Grants Journal [Awarded Title: Guru of the Gurus]

[immy]

Immy,

I remember you saying : If M5 is sleeping, we need a S1 Setup on M5 .
Your example has no S1 on M5.
How do you prioritize, when do we need it ? Or does it depend on how "good" the m1 setup is ?
Bettina

Bettina

I'd say it depends on your trading plan. If you understand the concept and put it into your trading plan that you would, trade the reversals on M5 then you'd trade whatever the flow chart tells you to do. Frankly that's the most objective and mechanical way of trading which the First step for all aspiring traders. You cannot achieve intuitive levels of trading unless you've been stuck to a system and traded it mechanically for a long period of time, thought there are rare, very rare exceptions.

Having said that yes I prefer to trade in the direction of m5. But I like to be more in tune with m5. There is a difference. When Gator on m5 is sleeping, that is it is going sideways and within a tight range, m1 setups are not to be taken. However in this and Grant's YD's case it was not sleeping as such, it was Reversing. There are two kinds of intertwining gaors. One when its going sideways within a tight range, flat horizontal and one when its turning around. In this case it was a reversal entry for m5 (aggressive) and Conservative Setup on M1. I prefer the Conservative and the Conservative (meaning both gators same direction) but I do take aggressive and conservative combination and conservative and aggressive combination... let me explain that a bit more.

If I'm trying to aggressively trade a reversal on M5, I need to find a Conservative (proper setup) on M1 to justify it.
If I'm trying to conservatively (with the trend) trade on M5, I can find Conservative (sleeping gator purple correct) setup or aggressive (sleeping gator and against purple) on m1.

Having said that above, you'd be pleased to know that all the above mambo jumbo is ALL covered by the Flow Chart Questions. Whether you know the above concept or NOT you're doing it if you'r following the flow chart.

[Bettina]

Immy,

yes, makes a lot of sense, that play with M5 and M1.
That's still my main topic, as well as aggressive reversal against proper sleeping.
Maybe, that's in the flow chart, but I never was good in following rules. I need to have understood the whole play, otherwise I will always be bothered by thousands of questions.

The flow chart says : M1 purple and in the direction of M5 ??????????????
I still never know what it is.
1 ) Last w3 on M5 ( intuitive perception )
2 ) opening of the gator
3 ) reversal with gator still open in old direction
4 ) Below/Above M1 purple
5 ) above first M5 box above M5 gator
6 ) S1 in M5 existing
7 ) S1 on M5 hit

You already answered a lot of that, but that's what makes me mostly/often choose the wrong setup or, which is even worse, miss a lot.

But let#s not continue the discussion. You have holiday!
Bettina.

[immy]

I'm answering Inline....

The flow chart says : M1 purple and in the direction of M5 ?????????????? (What do you mean? where does it say that? )
I still never know what it is.
1 ) Last w3 on M5 ( intuitive perception ) Look, we don't trade Elliott Wave, we trade the setup, if the setup is inline with Elliott wave, we have a boost of confidence, (which could be false at times, but who cares if its false or true, what we care about it what works, thats why I cal elliott wave the lie that works) if its not inline with elliott wave, so what you have a bit lack of confidence but we have enough confidence in Setup itself.. so go for it or you may say, ok I don't have confidence let me pass... (you may lose your statistical edge by doing so... why? beasue sometimes it could be that your "Fear" made you do it and you thought it was a rational decision blah blah) best to be as mechanical about setup as possible.

2 ) opening of the gator ( Lets find a remedy of open and sleep. put the damn 34 sma instead of Gator. IF its above 34 you go long, below you go short only. simple, or if price is above blue line, you go long and below blue line short only. Find something that is more objective. or why not use Grant's retarted gator with missing parts of its body haha)

3 ) reversal with gator still open in old direction (You have choice decide once and for all, if you think its reversal and you don't take reversal put it in writing I don't trade reversals so filter this one.. end of story... be objective)
4 ) Below/Above M1 purple ( below purple short only above purple long only)
5 ) above first M5 box above M5 gator - I have no idea what you mean
6 ) S1 in M5 existing I have no idea what you mean
7 ) S1 on M5 hit I have no idea what you mean

You already answered a lot of that, but that's what makes me mostly/often choose the wrong setup or, which is even worse, miss a lot.

But let#s not continue the discussion. You have holiday! thank you... Happy Easter
Bettina.

[Bettina]

Oh Grant, sorry for using your journal. I've just seen it right now !

[Herbert]

or why not use Grant's retarted gator with missing parts of its body haha) [/color]

this (re)tart is hilarious out of context... with it's body parts missing....

(rofl) (rofl) (rofl) (rofl) (rofl) (rofl) (rofl)

I just love this forum, never opening it without a coke and popcorn in hand... :

[Grant]

You're quite right Herbert....

We all also know that despite mocking the retarded gator i use Immy will have tried every version of the retarded gator (including 34) just in case it was better...

Grant

ps bettina no problem, if hijacking my journal helps you then great

[Grant]

Afternoon,

after 2 weeks of school holidays it was a relief for some normality to return today...

chart attached of the trades i took. i missed the slam dunk longs late london am... sigh

Grant

[Darren]

Great results Grant - and thanks for the commentary in the chat room, it really helps. (wd)

[Grant]

Glad it helps darren,

i cant guarantee i'll do it with every trade i take as managing a trade and typing in the room is too much for my tiny brain...

cheers
grant

[immy]

Whenever you do get time, Its priceless I know! So I'd like to beg (hug) on behalf of my aimster friends the "more the better" please .... ^:)^ ^:)^ ^:)^ ^:)^ ^:)^