1.3384 was the high of the week i think… Holding till Friday sounds like a good plan.
Hey guys, so this is the trade I made around London open today. Shorted EUR/USD at 1.3345 and took profit with a trailing stop at 1.3284.
View image: today
The H1 and H4 market flows were short and the OTE point actually lined up with the boundary of a downward channel. I had a question about something that I did…
I’m still working on controlling my impulse decisions so I decided to put in limit orders and let it go. The last retracement from the 1.3384 high went past the OTE and even clipped the 78.6%. So I decided that this may happen, or may not. I didn’t want to miss the setup if it didnt retrace back all the way to 78.6 this time. So what I ended up doing was putting in one sell limit at the OTE and another sell limit at the 78.6 level. Of course each order was half the size of my usual risk.
View image: yesterday
Is this an acceptable method to enter a setup? Because it never hit the 78.6 this time, only the OTE, I ended up trading only half my regular size. But still, capturing 60 pips has a super rewarding feeling on its own, regardless of what the lot size was.
What are you using as your ote fibo number? I use 78% as the ote, but anywhere from 61.8 and the ote is considered the “sweet spot” for trade entries.
As for trailing stops, I use fixed stops but move them down manually to BE after taking half off when 30 pips or so in profit and let the rest ride until I decide to pull out or achieve near adr.
Hey akaAni… I took the same trade as well. I took profits at 1.3255 which almost nailed the current low. I used the measure of the previous swing (from where you drew the fibs there) and plotted it from the high of this current swing and it nailed the low so far. It was also right on the ADR according to my chart. I’ll try to post a pic later on
I shorted fiber at 3337 and covered at 3265… Nice to see a bunch of people nailing the same move, more or less 
Ani, sometimes I scale in my entries too, if that is working for you, stick with it.
I was using OTE as half way between the 61.8 and 78.6 (69 - as per ICT). Yeah I usually manually advance my stops too, but I’ve noticed for some reason I move that stop a lot, and not by much lol. I just fidget with it. So this is my attempt at limiting my interaction with the trade once its in. But that part about looking for it to achieve near ADR is a cool way to look for a spot to take profit.
Wow that must have been quite the swing, almost nailed the high and almost nailed the low - doesn’t get much better than that.
Hmm, I see now that if I draw the fib from bottom to up, to see the extensions, 1.3250 is the 127 level, which like you said pretty much nailed the low. If I draw this fib from bottom to up for yesterdays move (for the time period of second pic), the 127 level is pretty much the location of the low.
I get nervous when I put a take profit thats bigger than 50 pips lol - I think I can count on one hand the number of >50 pip trades I’ve made in my life. It’s great to see so many others trading this too, make me feel like I’m learning to see straight.
Thanks everyone
It doesn’t always work though, sometimes adr isn’t met, you also need to look for price to reverse sometimes at S/R for instance, it’s about how you see the market develop, popinjay’s recommendation is another, also 161.8 or 262 fib extension of the previous broken weekly trinity is another potential reversal point. You pays your money etc.
Hope this helps.
You could use an EA and tell it to automatically move your stop to BE only after a certain amount of pips have been reached (ie TP1 at 30 pips). This way you don’t stare at the chart and be tempted to move your stop right away.
Does such an EA already exist, or should I be making one. I have been curious about the coding aspects - very curious in fact. I’m just telling myself to stay away because if I start I’ll just get so into it that I’ll be spending sleepless nights coding instead of working on thesis lol.
This is the one I use, it has a lot of functions beside BE but currently I’ve only tried the BE function which has been working fine for me (demo it first though). Sign-up (free) before you can download it. Make sure you read the PDF.
Nice move for the London Close traders last night. Nested OTE with all the constituents of ICT’s latest video. Asia continues to rocket up after a bump up off S&R @ 3292.
Another ICT classic!
Just to keep the group updated regarding my progress and keeping me accountable. I am now starting April with a 10k account as my profit % for March has been reached. If all goes well for April, the account will again be bumped up higher in May and my plan will keep moving forward.
This is my little journey in the making and I hope it can provide others starting to study and demoing ICT material a example of some ongoing live results.
Sounds great!
What’s the final amount you are looking to have deposited in the account?
Great to hear things are going to plan Steph! March was my first month live and its definitely been interesting.
Week 1: did not trade, was still nervous that account was live
Week 2: placed 1 trade 2% - hit SL. Same day placed another trade 2% - hit SL. Down ~4%… now i was just demoralized.
Week 3: didn’t trade, just watched.
Week 4: reduced risk to 0.5%. Placed a trade Monday. +50 pips. Placed another trade Thursday at 0.5% risk. +60 pips.
At the end of it all, im almost at breakeven approx -0.5%. It’s interesting how even when reducing my risk from 2% to 0.5%, the account almost recovered from the -4%. All about the quality of each trade I guess. I think about what the account would be if I stayed at 2%, but no point pondering over what “could” have happened haha - I’m happy I got out of my first month alive, learned a lot.
Thanks everyone!
Hello all, I haven’t posted in a while. After my stellar results on demo account(+44% in January, +39% in February, 30 trades, 1 loser), I moved to live on March 1st. This month has been a test of psychology for me as “real money changes things”. My first month live ended: +2.87% (4 trades, 3 winners). Nothing amazing. I’m happy I’ve been sticking to the plan. Haven’t made any rookie mistakes yet… That’s it for results.
GLGT
The markets reward good habits, and cutting risk after losing is a VERY good habit to have. I would rate your first month a resounding success
Thanks
I am aiming to trade with a 50k account. I want to get there around July if all goes well. If I don’t follow my plan, I will not move up the next month (as was the case in Feb). If I also have other issues such as my mental state as the account grows, I will not move up. My plan might seem a little aggressive but I am very confident moving forward so far.
Good job on your first month live. You do learn a heck of a lot on the first month.
Totally understandable. I will be evaluating my performance month by month and take it one step at a time. If results are not consistent and do not align at all with what I expect than I will not move forward. I have no problem being honest with myself and taking a step back so I can then take 2-3 steps forward.