I drew a fib on the previous downtrend’s last swing hi/lo on the daily chart, and this weekly high is sitting at 61.8% of that so yes another reason it looks like a good resistance area.
During this exercise, there’s not much else to do, aside from my job, except to read (or play Farmville…lol). After finishing both of Ed Ponsi’s books, I’m now into “Street Smarts” by Linda Raschke and Larry (Laurence) Connors.
What this book is teaching/reminding me of is the “Swing” trading tenets which I probably forget when mechanically trying to enter a trade. The danger of trying too many systems…which I’m totally guilty of… is not really knowing what trading style (scalping, swing, position) the systems are suited for and what market “tendancy” it’s trying to capitalize on. Without knowing that, it would seem to be a hit’n miss kind of trading and perhaps needlessly “trying” one’s patience & discipline to a point where one gives up trading, or the system, or blows their account, (or stays on demo waaaay to long trying to figure it out) while markets unknowingly to them cycle in & out of favor. 
Oh no! Not Farmville? ! :eek:
LOL
Last Weeks’ High = 83.77
Last Weeks’ Low = 82.47…???
New Previous Daily High = 83.55
New Previous Daily Low = 83.22
Edit:
Short at PDH triggered and stop hit for -20
Short at last weeks high also triggered…target hit for +20
Long at PDL triggered and stop hit for -20
PDL support now turned resistance? I just set a pending short at the PDL…short now triggered…
What I do is also reading books. Or playing a bit, but not with real money anymore. Playing with real money is needed to get a touch, but I have that now.
I know from all of my backtests with my bots and also my trading by hand that there is no better way for consistency than a good system and sticking [B][U]500%[/U][/B] to the rules! Before I go live with anything, I have it backtested over years and I have a hawk eye on drawdown. That doesn’t mean profits are assured, but it cuts risk to a level where I can handle it.
Bottom line: I do use my systems to go live and no adventure there. Then in parallel I discover new things, but that has nothing to do with my trading production line. I use bots, but I would do the same if I would trade by hand.
Keep at it… you are doing excellent… don’t worry about the spectators in the stands… we are tackling your speedbumps to consistency here… trying too many things and not focusing on one solid approach.
For those just tuning in… the exercise is to build the discipline needed to follow the same approach to trading and not be lead to expect every trade is a winner or should unfold as such… but rather following a concept routinely.
I purposely designed parameters that were easy to work with over four weeks and again not intended to produce winners at any significant number… in fact likely to stop out 50% or more. This will be critical data later on… it’s not wasted time or effort… think of it as Consistency Boot Camp lol 
GLGT~
Last Weeks’ High = 83.77
Last Weeks’ Low = 82.47…???
New Previous Daily High = 83.83
New Previous Daily Low = 82.77
Edit:
Short trade from yesterdays PDL still open…target finally hit for +20
Last weeks high had a false breakout and made a slightly higher high.
No other trades triggered.
Last Weeks’ High = 83.77
Last Weeks’ Low = 82.47…???
New Previous Daily High = 83.65
New Previous Daily Low = 82.93
Edit:
Short order at PDH triggered…stop hit -20
Short order at last weeks high triggered…stop hit -20
Short order at this weeks new high triggered… stop hit -20
Last Weeks’ High = 83.77…broken, now turned support???
Last Weeks’ Low = 82.47
New Previous Daily High = 83.68…broken, now turned support???
New Previous Daily Low = 83.39
Ha ha, this thread now reminds me at a little story of a book. I don’t say I see the persons or same story here. I just found this story very funny. You may have fun between some boring trades, too. Here it is:
There was a student in India who wanted to become enlightened. He
left his family in search of an appropriate guru to guide him further
on his journey. Stopping at one guru’s place of business, he inquired
as to this guru’s method of becoming enlightened. The guru said, “Be-
coming enlightened is really quite simple. All you need to do is to go
home each night and sit in front of a mirror for 30 minutes asking
yourself the same question over and over. That question is: Who am
I? Who am I? Who am I?”
The prospective student replied, “Hey, it can’t be that simple.”
“Oh yes, it is just that simple,” replied the guru, “but there are
several other gurus on this street.”
“Thank you very much,” said the student, “I think I will inquire
down the way.”
[Today we call this action seeking a second opinion.]
So the student approached the next guru with the same question.
“How do I become enlightened?”
The second guru replied, “Oh, it is quite difficult and takes much
time. Actually, one must join with like-minded others in an ashram
and do Sava. Sava means ‘selfless service,’ so you work without pay.”
The student was excited; this guru’s philosophy was more con-
sistent with his own preconceived view of enlightenment. He always
had heard it was difficult. The guru told the student that the only job
open at the ashram was cleaning out the cow stalls. If the student
were really serious about becoming enlightened, the guru would allow
him to shovel all the dung and be responsible for keeping the cow
stalls clean. The student accepted the job, feeling confident that he
must be on the right path.
After five long years of shoveling cow dung and keeping the stalls
clean, the student was becoming discouraged and impatient about en-
lightenment. He approached the guru and said, “Honored teacher, I
have faithfully served you for five years cleaning up the dirtiest part of
your ashram. I have never missed a day and have never complained
once. Do you think it might be time for me to become enlightened?”
The guru answered, “Why yes, I believe you are now ready. Here
is what you do. You go home each night and look at yourself in the
mirror for 30 minutes, asking yourself the same question over and
over again. That question is: Who am I? Who am I? Who am I?”
The very surprised student said, “Pardon me, honored one, but
that is what the other guru down the street told me five years ago.”
“Well, he was right,” responded the guru.
“Then why have I shoveled cow dung for five years?” asked the
student.
“Because you are stupid, that’s why,” replied the guru.
One day a unicorn fell down into a well. The animal cried piteously for hours as it tried to figure out a way to get itself out. A short time later, a scruffy old donkey came upon the well seeking a drink to refresh himself. Seeing not a cool drink to quench his thirst but rather the unicorn… The ignorant donkey decided it was probably impossible for the unicorn to free herself and he felt she was foolish for falling into the well.
The ignorant donkey was oblivious to compassion and the well was dry anyway, so it just wasn’t worth it to try and encourage the unicorn. So the donkey tried to cover the well that failed to quench his thirst and the unicorn as well as he kicked and tossed dirt into the well.
At first, when the unicorn realized what was happening she cried horribly. Then, astonishingly, she quieted down and let out some happy brays. A few hoaves of dirt later, the ignorant donkey looked down the well to see what was happening and was astonished at what he saw. With every hoaveful of dirt that hit the unicorn’s back, she was shaking it off and taking a step up.
As the donkey continued to kick dirt and more dirt on top of the unicorn, she continued to shake it off and take a step up. Pretty soon, to the donkey’s amazement, the unicorn stepped up over the edge of the well and trotted off… as the old ignorant donkey lay panting and still thirsty.
Hi SweetPip,
Thanks for sharing your daily routine, it’s a very practical way to see current ICT concepts applied for those of us who cannot do it everyday, and as a reference material as well.
I’m sure you’re already of the few who are maximising the teachings and will get a great outcome in the end.
As for me, I’m still trading the same concepts I posted here before (thanks again ICT), but my screen time is now mainly spent trading, reading, and lurking, not too much posting myself these days, plus I have nowhere to post my trades, lol.
Anyway just wanted to give a thumbs up to your work, you know I read with interest your thread and the useful material you post.
All the best. 
This is a much better story…good one ICT 
Thanks wrtm and same to you. Glad to know you’re still kick’in around here. Trade on!
Hey, just make your own thread…I did! 
Lol…
Results for week #3:
Out of 7 trades that triggered at the daily/weekly high/low areas:
2 positive results
5 negative results
I was rechecking the times of the trades, and while half of them triggered when I was asleep or at work, the other half triggered either in morning just before work, which would be the London close/US open sessions, or, early in the evening right after I get home from work which would be early Asian session. Whether this is something that will be useful down the road or not, I just thought it was interesting to note.
Another interesting bit of info is with my live account. I was thinking I had to trade the UJ because it had the lowest margin requirement but I decided to try a live trade to find out what it [B]really[/B] required.
In my IBFX demo, 1.0 is a mini lot and 0.1 is a micro lot. However, in my live account 1.0 is a standard lot and 0.1 is a mini…good thing I put 0.1 hoping for a micro lot. Anyways, it turned out to be a mini lo and the margin requirement was only $30!!! …not the $300 their email was claiming. So it would seem our Canadian brokers are not affected by the reduced leverage after all. This means I will be able to trade GU comfortably!
The other concern I had about trading UJ was finding a good SMT correlation pair. I had been matching it with the USDCHF, but not sure how stable that is.
Regardless, I will finish up this exercise with the UJ for consistency sake. One more week to go…
Last Weeks’ High = 84.17…broken, turned support?
Last Weeks’ Low = 82.77
New Previous Daily High = 84.17
New Previous Daily Low = 83.63
Edit:
-PDH/Weekly high triggered short…stop hit for -20
-Long order at PDH/Weekly high resistance-turned-support triggered…
Last Weeks’ High = 84.17…broken, false breakout
Last Weeks’ Low = 82.77
New Previous Daily High = 84.39
New Previous Daily Low = 83.82 broken, turned resistance?
Edit:
-Long from yesterday’s PDH still open…stop hit -20
-Long from PDL triggered and stop hit -20
-Pending short at PDL…cancelled at day end.
Last Weeks’ High = 84.17…broken, false breakout
Last Weeks’ Low = 82.77
New Previous Daily High = 84.26
New Previous Daily Low = 83.41
Edit:
-Long order at PDL triggered…target hit for +20
-Short order from yesterdays PDL (support turned resistance now being tested?) triggered…nope…stop hit for -20
-Short at PDH triggered…target hit for +20
