H4 Setup 1 and Monarch Hunt

[immy]

Congratulations on Stage 1. It should have been allocated after Batch 1, but I just noticed. Let me know when your Batch 5 is completed will give you Stage 3.

cheers

[SprayPlaster]

Congratulations on Stage 1. It should have been allocated after Batch 1, but I just noticed. Let me know when your Batch 5 is completed will give you Stage 3.

cheers

Will do!

[SprayPlaster]

Trade 6

Pair: EURNZD H4
Entry: Seed
Exit: TP at 2R and SL to BE at 1:1
Result: 0R
Disciplinary Score : DS 1 (5/6)
Pre-trade comments: Complete wave 1-5 could be seen, followed by some ranging action. Then price broke out of the range, retraced and retested the levels to the left, producing a seed (I had PO on the cherry before it, but took it off when price went above its high). H1 also had a nice setup 1.
Post-trade comments: -

[immy]

Hey
I don't know how you got out of this trade within the same candle. did it hit 1R and retraced for a BE? or did you exit manually? in the later case its not DS1
moreover, i notice that you are talking about 1-5 complete however I don't see any relevance of that information to your trade since your trade is NOT at the peak of the 5 of anything like that etc. Are you making the point that since 1-5 up is complete its correct to assume the down wave is 3?

[SprayPlaster]

Hey
I don't know how you got out of this trade within the same candle. did it hit 1R and retraced for a BE? or did you exit manually? in the later case its not DS1

Hey Immy, now that you mentioned it, I just realised that the trade reached BE not at the "intended" place. No, I didn't end the trade manually, I just leave ATM to do it's own thing after I set the PO. This has happened a couple of times in the past (the latest being Trade No. 5) and I'm not sure why. I'm going to re-check every settings on ATM on every chart later to make sure everything is correct.

moreover, i notice that you are talking about 1-5 complete however I don't see any relevance of that information to your trade since your trade is NOT at the peak of the 5 of anything like that etc. Are you making the point that since 1-5 up is complete its correct to assume the down wave is 3?

Honestly, I'm not sure why I mentioned that, I'm guessing it's because I thought wave 5 up was done that the momentum upwards might be dwindling already, and just waiting for price to break out of range with a new impulse wave in any direction. But like you said, all of those are irrelevant to the trade. I took it because it fits my rules and filters. Not gonna lie though, I hesitated at first despite it being a valid trade (for my rules), but the pattern on H1/LTF looks like something that I would take without question.Was this signal something I shouldn'tve taken?

[immy]

replying to the last bit, your question. Let me answer with a question? was it your setup? did it follow your entry criteria? did you apply the filters/ if all pointed to YES... is it a DS1? thats your answer mate... enjoy

[SprayPlaster]

Thank you iMi!

[SprayPlaster]

Trade 7

Pair: EURCAD H4
Entry: Setup 1
Exit: TP at 2R and SL to BE at 1:1
Result: 2R
Disciplinary Score : DS 1 (6/7)
Pre-trade comments: New wave 3 can be seen, followed by a clear 4 with sleeping gator, cross of ZL and purple is not too far away. So a valid setup 1 for me.
Post-trade comments: - (Price juuuust barely touched TP before it comes crashing down )

[SprayPlaster]

I missed the monarch cherry after wave 4 as well as some other hunt signal after that. I think for the next batch I will count the number of missed signals that I would've taken (that's not within sleeping hours or during times of important functions or work related stuffs) and subtract those from my total DS score. I think that will help train me with my discipline as the main problem with me is that I don't really meticulously check the charts every 4 hours as I should.

[immy]

I don't really agree with reducing your score based on that, but one can surely keep a separate T20 for taking all the signals, or Checking all the signals. e.g. a T20 for 20 days, where you can mark yourself a dS1 if you have checked all your signals to day.

But you've highlighted a serious issue here. I personally found this to be particularly hard. I like my m5/m1 because I can focus on all the candles and everything. and repond to it. but i miss alot of H1 or H4 charts. Hence my attention is more on the m5/m1 nad the D1 account.

cheers