I spent 10 minutes studying my charts and placing my buy order this morning before going to work. I kept an eye on cable twice during the day before getting the order activation alert on my iphone in the car on the way home. As soon as I got home I bagged the first 60pips and set my stop to BE with 20% of my original position still running. I wish all my trades could be as easy as this one!
What do I smell? sniff I smell success :53:
I wrote about this setup before but I never entered it, because I wanted to see an OTE form on the 5 min chart or a candle pattern because it was way to many pips down to the 100 fib level. How did you decide to enter the trade and where when the market flow (except from 4h) was short?
It was also no mans land all the way down to the 100 fib level and I couldnât find a place to place the SL without getting to bad RR ratio.
Where did you put your stop loss?
But well well. No trade is a winning trade :eek:
Iâll have to disagree with the other person that said this wasnât valid SMT. This is clearly smt at the highs on fiber and cable. Looking at $DXY(usdx) itâs also diverged from fiber and so is $USDOLLAR. Fiber raided the asian high taking out stops and tripped the breakout guys. Then it fell lower. Price action told you what Ben was going to say hours before it happen. Trust the charts. :57:
Thnx for the post. Though i dinât take the trade, I wanted to make sure if it was a valid setup or not.
Congratâs. Im in the same trade as well and still riding it.
I appreciate the interest but I will [U]not[/U] be doing a Myfxbook⌠I feel I do enough and it is not my goal or interest to share my trades as I explained months ago and why⌠I do feel I do enough.
Thanks for asking and by all means if you are willing to share Iâd be interested in following your progress!
:57:
Yes thats was what I was looking at. I personally like looking for a setup with the divergence on the higher time frames like 1-hour and 4 hour. I have had some very good results by doing this. Then you combine key support and resistance levels with an OTE or reflection and it really increases your probability on a trade. Before I started doing these types of setups and limiting my trades to 1 or 2 a week my account was all over the place. Now my account is finding some consistency.
Proffs1
The only reason why I placed this order and left it was because of last Wednesdayâs price action at this level. In addition, the OTE of yesterdays lo to hi was slap bang on this level.
I only have a few rules as I try to keep it simple and not get too hung up with indicators. The market flow indicator is something I reference from just like stochastic i.e if they are in your favour all the better but you just canât beat confluence of levels.
Stop loss was about 30pips at 1.5532 about 15pips away from 79% level. Like you say no trade is winning trade I usually place about 5 or 6 orders like this over period of two weeks and Iâm lucky if one gets filled and when they do, they usually make a good pip haul about 70% of the time. I still think there will be another opportunity get in again over the next couple of days
thanks for the answer 
ICT is always about âfilling in the blanksâ from what he couldnât discern from his teachers. And I really enjoy posting some help/epiphanies Iâve had. I kno this should go without saying but for someone who has just caught on that doesnât always happen sometimes a person needs a nudge.
For new traders to this thread. Do not trade after watching one of Michaels videos. Watch them all them make out a trading plan. OTEâs form all the time and alot of times you think itâs an OTE then itâs just gets busted thru. Do not trade without a plan trust me. And once you have a plan donât deviate. Follow it. Something I would suggest. Have a determining bias plan and also an entering a trade plan. And donât base those plans on just one of his concepts or techniques. Itâs like building a house with only bricks and no cement.
If you go in there without a plan and say hey Iâve seen a few videos now I can wing it. Youâll lose money.
Also as exciting as it all is and as much money as youre gonna makeâŚdonât trade for awhile let your emotions die down and get a level head. I kno I kno thereâs money just waiting to jump into your hands. I thought I was calm but Iâd get riled up every time id watch a video or read a good line in a bookâŚthose are not good times to trade guys I just recently made those mistakes learn from my real money!!! Loss
So I just had to do a system restore on my computer (YAY! FUN!) and I donât have my price charts webpage bookmarked anymoreâŚthe one that I could pull up USDX with Fiber or Cable overlay, as well as 2,5,10,30 yr bond yields. I can dig through the thread to find it, but if anyone has a link, thatâd be great. Thanks.
You can try Netdania for USDX with fiber and cable. For bonds try this
http://stockcharts.com/freecharts/perf.html?$UST2Y,$UST5Y,$UST10Y,$UST30Y
Thatâs the stuff! Thanks.
Matty
Apart from the live chartâs. Are there any brokerâs who provide USDX ??
Avafx. They provide, USDx, S&P 500,DJ30,Nasdaq, Bonds etc.
Award Winning Online Forex Trading Platform, FX Trading Software
Yeah man that looks good in my opinion. Itâs on a higher time frame but in the examples that ICT showed us there were examples on a daily and a 15min chart. I use to think we should only use 1hour chart for this set up but like many if not all of ICT concepts they can be applied on all time frames (but bare in mind most things work better on higher tine frames rather than a 1min chart lol.)
Sorry for the ramble, short answer⌠Yes! Lol
Hi guys Iâve been following ICTâs teaching for a long time now (more of a lurker than a poster hence my low post count).
Iâve recently been sidetracked by Petefaders thread relating to VSA - Volume Spread Analysis and have just finished Tom Williamsâ book on the subject. For those that donât know this is another method for tracking the Smart Money.
I am in no way trying to dilute the thread as I am extremely grateful for all that ICT has done and feel that his methods are fantastic.
I basically just wanted to know if anyone has any opinions on VSA who has also been trading ICTS methods. I want to do a lot more research on this as I feel the two methods could dovetail nicely due to both being around the subject of tracking smart money.
I donât want to waste my time however if itâs not worth it. ICT, in your long history of trading have you ever looked at VSA and rejected it for any reason?
Michael, if you would like me to delete the content of this post then please let me know as I appreciate this is a thread about your methods. Once again, thanks for all you have done for this community.
James
Since all forex orders dont move through a single exchange it will be hard to track volume.
