Well, I had five consecutive weeks of hitting (exceeding my weekly target 1.5%.) This week I had one win and one loss that netted a 5$ weekly profit (in other words break even) for a tenth of a percent of equity. A couple of trades I spotted that did not activate as well. I’m calling this a very successful week as a trader, because I remained patient, controlled urges, and therefore did not lose ground. I stuck with my plan and did not alter it to get action plays.
It was also a very good week for education as I watched several old ICT videos, including one that was mentioned today (by Tycoon maybe) relating to the Asian session, and the importance of 7-12pm EST. Read day trading articles and broker information (considering Dukascopy and TD) at lunch. At one point this week, I found myself watching a Raghee Horner video and decided it was time to chill a little bit.
I’ve thought about having an account for scalping. Did anyone make a copy of the video today, like many I was at work. Can someone who watched it maybe mention some of the topics that were covered. Was it new ICT information or concepts we’ve already covered? Any thoughts would be appreciated.
Great reading peoples posts and best of luck to everyone next week.
I know this homework assignment is late and J.O.B. as been a major factor in this…
The one thing I really want to learn and become really good at is spotting S&R Levels. Once found I want to be able to have a plan and know what to do with this plan at the right time…S&R Levels in my eyes are the bread and butter to ICT’s concepts, but yet I really can’t figure them out.
I watch every video and every market review. I post every key level on my charts and sit and wait for price to hit these levels during kill zones. I see price run up into these levels and then pull OTE, enter and bang I’m out of the trade and it goes up take my stop and then once I’m out it runs in the direction I was looking for. Not sure I am using the levels properly.
I have watched ICT’s latest live session on how to properly use the levels, but when I go and try it on my own it continues to fail. I would like to break this habit and I am continuing plugging away at it until it clicks.
Also I need to rap my head around figuring out which level to actually use at the correct time.
Alright there is my homework assignment and I’m going to crawl back in my hole and keep on Studying!!!
GLGT!!!
EDIT: I forgot to add, I am trying to put more of my focus on finding OTE entries on the 4HR charts to free up my time and hold positions longer for more pips all at once. This will also help me from trying to trade every single LO KillZone…
Just wanted to say hello to everyone here. I am new to this Forex deal “as of today” I jumped into the chat room and there where a few people in the room. One of these people was none other than the ICT guy I have heard of from a friend. He advised me to go through babypips school all the way before doing anything else. I was tempted to at least check out the search on him and he is all over the place. I thought I was through pre-school PLEEEEASE, I think I am the only one to ever be held back in pre-school, lol. I even stated I was already done, lol… not even close. I just hope this stuff is still around when I get done. ICT said it is on lockdown, not sure what that means but ok. I probably won’t post here and interupt the big cats until I can add some value but I will be watching. This stuff is like cyber crack… It’s late and gotta sleep. BTW ICT said to get used to not sleeping, hehe
Man I wish I would have been around this a long time ago, hope to catch up with this soon…
You have such a long journey ahead of you… if you refuse to give up, you will probably make it. It’s an emotional roller coaster ride, and despite whatever steps you do to prevent it, you will likely lose a bunch of money before being consistently profitable (unless you are clarkFX)
I wont repeat myself here, will just link you to my other post: 301 Moved Permanently
Start with that other thread first, after finishing the school of course, and then come to this thread where can ask questions, etc.
no lock-down, just preservation for the future generations that thread grew gigantic and had to finish somewhere This stuff will be around for ages, so take your time, it is a very long road in front of you.
First off congratulations on staying consistent, 5 weeks in the profit is wicked man!
…on raghee horner, what did you think of her work? I found her work just before ICT I think or around the same time, it was something about waves, loads of moving averages I think. In the end I choose to follow ICT hence why i’m here lol.
I didn’t record the live session mate, tbh i don’t even know how, but i’ll try my best to give you a summary. ICT went over a trade he took on Friday, It was a scalp going long on the Fiber, entry was at 1.2532 to 1.2569. He did also say we are largely bearish though. We also went over a few trades he has taken the last couple of months. There was a few examples of a reflection pattern within a OTE. The best way to spot these is take a fib from the low to the high of the previous day and then look for a reflection in LO, usually from the swing coming out of the Asian session, hope that makes sense. He also mention watching ‘Trading the key swing points video again’. errrrm what else…there was an example of a hidden OTE, using a key resistence level. Oh yeah and he mention about Wolf waves, which is in the book Street smarts, I believe he will be teaching us this concept later this year but if you want to get a head start, you can read it in the book (and thats all you need on that concept he said) and lastly a sneak peak at whats to come in the trading plan series…
i’m sure there is loads i’ve forgot and the others can add.
Cheers dude! I did that all from memory and my memory is not the best lol.
…errrm the word on the street is that he might call it ‘The Tycoon method!!’ Lol
This week I want to try trading in a single pre-determined direction. My bias will be for [B]Long[/B] entries only. Others have done this before, so it is nothing ground-breaking, but it is something I have never done.
I will not determine my success in pips or $, but simply on whether I followed the Buy-only plan or not. At the end of the week, I will do a little review on how my trading week went, specifically outlining any failures of discipline.
These ICT tools I have been given amaze me every week. What disappoints me is myself. My lack of self-control, my impatience, my inability to form a plan and follow-thru with it. I want to be a better trader… that is the goal of this excercise and any that I invent for myself in the future.
If we draw fib from asian session low there is no ote but from high there
is , generally we draw fib from low to high, in this case it is a hidden OTE,
Question is what are the confluences or logical explanation to draw from asian
session high? or how to know that, only correct OTE should be from asian session
high before forming OTE?
I have a question about S&R while I am on the subject. I really want to know how to get in sync with these levels and I just can’t make sense out of this even after watching the latest live session from ICT. Hopefully someone can shin some light on this subject for me.
In the image I have 4 levels I found on the weekly chart and daily chart. I then zoom down on the 4HR chart to find my favorite setup which is OTE since it’s the easiest to use. I would like to use the 4HR OTE at S&R to find setups that last more than one day and provide large pips movements because of the lack of time I am available at the charts.
So I marked off 6 areas’ which price touched these levels. A, B, C, D, E, and F
Area Marked “A”
Price came down into 5920 which to me there really isn’t anything to do at this level since we didn’t have a pull back and it just cut right through it. Paused a little bit and kept moving lower. But if I was around at the time to look at the 15 minute chart during the day I could find possible OTE’s for longs but they wouldn’t of worked out, so this day would have been a lose.
Area Marked “B”
Price came down into 5690 which ok now we have a level that we hung around for a couple of days and I would have time to pull fibs. As you can see there are multiple retraces back up which I pull fib from and could try and get OTE from but none of them worked out and this would have been another lose.
Area Marked “C”
Price just cut right through the level. Sometimes like this I then wonder if I plotted my level correctly or if price is reacting to a different level then the one I have. I would have never captured the short move up into this level and then the big drop off.
Area Marked “D”
Now this area looks great. Nice OTE during LO and went higher. I would have to say I would have probably missed this because I would like the OTE itself to line up with the S&R level. I know I might be wishing for a lot but it’s easier for me to see when price goes below a level then comes back above level, then forming OTE at the Key level I have marked.
Area Marked “E”
OK now we are moving up into a key level and I would be hunting shorts in my mind. I see a couple OTE’s to possible go short on but price keeps going higher and higher. I know this is due to the area marked D and I have to get in sync with the market structure, but to me it’s not as easy I it’s made out to be.
Area Marked “F”
Once again we are moving up into a level and would be looking for shorts. I see a couple opportunities to get short and all of them would fail except for the very last one but at this time to me it looks like price changed from going up into the level to now going down into the level so I would probably throw my hands up and have no clue to which way to look to go.
Sorry for the rant and now I know I need to study more and keep grinding at this to find out the answers. I keep looking at this and trying to figure out the puzzle but I just can’t put all the pieces together. During ICT’s market reviews and the levels he posts, I just don’t know how to make sense out of all those levels and how to determine if we are going up into the correct level or down into the correct level. I’m trying to only focus on the Weekly levels most at this time since this will only leave a couple lines on my charts at a time. I noticed in the latest live session ICT had a couple levels below price that seemed like price was falling into the level but if he moved the level just a little bit and above price it was clear to why price fell. But if I would have been trading this level wouldn’t have gotten moved and it would have thrown me off because price was going down into the level. I gotta say ICT makes everything look simple and I love him for that, but as soon as I get done watching the video and I go to a different area of price on the chart and try to do the same thing, well then I am back to square one again.
I am crying for help here, hopefully someone can make this clearer for me.
My take on your given example, and what you seem to be doing wrong in terms of when you say you would have had losing trades as it seems your working on trying to pick tops and bottoms - its something which only lead me to bad trades…
I generally try and use a 1H and 4H time frame in order to look at market structure to see if its in sync with the general direction of the HTF bias. In your given example, up until point D, it looks like the HTF is seemingly in a bearish scenario, and in my eyes, the 4H and 1H time frames would support this as you’ll see price is selling off nicely producing LH and LL… Therefore, if the HTF is in a sell program and the 1H and 4H are showing LH and LL, to me that says i should be concentrating on SHORT entries only - as per my objectives to try and trade only with the trend.
In your examples, your looking for longs in a sell program - which granted, you may get, but they would likely be counter trend scalps… In that same area, look at your 15m time frame and see if there are OTE shorts…
Similarly, after points D, purely looking at the general market structure (although i like to confirm with the MF of the daily and/or 4H), the chart starts looking to show for at least 10 days, HH and HL… Higher highs and lows are a bullish structure - and at the point in your examples your only looking shorts…
Looking at your area marked E primarily, just eye balling that area i can see OTE long, granted thats without knowing any other confluences…
Ive been in that place where im trying to pick tops and bottoms and it really hasnt worked out for me… Personally, it just seems easier to trade with trend and bias of the HTF and it will give you more successful trades…
Anyway, hope ive understood your examples correctly and given some of my insight…
“Piphanger wrote
… I am crying for help here, hopefully someone can make this clearer for me.”
With due respect I m stating my thinking, actually I was looking market this way, but after
looking ICT’s method it cleared me. Like in your chart HTF S&R is not good enough, the
level you plotted, try to find how much time these price respected in these area in weekly,
dly time frame, price should be touched in S&R or high or low level and inside body of the
candle. That’s why when you try to find Support or Resistance near your entry you do not
find and ultimately you can not enter in to the trade.
2nd it seems to me you did not make the swing projection. Remember 20th June session
Michael showed the 200% fib level.Actually that level is too powerful but our ignorance
do not find the impact. I tried with last 3 yrs historical price, most of the time I amazed how
accurate those price was! these Fib levels are obvious. I found it in W.D Gann’s method.
He described it as cycle. Fib is much similar to cycle. Actually we need a bit more explanation
about fib.
3rd most probably you did not look the chart with fractal to confirm the market structure. So
while there is short bias you are looking OTE for up and when market structure is long you are
looking for short. Just use the fractal with major swing high and low you can easily find the direction.
In area A price respects previous S/R but due to short market structure it pause and went down.
B was accumulation to go short as market was down structure (Measure with fib level and find
the structure with fractal), C seems like some kind of Judas but due to short bias it went down.
D was NFP day trade and reversal pattern forming. Use fractal indicator it showed clearly market
structure changed. E was accumulation to go long, you could trade easily with ICT gap strategy,
13th June was a nice setup of stop raid then made an OTE to go long. In F area market structure
changed, you could find that clearly in USDx chart.
Sorry for my poor english, as this is not my mother tongue. Hope seniors can explain better and
correct me those I m missing, but thank you to give opportunity to express my view.
Thanks for the replies…I really like the picture discription because I learn better by visuals…
A,B,C, and D I have the levels anticipating a bounce higher…well because they are key support levels on the weekly and daily charts and in the past have created nice bounces.
Now if I am looking for a bounce and key S&R levels are king over market structure, how do you keep everything in order? You are saying A,B,C, and D all failed to go higher because of market structure and market flow, but as ICT always says Key levels trump market flow…
Now this is only an example with 4 levels on the chart and I’m still struggling…just think about what my mind is doing when I have all of the levels ICT posts in his reviews…price continues to go threw them, respect them, threw them, etc…trying to pull the trigger when one of these lines up is like trying to snipe an enemy while he is running threw a crowded city…
I just wish I could of been there during the live session to ask my questions with real time examples. I really need picture examples.
I am really trying to make sense of this and have been for well really really long time. I will take what you guys have said and continue messing with it to see if I can make this click…
you gotta look at the big picture man, dont expect price to reverse only because you draw a line there… Keep in mind where Price is coming from and where is trying to reach.
On your example, down-trend is crystal clear, you need to measure swings, look for Market Structure, SMT, etc… you need few factors to converge to take a trade anyway, not purely on bear line…
also, you obviously will need to watch that last live session few more times, because I doubt it very much, if there anything more comprehensive on S&R topic than this video… in particular see 35-45 min for how to ‘‘calibrate’’ your levels, then you need to ‘‘blend in’’ other factors as market structure, etc…
Dont take the phrase: ‘‘S&R trumps market flow’’ too literally I would suggest… for example if you looking to sell when price approaches your level, make sure there is other factors supporting your bearish scenario too…
Maybe is good approach to look at the S&R levels simply as areas of interest, and then start building a scenario (bullish or bearish) around this level…
