Immy's Corner [The Setup The Hunt - T20's and more]

[immy]

EU was nice.

[immy]

difficult EJ, not easy for v5.1 to catch. its a black dot trade. better not trade those until you're experienced. It was against purple and within a choppy market. But there were other reasons it could have been tested.

[immy]

difficult EJ, not easy for v5.1 to catch. its a black dot trade. better not trade those until you're experienced. It was against purple and within a choppy market. But there were other reasons it could have been tested.

[immy]

Beautiful Charts Bring Beautiful Results.

[immy]

I keep pondering on this question. If I like trading the M1 only when the M5 gator is open then why can't I trade the M5 chart on its on? Why complicate things by looking at two charts? So then, lets suppose I was trading the M5 chart only, would I then look for a higher time frame. Of course I would. So then would I analyse the higher time frame and see if the Gator is open. Nah! that's a long process. So then, if I want to trade a Setup and I want to trade in the direction of a higher time frame, because "higher probability setups are breakouts in the direction of higher time frames" then I should have a Setup (a set of variables that define an edge) that takes into account the higher time frames. Ah! it was the reason we worked on V6.1 arrows. in fact more powerful than that is the purple line. We drew purple line because we wanted to display gator of m5 onto m1 chart. Well we could simply multiply the values of any moving average of a certain time frame to get a certain lower time frame. So e.g. if you have 10ma on m5 and you want to plot that onto m1 all you have to do is multiply 10 by 5 because M5 is 5 times higher time frame of m1. so to put a 60min 10sma you can plot 600sma on m1 because 60min chart is 60 times higher time frame compared to m1. ha! what a mathematical stuff. mathematics allows us to plot any chart on any time frame. But the question is, is there any use. there is and there isn't. but lets not go into that too much now.

You might have noticed, I'm simply writing whatever comes to my mind. and that is true. hmmmm. or I can devise a plan to take trades within an open gator on m5. Meaning, since I wait for m5 to breakout and then for it to setup nicely on m1, I can perhaps stay on M5 wait for trend to confirm (gator open in the diection of higher time frames and make an entry such as BLT, ITB, BDC, PinBar, in the direction of the trend.


Having said the above, I can say with conviction. If the trend is confirmed and you take a trade on m1 in the direction of m5, you will get in and out a few times where as a trade on m5 will simply start from the breakout to the end of the wave where as the m1 may have setup for entry and exit 2-3 times. its not a matter of comparison. Its simply conforming to the belief that Setups in the direction of higher time frame trends of higher probability of success. and then you simply look for a setup and follow the entry and exit signals. You may even have rents on m1 while an m5 trade would have made you money. And thats ok. Because its not about an individual trade or 5 or 10. Its about longer term. You can have a stream of 10 winners or losers, its statistically possible but the fact is that in the long run you need to consistently growing your equity and that can be done by simply following each signal and acting on your system promptly. By doing so we grow our accounts gradually ad incrementally. We must keep our head clear and emotions controlled. We cannot allow ourselves to enter state of euphoria at the end of 10 winning streak or 3 winners (for some hehe) neither can we allow ourselves to start thinking less ourselves, our get depressed, or cry (crying could be a good thing in fact, as research suggests that tears are negatively charged ions and helps bring the negativity down by kicking it out of our bodies, literally) or start having suicidal thoughts. Trading is not just 1 or 2 trades. Its a game of consistently


So there are two ways to be in line with the trend on higher time frames.
1. count your way in to it. Using AO on two time frames, create positive expectations of waves that may have a probability of happening next but do remain flexible with your expectations. If it unfolds the way you wanted ,or expect then fine it worked if not, immediately accept the Fact of the NOW moment opportunity flow and say NEXT. When way say NEXT do not attach an expectation of "ok this one was a rent, lets say Next which means, the next may be a winner". No that is the wrong use of using the power of NEXT. "Prochain" means next occurance of the Setup and thats all. So NEXT is neutral not positive or negative. Next means, I've traded the setup and now lets Trade THE NEXT setups.

There is less probability of success if the higher time frames are not trending. Why? because "nothing happens until something moves". Movement is everything in the universe. And so it is in the market as well. If the price is not rising or declining there is nothing happening, "opportunity is no-where". If the market starts changing by continually rising or declining the gator opens its mouth and so, the opportunity is here.

to be continued.....

[immy]

Meditation - Benefits for Traders - Attention, Relaxation, Clarity and Focus

[immy]

Do you constantly get trapped in the maze or the quagmire of 4th wave within a 4th wave trading m1?

Do you often find yourself paying rent long and short and just before the market is ready to break out you run out of your "emotional energy" because of paying too much rent, or crosss your daily loss limit (if you have one, and we all should)?

If that is the case , the answer is to Trade less.

But how do you trade less, if your time frame constantly keeps generating signals?

The anwer is simple. Trade a Time Frame a step higher than you are trading.

If staying on m1 creates many rents for you, try trading m5 for the next 20 trades and see how you performed.
If you're still over trading, then try going above a step. This will help.

In fact, I want to edit the book and ask all beginner to start trading M5 only. Specially M5 EUR/USD. Trade one pair, and trade m5 only. Trade correct side of Purple, trade the dots and follow the flow chart.

[immy]

An Interview with Mark Douglas.

there was a video interview someone posted, its great.

edit: found it.
[youtube]GhKJ9P3agRc[/youtube]

[immy]

There is a time when you don't know
"The Trend is Your Friend"
"Go with the flow"
"cut your losses and let your winners run"

Then you know these "neat little phrases"

and then you don't know how the heck to just do the above.

Then you find out that

"Cutting your losses can be an extremely difficult thing and letting your winners run is even 10 times harder"

Thats where the subject of learning to trade without fear comes. That's what Mark Douglas's book Trading in the Zone is all about.

That's what the this phrase is about. "80% of trading is in the mind"

IN the mind section we deal, or try to deal with this. EFT is one of the best tool I've found not mention the simple 15 min meditation and process of affirmation and visualizations.

[immy]

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