The Inner Circle Trader's Millionaire Traders Guild

Trading Systems
3700

Thanks PP,

Yes it’s the divergence I am after an opinion on. I have been working on getting to grips with this on the higher time frames all this week and I think I am getting it together. In answer to your point about the entry yes I always use 5min chart and like to look for London open as I am in the UK. To take up your ICT points I feel very very lucky to have found this information and Micheal at this very early stage of development, I think he is just a genius, I truly believe if I had spent the same 20 years as Micheal trading I would not have seen 1/10 of the things he has shared.

If you read this Micheal I would like to say thank you albeit totally inadequate for what you have done.

3701

:slight_smile: what lesson did you learn here?

3702

Yeah I would of caught that cable short too but it missed by my spread. I had it to the damn pip. Oh well next week.

My Fiber trade also took at around 1.2325 however it had that drastic pull back and I didn’t set my partial close EA fast enough and by the time I upped my order on cable it got close then took off 50 pips I was like ****! Turn over to fiber and see it had taken a drastic downturn I couldn’t take some partial off at 30 then it fully pulled back and got me out because I had set it to b/e thinking it wouldn’t do a complete entry retracement.

3703

Hi everyone. Am I missing the London Open Video Module Reboot somewhere? The one Michael just tweeted about. Thanks in advance.

3704

No, he is just messing with you and it’s clearly working.

He’ll release it when he’s ready.

3705

I think I have the original London open video. Is that the one he’s talking about?

3706

that mickpips is a little more observant than me!

3707

Hi Michael

Im not quite sure what i learnt… hehe
On one hand i learnt that your concepts work in all sessions and time frames, which is why i was tempted to take the trade.
On another hand i learnt to stick with in my trading plan which is to trade only killzones.
I’m glad you replied to my comment as i have been tossing around the idea of whether or not to bother you with a question as i know you get loads of them.
If i could take you back to the charts that i displayed as this has been bothering me for a few days… was there a type 2 divergence on the hourly cable chart or is it like Tansen and PureMuscle said that i should be looking for 2 clear peaks on the stochastic for divergence or is ok that there were smaller peaks made between the two larger peaks as long as the stochastic lines up with the peaks on your charts? (hope that made sense). In hindsight i could have traded what might possibly be a good slice of the weekly range. Haha itsn’t hindsight a great thing. Your thoughts and comments would be much appreciated Michael.

3708

[QUOTE=praxy;356355]I’ve been following the thread for a while now. I’ve learnt a lot and taken so much from this thread and the previous that I felt it was my time to give something back.

After all the time I’ve spent doing my market structure analysis and everyday manually noting the intermediate and long-term highs and lows, I finally decided it is time to get an indicator coded.
[/QUOTE]

Attached is the indicator I had coded.

This indicator is not perfect. But I think you will get some good use out of it.

Here’s a quick rundown of the settings:
• Fractal Period - Choose between a 3 bar, 5 bar, 7 bar and 9 bar swing high or low
• Auto fractal position - Leave on True (This part was created to fix arrows shifting away from the bars as you change timeframes)
• Fractal position, IT and LT HiLo position - This was originally created to change how far away the fractals would be from the bars. You can change these if auto fractals is set to false, however the arrows will shift in different timeframes.
• MFLabel Settings - Settings to change the text label regarding Market Flow
• Show Trendlines - This will paint trendlines from the last Long Term, Intermediate Term and Short Term Highs and Lows
• LT, IT and ST HiLo TL Settings - Change the settings for the trendlines drawn from highs and lows if the show trendlines setting is set to True.
• LT, IT HiLo Periods - Set how many Long and Intermediate term highs and lows back to draw trendlines from. (Only go up to 10, anything over this will not auto delete)

The issues I have found so far are, sometimes the arrows play up when changing timeframes, but switching to another then back seems to fix this. (I mentioned this to the coder and there doesn’t seem to be anything he can do about it, apparently).

I have also found that if you only want to have this shown on specific timeframes and not all it is best to create separate files and rename them for a specific timeframe and attach them to your chart separately. Then set that timeframe on the visualization tab. (Not sure why but this helps with the arrows showing correctly).

Anyway have a play and make up your own minds whether you find it useful or not.

On a side note, I can’t wait for the Trading Plan Development Series to start. After seeing the Pre flight checklist I feel like I’ve been gambling on all of my previous trades.:18:

Again and always, thank you ICT.

Enjoy.

3709

not sure if its the psychological weight of my live-transition, or the refusal of the 2 cousins to be in sync this week (or a mix of many factors) but I always seem to find more reasons why NOT to take a trade rather than to take it…

tuesday and yesterday I had my levels market on cable (even had a limit sell order on tuesday) but price unfortunately never made it up to those levels… (yesterday I set my mind on entering short at the 1.57 fig… but didn’t make it up there on my feed)
and on fiber I simply neglected both OTEs to go short…

I’m not even completely sure if a have a lack of focus currently or if its just some psychological barrier…

currently Im thinking of entering long on cables 1.5535ish (OTE in OTE, wS1,ms1) but I don’t think I feel good enough about this trade to enter…
maybe I just have to wait until fiber and cable are back in sync… otherwise Im constantly spooked out…

While this is pure speculation, and I don’t want to base a trade on such assumptions…
BUT I cannot imagine that the ECB would release any news today which could hurt the Euro… So I would expect a News driven rally up later today… But unfortunately I have no way of knowing for sure;)

feel a bit lost these days… but still in position in my hiding spot, waiting for a nice shot…
(been flat since one and a half weeks now)

cheers

3710

if your waiting for all your ducks to line up (and take your shot))))), your going to miss out on a lot of opportunities. Thats where time in grade comes to play. After you lose your first 20-30k (real money…speaking from experience) everything comes into prospective. Don’t get hung up on losing, learn to trust yourself and have faith in your (intelligent) decisions. Honestly, it takes you years to become profitable, but you will, if you persevere. 3 years minimum (i think…took me more than that) of live trading full lots. Trading mini and micro lots…is nothing remotely to trading full lots.

3711

I just read the book Long Term Secrets to Short Term Trading by Larry Williams and was wondering if there is an indicator that can show the market structure on the charts as described in his book. And you read my mind! Thank you very much praxy!!!

3712

thank you for your reply!
You are certainly very right.
I hereby add a new goal to my list: Once my wive can’t tell anymore if I had a good trade or a losing one at the end of the day, then this goal will be achieved.

As you noticed correctly…I am way to hung up on losing money. I want to continue to protect my assets of course, but I need to allow enough risk to be able to make trades after they passed my due diligence AND not stay away with the fear of losing as an excuse to stay flat, if the trade fulfills my criteria…

lets see what NY will bring…
have a good day mate and thanks!

3713

I’m gonna do it in 2 :-D…maybe micro lots are different to you everyone has a different perspective on the value of a dollar. I bet $1000 is nothing to someone with a desk job. But for someone who’s working for $12 an hour busting their ass $1000 has a whole other meaning. I used to blow all my spare cash thinking I was awesome until I had to work 12 hour days getting burned and sweating all day(to pay rent and make sure my kid had formula) only being able to take 10 min breaks. Which isn’t enough time to sit down and enjoy a meal. Not saying everyone doesn’t work for their money I just mean a dollar isn’t a dollar to everyone. Some people attach value differently you know.

3714

Hi Fred - following up on what Mizug says I always have three things in my mind at all times: Discipline, Patience & Courage. ICT’s concepts and any other stuff you’ll have learnt will help you to focus on the first 2 but dont forget the Courage to follow through. Remember “Know what to do but dont forget to Do What You Know”.

3715

Maybe this song will make you pull the trigger a little more often.

http://m.youtube.com/#/watch?desktop_uri=%2Fwatch%3Fv%3DLiE1VgWdcQM&v=LiE1VgWdcQM&gl=GB

3716

BoE Interest Rate Decision and ECB Interest Rate Decision come out in less than 2 hours. Enter the market with care because the technical tools have no say in these events. No matter what you want to tell yourself, if you enter the market now, its just a 50/50 play. Good luck to those with positions.

3717

A great way to deal with trading psychology is to think of it as this… Your trade balance is like a grocery store. There are no store owners on the planet that sell 100% of their fruit and veg- they buy hoping that they sell enough to make a profit. Sometimes they don’t. There are overheads in all markets… rent, staff, produce etc. You learn to control them. Trading is the same, you have to control your overheads (risk management) but keep buying stock (trading) otherwise you’ll never sell any tomatoes.
My folks have a toy store. They opened a second one. Conditions changed, it started losing money, they closed. It cost them 2 years, a lot of money and a hell of a lot of their sweat and tears.
Your trading account can be your business, but you don’t have to get stuck in traffic, yelled at by your boss (your missus is a different story) or hit your finger with a hammer.

3718

thanks for all the replies folks!
I’m slightly emotionally challenged for losing money… not because I don’t have practice in that, but because I lost a small fortune in a different business (not trading related).
It was due to several mistakes on my part combined with other people’s mistakes (and partially due to some peoples will to rip us off;))
However This is in the past now and I can’t change it and Im not here to cry about that;) BUT it did hurt my self esteem a lot, especially about my decision making and so on…
This is something I’m working on heavily, since this would be a drastic hurdle in my trading “career” long term.
Still, I am certainly extra careful with every trade I enter… I was so even during the last half year on demo, and now I certainly starting to feel the additional weight of being live…
To get my feet wet, Im currently only on a tiny little live account, until I tackled those mentioned problems… and then I’ll slowly add more and more of the funds that I intended to trade with.

On my currently tiny live account I only lose 15 bucks =2% which for me is not (yet) determining if my kids can eat… Its not hurting me financially much to lose that small amount…BUT the damage on “trading self esteem” could add up after a couple of losses - which is what Im more worried about at this point…
Until I overcome this “fear” I’m not in a position to move on and trade amounts which could also hurt me financially. So I’m taking it step by step to get there.

And your replies help me at this point a lot to remind myself to take the risk more often whenever a trade fulfills my criteria, and not finding excuses instead.

Im sure that the psychological impact will be far greater once one reaches his/her “financial-pain-level” - for some that may be 10 bucks and for others that may be in the millions… But I do hope that my trading (trading skills plus mental stamina) will improve along the way, while trading my account up to that level;)

We will find out;)
Thanks again and good luck
cheers

3719

Thank you very much praxy, this is perfect.
Awesome job and better than I had hoped for. :slight_smile:

Wally