Hi folks. Back to it after a week off and I am reviewing some of the ICT concepts for longer term trade entries. I wonder if someone could critique my chart and let me know if I am shooting in the right direction with this? Are the STL/STH/ITL/ITL in the right place? Based on fractals, right?
My reasons for entry here would have been that we traded down to previous support, just shy of the 38% retracement on the daily chart, S1 pivot on the day, institutional 80 level, STL put in to confirm an ITL two days prior, AND (and I havenāt shown it here as I am difficulty saving the picture on my other platform) SMT divergence on the 4Hr, 2Hr and 15M charts. My only disappointment is that there was no confluence with weekly pivots, which I was searching for. cablelongentry.gif picture by Alishijo - Photobucket
P.S. I should be able to put images in this space having posted more than 50 times, right? Why wonāt it let me insert an image? Is it normal that it should ask you for a link rather than a file on your computer when you click on āInsert Imageā?
hahaha, today was typical for my trading in the last 3 months. Some decent gain during monday or tuesday, then some stupid decision and fast loser or two. Then for the rest of the week rat race to make it at least for breakeven or 1-2% profit.
Hey Inner Circle Traders, anybody has some advice how to get out from this circle :-)? The last year was really good, but since January it is from nowhere to nowhere
ā¦have to open one more bottle of Chardonnay or will go crazy and throw the computer screens out of the windowā¦
Donāt nap during London Close tradesā¦ they are scalps in natural and can typically reverse on trending days and wipeout your handsome scalp profits. Enter on the London Open and sleep thenā¦ the London Express is forgiving if you have the tools in sync and allow the trend to take your trade towards the London Close Time ideallyā¦
Iāve got some weird personality defect where by I can trade sucesfully with discipline for a certain amount of time, using proper risk control and trade analysis and see a glimmer of light, then I sit down raise my leverage, analyze a trade for all of a minute, pull the trigger, watch price move the wrong way, place the trade again and blow all my hard earned profits for no reason.
I really think itās a mental problem as Iāve seen this pattern of behavior in myself before, for example when I play chess I can have a game all but won and, not just lose concentration, but somehow sabotage my game. Or on a mountain bike ride last year I tackled a very technical downhill section only to crashout on basically a straight with the finish in sight. Somehow Iām afraid of suceding. (Sorry bit heavy:8:)
I really believe ICT is providing us with all the tools weāll need to win in this game, but, to coin the phrase, controling our fear and greed, basically discipline can only come from ourselves. To trade like Friedrich Nietzsches Ćbermensch (nothing to do with Nazism, but to be emotionless, even thatās not right but worth a read).
From my perspective, I believe mastering (donāt lets get carried away:53:) trading will go hand in hand with overcoming some of my other character faults so I donāt expect it to be an easy ride.
I think the Sunday data makes it skew the ADRā¦ I do not shift anything on this toolā¦ I just load it as it is. However, I do take the ADR in pips and add it to the low [what I determine at the time of trade] in London to arrive at the levels and reverse for London highsā¦ subtracting the ADR in pips to arrive at the projected low. Letās see what London gives us tonight and compare levels. I will be opening my chart in real time webinar format at 1am EST for London analysisā¦ this might help.
Study, analysis, application, control risk, take profits, move remaining portion to BE stopā¦ get paid and take no more trades for the day. Howās that work for ya? :33:
Bank it, protect it, donāt turn profits into charityā¦ you ripped it from their handsā¦ giving them an opportunity to take it backā¦ bank on it coming with INTEREST. :53:
Very good! If you see ITL lows form try looking for STLās to get long when long term Flows on Daily and 4H are upā¦ this is the nature of Low Risk High Probability setupsā¦ if you look over my best tradesā¦ this is the common denominator in them all.
When I began to turn the corner on consistencyā¦ the profitable trades were like a drugā¦ I was an addictā¦ I couldnāt get enough of the feeling of somehow feeling like I have the Universe at my fingertipsā¦ every dream was just a few months awayā¦ I had a Midas Touch and could do no wrong. It was precisely those periods when I experienced the worse drawdowns and emotional roller coasters.
We as menā¦ ladies this might not be a large issue for you as much as us menā¦ we like to be right! We have to know it all, do it all and conquer it all. If we make $100 on a tradeā¦ the next one better pay us $200 and it better do it in half the time! Menā¦ not to be crude but this has a lot to do with āmeasuring upā, in not only our eyesā¦ but our spouses, friends, and family.
We want to be successful but when we get a taste of itā¦ and it isnāt as āwildā or reckless abandonment or nearly as close to adventure as we fantasized it would beā¦ we go and turn a hat trick on the journey and toss in some plot twists to spice it upā¦ and the same result occurs to you as it did for me. WIPEOUT! The party comes crashing down on us and then we like to reach for excuses why it was something other than ourselves that took our money awayā¦ because letās face itā¦ weāre men and we got it all figured out, right?!
Been there, done thatā¦ folks itās the toughest part of consistencyā¦ exercising discipline and being happy making whatever you make and not trying to squeeze more juice from the lemon when itās already tapped out.
I watched the Friday High today in the Cable retest and I seen the OTE to jump on boardā¦ but I allowed myself the permission to be flatā¦ not chasing the moves after banking a gain. Years ago, I would have said, heck 65 pips is nice, but 100 on two trades is even better! I would have went in againā¦ and while this would have proved profitable todayā¦ it might have taken some of my 65 pips in the bank.
In my experience, losing trades are fine, I donāt sweat them at all. It is the trades I lose on that I knew were not in my best interests as it relates to discipline that haunt meā¦ still to this day I have several I wish I never went in onā¦ the pain still lingersā¦ to which I am thankful for, as it is this pain that keeps me reminded of how foolish I can be if left to my emotions and shooting from the hip trading, override my better judgement!
Way to go Manta!!!
Works like a dream!
Many thanks
still watching all the videos ,trying to get it all clear in my head and day by day its coming and there is always useful
information on the forum so once again thanks ICT and all the contributors!!
Jeff
Well trying to keep my eye on the bigger picture and see that price is looking to go higher heres a london close trade i caught today! It also lined up with a few fibs in a few places it seems.
Hi ICT, where does the webinar take please? Iāve been in the BP chat room a few times before London Open but there is never anyone in there trading this system - is there another BP room somewhere I donāt know about??!!
It is just the Babypips chat room, but I am feeling sick and wasnt able to get to my charts. Looking at the Cable I would be interested in a OTE long at PDH otherwiseā¦ not interested. Sorry if I had anyone else waiting around for meā¦ its not intentional. Talk with you soon and try another go at real time hopefully London Openā¦ Iāll keep you all posted.
Iām luvān this asian range break stuff thanx ICT.
Today GPBUSD London open carbon copy of yesterday, longer TFās showing higher move up + flows up on all, asian high break with MR1 retest, OTE on 5min.
Took 1 lot off at +30 but unlike yesterday (when I was stopped out at BE) only move my stop to -20, took 1 lot at MR2 for +60stop now moved to BE and last lot off just under R2 for +70.
Havnt been trading because price has always been above the Pivot Couple good entries I [I]couldāve[/I] taken though but am trying to stick to the rules, no longs above the pivot and no shorts under it.
ICT, now that price has pretty much hit 1.64 are we likely to see cable hit other previous highs should it move higher?
thanx ICT.
Couple good entries I [I]couldāve[/I] taken though but am trying to stick to the rules, no longs above the pivot and no shorts under it.