Mike's Journal MSK185

[immy]

1st trade this week, 5 pip rent trade, setup looked ok, but interested in others views, entered when price broke the 5 and 1 min lows.

Kept stop behind AIMS level as price showed little momentum either way, finally took my stop.

Mood - feeling defeated. I try hard to keep positive and to want what the market wants, watched the videos of Bill Williams over the weekend but just not getting it. & trades with 5 losses and 2 b/e's

Keep plugging away but not sure what to do to reprogram my mind into winning ways

Mike

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It was a good setup. I was in it with you. and did not get anything out of it. Its just one of those rents that you have to pay to be able to catch the other ones. The setup was spot on. Pat yourself on the back and say NEXT!

[msk185]

Thanks for your feedback Immy, it was well timed.

After a very challenging day yesterday, I approached the charts with in a mixed mood this morning. However I saw this setup and acknowledging that it was definately counter trend, I took the trade based on a strong reversal pattern on the 5 min chart, a bull bar followed by a high test followed by a bear bar, this created a new aims level on the 1 min chart below the red line of the alligator.

I placed my stop above the aims box, rather than my usual 10 pips and then let the market do its thing. In the end I came out at break even as price seemed to be stalling around 13115, a previous resistance level, however had I followed the 2 fractals back method of stop loss management from the Bill Williams videos, this would have been a very nice profitable trade.

Picture of 5 and 1 min charts below

Mike

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[immy]

Thanks for your feedback Immy, it was well timed.

After a very challenging day yesterday, I approached the charts with in a mixed mood this morning. However I saw this setup and acknowledging that it was definately counter trend, I took the trade based on a strong reversal pattern on the 5 min chart, a bull bar followed by a high test followed by a bear bar, this created a new aims level on the 1 min chart below the red line of the alligator.

I placed my stop above the aims box, rather than my usual 10 pips and then let the market do its thing. In the end I came out at break even as price seemed to be stalling around 13115, a previous resistance level, however had I followed the 2 fractals back method of stop loss management from the Bill Williams videos, this would have been a very nice profitable trade.

Picture of 5 and 1 min charts below

Mike

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Hi Mike,

This was not a bad setup but it was against the trend on M5 which is why, due to this low volatility day, and markets being choppy I targetted only 10 pips, and that on a .25% risk only. Erik was short too. Price touched the purple of m5 and stopped.

We later took a long on GU which was also good for 10 pips but did not take ten pips only managed 3 pips trailing aims, we were aiming for bigger profits but market asked us to exit and we said, Yes, SIR! Madam...

GU long was at GMT+3 16.15 M5 Setup.



cheers

[msk185]

Another b/e trade for me today.

Price had been congested for a while so i had orders to go long and short. Short triggerred but I got stopped after moving to b/e probably too early, though both a -4 and a -5 after 5pip profit would have been caught so maybe b/e was a good result.

Trailing behind AIMS levels would have me at close to 2% as I type

Mike

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[msk185]

Having taken some time out I approached today with renewed energy and focus, determined to trade my plan with discipline.

Trade 1 paid off with a 17pip (1.7%) profit. Entry was a break of 60min low at 13107, tgt 240 low at 13090. Simples

So 1% is now banked for the day, my plan allows for me to use the 0.7% made for any great setups I see later.

Mood - Relaxed, focussed

Cheers

Mike

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[Herbert]

Way to go Mike!!!

[Topher]

Well done Mike that is excellent.

Islay obviously helped. Was it the place or the Whisky?

Richard

[msk185]

Hi Guys thanks for the feedback

Richard - I think a bit of both , though on Islay they go hand in hand.

Hope you're having a good week

Mike

[msk185]

Found EURUSD m1 untradeable this morning, lots of movement but no setups, kept my discipline and didn't trade.

Not sure how others found it.

Will return for US open.

Mike

[Grant]

same here Mike,

no trades thus far on EU m1

Grant