It has been a tuff week. I have been stalking out trades all week to no avail. I did get a trade off the Aussie but that trade had nothing to do with this thread and concepts discussed here. Just goes to show you the markets is one beast that can not and will not be tamed. So I am happy 2 trades in 2 weeks both winners total 165 pips
Based on my trading style, I use 40% for TP1 (30pips) and 60% for TP2. Most of my trades would be done during LO trying to capture the daily range.
This is also a real quiet month so far for me as well. I would normally average about 10-12 trades a month and only have 1 “theoritical” trade so far (Actually missed this trade last friday as I thought it was NFP … would have been a loss so I’m not stressed about it).
Are people generally looking at Fiber when they say it has been a tough week?
Technically all of the tools have been on display, and there have been multiple opportunities on both pairs. I realize I haven’t been pulling my weight in here for a while due to personal commitments, but I might be able to help. I have been focused on Cable, and as the week’s trading opened up I had a WEEKLY sell bias due to the fact that Cable was reacting off a 79% Fib retracement.
Having done my Top Down analysis on the Weekly and Daily charts I could see that there was major support at 1.5780 from July 2011. I anticipated and traded a long position based on ICT’s Daily Judas template - swing lower to bring on board the street money, then trade up to take out their stops. At this point I also had 1.5880 marked on my charts as H4 resistance that overlapped with the Daily CPP and the Weekly CPP confluence at 1.5874, and a 50% retracement of the previous swing high to low. This is where I anticipated a Weekly Judas swing to take shape - short bias for the week based on the fore mentioned Daily OTE so a swing up into 1.5880 and then down from there.
Technically the Monday Judas trade also lined up very nicely with this level as Asian high to Daily low Fib had the 162Ext at 1.5880. Michael caught the big move down from a LC entry with his ‘stinger’ trade, and I entered at NYO on Tuesday with a retest of S&R with S1 pivot overlapping with the figure 1.5800. I was of course conscious that we may trade higher at that point, but experience told me that we were likely to come down off the figure into an OTE entry before it popped. With my short bias for the week, I felt comfortable taking a scalp in order to push my pip haul over my weekly goal. Price did in fact move lower with strength, and finally came to rest at 1.5707 which was Weekly support from 2009.
Looking at Fiber in here you might reasonably expect there to be a bounce considering the move down we have had, the fact that we were in a Daily OTE zone, and the confluence of 127% Ext on the Trader’s Trinity Weekly. I didn’t like the real S&R at this level on Fiber, but Cable was absolutely solid, we are still in a Daily uptrend with a 38% retracement on low to high coming in at 1.5704.
An OTE was possible on Cable at NYO or LC with a 30 pip stop, and there was H1 divergence to confirm the trade. The LO entry today keyed off the Previous Day’s high having been broken, and this was confluence with the S1 Weekly pivot at the 1.5750 Institutional number. Price reached 1.5828 which is H4 resistance and the Sunday Weekly opening price, and this was good for a 58 pip bounce. It was also OTE on the H4 chart.
In terms of technicals, I think I would probably pick this week over any other as a showcase for Michael’s skill and understanding of the markets. The tools are all on display here, and so the only advise I could give is be…you know it!
Regards
Ali
Well its like this Alishjo sometimes we have a stool to grab that dangling prize, other times we come close but fall back down, With michael all he does is say go go gadget extender arm and he not only grabs the prize but the whole bag.
Sorry guys, but I don’t understand anything that’s being said here! - Can someone explain it me in a plain matter please? - Who are you? - What’s ICT? -What do you trade? - Where do you trade from? - What’s the Wolf Pack?
I was going to post earlier with regards to some people above saying this has been a poor week for trading but decided against this. This was an easier week than what we have been having. Since there is now a thorough analysis on Cable above I would like to add further weight to the above post with a view from the Euro’s perspective.
I too went into the week with a short bias, looking for a Monday Judas up and then would look to see us trade softer into the week.
With regards to yesterday and today’s price action, yesterday the Eur was accumulated, there is:
-Huge divergence between Tuesday and Wednesdays lows between Cable and Fiber
-Type 1 divergence on those same lows on your higher TF charts
-Higher TF OTE
-Weekly S1 Pivot
-127 Extension on TT
-31 Fig
-Daily Market flow is still up
-We were significantly oversold, not just in terms of Cable and Fiber, but take a look at your other risk on currencies
-Type 2 trend following divergence on the daily chart
-Bullish candles off of the 4 hour chart
Where were the stops? I think by today’s price action you can clearly see multiple pockets of stops being popped to the upside, I was fortunate enough to participate in this with an entry at 3173, first TP at 3193 and second TP at 3230, getting long in the bull flag on a retest of today’s open.
I do not marry my analysis, the market will punish you if you do. You need to be intouch with price action, there is certain delicate touch required in trading, some traders may not feel this way but I believe there is a certain understanding required to use these tools provided to you and the only way you are going to get that is by putting in the chart time, watching the moves unfold and exercising patience. Sitting in chat rooms all day is not going to get you anywhere, do your own analysis and take your own trades. Only then will you develop as your own individual trader.
Thanks Ali, that was excellent to read - it just goes to show that these tools do indeed work, it’s just a case of knowing when to use what.
I am the first to admit that this poor fellow was me all week long this week and last:
I have never really shared how my forex journey has panned out so far, but I would like to share a few thoughts if you guys don’t mind of course - if you do, then please accept my humblest apologies and ignore this post…
When I first encountered the ICT thread and read that first post of his, I was so desperate for something, ANYTHING that would make sense of this madness called forex. I remember thinking, “this is completely random, I have tried every possible indicator / combination of indicators and no matter what, I always buy right at the highs and sell right at the very lows, this is honestly a joke - the market is designed to always win, and that is that”. I firmly believed that statement and was more than ready to climb into my coffin and join the numerous traders who were already dead and buried in the so called “trader’s graveyard”.
It was only once I had watched my first ICT video that something said to me, wow - this guy seriously knows what he’s talking about. That support and resistance video - it was almost like a joke; the fact that something so simple could be the crux of trading! That next day I cleared all my charts and only placed a few horizontal lines on them at a few levels. Needless to say, I watched and watched and before the day was over, price had bounced off of one of these levels just as ICT had said it would. I was hooked from that moment onwards.
My trading in December and January was out of this world - I traded a small live account on 20:1 leverage and made a 54% return in just over a month and a half. I was on top of the world, dreaming about the limitless profits I would be making at the rate I was going. Let it be said that I was not risking more than 2%, but I was overtrading somewhat, since I traded LO, NYO and LC each and every day, even NFP Fridays.
Of course, the inevitable string of losses came along, and I can honestly say that I absolutely maimed myself from that point onwards. Losses lead to more losses as I could not stand being out of the market or losing my profits, I just wanted that 54% level back again. So I traded and traded and risked 3%, 4%, heck even 10% per trade. As can be expected, I lost time and time again, until I was back down to 0% gain. Almost two entire months of trading wasted in a matter of a week or two at most.
From that point onwards I picked myself up, dusted myself off and got ready to do it all over again. I watched the videos again, took notes, made a trading plan - I was ready to try again. I made a few profits here and there to start off with, but again when I made losses it had the most incredibly negative effect on me, bringing with it revenge trading, overtrading etc, you get the idea. Again, I stood up and told myself that this CAN be done, I just need to control my emotions and stop myself from being so hasty to make massive profits and instead focus on just keeping my head above water. Yet again I made some profits and responded in the same fashion to losses…
Anyway, the point I’m trying to make is that despite my difficulties in dealing with losses, the one thing that I have noticed is that I just do not give up, no matter what. The concepts that ICT has taught us DO work, and because I know they do, I always stand right back up after a fall and try again and again. Each and every time I refine my plan and push myself that extra bit harder to STICK TO THE PLAN, most especially the risk management part of it. So yes, although I was walking around like that sheep this week, I know that for me personally, it is only a matter of time until I get this thing down. I know I can do it, I know I do have the discipline, I know I do have that inner patience, I just need to try all that much harder each time! 
Haha actually it makes me think of Yoda when he says to Luke: " Do, or do not, there is no ‘try’ ".
So yeah, sorry about the long post and all, I think it’s more for myself, to remind me that I can do this, I just need to stop trying and start doing 
Reading through your post it is easy to identify the issues. You have a discipline problem.
Put 2 simple rules in place
- Do not risk more than 1% per trade
- Limit your losses to 1% per day
The above is very reasonable when you are still finding your feet, I would go as far to say as limit your losses to 2% per week.
This will teach you to be patient and look for the best setup.
Get your wife/sibling/father to monitor your actions and hold you accountable. Hopefully you have a big Afrikaans father who will give you a lekker poesklap if you step out of line.
LOL! An excellent suggestion bru Thanks for the advice, taken to heart! 
I def agree with bringing a family member on board. My fiance knows I get up in the middle of the morning to trade the LO just about every day. My performance to date is posted on a dry erase board in the house for all to see. My fiance will often give me a little speech when I tell her I made a mistake I have made before. It is kinda like leaving the shower curtain open or not taking the garbage out - after enough talks from the wifey I learned my lesson and that stuff is done second nature - just hoping the talks with the woman helps bring profitability to my trading
I was able to find that gem of a post with the zip file with all the indi’s. Awesome! How do I get the OFFICIAL WALLY OVERLAY CHART to display the USDX?
I’ve got the USDX and OVERLAY indi up but not sure what I need to drag where?
I hope it is ok if I confess my sin here from this morning.
I broke 2 major rules and slid back into old bad habits.
I moved my stop on a bad trade:8:
My 1% loss turned into almost 2% loss
I did not want to admit my mistake on the trade and thought to myself
"well it will turn around at this next level and that is not too far away"
well I was very wrong.
My 2nd sin was not completing a complete analysis.
I havent traded in 2 weeks and just wanted to get in
so just did a quickie analysis. Bad call.
I have told myself that I would not do this any more and I havent
in over a year. I am most disappointed in moving my stop.
I hope holding myself accountable in public will help me not do this again in the future
Thanks
Jack
Not sure if we have the same indicator but mine came from this thread a while ago. On mine (I use forex ltd demo) I open the indicator in the settings in the symbol section I type USDX (I notice when I first pull it up it has an M at the end of the symbol but I dont use it if I do the indi dont work). Also see if you mt4 can pull up USDX as a standard chart if not you might have to add it first.
I am not sure how to do that no more as I have it on there. I have it under the market watch window under forex2. I did something to get it there though and I cant remember what. I am sure someone can help out here I also know it is in this thread and on an old ict video. If I find it I will share as I am going back through all the videos right now but that might take a while there are alot of them
I don’t want to see anymore apologizing!! This thread was made for sharing, and I’m grateful for everyone that has done so thus far 
This is for PureMuscle, and anyone else that feels like they are gettin “beat up” in the markets
I’ll make this as detailed as I can for everyone even a complete novice.
OK first off check to see if the USDX.ex4 works ( someone reported it crash their MT4) so open any old chart and just drag & drop the USDX. indi onto the chart and a window should open up with a red squiggley line, I’m using Alpri Demo and it works fine on that.
If that works fine then start again with a fiber chart, change from a candle to a line chart, drag&drop the OVERLAY MA-Wally2 indi and set the input to GBPUSD now a new window should appear below with a blue squiggley line, NOW the important bit :- drag&drop the USDX indi from the “Custom Indicators” list onto the second new window with the blue GBPUSD line on it and now you should have both SMT’s on the same chart.
I also have the Forexltd Demo and on that they also provide a EURO Index called EURX so on that one I have a USDX chart with an Overlay MA Wally2 of the EURX, don’t know if it helps but it looks cool and very technical almost like I know what I’m doing. lol
Wally
I like!!!
