The price quoted is usually the bid price. So if you buy at market like it is done when your stop price is hit, you will pay the ask. When you sell, you will get the bid price.
If you want to secure your price, you could use a Sell Or Buy using a limit price. This way, the transaction will be done only if your price is available or better. In a slow trending market, often, you will be fill at your price. In an heavy market like at news release, price market may jump above your entry price and leave you on the sideways. Meaning, may not be filled because your limit price was not available and market is trading higher or lower, depending
Also to take note, in heavy market like news time, slippage could be very big because every body want to get in at the same price, causing a shortage. To make an analogy. A big apple pie contest is schedule for the weekend. Only 2 stores sell the apples and they have a limited quantity. What will append if at the opening day, everybody want the apple. The merchants will increase the price because the knows they will sell it. This is the slippage.
Hey everyone, miss me? lol
Apologies ive been a little MIA, been a bit busy last few weeks and havenāt really been able to log onto the forums as muchā¦
Just a little update, been keeping up with my trading. Had a bit of a rough start to the month, up until today i was on a bit of a streak of 4 losing trades in a row since last week. Just couldnāt get my act together. So really sat down and did some work this week, and have decided to change up my trading plan. I am now trading purely the higher time frames - the daily, 4H and minimum of really one hour. This is where i stalk my setups - by this i mean finding a HTF OTE, and once price reaches this OTE, i look for a smaller 5min OTE inside this. Ive traded like this previously, finding OTEās within OTEās, and had good success, but i think this will become my pure bread and butter, i will only be taking setups like this.
In the longer term, this does mean however, much much less trades on a weekly basis. Everyday, if price is nowhere near my highlighted OTE areas on the HTF, i simply close up shop and come back tomorrow. Iāve heard talk about how important HTF trading is for ages, but i think now i truly see the magic in it. Im hoping this will give me the added consistency i need to be consistently profitable, and keep me out of the losing trades.
Anyway, started this HTF trading this week, up until this morning, i was about 3% down since the start of the month. I took a short GU yesterday @ 1.5570, and closed out this morning at my swing projection level @1.5450 for 120 pips :)ā¦ Still down for the month but now only -0.45%. Hoping my new approach will give me more success in the futureā¦
Nice trade. I took a similar trade yesterday too. Double tap shorting GU @ 1.5555 and 1.5572, closed @ 1.5490 before NYC. Today I will be looking for hidden OTE around NYO to short GU again.
Live example. NZDCHF 11 July 2012. Juneās monthly trinity broke the upper range and reached the 161.8 fib same month itself. Reached 200 fib on 11 July. Is reaching the 200 fib extension ( in July ) of Juneās trinity break considered as target reached for June OR is the break in July monthly trinity also to be considered as a separate breach ?
On weekly trinity it reached 161.8 ext and 200 extension on the same day . So does the weekly Trinity reaching the 200fib extension complete the monthly trinityās job? Or is the monthly trinity target still open.
Suumarise and questions:
Monthly trinity . If broken look for 161.8 ext. If these are reached only on breach of next month trinity, then , is it considered that the move is over ? OR this next month breach needs to be considered too for calculating next target .
If monthly trinity breach target is higher than weekly trinity breech target , what takes precedence.
Also does the AUDUSD current month trinity and previous week trinity constitute a break to the top ( little bit topside break )
Hey peeps
Does anyone remember this post, the ICT prediction came true today!
Here is the picture I posted, showing how market structure had broken on the cable and we could now look for the 200% extension of the previous swing as ICT teaching show us.
Here is how it all startedā¦ bring up a 1hr chart on the cable and you will see what I have below, a nice up-trend was in progress till the market structure was broken. At that point i posted about swing projection lower.
now to get the sniper rifle out! zoom in on the 3rd of july and you have another OTE from high to the low of the day giving you a nice lower risk OTE to get short and ride this baby down. If you took that entry it has now reached the 200 extension and would have paid out 250pips!
but hold on donāt pat me on the back yet, i might look like a star pupil but although predicting and observing I failed to make the money on the trade. To be fair its the first time iāve put this concept into practice and I know it will take time and practice to be able to spot these quickly and easily, and then to get my entry in sync with the move. I just hope this posts helps more people to spot them, and in turn you might post youāre findings on here which will help me look out for them too.
Was just about to post the same tycoon83, word for wordā¦lolā¦yeah right Nicely observed that.
Just out of interest, if another rising trendline support was plotted (across that smaller high peak between the major OTE points) then the major OTE would also line up with a retest failure from the underside of that trendline (along with the market structure break)ā¦more confluenceā¦?
lol i knew i wasnāt the only one to see it.
Errm i guess its more confluence, i use to struggle with support and resistance so i just stick to the daily time frames and plot the most obvious ones so i wasnāt looking at that. I think it was the 21st or 22nd of June that i noticed the break in market structure. It all seems so obvious now but at the time of OTE i was doubting myself and thinking is this an up trend or should i go for it. Time and patience and weāll master it.
Iām not sure I did Tycoon and if I did I failed to make any use of it (the āmid-peakā within that major OTE also makes up a reflection pattern).
Tempted to go long (scalp) GU at 1.543, reasons being oversold across 15m, 1hr, 4hr, NYO KZ, Pivot S2, approaching ADR for the day, hints of turtle soup.
Cable entering OTE on 4hr and Daily. Bullish divergence between Cable and Fiber. 1.5400 Figure nested in the middle of the OTE range and commercials are currently long on Cable.
I will be looking for buying opportunities next week on the Cable if everything still holds up at the end of this week.
Currently a potential 350 pips with possible 700 to extensions.
Iām done for this week with 80+ pips shorting the fiber.
Well spotted with the BIG OTE! iām scared to take a trade on that time frame, I like to see market structure change or at least daily and 4hour to be in sync with it before taking a smaller OTE and then go long. Just curious where do you get your COT data from bro? Iāve been struggling with COT for a while, really need to try harder with this.
Iām trading the Accumulation/ distribution (A/D) and the short term trading strategy so iām taking very little trades outside of that iāll keep an eye on that OTE as it may line up with the A/D strategy. Interesting.
I wonāt enter long unless I see a nested OTE on the smaller time frames along with bullish divergence with fiber or usdx. I enter my trades on 5 min charts.
Iāve been following your posts, it seems youāre really getting the hang of it and I love your positive attitude.
All week i sat on my hands because no trades materialized for me either Tycoon. I felt a bit irritated at first, but i think this represents growth and discipline on my part as a trader. Currently, I do not feel the need to pull the trigger if a trade setup doesnt materialize as i did previously. Patience is indeed a virtue that will pay for itself in pips and so we sit, analyse, and take 'em down like true snipers!
I still really need to be patient - itās far too easy to just jump in and try to trade when thereās nothing really there. Well done for staying out when you saw no trades, itās as valid a position as anything else
My problem lies in viewing the various aids (OTE, pivots, S/R, whatever) as individual excuses to get into a trade.
Still, realising it has to be a start, right? My notes from the bad cable trade I took during NYO:
Instead of using the tools individually, try to develop them into a system of your own and look for confluences instead. For example, i never enter a trade just because an OTE formed. I look to the left of the chart to see if this OTE occurs at a key S&R level, is there a crack in correlation ie, SMT Div, where is price with respect to pivot points, etc So perhaps youād want to do something similar. Also keep doing HTF analysis to stalk setups, then use the tools to make entries on a lower time frame during a killzone
Echoing those sentiments Wiltons, I was a bit lax with some of my criteria with what I thought was a NYO setup today after a few good trades beforehand (an ADR point being closer to an insti level). A consideration of patience for me seems to be when Iām in a trade.
