Inner Circle Trader's Pro Traders Club 2012 - 2013 Series

[nke1234]

Thanks for explaining that chart

The first picture is showing all of the buy and sell limit orders at Oanda. When I think of stop runs, this puts into perspective for me, meaning that todays buying into a pocket of orders looks to me like banks are taking profits leading to exhaustion with a possible reversal.

[TommyL]

Im thinking along the same lines as this. Mainly because of the USDX action today. We didnt make it all the way down to the 79.50 level, but that 79.70 level looks to be support now, we had some resistance at the 79.80 level, but I suspect we’ll blow through that tomorrow or Friday (we’re right up at that level now).

Im not really sure how it will go over the next few days, but I think we’ll probably make it back up to that 80.00 level soon.

I get the feeling that its too obvious for shorts (on the Cable & Fiber), but everything seems to be pointing to that.

Also, could someone with access to a USDX feed do me a favour?

Could you take a look at this tool I found:

US Dollar Index Realtime Chart | USD Index Real Time Chart

And let me know how accurate it is compared to your own feed? From what I see, it seems pretty accurate/reliable…

Quite nice I think for a quick peak at the USDX if your broker doesnt provide a USDX feed, or if you’re not able to access your charts/MT4 (if you use MT4). It also has a decent range of Fib tool etc…

The USDX is within 3 pips to my Forex Ltd feed.

[jonnycab]

Thank you so much for both of those answers Jonnycab! I will have to watch the part 7 video tommorrow!

But, you say that to close half of my trade, I have to edit my position - how do I do that in Metatrader 4…?

Once the order/position has been opened, click on it and that will allow you to edit it.

Set the type to Instant Execution, edit your position size (volume) to whatever size you want to close and then select the yellow “close” button to close that portion of the trade.

[TommyL]

Updated my Asian Range indi following some things from Part 7.

Extends Asian range until end of next day, extends last Monday and Friday to the end of the chart.

http://www.purplepatchforex.co.uk/indicators/

Cheers PPFX, appreciate that.

[Esser]

Once the order/position has been opened, click on it and that will allow you to edit it.

Set the type to Instant Execution, edit your position size (volume) to whatever size you want to close and then select the yellow “close” button to close that portion of the trade.

Thanks a million! I didn’t know you could do that

[DodgeV83]

That is how trading and equity management works my friend! Do that same math while risking 2% the whole time and you will be happy that you cut your losses.

I think the whole idea of it is to risk 1% until you have made back at least half of what you lost while risking 2% and by the time this is accomplished you are no longer in the losing mindset and ready to risk 2% again.

Remember, we are not trying to get to break-even as quickly as possible from a losing trade (on to the next one), we are simply trying to preserve capital.

I agree with all of that

The point was using a 15 pip SL, vs. the standard 30 pip SL that ICT mentions in the latest video, will result in more losses. I understand the Risk:Reward ratio increases dramatically with a 15 pip SL, but the disadvantage of introducing more losses into your trading is great.

[lazydogs]

FXCM does have a USDX feed on their demo account, Marketscope platform. You just need to trade 1x per month to keep the demo account active, but I still use Forex LTD for my analysis

FXCM doesn’t have a dollar index feed, so I am now using Netdania:

Forex Charts | Currency Charts

[Jason_Rogers]

FXCM doesn’t have a dollar index feed, so I am now using Netdania:

Forex Charts | Currency Charts

Hi Robert,

Which dollar index feed were you after? Both of the popular ones can be viewed on FXCM’s platforms.

For the ICE Dollar Index (USDX), there’s a free custom indicator that will let you view it on the Trading Station charts as shown below.

And the Dow Jones FXCM Dollar Index (USDOLLAR) is tradable on the platform, except for US residents: www.djindexes.com/fxcm/

Jason

[PIPhanger]

While we have you here, I am testing out your mobile app but I can’t seem to find your price alerts or alarms. Is there an option for this so when price gets to a level I can have it text my phone? This is the only thing holding me back from transferring my gft account to yours…

[RobertC]

Thank you Jason.

I didn’t know about those. I am trying them out now.

[woolo]

I’m swearing to myself a lot right now at 1:00 am because I think I just understood this market structure and fractal nature malarkey. I got my little break through by deleting the fractal and market structure indictors and grabbing the trend line tool. then just drawing the really obvious swings.

This is my 4H market structure hand drawn doodle chart. The arrows indicate intermediate term highs/lows.

Fair enough I can see some ITL’s and ITH’s. My hand drawn structure is showing breaks and retracements clearly but so what?
My little break through in understanding the fractal nature side of things came when I switched to the 15min chart and looked at these 4H moves in detail. It’s never perfect but you can clearly see how on the 15 minute time frame structure keeps breaking in the direction of that 4 Hour move.

I do believe I finally see just what importance these swings have and how the moves within them can allow you to jump on the higher timeframe moves with the small time frame entries. Very happy, have never really understood it until now.

[rod178]

@rod178

I’m waiting to go Long at 13046 during NYO KZ

Kept open small Long limit 13046 and was filled early AR, which seems to be one pip from the AR Low set for today, so far!

My rational is that we will have a small run up (TP 30 pips) to form a lower H4 swing high, which will then comlete the formation of a H4 Int Swing High and a then possible subsequent break down thru 13059. I will then begin looking for Shorts, although not all out until Daily Swing High is formed.

[system]

[video=youtube_share;hftIw3r7MkI]YouTube

Details later…

[B]GLGT[/B] :57:

[damagecontrol90]

Price Broke and closed below the low as anticipated triggering sell orders for the push up
I will be looking for at least an Asia High stop raid with a possibility of the second stack of stops raided before SM moves down.

[Shaer]

Hello Michael,
Nice trade of 5th Dec,2012. I also traded at same price, 1.6113. Fiber also breaks market structure yesterday, but it was ranging double in respect of Cable. I was looking the trade setup in Fiber but failed though later find there was and OTE from Asia low to NY low and sweet spot was 1.3084.

Question is what makes you trade the Cable than fiber? We could have double pips in fiber! Fellow traders, what were you doing?

imgur: the simple image sharer

[DodgeV83]

Closed a little bit more of my trade at the blue line, right above the 1.3040 (+52 pips)

[Shaer]

Congratulation DodgeV83, nice pip hunting? When did you enter in to the market 4th or 5th December?

Closed a little bit more of my trade at the blue line, right above the 1.3040 (+52 pips)

[sladhaFX]

Hello Michael,
Nice trade of 5th Dec,2012. I also traded at same price, 1.6113. Fiber also breaks market structure yesterday, but it was ranging double in respect of Cable. I was looking the trade setup in Fiber but failed though later find there was and OTE from Asia low to NY low and sweet spot was 1.3084.

Question is [B]what makes you trade the Cable than fiber?[/B] We could have double pips in fiber! Fellow traders, what were you doing?

As Fiber was trading higher from Tuesday into Wednesday, Cable was trading softer, failing to make new highs. The lower highs in Cable could have been interpreted as increased selling pressure over Fiber, hence favoring Cable for shorts.

[DodgeV83]

Congratulation DodgeV83, nice pip hunting? When did you enter in to the market 4th or 5th December?

Thanks.

I entered on the 4th at the OTE entry point right after drawing the fib.

[Shaer]

Seems price went about 28pips against you, what was your SL?
Do you consider SL as 10 pips beyond of last swing or 30 pips from entry?

Thanks.

I entered on the 4th at the OTE entry point right after drawing the fib.