The Overbought is simply a built in frequency filter… it will force limited action. Aimed to reduce the “urge” to be in every day. Not needed once patience is established.
PipHanger… for now utilize it. Demo the setups for 4 - 6 weeks.
[B]GLGT [/B]:57:
[B]I cleaned up my Journal/Thread…[/B]
I will only post trades I take…
I will only keep track of Trade Execution, if it was executed perfectly or poorly
I do not care about missed trades
I do not care about profit’s
I only care about following my rules…
I’m looking forward to ICT’s 4 part video series coming out this month…
The first video starts this Sunday around 9pm EST…
He has said before that these videos will be going into greater detail about my Trading Model so hopefully I can gain more insight about the rules I am following and make it easier for me to follow.
GLGT!
Update: I obviously need more time away from the charts because right now I’m pretty emotionally unstable and need to get my head back into the game…Not sure how long this will be, but when I feel ready I will be back to put this trading plan to the ultimate test…
Until then, God Bless & Happy Pipping…
GLGT!
I updated my Trading Model to make it more clear…
I also updated my Trade Example on the first page with more detail on what my Trading Model is having me look for. This Trade Example is a perfect Trade I should be looking for Weekly.
My new favorite song…
[B]Linkin Park - Burn It Down[/B]
Some clips from the lyrics…
We’re Building It Up
To Break It Back Down
We Can’t Wait To Burn It To The Ground
So When You Fall…I Take My Turn
Well whenever Babypips lets me post my analysis I will do so…
For now ICT, where did I go wrong?
Did I in fact have a valid entry, in my eyes I did…So is this just one of these that failed but was good entry?
This is some kind of joke or something, one of these games your friends play on you which they tell you to do something but they all sit there and laugh because they know it’s impossible and they get enjoyment from watching you struggle?
I have sat here patiently closing my computer up if nothing was lining up…then everything starts lining up perfectly and smack they punch me in the face and say take that…
I guess this is another one for the books…EASY -30 Pips!!!
[B][U]Trade Setup - May 24th 2012[/U][/B]
We had a Judas Rally up right before LO KillZone which actually made Bearish SMT Divergence between Fiber & Cable at the GMT CPP Level and 1.2596/1.2600 Key Levels from Higher TimeFrame.
At this point we weren’t OverBought on the 1HR Chart but everything else was starting to look good for a Sell.
I sat on my hands and watched price fall into London Open. When price started to pull back to CPP everything started lining up and we are not within our Rules for our Trading Model.
I pulled the trigger at 1.2572 the SweetSpot for 1HR OTE. Stop was placed at 1.6002 and my First profit objective is 1.2550 which I will then move my stop to breakeven. The ultimate objective is going to be at 1500 GMT or BreakEven.
UPDATE: STOPPED OUT -30 PIPS
[B]H1 Chart of Cable & Fiber[/B]
[B]M15 Chart[/B]
[B]Order Entries[/B]
The Entry was on the Fiber (EUR/USD)…
ICT, where did I go wrong?
Did I in fact have a valid entry, in my eyes I did…So is this just one of these that failed but was good entry?
I guess this is another one for the books…EASY -30 Pips!!!
Look at your Daily… you were almost there bub… see the 1.2620 level… note it on the daily then zoom in on the 15 and 5min… you should see it there.
Keep pluggin at it… you are closer than you think!
GLGT :57:
Thanks for the reply ICT…
Man I had my eye on the 2596/2600 level and the 2620 just passed my eyes…I see price bounce off 2596 during LO which was a level you gave us to watch for, I thought the move down was the move that would form the OTE…
I do see now on this trade what I needed to watch out for…
See if I can catch it next week…
Once again thanks for the reply, just the little things help keep me motivated to trying to solve this puzzle…
PH,
as far as I can see the setup you took was ‘‘void’’ as per your checklist as your entry was under the Central Pivot? …
your trade could’ve worked out, but you entered too soon imo, it was only the beginning of the kill zone…
another thing that could’ve given you a clue this is not a classic sell day: on a ‘‘sell day’’ where we expecting the high to be put? LO or before. what do you see at 8:00 GMT, the low of the day (so far, about to be broken as I type). Whats the very key times in forex trading, the key candles, 8:00 GMT and 13:00 GMT (8:00 EST). if you waited for the 13:00GMT to put the high you would’ve had a perfect trade. This of course is in hindsight, as I didnt watch the charts at all today, but still…
I almost always waiting for those times to post before entering even with the risk of missing the move. If I want to sell I’ll expect to see up move into this time and vice versa…
hope this helps
:57:
[B][U]Trade Setup - May 25th 2012[/U][/B]
I know it’s Friday and my plan states not to trade on Friday’s, but this setup just look to perfect to not get in on it. This to me is about the only VALID entry we had for my Trading Model this week except for the day of the week. I felt a little confident in taking this trade because I have learned a lot about this Trading Model after doing a mass amount of backtesting. I believe I am starting to see the light but time will only tell.
We had a Judas Rally up during LO KillZone which actually then made Bearish SMT Divergence between Fiber & Cable at the NY R1 Level and 1.2596/1.2600 Key Levels from Higher TimeFrame.
At this time we were in OTE on 1HR Chart starting to form 5M smaller OTE to get entry from. We were overbought on both Stoch & %R which they were making Type 2 Trend Following Divergence.
I sat on my hands and watched price fall into London Open. When price started to pull back to R1 everything started lining up and we are now within our Rules for our Trading Model.
I pulled the trigger at 1.2581 the 62% for 1HR OTE. Stop was placed at 1.6010 and my First profit objective is 1.2550 which I will then move my stop to breakeven. The ultimate objective is going to be at 1500 GMT or BreakEven or ADR since this is a Friday trade and is against my rules.
UPDATE: +80 PIPS
[B]H1 Chart of Cable & Fiber[/B]
[B]M15 Chart of Cable & Fiber[/B]
[B]Order Entries[/B]
I know my entry could have been better and would of been better at the 2590 level. Something I need to work on, but over all I am pretty excited about netting +80 pips today.
I am also pretty happy with my exit at ADR, I know I need to hold for 1500 GMT but since it’s friday I wanted to get out as soon as I thought was fitting…the 2500 looks like a really nice level to exit.
::Smack:: for trading Fridays per your system rules.
Otherwise… Well Done!!! 
I figured I would get Smacked by you for trading on Friday’s, but man on man wasn’t that a classic ICT setup there or what? Perfect trade all around…
I am pretty excited that I am starting to figure this out and can see trades starting to happen well in advanced…Like I said time will only tell if I am really getting this or not, but man this bring my hopes up to new levels today…
Thanks ICT!!!
GLGT!!!
Good stuff Piphanger. Glad its starting to come together for you
why would you have been looking at the 2620 level rather than the 2600? This is one I was looking at too.
I’m doing the same exercise, same rules.
TalonD, take a look at your daily chart on January 13th 2012…put a level acrossed your chart at the low of this day…Now take a look at May, 23 2012…see how it sliced threw this level 2620 like butter?..now once it does this you sit on your hands and wait for price to reach back up for this key level and test it as now resistance which was once support…
I would post a chart but I am in the middle of moving from one house to another right now…so my computer with my MT4 platform is in pieces all boxed up…as you are waiting for it to retest this level as resistance you wait for everything to line up on this level…the trade I took on Friday was on weekly resistance, take a look at the level i posted on friday and you will see why this was a key level also…
I am no pro on key levels but the daily and weekly are forsure the best things to look at before any trade, after doing backtesting I became better at using these levels…If you follow my model and backtest it you will see everything lines up perfectly but price will keep creeping up and stop you out a lot of times…well the only thing I can say for this right now is it’s reach for one of these key levels…To me it’s sometimes hard to see where it will turn at because if you put a key level at 2590 and price goes up to 2620, well you get stopped out, by looking at the daily charts you can misplace levels, but still have everything lining up perfectly…
I wish ICT would do a full video on key levels and discuss how to react around them with multiple different examples…one thing I don’t think he does enough in his reviews of trades is discussing the key level…to me personally the key level and using the key levels is the key for this whole trading plan…if you get the key levels down you can almost just trade just off of those without doing fibs, pivots, and the other tools…
It’s exciting to see you taking the step to try this Trading Model out also…I think it will be a life changer for anyone struggling with ICT’s methods…
Sorry for the rambling, I have been out drinking all day for graduation parties…