Right because the question is iffy, ICT released past spring a tutorial about it called “Inner Circle Trader: Trading The Key Swing Points”, this is the link:
ICT himself mentioned it in the last PTC video (min 9:30) in replay to a question about killzones he received on Twitter : in the tutorial NYO is 11-14 GMT.
His policy is to keep the same settings despite the time switches over the year.
Thanks Ib for the advice. I must admit i was going to place a flat 30 pip stop, but greed and prior loses got the better of me ,so i made a wrong decision to lower it and that round 60 number looked appealing and just to be safe i added 1 pip on to:(. Looking at it hindsight seems obvious the stops could have been raided.
Despite the set back yesterday i pulled the trigger again today even tough i was very upset with cable punishing me, entered once again today at 1.6050 it did go 10 pips above my entry before reversing and sliding lower so i am 50 pips in profit. One thing i did is lower my risk on this trade to bare min 0.10 so its equivalent 10p per pip minimum i could go for.
Only problem i can’t close any part of the trade and let the remaining portion run so will hold out until profit taking hr 15 gmt and see where i stand.
Ps my first 50 pip trade:D let hope there are many more to come.
Me personally, I am only looking at D1 & H4 charts for MS insight, I only use the smaller TF’s to see where the stops are resting so I can choose my limit entry.
I’ve been waiting for this 1.3020 level since the 18/11/2012 and hipefully patience has paid off. I did feel that I had missed the boat earlier this week but resisted chasing the price. I don’t like the smaller TF’s they confuse me and I end up reading too much into the MS/MF.
Congrats! Keep at it, be patient and dont dwell too much on previous losses. Learn and move on.
Nice end to the week for me too. Limit short @ 1.3018 triggered (that trade was placed on Sunday night in the hope we’d hit it Monday/Tuesday LOL. And reentry short at 1.3010 (OTE zone on PPFX chart).
Closed the majority of the positions at 1.2975, stops to BE, depending on where we end up, Ill probably trail both stops to 1.30 if we slide lower and let the remainder run.
But I dont really like holding over the weekends. Could be on the downward slope, but Im not so sure.
What I do know is, there will be a number of opportunities next week to get back in
Protect your capital! Once you’ve done that, let the ride
Nice one gents and well done on your limit orders and thanks for your advice. I decided to close the trade manually for today for net total of little over 40 pips as i just don’t know what is going to happen going forward only guessing. Closed it at 1.6008.
First we went trough adr for today
2) Usdx bounced of that 80.30 level
3)Price has trading to sweetspot cable @ 1.5990 Bounced of it and i dont know , but on HTF this could be a retrace for upside.
4) Traded in to big fig. Oh well happy over all just to have a nice trade.
Can anyone help. I am trying to make sense of the 5yr bonds with a view on what to expect. The German bonds are trading lower is this telling me anything.
Take a look at eu and gu, eu just tagged OTE of last swing from Thursday - picking up the stops below Asian range - entry at 1.2969,
gu just tagged OTE of rise from Wed lo to Fri hi at 1.5990;
earlier on today, eu had an easy OTE short off the top - in fact 2 entries - its amazing
I guess the only thing I find hard to grasp is that sometimes we need to hold for the ADR, but other times price will reverse at the OTE of the last swing - and reverse and go the other way
Question for ICT or anyone else; is there a way to determine when OTEs will hold - is basically a confluence of levels that make it more or less likely
for example in EU case, bounce was right on daily Pivot, asia lo and (15 min 200 ema) - 3 items that would make it a buy for me, even without the OTE
I accept that trading on a Friday, last day of the month is probably not recommended as markets are likely to be thin and volatile and possibly affected by position closing - but having said all that, the principles still seem to hold
I was considering this move myself on the Fiber, we maintain bullish structure on the higher time frames (check out the 1H chart).
We broke the high this morning, hinting at higher prices. The low from 29th Nov (16:00 swing point) was maintained and from that point to the high of day, we rejected that OTE level for the Long immediately and look at the bounce! I have no idea if it will last or if we’ll move even higher, but it was good for at least 40-50 pips scalping.
My first week of ICT trading has concluded successfully and profitable! I have been learning his material for a while, but just started trading it this week. 3 trades taken. 1 on Tuesday risking 2% and 2 on Friday risking 1% each because they both had the US dollar in them (I missed the big move on Friday, could have been even better!):
Is it pretty common for price to make the expected move during LO and then retrace all the way back to entry for NYO and then make an even larger move?? I noticed that twice this week.