What Every New & Or Aspiring Forex Trader... Still Wants To Know

That’s what I stated…

“GBPUSD has to follow OR lead”.

Now, look at your chart again.

I even get misquoted.

That’s the end of this “discussion” for me because I am sure fxvoilaaa had exactly that in mind with his one sentence reply to start a pointless “discussion”.

And you apmonster took his bite. :slight_smile:

Oh ok, I see. So, what you are saying is that if one pair goes up, another pair will have gone up before OR will go up after?
Well, that is very enlightening - cheers! :smiley:

Just look at the chart I posted, my friend. A small child could tell you that in the yellow circle, GBP/JPY was going up while cable was going down.

I am rather surprised that you continue to argue such a clear point.

In any case, my statement about your dismissive attitude towards fxvoilaa still stands. I believe we are all in here to learn together, and no-one likes a know-it-all, right? :slight_smile:

"Just wanted to put this out there for trade ideas. GU is again retesting last week’s low and is only a few pips above it. I don’t know if this is a risk-off move from Japan, but it could be a significant point to find a long entry. "

I know you are not supposed to kick yourself over trades not taken, but honestly this one is a little painful to wakeup and see and not want to kick myself for not taking it.

:59:I would log it as a milestone towards your consistency… you seen it… identified it… and allowed it to pass. You have two choices here… 1) be upset you didn’t make money on it or 2) be content with having made a sound call and bolster your confidence for future periods when you will need the “pick me up” after drawdown periods.

WTG!

Opportunity is a parade. Even as one chance passes, the next is a fife and drum echoing in the distance. :wink:

I couldn’t really figure out the market flow prior to London Open last night, but still had a short bias, since all three time frames was showing a short bias. To my surprise, when I woke up, I saw that Cable had skyrocketed.

Just curious, could some enlighten me as to why one would look to go long today? I do see an OTE long at the CPP during London Open and as I type this, an OTE to go short during NY Open.

Regards,
Clark

In the previous videos I noted the Key support levels and in the chat room. Key levels maintain their impact… hence the premise “Key” S&R.

Look at the 1.5980 level… note it on the timeframes we monitor. See the price action on this level? This was the basis for the long on the Cable two days ago.

Note 1.6100 level? In chat, while for disclosure sake I said I was flat… I explained the Cable would likely see a retest of the 1.61 figure and it traded there again after testing the 1.5980 level last night. These levels are being traded as the current dealing range… spend most of your time on the higher timeframes… drill down to 15 and 5 min charts only after you have a clear “reaction level” noted… to set up your Scouting Point and wait for “time of day” and price to come together… then 15 and 5 min charts are your Sniper Scope… to zero in on the Kill Shot for the Session you trade.

That really is all there is to it folks… either it plays out and your trade pays you… or you take a controlled loss and hunt your next big game prey… profitable, consistent trading.

PS: What did we discuss as it relates to Market Flow and Key Levels? Refer back to the core essentials… therein lies the gold.

Hope this helps!

GLGT :cool:

:smiley: I think I’m addicted on this after more than 400 pips gain in the last two days…

I know losses will also come and I have no problem with that, but the tools work very well if you put them together in a way you show here and in your videos.

Price action trading down to a prior support is more significant than price action trading down to prior resistance. Is this what you were referring to?

Keep this in your toolbox…

Whenever price runs hard and is within 30 pips of the Previous Day’s High… anticipate it retesting if not blowing through it… as far as the next Institutional level. Even if the price rejects and slams lower afterwords… the majority of Stops rest just above PDH’s and under PDL’s… they are easy ducks to shoot and traders feel “safe” placing them there…

This is the premise behind the exercise I detailed in the video on Consistency… which highlights the phenomenon at PDH’s & PDL’s.

Keep plugging at it… you will see it click by working the tools everyday on your charts… print out charts and or save intraday charts for your study on weekends. This is a big help or it was for me… this is how you begin to see the tracks in the snow and how to spot the opportunity when it falls in your lap again… as it surely will multiple times per week.

Do not get discouraged… trust me… nobody takes off right out of the gate. :wink:

GLGT

What Trumps Market Flow?

[B]Key Support & Resistance Levels[/B]

Pretty wild huh?

I bet you didn’t think this thread would deliver such a consistent approach months ago huh? lol

See why I dragged everyone slowly, some admittedly kicking and screaming… there is a method behind this madness I exercise here lol.

For those that are just coming on board… or struggling… it will happen for you, give yourself the permission to learn it on your timing… no competition, no rush. These tools have worked for more than my experience in the market… so patience is not a hindrance to your success… rather a critical factor. Go slow, focus on consistency and money will deposit into your accounts and keeping the Risk controlled.

This is so much fun for me to see others getting it… I Love It! :59:

Don’t know if you want or need this kind of thing on the thread Michael so delete or I’ll delete if reqiured.

I’m thinking about disclosing my weekly trades in the hope of shameing myself into proper risk management. £10 is 1% of my account. This will also show when I’ve strayed from the kill zones.

It’s been a strange week and I dabbled with commodities, but I can assure you the numbers don’t tell half that story.

I can hardly bare to do this but here goes. BTW somehow my account is only 5% down (after two months) and I would call this quite representative of my trading. (Not my future trading!)

Comments from my friends (that’s you lot) taken as they are meant. Cheers Dunc

Duncan:

I applaude your intestinal fortitude to post this. This is precisely what I encourage everyone to do… it will force accountability for each of you and aid in your consistency and overtrading habits.

It might hurt the ego or pride… but this is how you slay those two enemies!!! :35:

My limit orders on GU and EU for NY session got filled finally. Let’s see. If it’s loss, I quit for this week. I think I made more than enough already. ;-D

Let’s see later. Have to go now.

Pictures:
http://www.mantafx.com/pics/ict_eu_11-03-17.gif
http://www.mantafx.com/pics/ict_gu_11-03-17.gif


EDIT: I added arrows, just to make it clear which candle was entry candle. I use limit orders in 99% so sometimes it can be confusing… Btw. it reacted almost immediately, but I don’t think we will get somewhere. It is late NY session.

OK. It was loss at the end, but just because I was sleeping and could not move SL to BE. Price went exactly to 0.0 fibo level during Asia and then bounced back. Really unbelievable how it works…

I knew from the beginning, that for sure you know what you are talking about, when one of my friends from other forum sent me a link to your videos. But I could not even imagine, that you take such a consitent approach. It is greatly appreciated.

Just want to ask…shall I keep posting these screens with my trades? I don’t want to mess up this thread only with my pictures…

I want to see everyone post their trades… have at it man! :wink:

GLGT

The Yens are in a roller coaster ride, GJ 1200 pips down and up in 2 days, EJ and UJ all the same boat. I guess this is why you stay away from currencies that are tied to international disasters.

Just caught a short to get me back to BE for the week, 5 trades total for the last 4 weeks. Over 8% gain and this is the only week I havn’t reached my modest goal. Good news is I learned a good lesson from the one loss I took :stuck_out_tongue:

Entry was @ 1.61706

ICT, do you always take profit at +30, 100%, 127% and 168%? Or do you sometimes leave a portion on if you expect price to go further?

Entered EU long during London Open at 1.4063 which was optimal entry of 79% retracement. 1.4061 is a previous day’s pivot. Fractals are up on 4hr and daily. Stop loss was at 1.4049 and was hit for -15 pips.

Hi newbietrader,

I did not trade this setup, but I can see how it could have been profitable (although tricky). I know this is clear in hindsight, but here goes:

  1. My entry would have been at 1.4063 (based on fib drawn from 1.4056 to 1.4080.) Many would not consider this swing big enough to be valid. ICT has suggested we want to be looking for at least a 40 pip swing.

  2. Stop at 1.4033 - back 30 pips from entry (As ICT has mentioned)

  3. Price trades down to 1.4039, so stop is safe.

  4. As I am writing this, price has traded up to a high of 1.4093, so we would have taken 30pips profit at this point, and I personally would move my stop to break-even at this time also.

A note: I’m not sure, but I think you still may not be drawing the fibs correctly. Most charting software requires that you draw the fib from a LOW to a HIGH when looking for a long entry - this does not appear to be what you have done on the chart you attached. My fib was drawn starting from the LOW on your chart, to the high of the bear candle 6 bars to the right. Something to check anyway :slight_smile:

Hang in there mate, you’ll get it!

EDIT: Manta makes good points in the post below as well. Indeed, I never would have considered this trade as price was up near R1. Not a good spot for a long.