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

Beginner Questions
1986

Precisely- babySips … is what i am trying at doing. ICt mentioned that he will be giving away nuts and bolts approach for 12 days of fx Christmas, really looking forward to that. !!

Want to complement you with a very detailed trading plan , which seems to cover most aspects of trading and thank you for sharing. I will be honest with you 12 pages is little too much for me just yet. I take it every sunday you sit down and determine what you will be looking for trough out the week and if met you take it. Majority of times i look at charts and pull fibs, but its so hard when on the other side is black space… Majority of times when its hindsight it just seem like yah this should be a babycake just do this and that pull a fib from here to there then when, live trading i doubt my self wont enter and see price go where i wanted it to go, get cheesed off and end up getting in counter trade(thinking chasing price is bad so i figure hell i go counter trade for newyork Open and would you guess it… price continues to go in a same direction as L/O, so i get stopped out.)

1987

thanks, the one in the recent reply was not mine, it was jonnycab. i do sometimes speak what i plan to do, especially the more difficult trades at higher frame turning points, to also keep me in check and keep improving my entries.

1988

You have some nice links on your site and thanks for sharing this. Can you post screen shots of how you use this please?

1989

Will do, but in the mean time, it’s basically just looking for Overbought and Oversold conditions, change the settings at will, HTF setting, set to 4 to show 1hr on 15m chart, 3 to show 15m on 5m chart, look out for divergences between HTF and chart, and also USDX divergence.

1990

Nice one, another few pips down to the 1.2730 :slight_smile:

I closed the remainder of mine off at 1.2730. Thats me for today. No more action until the FOMC minutes are out…

1991

this is the ‘2747’ trade screenshot


1992

LOL. You are describing my nightmare. The first two days on demo with Alpari, I opened 1 full lot at about 10pm based only on which way the MACD was pointing in the 15m chart. Made 10% profit in 48h. Beginner’s luck. Since then, and since going live, all I want to do is not lose. Seems I was always right in hindsight but when I stared at the screen I jumped out for a loss only to see it go my way.

I should say more clearly I have a trading plan binder with all my setups and general info. Then every week I do an analysis of what to expect for the coming week and I use my general trading plan/strategy to fit into the higher TF analysis. At no point are we surprised. Price will either go up or down and we have established how to trade in both scenarios.

Every page in the plan describes a different set up in detail and how to trade it completely. Or it defines clearly how to identify a trend and how to trade it. I’m reading Larry Williams book on COT and when I’m done, I’ll describe how to establish seasonal bias using it, in detail, with screen shots. If you could sit at ICT’s desk, he has done the same thing. He doesn’t make all these video’s from memory. He’s made tons of notes and screen shots and has clearly defined all his setups.

This is all of page 5. It outlines the trade I look for the most. One clean shot every morning with the aim to get the day’s range and especially to get the week’s range, especially on Tuesday or Wednesday morning. I included a screen shot right on the page of an ideal week that shows clean perfect entries at points 2,3,4 and 5 and since we are with the trend, each of these could have had some left on the table to rack up pips while price slides further down. We don’t really look for this set up Monday because the banks run the stops Monday and most weeks, Monday/Tuesday or Tuesday/Wednesday are opposite direction days, forming the wick at the beginning of the week. I still have two positions open from the week after that are now about 200 pips + and counting. The notes say to work with in your higher TF bias so this implies I’ve been creating one at the beginning of the week. It calls when to get in, when to get out, when to leave some in long term and where the stops go. No guessing. No reacting. Stalking and pulling the trigger.

Exerpt:

  1. London Open - The daily work horse trade.
    Premise: London creates the day’s H/L by 5am. Your analysis should give you a day’s directional bias. Wait for the market to show intention after London open, then get in at an OTE. Time is from 4am to 7am. Can be OTE from London’s established H/L or Asia’s. Best days for getting in with weekly trend is Tuesday and Wednesday to keep hold all week. Best to get in with the prevailing trend but if counter trend hold only for the day. You will miss the day’s move often because it doesn’t always come back to OTE. There are usually at least 2 of these per week. Typical SL is 10 pips behind suspected daily H/L, TP 30 pips, stops to BE and end at S/R, ADR or let run for the week if trending. It is okay to be wrong since this is a high probability trade.

Below is “ideal” week. We have a down bias for the week already. This week behaving like it should was worth 40-80+ pips all 5 days + the week range on Tuesday.

ICT - London Open2.jpg700×343 46.7 KB

1993

Excellent point Vinster, if only I could have my time over again :smiley:

@mostwantedpip - try this.

Start with a bare bones system, look at how ICT does it, he does it quite methodically, he does compare to the USDX and see if you get corresponding high and lows etc, but you don’t have to do that to be profitable.

Take what he does for each pair he has on the weekly review, he looks at the pairs on Daily TF first of all, highlights support and resistance areas, then moves to 4hr and highlights some more, then the 1hr, practice placing you S/R’s, do this as an exercise maybe - place your levels using this method then look at ICT’s weekly review, see if you’ve got the same ones, they don’t have to be the same, he’s not necessarily right, he doesn’t claim to be, but these are your stalking areas, these are the levels you want to be trading from, nowhere else, only from these levels, this in itself will reduce overtrading, see how psychology can be built into a strategy? Just by learning this and getting this right using Market Profile patterns, you can make some healthy profits. Look at the 1Hr for your map, then the shorter timeframes for your entries, you won’t go far wrong.

The levels trading exercise.
Coincidentally when I did that exercise the market happened to be trading at those levels for a week or so, all within a few pips! So these levels are very significant, so when you see an SR level at 20/80/50, it’s time to take notice big time, but even when it doesn’t like today, they are still crucially important, at least on the EUR. This morning for example price was supported at 5 PIPS below 20, we had the Judas swing down, then soon as it clears the 20 level it’s next stop is 50.

1994

Nice fade opportunity on that big candle given interesting level at 2709 and the fact that it was an unsubstantiated rumour on Greece’s next loan package that caused it.

1995

I didn’t know that. So it was news anyway.

Still it allowed us to break the market structure, a concept I still don’t understand very well.

1996

Moreso bullsh*t than news :slight_smile: If you’re on twitter I find zerohedge useful for keeping tabs on what’s going on.

1997

anyone else seeing the buy model low on the cable? also reflection + ds2 + smt diverence + stoch divergence + support level. i am long a small position with tight SL and targeting 1.5910, taking out the daily high. hopefully fomc meeting will give the necessary fuel. RR almost 4:1

edit: 15m chart btw

1998

Wow, alot of posts to catch up. Been really busy of late with work which has meant not much trading / analysis time. Did manage a few scalps on Fiber / Cable earlier today which ended quite well @ around 40 pips gained in total for around a 7%gain on the account.

Looking to get some analysis done again shortly and find a decent swing trade as per my new plan although with work being incredibly busy it’s getting a bit harder.

Looking forward to getting through the recent posts / market reviews etc.

1999

Me too
:smiley:

2000

i hope it’s based on your own analysis as well. i’m not taking any responsibility for this trade :wink: not my favorite as i am mainly bullish euro and not the pound at the moment. just testing this one out, thus also just a very small position.
also the time of the day concerns me. this type of setup in LO would be much better imo

2001

Great post Vinster

there was a swing down on Tuesday LO as expected before rally up
As ICT explained there was an easy OTE long trade on retrace to the lows in NY
Today (wed) there have been several nice OTE longs on EU
As we close wed, it looks as if we are in a consolidation pattern waiting for FOMC mins
Like you I am expecting another push up before we fall down later in the week
Watching USDX, it is struggling to break 8090; if USDX turns bullish again then EU will turn down earlier

2002

No I have a brain of my own lol I entered at 1.5848 Stop at B/E

2003

Preservation of Capital MUST be your first priority - ALWAYS.

2004

You gained 7% off 40 pips >:0?

2005

Makes sense to me, 12 PIP SL, 2% risk, gain 40 PIPS makes about 7% ish