but for what it's worth I'll add to Sam's comments about the position of the fruit. Immy said a while back that we look for fruit at the peak of waves 2, 4 and 5. So catch the turn of the corrective waves or the end of the complete cycle. In this instance that particular fruit was probably a bit far beyond what may be expected of a typical W4. I know this is entering into the realms of Elliott wave analysis but sticking to what eWaves tells you is a good start. I'd be interested to hear Immy's opinion on this....
Dave
Dave!
The first thing that came to mind as I saw this Fruit traded by Darren was this, "he is trying to catch end of wave 4 or perhaps simply trading the fruit but I think the way it dropped so quick with clean candles is not the style of wave 4 rather an impulse wave. Corrective waves are NOT steap or should not be steep by definition." in the end it was just another trade that did not go where we wanted it to go. Nevermind NEXT! Well said Sam and Dave I agree my friends. Keeping in mind its ALL IN MY HUMBLE OPINION (A-IM-HO-HO-HO) LOL \m/ ^:)^
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The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
