Inner Circle Trader's Pro Traders Club 2012 - 2013 Series

Beginner Questions
1406

Holy hallelujah holy grail :smiley:

Itā€™s not there quite yet, but check it out, LO, breaks out of Asian range, where does it stop???

The market is bearish so itā€™s no reason just to go long, but keep focusing on these levels, they are very significant.

I feel this strategy might turn out something like this:-

Up at 6 - 7 GMT and wait for Asian breakout.
When it hits the 80 or 20 level place the trade.
Place TP at 30 PIPS, for half the trade.
Breakfast.
Do some pottering.
Go to pub.
Drink 4 - 6 pints.
Come back late afternoon, just about sober enough to operate a computer.
Close the trade.
Take Milk Thistle.
Enjoy a glass of wine.
Listen to some great music.
A Remy Martin for a nightcap.

Rinse and repeat.

1407

insert SL between ā€œplace tpā€ and ā€œbreakfastā€ :slight_smile:

1408

Hah, yes, but thatā€™s why I like trading with Oanda so much, you can set it up to place trades with a default SL, mineā€™s 15, I will move it further if thatā€™s the trade, but moving stop an profits on Oanda is so easy, sometimes a little too easy maybe.

Now itā€™s touched the 20 level within a pip, signs of a bullish MS on 5m with a higher low, now itā€™s time to seriously consider a long.

1409

How do you do that?

1410

How do I do?

Default Stop on Oanda?

Tools, User Preferences, Trading Tab.

1411

Thatā€™s a nice feature indeed.

Another confluence to your long position, it is a OTE as well, in the LO kill zone . You might be on to something :slight_smile:

1412

I think we are, and hereā€™s the other point Iā€™d like to make on it, how many opportunities were there to take that long at exactly the 20 level?

Whatā€™s the worst case scenario? 10 PIPS loss max, aiming at the 50 level in the first instance, makes for a very good R:R ratio.

1413

And there we have it, the 50 level, 30 PIPS, how easy was that?

I think this plan should be called The Pareto Strategy, 20% analysis, 80% profit :smiley:

Pareto principle - Wikipedia, the free encyclopedia

EDIT:

ICT, what do you think? Itā€™s a winner no?

1414

Very easy 30 pips :slight_smile: You plan to do this on the EU only, or also on the GU pair.
At the moment thereā€™s a short @ 1.6120, with a 5Min OTE

1415

Almost without exception I just trade the EURO, itā€™s what Iā€™ve done for years, and unless thereā€™s a very good reason for me to change I wont.

1416

EUR just flew down, and thatā€™s why like ICT says take half off at 30 pips, no matter what.

And there you go the 50 level to the PIP.

1417

Anyone short from 1.2945? Nice inverted hammer on the 1.2930 support level on the 1H to confirm/indicate some downward pressure :slight_smile:

Trading on Fridays is back :wink:

1418

Did you take this one? Would have been nice, its going in the right direction :slight_smile:

1419

Brilliant, just look at it, from 20 level to 50 level, then down to 80.

1420

Yep! Closed the majority of the position around the 90 level, at the lows from the 15th Oct.

Another decent week (despite the fact I missed the big move on the Cable).

1421

A few charts from this week:

EUR/USD:

Long @ 1.2930 (Wedmesday LO killzone)
Short @ 1.3020 (Thursday LO killzone)
Short @ 1.2945 (Friday LO killzone)

GBP/USD:

Short @ 1.6045 (Monday LO killzone)

Overall I was bearish from the previous week, which is why I was mainly hunting shorts.

Funny enough, an OTE Long @ 1.5955 on the Cable was also around the same time I took the Long on the Fiber, that would be have been the move of the week!

Lovely price action around the predetermined levels (levels that have been talked about for weeks, if not months during ICTs daily/weekly PTC reviews!), specifically on the Fiber, including the pivot levels.

I havenā€™t really added or updated these levels for quite some time now, theyā€™re just that good :cool:

Once again, big thanks to ICT for all of his hard work in presenting this material on how to analyse the markets!

1422

Can anybody explain why usd is weakaning towards euro and pound despyte very good news for US?

1423

Good US data results in a risk on scenario (bullish foreign currencies), as the USD is generally seen as a safe haven in times of an unstable economy, therefore investors will put their money elsewhere. Equally, if the US posts bad data, this is a risk off scenario (bearish foreign currencies), therefore pushing the dollar higher as investors buy up USD for security. It does the opposite of what youā€™d think should happen :slight_smile:

I think thats how it goes (generally).

Look at the huge rally in EUR right now.

It makes complete sense, those in the know will already know the data to be good, so send the price down and then what?

Buy at the lows :slight_smile:

This is why I wanted to close out my position before the news lands. Equally, the data could have been poor, pushing the Euro lower again stillā€¦ but the market leaves big footprints (ask yourself, why such a drop off before the US data?)

Obviously it doesnā€™t always behave like this, but weā€™ve all seen this type of thing time and time againā€¦

1424

Thank you very much Jonnycab for your explanation. If i would know, I could save 1k. Now i lost and tryign to catch train by playing with EuroGBP long. In general very very frustraining trade. Loosing more with attempt to return what have already been lost. neeed urgent help from expirienced trader. Please. Need mentor who can help to trade and get self confidence.

1425

LO high -> low = OTE Short @ 1.2930

Definitely looking like a good setup, but I didnā€™t want to push my luck!

Edit: LOL maybe not :54: