Thanks man…
Well I think my PMS is over with…
I took time to reflect on the decision I have made and the way I have handled things and all I can say is wow what an idiot…
Thanks for everyone that has tried to help me find the light, it’s much appreciated and always will be appreciated even if you do only have 7 posts to your name…
ICT thanks once again for taking the time to give me the hairy eyeball and straighten me out. You are truly 100% genuine and always helping anyone out that needs the extra help. Like always keep up the good work.
I’ve watched your video over several times and just took in everything you said, instantly I felt better, not 100% but you know it always helps…It’s definitely me that needs the overhaul and not your teachings or your concepts.
I would just like to end this with a good bye for now to this thread…I will only be posting and keeping track of my own thread, plan, setups, and decisions until I feel comfortable to come back.
Hopefully ICT can stop by a couple times to make sure I’m doing things correctly…:51:
I know you know who you are, but I would like to say thank you and I should of listened to you a long time ago when you kept trying to straighten me out through skype chat…All I can say to that is it takes me a little longer then others to finally realize when I actually need the help…
Now time for a vacation away from the charts…
God Bless and Happy Pipping to us all…
GLGT!
Hi Piphanger,
Taking a break is a good thing. I took 9 months off trading, I’ve been lucky to come back this month with all guns blazing. I hope it works out the same way for you.
Come back soon.
There has been a lot of discussion regarding SMT divergences between the Fiber and Cable, and the majority of it, concerning how it provided a false signal.
One very important thing to keep in mind, the Fiber and Cable are highly correlated, NOT absolutely correlated. They will at times, trade in opposite directions. Just because one trades higher while the other crashes through support does not mean it will immediately reverse, or it is a display of accumulation or distribution. They could, in theory, continue in separate directions until one goes to 0.
Point being, remember that they are DIFFERENT currencies, and also traded as EUR/GBP. Look at your Fiber and Cable charts from Monday May 14th. Euro fell out of bed and the Pound rallied. Why?
Now look at EUR/GBP on the same day. It slid like a hot knife through butter. How? Dealers continued to bid up the Cable and sell the Euro to depreciate the EUR/GBP cross.
Think about it for a minute. If that NEVER happened, the 2 currencies would essentially be identical, which they are not.
When such a huge divergence occurs allowing a correlated pair to trade against one another by a fairly large pip range, you may as well remove the SMT from your bag of tricks, and wait until the cross currency pair reaches back to an appropriate level of equilibrium.
Or…you can tell me that makes no sense at all, and I’ll return to where I came from.
Cheers,
NT
Quick MT4 Question, I’ve just stopped using my brokers software for trading and changed to MT4.
I cant work out how to take off parts of a trade. At the moment I’m simply opening 2 trades at the same time with different lot sizes but I expect there is a better way.
If anyone can point me in the right direction that would be great.
Hi,
Only tried this with Demo so try it out first. If you have a long position on say 2 lots and you want to take 50% off, open the modify order box by right clicking the order you want to adjust. Adjust the lot size to 1 lot for this example and sell it.
The opposite applies if you are short i.e. buy the adjusted lot.
Hope this helps.
This is how I am looking at things this morning –
hey steve! 0.9900 acted as support on weekly tf before thats why i thought - if market reverses to the upside it will at least be testing this area at least once.
i took partial profit yesterday (about 40pips) - the rest is on BE
nice trading!
Thanks for the idea, gave it a try, but the volume box is greyed out… any other ideas?
Hi,
yes. Sorry, you need to change the TYPE to Instant Execution.
Steve.
Uhm.
What you do is select ‘Close’ then change the volume amount to the amount you wish to close. For example if you had 3 lots open and you wanted to close 1 lot, leaving 2 lots open, you would click the order and select ‘Close’, then change the volume to 1.
Im out of the market…
Guess trying to get a long in wasnt the smartest idea given the weeks current condition… Im done for the week, cant make sense of anything in these conditions…
If anybody got a good short in today, could you post your entries and reasons - i clearly missed something and cant see it…
Much appreciated…
Next weeks another week - live and learn!
:57:
A picture is worth a thousand words :57:
and
just came back and checked the charts (was away for 2 days)
was flat the whole week - getting good at this (staying flat;)) hahahaha
in hindsight I see a few possible entries which I could have taken, but more and more I realize how much I struggle to find entry points if there is no retracement (as in a down day without judas up first, or up day without judas down first…)
these full blown down or up days I will always miss out with my current strategy… but to be quite honest: I don’t really know yet how to/what to change in my strategy to get around this problem… any thoughts?
I do know of certain, more experienced traders in here, who can read the AR well enough to know if its a down or up day without retracement - and by retracement, I obviously mean a significant one… if possible one I can see on a 1h or 4h chart…
If someone can share some pointers on how to do that… feel free to share;)
cheers and happy hunting
Quick MT4 Question, I’ve just stopped using my brokers software for trading and changed to MT4.
I cant work out how to take off parts of a trade. At the moment I’m simply opening 2 trades at the same time with different lot sizes but I expect there is a better way.
If anyone can point me in the right direction that would be great.
Read more: 301 Moved Permanently
If you want to close a part of your position at the current market price, it is no problem. Just click on the order in your terminal (at the bottom below the charts) the order window will open and there will be a box called volume. It should reflect the total amount of that trade. Than you simply type in the amount you want to close and click the yellow close by market button at the bottom of the window.
For example…
if you had 2.o lots short on eur/usd you would click on the order
in the volume box either highlight over or delete the 2.0 and type 1
than click the yellow close by market buttom and half your position will close.
[B]If you would prefer to set a stop loss than a partial close will not work[/B]. You are better off opening multiple positions so that you can adjust each stop loss accordingly.
How you manage your trade is up to you. I know ICT recommends an initial tp (take profit) of around 20-30 pips.
I agree with that and I will choose a second tp at some significant level but I will close 40% of the trade at the first tp
I will close 40% at the second tp and I will let 20% ride. Once in a while you can catch a beutiful move in your favor and that little 20% (or 10% if you prefer) can more than double your overall profits for the whole trade!
Just food for thought.
I think you got it hammered out well. If you dont have a retracement or a judas and thats how you know to get in then do nothing. Worst thing you can do is chase after price. I do see some are good at trading those days but when all is said and done if you are not sure of how to get in by taking no risk you acquire no loss. Look at it like this when you are in drawdown dont you just wish you could get back to break even? Well by doing nothing in the first place you have essentially just broke even.
Hey tycoon83,
I’m sure if enough people are making profits then the UK government will start taxing spreadbetting lol. Anyway, my question is, is there any difference between using a spreadbetting firm to trade forex than using a forex platform?
I see you have an own website instead of a journal in the forums. It looks very organized, great work!
Thanks for your help everyone, I think I’ll continue to open multiple positions.
Setting the TP and SL is really important for me as I like to ‘set and forget’ when possible.
Ok so as ive got into this real habit of cluttering up this thread with my stuff - im going to carry on unless told to crawl back to my hole lol…
Ok so since i took a loss today, im pretty much done for the week… Overall, best trade, going short on the cable netted me 56 pips (Which FYI, if i had stuck to my rules and left 1/4 position open when trending with the trade, id currently be sitting on about 300 - just by trailing that same trade lol!). Worst idea of the week, trying to pick the bottom of this falling knife and finding longs when shorts where the obvious money makers (-30 pips today)… Noted to self, the trend is my friend!
Ok some analysis - carrying on from my last long post…
The Indicies played out as i expected and posted in my last long post… The DJ (in the middle) has made that significant lower low compared to the S&P and the Nasdaq… Of course the lower low should indicate bullish action…
What i’m waiting for, which im hoping we’ll see tomorrow as a little more confirmation is the Fiber making a lower low on the daily compared to the Cable which is a good 500/600 pips away from making that same low…
This would make me feel a little more confident in seeing some bulling action next week…
Also… The cable is entering a wider OTE - which i blindly didnt see until today’s lows set in…
So anyway… Next week could be interesting… Technically speaking, i’m expecting some bullish action, but with the mess of the EU, im going to take it by day as a lot can change between now and Monday… Oh and i’ll be waiting for the Power 3 confirmation before taking on longs from now… Cant keep making these same mistakes…
Oh and as suggested (by i think Thrax), ill be looking into bonds and their correlation this weekend when i have a bit more time… Another thing to add to my ‘to learn list’… Really wondering how deep this rabbit hole goes - or if it will ever end lol…
Anyway, my rant over…
See you folks for yet another week of action on Monday :57: