Well that’s the thing you see, it’s quite odd, peterma is doing a catalogue of the stuff, and he’s not far done, he’s been quoting some stuff we need in here so well, he helped me a lot a couple of weeks ago with ICT reflection, as it happened it turned up the following day, not seen it since though, no OTE’s either come to think of it this week, I think I was Turtle Soup…
What was the entry for today’s long guys? from 3230? An OTE from the bottom swing? Or the Asian Low at 75%
So, what’s the point I’m getting at again? (it must be Thursday??)
Don’t focus on one thing, don’t try and learn too fast, just learn it, it will come to you.
Could you squeeze a 3 year college course into 3 months and expect never to have to work again?
If you haven’t, check out ICT’s Expiring New Traders thread, and dare I say it, my website is quite helpful too.
Now, I must think of a song
EDIT: forgot about the Grail and the Stinger, but that’s the point, I do to, understand it the way you understand it.
It’s quite amazing actually, there are so many of us here using different tools and looking at it in a different way, and we’re all in the same trade, that is…
I wouldnt worry about stingers and grails yet - best thing to do is as purplepatch suggests and go to the very beginning of the below thread and work through the trade plan videos. Best way to quickly get up to speed.
Been out past few hours xmas shopping etc. and came back to a nice early present coutesy of the fiber. Dont you just love it when a plan comes together big fig 3300 / big fig 79 and bang !
Can someone tell me what pairs ICT recommends newbie traders trade for intraday trading. I’m thinking fiber and cable of course but is that all that the newbie should focus on? . Any help on this subject would be great…thanks
Better yet, choose only one of the two and get comfortable with support/resistance and get used to price action around these levels during kill zones.
Only use the other for confirmation of a trade I.e. smt
But I mean, in olden days, it was when trades were mostly gone, now confirmation means OTE, the price is coming back to me for a second chance.
Now here’s a thought…
Do you realise that tomorrow the Sun will go down later than it has today, even though the shortest day will be in the future (2 days time), of course it will get up later, just a thought…
Having missed the earlier 50pip move in the Fiber due to a limit order a half a pip out, I managed me a small 30pips scalp albeit with a poor entry. Had the entry been smarter it may have yielded 50 but being wrong and profitable is a good feeling…
I am done now though however as my trading has been really indulgent lately, which is something it should not be. Time to re-watch some videos.
hi, can you recommend something about adding more positions to the trade? I’m always hesitating about it and sit through trends with one trade. it’s funny, because I have courage to start a trade, but adding new positions seems frightening to me because you can never know. also you can lose what you have added. what if the trend is not the real trend, just a retracement. (here lies the basic. and it can be that I can’t distinguish between trend and retracement??) So, when is it time to add positions? thanks in advance if you can help.
and thanks ICT for this thread and for the energy and all the cool thing in it!
also thanks for purplepatch cause you linked so much information!really kind of you!
To do this, you need to know what type of trader you are. If you are a position or swing trader, when you think you’ve got in at the start or just after the start of the new trend, you should be managing your current position (50% off at a specific level, stops to break even). Now you should be looking for that next entry point, be it a deep retracement into the OTE level to get back in or whatever, all the while leaving the current trade running at break even. As the price runs in your favour, you will be doing the same with the 2nd trade, 50% off, stops to BE, and possibly moving the first trades stop to the 2nd swing point on the 15M time frame (ICT talks about this in some of his newest videos). You just repeat this as the trend continues.
Market Structure is your friend here, pay attention to this and you will be in some very high probability trends that will continue for a few weeks at least. (This last month or so has been a pretty good example of this).
This type of trading takes a lot of discipline to leave the stops at BE for a long time, to let price make its move in your direction before you start trailing it to the next set of swing points.
Id like to get my trading to this point, but I know at the minute, Im more of a short term trader (holding for a few days, then looking for the next entry point).
2H TF, so I could squeeze it all in, but there were plenty more entries for getting in sync with the new trend.
Even if you were stopped out on the 2nd retracement when the came back for the stops, thats a serious amount of pips!
It also indicates how MS can be used to confirm you’re in the right trending move.
These are the points I used to get Long (granted most positions I had were all closed out after a few days at pre-noted levels so I didnt hold for any great time), I had a few other entries as well, but as you can see, plenty of opportunities to get in sync to readd to the position.
Its all about trade management. Dont drag those stops too quickly if you want to catch the big moves, but make sure you are in a position were you cannot lose should the trade move against you (and take more profits as you go! another 20% off @ TP2 etc…).
If you’re in a free trade (stops to at least BE) keep adding as if you arent already in a trade (providing MS is maintained).
Perfect OTE short entry on fibre - was’nt trading today but on a normal day would def trade that.
Look at the confluences: USDX OTE is a perfect mirror image, price in both instances pulling away from a big fig, an area of resistance in fibre and support in usdx.
ICT is constantly hammering home 2 important factors - where is price trying to reach to - and where is it coming from.
In this ote short you are pulling your fib from a big fig and swing point - you have standard ote AND hidden ote combined.
Then for the catalyst - US bonds ( I usually use the 10yr as a quick reference) were not interested in turning back - their price just kept rising on (yields falling, Euro should keep following).
For an insight on hidden ote and ICT’s use see here at 14.30 mins
thanks jonnycab! very useful that you pointed out to this. so, a position-trader as I think, must take a bigger amount on the first trade, so, they can take off the 50%, or another key is the double-tap start. I try to practise this.
but. I don’t know yet if I’m a short-term trader or position-type. since I watch charts every day, I can be more of a short-term trader, just because I watch all the moves, but I see how positions can be added.
would you mind telling the other version? how a short-term-trader add new positions? cause I’m mostly that type. I start with a little position first and don’t want to take 50% off. when I see trend-changing movements I would close all positions at once, or if it’s worth, keep the first position at BE and take off the positions before a deeper retracement or just before retracement. in this case I should place positions after the little counter-moves. and maybe I could use Fibo or something…? so here is misty
Hi, could you explain why market structure did not break bearish right before the 3rd OTE? (I have some problems understanding this)… I guess you could go long, but anticipating a possible turn at 1.3000, and keep stops close… And then add more positions continue trading long when the price broke 1.3136… What do you guys think?
thanks peterma for you too. maybe it would be easier if I watch the USDindex and bonds too, but I managed to catch today’s short on GU. so, now on, just if I hadn’t asked this question, I would watch for levels and maybe the simmetry… may it be important which pair is it, cause every pair falls a bit differently. and it is also different if price falls for a level where it will go higher and falls because just falling, never can tell where cause maybe it’s deeper. uhh, maybe I complicate it
OK, so take the first break in MS, we enter at the OTE and because we are short term trading, we have 2 profit objectives on every trade, TP1 and TP2. TP1 50% will be closed, TP2 the remaining 50% is closed entirely.
This first trade, TP1 will be at 1.28 level, because it is above the current high, if we are to maintain MS, we should be making higher highs and higher lows. TP2 will be at the 1.2880 leve, a pre-determined level, an old high + institutional.
So, the price starts to move and we hit our TP1, that means 50% is closed and the stop loss is moved to BE. We are now waiting for TP2 to get tagged. This will close out this trade.
However, before that happens, we get another retracement. We broke above the old highs before we moved lower, so we think MS should hold and we place our limit order at the 2nd OTE text in the chart.
Price retraces and tags our 2nd trade to get Long. We now have our first trade at BE (we cant lose) with TP2 set at 1.2880. This 2nd trade will also have a TP1 and TP2. TP1 for this 2nd trade will be at 1.2880 (key level + above the old highs) while TP2 is maybe set to 1.2980 (a higher time frame 62% retracement level - red line on my chart).
Price moves again, and hits the 1.2880 level. The first trade is now closed entirely, the 2nd trade, 50% is closed at this same level, stops to BE and TP2 set to 1.2980.
While price moves up again, we possibly trail the stops more agressively (we only want to hold for a week or less in most cases), but in this case, price hits out level and we are out entirely.
That is 2 trades (one on the Friday, the other the following Wednesday), short term, both bagging a decent amount of pips. One of which is closed entirely on the Thursday (1.2880) and the other closed entirely on the Friday (1.2980).
This same thing applies for lower time frames. Doing this on the 2H example above isnt really short term, but the same principles apply. Have 2 price objects based on 15M TF highs/lows and close out half per objective.
This is known as “the grey” we always live in this area
big fig 3300 / big fig 79 and bang !
