I agree last 3 sessions and also ICT mention Fridays and
Mondays being especially important
Thanks TH.
Interesting to see the USD/CHF act as another possible SMT Divergence tool (with the US Dollar Index) against the cable and fibre when looking for divergences. Although Netdania is good for providing the USDollar Index and making relative comparisons with the pairs I wanted something to compare with āinsideā my charting software as my broker doesnāt provide the USdollar Index in the data feedā¦Doing some backtesting on it.
This is what happened on the 10 minute at the start of this week (11th June LO). The USD/CHF was first to show SMT Divergence and might have allowed a short entry in the fibre (there was no Divergence with the Dollar Index at this point although there were weak signs with the fibre hitting the same/similar highs). The US Dollar Divergence (blue line) spotted later wouldāve allowed for a cable short entry thoughā¦Just seems the USD/CHF had warning signs ahead of the Dollar strength to come.
Iām trialling this US Dollar data feed and probably wonāt keep it so was motivated in looking for alternative SMT divergence tools for the charting softwareā¦i.e the USD/CHF alongside Netdania.
edit: shouldāve drawn those yellow lines for the Swissy/USDX from the first vertical line but hopefully you catch my drift.
Shaunfx put me onto USDX/CHF divergences some months ago, and after backtesting over 6 months of data I can verify that they are of importance. They can call daily swing points on Cable and Fiber when there is no GU/EU divergence, but they also occur quite regularly alongside the GU/EU divergences. Look at the H1 and H4 timeframes for USDX/CHF at key GU/EU S&R levels, and note how they confirm swing trades.
ććć°ć£ć¦ćļ¼:22:
Alishijo! long time no see. Hows the trading going for you?
Just a word of advice for those new around here, or those not so new but still āover-tradingāā¦
So the hardest thing for me to overcome, and Iām still not over this bad habit, is wanting to trade every day. Now, Iām not saying that there arenāt good set ups everyday, cause there very well might be, but thatās not the point. I used to talk myself into seeing a good set up during every session, Mon-Fri usually ending up taking between 15-20 trades a week. I could see a divergence at almost anytime and some other confluence of fibs or whatever to justify a trade. I would win a few, lose a few, take a revenge trade maybe after losing a couple in a row, Iām sure you all know the feeling.
But Iāve really been trying to work on this the past few monthsā¦
So, this week, all I did was take a trade on Sunday after the big gap. Another trade during NYO on Tuesday (I believe) and one other LO trade. Thatās it. Three trades, 2 wins, 1 BE and ~140 pips for the week. It was such a low stress week, enjoyable, and I didnt drain my battery much at all (thanks for the reminder AK). Also, one thing thatās bugged me in the past has been lamenting over big moves that I havenāt been a part of, but by trading much less, I have had a much easier time with that. Big moves today on the Cable and I just shrugged at 'em. Nothing great in my mind calling the moves and I wasnāt planning on trading Friday anyways.
Sorry for the rant, I just wanna encourage you all to see what a difference trading less can make. Itās taken me over a year, and Iām finally now seeing the benefits. Just something to think about.
Hi Matty
Couldnāt agree with you moreā¦ But i have to say, as much of a blessing as this forum is, i sometimes feel like its only downside is the amount of freedom of informationā¦
As much as ive enjoyed sharing and trying to discuss setups and trade ideas everyday, if im completely honest, i think this alone got to me this weekā¦ Despite the majority this week, i havent had an amazing week, i definately over traded, made silly mistakes, and as a result im just under 4% down.
As much as i am genuinely happy for people making pips (i really mean this), i think everyone will agree that despite using the same tools, we will all interpret our charts differently. Ultimately its the trader that determines how successful our strategy is, not vice versaā¦
Since having my demo, i am ultimately in profit - over 20% up - nothing to brag about but im personally pleased with my own success so far, but in the last probably 2 months (coincidentally since ive become more involved in the forum) i feel like ive hit a plateau and i cant break through a certain profit level, ā ive gone into a consolidation range, no longer that upward trend ā 
This week i admittedly felt it and i think i let it get to me and it reflected in my trading. I made mistakes which i only blame myself from, but i recognize what i did wrong and im ready to make a change again. But again, seeing all the pips and opportunities that i let pass me by, that others took and capitalized on made me want to chase price, and not necessarily take the set ups best for meā¦
For that reason, at least for the next few weeks / months im going to become less involved on a daily basis, and maybe login once a week, catch up on the week and post how ive doneā¦ Iāve also seemed to notice there are many students which follow but dont post half as much but seem to going down the right path. I feel its the right time for me to possibly join the same pack, as much as ill miss the day to day talks and debates about setups underway, i feel, at least for now i need to fade myself out of the forum to see if it will have an impact on my performance levels. I feel i have a good grasp of a lot of the tools, but i need to take that step away and apply them in my own timeā¦
Ill still be checking in in the evenings or at the end of weeks and will most definitely be aroundā¦
Good luck to everyoneā¦
All For One, One For Allā¦ :57:
I went long on the fiber today at ny open and bagged 50 pips. I wanted to let it run longer and shoot for the weekly high but didnāt want to get stuck on leaving it open over the weekend. This was only my second demo trade so Iām sure I just got lucky. Iām not sure Iām even using the tools properly yet. Itās encouraging though and I will keep studying.
I agree, this forum isnāt always good for us. Donāt feel obligated to post anything, but post if you think it will help you out in some way.
Just remember what ICT saidā¦ ātrading is not a team sportāā¦ Good advice
Anyone got a piece of that Cable action today?
Ok, That didnāt go as expected 
Just watched the euro rant live stream video.
Together with the āpick one thing and execute perfectā tip Iām going to change the tactical plan (and stick with it)
I just see too many āgoodā trades with all tools provided, so from now on I will just trade the Nyo when itās a clear setup, like the gu today.
thanks for the great example of what limiting your trading can do for the account! we all need to be reminded of this often. i know i do. i just keep reminding myself that knowing how to make profitable trades is just 1 part of the process. we also have to work on minimizing the lower probability trades. i believe this is the harder thing to do.
photographers are taught early on that you only show your best work. you might have a ton of pretty good shots, but only show a select few that are exceptional. i ask myself, "is this the best possible entry for this trade, picture perfect?"
learning to develop this filter takes work and practice. patience is part of it, but is so hard because it means your just sitting there. not participating.
i think that by not participating at the right times i am still being active and doing my best to minimize the poor entries. to minimize the mistakes. i must learn to be happy to turn away from a trade that doesnāt look perfect. in the long run, the results WILL look better, not worse.
of course putting this into practice is difficult. so these reminders are very important.
i am still overtrading. how does this become a habit in the first place?
anyway, i know that through ict and this awesome community that this stuff is soaking in. iām up 8%+ this week.
hope all the fathers out there have a great weekend.
happy fathers day to you ict!- i am truly grateful to be a part of this community that you have created.
With all due respect,this is a big mistake.Do not compare yourself with others.This is not a race.Compare with yourself only!
I learn something new about myself and the market everyday, and I move forward with the building of a strong foundation. It is easy to be good at one thing and have a fruitful month of trading while the market is primed for your favoured style, but it is quite another to continue consistently by knowing when the market is cycling into a different environment. I cut back a lot of my active trading to study this, and I feel more rounded for doing so.
The tools are simple, and effective, but that doesnāt always equate to easy trading. The more time that passes, and the more chart action you experience, the more you realise how little you actually knew. Slow and steady wins the race :57:
I did.
Took a double-tap at LO in the buy zone with SMTās at previous days low.
I got out at above asia high at the resistance line, ADR, a bearish euro 15m SMT and I was going to bed.
I was very happy with my limit entry and 100pips but wasnāt feeling quite as smug when I woke up and saw another 140pip on top of that. oh well never mind, normally I would have let it run after such a wind-up all week but all the talk about Greece elections ect. Itās better to stand aside.
Wally
The community we have here was of great help for me to reduce my trading. I was just so fascinated with the many tools Iāve learned here, I was in the beginning, looking every day for an OTE to happen, no matter what. :eek: Going through all the materials again, I realized that this was not at all the way to go. I have to anticipate and not react. Reducing the trades and knowing what I was looking for instead of hunting patterns form session to session, brought me awesome results.
So, thanks to all the the folks here posting their experiences, I think we have a superb community! :35:
I have 2 random thoughts that I want to share:
- To all the new people coming to this thread/material. You probably feel like you are ālast in lineā, like you missed out on the ground floor of this project. Perhaps you believe your education will be a diluted form of what was presented earlierā¦
This is NOT TRUE! Michael, as a teacher, is subject to his own learning curve. The material presented will get better, as he himself learns how to optimally deliver the concepts. Keep in mind that in 5 years time, when this thread will inevitably be around, all the people here NOW will be the envy of all the newcomers at that time! If you are HERE NOW, you have done well, and you have not missed out, not by a long shot. Be thankful, and get studying
- I have put a ridiculous amount of energy into trying to figure out what I can achieve in a given week/month, so that I can plug that number into a spreadsheet and see how much money Iāll have in X amount of years. Donāt WASTE your time like I have. We all want to know what we can achieve, but until you have proven to yourself with an actual track record, you really have no idea what you will make. So put your energy towards maintaining the PROCESS, and see what you end up with.
I like setting goals, and I do think it is important to pace yourself in this realm of unlimited opportunity. My recent revelation has been that I must set my goals BELOW what I know I can achieve on a consistent basis. You donāt want your goals to stress you out. You donāt want to feel the need to take trades to reach a certain % by the end of the weekā¦
instead, make your goals a tool to build your confidence. Set them low and you will see yourself meeting these goals consistently. When you reach your goal, and realize that you have the potential to do much more, this will be an incredibly positive feeling. This is excellent for your confidence and your trading!
Imagine you set your goal at 5% per month, and after 2 weeks you have made a gain of 7.5%
you will be feeling pretty confident, knowing you have 2 weeks left in the month, and already have topped your goal by 2.5%! Your trading mindset will be flowing with patience.
Contrast that with someone who has set their goal at 15% per month. They will feel like they NEED to perform in those last 2 weeks. The excellence of making that initial 7.5% will be discounted, and the potential of feeding that positive cycle of success will be diminished.
Of course this is how I see itā¦ maybe there are others that are encouraged to be more patient when they are under the gun!
This thinking of mine was inspired by Michaelās trading goal of 50-75 pips per week. I could not figure out why such an amazing trader would set their sights so lowā¦ but it is so clear to me now. Itās not about pushing yourselfā¦ itās about feeling confident! 
@akea: Your post seems to have come at just the right time for me, particularly point #1. I am indeed coming to this thread just now, and as advised by Michael, started looking at the other thread (āWhat New Aspiringā¦ā). I am downloading as many of the videos as I can, but it seems some of the videos on youtube have been removed?
For now I just have one question, and please forgive me if they are already answered elsewhere.
- In one video (āShort Term Tradingā, I think) Michael said that a good way to get the market bias is to compare 18 EMA daily with 40 EMA IF there is good separation between the averages and price. But he also pointed out that this cannot be done when market is trending. Bearing in mind this on the daily chart, what should a novice trader do in these periods? I notice that generally, the EMAās arent on the training videosā¦?
I donāt think Michael said these cannot be done when market is trendingā¦This is the only way they work is in trending markets, as they keep expanding apart is when you look for setups in that direction.
He very rarely has the EMAās on his chart, because you have to remember this is just one tool of MANY that he has shown usā¦if you just use this concept you can make a living at trading, just with anything else ICT has shown us, but if this way of trading isnāt for you move on to a different concept and find the one that fits your trading style.
Just donāt make the mistake that I did in the beginning and think you need every single tool ICT has shown us to make this work and try to put them all together every single dayā¦it will drive you nutsā¦just look at each concept, find one that fits you, master it, perfect it, make money with itā¦if you feel you would like to add another tool to your trading then and only then move on while you continue to use and make money with the other concept.
Enjoy Your Stay Here!!!
GLGT!!!
Thanks for reply. I meant to say when the market is [B]not [/B]trending! I will also take on board what you said about using the concepts as tools (ie, not necessarily use all of them at the same time). Thanks again