so myfxbook is offline altogether?
if not success, something else was done in big style.
when i came across the prior thread last year i liked it and thought this was good, somebody was so experienced to show all these market patterns and intuitions in a structured form, with language, and video explanation. ICT did that while creating a common language that made it possible for people to come together and talk about the same thing, have opinions and learn from each other. He is the guy who took swing-fib-pa-time concepts and put them together in a way that made it helpful for many people to feel interested and experimental about forex.
A lot of people are upset because they feel deceived by the entire huge personality that ICT built up for himself and they believed in. Other people are just fine because they look at the practical side and think many concepts work well if used with common sense, discipline and risk management rulesā¦unlike the trading that happened in the myfxbook account. I think itās just a matter of where we put the attention, because people are right to be emotional and angry about being deceived in their beliefs on such important areas of lifeā¦ career, passion, sense of purpose. While other people say forget about all that believing and lying, look at the tools, they work and we should all be fine.
over the recent weeks iāve been thinking that ICT had the intellectual, analytical side of concepts in good shape, yet the emotional power and self control to act his plan was not nearly as good as he may have thought. emotional power is key in trading, and that one does not come for a book, itās practice, practice, taking many trades, like shooting the ball over and over and over again. And with time entries get better and exits get better, and looking back, the times of secret seeking is just that, a period most people overcome.
a few weekend thoughts on the ICT wrap-up but he was successful in getting together a group of good people serious and passionate about trading, and since weāre already here we might as well keep it going, be it under ICT name associations or not. Good continued weekend to all!
To me, one of the most important book is Trading in the Zone by Mark Douglas. The author does not offer any trading system. More importantly he teaches us how to develop beliefs and attitudes to think in probabilities.
I find another good light-hearted read thatās very focused on psychology - One Good Trade by Mike Bellafiore. This books talks about how they hire traders, how they train traders, how did their traders perform and how did the traders ended up doing.
Extra Ordinary Delusions and The Madness of Crowds was published in 1841 but is just as relevant now when it comes to the dangers of following the herd
Quite possibly, but with better than expected results out of Spain, maybe weāre going to push higher to the big figure. We did get a really nice rejection @ 1.3380 (HTF noted level) though. Big news out of Germany tomorrow @ 10:00, are we positioning for that?
I havent been active for discussions under this thread and other but i have been an active follower of ICTās tools an analysis for past several months so i think i should say couple of words about him and his teachings.
It has been exactly one year since i have been introduced to forex and i m still practicing on a demo account. i can say that before i started following ICT you could have called me a regular loser in fx, however, now after following him for last couple of months i can see a big improvement on my trading with ICTās tools.
i feel myself lucky bc i met his thread and his analysis. perhaps this saved couple of years for me that i would needed to spend to find out those tools myself.
to me, i can say undoubtedly that i m much better off after i met ICT and his tools. that is what is important for me.
if you read this post, i just want to say i really appreciate your efforts and guidance at least for me and i m sure there are other guys who think same with me.
Interesting, not a bad idea for a trade, mainly because of the noted 79% retracement level for resistance, MS bearish. Iād have been eyeing the same level for TP1 for the Long. No loss though, thats the main thing
I think Iāll sit this one out too, but I do suspect weāll probably run up another bit.
Yet again the AR high providing good support. As we popped the high @ 1.3377, Iād have been looking to add to my position at that AR high level if today wasnt a holidayā¦
on assumption that fiber is unlikely to suddenly fall before the speech, and long preference from htf, took a long at 3348 with stop 28, after confluence of ote - testing the backside of trendline - power of 3 m15. If trade goes against, iāll wait for a bounce at trendline to close b/e and possibly re-open at better price.
entry 33340ā¦but you wouldnt believe i missed the first opp to take profit as in i fell asleep:34: i manage my trades manually and missed the 700 potential exit so now ive added alittle to the position at the 33400 lvl. NOW i have a stop loss in at AR low looking for a position trade target 134600 area
When we make fresh lows the week before (especially at the end of the week - classic rally up into OTE, then larger selloff, confirming the bearish MS), I like to see a push higher at the start of the week (price correction) if we are in for the same type of thing. Iād be expecting the smart money to drive prices back up (accumulating their short positions - sell the highs, buy the lows, etcā¦). This corresponds with the idea that we should form the high or low for the week on Tuesday or Wednesday. Weāre in a bearish MS, so we should form the weekly high midweek, then selloff into Thursday and Friday.
Ofcourse it doesnt always work like that, but you can be pretty nicely positioned at the start of the week to capitalise on the move up before the bigger move down and vice versa.
These are some of the things Iāve been looking at recently (and trading them) and it does happen quite a lot. Especially when you do start to have quite a significant trend either starting or continuing. Since the first of Feb weāve had quite a big move south, with plenty of confirmation on the 1H and 4H that MS is indeed bearish, at least in the short term (Fiber). If we are to continue this leg downwards, Iād be looking at last weeks low to break along with the next higher time frame level of 1.3270/80 to break.
Its kinda hard to explain, but if you look at the charts, it does come up quite a bit. Low risk trade on Mondays and Fridays will keep you right and allow you test these ideas
Itās sort of what I was saying in a post I wrote a while back, if weāre in a bearish MS, then Iād be buying up into the sweet spots (providing that short term MS has turned bullish), then looking for signals to sell once we get there, to hopefully catch a bigger move down than the one weāve just taken Long.
but he was successful in getting together a group of good people serious and passionate about trading, and since weāre already here we might as well keep it going, be it under ICT name associations or not. Good continued weekend to all!
