Pips of GLORY - Smart Money Trading

[Sweet Pip]

I opened my charts this morning and saw what looks like a good short trade.

The flows appear to be down and price is revisiting the center pivot. I have 2 fibs drawn, one on a previous upswing and price is at it's 38.2% line. The 2nd one is on the last downswing and is currently at it's 61.8% line. There is also a recent support turned resistance. I don't have any divergences to speak of so am relying on the other confluences to do the trick....



I have set a 20 pip stoploss and a 30 pip profit target....

...UPDATE - stop was hit for -20. Perhaps I should have used a 30 pip stop and I'd still be in. I'm also thinking price action was against the trade with higher highs & lower highs still being made.

[MCAWally]

Well I think I need to re consider my fractals, since I have the opposite of you; long term bearish, short term bullish, lol.

Anyway the thing is I had plenty of confluences at the central pivot, which was never reached, although re-tests were made a little higher up and SMT was pointing good.

Euro made the textbook set up for tonight in my opinion.

I'm still trying to descipher what ICT has posted the last few days. It makes more sense to me once I see it applied on a chart real time.

That site invest-fx has really good information, it's a shame it's no longer active.

Ok it's been a week of catching up after the loooong weekend and let's see how this week's set ups allow us improve the money machine skills

Read you later.

I'm with you, I had a neutral market flow that went bullish on a new 1 hr fractal then it bounced of the PDH and fell all the way to PDL ignoring all Pivots and s&r along the way. I'm a bit confused now as to what I did wrong or didn't see.
Agreed what a shame about that market flow site, it has a lot of the basics ICT talks about.
I can't grasp the whole close near high or low thing, when I look at the charts I see turing points are mostly long tailed bars and does small range and long range days have anything to do with ATR ?.

Wally

[Sweet Pip]

I think I've gotten a little better with the flow factor. Here's the possible flow on 3 timeframes. The orange is the Daily, Red is the H4 and Yellow is Hourly. On the 4hr, I've also put the yellow hourly fractal range inside it, and on the daily I've put the hourly & 4hr fractal ranges inside it...a map





I've got a new indicator...compliments of TRO ...lol...which draws horizontal lines of the fractal range high & low. It also draws trend lines on the last couple of fractals highs & lows to give channels...cool. I also can now easily see where the flow changes should price break past it. It's dynamic so when a new fractal swing high or low is made, the lines adjust.

Now even tho the flow is seemingly up, it's at the top of that daily range and there does seem to be a pretty strong resistance, and yesterdays PDH & R1 was there at the top at the time the trade triggered (pending order). So that's was my reasons for going short even tho against the flow.

[Sweet Pip]

I'm a little stuck on the flows because if one can't determine the direction, the rest is a rather mute point...lol.



Ok, having a little problem with the indicator...the 5 & 15 flows are up when looking at price in relation to the last swing highs broken, but the gauge is opposite....

[Sweet Pip]

I've just spent a better part of this weekend reading "Master The Markets" by Tom Williams. I really wish I'd read this a long time ago!

I've also been reading a few other threads on this and other forums that utilize this strategy and they all seem to be consistently profitable because of being able to "Read" the market/chart and detecting what "Smart Money" is up to...lol....and this book reveals how to do that.

I'm trying to upload the PDF I got off 4shared.com....but it keeps giving me a "Security Token is Missing" error......in the meantime I'll post this link to it...

4shared.com - document sharing - download Master the Markets by Tom Williams.pdf

[wrtm_19]

This really is a great book.

Definitely I feel like I'm studying a master degree, not because of this book alone, but for all the topics that you have to cover with books, practice and internet reading.

Definitely one step further to "pro"

[donkey]

Are you guys plotting any weekly pivots to target setups later in the week and as possible confluence with daily pivots? I'm still not 100% sure I'm calculating all my pivots correctly, but I seem to be pretty close to what show up on most of the charts on the ICT blog.

Anyway, I plotted pivots for last week's gbp/usd tonight. I think I see a couple of interesting areas this week. I have last week's high at 1.5391, weekly RM1 at 1.5383 and a KSR (March high prior to last week and today) at 1.5380. I also have the CPP for last week at 1.5299 (basically the 1.53 area that seemed to trigger last week's rise).

I decided to set a buy order (demo only at this point) at 1.5380 with a s/l at 1.5340 and a T/P at 1.5470 (which is the weekly R1). My reason for targeting the trade is recently daily bullish bias, confluence mentioned above and one of the institutional (80) mentioned by ICT in today's blog.

[Sweet Pip]

Are you guys plotting any weekly pivots to target setups later in the week and as possible confluence with daily pivots? I'm still not 100% sure I'm calculating all my pivots correctly, but I seem to be pretty close to what show up on most of the charts on the ICT blog.

Anyway, I plotted pivots for last week's gbp/usd tonight. I think I see a couple of interesting areas this week. I have last week's high at 1.5391, weekly RM1 at 1.5383 and a KSR (March high prior to last week and today) at 1.5380. I also have the CPP for last week at 1.5299 (basically the 1.53 area that seemed to trigger last week's rise).

I decided to set a buy order (demo only at this point) at 1.5380 with a s/l at 1.5340 and a T/P at 1.5470 (which is the weekly R1). My reason for targeting the trade is recently daily bullish bias, confluence mentioned above and one of the institutional (80) mentioned by ICT in today's blog.

I'm not calculating weekly pivots no. I think some are and if you do then that's ok...the more confluences the better but I don't believe ICT mentioned them much in his original thread.

So you're waiting for a pullback down to 1.5380. That would be nice cause I'm short from 1.5470, R2, and that would be a nice area to exit...



UPDATE: Actually had set my T/P for +30, and that's what I got

[donkey]

I'm not calculating weekly pivots no. I think some are and if you do then that's ok...the more confluences the better but I don't believe ICT mentioned them much in his original thread.

So you're waiting for a pullback down to 1.5380. That would be nice cause I'm short from 1.5470, R2, and that would be a nice area to exit...



UPDATE: Actually had set my T/P for +30, and that's what I got

That was a nice entry. The 1.5470 R2 that you entered on from your daily pivots actually lined up exactly with 1.5470 R1 that I had calculated as weekly level.

Looks like I had a decent entry point this morning - Price retraced to around 1.5420, and is currently retesting today's low and moving closer to my s/l. I possibly set my initial Take profit too high at 55 pips. I have normally been using a 30 pip s/l and t/p but decided that I wanted to try an entry that if triggered, I would possibly have to hold a while. This will definitely be a good learning trade for me.

[skorbirg]

I guess I was too fixated on it going down...lol...and I missed the up flow perspective & opportunity. Then I realized, I didn't/don't really get how to tell what the market flows & directions are. If I can't get that part somewhat consistent, the rest won't matter.

Soooo, I googled around a bit and found this really excellent site Market Flow � Invest FX that's explained it using fractals and I think it will really help me with that.

As I went thru that site I was very pleasantly surprised to find that it basically covered almost all of the tools we are using here, and emphasized the need for the convergence of confluencing factors.

Hi Sweet Pips

I have been following your thread on Robert Miner, I have read and re read his book. Also been paper trading the Euro suing his method on a weekly and daily chart. I stumbled on your thread by accident. Just finished reading it though. Have you had success with Miner's work, are you still using it.

Regards, Roger