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MW's trading journal

Here's the chart. Simple price action really.

The IB followed by the fake out. They're easy to find.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: fakeout sixtwentyone.gif Size: 24 KB
Click to Enlarge Name: i4b sixtwentyone.gif Size: 23 KB
I dream, therefore I become.
Quoting mike w
Here's the chart. Simple price action really.

The IB followed by the fake out. They're easy to find.
Impressive trading as usual Mike, you make it look so easy. I was wondering do you place your take profit levels and stops based off the 4 hour charts or do you watch the 5min when you get into the trade and then decide when to get out based on the 5min?

Also I wouldn't mind seeing some charts of the IB4 being followed by the BUOVB like you mentioned. I'm sure I'll have more questions when I re-read the last page in more detail. Thanks again.

trublu
Quoting trublu
Impressive trading as usual Mike, you make it look so easy. I was wondering do you place your take profit levels and stops based off the 4 hour charts or do you watch the 5min when you get into the trade and then decide when to get out based on the 5min?

Also I wouldn't mind seeing some charts of the IB4 being followed by the BUOVB like you mentioned. I'm sure I'll have more questions when I re-read the last page in more detail. Thanks again.

trublu

That's because it IS so easy brother. We, as humans, try to complicate it though. I normally set up my take profit levels based on the higher timeframe charts, including the 4 hour chart. If I don't see a possibility for a runner, I normally won't take a trade because it's just not worth it IMO. Why would I when there are better possibilities right around the corner ya know?

My stops vary though. Sometimes they will be based on the 5 minute timeframe to minimize risk and other times will be placed behind the range or higher timeframe setup to allow the trades room to run. More often that not, if I see a setup on a higher timeframe and trade from the 5 minute setups, my stops go like this; with trend, I'll place them behind the 4 hour range and against the trend, I'll place them at B/E as soon as possible. I don't like to lose equity and getting to B/E ensures that I don't for the most part.

I'll go through some old charts and see if I can post up some examples of an I4B followed by a BUOVB/BEOVB real quick so you can see the effectiveness of it. That's what I'm hoping will happen today with the gbp/jpy really.
I dream, therefore I become.
After today's trading day is over, I'm going to be posting up some stuff that I'm grateful for in life. Anybody and everybody is free to join in that too and I'd actually suggest it.

Anytime you focus on what you're grateful for, you're just setting yourself up to receive more good things. It sets you in a positive way of thinking and guess what?! Habitual ways of thinking become our ways of living! Who doesn't want to live positively and have a great time being here?!?

We are blessed ladies and gents.
I dream, therefore I become.
Great ideas and strategies on coupling higher and lower tf Mike. That is something I had looked into a while back but it got lost on the stack. Just now starting to get back into it. The nice thing is we can make it as simple as trading one pair, and using those higher tf to simply confirm our trade that we find on the 5min. Or we can watch several pairs on the 4/1hr and move down as we see a setup...Looking forward to your findings on BUOB/BEOB after I4Bs. Haven't done any research on those, but I do love the IBs, and especially double IBS!

I'm thankful for my family that I got to see at my cousins' wedding Saturday. Enjoyed visiting with them, playing games, catching up. Looking forward to seeing them all on a sandbar camping on the Mississippi River in August.

I'm thankful for the opportunity to do what I love.

Josh
Quoting Jduester
Great ideas and strategies on coupling higher and lower tf Mike. That is something I had looked into a while back but it got lost on the stack. Just now starting to get back into it. The nice thing is we can make it as simple as trading one pair, and using those higher tf to simply confirm our trade that we find on the 5min. Or we can watch several pairs on the 4/1hr and move down as we see a setup...Looking forward to your findings on BUOB/BEOB after I4Bs. Haven't done any research on those, but I do love the IBs, and especially double IBS!

I'm...
That's it too brother. There are so many ways to trade it, it's unreal. I normally just check the 4 hour charts and if there is something worthwhile indicating where price may head in the future, I'll start looking at the 5 minute setups to get on the train.

And heck yeah my man, IBs, double IBs, and I4Bs are money in the bank if they are worked the right way. I normally won't trade them (On the daily) until I see whether or not they will give the head-fake and then re-direct.

Awesome Josh. How was the wedding? Camping on the Mississippi river sounds sooo awesome too! I love doing stuff like that. Is there a certain spot that you're going to be at on it?

I was just up at Ohiopyle (In Pennsylvania) with some friends yesterday after spendin the day hanging out with my dad all day. I caught the bug now so I'm going back up this week to buy a kayak. lol Time spent with my ol' man is definitely at the top of my list of things that I'm grateful for today for sure.

P.S. gbp/jpy just left the train station now so I'm thinking it looks good. We're at a trouble area right now but I'm going to wait and see how this daily closes today. 80 pips thus far on an initial risk of 12 pips and then B/E after 20 minutes, can't beat that IMO.
I dream, therefore I become.
The Pound itself is actually looking hot to keep running with that trend on the daily timeframe. Pop up a trendline and you'll see what I mean.

I can't wait to see how the day closes for the eur/jpy as well. I'll definitely be taking a short on that pair if it closes as it is now or lower. I4B with a bearish close directly after.
I dream, therefore I become.
Yep, this day has a very solid chance of the gbp/jpy and eur/jpy to close as BEOVBs after those I4Bs. Locked in profit on the gbp/jpy now and heading out to enjoy this gorgeous day till 5 o clock when I'll more than likely enter a short on the eur/jpy as well.

Have a great day ladies and gents!
I dream, therefore I become.
Hey Trublu, this would be a BEOVB after an I4B if price closes as it is.

Bearish bar encompassing the entire previous bar; The previous bar having been an inside bar with a smaller range than the past 3 beforehand.

This is the eur/jpy, which I will place a position on. The same is happening with the gbp/jpy where the position is already set in place and no risk is involved.

Have a great day ladies and gents. 5 o'clock is my next stop to check on the daily closes.
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I dream, therefore I become.
Quoting mike w
...
Awesome Josh. How was the wedding? Camping on the Mississippi river sounds sooo awesome too! I love doing stuff like that. Is there a certain spot that you're going to be at on it?

I was just up at Ohiopyle (In Pennsylvania) with some friends yesterday after spendin the day hanging out with my dad all day. I caught the bug now so I'm going back up this week to buy a kayak. lol Time spent with my ol' man is definitely at the top of my list of things that I'm grateful for today for sure...
The wedding was great. Outdoor ceremony and reception in the Wisconsin Dells (known for waterparks!).
All the cousins/aunts/uncles go out on the big River each summer outside La Crosse, WI. We generally get a sandbar in Pool 8. Several bring ski boats and one has a houseboat on the River. We live about a mile away from the marina, so we get out there as much as we can!

Josh
I set up a trade on the eur/jpy at 112.11 a little while ago and plan on letting it ride for a while. Gbp/jpy is still on as well and I'm getting some sleep for a while till around 2.
I dream, therefore I become.
Quoting mike w
...I caught the bug now so I'm going back up this week to buy a kayak. lol...
got a picture of the kayak?
Happy Father's day to your dad & all dads...
Wow Mike has a Journal.

what can be cooler then that.
.
Quoting mike w
I set up a trade on the eur/jpy at 112.11 a little while ago and plan on letting it ride for a while. Gbp/jpy is still on as well and I'm getting some sleep for a while till around 2.
Well, I woke up to both pairs having taken profit. The gbp/jpy at 133.25 and the eur/jpy at 111.20. 91 pips on the eur/jpy and the gbp/jpy for 220. Could I have held on to those? Sure, but it's not worth it to lose my cash at that point. I'd rather get back in on another retracement. My charts will give the basic idea as to why I took profit at these levels.

Check out the blue area to see exactly why on the gbp/jpy and the eur/jpy is the same deal.
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Click to Enlarge Name: same deal with the eurjpy sixtwentytwooo.gif Size: 27 KB
I dream, therefore I become.
Quoting Jduester
The wedding was great. Outdoor ceremony and reception in the Wisconsin Dells (known for waterparks!).
All the cousins/aunts/uncles go out on the big River each summer outside La Crosse, WI. We generally get a sandbar in Pool 8. Several bring ski boats and one has a houseboat on the River. We live about a mile away from the marina, so we get out there as much as we can!

Josh
That's awesome brother! I just googled the Wisconsin Dells and it looks damn nice! That's nice to live so close to the marina too, my man. Shoot, If I had a houseboat, I doubt I'd even leave it lol
I dream, therefore I become.
Quoting nasir.khan
Wow Mike has a Journal.

what can be cooler then that.
.
I know of one thing for sure, and that's yours! How's it goin brother? I saw that gbp/chf trade....sweet my man! I was in the same thing as you but didn't ride it as long. Nice management for sure!
I dream, therefore I become.
I was going to pull up some trading on the 5 minute but it's looking like junk right now so I'm gonna find somebody to go to lunch with. Have a good day ladies and gents!
I dream, therefore I become.
Quote
I know of one thing for sure, and that's yours! How's it goin brother? I saw that gbp/chf trade....sweet my man! I was in the same thing as you but didn't ride it as long. Nice management for sure!

I am developing a trading system that gives 1-2 setup every week, with a potential of 100-500 pips, stop loss of 20-100 pips, win loss ratio of above 80%. lololol

The Gchf trade have't started yet Mike (it's a limit order).

Quoting mike w
I was going to pull up some trading on the 5 minute but it's looking like junk right now so I'm gonna find somebody to go to lunch with. Have a good day ladies and gents!
I wish i was there with ya.
.
Quoting nasir.khan
I am developing a trading system that gives 1-2 setup every week, with a potential of 100-500 pips, stop loss of 20-100 pips, win loss ratio of above 80%. lololol

The Gchf trade have't started yet Mike (it's a limit order).
.
Oh haha I'm losin my mind! I thought you sold where that line was at on the chart. My bad! lol
I dream, therefore I become.
Here's one I missed while out to lunch today. The cad/jpy showed a bearish IB. My take profit would have been 87.90. Nice setup, I'd trade that all day, every day.....provided I show up to trade it

T/P would have hit for 55....meh, I'm a bum. lol
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I dream, therefore I become.
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