GBPUSD Short @ NY Open
I noticed after getting stopped out that there was an OTE nested inside a larger OTE right in front of my eyes. The X on the last chart shows that I took the turtle soup because that’s where I thought stops were and there was massive divergence:
[video=youtube_share;EIrUymJiVO4]http://youtu.be/EIrUymJiVO4[/video]
Sorry for the delay… the boys were rowdy tonight. :34:
[B]GLGT [/B]:57:
Fiber
32 pip M1 bull candle.
Due to SMT Div shorted at 12956
Suppose someone wants to take out the Shorts (ie above Friday’s NY session high) b4 taking it lower.
Usually wait for the LOKZ and enter via limit. In this case not.
Sticking with the weekly plan to short at the weekly ITH
Today looks interesting though, a nice run up above NY Friday session High clearing out stops, with a nice rejection on the Hourly close…
Swing low on Daily confirming probable run up.
Downside OTE looks hot with current 1.618 converging almost dead center.
Thinking of testing the waters, 1st push broke MS and a lot of range left to the upside OTE objective.
Counter Trend HTF so treading lightly.
Commodity Futures & FOREX Charts | COT Database
I also make my own using the raw data from the CFTC.
Closed out the last part of my long for +56 pips.
Then went short on the OTE + break of the Asian Range + bounce off the pivot + SMT divergence:
Put a chart up of what you think, it’s really tricky to help otherwise, all we can give you is the same kind of answers that you get from watching ICT’s videos, which may well appear pretty vague to you at this stage, a chart will help us pin it down for you. A picture speaks a thousand words and all that.
The thing is with COT, I can’t see much benefit in it unless you are thinking of trading of weeks and months.
Great 56 PIPS Dodge, you’re going to be rocking on this very soon.
Not sure if you’ve got the OTE quite right from your chart though, might have done, but I can’t figure it out, trading before the Kill Zone will increase your risk too.
Generally cot reports seem to help more for swing or position trading but they can act as confirmation if they are at the right points i.e. extreme positions short or long. For those interested in CoT analysis and trading with them I’d strongly recommend Larry Williams Trade Stocks and Commodities with the Insiders: Secrets of the COT Report Wiley Trading: Amazon.co.uk: Larry Williams: Books.
Re todays potential action I’m bias to the long side (for today) so looking for good entries. Apart from MS and Fridays low possibly forming an ITL we have the FOMC tomorrow which many seem to think will increase the QE from $40b pm to @ $75b by continuing operation twist into the future which suggests lower dollar value. I know we dont discuss fundementals much here and rightly so but this point struck a chord with me and thought worth sharing.
Anyway we shall see
Thanks purplepatchforex! The fibs from the 1HR chart on the left were there from my prior analysis, just didn’t want to remove them for the screenshot. I kept them on because I saw some SMA divergence on the OTE there. I entered on the OTE on the 15m chart on the right.
Oh yes of course I get it now, I thought it was upside down or something, doh!
On the the 15m chart, the OTE has been broken upwards so you traded it on the break on the way down, I can’t vouch if that’s valid or not you might want to double check, but it’s something I don’t trade.
This is my premise though.
My SL from yesterday is now just below that OTE.
Thing is though I’m a bit 50/50 on MS, it’s not really clear either way with that Sunday gap.
Looks increasingly like a Z day today!:33: Went long @2944 got stopped out at be. We might see usdx really for the 80.30 and 80.20 levels. Will wait until NYKZ to see if market moved in any way and possibly give me OTE entry 
We might get our answer at 10GMT when the German ZEW comes out, whatever that is
For me, its still short term bullish, higher highs and higher lows (even this morning, start of the LO, higher high by a pip or 2).
The Cable (as PureMuscle posted) looks to be in the first leg up from the low formed during a BUY Market Maker Profile.
Flat this morning, I’ll see what NYO brings. (although long from 1.2940 would have been my preference)
Hi there community
My ISP finally decided to fix the problem after almost 2 weeks without connection… So Im happy to report that I am back at my desk and (hopefully) won’t need to go up to my roof again for a while;)
didn’t rade much while the connection was gone…
I regard this week as my last with maybe a few days of next week and then I’ll shutdown for the holiday season…
In early january its off for some much needed traveling… so I wont be back until february… please market makers let this be a good week;)
even more important: I can finally watch the part 7 everybody was talking about for the past 2 weeks;)
so this is for another good week and a good end of this trading year
cheers!
I symapthise with you, I’m quite fortunate that my connection never goes off completely, but it has often gone down to a crawl this year, I tempted to send BT a letter of terms and conditions for supplying me, saying that I will charge them fortunes for not supplying the said service. Recorded Delivery, they won’t reply so they accept my terms by default.
I have a long list here of similar things, so when I have enough money to waste I’m going to pay a full time solicitor to give these companies as much of a headache as they’ve given me over the years.
