note to self: I really suck in counter trend trading!
the losses are getting painful now… thats great news as I am finally learning not to do it all the time due to those losses…
Went short on fiber (was meant to be a scalp into what I hoped to be the low of the week)
measured a fib from fridays LC high to todays low for OTE for my entry… maybe I should have measured Fridays high to todays low instead…
I do my analysis on forex LTD Demo and manage my trades on Oanda (Java)… Oanda stopped me out, while Forex LTDs Feed didnt reach my SL yet (but thats an old story… just never seems to happen in my favor;))
Still think my analysis could be right… but my entry/SL placement was probably not as good as it could have been…
Lost 5% in October so far… biggest losing streak in my trading life so far…
Time to rewatch some Videos… close down some new indicators Ive been playing around with and go back to good old basic Priceaction…
I also need to admit that I stick to Killzones religiously… but it seems in recent weeks, market likes to move at odd times, or very late during the day… need to remain flexible!
This goes in to some detail but I can’t get them to work. If you do download and get them to work let me know. I’m no programmer and maybe someone with the skill can get it to work. BTW - you will need to manually post COT data in csv format.
I am little bit astonished, how it could be same as I did!?! I am also using forex ltd, fiber short, took S/L, watching market is not moving in killzones but other time also. Some time my tendency also to scalp, but don’t know how it turns in to loss (LOL). At the end of week see 4-6 trades, too much for me, but sitting to write the weekly journal and find that there was weekly total 2/3 trade only while I did twice. Means I m trading too much and decided not to trade against the trend and when confused sit with bare hand. Actually every week promised will not do this/that but end of the week doing same mistake (LOL). But end of the every week find there is easy 100 pips trade always. That Michael says be patience, opportunity will come.
Anyway, recently I have find that one of the best gold nugget video of ICT is 19th Augsust 2012 Inside the Range webiner, so far have watched several time and still watching, seems to me core concept is there, you can re-watch that helped me much. Again I remember Michael’s quote in his first thread, ‘’… it boggles the mind, the opportunities that this market presents the Trader with the patience and understanding’’- really true.
You dont need to be astonished… you just need to close your curtains while trading, then I will have to stop stalking you… HAHAHA
I will rewatch the inside the range webinar again… currently started watching the inside the banks webinar by chris lori (havent seen it yet…)
Several big mistakes happened today in my trade (which lost a percent) First of all… I probably wanted to trade quickly, to make up the losses of last week -and now my losses increased…
second: I tried to make my tools work in a counter trend trade… which is just too risky in my current stage…
and third: I clearly marked the bearish OTE on USDX and had to expect fiber/cable to move up… during previous month I did quite ok in my trading, and I am pretty sure it is, for a big part, due to me always looking for confirmation in usdx… I somehow stopped doing that and now I get the bill for it;)
Solution seems simple to me my friend, if you suck counter trend trading… Don’t do it lol…
Stick to what your good at and milk it! Im in the same boat as you, couldnt counter trend to save my life, i always liked the idea more of taking initial profit and holding…
I’ll openly admit i havent even been through and use all of ICT tools, but i have a select few that i like and i think work for me… If they can make me money consistently year on year, im more than happy with that…
Why has no one ever mentioned being patient? J.K. - - I learned that lesson again - sort of.
I was going to only post my results on Fridays - but this is very fast becoming exciting.
I have a question - how many folks trade on Mondays?
So far my new plan doesn’t have an location for Mondays – -so I sort of made one up today (this is patience number 1 - if I don’t have a plan I should NOT be trading) BUT:
I figured if there was an OTE - from yesterdays/Fridays high - then I would wait for a ‘short term’ one pair t.s. and one pair ote at that location - - wow I thought this up as I was going to bed – and I get up to check charts - and price is at the ote level I was ‘hoping’ for - and I IMPATIENTLY - did not wait for part two - the OTE and the T.S. – - which - I entered and of course got stopped out on the T.S. – (Patience number 2 that I did not have) -I was just simply totally surprised that it happened EXACTLY like I thought it would.
And now even worse - - I am at work - and the ote entry that I would have taken -has given a second opportunity - but like I said I don’t really have a plan for Mondays yet - so I really don’t know if this is a good place or not.
I CAN TASTE SUCCESS - (I just wish I did not need so much beauty sleep )
Monday -20 pips - 2%
I’ll try to wait until Friday to post the weeks results - - just an fyi - - I do allow an entire week of trading before I decide whether or not I’ve had a loss - - instead of 1 trade –
MM part of my plan is this -60 to 800 pips per week - if I make 3 trades each with a 20 pip stop loss (6%) - then I have lost for the week and close shop - and then MOVE TO 1/2 pip value for entire next week. (vs taking 1/2 off on the very next trade)
Dess,
Is this indicator similar to the one which Larry Williams talks about in Chapter 4 of his book ‘Trade Stocks & Commodities with the insiders’?
Thank you.
The indicator is exactly what Larry Williams describes in Ch 4 of his book. Below you will the download links for the Mt4 Cot Indicators as well as Instructions and the latest 2012_Futures-and-Options file.
One thing I try to keep in mind when trading against the trend is, where will my SL lie? I had the same idea as you today, however, I pulled the fib from Fridays high to the low formed during the Asian range.
The OTE was around: 1.2965 (close to the 1.2970 weekly pivot from last week), and with a 30 pip stop loss, that gives you 1.2995, which is above the highs on Friday and also the highs on the Tuesday (9th Oct).
This will give you enough of a buffer to let the trade take its course and if they are going to take out the stops from Friday, well its more than likely it could keep going (greater than 90% retracement and normally the trade wont be in your favour anyway, so its time to get out).
Whereas if you look at the position of your SL from your trade, it will be below some key highs. Because we were so close to those highs, I always try to give myself the largest margin of error. Also, keep the “Inside The Range” concepts in mind.
If you look at the 4H chart, the only fractal high to pull the fib from is on the 13:00 (12:00 GMT) candle during the NYO.
To be honest, I didnt see any opportunity to get long today to catch the real move up, but I figured the higher time frame retracements would at least bag me 20 pips.
)
