If you are referring to the horizontal colored lines, it is the Daily Pivot Macro indicator. It plots the daily pivot points on the chart.
Its more of a prerogative thing for the most part I go MT4 Wize.
- Check USDX, Bonds, COT, any high impact news and make assumptions based on what the trend is.
2.Mark all Weekly ==> Down to 1hr Levels, and these are key swing levels so for the most part I ignore the consolidation zones only complete swings unless there was some more confluence between that like price visited it before etc. So if it trends, consolidates, then trends just a wee bit more maybe like 1/10 of what the entire trend moved after the consolidation Iāll mark the final consolidation because thats your extreme or completed swing in my mind.
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Daily Trinity to see where we are in terms of buy or sell
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Throw on Monthly + weekly pivot levels indi and mark up the levels that either I marked or the indi has marked for monthly and weekly that are within 15 pips if their larger I ignore them.
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ADR, I rarely use but I throw on reguardless incase of a large range day and it breaks adr which gives me a green light for LC.
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Daily Pivot Macro to see where plausible S&R on a daily.
My asia indi is always on but for the most part I look at 5pm EST - 12am Midnight EST and I just look at the trend of asia thats about it.
Then I just wait for a swing since Iām an OTE trader that moves against the direction I want and wait for the 2nd bar because usually it will be strong bar move, then 1 bar will either be a pin or hammer or really consolidated but it must be retracing in the direction I want, and then the next one will be the one where I get in provided it is still in the direction I want it to go. Sometimes it will just move in the direction I want initially and well I dont want to chase price Iāve learned my lesson so therefore all your going to do is wait for the pull back to get in the rest of the move (Reference NY Open Tactic Video for this ) OR wait for it to retrace up to the 78 upon where it finally started its retracement to make a failed retest.
Thatās just what I do because Iāve been taught a LO based style. Everyone else is different some position trade, some intra-day, some just do massive swings, some do all of the above. Its just whatever you gleam useful and work able.
Oh yeah I forgot to mention stops. For the most part ICT preaches 30 pips (Why 30? according to him he says its 1/3 of the Average Daily Range, also it was in one of the earlier videos in the intro either it was 30 or 50 pips I think he said if it moves in one direction for that much you can plausibly expect that move to continue but if it fails then expect a retrace or something to that nature, donāt take everyoneās word including mine to heart trust what works for you) on where ever you believe is your āOptimal trade entryā Iāve started to use 20 may eventually reduce it to 15 but for the most part its whatever your comfortable with and heās all about protecting his capital and using very small stops hell he uses the 90% level as what people refer to now as the ābailoutā so if it retraces to your 90% level he may close the trade completely or he may half the position and let the other half on and run sometimes from what Iāve seen its as little as 10 pips.
Awesome, thanks!
I thought this only worked if you were with ibfx?
Thank you Tansen for that very thorough response I really appreciate it
You use the daily trinity, but not the monthly and weekly trinity indicator?
What is the difference between the weekly monthly pivots and the weekly monthly trinity?
So you must have so many S/R lines on your chart, how do you choose a S/R level to stalk? Do you just choose the closest one?
And you enter a trade with the OTE at London open?
Thanks again Tansen
You could be right I am not sure as I donāt use it personally. I do know that I have a working version of the EA at home (a hacked version of IBFX perhaps?). I got it from this or the other thread, but if anyone needs it, msg me on here and I will email it to them.
I took a look a the code. It is definitely meant for IBFX accounts only.
Personally I use quiktrailing, but the IBFX EA has more features if you can use it.
The monthly trinity is sitting on a separate chart, I view it to get a sense of market structure.
The monthly and weekly pivots is what I use in conjunction with my marked levels to find those levels within 15 pips where I expect either a really reactive level is either its going to rocket from that area or possible reverse violently.
I have a few S/R lines on my chart its not cluttered for the most part unless they are marked via above, lets say one of the weekly or monthly pivs is closer to one of my marked S/R lines Iāll mark that area instead of if the monthly and weekly are closer together so in laymens term like this
ā Weeklyā
(Not marked)
ā Monthlyā
(marked)
---- My levelā
And not straight at open do I enter OTE, I wait until the 3am EST - 5am EST (Granted I am unsure because ICT wasnāt clean upon the DST whether these KZ holds true he just said each of his KZ have a buffer of 1hr before and after) KZ to see what potentially happens I am looking for the judas or the swing that happens in the direction thats opposite to what i want, then when I see it start to reverse thats where I get in
So say I am short, I want to see a swing up or a strong bar up and this is a perspective thing sometimes its really subtle
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Then the next candle on the 15 does this more or less
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From this point I will pop down to the 5 min to see what micro action is taking place
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This is something Like to see because Iām hoping the next candle will do something like this
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[ ][ ][ ]<== I get in on this candle when I see something like this form
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Also call me Mr.3000!
I canāt find any good solid examples on my chart right now because I have to run but for some reason the forums doesnāt allow certain spacing for me when I make the wicks so ignore the dots they are there for spacing issues
Mr. 3000 I like the effort you just put into that
Michael what do you use as the Stop Loss for entering turtle soup & Riptide trades
Thank you
Mr3000 Could you post a screen shot or your setup. Iām more visual and my English not perfect
Martin 
Ok so for example 1 I didnāt take this because it was outside my killzone and when that happens I am usually not interested despite DST and what ICT said about 1hr before and after buffers. I aināt touching it. I marked the zones for the examples as blue Iāve fibbed to show you what I considered a judas and as you can see on the 15min typically you will see a swing like that and then a rejection. In the first blue box thats my indication to get in, the second blue box I marked as an example of how a plausible failed retest may happen, granted it has to happen within my killzone for me to want to take the trade and this was well outside between LO and NYO. It wouldnāt always be like that though mind you sometimes I can be wrong.
As ICTās teacher likes to say donāt pick tops and bottoms its like trying to catch a falling knife, wait till the knife has hit the floor then pick it up. In this example if it was within the KZ it gives you two opportunities to get in.
Also PPS one key thing that ICT mentioned that didnāt click for me for a while was to look at the market in swings, but if you start to look at it this way you can grasp a lot more.
Hi all,
Iām on a practice account using MT4 through Oanda.
The trade was as follows, but the results are confusing me.
39078996 - 2012.07.11 11:11 - sell - 0.10 - eurusd - price: 1.22450 - s/l: 1.22761 - t/p: 0.00 2012.07.11 14:00 - price: 1.22765 - swap: 0.00 - profit: -31.50
My stop loss got triggered at [B]1.22692[/B]. The price reversed immediately for a 30 pip gain so I called Oandaās chat and spoke to āDanā. Dan said the stop loss was correctly triggered because of the Spread (which according to my ICT Spread Indicator) was 12. So I dropped it, even though I didnāt get the numbers.
But now, my Terminal log entry reads the price at the stop loss was 1.22765 instead of 1.22761. Which still doesnāt account for the difference between the original stop loss, the spread of 12 (is that 1.2 pips? or 12 pips? - big difference).
[I]Any[/I] help sorting this out would be appreciated. The fact that my stop loss number is now different than the one I actually entered [B][I]REALLY[/I][/B] concerns me.
Thanks and glgt!
Mike
when price hit your stop lossā¦it immediately put your currency on the marketā¦and the taking price was 1.1.22765.
and hey if you want to see what is going on ā¦right click on your mt4 platform and a menu thingy will come up. click on properties ā¦then another box will come up with all your screen colours on .
go to menu called commonā¦and tick boxā¦show ask lineā¦and you will see the real price line that is gonna hit your stop on screen.
But the numbers donāt add up. My stop loss was set at 1.22761 but I got kicked off the trade at 1.22692 (6.9 pips difference) not the spread of 1.2 pipsā¦ You see my problem?
Secondly, the price wasnāt 1.22765 when I called Oanda, it was the original price Iād gotten kicked off the trade at: 1.22692. [I]After[/I] I talked to Oanda, it was 1.22765ā¦ Besides, none of the numbers add up to the spread being the difference either.
They had german bond auctions and low oanda spreads can sometimes go as high as 20 or even 50 pips depending on the pair.
So your trade might look like this
_________ SL
_________ entry including spread
----------- price
_________Target
news sometimes hit and your spread suddenly lets say no price move or anticipating happened and all of a sudden your trade looks more like
_________SL
------------Price
_________Entry
Also remember spreads work like this
_________Sell
----------Price
_________Buy
With oanda your always gonna start in the red and sometimes oanda stops me out at 29.5 instead of the full 30. Sometimes its slippage but for the most part its the randomize news spreads that bone you
if you SELL a product at 1.4500 and this is the price of the purchase on the screen.
if the spread was 5 pips ā¦then when you pressed the button to selllā¦the price was really at 1.4495ā¦but that plus 5 pips cost makes 1.4500 and that is where your order line will appear on the screen.
then if you put a stop loss at 1.4520 (20 pips away)
then if the product has a spread of 5 pips.
when the price reaches 1.4515 ā¦your stop loss will be triggered.
in a liquid market the price that you close at will be 1.4515 (exactly the price you expect)
but in a less liquid market your price may be something like 1.4517 (which mens you lose a little more)
the extra fith digit is not worth mentioning until your dealing in larger lots.
bear in mind that spreads also change a bit all the timeā¦they are dynamic.
i dont know why this is allowed but it isā¦
i dont know what your problem isā¦but i hope that information above helps.
i stand to be corrected if i am wrong.
Brinkfx and Tansen,
Thank you both. Iām trying to apply my usually annoying perfectionism to making sure I know where [I]every[/I] penny is going before I go live (December, God willing).
Part of my problem is, even though I lack proof, Iām [I]certain[/I] the price I got stopped out at was different before I talked to Oanda, than it was [I]after[/I] I talked to them. But the implications of that are so onerous, itās easier to believe the mistake is on my side rather than otherwise.
A dynamic spread makes it harder to target price objectives if I never know exactly what the spread will be at any given moment. I called the price reversal to within 2 pips, 3 times in a row on one trade. If the spread were consistent, I would have been up some pips for the trade. And Iām still new enough that it matters quite a bitā¦
Iām still not 100% sure I understand what happened, but both of you have helped alot just responding in a helpful way and for that Iām immensely grateful. Thanks again.
Mike
Thank alot for the response Mr 3000 i really appreciate it
as its only a pip or 2 i wouldnt worry too much about exact target settingā¦even support and resistance zones are general and can be quite broadā¦so i wouldnt be so preciseā¦if you want to take profit at a support zoneā¦give yourself a few pips for the zone and then a few more pips for the spreadā¦then you should be safeā¦
picking the exact spot is only gonna empty your accountā¦and you would probably be better off just sending the account money straight to bobmanincā¦hes always willing to assist in emptying of ones accountā¦hes offered to empty mine on several occasions ā¦when i have been doing ridiculous psychopath trading techniques.
alternatively you can send your account money to meā¦
oh and by the wayā¦are you registered. ?
anyway good luck.