The ICT "$ Stops Here" Thread

[PIPhanger]

Just click the link immediately under the image.

I guess I need new eyes…lol…looked right past that…thanks

[palmy]

GBPJPY 2012 10 22

PDH reached, Opened Short, Price went above PDH. Closed at -20

Results for Week 1 Day 1 = -20

PS: Opted to track GJ instead since johnnypips wanted to track GU.

[cskrishna]

EURUSD
Date: Mon Oct 22, 2012
PDH: 1.3073
PDL: 1.3019
2012-10-22_2026 - Cskrishna’s library

[anon10665397]

[B]Tuesday[/B]
PDH 1.3082
PDL 1.3022
PWH 1.3158
PWL 1.2876
Result PDL: -20

EURUSD Tuesday

EURUSD Tuesday Result

[555shoe]

[B][U]Week 1 - Tuesday[/U][/B]

PWH: 0,93710
PWL: 0,92130
PDH: 0,92874
PDL: 0,92478

Results Tuesday:
PDH: -20 Pips

Results Overall: -20 Pips

http://imageshack.us/a/img542/4352/usdchf2.jpg

Results Tuesday:

[palmy]

Shaunfx,

2 questions:

1. Assuming today is Wednesday, and Monday’s Low has become Tuesday High’s, then there will be no long opportunities on Wednesday, correct?

2. What if the same price level is becoming support and resistance at different times e.g. today’s price goes up/down around PDL. Do we “buy support, sell resistance” using the same price as both support and resistance?

Thanks

[cskrishna]

EURUSD
Tuesday Oct 23, 2012 trading:
Price touched PDL and went well below (about 60 pips) of PDL (1.3073)

For Wed Oct 24, 2012
PWH: 1.3138
PWL: 1.2889
PDH: 1.3067
PDL: 1.2950
2012-10-23_1958 - Cskrishna’s library

[palmy]

GBPJPY 2012 10 23

PDL reached, Opened Long, Price went below PDL. Closed at -20

Results for Week 1 Day 2 = -20

Total result for Week 1 = -40

Cheers

[anon10665397]

Shaunfx,

2 questions:

1. Assuming today is Wednesday, and Monday’s Low has become Tuesday High’s, then there will be no long opportunities on Wednesday, correct?

2. What if the same price level is becoming support and resistance at different times e.g. today’s price goes up/down around PDL. Do we “buy support, sell resistance” using the same price as both support and resistance?

Thanks

Hi palmy

1. If Monday’s low becomes Tuesday’s high and on Wednesday price opens up above Tuesday’s high, then set a buy limit at PDH. If on Wednesday price opens below Tuesdays high, then set a normal sell limit at PDH.

2. No, you are only setting 1 buy and 1 sell limit for the day. Once that order gets triggered you are done for the day.

[anon10665397]

[B]Wednesday[/B]
PDH 1.3057
PDL 1.2951
PWH 1.3158
PWL 1.2876
Result: PDL -20

EURUSD Wednesday

EURUSD Wednesday Result

[555shoe]

[B][U]Week 1 - Wednesday[/U][/B]

PWH: 0,93710
PWL: 0,92130
PDH: 0,93418
PDL: 0,92712

Results Wednesday:
PDH: -20 Pips

Results Overall: -40 Pips

Results Wednesday:

[cskrishna]

EURUSD
Wednesday Oct 24, 2012 trading:

1. Price touched PDL (1.2950) and went well below by about 30 pips
2. Price came back and touched the PDL and now PDL is the resistance and price went above PDL by about 30 pips
3. Piece again came and touched the PDL and this time PDL is support and price went down by about 13 pips and price went up by about 25 pips above PDL
   Third trade is the only profitable trade.

For Thu Oct 25, 2012
PWH: 1.3138
PWL: 1.2889
PDH: 1.2996
PDL: 1.2917
2012-10-24_2007 - Cskrishna’s library

[anon10665397]

[B]Thursday[/B]
PDH 1.2995
PDL 1.2918
PWH 1.3158
PWL 1.2876
Result: -20

EURUSD Thursday

EURUSD Thursday Results

[555shoe]

[B][U]Week 1 - Thursday[/U][/B]

PWH: 0,93710
PWL: 0,92130
PDH: 0,93608
PDL: 0,93094

Results Thursday: PDL: + 20 Pips

Results Overall: - 20 Pips

in the blue box the trade that was triggered yesterday

as I write, the first trade for today is triggered. Lets see if this one is gonna be the first profitable one

Results Thursday:

The PDL-Buy-Trade was triggered and it went strong against us. But for only one Pip it didnt hit the S/L and changed direction for the first positive trade this week (red box)

Interesting was that the highs from monday and Tuesday provided support ( blue box)

[palmy]

More interesting day today:

1. PDH reached, Opened Short, Price bounced at PDH. Closed at +20.
2. Price then continued up again.
3. Price hit PWH. Opened Short, price continued up. Closed at -20.

Results for Week 1 Day 3 = 0

Total result for Week 1 = -40

Cheers

Notes:

1. PDH is now higher than PWH.
2. Till today, price has been hovering between PWH and PWM. Finally broke PWH today.
3. PWR was 270 pips. Current day price went as much as 50 pips above PWR, which is 1/4 of PWR.

[cskrishna]

EURUSD
Wednesday Oct 25, 2012 trading:

1. Price went above PDH (1.2996) a couple of occasions and both the times price traded little over 20 pips
   For Thu Oct 26, 2012
   PWH: 1.3138
   PWL: 1.2889
   PDH: 1.3024
   PDL: 1.2923
   2012-10-25_2011 - Cskrishna’s library

[anon10665397]

[B]Friday[/B]
PDH 1.3021
PDL 1.2927
PWH 1.3158
PWL 1.2876

EURUSD Friday

[555shoe]

[B][U]Week 1 - Friday[/U][/B]

PWH: 0,93710
PWL: 0,92130
PDH: 0,93556
PDL: 0,92895

Results Friday:
PDH: - 20 Pips
PWH: + 20 Pips

---

Results Overall: - 20 Pips

Results Friday:

PDH was triggered and went in our direction but reversed just 1 or 2 pips bevore the TP would had been triggered. Later it hit the S/L for -20 Pips.
It continued higher to the PWH for the first time this week and reversed to hit our T/P later that day.

[palmy]

GBPJPY 2012 10 25

1. Day 4 open was PWH and up. Opened Long, Price went up. Closed at +20.
2. Price also went through PDH and up. Opened Long, Price went up. Closed at +20.

Results for Week 1 Day 4 = +40

Total result for Week 1 = 0

Cheers

[anon10665397]

The end of this week marks the close of our first week of this exercise. This has been a good introduction to this exercise and I hope you found it insightful. The PDH, PDL, PWH & PWL mark important levels you need to be watching. We are going to add to our approach over the next 3 weeks. Many will probably find what we are doing boring or basic and may simply pass over the thread. Please do not dismiss this because it looks simple. This will form your core foundation. Everything you do will be based around support and resistance levels. Not just the PDH and PDL but in particular the higher timeframe support and resistance levels. If you follow this exercise you will find your trading will become very boring, slow and somewhat mechanical. You will see the same things happen over and over again. You will anticipate reaction zones which will allow you to stalk your trades way in advance.

I hope ICT does not mind me quoting him but this is what he said to a student who followed the exercise over a 4 week period. She did this for 4 weeks because he was trying to get her to stop system chasing. I assume he chose 4 weeks because it takes roughly 4 weeks to form a habit. I am more interested as to the second part of his comment. Our focus going forward over the next 3 weeks will be there. If ICT or others have any additional points to add, please feel welcome to do so!

[B]The 4 Week Reflection…[/B]

[B]Part 1[/B]
Congrates for sticking to the exercise. Now I’m sure you are full of questions and maybe even some ideas have jumped into your mind while working this exercise daily.

For the main purpose behind the exercise, it was intended to pry you away from system chasing. Hopefully you did not trade anything or “tinker” with other methods while doing this. If you have done nothing but follow this routine, you should have “cleansed the palate” so to speak and you’re furtile ground for learning. Going forward, I would advise not chasing anything else… no indicators… no book methods.

Just use the core principles presented in the new thread… as I build on the foundation you should incorporate the new material as I present it… there is no rush… no reason to race to a new method. You are building your own Trader.

[B]Part 2[/B]
Now let’s reflect on what the “trades” might have to offer as it relates to your future activity in Forex. The Daily Highs and Lows are incredible levels to trade of off and while it was never intended to see your trades see profits consistently during this exercise… it was intended to force you to focus on one Key turning point.

The daily Highs and Lows… coupled with Weekly Highs and Lows can provide remarkable setups if you include other S&R levels. We could have simply used Pivot Points and sold R1 and R2 levels and bought S1 and S2 levels just as easily as we used the Daily & Weekly H/L levels… the point was to clear the mentality of needing more stuff or a different approach.

Now going forward you will want to use these levels along with the other levels I note in the Trading Support and Resistance Levels video. When these levels converge or agree so to speak… or in lay terms “overlap” one another and maybe off by 15 pips or less… note these levels as Key Reaction Points. You can anticipate awesome trades to unfold at these levels… in the near term.

[B]Part 3[/B]
Note I haven’t mentioned directional bias, huh? You see trading like this… you do not need to concern yourself with that… besides many new traders are on the wrong side of the direction anyways. Do not let this discourage you if you are reading this or find yourself in this group. It will be temporary I promise you… just walk the journey one step at a time and you will arrive where you hope to be… a calm cool collective Forex Trader that has the savy to sit and cherry pick the choicest setups and have the direction in focus to find strength on the cream of the crop signals.

[B]Homework:[/B]
Research your last four weeks and note which High and or Low converged with other Key S&R levels and how they reacted. I trust you will find the losers fall off dramatically and the winners shine through. Also note, now that the exercise and it’s intended limitations are over, the Session Highs and Lows called handsome setups that converged as well with other Key S&R levels.

There is a nice collection of setups in the last four weeks on the pair used in this exercise. You do not need to post these here… you should do the research though. I am very eager to see your development continue and I trust you are too. The new year is upon us and you will have all you need in the methods by January 1st to hunt and zero in on dynamite setups and the focus needed to avoid looking for greener pastures. In the beginning we are all sheep lead astray and fattened for the slaughter. Like sheep when we feel locked up on this side of the fence and we see greener grass on the other side… never forget… where there is sheep and grass… there is always _ _ _ _.

Bloom where your planted.

GLGT;)

[B]Your Homework:[/B]
Your homework is the same. Look at the pair you were tracking this week and note the higher time frame Support and Resistance levels that had an impact on price this week. Let’s keep it simple this week, no pivots, fibs or any implied support and resistance levels whatsoever. Look for natural support and resistance levels. Look at your daily and 4 hour chart and note where a higher timeframe level overlapped with a PDH & PDL. Please post your homework on the thread. There is an incredible amount of chart studying that goes into trading. It is one thing to watch the support and resistance video and understand what ICT is saying and it is another thing by actually going and studying the concepts. That is what we are doing here.

I also want you to note the “trade of the week”. Look at the past week and tell us what trade would you have taken if you only had ONE opportunity to trade every single week. What was your “trade of the week” last week? Why?

Below I have posted an example of what I want you to do for your homework.