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

[Grant]

forgot the damn pic.... sigh

[immy]

forgot the damn pic.... sigh

Agreed. the trade was not easy to take on EJ from that perspective but the EU one was a better one.

EU is actually moving today where as EJ is stuck in a its range.

[Bettina]

Two Beautiful Setups one on EJ M1 and another on EU M1. Tell me you took them!

Hi all,
sorry, had to be away this am.

Yes Immy, exactly. I don't think, that I would have regarded this EU M1 as a setup or would have been very unsure about it. Probably I would have been very happy about the following red dot, which took away the decision --> of course no PO.

Grant thanks for your comment ! This is an important point. I always thought that an opposite dot wants to prevent me from a trade with lower probability or an entry which is still too early. ???

Bettina

[immy]

Two Beautiful Setups one on EJ M1 and another on EU M1. Tell me you took them!

Hi all,
sorry, had to be away this am.

Yes Immy, exactly. I don't think, that I would have regarded this EU M1 as a setup or would have been very unsure about it. Probably I would have been very happy about the following red dot, which took away the decision --> of course no PO.

Grant thanks for your comment ! This is an important point. I always thought that an opposite dot wants to prevent me from a trade with lower probability or an entry which is still too early. ???

Bettina

Great, we are coming to an understanding. As you can see we see things differently and thats the nature of the universe. Grant looked at M5 EJ and said it was a down trend. I looked at it and thought there is no trend in the grand scheme of things but in the micro world the gator was showing a weak uptrend so I drilled down to M1 to find an entry. But I knew EJ is not trending so I could not expect very strong moves. And I am after strong trends. So anything that suggests that I may be getting myself into a position where the probability of a strong move is higher, I'll consider it. So that is a Setup within a Setup within a Setup. Which means trying to hit a 3 within a 3 within a 3 or a 5 within a 3 within 3 or a 5 within 5 within a 3 or a 3 within a 5 within 3 or .......... haha

[immy]

Two Beautiful Setups one on EJ M1 and another on EU M1. Tell me you took them!

Hi all,
sorry, had to be away this am.

Yes Immy, exactly. I don't think, that I would have regarded this EU M1 as a setup or would have been very unsure about it. Probably I would have been very happy about the following red dot, which took away the decision --> of course no PO.

Grant thanks for your comment ! This is an important point. I always thought that an opposite dot wants to prevent me from a trade with lower probability or an entry which is still too early. ???

Bettina

Great, we are coming to an understanding. As you can see we see things differently and thats the nature of the universe. Grant looked at M5 EJ and said it was a down trend. I looked at it and thought there is no trend in the grand scheme of things but in the micro world the gator was showing a weak uptrend so I drilled down to M1 to find an entry. But I knew EJ is not trending so I could not expect very strong moves. And I am after strong trends. So anything that suggests that I may be getting myself into a position where the probability of a strong move is higher, I'll consider it. So that is a Setup within a Setup within a Setup. Which means trying to hit a 3 within a 3 within a 3 or a 5 within a 3 within 3 or a 5 within 5 within a 3 or a 3 within a 5 within 3 or .......... haha

So building on the above discussion, once you come to an understanding, just create your rules around those parameters to keep you on the right track. We need to establish, understand and apply a Set of Variables that gives us an edge. That is A Setup to make entries. Not too rigid not too soft. Establish a parameter within a range. so for me its a bit subjective as compared to you and Grant. I tend to see things a bit differently. I cannot focus on tiny little price actions so I look at the overal picture and once I have established a trend direction, my mind starts seeing the "Not Strictly Proper Setups", as Setups as well. Could be a bad thing, but its working so far so I wont change a thing. Some times I just need an excuse to get in since the price is clearly and visibly moving in a certain direction. others may not like of follow this approach. But there is one thing. For All those who have not yet seen a consistent growth for at least 3 montsh in a row, they MUST trade Mechanically. Like Mark Douglas advises. Find a System, or Create one. (whem you already have one, this job is done) then take the next 20 trades based on the Setup as you understand it. and then analyse it.

So mechanical stage comes before Subjective stage and then the Master or Virtuoso or Intuitive trading zones.

[Bettina]

Yes, I'm still looking for that mechanical stage, but didn't find it up to now.

[immy]

Both of the entries are attempts to find a 5th wave. A 5th wave that has not happened. I am giving you one final suggestion. Do not look at m1 chart. Stay on M5 chart. only m5 chart of only 1 pair. No looking around 2-3-10 different pairs. Look at EU or EJ only. Look at only M5. Forget the rest.
Step 1. Wait for Gator on m5 to sleep and create a Tight AIMS box, sideways. Now wait for breakout. You do have option to check m1 and see if there is a Setup exactly where there is a setup on m5. So take the m5 setup on m1. Its a double setup. This way you may get into a strong m5 breakout but you'll pay less rent to make more pips. Thats Step 1 done. Now the trend is confirmed. Until then there trend was NOT confirmed since Gator on m5 was sleeping.
Ok now you wait for price to retrace back to Green/red line. Keep watching the M5 chart. when you see a Dot in the direciton of the trend or if you know can spot a BLT go down to M1 to see if there is a perfect setup. if not, come back to M5. thats it. stay most on m5 go down to m1 only when you feel that you want to be in this m5 trend. When you arrive at a spot where you'd rather be exiting an m5 trade had you take an m5 trade, you wont need to go down to m1 to get a better entry. Everyone keeps forgetting we use m1 to get better entry level ans smaller stop loss levels. We trade M5 but make entries on m1 and manage our trades on m1. The book says, keep m5/m1 side by side not m1/m5/m15 and h1 sidebyside. If you don't want to trade before the m5 breakout thats fine too. You will have only a few trades but HIGH Probability trades. Do not go to m1, unless you like the picture of gator and ao on M5 and you like the strength or the trend. otherwise there is no need to take entry on m1 if you don't like m5.

the pic attached is one you will not have taken. I did not take it, because m5 gator was sleeping.

[immy]

some more thoughts

[immy]

There is no way we can find out whats going to happen next.

And many people/traders constantly stay under the impression or carry a belief that they are able to predict the future.
Many even think that certain indicators can predict the future. Many are not even aware that the underlying belief system they carry is not in tune with the reality of the markets/universe/life. Many people view a Setup as a Divine call suggesting that the market WILL go this way. So they destroy their accounts by trading and paying for such systems, gurus and indicators.

The fact of the matter is, the indicators only create a picture that forms an edge in the market. Just that. and an edge is nothing more than a probability of one thing happening over another.

Anything can and will happen in the market. There are billions of possible outcome after each tick in the market.

Because every moment in the market and the universe is truly unique.

I am not the same as I was a minute ago. I don't carry the same molecules, atoms and electrons, my energy levels have changed even the spot in space-time dimension has changed forever and that spot may never return ever. Everything is moving relative to something.

The market when its not moving (well it always moves, but we call it not moving when it does not move consistently in one direction for a period of time say 5 candles or 13 candles or 34 candles.... etc) tells us that none of the traders in the market have a difference of opinion. They are happy with where the market is. So we as retail traders, wait for the masses or the big boys (i hate this phrase... these boreholes bring so much anger in me lol ) to do something and when they start doing something we take part in it as well. When we look at higher time frames and they are moving, we know that they are doing something. So under an impulse wave we wait for a spot to get in on a break out in the direction of "what we perceive" the trend to be.

We are all unique individuals and so each may perceive differently because we are all unique. So it all depends on what YOU think the market is doing and What YOU think you should do with what the Market is telling you NOW. Its not the market WILL do. Its about what market IS DOING RIGHT NOW>

But the FACT is that there are 2 possible ways to trade. 1. Trade with the trend 2. Trade against the trend. Depending on the fact if the trend has existed, trade counter trend.

Most people find it hard to trade reversals. Do you know why? because they trade reversals within Not Trending markets. Reversals are done only at the END of a trend. and most trend traders exhaust themselves, trying to catch the breakout, in other words trading when there was no trend, or they start trading at the end of the trend, when it was time for reversals. if you're able to perceive the trend and the correct time to join a trend, you become a successful trader.

[immy]

You want to see a sleeping gator.
H4, H1, M30 M15 , M5 all sleeping RIGHT NOW ) EJ