Mickey's Journal

[kiravon]

Thanks Ed. I remember Rainbow, there are variations on it
but as I remember it it's basically 'The Hunt' trend following system
which can work quite well. Also Urban Forex use the same
idea in their Scalping strategy. All trend following systems
can work with practice, whatever name you want to give them.

Meantime, USDCHF H1 should be about to drop like a lead balloon

even though I'm not a fan of opening trades on Friday this looks quite good

simple break of AIMS for about 90 pips

usdchf.JPG

[immy]

NFP

[kiravon]

Absolutely!
USDCHF hasn't budged an inch all morning, I've closed my PO
- it's likely to explode in all directions.

But still a good opportunity to trade the AIMS News strategy

Highly recommended

[kiravon]

Not a great NFP for me as I was on the wrong currency 30% less movement
but now we've got all the spikes out of the way I'm basically simply
reinstating the PO I closed just before the News for about 90 pips

post news.JPG

[kiravon]

I find it helps to look at the market from different perspectives.

so as to not get too blinkered

on H4 USDCHF price climbed up the upper Donchian channel
like creeping ivy

its crossed down over the centre band into the lower channel
to make a lower band, then retested the centre band

Hopefully it will bounce back of the centre band and do
the creeping Ivy thing down lower Donchian channel.

However, it if crosses back up through centre Donchian
that will be a strong signal to go Bullish

I'm quietly optimistic to stay short

Donchian channels.JPG

[kiravon]

Another great trade from Tomi - makes it look so easy!

Tomi.JPG

[Tomi]

Also easy to make different wave counts. It's an excellent example for one don't have to know correct elliot waves to get the trades. In the example above there are two completely different wave counts and you really don't know for sure what is the correct one when taking the trade. In hindsight one can still create a debate over it. Elliot wave is just there to keep the mind in the flow. It keeps the mind busy or confident enough to not having time or reason to fear too much, but not too busy for mind to make too much mistakes.

Enjoying Sunday morning coffee ~o)

[wiseambitions]

Yes that's a picture of a good trade from Tomi, I can't see his SL, but it could have been a lucrative trade with a preset TP (perhaps at tz1)

I also looked at LO and the classic s1 settup. Looks ike a good entry somewhere round 5 mins after 0800 but where woud we have got out? If at green line, which is B, the top of a little w4, the gain would have been modest at best.
Or if we waited for top of aims box, I think a new level formed about 0825 which might have got closed out around 0830 but it would not have been as good as his exit by a predetermined TP around 0824
Alternatively a cross of white (25 ema) through the green at about 0812 would not have been too bad, I have often noticed the cross of 25EMA through the lips of gator is a reasonably acceptable exit.

I also looked at my 6 and 50 EMA crossover strategy as often discussed. I don't think I would have got out of that one any better than BE and might have suffered a small loss.

In other words it was a better trade than any tactics of the original system.

2016-09-03_0658_dax_LO_Friday.png

[Tomi]

Yes that's a picture of a good trade from Tomi, I can't see his SL, but it could have been a lucrative trade with a preset TP (perhaps at tz1)

I move SL only once. When in RR 1:1, move to break-even. So, SL can be only in initial place or in BE. For TP there are more scenarios, but at least RR 1:2 must be there. If fibonacci retracement is 23.6 I go for TZ1(a). From 38.2 and 50.0 levels to TZ1. That's usually the initial scenarios but nothing is fixed there. Sometimes also closing manually after RR 1:2.

BTW...Saturday coffee still today, not Sunday (whew)

[kiravon]

If fibonacci retracement is 23.6 I go for TZ1(a). From 38.2 and 50.0 levels to TZ1

Can you clarify that Tomi, I may be misreading it but did you mean TZ2 target after deeper
retracements? Assuming in the screenshot below we had a reversal candle pattern (which we don't
at the moment ) you might aim more ambitiously for TZ2?

If yes that might be a tip well worth noting

We hear a lot about TZ1 but TZ2 is far less commented upon.

TZ1.JPG