[video=youtube_share;Ggq4HmW7br8]http://youtu.be/Ggq4HmW7br8[/video]
[B]GLGT[/B] :57:
Could anyone tell me what is the Stoploss ICT is using for swing trades like in Cable ?
I donāt mean to be rudeā¦
but ICT is using so much of his time to make videos for usā¦ and they are extremely insightful! And then he offers them to us for freeā¦ the least you can do is watch them, and if you still havenāt found the answer after watching them all, then watch them again and again. OR if you decide that you donāt want to invest your time in learning his material, then thats fine alsoā¦
I really hate to be meanā¦ but you are handed a freaking map but are asking for a turn by turn GPS with a sexy voice.
Dive in to all his material, it is well worth it! But it will cost you a LOT of effort and time!
I hope I will be forgiven my rudeness;)
cheers and good luck
Oh dear.
Carl88,
Michael has said that he uses a 30 pips stop on all his tradesā¦ & then Iām sure he manages them through out the trades.
Enter cable at 1.6080
Reasons.
HTF premise
OTE
support at asian high
divergence on 15min chart
First target 1.6130
second target 1.6160
See how we go.
Today is the big day, no? Trading plan series!
I didnāt trade today despite finding two setups on the Cable/Fiber both nesting OTEās and in the bullish direction I was looking. I decided to leave them as I am unsure of the HTF OTE on 4 HR for pending shorts so while Iām bullish and actually made some demo profits this week, Iāll wait untill I can see a clearer picture.
My Fiber would have resulted in a loss as I would have been tagged in and out in the same 5 minute window before it races off in the intended direction!
Cable would have been around a 50-60 pip gain.
May look to buy the Fiber again @ 1.2850 depending how Asia trades through the night.
On a side note, I canāt wait to get up tomorrow and watch the Trading Plan Developmentās first installment!
As stated above - 30 pips
view the following Livestream
after the 35 min mark Michael explain why he uses 30 pips, basically about 30% ADR, and when / how he tightens the stop after entry.
Guys, first off, we should welcome newcomers and their questions. Second, Fred, the answer to carlās question is maybe in one video from over a year ago. And to the rest of you, carl is not asking about a standard trade with a max SL of 30 pips, heās referring to the long term buy that Michael was in on the Cable for the last few months. Micheal has said (and correct me if Iām wrong Michael) that in those situations, he trails his stop two major swing points behind the move. I know we want everyone to watch the videos and put in the time that everyone else has, but we can answer simple questions too.
Just my two centsā¦
Matty
Watching the above Livestream I noted that Michael states the Asian Range to be from 00:00 to 05:00
Does this range stay fixed (on GMT) through the entire year? From reading some other material my impression is affirmative.
Note that Sydney will soon go on to DST and Tokyo not. Currently Sydney opens at 21:00 GMT and Tokyo at 23:00 GMT. ie at least one hour earlier than 00:00 GMT. My assumption therefore being that a meaningful asia high/low is not confirmed until at least one hour into Tokyo session and Sydney session times are disregarded.
Additionally daily highs/lows are best detemined off the 15 min TF using GMT 00:00 as the beginning of a day. The reason I ask is that my brokers server is set to GMT3
Any comments, as to whether or not Iāve got this correct, appreciated.
Anyone else riding the lightening?
Short these pairsā¦
AUD/USD @ 0480
EUR/USD @ 2930
GBP/USD @ 6120
Letās see what happensā¦
If I would of had enough risk left I would of bought GBP/NZD @ 9600ā¦this one looks like a very nice trade alsoā¦
I guess youāre right!
just couldnt sit on my mouth as I was busy sitting on my hands already;)
cheers
Hey piphanger
was wondering how things are going? I remember you had a bit of a struggle a while back, and Iām hoping things are going great now?
If you do 3 trades at the same time, how are you handling risk? are you dividing up your 2% risk by the 3 pairs youre trading or are you risking 2% on each pair?
In case youāre struggle is over and you are rocking the markets by nowā¦ would you mind sharing what caused the change?
All the best and happy hunting
cheers
Iāve been trying to ride the lightening all week and just been getting charred!
I kind of wanted to see if I could call something before it happens to show people that even tho I struggled a lot with ICTās concepts, they do in fact work if you put the work into itā¦just something I was hoping to make ICT proud of since he wants to see us make it at this gameā¦
All pairs are in profit at this time and Aussie is at 30+ pipsā¦if I donāt get the call correct on the lightening part of it at least I hope I can say I made profit on all of themā¦
Lets see if I fall on my face or notā¦itās a fun little game while I watch price move up and downā¦:30:
I am getting there (I think) I am hoping to be at breakeven by the end of this monthā¦I lost about half my account trying out ICTās concept in the beginningā¦Now I have to work myself out of this hole I dug myself intoā¦
The thing that mostly helped me out was watching charts none stop and practicing ICTās concepts over and over again trying to put the pieces togetherā¦I still go back and rewatch videos and still have a lot of learning to doā¦I fell in love with his OTE concept and just trying to master this one toolā¦I also finally stopped myself from starring at the 15 minute and 5 minute charts and focused all my time on 1 Hour and upā¦
Anyone hear that lightening storm yet???..lol
Trade for today, Short EUR @ 1.29200 for the following reasons
- ICT Stinger
- ICt Holy Grail
- Azn range + OTE + Insti level.
risk 1% but will be on my feet for today due to the heavy news day.
This is one of many ways I approach technical analysis.
Fiber has been in an STF Uptrend for almost 2months. The 7/24/12 reversal was preceded by a massive MACD Divergence on the 4hr chart. During the STF Uptrend, MACD (4hr) helped identify 4-5 high prob setups. Once MACD retraces to hit fair value (0), or .0015 extreme I start seeking reasons to get long.
http://i1203.photobucket.com/albums/bb394/techpro89/1.png
Now lets take a look at MACD on the 1hr chart. I use the .0015 to .003 zone as an extreme and also look for Type 1 Divergence. The same 4 setups, highlighted by MACD on the 4hr chart, are being identified here. Adding to the confluence is the Weekly TT buy zones. In case youāre wondering those SR levels are reference points for future price action trading. I was going to clean up the chart but figured Id show how I plot levels.
http://i1203.photobucket.com/albums/bb394/techpro89/2.png
Lets take a closer look at the 8/2/12 setup. Even though this was a volatile day due to the ECB press conference, our setup still materialized. Confluences are OTE and S2. TOD was around London Close. If youāre wondering how you could have nailed the low, try pulling the fib from the previous dayās (8/1) low to that dayās (8/2) high, you could have used the 140 extension which is the same as the reflection pattern.
http://i1203.photobucket.com/albums/bb394/techpro89/3.png
Ok now 8/10/12 was relatively quiet, no real event risk. UK PPI m/m was the only critical piece of data released. Confluences are OTE and S1. Again Reflection (140 ext) allowed you to nail the low during NYOKZ.
http://i1203.photobucket.com/albums/bb394/techpro89/4.png
On 9/5/12 just after LO we had Retail Sales, and German 10Y bond auction. Confluences were OTE and S1. Pulling the fib from ARL to ARH gave you an LOKZ entry at the 162-200 extension. Noticing a pattern here?
http://i1203.photobucket.com/albums/bb394/techpro89/5.png
Itās kind of like punishment to myself and I will remember this for the rest of my life and i wont want to ever have to go through it againā¦plus I am in the middle of buying a house and the money is kind of tightā¦the money that I do have in my account it all my winning from poker when they shut the USA off from playing at pokerstars and full tiltā¦