Nice trade guys. It was a close call for me taking a cable long trade at the beginning of NYO and glad I sat on my hands.
Even here the same trade Tripper, half out at CPP for 30 pips and the rest at breakeven running safe: but I didnāt expect it to run so muchā¦ a nice surprise when Iāve been back from work!
Sometimes everything goes the way you wish.
I missed the euro short but prior to it happening I noticed that on the daily the highs from the last few days where a turtle soup entry pattern and also fell within the 62 & 79 retracement levels from the previous significant high.
I entered a pending order for it but spotted it too late (a couple of days ago would have been better) anyway prevously I would have been mad about it and tried to chase it but this time I was happy to let it go and I felt happy that I had spotted it in my analysis.
Things are slowly starting to fall into place which I am happy about. Hopefully catch the next one
DT.
The āSmart Money Profit Releaseā phase is fully on, glad that we are out of that range.
Before I started with the ICT materials I was also part of the traders that would chase such large movements instead of anticipating a retracement in flow/trend-direction. A phrase from the āMarket Profilesā video that I remember very well: āDonāt chase the market, the dumb money is doing that.ā
EUR/USD is at OTE Sweetspot (from 15.03 1.30 to 30.03 1.338) and S2 Pivot Buy Zone. Iāll enter for a short-term countertrend trade.
What do you consider short-term and what are your profit targets?
Short-term is for me in most cases an intraday position which I will close until 18:00 GMT when London closes. My TP1 is at 1.3155 and my TP2 is at 1.3185. Asia typically doesnāt post new high/new lows, so Iām comfortable with holding it overnight and will close it tomorrow 18:00 GMT if either my SLs or TPs arenāt triggered.
I was going to ask if you were basing the trade on just them two convergences, but I see thereās a possible crab pattern too which could add a third.
Didnāt spent much time with Harmonics yet, how long are you using them in your trading?
Iām new to forex (2 weeks) so havenāt got much experience with them yet, I do look for some other convergences to confirm the setup rather than trade on a harmonic alone though.
I like the way you think, many are already deep in the indicator-trap after 2 weeks. Also, confirming a setup with other tools that have proven good for you, is always good.
Happy trading to you!
Love it ! lol
Iāve been working late nights all week and this gave me a good needed laugh while on the job
When I opened my chart it was just starting to āretraceā at the 1.311 level. I though the run down was a Judas and went long and got stopped out (Iām still on a demo account so no harm done).
I noticed the OTE (but after it occurred) and wondered if any one had taken it. I couldnāt see anything other then OTE to indicate the trade.
Is that enough for most of you to enter a quick scalp? with live accounts?
Thought Iāll post an update after Iāve been so quiet.
decided not to trade the past 2 weeks, due to personal health issues and ongoing renovations in my home. I realized that the charts did not get the undivided attention they deserve as my mind was wandering and wondering about the things going on around me;) The decision to take a break is probably the best sign of the improvements I have made in my (still very young) trading career- thanks to ICT;)
Was able to end March in a slight profit of +1.3% hahaha
While this is still very far from my eventual monthly goals, it also sets a milestone for me, as it was the first profitable month so far (it was also only the second month of demo trading;))
I did do all my trades on 0.5% risk, and it helped me realize a few things:
-I feel more comfortable on minimum risk, at least until Iām out of the red.
-It is a perfect protection tool, to minimize risk, after a trade went wrong - preserving capital (even demo)
-It is also a pain in the ass to capture some nice swings, but due to the tiny risk level and therefore small lot sizes, the pay outs just wonāt cut it to reach the weekly/monthly goals;)
anyway, the good news is, that I am now in the black and ready to upgrade risk to 1% if the setup allows itā¦
I feel quite confident of reaching my goal of doubling my demo account within the next few month (preferably before fall) and then take the step to go live with a small accountā¦ baby steps!
The 2 weeks Iām not trading Iām using to get some personal things in order and move on with some renovations around the house, AND to finally rematch all the videos (which I struggle with during my trading daysā¦ after watching the charts for several hours, I often canāt get myself to also rewatch PTC videos;) and while trading, I want complete focusā¦)
Hope to get back aboard next week and continue my steady path of improvement, which has been quite astounding the past weeks/months! Thank you once again ICT!
cheers and happy hunting
What do you measure the Asian range as? I have it as 0000-1000GMT so the low you have would have been into my LO.
Hello Everybody! Why on an indi iāve about asian session iāve 0->8 gmt? i was wondering why it was set like this once i got it. Now that you are in the topic, I wanted to ask
thank you =)
Itās not set to GMT and so needs to be adjusted to suit you. For example Iām in the UK but now we are in summer we have moved from GMT to BST, but my broker is in CET (yes this makes it fun I can tell you!), so I would have to change the indi to 0200-0700 for the Asian range to be highlighted on my chart.
Saw someoneās signature on another forex forum which I thought interesting to post here as food for thought:
āItās not whether youāre right or wrong thatās important, but how much money you make when youāre right and how much you lose when youāre wrong.ā