I am still new to ICT’s concepts but am trying my best learn. I think I discovered a Search and Destroy Market Profile in todays Cable Chart. But I am not sure, expecially because it didn’t go quite as high as I expected it to. My entry was pretty good I think, right below significant lows. But then I got stopped out after moving my SL to 15 Pips above Break-Even. But then a swing triggered it before going up again.
I Illustrated the setup and my trade in a screenshot. Maybe ICT or someone else can tell me if this was really a Search and Destroy Profile, or if I just got lucky
Any comments are appreciated!
The fiber on Friday was what a search & destroy looks like, today was a market reversal profile. Good trade today, when the markets are choppy like this, it’s never a bad idea to run tight stops on your profits
Lazydogs answer is appropriate, to me that was nice setup. I was thinking as like you, but USDx chart bother me uncertain and I was out from the trade. But ur trade is really good to me. Search & Destroy is a different profile. But to remember smart money always try to knock out small investor. they always make raid stop, they find the pocket stop, in this sense your trade is like a search & destroy profile. I think ICT’s 30% profit taking will be good.
Thank you lazydogs and Shaer with your comments on my trade. I will have to take a closer look at the Reversal Profile again.
I have been losing money up until now and I realized that if I want to trade, I have to learn more in depth and ICT presented a great opportunity. I am working hard to get and understand all the concepts. I hope it will be fruitfull
Wasnt anticipating the overnight jump during Asian… Re-analyzed this morning, pending short waiting at 1.545… Were in a wider term OTE from Thursday to Friday NFP low…
OTE lies at mid fig with other confluences in place… Althought its a large OTE area so if we dont make it to mid fig, ill look for the OTE entry within the OTE for entry…
SMT divergence between cable and fiber as we speak…
Hello PureMuscle/SanJ,
USDX is down trend since last NFP released and foreign currencies also behaving as well. Market seems reversing. Have a
look cable chart this week, where I m missing to cable short?
Also went with a similar trade to short at 1.545 and got stopped out thinking it was a judas swing and also being at the last two intraday R2 pivot points. The SMT divergence at the time confirmed the entry along with what was a noted resistance level, previous Asian Range level(31st May) and a Gartley 127% extension (coming back from the 162% ext at 1.5487 now)
Couldnt peel away from the charts, wanted to see where i went wrong…
I still think the short is good, the SMT divergence looks to be holding - cable breaking yesterdays high with Fiber failing too…
Fiber stalled at the 20 inst level, and cable at the 80 inst level…
Could this be the distribution before a drop?
If this was a few months ago id be getting back in short again at 1.548, but i dont want to be reacting to the market anymore…
If the drop happens ill be looking out for an NY retrace an entry short…
I felt my analysis was solid this morning, id short that setup anyday…
Also went short… but after struggling to decide which pair to short, I decided to short the fiber because its the pair that refused to go higher and its asian range is a few pips wider than cables (at least on my configuration and feed;))
entered at the big fig with a 40 pips SL on minimized risk… still wide open.
to be honest I’m currently struggling with higher timeframe bias… I still think the big boys would gain more if the drive prices down to 1.5220/1.1850 or even further… but looking at the daily charts it would lead me to go long instead…
The next 2 weeks will probably be crazy emotional… Greece will take another vote, which will probably decide if they will stay or leave the EuroZone, and Bernanke will also open his mouth once or twice, and tons of other announcements coming up…
I’ll be extra careful these days and only trade on minimized risk, aiming for scalps rathe than swings…
Although, not that accurate, I did notice on the seasonal tendencies of the pound that little bullish hick up right about first week of june before going down some more (before retracing upwards around mid of june)
lets see if 25 years of seasonal data will proof any useful in a shaky market environment as the current one;)
I wasn’t looking for a short today bro, I can only give you my perspective and only hope that it helps a little with yours.
Basically when i’m analysing the market for my day trading I try to determine the weeks direction. If you are looking at the cable and you know there is a high probability Tuesday is the high or the low then what does the chart show you? I can see the Low for the week at Tuesday open, it shot down and formed an OTE from the low to high on the first of June, falling onto the key level 1.5340 which would have been a buy on Tuesday LO. I didn’t take that trade because of the bank holiday but that’s the trade I would have been stalking. Anyway if my logic is correct then this could be an up week, or maybe we are just going to range and consolidate for a bit.
i’m not looking for a short till we get up to 1.5600, because that lines up for a big OTE and is a key level.
hope this helps with your analysis, and remember i’m no expert
Hi SanJ. I took the exact same trade with same analysis. Don’t feel too bad now. ONly thing against it was according to my charts the 4hr MF had turned bullish…just. Mid fig and SMT and higher TF OTE felt like a good setup to me.
The high of 1.5487 was 100% ext of the asian range (hope i got that right) if that holds any significance. Maybe ICT could shed light on that one.
While i agree yesterday was a perfect long (i even posted about it yesterday), im still not sure if were ready for a strong bullish week. I think we’ve fallen so close to times of uncertainty that im not sure we can even expect a weekly ‘direction’ any more. We could have weeks of ranges where we ended up with a weekly Doji candle…
I bare in mind the that high / low is usually set it nearer the start of the week, but the reason i doubted this week may be the exception is purely because of the bank holiday, cable really stayed consolidated the last couple days which made me think we could post a late high / low…
Tbh, im still looking out for a short entry come the NY kill zone… As long as fiber holds its SMT divergence and doesnt break yesterdays high, to me thats indicating strong bearish - and it lines up with my other confluences…
As galldg pointed out, the only thing i had against that trade was 4H market flow, otherwise:
Time of day
Pivot sell zone + R1 in OTE
OTE HTF
Daily Market Flow bearish
Overbought Stoch going into LO
SMT Divergence at key level
(at the time) mid fig level and HTF resistance…
I think sometimes were gonna have just bull**** trades that just dont work out… I think the important thing is to know that we have tools that have an edge, and even if sometime they dont work, to not doubt them in the future… Everything, personally looked good for a short today, and if i saw that same setup tomorrow, i know id have a pending order waiting for it again…
Did anybody actually grab a long today?
P.S. I think Fredy mentioned something which i need to work on, and if i remember correctly, ICT teaches whenever there is a failure of HH or LL, thats the weaker pair and thats the one that should be shorted… In that case it should have been the fiber today… I have developed a bit of a consistency to like shorting into the rally which usually has me buying / selling into the weaker pair…
took a short scalp at 1.2520 30 pips - reason: suspected run on asian high stops - unlikely to get past 1.2520 on first try - figure they will have a run at 1.2550 on today’s news - maybe even 1.2580, 1.2620 - but i’m still bearish - will not trade up today.
