BRIANS AIMS JOURNAL

[Brian]

HELLO ALL, I HAVE BEEN A MEMBER HERE FOR A FEW WEEKS AND AM NOW STARTING TO KEEP A JOURNAL, I APPRECIATE ALL FEEDBACK FROM SENIOR AIMSTERS, I WILL BE TRADING 5 MIN CHARTS IN THE FOLLOWING PAIRS,THE CURRENCIES ARE AS FOLLOWS- AU,EJ,EU,GJ,GU,UC,EG,UJ,,
TODAYS TRADE RESULTS ARE POOR ,IS IT TEH MARKET OR AM I MAKING MISTAKES?, THE ATTACHED FILE TAKES A PICTURE OF EACH SETUP THAT I CONSIDERED TO BE VALID ENTRIES,AS YOU CAN SEE THE MAJORITY WERE LOSERS
I LOOK FORWARD TO COMMENTS ,
REGARDS
BRIAN

[Kyle]

Hi Brian, welcome to AIMS.
I am happy to provide my insight, but just remember that I am learning too, so I may or may not be correct with my observations.

Your GJ trade may not have been valid. Looking at the higher TF, did you check to see the direction of the trend. I like to see the next TF trending in the direction of the trade, and ideally, the next TF after that as well. That chart seems to be on a general up trend??

I'd like to see more of the UJ trade before commenting. I am at work and do not have access to MT4 to check it out myself

The EJ trade possibly has the AIMS HTF line too far away, so it could be assumed that it would be a lower priority.

The EU trade looks good to me, but just a rent which will happen. Possibly need to look at the E-Waves part of it here though to avoid trading Wave 4

EG was a bit far away from HTF line possibly. Other than that, an understaning of the eWaves would possibly help (I am still learning eWaves myself).

I hope some of this helps. Disclaimer on my words above - I am learning too

Possibly also, it may be easier for others to have a quick look and assessment if the pics are posted directly into your journal??

Anyway, keep trading, and after a rent, just have a look at it and see if you were correct in trading it. If so, it is just a rent that will happen. If it wasn't a correct trade, then take the opportunity to learn something from it. And remember, correct trades can also be rents. Don't worry about those B-)

[Brian]

Kyle
Many thanks for that , Your comments are helpful , I had a few other losing days after the aboive posted trades which i didnt post ,,since then i decided to stop trading and go back to the drawing board -I have been watching and doing a lot of research since the end of August in conjunction with back testing ,demo trading and reading many journals , watching videos here etc,, , I need to learn alot regarding proper entry rules rather than taking every DA that is signalled and i must be much more choosey regarding the entries i take,,,
Tomorrow i will start to trade again and up date my journal accordingly ,Initially -My trading will be largely based on Grants set of rules, I may tweak these as i go but in general I find his trading rules to be quite close to what i find to be suitable to my own beliefs at this time,
My main focus will be 1 Min EU and 15 Min and 1h in 8 other pairs ,
i am only trading my small account until i see consistent profit s and trades will initially start at 0.4% maximum risk per trade which although minimal in monetary terms is realistic for preservation of capital ,
My goal is to break even on a weekly /monthly basis for the initial 2 months as i learn in more detail and then having done that and learned i aim to improve my results to the levels being achieved by Grant,Topher ETC,,,within 4-6 months ,,, which i believe is realistic allied with discipline, hard work and much dedication and research /experience
I will trade from London Open until approx 3-4 PM GMT with a brek in between as appropriate before NYO ,
Let the trades commence tomorrow
Brian
:-bd :-bd :-bd

[Topher]

Brian

May I offer some advice? To become competent at anything, whether it is a musical instrument, painting, your job or trading you have to work at it and practice. Trading multiple pairs on the face of it appears to be a good way of casting the net wide and getting plenty of setups. However, to trade well you need to know the currency pair you are trading intimately.

My advice to you is trade only eur-usd M1 for a while. Get to know it and get to know the indicators you have on your chart. Indicators are great if you know what they are telling you and more importantly why. Look at M5, M15, H1 etc. what are they telling you? Which way are they trending? Is there support/resistance close by? What is AO telling you? Watch the price and see how it behaves and respects certain levels . Analyse every signal and watch what happens. After a while it will start to fall into place and you will have a much better idea what is happening.
Understand the charts and the indicators used and you will be head and shoulders above most people and in a great position to make a bag full of pips.

Richard

[immy]

Brian

Firstly welcome to AIMS And congratulations on starting your journal. Keeping a journal is a single most effective tool for improving your trading performance.

I totally agree with Topher (Richard). I'd take into account 100% What he is written. Excellent comments. Thanks Richards. So there is no need for me to add anything to that.

Kyle's advice is also sound. Thanks Kyle

This is the beauty of AIMS community!

cheers guys

[Brian]

Richard,Immy
thankyou - your comments may well be very valid Richard, Maybe i should concentrate on only one pair -EU 1/5/15 M charts initially and perhaps i will also trade 1h setups on 8 other pairs or so using smaller amounts in terms of risk , This will allow me to focus in as you say but also enable me to get a broader experience on higher TF setups without the pressure of the m1 environment ,,

No trades for me today , I wasnt at the screen all day but when i was , The market was sideways , choppy and there were no valid set ups for me at least,
Brian

[Brian]

my first day back hasnt been too profitable, 3 trades and 3 losers ,mmmmmmmmmmmmm
total loss -21 pips all on eu ,
my 1st trade of the day was some what of a rash decision in hindsight,
i felt that the 2nd was OK and probably the best in terms of meetinfg the aims rules
and maybe i should have left the third as it was more of a break out attempt allied with aims !,,
the trades are in the attached document,
all comments (good and bad) very welcome
brian

[wiseambitions]

I watched it around 3 to 3.30pm London time and on M1 saw at least 8 Dot Alerts in 20 candles.

How anyone could come out of that unhurt I don't know!

Having said that, m15 and longer timeframes might have made more sense, with no whipsaw

[Topher]

Brian

You asked for some feedback on your 3 trades so here is my take on them. I did not trade after 9am so all these comments are in hindsight which is always a great way to trade.

Trade 1
I think you realise what went wrong there so we will leave it at that.

Trade 2
This was a setup, however, you need to be careful of the levels to the left and you did by placing your PO above them. SL if at other side of aims box would have been 15 pips away (i realise you didn't place your sl there). The preceeding 4 candles were all green and had moved 13 pips which is quite some move. From your PO a minor resistance level was only 7.5 pips away and TZ1 was only 5 pips away so you were trading straight into an area of resistance. These four points would have filtered the trade for me.

Trade 3
To be honest I can't see why you took this as there is no setup. The M1 and M5 trend were old, M1 ao was too big and M5 ao was old. Alligators were not asleep and hadn't been for a while. I can see your logic in the days high (black line) but you need to use that as a target or to trade from when price reaches it. When price reaches it look for a setup and away you go.


The red/blue and yellow arrows are simply telling you that the alligators are open to the upside or downside on M5 and M15 respectfully nothing more nothing less. You already have the M1, M5 and M15 charts on your screen I see no need for the DA's other than cluttering your charts and causing confusion. Wait for the blue or red dot, is there a fresh cross of ao and is ao close to zero (orange), is aligator sleeping or just waking in position of trade, is sl at other side of aims box no more than 10pips away, can you get a 1:1 trade minimum, is there any previous levels to the left that may act as resistance, is there any sr lines close by, if in a wave 5 where is TZ1, Is M5 aligator open in direction of trade (M15 also for a better probability). If all these are in place then pull the trigger if not wait.

I hope this is of some use Brian.

Richard

[Brian]

Richard
Many thsnks for your words of advice, I have read your Journal and am very impressed with your discipline and obviously the results, so i appreciate an experienced voice lending me a few tips,
below are my trades attached for today ,,,total 4 trades for +16.5 pips ,,
i feel that trades 3+4 were not great trades as outlined in the attached, i d appreciate comments from any one on that ,
i have a few questions to ask at this satge
Immy , I noticed in the chat room earlier and also on some of your videos that you tend to place the initial stop loss above the green line rather than on the other side of aims box, is this the case ?
order execdution
grant - you as i understand use 13 pips as a disiater stop loss , immy do you do the same or is it 10 ?

i have been having some problems woith my order execution today , unsure if its the platform freezing or teh order execution , what order executions can yopui reccomend immy ?
many thanks
Brian