Took the cable trade this morning too @ 1.5580 with 2 lots. Placed limit order for 50% at 30 and put a 30 pip trailing stop on the remaining portion with an 80 pip limit as I was headin out to work. Really hate trailing stops though. Didn’t have access during the day but got home to find booked 30 on first lot and stopped out by 2 pips on the trailing stop for teh 2nd lot. Great signals this morning but couldn’t believe there was going to be another obvious LO trade with grail and stoch divergence all over the place. It was so obvious I thought I’m about to get suckered. Between yesterday and today, I’m done for the week. Thank you Michael.
Pretty sure Mike’s gonna say Wtf I didn’t teach that how your getting this maybe dumb luck.
Anyways, this was a live trade I took today, I trade during the LO so 1am - 8:20am from there I roll into my prop firm. I primarily focus on the financials because ES is the index for it and I use that, but before that, and mike’s going to laugh at this, I use the directional focus of what happened in the London session to bias my opinion on direction of the ES or SP500 futures e-mini.
Why? have you tried looking at them next to each other on an 1hr chart during the NY sessions?
So basically I started my night like this looking for longs, so I thought to myself what WWMD(What would Michael Do) and then I thought what would clark say?
Well there’s a major confluence level right freakin there on the fiber, between 1.2322 and 1.2337 plausible pivot because its the weekly and monthly pivot. Trinity was broken so I’m expecting an up swing but it didn’t happen till NY and I missed my entry by about 4 pips.
However point in case, it was BULLISH, and I was looking idiocally for shorts, so when markets opened at 9:30 I was like **** it gapped down already and its not on this chart but on my work charts I have key levels marked from Monthly all the way down to a 1hr I remember there was a key level around 34.19 I marked which also happened to be the 50% gap fill and I was looking for shorts, till I realized wait a second, I am looking for shorts when, the fiber bulled, the ES is bulling, WHY THE HELL AM I LOOKING FOR SHORTS?
I took an entry point at around 34.03 with 1000 shares, it bulled about 14c and I decided to cut it because I’m freakin tired and I wanted to go home, it filled the 50% gap at around 34.17 I was happy with my and I called it a day.
Generally I look at the 15m chart because the place I’m at doesn’t let you have overnight positions and your pure intra-day but I look for the setup of
A. Trend
B. Gap
C. Pull backs and entry at the 78 level or 23 the ratios are the same so w/e
Notice how I pulled my first fib like an idiot, had I pulled it correctly at the daily swing I would of nearly nailed the high of the day at the 200% ext which is my usual final exit.
The way I gauge my entries is also if I see like today, for the bullish action I see a fractal being formed I will enter so in today’s case, you see that strong bear bar with a wick on the bottom, then you have an inside close, then the next closed inside but up again. Therefore I say ok THATS my entry.
But that’s what I took and and doing pretty good with it.
So basically I forgot to add this, its Key levels, along with futures and a previous session to determine a directional bias, the opening gap is my judas, to get in confluence with the daily market flow. Then when I see the judas I fib and like Larry Williams said that ICT said I am looking to pick up the dagger not catch it and then “off to the races it goes”
I think if you have good technical signals to place the trade, like we did this morning, but have a possibly big news event coming out, I feel you should still take the trade but lower your risk to 1% or lower. It seems more often than not price action gives the clues to what the outcome will be. If your wrong, no worries you stayed to the plan with minimal risk.
For the record I did not make the trade this morning but did notice the set up.
Happy birthday Michael. Thanks so much for the video today. I can’t tell you how great it feels to see the stuff I’ve learned unfold right before my eyes…and then you take it a step further and give us a new video to confirm it all. Have a great day bro.
Just thought I’d share what I’m anticipating tonight…
Looking for a Judas swing up during LO, SMT divergence between fiber and cable (already formed). Cable is already in OTE, looking for fiber to move up to the sweet spot level where there is excellent confluence between the big fig - 1.2400, R1, upper boundary of TT, and 70.5% retracement. We have type II bearish divergence on the Fiber and type I bearish divergence on the Cable (if that holds). Also, the USDX is currently in an OTE area, so I’m looking for a move up potentially there…
The 79% FIB is right on a key level of 1.5710 which you can see connects pretty nicely with two different Asian session lows from July 30 and 31. AND, if you keep looking to the left it was support a number of different times.
More of a ? of when and which way isn’t it? And it’s looks like its a floating up range. And before we went onto
Consolidation it was a down trend so I’m THINKING a little pop up so get people excited then a down move
Happy Birthday Michael! Hope it was a rewarding day. I just celebrated mine myself a couple days ago. Albeit a few years your junior.
Can’t thank you enough for everything. Three trades for me this week. Each 80+ pip wins. The best part is, it was easy.
Looking forward to the exciting days ahead.
@everyone else. Looking at price action right now on the cable, I think it would be pretty cool to see a LO sell followed by a NYO reversal tonight. Of course it could just continue its bullishness. Either way, I won’t be trading it unless its jumping off the charts.
Hi;
I’m learning forex trading (going through babypips school) and just found this thread yesterday. Is there somewhere to register for the webinar? Also, I’m planning to review this thread once I complete babypips tutorial within the next week. Would you say that is the way to go; or do you have any recommendations for me to learn the techniques you use in this thread? Appreciate your input. Thanks.
That’s great that you’re going through the school, and its totally fine if you wanna be there for the webinar (I believe Michael will just post a link in the thread (or on twitter), but don’t expect to understand everything. And that’s okay, Michael has always tried to teach us patience as one of the biggest factors in becoming a successful trader. Go through the threads, go through the videos posted there, and you should be able learn a LOT! Take your time, there’s no rush at all.
Feel free to ask questions in the thread, but if they are basic questions, they’ve probably been asked and answered 10+ times already, so search the threads before posting please. Good luck and welcome to the bunch! :60:
