Hi Guys,
Last night at LO for me, I was gonna short EUR (1.2850), GBP (1.6110) and AUD (1.005). However, I lacked the “balls” but essentially it would have been 3 trades well done. Looking back now, when the setups form that I am looking for, for some odd reason I lack the confidence to pull the trigger. I would have been up 10% (total) with those trades and back into the positive. Yet for some reason I couldn’t bring myself to do it.
Great trade!
I took a trade on the GBPUSD with a similar entry. I closed out at 30+ pips, i keep getting hammered going for the ADR.
GLGT
Sageone,
have you thought about entering trades with .25 -.5% to help rebuild your confidence? With so little at risk, it’s really not a big deal if the trade goes against you. That is what I have been doing the last couple months and it’s been working great for me psychologically. The confidence in my analysis and trades has really improved lately.
Thanks for the suggestion lazydogs, I don’t think I have a fear of losing the $. It’s more a fear of being wrong regardless of the monetary consequences. I know in trading losses are inevitable. Psychologically I’m shook right now and need to get my mind straight. Not a question of analysis but just biting the bullet.
Hey everyone, apologies for the late replies, busy day at work!
Cheers Trint… Got a bit tricky this morning but made some pips on the move (Ill explain in my next post)
Hey Tycoon
Currently im still demo-ing with an Oanda account, but tbh, i quite liked their web based platform for placing trades - i was actually planning to go live with them later this year - the amount ill be going live with, i dont see myself being taxed on any profits earned anyway… However, this is interesting to know about the spread betting accounts. Are there any downside to using them over a proper broker? I started out with Oanda and haven’t got a real bad word to say about them to be honest as i heard there a reputable broker and good for noobs…
However if we can get around taxes in the UK with these spread betting accounts, might be something i’ll look into necessary for me - as i said i’ll only be starting with a small amount which im sure will not fall under any tax bracket as far as im aware…
Not a very sophisticated trade but I traded what I interpreted as a Judas on the EU at LO. Happy with 67 pips.
Apologies as this will not be any pre-market analysis, busy day at work…
Ok so as you all would of seen, and im happy to say my short that i highlighted yesterday worked out…
I ran into some problems this morning as when i did some morning analysis as i saw the potential setup on the Cable which would have had OTE taking me out of my trade at break even (as i took profit and locked BE at 20 pips during Asian last night). So i chose to stick by my guns and not ever move my SL, and obviously come LO the market took me out at BE… I managed to grab another entry - a little worse down at 1.6105 and i rode that trade down for 50 pips or so and i think i closed manually at 1.6049 - as i had suspected we would get a market reversal…
I started doing some analysis before NY and as i saw price move down and start to stall in the 1.604, i started having a look around this area. Long story short, i ended up taking a trade (counter trend 4H market flow) - but my analysis went along with what i thought we’d see in the market reversal. My reasons for entering long:
- Kill Zone
- Buy zone pivot area and also S1
- SMT Divergence
I actually felt i nailed a solid entry here, my trade got triggered in at 1.6039 as i had it placed at the swing low shown (19/4/2012) below (+ the spread) and nearly nailed the low of that candle…
Anyway, i was cautious with is as i was aware it was still counter trend so i used a smaller risk % and took profit at 20 pips… It later came back to stop me out at BE and carried on lower…
Overall i am fairly happy with my long trade today, in hindesight in the future i think i should watch for more confluences before entering… Oh and note to self, always leave 1/4 position of trade on when trading with the trend - as it would have paid off in my short today!
Looking like a much better week for me this week. Just updated my trading diary today, 3 trades - 3.17%, 97 pips…
Great start to the week… lets hope it continues…
:57:
I’m in the same boat - doubt earnings in the short term will be anything taxable. I’m trading with IBFX at the moment.
I found when I looked into IG and CMC that the minimum position size was too large to allow proper risk management on a small account. I can’t remember exact numbers but I think they were in the region of £0.50-£1 per point in movement, which would obviously need a large account unless you’re using very small stops.
I only looked into it briefly though, so I could stand to be corrected.
The thing is that these concepts are too versatile and can be used to see what you want to see. At any given time you can at least see 1 of these concepts on the charts at any given moment. It’s being at right time, right place the hard part. You can make money either way. I was lokoing to be bullish at the start of the week like ICT. Today at LO, I switched modes to bearish (yet I didn’t take the trades due to lack of “balls”). The concepts are very versatile, the hard part is maximizing the % to success and tilting the odds in your favor. Looking at countless OTE’s, S/R levels, pivots, etc. doesn’t mean anything if you don’t have confluences, psychological stability and LUCK (YES, I said it!).
Cruise liner load
Don’t feel bad PipHanger - I went long this morning too at around 6060. Though I realized it was against higher time frame 4H bearish flow, I saw OTE and SMT divergence at 6065 which was the old S/R so figured it was going to bounce. It did briefly than continued downward.
I think I get confused seeing OTC take the counter trend trades - I don’t think I have the skill yet to make the good trades against the 4H flow. I think in the future I’m going to keep it simple and only make OTE trades in the direction of the 4H trend. That seems to work best for me.
Have a plan and anticipate. The comments were pointed at the “bounce” in yesterday’s Cable trade. I do not have the clarity to try and trade the weekly range but rather as I stated weeks ago… I am scalping for the most part.
Going in to the week is not the same thing as Weekly Range expectations. We are still in Scalp territory. Those Bullish comments were covered in the video. I was asked in chat if I felt the weekly low had posted and I said I didn’t know nor would I ever until Friday’s close.
I stressed the Fiber was the sick Sister and shorts are better found there versus Cable.
PH your Trading Plan netted a handsome short today. Easy setup given your rules.
Were you able to capitalize?
GLGT :57:
I want this to show those following ICT and are losing hope, that there is light at the end of the tunnel. This isn’t to brag or massage my ego, it’s to inspire those following ICT and encourage you to follow through and believe in yourselves no matter what adversity you’re facing in the short-term getting the hang of this.
Go over the videos again, make notes on them, digest them, practice them and eventually you’ll crack the nut.
Not meaning to intervene and get involved… There was a nice short setup which i actually spotted and took happening last night and again this morning at LO…
http://forums.babypips.com/show-me-money-daytrading/43211-inner-circle-traders-millionaire-traders-guild-136.html#post350590
Im not trying to sound patronizing, i only post this as you said ‘Didnt see it and still dont see it’
The opportunities are out there… Its only us that is holding us back…
:57:
I would have to say that is very inspirational , thanks for posting your real current results. It helps to see people are in the right direction.Considering how tough it is to trade it.
This fx stuff is challenging
cheers
Yep (top left of the screen shot states demo) but regardless those are some nice numbers.
Thrax you thought about going live? How long you been trading? Welcome to babypips and this thread
Okay, let’s. Begin with what you were looking for and or at today given your rules? Let’s reason together and break it down.
I would love to but i am at work and i ahve to type and dash before i get caught…will when i get home in a couple hours.
Hi bobmaniac, yes I have a live too.
I’ve been trading for about 18 months.
GLGT.
Wow look at the fiber like a falling knife! It can’t drop forever can it lol!
Anyway I though a little short on this morning only because the chart was so bearish. I realize this is not how to trade. I would have preferred a stronger pullback than get in short again.
When ICT does his videos I try to understand the concepts and equate them to my own experience and i notice one thing he does, which is a common tenant in trading, he buys dips and sells rallies. He just does it so much better than me 
hahaha!!! but seriously he uses the ote strat and I think it is genius! It gets us in at a good price.
So I have at least two concepts that I am extremely comfortable with and I will build on this. If anyone is struggling than I would suggest pick one or two concepts and focus on that. Yes the markets are complex but you have to realize how lucky we are to have Michael literally drawing us a map. Every thing he is doing we can do for ourselves, and don’t think for a minute that he learned all this stuff over night. It takes time and effort.
I am going to focus my efforts on understanding his time of the day concepts. I also find them to be very interesting. He said in one of his video’s that he isn’t as focused on a stop loss measured in pips as much as time of day. It tells me I have a lot to learn. I mean I always understood about session overlap and stuff like that but now I am going to dial down to a “schedule” and see how that affects things.
You know I have been trading since 2006 and I still learn all the time. It is never ending. I’m grateful for this opportunity to learn with all of you and of course for our fearless leader.