awesome thank you for pointing the half-blind in the right direction 
I truly hate this, watching the thread regularly, yet slipping over a post like thatā¦ It is a very interesting video, maybe a bit hard to understand at times for a non native english speaker, but it is quite nice, though it still leaves room for further explanations thanks again
Itās a pleasure - I would also love to hear ICT explaining those kind of things in more detail, because itās so interesting to see how these guys actually work each day. The insights are amazing!
Does anyone know who either programmed the weekly or monthly pivot indicator
Or if anyone knows how the logic and formula is itād be greatly appreciated
thanks Michael! already spent a bit of time with the interest rate charts and love it :)) great start to the program
as to the logic, would it not be the same procedure as used for daily pivots? except that applied for last month bar, or last week bar respectively. Never checked the idea but it could be done with the spreadsheet in the original PTC package, which contained an Excel file that calculated daily pivots and mid-pivots based on OHLC of the prior day.
oh man, you did drop quite a bit for/on us to chew on for the rest of the week, are you sure [U]we[/U] can keep up with all this every week + your ptc + weekly market reviews?
Or you just do this so you keep us away from our live accounts, thus keeping us noobs from burning ourselves, this way practically forcing us to study, instead of trading jk.
I wonder how do you have time and energy to put all this together for us, its really getting near to unimaginable, it wasnāt real even in the first forums, but you seem to get into it more and more, and just keep showeling the knowledge almost nonstop now. Well i could go on for pages, but there is no real point, so i just simply thank you
Michael, for whom and why did you create that 26% return monthly with 1% risk table? Chuck Norris ?
Those that want it bad enough will keep up ;p
Thanks for the video Michael!
Michael,
Enjoyed the first Trading Plan Development (as I have all of your videos) and eagerly look forward to the remainder of the series.
Being a newbie one of the things Iād like to understand in more detail is scaling out of a trade. I know you touch on it in this first session but will you be going into this in more depth later in this series?
I understand the ādouble tapā but when you talk about taking off 70% of the trade (or other %) is this done by just trailing stops? Or are you using multiple (mini)lots? As you state in the video this is important stuff and I would like to really understand the mechanics and nail it.
Apologises if this is too basic but if so can you or someone out there point me at any relevant info Iād appreciate it.
Thanks for all your input and insight.
So if your position size is for example 10 lots, you would sell off (or buy back) 5 of them once say, 20 pips is reached (pay yourself for 50% of the position), then youād move your stop loss to break even and let the remaining 5 lots trade. These may reach higher/lower objectives and then you can pay yourself some more, or, the trade will get stopped out and youāve still been paid.
jonnycab & Cubio,
Thanks.
Thats what we thought too but it was slightly off Iām guessing its the spread.
Also Kubio that link is dead I was thinking of trying to find the double tap
Is this link correct? When I click on it I see the message āSorry - no matches. Please try some different terms.ā
I actually tried to look for something similar that Kenp240 asked about, e.g. whaen I want to buy 1 lot (or some random amount, say 0.47 lot) it would open to me as say 5 positions of 0.2 lot each. But I couldnāt really find anything as I think something may be wrong with my āsearchā feature on BP forums (like in this case)ā¦ If anyone could point me in the right direction, please do.
Not sure if I understand the questionā¦
Are you wondering on how to decide When to scale out and how much?
Or are you asking about How to scale out?
The first question is really up to you - you make your planā¦ But michael teaches to take some part off the table at +20-30 pips, to pay yourself and move SL to BreakEvenā¦ How much that is, is up to your planā¦
The How to scale out has several solutions.
If you are using an US broker, where hedging is not allowed, you can do the following:
lets say you bought 0.1 lot and you would like to scale out 0.03 lots, if you have an US broker, you can just open a new market order and SELL 0.03 lots - then it will just reduce your long position to 0.07Lots.
If you are allowed to hedge (most non-US brokers) and you are trading through MT4 you can just change the position size that you would like to close.
For the example above. you are in your long position with 0.1 lots and you want to scale out 0.03 lots, then you go to the āclose windowā (sorry its been a whileā¦forgot what its called;) using java to manage my trades)
and then instead of closing the whole 0.1lot position, you just change that amount to 0.03.
Or you can, indeed, split up your position and then close one by oneā¦
And if youāre question is something completely different than please blame it on my lack of sleep and accept my apology;)
cheers
the link was active at time of posting, dont know why not working nowā¦
simply go to āāadvanced searchāā on the forums, click on āāsearch single content typeāā tab, search type: āāpostsāā, key word: āādouble tapāā, āāuser nameāā: InnerCircleTrader, from the drop down: āāfind threads started by userāā, tick the āāexact nameāā box and lastly near the bottom: choose āāshow results asāā: posts and youāre good to go.
Okay, I did what you said and there are results, cheers! No idea why the link doesnāt wor for meā¦ And unfortunately I didnāt find what I am seekingā¦
I probably didnāt make myself clear enough - sorry, English is not my first language. I know how to do it manually, like you showed in your example - thanks for taking the time writing all that btw What I am seeking is that when I open the position, I would like it to be opened as several of smaller positions (e.g. 1 lot ā> 5 positons of 0.2 lot). If I had that, I could then put in every each of them my desired TP levels and wonāt have to sit in front of my charts the whole time, hoping it would reach one of these levels and then scale back manually right at that monent. Do you get what I meant now? I am doing it all manually for now - for example, I have a limit order for Fiber right now, total of 0.20 lot and because I in this case want to have only two profit targets, I simply made myself two orders 0.10 and 0.10. But sometimes I would want to have more than that and it just takes me time to do it (if I wanted to have say 3 positions - 50%, 30% and 20% --> 0.10 lot, 0.06 lot and 0.04 lot) and am seeking for some tool that would divide my initial position automatically when I put in my order. Iām not sure if thatās even possible but if so - I want it badly! 
does anyone else think that there is going to be a major reversal next week(s)? divergences in stock indexes, yields, dollar index. major daily ote on fiber at former support (now turned resistance?), cable at monthly pivot and near yearly highs, aussie near intermediate high, kiwi near yearly high and between monthly r2 and r3. i also like the major daily smt divergence on the aussie (with the kiwi). i also remember a couple of pages back, there was a video or something about the very weak fundamentals of the aussie. taking all this into consideration and looking at a possible correction/risk off scenario soon, iām really thinking about a longer term position trade (short of course ) on the aussie. any opinions welcome
Wouldnāt count on itā¦ Remember that most divergences can disappear if you give them enough time
The trend is your friend - or in my case, the H4 market flow is my friend