Tokyo Open set up
4H 4 wave in sights
4H divergence
Planning to exit at 4H OTE
Currently 4H swing low with buying pressure, stalking to short at Sweet Spot using 1H chart
Reward is 210 pips, Risk is 63 pips
I did not trade on Friday, although did note the potential Reflection Short.
Entering on the Reflection during the NYOKZ would have betted an almost immediate 45 pips iw TO at an old multilple Weekly KSR
Fiber M15 Reflection Short
So Iâve added to the old torrent. Packed some extra goodies in there. ICT (download torrent) - TPB
This is the second time that I have run into a wolfe wave after a daily swing and MS break.
I am not buying this from wave 5. I am using the target line as confluence in the OTE zone to get short.
This happened on a set up last week on GBPJPY, calling the entry to the pip before the pip haul north.
R:R to Target 2 is more than 3:1 using OTE entry stop loss placement rules.
Hey everyone, here was a pretty solid setup on Fridayâs trading, anyone else lucky enough to get in for the drop ?
after
What tool(s) did you use to pick a short entry, at the (very) top. 
ICT didnt send you guys his lessons on picking exact tops and bottoms each session??
lol that was a JOKE. But anyways⌠no new special tools or anything fancy, just good olâ divergences, S/R, time of day, big figures etc etc. I obviously didnt know it was going to be the EXACT high of the day otherwise my stop wouldnât have been so high =P ⌠that was my limit order to get in at 3395 (I was supposed to be entering while price was going the opposite way I expected) and it just so happened to stall there shortly after then fall.
Given that it is the weekend I am supposing that many are (re)setting their KSR levels.
Using too many KSRs is obviously counter-productive, as the chart would merely become a jumble of meaningless line. Interested to gain some possible new tips on how others approach this.
My Data Feed Daily candle starts from NYC (currently GMT+2 ) and my KSRs, in ranking order, as follows:
Monthly High/Low
Weekly High/Low
Asia Range High/Low today (L0)
Previous day High/Low
Figures (especially 20 and 80)
Daily High/Low
H4 High/low
Asia Range High/Low previous day (L1)
Asia Range High/Low previous day -1 (L2)
Asia Range High/Low previous day -2 (L3)
Asia Range High/Low previous day -3 (L4) (Note: Indicator extends AR from last five days)
Note: use three bar swing highs and lows on data for :
- Monthly : last year
- Weekly: last six months
- Daily: last one month
- H4: last one week
Obviously the higher the ranking and the more confluences with other KSRs, Fibs KZs, Divergence etc, the more powerful the potential entry signal. KSRs rules over all else.
Any feedback welcome.
Never mind. I got it.
Hey guys, need to tap into some knowledge again.
What is Michaels way to calculate pip gain per week when using a double tap entry? I think it was covered in a video at some point, but I canât find it in my notes.
Last week I managed +4.4%, but adding all the pips from each (both) positions, I get 167.2 pips, which I donât think is a fair representation?
p.s. this was my first week trading on my own using Michaels methods 
Nice week, well done.
Hypothetical Figures Of Course:
Two orders:
Buy @ 1.3200 (One Contract)
TP1 1.3300 - 100pips (First Tap)
TP2 1.3400 - 200pips (Second Tap)
50% off TP1 1.3300 (100pips / 2 = 50pips)
50% off TP2 1.3400 (200pips / 2 = 100pips)
Total gain = 150 pips.
Buy @ 1.3200
70% off TP1 1.3300 (100pips * 0.70 = 70pips)
30% off TP2 1.3400 (200pips * 0.30 = 60pips)
Total gain = 130 pips.
Thatâs how Iâd calculate it. But then again I spread bet, but basically you are splitting your position between the two. So if you were trading 1 contract that would be half a contract on both positions. So the principle should stand up.
EDIT: Looking back though, I only really look at the % gain so not sure if my method is actually what you were asking??
More and more I realise how preparation is the key, for me itâs what makes the difference between virtually guaranteed good profits and what is nowadays break even, I canât remember when I had a loosing week, but good profits and preparation go hand in hand for me.
See how the big numbers feature all the time.
Iâm gonna have these levels on screen permanently, if youâre short on screen, print the daily chart off and stick it on the wall in front of you.
Exact same levels lol
The significance of key s/r played out nicely on Fri.
I had been thinking lately of the excersise that ICT gave us back 10 months ago in the no audio video in early March 2012 - The excellence of Execution - I am def going to give it a go, will alter it slightly to maybe 30pip sl and 30 pip tp - will open a demo a/c and only trade that - just to see the effect.
At 7.50 mins
Recently on ICTâs videos he speaks often of that hard to spell word - equilibrium.
On the 1hr Fibre I have been watching this area - e.g. Dec 12 -14 equil was 3085 - see the effect of this area right up to Jan 10.
Or on Jan 10 an equil area of 3260 was estalished - see the effect of this area later.
On Wed Jan 16 ICT tweeted â See how fiber used 3285 as equilibriumâ
Two days later, on Fri past, see what happened at this point.
if too many lines show on the screen then you can always take out some and keep the proven ones, those that appear at the boundary between the areas that look and traded like ranges. To appear so, those lines have at least once shifted role from support -> resistance or resistance -> support, and have a couple of touch points either side. You may need to shift through time-frames to find the ones you like better, but they do appear on every time-frame.
there is a connection between desired amount of pips/trade - duration of time in a trade - frequency of lines on the screen. Thatâs important, because many lines introduce frequent decision points, effectively reduce the time frame, accelerate the trade and reduce the pips. The spaced lines slow the trade and extend the pips, and that only says there should be a good match between the chosen lines and the âpersonalâ time-pip frame of the trader.
hope this helps, good SR-ing this week!
This used to cause me so much hassle, how many lines do I need? It was so easy to go mad with the lines, thinking if I marked up every âimportantâ level I saw, Iâd have a much clearer view of what was going on. Obviously the opposite happened. Total confusion ensued as price ignored most of the lines I had on the chart and I started to lose track of which levels where the key higher timeframe levels.
So, I use the monthly/weekly/daily and 4H for marking up these levels. And actually, What I normally find is that if I only use the daily to markup key highs and lows, they will map out rather nicely to the 4H as well as the weekly and monthly. My charts havent really changed that often recently. Iâve had these same levels marked for weeks now, with the next level for upside around the 1.3480 (next key swing on the weekly). Once I have these key points noted, I will try and use them alone for entry and exit points. As usual, look left on the charts. There are so many key levels (daily and higher) that should be used for determining these levels and will typically be a few hundred pips apart, so marking them up and drilling down to a 1H the chart wont look cluttered at all, same goes for the 15M. This has added much clarity to my trading. Ignoring the ânoiseâ is tricky, but things start to really fall into place when you have a nice clear idea of where price will be going.
This is how my charts look:
4H TF, over the last 4 months:
All of last weeks trading on the 15M TF:
As you can see, if you did get in at the top or bottom (shorting on Tuesday to the low on Wednesday), then you had some very clear higher time frame profit objectives that were reached rather convincingly.
Also notice the upper levels: 1.3180, 1.3280 and 1.3380. All institutional levels and all previous swing highs from September 2012, May 2012 and March 2012 respectively. Some very important price action around these levels, all of which are very old levels, illustrating their importance.
IbePippin raised a great point too and I actually do the same thing he mentioned. I use the higher time frame levels as my ultimate profit objectives intraweek. Asian range levels and other short term swing points visible on the 15M are used for my initial TP levels, but I wont mark them up on the chart until after Im in a trade.
So overall, I try to keep my charts are sparse as possible, adding some Pivot Points occasionally as well, but this is about as complicated as my charts get. For me, definitely a case of less is more. Not sure this helps you at all, but this is all I use and it works quite nicely. It took some getting used to though! For a while it felt like I didnt have enough information on the charts to make a decision. It also helps me with the âone shot one killâ style trade.
Iâve been busy and just had a chance to look at the forums again.
Thereâs a lot to read through, but what I find most useful is seeing other peoples trades.
Has anyone started a thread where people post just their trades; pre and post analysis, entry reasons, exit and so on.
I find I learn a lot more when I see what others have done/ are doing.
If there is a thread like that could someone point it out?
If not, is this something anyone else would be interested in having / posting on or am I just being a freak?
Hey guys and gals - just uploaded my new (and first for here) avatar - itâs my beloved Mountains of Mourne - where I grew up, where I live close to, where I spend many Sundays walking in - you are all invited to visit.
To add to what other have said about drawing S&Râs on your charts. I find it nice and easy for me to see everything by having multiple time frame charts for each pair open at once.
At the moment I have the Daily,4H,1H and 15m charts all open at the bottom of MT4 on the tabs.
You can then draw out your structure, your S&Râs and your indicator divergences with ease. That way you can easily flick back and forward and see what is going on in each of your time frames. You donât end up with lines and lots of rubbish blocking out your charts that way.
Itâs also helpful in spotting your trades because you have not had to delete the annotations on the 1H chart so you can analyse the 4H chart.
PS:
Has anyone had any sort of edge from using the wolf waves? Iâm marking them out but at the moment they appear to work out on the left hand side of the chart but on the right side they are appearing to be utterly unpredictable for me.