Just thought I would post some charts and put out there what im thinking about going into this week. I feel like I dont contribute enough so here goes.
First chart is the weekly - we have a small range hammer candle in the OTE area which means a large range week could be coming. The price actions shows very choppy trading which to me says there’s a lot of indecision or an unwillingness for price to break out above that large range. It also looks like a bull bear battle reversal that Chris Lori teaches. The X’s show where price could be going back to.
Finally we have a 15min chart which shows where im anticipating an OTE on the short side. That area has had a lot of reactions over the last week especially with the Asian range highs and lows!
If price does get up to that area ill have a look at going short…Of course someone with enough power in EU/Greece might sneeze in the right way and the world will be saved, risk might be on again and my stop will get taken out!
Would love some feedback on what you guys are seeing!
Newbie looking for some answers to puzzling questions (so be gentle!)
blue line = previosu day high
green line = previous day’s low AND previous week’s low
red lines = previous month high/low
orange lines = S/R levels?
On the chart are high/lows of previous day/week/month plus some levels I think are S/R levels, but I am not certain if they are relevant.
Can anyone say whether these levels are ok? I feel that S/R levels are subjective, despite what other traders have said on this forum.
What I am trying to do is determine what the coming week will be like.
Will the coming week be a bull week or a bear week? Why do you think so?
What about tomorrow? Bull day or bear?
A lot of those you just have lines drawn from one candle…you want a reaction from as many cables as possible or a strong move…also S and R from Uhh whole numbers like 1.8000 or 1.8500…1.8650 when you have a support or resistance that also lines up with a “whole” number like that that’s a good indicator that there will be reactions in the future…on the chart you have I would only have places 4 lines as S&R. I dont think they subjective I think they’re fuzzy sometimes and they dont always predict absolute stops but they are for sure areas to watch for reactions maybe not down to the pippette. For my top down analysis i start with weekly charts and usually plot 2-4 lines. then i go to daily then to 4H then 1H. I try to look for as many places that a candle touches a line whether it be a wick or body top/bottom. i also try to get ones that are close to figure’s like the “whole” number i mentioned above.
Hidden OTE ?? Any reference where I could get Info. I have no notes about that from the video. Siince my English is not perfect, maybe I just did not get it…
I havee seen it in some of the market reviews not sure if it is talked about in a video. It mainly goes off of using fibs in a not so conventional way such as instead of drawing fibs from a high to a low. Try drawing it from a low to a low/ high to high. I used to use this concept alot. Not really for finding OTE (although I am sure it works great for that). Iused to use it for gauging stop raids and how far would the market move past a S/R level to clear stops. Also when like me only shorting a pair this concept comes in very handy when shorting bull markets. For instance when in a strong uptrend where price consistently making higher highs and higher lows. I would drawing my fib from the most recent swing high to the previous swing high (yes this is considered drawing fibs backwards but not everyone obeys the rules lol) One can reasonably expect price to stall, stutter, and reverse at the 121 and 161 fib extensions. Mixed with other confluences that would be where I would look to get short gunning a target at the standard OTE concept. I would suggest playing around with fibs to find what works for you. There are many ways to use fibs other than the standard way.
Hi guys
When Michael enters on railway tracks, or turtle soup, whenever he makes an entry where is his SL, I watched all his video’s and he only once explained in the scalping video that if you want to scalp you enter on the significant S/R and Stop loss is 20 pips under/above that. Is it the same with all the other entries, always 20 pips?
Thank you so much
Very good question and 1 one I do not have an answer for. I do know on OTE patterns he puts it at the 90% mark. But turtle soup and rail road tracks I am not sure. I am interested in this as trading a turtle soup pattern is what hurt me last week with my stops being to tight. I was spot on with my analysis just not so good with stop placement.
I’d assume maximum SL of 30 pips and he would probably close before a full stop if he knew the trade wasn’t working out for him. He always advocated using a 30 pip stop, sometimes less if you can. Personally, I use 30 and often close around 25 or less to spare myself a few pips if possible. There’s no point in taking a full loss if you know the trade isn’t going your way.
Hey guys i know this has been asked before and i hate to “beat a dead horse” but where’s a good broker i could have a demo on to monitor commodities/stocks/etfs/metals/ on mt4 ill delete this post as soon as i get an answer not trying to spam
EDIT: I did a search and i guess my keywords werent on i thought SanJ mentioned one. could find it
I have had stops as low as 8 pips (after spread) but I do not recommend it to anyone. I let the charts tell me where to put them. Basically where according to my analysis was to prove me wrong I am out. This year I have done very well. Last year I had a poor win ratio but still made a decent amount of profit. Before that I was not really in forex I had a buy and hold strategy with stock and did ok not really profitable with stocks more break even. I had some gains but not much to brag about. I will say though its risk management thats the key as I have never blown a trading account ever in my life. So you are asking the right question or at least on the right track to finding what you seek.
How long were you buying and holding? Years at a time or months? I have bought shares in 4 companies I think will do well over a lifetime. I was just wondering. I’m going to sell those to fund my main live account when I’ve had a lot more practice in forex just because the potential is a hell of a lot greater here. Then again when the third richest man in the world has a buy and hold strat its hard for me to argue against it lol.
On average I held for a few months. At the end of the day it was just long term technical analysis. Even played the game on my 401K with a fund manager. I noticed a trend my funds would be up big time at the middle of the quarter but at the end maybe 1%. So I started to learn there and shift my money. In hindsight I understand it now. He would build the funds up over months then short them. After the fact I understand how they make 100+K a year when the fund do not show profits to explain it. He is using your money to short your stocks and banking the profits. You made money he made money so who questions it. After swaping funds around when one was at 8-10% to a lower performer just to watch the lower performer make a come back at the end of the quarter. You would be amazed what I have banked. Thats leverage at its finest since my company matches my money 100%. I dont give back my leverage its all mine :). In the end its all a numbers game. Once your on the right side of the equation you will understand. It dont come overnight but dont give up and you will understand exactly what I am saying. Its getting there that is easier said than done. Now thats with fund managers. Forex you are the fund manager the game gets a little tougher but can still be done of you truly look at what ICT teaches about higher time frames and seasonal tendencies. YOu know what also falls on seasons? Quarters thats what take a look at quarterly highs and lows and what they do in the market. Yes for a day trader dont hold to much unless you are at these levels but pay attention to these levels and you will see what I am talking about. I try to trade more long term. Most of the time it dont work out for me as I get stopped in profit for trailing my stops to tight. Lately I have seen my stops are cutting down on my already killer year. I mean how many trades have been on here with about a 10 pip stop that ran for 100-200 pips? It going to take a hell of a lot to wipe those wins away. It was not hard to do but I think those days are done for now. My trading seems to be slipping and its due to me being to greedy and to over confident. So I need to take a step back and protect what I have and proceed from there. ICT created a monster and released on the Aussies lol.
my company matches what i contribute up to a percent but I have a biiiig chunk of my checks put in there…i’ve read about fund managers doing that shorting the stocks and taking the profit…i read alot…i mostly invest in blue chips even tho im young lol its not that im afraid to take risk its has more to do with the way my 401k is set up at work…ive actually been looking into the seasonal/quarterly tendencies. and the avg ranges for them.
I think there will be a retracement to at least above 1.24 as many buy stops are located there. That is, if there is no bad news from Europe soon. Just note that small price range after the ECB rate decision, this was all accumulation of positions. I assume financials entered short and commercials long, as COMS tend to just buy low, even if the trend is strongly bearish. Friday morning, a quick stop hunt and some order fills up to 1.24 and then everything was set for the sell-off. Now, that area between 1.24 down to 1.23 was crossed pretty quickly and I’m sure there are a lot of orders now, i.e. sell-orders & by stops 2350/60. But that 1.24 level looks to clean, so I’m waiting for that one to enter any new Fiber positions.
Also, positive SMT Div Fiber & Cable on Daily, in case Cable presents any opportunities.
I know where to get the COT Data but I’m wondering what everyone is doing for charts that do not require you to use a pay site. Being the novice I am, I resigned myself to copying the data from the reports into a spreadsheet and making my own charts. COT Data - Google Sheets
It’s not a lot of work to maintain once a week but is there a free “one stop shop” where most people are going that can resolve this for me? Thanks in advance and apologies if this is clear somewhere else that I havent seen yet.
but where’s a good broker i could have a demo on to monitor commodities/stocks/etfs/metals/ on mt4 ill delete this post as soon as i get an answer not trying to spam