Thank you,my Confluences was also like you and saw the fractal in 1hr Chart. Is there were any valid setup in Fiber except OTE from Asia low to NY low and sweet spot was 1.3084?
I posted my entry and analysis for this trade earlier in the thread. It was a 30 pip stop.
getting close to our 30 pip take first profits.
This is along the lines you should be thinking⌠, but not trading, itâs interest rate day, leave it alone for actual trading, we can still learn though.
First of all I anticipate the market to go up, for a number of reasons, expecting a bullish week from the weekly chart, no fractal yet formed on the Daily chart for a short, I presume weâre not far off the weekly lows established right at the beginning of the week. You may have a different approach, and if you have you would anticipate for different things in different places.
So we have the confluences, Asian highs and lows feature on the 1.3050 level, that is going to be support, not much doubt about that, should provide a good bounce in the very least. The USDX is virtually a mirror copy with the Asian highs and lows featuring.
Then follow the daily plan, I have observed on the chart that a swing low into the Asian often means a swing high out of London, not sure if ICT has mentioned this, or is that useable, time will tell, but itâs something I think I should use, and we all have or should have our little extras that we like on top of what ICT teaches.
Then we have the Turtle Soup stop raid as we come into London, and this is why I say you can get such tight stops, with these techniques, 3 PINS on the 15m chart with narrow spreads, it happens much more often than you think.
So you have no reason should you be in this trade not to be in at the 50 level, with a 10 PIP Stop Loss. Provide the right stop loss for the trade.
From the Daily Chart you could reasonably expect the previous highs to be broken at 1.3180, so potentially over 100 PIPS, take profit of 30 at the first 1.3080 level, then who knows, Iâve done my trading plan, sometimes Iâm right sometimes Iâm wrong, and that will always be the case, and by the time and writing this, itâs at 30 30 TP level
Of course much more to it too, but thatâs kind of a barebones thing, and we do have Rates at lunchtime, so anything could happen, probably a bit of a damp squib today actually.
And remember ICT doesnât shoot from the hip he stalks and he snipes.
⌠Iâm out for the week.
Best to wait for confirmation of ITH . ie by Tuesday
I have struggled this week so far. I know people are anticipating a high to be made in line with seasonal ⌠but Iâm not convinced yet. Sticking with the current up-trend on GBP has a possible 1.6200 in sight.
Looking for buying opportunity @ 1.6066. I figure if I am wrong then I will soon know about it
Looks like thereâs some shorting going on at the OTE:
Along with a distinct, though small, SMT divergence on the USDx and EURx, showing shorting pressure on the EUR:
On the 15 minute chart, we can see a reaction to the 80 figure (Blue Line) and a longer term resistance line (Green Line)
Is it a level youâve stalking?
Not necessarily. I was looking for a continued down move, and was waiting to see on which OTE it would hit resistance. Looks like it reacted to the one on the 80 figure. I got in on another short between the OTE and the Entry Point once things started lining up.
Fiber H4
We now have three lower swing lows and a possible confirmation of an ITH if the current candle closes above about 13050 and below 13080, which seems likely. Waiting for some small Short opportunities on Tuesday.
Looks like it reacted to the one on the 80 figure.
Thatâs the key point with these methods, you say it looks like itâs reacting to the 80 level, but what else is there? Daily S/R? Pivot? Asian high/low? Is with with the weekly bias? Maybe, maybe not, but they important thing is that it wasnât a level you were stalking, an hour doesnât count, price does invariably react to these levels, 20,50,80 are crucial with the EURUSD, Ok, this you might be right, and it goes down, but with this approach you will not make as much profit if at all.
Bring up your Daily chart and try and find that level, is it there? You want to be stalking those levels, and using the tools youâve just been describing at those levels, the tools wonât work properly unless they are at major support levels, but also itâs from these major price levels that it moves on an weekly and intraday basis, so you can really expect some massive pip hauls.
If I may
Heck man, itâs from one extreme to another
I was looking at the 4Hr chart and thinking the swing high yesterday could well be the first shoulder of a head and shoulders, if thatâs it, you could be looking for big short opps.
Interesting, thanks for that perspective PurplePatchForex, I will give it some thought.
I will say though, that this additional trade was taken within the context of the trade I took on December 4th, where it bounced off the 1.31000 level, and also had confluences with long term resistance.
Daily EUR/USD:
On this chart, we can see current price is touching a smaller long-term resistance level (red arrows), but I admit I wasnât stalking these levels either.
Cool, now zoom back one more and look at the market profile, itâs a classic buy pattern, and if it follows that it will shoot up through these levels, see the deep stop raid to 1.2650, taking out anything below the 1.2800 level, thatâs a classic market profile pattern. We could pop back down to the 1.2900 again, but I doubt it.
yes, and easy to use. Especially those net open positions, interesting to notice how the market moves to maximize loss, and usually stops at points where all remaining positions are in blue. great visual tools!
Exited my short at 3050 on limit order - now flat - Iâm still eying those London and NY stops at 2990 - 3020
Weâve bonds rising slowly all morning and usdx falling so Iâll just sit and learn
I just hope it goes down first and reach to TP :45:
Itâll get within 1 pip and shoot straight back to your SL