I’d be favouring the shorts after yesterday… Market flow is bearish on the 4h and daily on the fiber, cable only bearish on the 4h… Market structure looks like it could be setting in some LL and HL…
There was an entry on the cable just now, smt divergence, key inst level 1.562, OTE, overbought 1H stoch… And in line with the current HTF bias imo… If we had pivot sell zone in there id be in… But didnt take it as not really comfortable with the sketchy market this morning…
I dunno… I guess when in doubt, stay out?
Wouldnt be the first time i was wrong anyway… If we get bearish drop, ill be looking for an NY entry…
I agree with Sanj, the more i see the more i realise we can make money going both ways, it seems like you just have to have a good key level and a few confluences, and the main thing is taking the 25-30 pips and letting the rest go. Pay yourself first and let the rest take care of itself. (its good to have a bias, but its not the be all and end all)
i’m also in the ‘when in doubt stay out’ crew,
i’ve not had one trade this week. The only opportunities i saw were longs on tuesdays LO and Wednesdays LO both on the cable. Didnt trade tuesday cause of Greece, and Wednesday i didn’t expect it to go down far enough, my fault for being slow.
I was initially eyeing the 1.5640/50 area for a short cable, or the 1.26 fig for a short fiber, but neither have failed to play out this morning…
Days like this where it just seems to tricky to call i think its better to just sit on your hands… The only times we wanna be trading is when we see the no brainer setups with several confluences screaming - and tbh, for me that isnt today’s LO…
Saying that, this whole weeks been a bit of a mess, i agree the only clean setup ive seen all week was Tuesday LO which i luckily took… I remember ICT saying in a video he only looks for the best 3/4 trades in [B][I]A MONTH[/I][/B]… You risk 2% on a trade like Tuesdays LO setup and your done for the week!
i believe it was Trint! Fiber swept below yesterday lows to take out stops. It all looks bearish to me and i think we are just going up to fill in the inefficiency (i think thats the right word lol). Can’t see an opportunity for a short at LO so im stay out. I can see why PipaRush took a buy though, i just would scale out profits a lot quicker given the opportunity.
It’ll be an interesting week next week what with the EU summit so the patience can be let loose with an entry then maybe. Perhaps they might actually finalise some detail by then but like SanJ says, I’m only pulling the trigger on a great deal of confluence with a personal setup.
Continued bearish divergence between cable and fiber… I would say my idea to short the cable at that 5640/50 area could come into play during NYO, but technically, the weaker pair would be the fiber, smart money acuumilating short positions - selling into the buying meaning there is no increase in the price, as we’ve see in the cable…
Maybe things will be clearer later… Im more tempted to just start the weekend early if things stay foggy like they are now…
Ok on my quest to become an ICT magician I’ve done some home work and would like to show you and see if i’m getting the hang of it. I think market structure is now broken therefore we can now look at Fib extensions. Maybe the picture will help explain it more. Basically from here we want to be looking at key levels and OTE’s for sells and for price to reach the 200% extension.
My Monthly Goal
Get my weekly and daily trading routine settled
Develop my trading plan
Trade the NYO only
Work on Gartley, butterfly patterns (not ICT method but works very well with ICT concepts)
Define my personal style
Wait for the set ups
Patience Patience
Thanks
Jack
just watched michael’s last livestream. very very very very insightfull and awesome. thank a lot michael.
next month goal:
1.mastering the SMT
2.mastering the HTF key S&R
i really think ICT so awesome man. with all his teachings and all his sincere effort.
you’re ‘The Mentor’ man. lol
i just couldn’t thank u enough bro.thanks again.
Yes key higher time frame S/R will trump market flow. yesterday was the furthest I have even seen the Aussie move in one day. Great day for me. Waiting for this for 2 weeks paid off. When I came to work I trailed my stop. Locked in +150 pips so far. Wandering what today brings
Just going to throw it out there that I expect a recovery this NYO or LC of the Cable and Fiber, as the NASDAQ has posted a lower low but the SP500 and DOW refused to. Admittedly these candles still need to close but it’s a heads up for those with shorts to think about tightening up their stops.
For those that understand them, I don’t, it would mean these are Gartleys emerging on both pairs.
I’m not entering the market until next week, if I can keep my self-control.
Edit: Also RSI is starting to show a strength on both pairs. More so the Cable.
hmm my limit sell order at LO would have been a winner… but I decided to close it before it was triggered… been flat for 2 weeks now…
there will be more opportunities along the way… (mental)battery running low…
time for weekend
have a great one y’all
cheers
