I had a huuuuge brain fart today trading equities, took my normal risk lost terribly.
However I gleamed one useful thing I realized, one thing I SHOULD HAVE SEEN BEFORE, the way I trade equities is loosely based on your HTF analysis, if price moves to an area of plausible resistance or support I play the pivots, course a few other things enhance the odds, time, confluence, etc. I soon realized, ****! This is how I should trade my fx… So something I intended to develop for my equities, was accidentally overlooked.
Not bad today though took a short term scalp on cable for 20 pips
Took a maximum risk exposure on fiber though for 30% at 30 pips and 30% at 60 pips with the remainder hitting my stop back at 30.
Just watched your latest PTC video (09/06/2012), insightful as ever and I enjoy your “ramblings” and “rants” just as much as your analysis.
One thing I would like to clarify is the connection between the daily bias and are we in a buy or sell program? Numerous times you have mentioned that as traders we should be trading in the direction of the overall bias. Tho’ in the video you are frustrated with thread followers being fixated on the daily bias to determine their trading.
Are there situations in the market where trading S&R levels and stop raids is more advantageous than looking for the daily bias and trading in that direction? e.g. ranging or trending environments (personally I find find S&R combined with divergences and kill zones the most conducive to trading) Or am I confusing situation?
My query is not meant be anything other than looking for clarification.
I’m pretty confident it’s correct and everything works ok, see what you observe innit, I’ve been looking at dealers on it, and it seems when they have a major change on a week it’s significant.
Thing is though,m the report comes out this evening, so to use it for the week ahead you’ll need to re-download the CSV files, I’ll update them some time tomorrow.
I had a question about your trade yesterday (nice trade BTW…:)) I didn’t take the trade but I made a mental
note of where I would have got in at and I would have got in at LO for the short but I would have got stopped out on that ISM spike during NYO. My question is what made you take the trade during NYO and not
LO ? The LO OTE setup at .2620 looked pretty good at the time but in hindsight looking back the NYO setup
looked like a better trade.
What disappoints me is the new readers striving to pick the bias… not that we shouldn’t trade with the higher timeframe bias or that we shouldn’t seek it out. The new readers need to get in there and fall on their face a lot in demo trading to see what it’s like walking on their own. The study of Price isn’t complete with simply reviewing an ICT video… each of you must dive into the pool and get wet.
The frustration is though I repeat the notion one does NOT need to know the “bias” to be profitable… the new readers are so scared to just take the needed steps in the beginning that they struggle and flounder to the point of doing nothing. Or worse… chase price and the inevitable occurs… the Price shift.
Hope that helps clarifies my points in the recent video rant. :57:
The level we anticipated a Stop Raid above… that’s where my limit rested and while LO didn’t get there… NYO offered the clues to allow the limit to remain for trigger.
Thank you for this ICT. I intended to demo trade a while ago. I had put together my own ICT manual from all the materials I have access to so far and think I need to own that before moving forward. I know now, even though everyone told me this before, that I should have been demoing what I was learning all along. However, that’s what I need to do to learn. It just takes me a little longer to get started.
I always thought we needed the bias too, but my bias on Friday was long, but I found a short entry to trade and made 40 pips while waiting for my long to get filled. (The long didn’t get filled in the end and moved 100 + pips without me)
I’ll still use the HTF bias as you say but sometimes having the chart a little zoomed out allows you to see the other set ups.
Just wanted to thank purplepatchforex for his indicator and ask a quick question with regards to csv file. You mentioned that it needs to be updated to see next weeks data, does that mean we need to update the csv file every week? and also where can we get the updated csv file from ?
Hi guys, as i watched the market review from July 29 (catching up, getting there :), and the yield overlay looks like something from Bloomberg. i seem unable to find the symbols for those bonds, does anyone know what they are? thank you so much
on a different note, first message on this thread. Subscribed and really looking forward to this experience!
The Rearview Mirror reviews aren’t all there is to this show kiddies. Occasionally, the Wiz pulls back the curtain and shows the levers and buttons creating all the lights and spectacle. That hindsight stuff is a joke isn’t it folks? :20:
man… I really hate you sometimes… :16:
you taking your time with revealing these deep FX secrets, arent you… :53:
…and every time, I learn something new and sensational, I’m left with the feeling that we barely scratched the surface yet…
I know, I know… patience is the key word… just hope wont suffer a heart attack while waiting for next portion of ‘‘secret FX magic’’ to be revealed… :51:
