I am really happy that you have found learning with myself and the group beneficial. There is truly much to learn and most of this is from experience. You can learn very little from books and mentors and much more (in fact I would argue everything) from experience. It does take time as you cautiously learn what works and what doesn’t, and change your approach a little every time - I would use the analogy that you are the ship navigating the waters of the fx market, and each time you experience something new and adjust your methodology correspondingly, you slightly change the angle of your rudder - which at first seems like it has made little difference but over time (many hundreds of nautical miles later) you actually realise that the tiny change you made earlier has steering you in an entirely new direction. Its a little like that in the FX market - and I speak from experience because I have spent thousands of hours watching, monitoring, checking, cross-referencing, testing, experimenting, learning, thinking that something actually works when in fact it does not etc, etc, etc, the list goes on… Then, there comes a time when it hits you and you have a revelation or ‘eureka’ moment and you realise you have stumbled across something incredibly unique, something that works extremely well (lets call it our ‘tool’), and then you are faced with the challenge of perfecting the understanding and implementation of that tool. This is essentially where we are with our group - we are perfecting our trading methodology of entries and exits (the stops tae care of themselves) and soon enough through more market experience we will no longer stumble into the pitfalls we have in the past - but instead flow smoothly through trend after trend after trend… and THAT feeling Esmail, is the BEST feeling a FOREX TRADER can have. It is NOT the profits one makes (yes, they are nice and yes, they are important and most likely the reason we engaged in forex initially), it is the feeling of sheer confidence and joy that you experience when you know what the market is doing, and why it is doing it at that precise time, and therefore understand how to act in response.
Wow - I did not intend on writing a lecture here but it just flowed straight out of me. Hope it makes sense and I also hope you enjoyed reading it.
Best wishes, and lets have an awesome trading week in FX together!!!
I took a CT short on GBP/USD at 9…45am at .5863 in preparation for the longs that i expect we will get later today.
Currently i am waiting for the 12gmt hour to close before thinking of closing our my position.
Hello PFXP, I’m a newbie in forex, just started for a month , and I found this thread, and have already read several pages :), so I decided to try to follow your signal starting from today :). What I don’t understand is CT = Counter Trend and CCT = Counter - COunter Trend? can you explain it to me a little bit with an example?.
Yes, you are correct with your descriptions. However, have dropped the CCT from the system. Only Trend trades and the very best CT trades.
CT trades are initiated often when we are waiting for a long trade to trigger. Patterns may form that indicate that price is ripe to our long trigger level - this is a CT trade.
Thanks for the explanation PFXP :), I have another question, I am following your twitter now started from yesterday… my question is when you said your time like for example you mention 10:00 AM , is this mean 10:00 AM GMT Timezone? I need to know what your timezone is, coz I live in GMT+7 zone…
Both pairs have seen their daily reversals now. It would be wise to only trade short for the time being. There will be not countertrending from now, the trend is too strong.
EUR/USD may reach 1.26339
GBP/USD may reach 1.5565 likely more
the entry is not a bad one although I expect the entry to come after confirmation around 1.59358 price level. The actual entry may come a fair bit higher and could easily take out your stop. Personally I would wait for the confirmation entry as it will be safer with the stop loss.
So far had two impulses short on eu, 1st at 1.3345 at 10"05gmt and the 2nd at 1.3335 at 12:10gmt. They are working out beautifully. The reason for this is these are the confirmational impulses of the main trend whereby large traders will be initiating sell trades. This accounts for virtually no drawdown and price dropping instantly generally creating bearish reversal candlestick lines and patterns. Dropping like a stone (eur) as I write this very sentence…
Mike,
Real nice trading the last couple of days. The impulse trades work really well, often with zero drawdown following entry as with two of them for me today, which is lush and work really well in a trending market like we’ve seen. I’ve been able to identify them even before your tweets so I guess that means I’m learning. Anyway, managed to get into just 3 of many possible impulse entries for 250 pips total the last couple of days. Top job, have a great weekend. Billy
Thanks for ur inputs on short Gbpusd . Actually I couldn’t trade this pair as I was busy in a traing whole day. When I came back, the opportunity was missed out.
Anyways can you pls help me understand how to find a impulse trade signal in this pair. I mean how to find a good entry point. Like the blue arrow as per your chart. Can u pls help us in setting up this kind of chart
Your help in identifying us the entry point wud be very helpful.
Thanks very much in advance.
Hi Jaypips,
So during a clear trend PA pauses and retraces slightly then creates a bunch of candles (I watch 15min) which creates a little mini high ideally with some upper shadows (if you haven’t read it already highly recommend Steve Nisons Candlestick course which Mike recommended to me) then wait for a few of these 15min candles to form and confirm this mini high then wait for the that mini hi to be retested but PA does not exceed the mini high created by a few preceeding 15 min candles and then at the point in time when the candle is about to change to a new one (every 15 mins) and if it fails to create a new high then right at the point it starts a new 15 min candle I enter the short on the formation of the new candle. Check out the timing of Mike’s tweets of impulse short trades against the 15min chart for thursday and friday to see how it works best. Mike, please chime in if any of this is wrong or if it needs any info adding to it to help, but that’s what I was doing and it worked a treat on three occasions for me and others I didn’t enter on Thursday but should have.
Hope that helps…
ATB, Billy…
, and I found this thread, and have already read several pages :), so I decided to try to follow your signal starting from today :). What I don’t understand is CT = Counter Trend and CCT = Counter - COunter Trend? can you explain it to me a little bit with an example?.
