Dave from Sydney's Journal [Awarded Title: the Box-Trader]

[Dave]

Nice big fly at LO, TP at 1.38 (well, 1.37990, which is also about TZ1) for remaining 20%, let's see what happens

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[Darren]

Thanks for the kind words guys. I must admit it's taken a long time to develop the psychological fortitude required to impartially deal with the added pressure of multiple positions. But it really is a super profit booster when you get a nice impulse wave with 2 or even 3 positions running.
Also, for Darren, you asked yesterday about the M5 pullback for the M1 entry, this is the pic that Immy posted a long time ago that got me thinking this way.

Cheers Dave - I can see the power of that setup!

[Dave]

Nice big fly at LO, TP at 1.38 (well, 1.37990, which is also about TZ1) for remaining 20%, let's see what happens

Screen Shot 2014-04-01 at 6.11.53 PM.png

I re-thought my approach and decided to manage my position by removing the TP and trailing the M5 levels. In this instance it meant that I missed out on a few but I still think it's a better approach in the long run

Screen Shot 2014-04-01 at 10.05.38 PM.png

And I hope someone got the AU M5 short!

Screen Shot 2014-04-01 at 10.08.03 PM.png

[immy]

Nice big fly at LO, TP at 1.38 (well, 1.37990, which is also about TZ1) for remaining 20%, let's see what happens

Screen Shot 2014-04-01 at 6.11.53 PM.png

I re-thought my approach and decided to manage my position by removing the TP and trailing the M5 levels. In this instance it meant that I missed out on a few but I still think it's a better approach in the long run

Screen Shot 2014-04-01 at 10.05.38 PM.png

And I hope someone got the AU M5 short!

Screen Shot 2014-04-01 at 10.08.03 PM.png

There is great advantage in this approach indeed for the long run but as always we have to say that one has to follow it consistently so you can get those home runs every now and then that will make up for the small wins turning into BE's that you will be collecting along the way. But look at your AU example if trailed behind aims level, and it creates a flat wave 4, you are able to stay through a flat wave 4, due to absence of PC's or 50% pullback. it allows for some big big gains occassionally as well.

well done mate... cya tomorrow

[Dave]

This evening's trades.... EU just didn't quite get going but the DAX came to the party I trailed it much more closely than usual as it was obviously coming back into resistance.

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[Dave]

The daylight savings shift this week impacts my trading for the next 6 months.... sigh. But here's a nice picture

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[wiseambitions]

Dave, it must be tough trying to trade the European/London markets from the Sydney time zone

However, I still think there's big money to be made trading Australian and NZ currencies in your own morning session by judicious application of the Aims rules. Many times I've sat here at night at your opening times and have made decent money (10pm to 2am on the UK clock) and thought if I still had a day job it might give me extra income to trade those ones and forget the euro and pound! Last night on AusUsd would have been a great example. I set a PO then cancelled it, sadly if I let it run I'd have got richer in my sleep!

[Dave]

I do agree, Ray. The market is the market and the structure is the structure and it's there 24 hrs a day. I do much prefer the spreads and the liquidity/volume that comes with a major market session though.
Unfortunately though the same reason I miss LO keeps me away from trading Asia - a day job (for a bit longer yet).
Dave

[Dave]

Didn't take off like we'd all hoped, but good fun in the chatroom!

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[Darren]

Nice one - I have the exact same entries!