Had a Pending Long at 142 extension, which expired (LO+1hr) just before it would have been hit. DD would have come within 3 pips of being stopped out (usual SL 26). TP1 (30pips) would have already been taken, so would eventually have ended well. However, I believe that staying within the LO+/- 1hr keeps me out of a lot of bad trades.
Now watching AR retest (as per Jonnycab), although no entry. Maybe another technique to add to my bow(?)
Yep, 30 pips max when scalping against MS. Iāll hold longer if its with the trend, which is why I was stopped out @ BE this morning, I left a portion on to see if we would run down some more.
Sometimes Iāll hold a small portion on when against the MS, if we have some HTF levels that would be obvious targets, but generally (for me) its not worth it in most casesā¦
Been following Mr ict for awhile and decided itās about time I started posting. Got in short today on the OTE on fiber at 1.3009 (well close enough to OTE I guess!) and closed out at 1.2960. Was using a nice 10 pip SL, so pulled in a good 5:1 RR.
Funnily enough, I decided to go long just after that, based on a reflection patternā¦ looks like it was the real move today! caught it at 1.2956 and just closed a few minutes ago at 1.3030. Stop loss was at 1.2950, so really reeled in a nice haul there. Not bad for today, hope NYO brings some more!
Hhhhm, donāt trade those currencies myself, ICT recommends cable and fiber only. Plus the risk and reward on cable and fiber can be just as great, just make sure you use very tight stop losses! Its easy if you enter on a M15 chart for enhanced accuracy, just watch the market structure for clues.
thatās awesome mate, the passion, dedication, and such commitment from the start
no wonder you seek to learn the concepts in the very littlest detail.
did you try other frames for structure?
they can be like M15, only more or less of it
Not sure if youāre being serious or not thereā¦ But yes of course, the higher tfs are where the real value lies for me personally. That long trade earlier was based on the break above AR high before the strong move downwards. That was the hint, well for me at least. Most of the news coming out of Europe is terrible, but at the end of the day we all kinda know where the Eurozone is heading donāt we.
of course 'm absolutely serious 100%, what you really mean?
that reminds of something, euro speaking ofā¦
UBS report:
"Central banks are being forced to change stance. Following yesterdayās weak PMI
data, the European Central Bank is now likely to cut interest rates on May 2.
UBS Economics expects a 25bps reduction in the refinance rate to 0.50%. That is
likely to push the euro down into a lower 1.28-1.30 range against the dollar. The
ECB is unlikely, however, to cut its deposit rate below zero just yet. Such a move
would shock investors and push the euro quickly below our year end target of 1.20. "
Was out today so I didnāt trade, but I had gotten short yesterday at 1.3015 on euro, took most of my profits and then got stopped out. That OTE long at 1.2978~ level looked good, good trading to you all!!
I do not usually hold past LC except on a 15 pip trailing stop, hence out early. Often seems to me that those probing lower wicks (ie stop hunts), if survived, are a good reason to NOT tighten the stops as a substantial move in the opposite direction is probable imminent and MM profile now turned (?) Bullish.
Bias for today is Bullish at LO, most probably coming out near bottom AR, which is already 49 pips, halfway thru.