THE NEW Strategy --- THe iMi Method

[Darren]

Great examples of outside bars Immy - thanks for those charts. They make things a lot clearer! :-bd

[Darren]

BTW, I ended my first week up by about 1% trading the Box Seeds. It should have been a lot more as I made a few mistakes but I sure have learned a lot! Roll on next week....

[immy]

Darren, well done on first week and finishing it with a profit. And you know, its NOT the rents that you have to blame. Its the 4.5R that you left on the table, cutting winners, is what "took away" (so to speak) your profits. ON the brigher note, it was a dull week most of it, only the last day was "rambunctious" my favourite pair, CABLE.

Managing Winners:
At least for this day, when GU broke everything to the left on daily chart and with BOE comments etc, (not that it matters as we only look at charts but a little squawk does help ) we had to just let it run trailing bars at least till the 8pm uk times or simply let trailing EA manage it. I will not ask why you took your trades that ended up as rents, that's totally fine because we get better at it with time and the purpose here is to KEEP catching BIG BIG Winners. We never know what will happen next. What we do know is that in THE NOW, the Risk is LOW and potential for reward is HIGH.

I know its perverse. You get your loss instantly but you have to wait for hours and days if not weeks to get "paid". That's the nature of the markets.

EU 13.00 was taken and rented. so what.. NEXT... UJ was taken and BE. +-

We have something great going on here.

PP, I want your charts here mate, on a daily basis. EAch and Every trade you take with commentary. This cannot be missed. If you did not take any trades, you have to write that and give reasons why not. This is OUR THREAD... where we learn from each other. Trust me I know as much as you know about the market. The method is so pretty simple that there is no need to become a scholar at it because nobody can. What we have to learn about is US.

I recently, well last night, I sat down to read the book, Zen, in the Markets; Confessions of a Samurai Trader , Edward Allen Toppel. He kept it pretty concise. A bit like this simple strategy. In the end the whole message of this "small book" that I read in one sitting (about 80 pages) has 3 messages. 3 Actions and those are completed in 20 min or 30 min daily. It turns you into a ZEN trader, indeed a Zen master in life as a whole. Luckily, (i'm no zen master or yogi) I already knew about it, but..... and there is this BUT.... I still don't do it "consistently" ...

We have to learn to be disciplined and consistently pursue something for that we have to constantly "make the effort" of getting up and doing what is supposed to be done. thats the only way.

the night before, I could not go to sleep (I get too hyper and excited about reading and watching interesting videos) and once i leave bedroom, i don't return until she is fast asleep. so in short was up until 3am. Then there was this SMALL seed at FO. I only openned my eyes, grabbed my laptop, SAW THE SEED clicked on sell order and slept again. You gotta take the action...

[Darren]

Only one trade today which became a FT and is still running (just!). Trailing fractals from now on. FOMC is on Wednesday so maybe the next couple of days will be quiet, we shall see!

[immy]

Hi Darren, I agree. FOMC is the next event its been most talked about the last few days. Both kids have cuaght the "bug" looksl like I won't be able to touch anything tomorrow since wife is dur to fly tomorrow for 3 day trip to see her mum. She suddenly decided she wants to visit them and canot wait. there you go... wives aye...and kids decided to FOMC it the same day... (angry) (

[immy]

Hi

Did you know why we use the Open line filter for Inside Bars?


I'll tell you after you tell me

[Darren]

Sorry to hear about you kids - my daughter isn't 100% either but well enough to go to school

We use the Open Line Filter as it is a new session and there is new information?

School run...

[immy]

Sorry to hear about you kids - my daughter isn't 100% either but well enough to go to school

We use the Open Line Filter as it is a new session and there is new information?

School run...

Thanks Darren, well, there goes my gym session ...

Agreed, we use it to Filter "one side of the equation". Inside Bars have been used for many years but they are considered as a consolidation point where anything can happen. The usual way of trading Inside bar is to Bracket it both sides. Same strategy as Bill Williams original Trading chaos book where you would bracket a sleeping gator with a long and short and which ever way it goes you add on to it and follow the gator.

But here we filter out HALF of your rents. Simply by following this "human wake-up line" ... [majority of traders start trading when they are conscious right?]

Traditionally, they look for other confirmation with Price Action "signals" such as OB and IB's and Pinbars etc. Here we look for Momentum, (pause, the IB) and then the breakout. However we want to grab BIGGER winners so we take half off to allow us to "enter the Care Free State of Mind" and remain in that state for the majority of time we are in that trade because we have nothing to lose. Half close is "insurance" not against drawdown but rather to "ensure" that I remain in the CARE FREE state of mind throughout the trade. Of Course when it goes to good profit, there will then be the other fear activated i.e. "i don't wanna give it back"... and that is not too bad. WE can simply find a good "swing high/low" and lock in some profits if going for day to day profits or perhaps allow bigger space if trading "swing trading"... Start monday end Friday.

hope it makes sense.

[Darren]

Makes total sense - thanks Immy

[Darren]

Just the one trade so far this morning on UJ which made it to a FT. I just missed GU as I was driving and was pulling into the drive when it dropped. I shall pull over in the future!