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

[immy]

Just Remember This:

The Setup is Your Edge: There is no need to think about it further. The only thing you have to do is. Correct State of Mind. If you're in a Negative State of Mind. Your mind will filter or block information and you may even NOT see the Setup. The Red Indians found it hard to See the ship in the Ocean. Because their minds just did not see a possibility of such a thing. So their minds blocked that information until they were woken up to that reality, "awareness" just was not there. Successful traders have an "Objective" mind. A Mind free from Fear, Anxiety and Stress is not just a fancy thing to achieve. It is the REQUIREMENT. So thats why 80% of trading is in the mind. Always remember this FACT.

[immy]

See you all tomorrow! enjoy the rest of the day, evening or night! cheers

[immy]

GOLD Doing pretty good

[immy]

GBP/USD M5. looking for Wave 5 down. Previously 3 down was a nice wave. I ate it nicely. lets see if this goes too. This is in the direction of h1 breakout to the downside albeit h1 is exhausted we'll see.

I should have or should not have, time will tell, but I had left the default 50pip TP and it got me out.

moreover, don't think that V5.1 does not work. Its WE that don't work. The Setup DOES WORK. Its US that stop working correctly. So we gotta learn to remain Calm and Stress Free if we want to trade successfully. The problem is not the rents. the problem is the mind.

I show below setups that happened today on m5 for several pairs.

[wiseambitions]

I have to say Immy that you're one of the most inspirational characters I have ever met

And in the field of forex, of those I have interracted with, definitely you are.

What I'd be interested for you to tell us, without needing to talk account sizes, is your journey into forex, as I believe that for 3 or 4 years you have now been a full time trader at home.

Then of course a description of your typical day/week and what you do...... (besides writing up your blog between and during trades).

I think it would make an interesting story, I'd love to hear it

Ray

[Darren]

Immy - when you first enter a trade do you set your stop loss to the bottom/top of the trigger candle +/- 3 pips, or the other side of the Aims box?

[immy]

Hi Darren

With the Classic Setup I follow the following trade management technique now.
Start with SL opposite side of AIMS box.
Exit with a loss = Red Line Close (candle must close below red for long and above red for short) or if price going and hits my Disaster SL, opposite side of AIMS for a full fat loss.
Exit with Profit:
Before Divergence = Exit on Close above/below Red Line - Trailing behind AIMS Boxes
After Divergence= Exit on Green Line - with trail behind AIMS boxes.
After Angulation = Trailing 5 green/red candles or strong BDC.

[immy]

Having said the above, Moving SL above/below SL is a very effective technique!

[Darren]

Thanks Immy

[immy]

I've kept my promise today. I'd do one post for London Session before going for break and 1 post after Ny. this way I'll be able to concentrate on my trading more than my posting!