Thanks so much lazydog and jonny but like I asked is this business really profitable please don’t curiosity even after you help…uh!
Started last month when I noticed the DX make a railroad tracks on 78.9 after the NFP and well its NFP HOWEVER the levels DO matter.
If you recall all price did was rise on the dollar index and that was calculated and reinforced by the general trend in the 2-5-10-30y T-notes. However the only thing that was golden was GBP/USD which I should of focused on because this would EASILY be double or triple what it is now and the EUR/USD was headed into a long 2 week or so massive divergence.
What does this mean, well, it means you should focus on the GBP.USD for shorting and long the euro which I did in the last week of the divergence and if you guys remember one NY session the EU Suddenly sold of 200+ pips in 1 session, (I didn’t catch this), however that signified to me since it hit a long term monthly resistance we are going to see some short sell and that I didn’t call 1.3680 as a high until we broke back down to 1.3580 and i thought ok on the daily we bounced off a monthly level. It was diverging for almost 2 weeks and the GBP seemed to have no end in sight yet that means the rapid sell off in the EU will catch up in an urgent and more violent nature to catch up.
I did do side trades on the USD/CAD for long but I’ve been waiting FOREVER for it I snagged it around 9980~ ish around there on my carry trade account but this account you see I only snagged 1.0014 unfortunately, but this one was a trade I banked on because I risked 4% ( was very damn sure) and it paid off since i scaled out about 80% now, partials took at 30, 100 because I just looked back one day and it mega popped, another at 200 pips letting rest run to try 1.0350-1.0400. As for the EU trade I took a few intra-day scalps mainly on the long side until I saw it hit that resistance level to which I flipped the script and caught a good retracement on the 1.3385 in a NY session I was expecting 1.3454 to be the level we bull up to but it didn’t happen so I thought maybe I could catch a remaining 30 after it fell about 60 pips from 1.3440 this week, to my surprise It was only hanging at 12 and I went out for the day only to see it go to 40 pips which I wasn’t paying attention and when I noticed I took 1st profits moved my stop and 2pm on the day FOMC made their announcement and this thing dropped to 100 pips to which I took 2nd profits and going into yesterday I was expecting to retrace a little due to bonds but all it did was hit my support level in asia and drop.
Today however was a different cake I was looking for it to bull up to 1.3250 to add to my short but I only saw 1.3220 and I felt as if it could climb a bit higher and try to snag a second short in the NY session, but I overslept so it is what it is.
P.S I see the point of taking partials now, not only do you protect your profits but you minimize on the damn carry trade costs. this thing at one point was costing me about 40c a day just to carry 1 position going into a weekend.
Way to go Tensen. I can’t remember… Are you trading for a prop firm? I think I read somewhere that you are. Great trading.
For most it isn’t. From what I can see, the reason is the one I posted about. Rush in, lose a lot, and don’t give themselves time to develop into the type of trader that suits them…
even with a map some still want a satnav
For FX no
for stocks yes
You folks are doing me very proud…
Keep the excellent trading up. I still read your posts. The regulars are doing a fine job leading the way. Keep it going!
[B]GLGT[/B] :57:
not sure what your referencing but I see your looking to go long, I say its highly probable, next week since I thought today would be a decent retracement… hence why I was waiting for 1.3250 to get touched to find a short.
Michael can I make a suggestion when you re do the videos. Emphasize the simplicity more. Everyone is trying to over complicate this. Even I did in the beginning. Maybe it’s just because of the amount of info you’ve shared.
Actually I’m not looking to go long. The plan is to wait for e/u 4h market structure to support a new long or short position. Currently market structure is broken to the sell side depending which fractal you choose to define current market structure.
The chart below shows a likelyhood of reversal.
- .786 fib of swing AB
- .382 of much longer term daily fib
- 1.272 extension of swing JK
- Major support level
All of this converges within a range of 17 pips
Are you asking me if this would be a good place for a long position? For some maybe it would. Me personally well I like to have 4H market structure agreeing with the trade. So for me this is a signal to close all open sell positions and wait to see what happens next.
Right click the image > View image for a larger more clear view of the chart.
I’d rather Michael spend more time giving reviews than spend more time doing those video again. Michael has emphasized simplicity several times. It’s probably we as readers/learners that complicated things. I myself has over complicate things on more than 1 occasion, only to realize it later.
Unless he can mentor 9 hours, 5 days every week, on every trade, there is no (or little) hope of us becoming a consistently profitable trader in a very short time.
I personally like the fact that Michael has put together all those tools, then for us to pick them up and use them. After close to 1 year of following the thread, I still find myself referring to, e.g. the core concept video, search & destroy, market profile, and finding “new things” along the way.
By the way, thanks to your recent “collection”. I managed to watch and learn more from some of the older videos that I didn’t watch.
I started to write a post on this last week but got caught up with work and couldn’t finish it. From the very beginning after Michael had laid out a few tools, I believe they were S/R, pivots and OTE, Michael said on numerous occasions these were the only tools you needed to be profitable. Michael has many tricks up his sleeve, which I believe helps him trade in any market condition. Whenever he introduced a new tool, we would all focus on that one tool, forget about the old ones, and start to lose trades. Sometime down the road after half or more of his tools were introduced, I remember him saying you don’t need all the tools to be profitable, just pick out your favorites, and use those. I think all his ctitics look at his entire arsenal, and say his methods are too complicated to trade successfullly. That is the problem, you don’t need to use his entire arsenal to trade, just a few of your favorites. I’m not saying this because I’m an expert trader, I’m saying this because I have recently realized I only need to use a few of the tools to trade and have narrowed my favorites. Once I become proficient with a few of the tools, I will slowly add more tools to my toolbelt. I believe Michael’s plan for us from the beginning was to lay out every tool available, but for us to choose the ones that are most effective for us. After he introduced the wolf wave, I asked him how often he uses it to trade, his reply was 10-15% of his trades were based on the WW. My plan is to utilize the basics, and add tools as I can
Hi,
I´m new to this forum. Inner Circles seems very promising. The problem is none of the videos are available (so youtube says). How can I learn Inner Circle trading system?
Thanks for your help
Regards
Lazy, you have hit the nail - ICT constantly said in the videos not to attempt to use all of the tools/concepts, it is important to find the tool(s) that a trader found most comfortable with and then to make that tool his own.
The reality is that all the teaching videos are a result of 20 years of trading and learning, 20 years experience of getting it right, getting it wrong, of paying for expensive courses, of learning for free - difficult to condense into however many hours of video - even more difficult to learn in a few months - hence the need to take it ’ a piece at a time’.
Juajit, you’ve come in at a bad time, Iya uploaded many of the videos to 4shared but the link has been removed by the copyright holder.
The hope is that the videos will be re-released by ICT in his own website some time in the future.
I know it can be difficult to follow the thread without access to the videos, there are many on this thread very willing to help, so just keep asking - thankfully we have no ‘attitude’ problems so no question is tiresome.
Hi JUAJIT
No,you cant learn it,because there is no trading system,there is no method! There are 100 tools but no system,no method.COT,MS,MF,OTE,daily pivots,sell zone/buy zone,TT,stinger,reflection,oro,SMT between corelated pairs,USDX,SMT between t-bonds,t-notes and many more...WW...Search and Destroy(S&D),stop hunt....you need to chose some of them and build your own method..and testing testing,testing. I almost forgot this one:keep records,it is very important! "Show me a trader keeping good records and Ill show you a serious trader"-Alexander Elder
Good luck building your own method!
Im actually really bearish from my previous post, however I feel some profit taking or more accumulation and/or a failure swing up is in order still since this is still early in the game for the bear move.
To which I welcome since I’m already holding 20% shootin for a price extreme in the next few months I wouldn’t mind catching at least another dozen of these carries lol, that’d mean I’d have 60%, 30%, 15%, 7%, etc… to add to my account and it would blow it up in a good way
Thanks for answering me. But then, where should I start? Should I go through the 700 posts of this thread, and the two previous Inner Circle threads (700 posts each)? Isn´t there an easier way to start? A beginners guide? Something?
I´m very interested in this thread, but I´m afraid I have not the patience nor the time to read hundreds of posts. You must understand it´s very difficult for someone not familiar with this thread to learn what Inner Circle has to offer this way.
I’d be very grateful if someone showed me an easy way to start learning.
Thanks and regards
I’m sure there were loads of stops down where we are. I think price will move up again into the range. I won’t be trading. We are heavily bearish if it continues down if be looking at 1.48 and 1.4250 to take profit. That Moody’s downgrade might be the catalyst to keep is going down. Ill be looking for chances to get short unless something changes. These are long term positions tho not intraday stuff for me.
Read the sticky “what every new and or aspiring…” If you don’t have the patience you’ll have to learn it. The markets feed on impatience and emotions. You ll need to temper yourself.
Also the babypips school is an excellent start. Help you learn the lingo and get a basic idea of how this stuff works.