Ok how about this… It would be a matter of 30 minutes for me to run the analysis on excel using daily bars over 10 years of data… Would you be curious to see the actual results?
Go for it. It took me about the same time but I also broke it out by hour ie the cumulative increase by hour. (so you’ll need to download hourly data). You’ll find the point of saturation for GBP is around 4pm on wednesday when it reaches 95% for 2012 data. I’m timing you … I’ll give you an hour.
PS: I moved sunday bars into monday and used GMT midnight open data. Never tested on 5pm EST data.
You only ran one year?
I’ll be doing this on Sunday when I’m home and have nothing to do… In order to stay true to whether or not days have any statistical difference I’ll be using daily bars… If highs or lows occur more then 84 (plus 3 percent for error) on the first three bars of the week, I will concede there is a significant difference.
I’ll double check if my data is GMT or NY time but it really won’t make a difference.
No ran it for about 10 or 11 years for GBP and then repeated for EUR. I just mentioned 2012 because the results are consistent every year. Sunday bars merge with monday and using midnight open GMT
Goin and goin and goin and goin
Someone needs to make a thread to compile the key points of traders independent research… Stuff like this (if proven) would be posted and could be compiled so as to provide a collective store of knowledge and data…
IMHO I would probably increase risk on the next trade to [B]at least[/B] 10%
Great idea. At last we agree on something
So about those last trades. double tap. but he closed them both at 18 pips. he didnt let any run. and i remember him saying if he couldnt make 20 pips on a trade he would question taking it. I think these might just be appeasement trades. If he’s making these I’ll start questioning whether he can do it, maybe he’s letting everyone get into his head or this public account.
Another wolfe wave on eurjpy m5 today. They were both in a row. Not very often I suppose.
PS: I know it’s completely off topic.
Good trading everyone.
Someone mentioned the stastics on when the high or low of the day are most likely to happen? Keep in mind this is [B]OLD[/B] data but it’s still interesting.
Distribution of EUR/USD daily high and low during a day
Good article… I’ve read similar articles that demonstrate there is a statistically significant behavior that currencies possess where they depreciate during the trading hours of its home country… (Eur would depreciate over London session and dollar depreciates during New York)…the reasoning is that business activity of that country tends to be net negative of the countries currency… As in they will be doing over sea transactions that largely are purchasing in nature, which means selling their own currency… Most of these transaction will occur during normal hours of business for that country
I think you need to understand the psychology of turning 5k into 1m. I understand his concepts every one of them. And I dare say I’m doing pretty well 10% this month. But I am not ready to deal with the emotions and the rigorous routine of turning 5K into 1m in 3 years. I’m not that consistent yet. Michael has 20 years of experience. A trader that has been following him has at most 3. That’s a world of difference. It’s not the basic generic way he trades that makes him a success. It’s his mentality.
ICT just put on 3.39% in 2 days of trading. Extrapolate that… It’s pretty impressive, and that was just a few scrappy scalps. Wait til he hits a homerun on a swing trade 
I agree with this. This challenge isn’t easy. Michael wanted the odds against him. He wants to show off :-D. And 2 days isn’t a big enough sample. It’s easy to find an edge. That’s the easiest part. What isn’t easy is to consistently repeat that edge. Even through a strong of losses. Forex isn’t about mental ability it’s about emotional fortitude. Michael has had 20 years of losses pounded into him. I think his armor is thick enough to weather the challenge.
I would argue it is not an edge at all if it can’t be maintained.
I also agree IyaJenkei,
If ICT has the mental fortitude to not have this thread worry him, he will succeed as this thread would be a cancer on most people. I think I have wasted enough time on it to be honest and will now put my time to much more useful things, like evolving my own trading strategy. This thread now had zero usefullness, and I will watch the myfxbook results and not this thread, which is a real shame in a lot of ways - but it is counter-productive to say the least
The only psychology that requires any sort of understanding here is why so many people who are clearly ill-equipped & incapable of consistently applying anything being taught by this guy are so quick to recommend newbies to immerse themselves & invest huge amounts of time & effort into an approach that they themselves can’t replicate.
Most of those struggling to absorb & apply all this information would be far better off trading something nice & simple like Captain Currency’s 3 Ducks approach.
I read where one guy who has been on this board for more than 5 years had dropped $7.5 in 2010 & another $3.5k last year using this guy’s methods. Not exactly a ringing endorsement after 3 years of diligent study.
I wonder what financial state his account would be in today had he invested that time & effort into following the guidelines laid down by Andy Perry.
A screen shot of your 22 open positions then?
He showed this can be done. He challenged me and lit a fire. He simplified and gave video examples. I don’t thank him for my success. I thank him for showing me how to find my own my way to success. It’s irrelevant to me if he does this or not. It’ll be cool and exciting but it has no bearing on his tools. It’s fine to think he isn’t a pro profitable trader. But I don’t think we want to get into whether support and resistance works. Or market structure. Or time of day matters.
It’s a psychology thing. Volon or volan. You’re wrong. Every persons psyche is different. If someone put down more than 1k live and being brand new what does that tell you? Unless they have a sizable amount of money it tells me they aren’t ready in the head to trade.