I’d love to try it out too (if you manage to actually code all that in one indicator). someone did make a ‘‘market structure’’ indi (marking ITH, LTH, etc.) a while back, but it is based on 5 bar fractals and it is not customisable at all… so I’m doing all that stuff manually as you, marking 3 bar fractals and then extra mark for IT highs-lows and LT highs-lows. That would be really cool if you can do it combined with market flow. The only suggestion I can think of is, if you could add a segmented line on the last two fractals (high and low), so is visible when fractal is broken, see this post for reference: 301 Moved Permanently
Congrats to all making money this week. I’m struggling with my trading lately. This week took a 4% hit. Total since I started in March, I’m down 9%. Yeah it sux but I’m not giving up or anything. I’m focused on Aussie and Kiwi right now. Confidence is shot. But, I’m working on recovery.
Hello Guys,
Did you notice that in monthly and wkly chart of USDx there is OTE forming. On the other hand, for confluence todays NFP
was not as expected. last few weeks COT commercial also showing huge long position in fiber and other foreign currencies.
2 yr Bond could not make lower low with respect 5,10,30yrs.
Out of it with +344 pips move after a 35 pip risk i believe for that fraction of the trade. Second week trading this system and that is the first weekly trend i have ever ridden. Got out this morning before the news didn’t bloody realise it was coming out on friday! If someone didn’t mention it here I would have stayed in until london close!
Lesson to take away: Check Forex Factory Calendar for NFP every week!
Moves like that every month or three or six and thats a game changer.
I wasn’t really going to post this till next week, but i noted these levels this week as more of a longer term outlook…
I’m expecting lower prices still… Someone correct me if the analysis is wrong…
Above is a weekly chart of the Fiber… The orange line shows the old low at 26/08/2010. That low was taken out 6/6/2010… Doesnt market structure then suggest that any run up after a swing like that is broken is like a longer term Judas swing?.. If im correct about this, i expect the fiber next week to at least be making a run at the 1.215 / 1.2… A solid break of those and ill be eyeing that low at the 1.8…
Continuing with the lower prices, position traders will have a big pocket of stops in the area were currently in (the grey boxes)… Current PA has taken out most these lows, the last one lies at the 1.523, which as you’ll note is within around 100/200 pips of current PA…
We’ve seen the cable and fiber have an aggressive sell of… I think any buy rally up ill be looking to sell still. The cable and fiber have both blown out significant longer term OTE’s recently, i wouldnt be surprised to see the USDx follow suit… I’d like to see those levels taken out before i think about longs… But then the market doesn’t care much of what i think lol!
Winning and riding profits is the easy part … it is when taking losses that we see what we are truly made of. Will you get spooked ? Will you start revenge trading ? Will you over leverage ? Or will you turn it around and kick some $ss ? I really have confidence that you will do it Sageone. Get to work and take care of business
Good one Praxy, check out the fractal code that comes with MT5 (free demo from Metatrader and some brokers) that might help point the way a little easier for you. I was thinking the same thing but way too ambitous for my limited skills.
I have been chatting alot lately with TasteFullOfVenom and we have been exchanging alot of trading ideas, wins, losses, possible trade setups and just the ups and downs of trading. Really enjoying having someone like minded to actually talk about FX. He suggested I use Myfxbook. I decided to continu with full transparency and linked my account to be viewed by anyone interested who has been following my little journey.
Seems you are right. Next week economic data also in favor of USDx. Though unexpected NFP slow down the growth. But unless ECB changes rate decission. I think, today’s COT report will impact Sunday’s trade. But I believe coming week, there
is strong probability of trend reversal.
Looking at your latest Cable chart Sanj, those 4 grey boxes you highlighted had bullish candlestick reversal patterns ( 3 bullish engulfing and 1 hammer). That latest candlestick is a huge bearish candle even if it is appearing in turtle soup territory. I still need to do a review for next week but are we likely to see some cooling off/consolidating soon…?
edit: more a doji, the third…? Also see the first and last of those grey boxes engulfed mutiple bars, confirming the pattern even more…
I agree, the last few runs at these levels have been strongly rejected, but with the strength of the recent sell off, im just pointing out i think our next target would be that swing low point… That said, we have recently had a huge sell off with very little retracement, i wouldnt be surprised to see a rejection from this level, a retracement up and then continuing with the sell off…
The levels aligned show the next significant swing low points from the daily chart represented on the weekly… Friday’s NFP action took out the low at the 2/10/2011 by 4 pips… I would be looking for price headed for that low at 1.523… After that, i dont know lol… Time will tell…
Could be bad week for Euro and good week for fx traders - just after watching tv news here - Irish govt taking a keen interest in any Spanish bank bail-out - they want the same terms, also see report in Fox News (33mins ago) that states’ Spanish govt denies Germany pressing for bailout’, … have’nt I heard that somewhere before … watch this space. Spanish gov’t denies Germany pressing for bailout | Fox News Latino
Backtest it, see if its consistent or not… and always ask yourself what TT levels represent, same goes for any one of our ICT indicators. In terms of price, what do TT levels, fib levels, ADR, Asian Range, etc… represent? Is it a support/resistance level, price swing, session close, globex close, Asian Range cluster? I think this will lead to being able to trade without any indicators, not even horizontal lines.
May i know what is the platform/indicator/tool that ICT used to see the divergence between usdx and the fiber/cable in his 06/01/12 video (ex. at 20:17)?
