Nice one Jeff!
I was stalking the same trade but it all went wrong for me.
I had a buy stop where your stop loss was, it missed by a pip & I was waiting for a retrace to jump back in, didn’t happen & went into orbit! It then stalled @ 1.6400 which was May’s PP & looked like a OTE to short, which i entered on, needless to say I was given a whipping as it’s traveled right to the ADR high.
Oh well, lesson learned (I hope)
Glad you caught a winner there Jeff,
But I’m a bit confused by the entry… On the pic there was a swing down from yesterday’s high to asian session low, jah?
so then one draws the fib from the high to the low, with 100% being at the high of the down swing , reasoning being that you are expecting a retracement back UP to enter a short trade, but your fibs are drawn the other way… are they? Or are they drawn for your T/P projections?
I’m getting lined up for some over extended short trades now… looks possible…???
On MT4 and spreadbetting, which i am doing too - i had probs yesterday too - in mine a lot size of 1.0 = £1. lot size = 0.1 = 10p.
If you have a trade open thats greater than your broker’s minimum stake/pip, say its £1/pip, and you’re betting £3/pip, then to close out a third of the trade on T/P1. Right click on the open trade in the terminal, select “CLose order”, then in the lot size text box of the ORder dialogue box, enter 1.0, and click the CLose button. That will close £1 of your trade for you, leaving the other £2 in the trade. Hope that helps my fellow-spread-betting-Brit-Friend!
Cable enter 16416
reasons
1] daily R1 [16414]
2]weekly piviot point[16418]
3] monthly piviot point [16419]
4] ote of daily high and low
5]stochs looked over bought 15 min and div on the hourly
6] in the sell zone/and London open time zone
end result -32ips
1st trade of the month, now I am fairly mad so will try and stay out for the rest of the day
Hi SM,
Don’t feel bad its all part of the game. We can’t win all 
Hope next one brings you some nice pips.
When you entered short, what was the market flow (Daily, 4Hrs, 1Hr) ?
slowman,
how are you calculating ADR? I have my ADR’s at 123 for Aussie- NY close, and 140 for midnight- midnight EST. That might have been where your entry broke down. With a session low of 1.63392 (midnight EST calculation) and an entry of 1.64160, price had only traveled 76.8 PIPS.
Hail Auto, thanks so much for that MT4 tip on scaling out for us UK spread bettors!
I was opening 2 or 3 positions at the same time lol, then closing each when appropriate. I wonder if you’re with smart Live Markets, like me, as I think they are the only spread bettors to offer MT4. For the unaware, in the UK and Ireland you can trade the markets as a spread bet and your profits are tax free (as long as it’s not your sole income iirc). The draw back is you are using a dealing desk, which doesn’t bother me one bit, I trust my broker, but many don’t.
Thanks Michael and the gang for you explaination of the thinking behind OTE and Turtle Soup. Really great stuff. I find these tools so much better when I have an idea behind the driving market forces and relivant levels. You know when something is nagging you at the back of your mind but you can’t quite put your finger on what’s bothering you, I’ve felt like that since last week (3 bad trades didn’t help :58: ) but your explainations have dropped a couple of pieces in the trading puzzle, into place. Love it.
Hey everybody,
here’s the trade I took today, it’s a bit different to spanishjeff’s Entered right at OTE, took 50% off at R1 and 50% at FiboHigh (90 and 120 pips). 105 pips together, 6.7% of my account. I think I’ll watch the rest of the week from the sideline Having my graduation tomorrow anyway hehe.
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greetings and have good trading week
great trade fx!
Good work! - you make it look so simple…
So you take trade’s within the Asian session - as that OTE was before the london session right? I was only looking for trades from london open onwards.
Hope your grad goes ok.
Shorted EU during London Open at 1.4636. Price was above Daily Pivot and had an OTE near instiutional level 1.4650, previous day high, and previous weekly high. Got stopped out for -24 pips.
Hummm after looking at fxnumerouno’s chart I’m starting to think my fib OTE is in the wrong place! 80.5, or .805! That’s the half way point between 61.8 & 100…
This would explain why I have missed a few entry’s :31:
Normally I look for LO too, but what you can’t see on this picture is that price already broke through my ADR and S1 was very near. COT was also showing that commercials were decreasing shorts, market flow was bullish too. 25 pips under the pivot was very strong support and 00 institutional level, made me quite confident in that trade. I often see that the asian session sets up the dircetion for the londonsession. Was looking for longs anyway because I hope that price is going to retest Mays 4th high.
But I’m not awake everytime for asian session because I’m living in GMT + 1 hehe
greets and thanks
Were you looking at the ADR through Asian session and London Open? ICT says don’t pay attention to it until later in the day - NY Open or London Close. Prior to that it is distorted and can give false signals.
EDIT: I just checked out your trade from yesterday - nice one! I can’t quite work out if your entry is late NY or early Asian…I guess ADR would be a factor to consider in late NY session.
Newbie…
See Monday’s highs and how “clean” or near perfect the resistance is on a 5 min chart? This is suspect and likely to be tested for stops… and if you note when you entered these stops were still resting and thus “active” above Mondays highs… and what do you see Fiber doing at these levels currently? The move was Asian OTE last night and one sided action… I was not at my screens or monitoring any alerts… so no money taken… no money made. I’m content. 
Keep pluggin’ at it Newbie… it takes time. 
So when you say ‘clean’ and ‘near perfect’, you are basically saying you can draw a line across the top of several fractal highs and not one of them is poking up any higher than another? If we see a candle that pokes through a strong line of resistance, then that is a sign that the stops have been raided?
Just taking some time away from active trading these last few weeks because I am really busy at work and feeling a bit burnt out of late. Spending my time going over some old stuff, filling in the gaps with the book list that has been recommended, and just generally surveying the market without the pressure of trying to hunt out my next set up.
Still paying close attention to the London Close. Cable put in a tradeable 1R OTE last night - nothing spectacular. Pound/Yen put in a better 1.7R, and EUR/GBP had an OTE set-up at NY Open, and then came down to raid the stops on the previous day’s NY session.
I have now changed my London Close SL to 5 pips on the high after analyzing all of my trades and seeing that only one of the 30 actually utilized the 10 pip buffer and subsequently came back into profit. By calculating the TP as 1R based on a 10 pip SL, profit increases on the other trades and far outweighs the loss on that one trade. Note that this is not for Cable and Fiber…they have better profit potential.
Regards
Just a poke above can trigger stops… but a raid is obvious price movement that is hard to dismiss… it get there and very forcefully. However, yes you are correct… if its too perfect of a horizontal line making up a resistance or support… anticipate a run beyond it to clear out the stops.
Clark, or anyone else. Can you give me a quick refresher on the candlestick formation? I either don’t remember it or went past it without taking notes
Thanks
ICT, I think I remember you saying you use a tablet and not a mouse. I’m interested in doing the same (wrist is hurting), any particular tablet you’d recommend? Thanks
It was already Asiansession, but I placed my order just some minutes before NYC, where ADR was broken and it missed OTE for 6 pips, so I decided to enter in the Asiansession.
currently I’m taking a closer look at GU 15min and R1 Pivot… 4 Fractals right on R1, Support just about 3 or 5 pips away from it. I’m looking for some action there hehe But there’s also an OTE for 31.05 - 06.06 High to Low, right where todays swing made its high. Not quite sure what’s going to happen
greetings