Yes thanks I can see them now.
Sanj,
Can you please go more indepth with explaining your comment below, I’m struggling with understanding it correctly. Thanks
“As clearly shown above, there is a strong bullish SMT divergence that had occurred last week which saw the Euro take out a significant Monthly low. The lower low shown in the fiber, is represented as the higher in the the USDx - showing the correlation intact. The cable however failed to make the same lower low indicating there was accumulation taking place”
Sanj,
Just thought I would mention that your link to myfxbook is wrong… It should include “members” instead of “portfolio” in that address. Example “http://www.myfxbook.com/members/sanj/[B](account profile name)[/B]/345058”
Hope that helps… I look forward the sharing swing trade idea.
Cheers.
Subscribing! Love the analysis and it should help me along the way as well. Just starting to demo.
Thanks for starting the thread.
EJ
I am very proud of your courage and determination…
Good Luck & Good Trading :57:
Way to go on the thread sanj! I will be fallowing for sure. Your analysis matches the one I posted in my thread! Awesome bro!
SanJ,
Please save me a front row seat!
Hey Bro,
subscribing
Awesome intro - I wish you much success, I know you’ll make it!
Very important analysis and thread as well. Specially nicely plot the SMT divergence. I do appreciate your journey. Can’t we see to plot important price or S/R level in your chart, to be a little bit clear more please? Waiting to watch true sniper shot as like in market review that you honored by ICT.
Wish your :57::57:
Apologies JavaPro, and thanks for the heads up on that
Complete noob to myfxbook - have edited the first link, should be working now
Prediter,
ICT does a better job than i ever will at explaining SMT and USDx divergences… This video should explain it all to you… I’ll be happy to answer any others questions you may have…
Correlation Concepts - Inner Circle Trader - YouTube
Thanks for the suggestion Shaer, think your right, ill throw up my personal charts tonight with my key HTF levels i am watching for the weeks…
:57:
Best wishes for this thread.
Best of luck with this, SanJ!
Learning to read the market flow and structure… that one video from ICT has changed my entire trading outlook and as a result, my profitability. I’m forever in debt to him.
Looking forward to reading more of your analysis!
Cheerz
Great thread! I’ll be following. I was wondering if you would be interested in trying a stochastic, or some other similar indicator to see if those charts you posted are showing any bullish or bearish divergences? Just a thought
Nice one Sanj and all the best with the trades ahead. The thread is a good idea and will probably give you more of an account of entries/exits than a standard journal would give.
Apologies for the late replies and no post during today - had a bit of a busy day…
Ok so the first thing i do before the start of the week is to plan my key areas which i will be watching for a reaction for. I purposely avoided using the terms support and resistance, as personally to me, they are nothing but labels which are differentiated depending on whether current price is above or below these levels… A support and resistance area, or zone as i like to see them are merely an area in which i expect price to have some sort of reaction from - this can be for example: providing a bounce, multiple bounces, or pushing through and retesting before continuing in its direction… You get the idea!
My normal routine is now to start at Monthly charts and work my way down to a minimum or 4H charts keying off important levels in which price has made a strong reaction to in the past. For reference, my charts levels will work as follows:
Red Lines - HTF monthly or weekly levels
Purple Lines - Daily and 4H levels
Light Blue Lines - Previous months and weeks highs and lows…
Ok, so as requested, here are my personal charts with keyed levels i will be watching for the coming weeks - many of these have not changed for a while…
My charts became quite busy trying to note levels on the chart so im going to post an image and write the noted levels underneath…
Fiber (EU)
1.27
1.2625
1.2530
1.2440
1.2410
1.2290
1.2230
1.2150
Cable (GU)
1.5710
1.5650
1.5610
1.5590
1.5540
1.55
1.5450
1.5410
1.5380
1.5330
You dont have to like em, or agree, but there my noted levels
Also, on top of these i will also be watching things like smaller intraday levels such as the big fig, mid fig ie the ‘1.xx00’ and 1.xx50’ levels, and also the institutional ‘1.xx20’, and ‘1.xx80’ levels, previous days highs and lows, and Asian session highs and lows…
Ok so today’s trading i had my first real setup, enough confluences were in place for me to want to put the trade on, but unfortnately price never formed a smaller OTE within my watched area for me to be able to take a position suitable for my risk size i would like to use - therefore… No Trade!
This is what i was looking at today:
Cable Chart
The pink boxes are the OTE area’s i had noted before today’s action took place, the lower box delineated off the 4H chart, and the upper box was delineated off the 1H chart…
Both OTE areas had a key level - the 4H had a key daily level noted, and the 1H had today’s S1 level in it…
At LC today, price traded down into my OTE entry level and the enough of my conditions were being met to look for an entry in, some of the criteria met were:
- Time of Day (LC Killzone)
- 4H Bullish Market Bias
- Pivot Sell Zone + Key Level S1
- HTF OTE area
- 1H Oversold Stochastic
Sure enough, when entry criteria were being met and price was in this area, i zoomed into a 5m chart and looked for a smaller OTE in order to get an entry into the market which was within my risk parameters (not more than a 30 pip SL - also at least 10 pips under the low which i have drawn my Fib OTE…
The small black box highlighted within the wider pink area was where my buy order was laying in wait… However price did not make the smaller OTE and i had to sit and watch price race off currently 92 pips from where i was watching… Which yes, sucks, but as the trade didnt fit my risk parameters it means i will need to be content with knowing my analysis served me well…
So far no trades this week - not even sure i may get one. So far though, my bullish market bias seems to be holding strong at the moment as we dont seem to be pressing to take out the lows made on Monday, i will still ideally be looking for an entry on a pullback tomorrow to try and hold for a weekly range upwards…
Will post next when i have some updates…
:57:
Great post Sanj
What im currently watching…
Again the pink zones are HTF OTE areas… Cable has just made a push down into this first area - within this zone lies last weeks weekly high and also today’s S1 level… Both good catalysts for a bounce… We have strayed a little outside the kill zone so im hoping we will see price range in this area until the NYO kill zone, which i will look to ensure my entry criteria are ticked, and then zoom in on a 5m chart to look for an OTE to get long - something which will better suit my risk parameters…
Also, one thing i am noting, both the Cable and Fiber are falling from their 4H OTE for a short position…
Fiber
Cable
My bias remains bullish for now, but i suspect you could have a small retracement in price before a continuation long. Depending on how strong my signals to go long are today, i may be a little hesitant as i feel we could possibly reach for a lower highlighted OTE area…
Oh yes brother - about time! You know I’ll be watching!
All for one and one for all!
OTE? anyone
Thx