by the way where is ict and what happened to the 2nd installment of trade development series
Am I the only one going through PTC nightly review withdrawal?
Everything ok? I know ICT had to get a new laptop.
Eagerly awaiting the return of weekly/nightly reviews.
Appreciate all you’ve done so far Michael. Incredible generosity.
Yep I agree. It is all much appreciated by the overwhelming majority here. Don’t let the skeptics sidetrack things. Thanks again and GLGT.
:8: Geez I sound like I am doing my best impersonation of Petefader in that video… I don’t have a deep voice like Pete… and to hear the playback… I sound like I’ve grown up since last week. Allergies/possible cold contributing to the “manly tones” that are uncharacteristic of me. lol
[B]GLGT[/B] :57:
I appreciate your efforts Michael! Preparing videos for the trade plan development series, market review and ptc as well as devoting your time with your family as husband and father. I hope will you not exhaust yourself because we still need you to guide us. Thank you and take care!
No I’m not, I find them very tedious!!
BUT I mean that in the best possible way, it’s because that’s exactly what they should become to you in time, ok it’s not taken me long to grasp the concepts, a few weeks, I do obviously have extensive experience in this, so it WILL take you new guys a while longer, there’s a lot to take in.
Put it this way, my trading record would consist typically of -14, +30, -10, -17,+25, +50,-18, but now it’s more like +30,+30,-10,+60,0, +30
For example I’d trade a setup before and it would look exactly the same kind of thing, 1 would lose, and one would win, say -15 pips then a winner at +30, now by taking more notice market timing, those losses barely turn up, same goes for levels, I never really used levels as much as I should, you live and learn.
But this is what’s so good about the whole plan, you look at doing the same things at the same times, over and over again, day in day out, there is nothing revealing in the videos, well, not when you’ve watched them all, it’s an illustration of how to go about it doing the same thing that works time and time again, so for all you guys out there that this is all new to, they will be interesting, there will be new stuff you will pick up, but in the end you will start to find them tedious, and that you will think to be a very good thing.
P.S. looks like a Stoch Spring on the EUR and GBP, so time to watch it like a hawk for a bit.
Joyous Trading to ya all.
Have a Long Eur @ 1.28962 for the following reason
- SMT Div on both EU/GU/USD
- S1
- OTE
- 1.2900 psych level
- USD Index at possible OTE
Risking 1% as im trading against my weekly premise.
TP1 @ 1.29300, TP2 @ 1.29650
GLGT! 
50% closed @ +30 pips, SL@ BE…
-Ivan
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Stochastic Oversold confluence
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Yesterday’s low.
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Yesterday pinbar on Daily.
I’m always confused with the closing of positions. When we close the position partially at TP1 or tp@ and price hit’s Stop. It doesn’t make up the math of 1:2 R:R right ?
I think the point is if it moves that much (30 pips) then manage the trade. If it doesnt meet your TP2 (TP3/4/etc…) objectives then you’ve still made money on the trade. You’re right in that 1:2 or even 1:1 isnt met by closing 50% at 30 pips (should you get stopped out on the other 50% @ BE). But its all about managing risk. If the trade does fulfil the remainder of the average daily range, then you will more than likely end up with at least 1:2 R:R or higher.
Took the trade this morning at LO, confirmed with your indicator.
Currently my weekly goal is to catch 2 time 25 pips.
This trade worked out perfectly for me, partially thanks to your indi, and of course all the things I learned and keep on learning from ICT
I’ll continue to use it and see where it goes from here, but I think you already have 1 avid user of your indi
Thanks for writing it!
One of my Best foolish trade’s today.
Entered long at 1.2900
Reason was price pulled back to the resistance level, entered on the second candle and got stopped out. Overlooked the buyzone,OTE and all the other confluences. Just based my trade on the H4 pullback and bias, later the news came up to stop me out.
I put the ‘volatility injection’ concept into play today, using the Consumer Confidence USD announcement to look for a setup. Price drove up as of the announcement, straight into the OTE from the previous price swing. There was a small SMT divergence with the fiber and bang, price fell out of bed.
Thanks again I love watching this stuff come into play.
P.S I pulled out of the trade early when it hit the old support at 1.6215… and I just watched it run down to 1.6180.
Gotta love 20/20. Can’t complain though.
nice one @Ndazbe, its ranging quite nicely off the predetermined levels.
This is why the 1H TF is my new favourite time frame!
I can see more and more why having the overall higher timeframe macro view is so essential. @Ndazbe, if you had of zoomed out, you may have held on a bit longer
- Long @ 1.6190 (just below the OTE, just incase it went down and tested below the 1.6180) (LO killzone).
- Short @ 1.6260 (OTE came in around this figure after the double tap) (NYO killzone).
Profit objectives around 10 pips off the marked up levels.
Lets see how it plays out tomorrow at LO
Something for My Journal
This week has came off perfectly so far on the Cable. I was happy to hear ICT was looking for something similar also, nice to have that little extra comfort level on a trade.
On Friday we ran up into the 6300 level taking out a handful of Stops forming a nice OTE in the process. I missed out on this trade and by missing out on this trade I decided to put one of ICT’s best tools to practice…Patience and the Sitting on Hands Strategy…
Since I missed this entry I decided to wait for a swing point to form on the Daily Chart. As noted in the below charts with Gray boxes around the days forming this swing point. We then had Bearish Divergence marked with black trend line between the Cable, Fiber, and USDX.
I aimed my scope at the 6266 key resistance level as noted by the army of fractal highs on the Hourly Chart. Also resting at this level were a couple Asian Range Highs which one included last Friday’s Asian Range High. All of which are resting between an OTE pulled from Friday’s high to Monday’s low.
Today opened up and we moved higher out of the Asian Range into Pivot Sell Zone. I placed limit sell entry at 6260 which is also the 62% level. Entry was tripped during LO KillZone and off to the races. If you happened to miss this entry then you had 2 more tries, one during NYO KillZone and one during LC KillZone.
I want to see 6180 and 6160 taken out to make daily and 4 hour market structure bearish. If this happens I will take today’s high to which ever swing low we create and possibly place another entry at this OTE. I will be looking for pull backs to get more positions short.
I have been eyeing the Fiber since it’s the PowerHouse for shorting, but I just couldn’t get any good entries which I was looking for. The cable looked like a very solid trade setup over the fiber for some reason. You could have tho used the weekly high to low made during LO this morning to get a short setup during NYO for a reversal profile.
Could this be the start of a move lower to form a Seasonal Low in the market place???
[B]Cable Hourly Chart[/B]
[B]Cable 5M Chart[/B]
GLGT!!!
Good analysis @PIPhanger!
Noticed this too on the weekly, still within that massive range (1.5240 -> 1.63 since Oct 2011). As you say, just waiting for a strong move south to confirm
Hindsight… I’m always looking back and wondering why I missed something so blatantly obvious…
Cheers for the heads up @jonnycab, I feel I learn that little bit more every day. Just bought a nice new printer. There will be a few highlighted passages in my trading plans stuck to my wall!:eek:
If you’re not learning, something is wrong
This was definitely the hardest thing for me to remember and apply (the high time frames). It takes a lot of discipline to sit on your hands and do nothing while potential trade setups are unfolding on the lower time frames. I was also so focused on the “now” and what had happened the day before I totally disregarded everything else.
Now using the hourly (as suggested by ICT in one of his recent videos) you get a pretty good overall view of how the market has been doing over the past few weeks without having to zoom out alot. Im trying to avoid looking at anything lower than 1H (except for maybe an entry point when the price Im watching is getting close). Having said that, the 1H isnt far off in most cases for entry points when compared to say, the 15M.