wow, this is great man, sounds like you’re really turning it around.
the ict lori video helped you that much?
I am looking at the same thing right now. I still have not watched the video but this is a strong level and if chinas GDP comes out less than expected along with technical such as a false breakout of the daily trend line as a few other things we should be in for a pretty step sell off
Yeah I was stopped a breakeven…will see what happens at 0400…looks to be stops resting at this level…the way market structure looks to me as this could be just a pull back to continue higher…
Well ICT did point this out to us, now the problem comes in finding the next one on my own…
ah,
i didn’t see it. have a weird thing about signing up using my full name and email address to this kind of stuff
Shaunfx,
I understood all the points that you made except one:
Where are the stops above or below the current level?
Can you please explain this?
Thank you for clarifying.
Anyone know where to find this webinar. I am looking on chris’s website but can not find it
I don’t think it’s up yet, bob
Well that would explain why i cant find it lol. The rest of his free stuff is good though worth sighing up for thats for sure
It’s not up yet. Chris’ recorded sessions will usually be up by the 1st Friday after the recording.
Now it’s possibly time to short Foreign Currencies…
Trades so far…
I am Short the Aussie because we are currently in an OTE from Sept 28th High to Oct. 8th Low, Sweet Spot comes in at 1.03777. Also the 50% level from Sept. 14th High to Oct. 8th Low falls at 1.0385. This level sits right on the MR3 Pivot. Projection from current run up I believe has been completed or at least do for a pull back.
If you put 1.0385 Key Level a crossed your 4HR and Daily Charts you can see it’s very significant.
We could still run up to 1.0400, but I am ok with this and will sit through a little draw down if it happens and will be ready to pull the plug.
If you look at the USDX we have Bullish Divergence with the USD/CHF pair…
If you look at a 4HR chart of the USDX we are in a OTE for a long position. This is the reasoning behind the trades setup.
I will be stalking a Judas Up move into London Open tomorrow to possibly get short on Cable and or Fiber.
GLGT!!!
Entered Cable long at 1.6130 :57:
Stops are simply above highs and lows.
I think what was one of the most valuable exercise for me as a trader was when ICT told us to draw horizontal trend lines (like I have done in the screenshot) on the previous day’s high and the previous day’s low and then [U]watch[/U] how price moves when it gets there.
Also do this for weekly highs and lows.
Do this for significant highs and lows.
Do this on your daily chart, 4 hour chart and 1 hour chart.
Do this on the correlated pairs that you trade, don’t do anything else for an entire week, just watch and learn. Take notes! I still do this today, it has now become apart of how I think. It is ingrained in me like a code. You have to continually remind yourself what it is that you are doing so that you dont get carried away.
Thinking about the judas swing. My “criteria” for the judas swing is that is must be aggressive. ICT said in his video, the judas swing has a purpose, it aggressivley hunts a stop and lulls you into thinking price is just going to keep on going that way. So what does aggressive mean? Well the move must be so fast and scary that I start thinking to myself “ok maybe this is going to just keep on going!”. As soon as I feel that way then I pull myself out of that state of mind and follow through with my intended trade. The judas swing is meant to make you [U]“feel”[/U] that way. It sucks you into thinking price is just going to keep on going that way. This is why I have followed ICT’s advise and I keep a notepad next to my desk so that when I am stalking a particular trade and watching price and that often leads to me being sucked into the chart, I can immediately pull myself out of that state of mind, look at my notes and follow through with my plan. Which brings me to my next point.
My weakness as a trader is my emotions. I often think to myself where does all this emotion come from? In my normal life I am the total opposite. I am controlled and level headed. So then why all the emotion when I trade?? Well ICT answered that in a video. Its not about the money. I don’t care about the money. Its about what the money represents, your hopes and dreams. It is not for myself. It is for others, my wife, parents, family and others I have yet to even meet! I think there are many here that feel the same way. It does get better with time, it becomes more like a [U]process[/U]. Suddenly “its not all about THIS trade”! This is why we have been told to submit to time and with time you will see why. Another exercise I did was to trade live for a week based on emotion. I did my analysis, marked my levels and when it came time to take the trade, I listened to my emotions. I then documented all those thoughts and feelings. The results were astonishing. I would enter 20pips too early, or chase a trade. You really have to do it for yourself to get the full impact of the exercise. This was my direct attempt at tackling my emotions. This can also be achieved through the normal process of keeping a journal but if you really have a problem I would suggest tackling it head on. Become completley aware of your emotions, identify them and the use them to your benefit! Sorry I realise this post has gone a bit off track but anyway I like forward to ICT’s article on emotions this month.
So how do you tie all this information together? Simple. 1 week following the first excercise and another week following the second exercise. Then on the 3rd week watch how price and the judas swing hunts those stops above and below the highs and lows you have learnt to mark off from the first exercise! The 4th week take time to reflect and prepare notes.
More on stops-
The Search & Destroy Market Profile
Wow.
ICT’s teachings and this thread really and really helping me.
I am starting those exercises right away.
Thank you.
Glad to here it [I]Thank You Man[/I]. I will start a thread, we can post the charts in there everyday and document the process there for others to benefit.
Sure
Wonderful idea
PIPHanger, look like you’ve cracked it, a couple of weeks ago you weren’t very happy at all, but it looks like it’s all changed, brilliant, good for you, congratulations.
Great initiative. Not only you mastered ICT trading approach but also his passion to teach and help fellow traders with concrete analysis and processes… WHooa, it’s getting better and better
so are you shorting AU too?
EURUSD, didn’t make it up to the 50 level, rejection at 20 level, OTE, short @ 13 - lucky for some 