Humpha's big wave journal

[humpha]

P5 - 5 wave correction, entered after break of trend line and aims box break and followed aims box, 5 min wave had peaked on wave 3 and heading back to 0 line. Just under break even. Next. Missed some great 4hr trades today, no laptop due to work commitments. There's always another day.

24-5-12 eurusd.gif

[humpha]

P5 - Wave 5 correction, strong wave 3 up then 3,4,5, down. Alligator went to sleep the blue dot for long entry and tried to capture new wave 3 up. Rent of -2.5 pips.

25-5-12a eurusd.gif

[humpha]

? Is it my aha moment, only time will tell but I sat back recently and wondered how do I improve my trading. My chart time is limited so the htf's are really good. I do enjoy the 1min trading though and feel a slight change could help me become more consistent. Recently I have started to trail the aims box as I want to give it as much room as possible to move as I may only take 1-6 trades a week on the 1 min charts. As shown I have taken a few b/evens and small losses after being in front. I have decided as Immy suggested in another post to set my tp at 10 pips. Actually 11 pips to help with commission. Considering consistency is my plan I feel this could be the key. 2% a week is a mental goal. Watch this space.

[immy]

Aud/usd +2
Trailed aims and stopped out, did gain some good pips but gave them all back. Was happy with trade though. NEXT

21-5-12 audusd.gif

I'm confused, you say "Trailed AIMS" but I see you got stopped out inside an AIMS Box?

I hope I read it correctly.

[immy]

? Is it my aha moment, only time will tell but I sat back recently and wondered how do I improve my trading. My chart time is limited so the htf's are really good. I do enjoy the 1min trading though and feel a slight change could help me become more consistent. Recently I have started to trail the aims box as I want to give it as much room as possible to move as I may only take 1-6 trades a week on the 1 min charts. As shown I have taken a few b/evens and small losses after being in front. I have decided as Immy suggested in another post to set my tp at 10 pips. Actually 11 pips to help with commission. Considering consistency is my plan I feel this could be the key. 2% a week is a mental goal. Watch this space.

10 Pip Stop Loss:
I don't recommend a 10pip stop loss for all situations and/or pairs and time frames. Its only for EU on M1, with relatively normal volatility and spread of 1.6 max. Also note that a fixed 10pip stop loss also means that if the "market generated" stop loss level i.e. AIMS Level, distance from red line is more than 10 pips, then you'll have to either

1. increase your stop loss (pip wise), that would mean taking bigger risk if you take the same lot size. If you do decide to take a bigger pip-wise risk for reasons that may be giving extra confidence in that move at that time e.g because the market is clearly trending and you just want to get in to take advantage of the clear market move, then the best way to do that would be to reduce your lots size according to the number of pips. It should reflect the risk of 1% or what ever is your risk per trade, of your account.

2. another way is to just filter those setups. To some the later might not be that exciting an option but it all depends on your account size, your trading style, your personality, your risk appetite etc etc.

[humpha]

Immy,
Thanks for the reply. On the Aud/usd trade I moved the stop loss below B/E which did break my trading rules but did prevent further loss - I will be adjusting my lot size to keep to a maximum of 1% risk per trade but exit around 10-11pips take profit and filter larger risk trades.

[humpha]

Well -updated my mt4 platform, took Immys advice, had a good think about my trading and decided to target approx 11 pips per trade trailing the aims box. Well its a great way to start gbp/usd +9. Entered below 5 min aims level after red dot. Wave 5 was retracing but stayed in trailing the aims box and new wave down on 15 min chart.

30-5-12 eurusd.gif

[humpha]

Well to finish the week -

P5 - 5 wave correction on Aud/Usd -3. Entered too early.

31-5-12 a audusd.gif

4hr trade Usd / Cad, entered on start of wave 5. Was away from computer for LO on Friday and didn't move tp up so +105 pips ' 1.4%' plus add on 50 pips '.7%

30-5-12 usd-cad.gif

4hr trade Nz / Usd, entered on start of wave 5. Manual close before NFP USD to be safe for 80 pips '1.0

30-5-12 nz usd.gif

My weekly goal is 2%. This week achieved 3.5%.

[Topher]

Fantastic trades Tony and a brilliant achievement in getting your weekly total.

Richard

[humpha]

Fantastic trades Tony and a brilliant achievement in getting your weekly total.

Richard

Many thanks Richard and congratulations on your trading results