That said… I think if NY brings no real movement to the table, im going to look to close the trade by NY close as Asia typically finds price range bound…
August really is shaping up to be as sloppy a month as it has been talked about… Since cable failed to break higher too and it remains still in its larger OTE, i think we could be gearing up a further move down before pushing higher again…
As always, time will tell…
Hit my stop at BE. Went in again for a 15 pip scalp and got out. I will actually be hunting a short tomorrow. If things hold we will have a three day fractal high on both pairs. I will look for a judas rally to short. I like the 1.23200 level on the Fiber. That matches todays Asian session low and a HT frame resistance level I have marked. Along with nesting OTEs. I still like your trade going into the assian session tonight if you hold it.
GL
I agree, just posted before you… Cable has been working its OTE for a while now with relatively small range days, i think we could be looking for a move lower before getting back in sync with the HTF…
Ive still got two areas below current PA with wider OTE’s for possible areas long… Normally the cable not moving out of its larger OTE short would have kept me out, but i thought with the ICT grail in place on the 4H we could see something different… May just have to be a little more patient for the trade im looking for!
Will probably look to close before Asia as i dont expect much to be happening expect range bound action…
Sounds to me like you’re trading to be in the market, instead of exercising patience!
I took the same trade by the way bro. Looks like we’re forgetting the fact that the H4 market flow is still bearish… And now we’re staring into a fractal high on the daily 
Could you elaborate on why you think this?
I would think trading to be in the market would be taking trades outside of my plan. I thought today i had more than enough criteria ticked for me to enter the trade, and as for things against me they’ve been discussed last few previous posts. Im usually the first to admit when i think i’ve slipped up, but honestly, i felt i traded my plan today… But im always up for development and outsiders perspective will always be different to what i see myself so please elaborate as to why you think i traded to be in the market and havent exercised patience, it will help me to see my own flaws 
To be honest bro, i stated earlier i would pay more attention to make sure my trades followed the daily market flow especially. The 4H market flow is definitely more volatile with intra-day action and using that with strict criteria will sometimes keep me out of a move which could get me in sync with the longer term time frame… I think once i feel myself develop further, and move back to scalping intraday trading, i will be using 4H market flow as a criteria basis for my trades… But in terms of looking for what im trading now, as long as it fits the daily MF, its good enough for me
But yeah i agree about the daily fractal high, although up until near LC it wasnt really confirmed for me, i was looking for a push higher, once i saw that really wasnt going to happen, thats when i closed my position out for +2 pips. Think price will be headed a little further down so will be watching my other anticipated areas for a possible bounce - and make sure this time cable looks ready to do the same…
:57:
I guess I misunderstood your plan, I thought you were waiting for entries on the daily.
Not exactly… How i am trying to trade here is basically using the idea of nested OTE’s. Finding HTF OTE (from the 4H +) and then once price reaches these OTE areas, to look for a smaller 5m entry OTE as way to get in on a longer term move controlling my risk… By all means, and from what ive shared so far, its nowhere near a perfect plan, it will take a lot of tweaking down the road but i feel more comfortable here than i do trading the intraday stuff at the moment anyway… Once i feel ive developed further i will move back into looking at intraday moves, but for now im looking at primary entry areas on the 4H time frame upwards - then drilling in and picking an exact price entry on a 5m chart
Did you catch the two ote’s at LO today? they were perty;) I was to focused on looking for shorts to see the big picture… although I did see them set up…
This is the fiber 4h chart. The cable also posted a nice ote but only reached the 61%.
Hey Pipmart
Would love to say i caught the move, but unfortunately i didnt… Check a few posts back on the trade i took yesterday, the move we had today was the move upwards i was hoping to see yesterday but just didnt happen… The reason i didnt take capitalize today was for this reason:
Fiber 1H
That OTE Area on a 5m Chart:
But my plan is all about finding smaller OTE’s within larger OTE’s - and as today’s wasnt directly inside, i didnt profit from it. I could have deviated and jumped in, but i know if i had deviated from my plan and made a loss, i would have kicked myself twice as hard…
To be honest, this whole week i havent really had a retracement in price like i would like, id much prefer to get in on the move on a much lower price, and unfortunately that happened when i was on holiday…
This thread will be awfully quite whilst were stuck in sloppy range bound action, but im hoping once August ends we’ll start getting our normal action back and my plan can really come to life and i can get in on some nice trending moves…
Just to repeat some wise words… Patience Pays!
:57:
Just chiming in as of today to do a overall summary as i havent really done one since before my holiday…
No trade today, as expected really… I had both the cable and fiber both fall into a highlighted OTE area but didnt have really feel strongly enough with other confluences to take a trade:
I ideally like to get confirmation of overbought / oversold in my stochastic when looking at my moves and i just didnt get that today. Also being a Friday, i wasnt keen to take a trade…
So an overall summary of trades since starting to trade this exclusively
(Myfxbook history looks a little deceiving as to close out a portion of my trade, i open a trade in the opposite direction - hope everyone follows that)
[I]So overall:
4 Trades
1 Winner - +4.39% (risking only 0.5%)
2 Losses - -2.97%
1 Break even (closed at +2 pips the other day) - a whopping +0.06%
Net Profit: +1.48%[/I]
Along with the fact that intraday trading really resulted in too many losses for me, another reason ive chosen to trade a plan such as this is to work on my patience. I will not stay out of intraday trading forever, i will go back after some time but only scalping intraday. Higher time frame swing trading will remain my overall bread and butter. But i will be looking to only go back to looking for intraday movements after a few months. I want to be able to feel myself develop more patience - and i think this exercise will help me on my way…
Glad overall i remain in slight profit - nothing substantial but it goes to show, you dont need a high win percentage to be profitable…
Next week is another week, hopefully better opportunities than this week. Have a good weekend all!
:57:
Good job overall Sanj. Patience is key as you already know. I do agree with you on not wanting to enter a trade on friday. Higher timeframes are the way to go. I know you say you will go back to scalping the lower time frames in a few months. I will tell you from experience when you do you will quickly realize its not worth the effort. Swing trading the 4hr and up with small stops is more than enough to grow a account quick.
Glad to see you in profits and dont pay to much attention to your win ratio (I mean do but take it with a grain of salt) last year my win ration was horrible and I finished in profit. Sure not huge but enough to pay taxes on so to me that was a huge step in the right direction. good luck on your path as always I am following
Hey Bob…
Thank you :)… To be honest, i thought i was sitting in the -% overall since i know ive had losers than winners so i was pleasantly surprised to see myself still in the black… Goes to show that as long as your winners have a good R:R your win % is far less important…
And i guess about scalping the lower time frames - time will tell… But honestly i could see myself agreeing with you here. Trading this method does require a lot of patience (which im still working on) but at the same time it gives me a lot of free time away from the screens which is definitely something i want… I would even venture to say my plan to go back to scalping the lower time frames is a thought fuelled by my impatience… I know i got slated on the millionaire guild thread for saying it - but i still do feel the competitive urge sometimes when i see many others making sometimes 3 digits number of pips and i havent even made a trade. But then im naturally quite a competitive person. But at the same time i don’t want these feelings to control my actions and mess with my train of thought, so for me this is one long exercise to develop more patience!
I remember when i first looked into getting into trading, i never thought one of the hardest parts would be battling with my own mindset - i always figured it would be finding the winning strategy. Anyway, i like to play everyday as it comes and as for now, higher time frames it is
Not sure if you caught the webinar today, but it was awesome. Felt a lot of it was looking at exactly how i am trying to trade, picking these higher time frame OTE’s, finding confluences of market structure, flow and of course support and resistance…
Anyway, apologies for the essay! lol
Will get my analysis posted tomorrow for the week ahead :57:
Hi Sanj,
Try running two demo accounts. One that is your live account and the other that is your whatever you want to call it account. Then just cherry pick your trades that you place in your live account.
I found with the above, in theory it’s good and I’m sure it resolves the desire to be in a trade day to day, but really, once you’re of the disposition of less is more, you only really need the one account, as you don’t really place trades too often. However, I also think the feeling of less is more is compounded by having a live account and preservation of capital.
Not huge but enough to pay taxes on, that’s a sad kind of funny isn’t it. Here i’m not quite sure yet how it would work especially for Forex trading, it’s more or less a legal twilight zone so before i actually put in the real works i’m gonna have to consult someone i guess. Wouldn’t want success in pips lead to charges of fraud or anything. I’m sure that’s the same all around the place. But what i really wanted to react on was these people claiming k’s of pips a week. I try (for nw to check how much my capital increased and that’s it) say 7% a week and 2% a week while you get less than 2% a year from banks etc and nothing says the people claiming k’s of pips every single time are telling the truth. I’d go with what makes you happy and feel good, the motivation will be twice as good if you do and never mind someone elses boasts, only the sound advice. Someone elses number of pip don’t matter, their techniques might if they care to share them
By the above, what I mean in the first paragraph by ‘live’ is your trading plan account which can still be a demo account. In the second paragraph I mean for ‘live’ to be a real money account.
Hey Thrax
Yeah i got what you meant in your initial post, and nice idea… But i agree feelings will be different in a live account when preservation of capital is really in effect. Im going live as of next month, looking into getting the account setup so im sure that will come with its own battles all on its own! I shall post on here with an updated myfxbook link when i do
Hey ixs
Yeah i agree, i shouldnt worry about peoples pips when its not my trade. It’s not something i even want to worry about, but its just me being honest and sharing my thoughts. Again, im naturally quite a competitive person and like to excel in everything i do, but i will learn that this isnt about competing, its just about doing the best i can do in this business.
But i agree, there is nowhere else - even in the best UK ISA - you wont earn more than a few % ROI on your money every year. This business has great money potential, just need the patience to allow my account to compound over the years and get me there.
It will be a constant upward battle but im determined to get there eventually
Apologies ive been a bit MIA… Had other priorities yesterday which means i didnt even get to watch my charts all day… There was actually a great buy on the Fiber, except it was a little outside my current plan but matched a lot of my criteria… Makes me wonder if ive made things too strict!
I did my weekend analysis and i remained bullish on both pairs… I was actually hoping for Monday and Tuesday to push a bit lower in prices for an entry in, but by today’s action i think its safe to say ive missed the big boat out here!
However, i do suspect we could be getting a change in tide soon, and it may be something i look to capitalize on.
Now a major divergence in the HTF between the cable and fiber - today the cable made a higher high, while the fiber failed to… Also, fiber has just entered a much larger OTE…
As recently shown, the major rallies in the Stock markets have also been causing a recent divergence, with the S&P and DJ looking to make higher highs, but the Nasdaq lagging quite far behind, this divergence could be important if it holds strong…
I will still be looking for long entries on pullbacks for now - as things are still very bullish, i will keep in mind that i am in an anticipated area for a change in the market, and that a power of 3 on the daily could be a possible turning point where we see strength in the US dollar again…
Looking at the current situation, im expecting some US dollar strength towards the end of this week now… The major stock market indicies highlighted in my earlier post havent really given a strong diversion yet so i think the bulls remain in control…
4H USDx
USDx is shown in a current OTE area. Should we see a bounce here im hoping it will be a retracement for a possible long entry in for a final leg up…
Im aware seasonal tendencies suggest a significant low in the market around September in the British Pound, but i dont want to let that tendency sway what i think the charts are actually saying - im just keeping it in mind if things happen to line up there…
Not too sure whether i will actually get a trade on this week, hoping the patience will pay off when the time is right
:57:
Well with the news release given the markets another excuse for a leg up, i think its safe to say i missed the majority of this move… So well im looking to catch the anticipated reversal… Im not trying to catch the ultimate top, but i have highlighted areas of where i expect price to turn to before making a reversal to the down side…
Seasonal tendencies also show that September creates a significant swing low before moving to a nice bullish trend - i believe this could be setting up for that…
I will especially be trying to concentrate these shorts on the fiber as it was the pair that failed to make the higher high…
Few things im looking at…
Fiber Daily:
Cable Daily:
USDx:
Ill be likely staying flat till price comes into these areas. Ill then be waiting on a confirmation of a strong swing point on the daily chart to form and then get hunting for short entries… A swing high forming in an anticipated higher time frame area will be a good indication to me we will be getting a change of tide. Again, sticking with my plan, im awaiting a confirmation of HTF direction from the power of 3 on the daily charts…
Afraid this thread may become awful quiet until we get a nice new trend in place. The downside to the system im trying to follow is it really only works well when were trending - and requires a lot of patience in range bound environments…
As always… Patience, Patience, Patience… Hoping it pays off when the time is right
:57:
P.S. Openly admitting - i was wrong about my thoughts on today’s action - just glad i had no money on it!.. :)!
