Hello fellow ICT apprentices - and Michael.
I would like to start a “favorite trade of the month” newsletter - where any and all who would like to submit their trade and give a description of when / why / target / success levels / what ICT tools were used etc. . …
Michael - I think we would ALL appreciate if you take part as well - - send me your favorite trade of the month - and the reasoning behind it.
I will gather all information up to the last week of the month - and put together the newsletter during that last week (so if your submission comes during the last week - it may or may not get entered - so apologies for that)
So for those who would like to get started - I will do a practice letter for the month of November - and post it later December (like Dec 21st) Then have sort of a second round of practice Dec 2012 - - with an official beginning in 2013. (Submissions for the November newsletter are due by Dec 10th - Submissions for the December Newsletter due yeah December 25th.
Here are the ‘rules’ -
Keep the trade example to two standard pages of a word doc - Personally I would like two pictures (a long term view and then entry view) - and a list of ‘reasons’ you took the trade, I will post an example later - when I can get home to make it.
I would like to include in this newsletter - maybe a tip of the month - a total number of ICT Favorites pips gained. (keeping a tally for entire year of only pips gained on favorite trades)
And also - if possible - ICT - each month - if you would read - and then send me an email on trades you took that ‘matched’ or closely matched the apprentice trade - they can get special recognition in the next news letter
Also - since this will be a work in progress - I will take any suggestions through the end of the year so that WE can make this thing not only informative but helpful to all of us. (including the title of the newsletter)
And finally my entry. OTE on the 5 minute chart. My EUR/USD trade went a little better than this one and made 2 trades equal out to 2% and 1:1 risk reward
Let’s not forget, of course there was also GBP/USD & EUR/USD divergence
You can see I only have break even and 50% profit on the chart, that’s when I moved to break even and got stopped out for only .55% return on 1% risk
I missed the big swing that I think happened around NY Open, I was sleeping. That would have been the one to get in on, but I don’t see an entry pattern except maybe turtle soup?
I think what I learned is to start targeting profit zones on the 1 hour chart and don’t be so anxious to move the stop down. It is preserving capital, but you have price projections for a reason. All entries have been precise and stops needed were less than 20 pips
Another thing is that the swings I have been entering on have been roughly 20 pips which isn’t a significant swing
Also, open to any advice on my trading, I wanted to post a weaker trade of mine to learn from my mistakes so let me know how it looks and how it could get better.
yea be careful with that SL that gets me alot too. to hasty to take the risk out. I was in the same set up last night thanks to you. took 25% off at 25-28 pips. moved my stop to about 20 pips from my entry just in case it came back to tag that high which it did. still in the trade up 35ish pips right now. Market flow is broken now on the 4H making a lower low and a lower high. I think its time to move stop to breakeven. gonna take 50% off at 80ish pips (the long term low on the 4H chart) and leave the 25% to run for awhile. Max drawdown I had was 12 pips
Nice job, this is the type of trade that should be treated as a swing trade in my opinion like you have played it. I need to stop scalping, it just get me psychologically when I enter on the 5 minute chart. It gets me looking at the S&R on that time frame even when technicals point to a swing trade.
I used to trade with FXCM. But they will hunt your stop out , yes , just your stop and then the trade will continue in the direction u were intending it to go. Just my two bit about them. I also read some where that there was a class action suit against them which they had lost for doing stophunts.
Well I hope ICT uses them then, maybe we can prove this to be true or not…if you do a search on any broker it seems like you get this kind of response tho…I just wonder how true it really is???
my stops have been hunted with them many times, although I can’t say it was FXCM’s fault, more like bad entries on my part. It happens less and less the better of a trader I become
