Glad your’e following mate.
Good to see you on…
http://forums.babypips.com/newbie-island/44182-babypips-official-mugshots-post-pic-yourself-you-know-you-wanna-2.html
More people should post on there, its fun!
Weekly Review 1…51 to go!
Ok so this week there was 2 set up, 1 which was at London close that I missed and 1 that I took at London Open.
The London close trade would have been a nice winner and now in hindsight if we had held from the entry on Tuesday till now (Friday) we would have netted 250pips. So if risking 2% with a 25pip stop loss taking half off at 25% (this bags you 1%), then if you let the rest go till now making 250 pips on the second half you would have bagged 10%. A total of 11% would have been amazing! these are the type of trades i need to be targeting. I know this is hindsight but by looking at previous set ups and possibilities we can get better at refining this system and improving results.
The london close trade I took was taking a long time to go into profit and after traveling through my key level and then coming back up to find resistance i thought it would be wise to take off half of the position for a 1pip win, and then took a loss on the remaining 1%.
Week 1- 1% Loss
Levels I’ll be watching this week,
As well as the levels marked LAST week, i’ve added the following…
Cable 1.5340, 1.4980, 1.4800,
Fiber 1.1880
Lastly i’ve added a couple things to the first post of the thread to help better understand the trading strategy i’m using.
I’ll be watching these same levels as well…GLGT
The trading system looks very good. If you put Stochastics in that can also be a filter to prevent false signals
I’m using the williams % R as my filter but I believe it would work just as well with Stochastics instead. They are usually oversold or overbought at the same time.
I’ll keep a look out going forward.
We very nearly had a set up this morning, as you know i’m watching the big fig and mid figs as well as the level i mark every week. At (London Open) LO, we had the A/D diverging against the cable and we were oversold on the cable, I was waiting for price to reach the 50 level (mid fig) at 1.5550. A reflection pattern would have lined up with the 50 level but price made a high of 1.5547, 3pips off!! price then sold off 50 pips. I was also looking to the left of the chart to the highs made on the 6th of june and was expecting price to reach up and take those stops hence the reason i was confident price would at least reach 1.5550. anyway we didn’t get it but here is what the chart looked like and another chart showing the reflection pattern.
Weekly Review 2…50 to go!
Tough week, took one trade on Friday and it was a loss.
A quick review of the trade,
I couldn’t find the set up in LO but it came up in NYO. I was a bit wary as i know NY normally follows the trend of London, which was up and i was looking to short. Never the less, the tools lined up so i took the trade.
Reasons for the trade, A/D divergence, at a predetermined key level, oversold on Williams %R. Also had SMT between the cable and Fiber at the same time.
Here was the chart at the time
I have now reduced future trading to 1% till i can make 2% back. This is a tough start, but as a friend has advised me I must trust in my tools, understand that i have an edge and keep playing that edge.
Week 1- 1% Loss
Week 2- 2% Loss, Total -3%
ooops forgot to mention there was an OTE that lined up with the key level, if you pulled the fib from previous days high to low. As you can see from the chart above.
Hi mate, i just signed up but my platform (IG Index) is not supported with my FXbook so I can’t join. I may switch to a different platform eventually and when i do i will definitely sync it together.
I can assure you though that every set up I take with this system, win or lose will be recorded on here, and the weekly results will be posted up too.
You guys are doing me proud… keep it going bro.
[B]GLGT[/B] :57:
:d :d :d :d :d
I think i’ve just missed a set up, the set up came in asia, but i was trying to get in sync with the move on an OTE, and i thought we would also see an SMT divergence between the sister pair.
The chart below illustrates the set up and i’ll be looking to take a short if the fiber reaches 1.2300, which is possible. Or if the Cable reaches 1.5650. The Cable looks like the weaker pair today so i would rather go with that.
As you can see both pairs posted the A/D divergence at a key level.
EDIT- I forgot to mention the nice hammers on both cable and fiber (1hr charts)
Entered on Fiber 1.23995. Stop 25pips away.
I feel we have a bullish market structure so i’m not sure about hanging on past 3pm GMT.
I will be looking forward to your switching 
i do understand that your blog is the place where to look for your taken setups. Just that my main idea for that particular thread is to try to gather as much traders myfxbook accounts as possible it would be like real (or demo) accounts library of fellow, existing human beings with losses and wins, with falldowns and pickups, at bad times and good ones Good luck with your trading sir!
just took half off at 25pips, baggin me 1/2 a percent and moving the rest to break even, its been a very slooooow day so far. Got a feeling it could be a Z day. i’ll take the rest off between 3-4pm gmt, hoping to just get 1% for the day at the moment.
thanks Pip Joker
Winner Winner Chicken Dinner! Soon as ICT comes back so does my luck! i think we should ban him from going on holiday lol
I had to reduce risk to 1% and I posted the set up this morning, I exited the trade at about 4:15pm GMT at 1.2217.
First half off at 25pips, second half off at 82.5pips. I add them together and divide by two to get my overall pips. (53.75pips), I risked 1% at 25pips and i made 53.75pips, which equals 2.15% for the day.
I’ll just round it down to 2% for my results purposes.
Improvements: If i had waited for the SMT divergence when the Fiber had taken out the Asian highs when the cable failed to go higher then I would have got the best entry.
For the exit I’m not sure if there was a clear extension to reach for, I was just past the daily ADR and the 200% extension of the swing up to take the highs out. Although I could have tried to reach for 1.2200 round number which would be an obvious place where a lot of people would be profit taking.
I’m happy with the 2% while only risking 1% and i’ll return to risking 2% for my next trade.
Patience Pays!
Hello tycoon
Judging by your charts you posted, and comparing them to mine (very similar, if not exactly the same), the 1.5650 level on the GBPUSD had come and gone at the time you posted. So what did you mean when you said “if the Cable reaches 1.5650”?
Just trying to understand, not criticise, since I am relatively new to ICT’s methods. But I am doing a post-mortem on my own trades today to try to understand how I missed what the market was telling me.
cheers!
Hi Harri, I’m glad you are asking questions it suggests you are serious about learning.
Ok so at the time I posted that chart I had not entered the trade. You’re right price had already hit that level on the cable and what I meant was that if it came back up to that level I would enter. A few minutes later price came up on the fiber to my entry point rather than the cable so I took the entry on the Fiber. Sorry for the confusion. Also in my post I said I was expecting to see divergence between the cable and fiber and we did. Unfortunatley I was already in and I could have used the divergence to get a better entry, by entering the fiber when it went aboe the Asian highs.