Great stuff! Except you were short Fiber while I was long! I hate it when you do this to me! :eek: (Jk)
Trade’s @ breakeven now…
It was a short [B]scalp[/B], so although the direction can be long (and probably should, but that’s just my view on it 
), he is just harvesting some extra pips in between
Hi Mike, fantastic work as always although please don’t stop the analysis/weekly reviews.
Would you (or anyone) be kind enough to explain the thought process for the short set up today. I can’t see anything that shouts out ‘short me here’ with much conviction. Prev resistance had been broken to the upside and I felt I could have drawn my fibs anyway round, I went long and got another whack round the head which is starting to hurt now
Many thanks
I owned the book before ICT recommended it and I trade harmonics frequently.
It’s phenomenal. Forget Pesavento when he talks about astro-cycles and other stuff like that - it’s too new agey for me. In fact, it’s not even mentioned in the book
But harmonics (Trade what you see) are rooted in Fibonacci concepts.
I find that that the risk reward ration is extremely rewarding. And trading them on the higher time frames yields around 70% win rate.
What is the book called?
Trade What You See by Larry Pesavento and Leslie Jouflas.
went short at OTE 1.3360. lets see how it unfolds
Nice one
Why short with daily and 4HR market structure both Long?
nice! really looking forward to following your results this year…thanks Michael.
I’m not saying he’s got it wrong, quite the opposite actually.
I’m down a couple of pips now Lol!
i think it was a different book, with “pattern recognition” in the title. Nevertheless, if you liked this one, it was not about woo-woo, and the method has results, i shall take a look. thank you for the recommend!
If you want to read up on Harmonics then Scott Carney’s book are the best choice, imho.
oh i read those, good material the gartley, the butterfly, somehow i would have thought this is about some ‘other’ patterns of sorts. i must have gotten totally confused by the planet talk
Look at the Dollar index with dly,4hr,1hr and 15m, you can’t miss the probability.
imgur: the simple image sharer
And look at the SMT of friday NYO
imgur: the simple image sharer
still long on cable…nice support as expected on 1.6030…trinity buy level…nice 2 candles on 1hr chart…ote 79%…do you think price will go up to 1.6180 again…i was thinking of taking some profit there…
Found this wave Sunday, got in around Tokyo Open. Tried to hang on to the target, lot of reasons to exit though(16:00 GMT- Stochastic Divergence - 1H had Type 2 Divergence - 5M showing WW for possible London Close retracement) closed with 69 pips.
3 for 3 today. 2 Demo, 1 live.
Lessons learned today.
[ul]
[li]Trading a WW is identical to a 3 Drive without time and fib symmetry, fib targets are also not used.
[/li][li]3 Drive patterns form at tops and bottoms and are not as frequent due to the symmetry requirements, so I decided to leave BIAS and Market Structure out of the analysis when trading this pattern as a WW.
[/li][li]Wolfe Waves allow for variance and produce similar results and are more frequent.
[/li][li]If a WW is a wedge, I will anticipate a reversal from W5 using S&R, reflection, volume, and Stochastic Divergence.
[/li][li]If a WW is a channel, then Market structure will come into play since it might be a continuation flag.
[/li][li]Look at lower time frames for WW to form signaling a higher time frame exit if target is not met.
[/li][li]ICT Kill zones are a perfect place to hunt WW’s.
[/li][li]The key is finding a WW before W5 is complete so you can use wave 3-4 to measure reflection for W5 termination for a limit order.
[/li][li]Wave 5 will almost always make a false move break out before turning around. Paying more attention to the 5M chart, I would have collapsed the M30 trade as soon as I saw the M5 wave 5 making its false break out (max pips).
[/li][li]
[/li][/ul]
London close trade on cable filled @ 1.6050. Thesis is long squeezing today. Would like to say with confidence targeting 16250 - 16300. But if it does turn out to be successful will probably close position at 20 pips…lol
I’m taking some profit at 6115 which is the 79% level and there are some previous highs 6120 level. The rest I will let run to around 6250 - 6300
Woolo, this and the market maker post are the best I’ve ever seen. Super Deluxe couldn’t be more wrong. Other than trading, ICT has taught me about sharing. If he has given so much how could I hold back? Thanks for this contribution.