Over the last couple of months I have been catching up on all ICT’s material (bit late to the party!). I’m now caught up and ready to demo for a number of months beginning Jan 14th.
I have a couple of questions (and probably heaps more to follow):
When picking one pair, EU or GU to focus on, it feels from the thread that most are on EU? Is there generally more volatility on it compared to GU?
ICT only uses a three bar pattern for STH, ITH & LTH’s (and lows), is there an idi that will plot this instead of the MT4’s 5 bar pattern?
I’m in Aus and have a demo account with FXCM, but they do not have the USDX feed. I was recommended to Forex Ltd, but this is a UK broker. I’d like on platform and account. Is it easy to open overseas trading accounts? I think there are a few Aus traders in here, who do you trade with?
Yes, I think most trade the EUR/USD for its volatility, it tends to offer up more pips compared to the GBP/USD when both are moving together. Analysis of both is required though!
Check out the “What Every New & or Aspiring Forex Trader Wants To Know” thread for any additional indicators or tools you may need. I think they are all listed there. I dont use the indicator you mention (Im trying to spot these points without indis) so I cant help with its location, but Im pretty sure there is one.
I don’t remember Asia making as many new lows and highs as it has the last couple of months. I’m used to 15-30 pip ranges for as long as I’ve been looking at currency charts. Any ideas anyone? It makes me thing a Londoner went to live in Tokyo and and is running the show over there…
Dodge, I have read some on VSA. Is there a quick reference chart that shows what your looking for? Or a rule of thumb? It seems high volume can mean it is going to keep going but sometimes it means it won’t go any more and then the next candle confirms sometimes or doesn’t but it only works at S/R. Maybe I’m too stupid to get it but I haven’t been able to sort it out.
I guess a lot of repositioning is going on for the next “big move”. Lots of consolidation over the last 2 weeks. Possibly a retracement towards that 1.30/1.3020 level on the current range between 1.2880 and 1.3310. Plenty of potential support there for a bounce. (We’ve just tested that old high of 1.3127)
Good morning all (if you’re in the UK that is) and hope the new year brings success and good fortune.
The trade I’m looking at today is a short of GU at around the 6310 level. Yesterday we had a massive pin bar rejection above the 63 Key Res fig. Seemed pretty strong counter trend reversal to me so waiting for a retrace to the 6310 area which is 62% fib retrace, yesterdays DPP, todays DR1, and a key high from Dec 18. If we get up there by 9.00pm I’ll wait for the construction pmi which if < expected will act as further confirmation. The concern is that we are seeing manipulation this week in readiness for postion taking when the trading world starts in earnest next week.
have a good one
Mark
Edit Update - didnt get anywhere up near the level I wanted to short at so no trade.
Jonnycab - Thanks for the welcome, I enjoy the chat of a forum and hope to get more active here. Thanks too for the direction on the other thread. I had been through it but now seen the txt file with descriptions of the indis and I think I’m on track.
Rod - thanks again for your advice, sorry I forgot who it was who mentioned Forex Ltd to me (I now remember it was you). I appreciate you sharing the indi and your further advice.
Yup! I use Oanda! I love the super fast execution of trades, the drag n’ drop functionality, the news indicator which is priceless, and all the other peripheral resources on their site like fxlabs, order book, interest rates etc etc etc…Top notch and very user-friendly!
And I use MT4 for charting & analysis, so I got the best of both worlds!
Nice entries today on both the Cable and Fiber, I saw the big drop last night during Asia and figured we’d get our retracement within the Asian range during LO for a short. A nice way to ease back into trading! I must say, having a few weeks off from it was nice, but I’ve missed it a lot!
Decent haul in 2 days, NFP tomorrow, so thats me for the week!
