Nice trades Ali,
I think part of becoming a good trader is gut feeling. Getting out of your EUR trade early was a good move in hindsight, but it probably had more to do with the “feeling” you had at the time. I have had that feeling work both for me and not so much for me, meaning I have exited trades early because of it. In the end, positive PIPS are positive PIPS whether they are 12 or 20. Coulda been 50, coulda been negative 50 doesn’t count.
for new people here, surviving the market becomes easier with this video… Impeccable details !
Great stuff!!Thanks for that I do miss a bit of banter well just for your info!!!today I was and still am looking for a short GBP/USD as you can see I am currently contra to the market!!well its just swinging now any way look at my last trade post as I have listed what I do there,and Akai has just posted a great toolkit!!I try to think what is the market trying to say without saying it to the public(The dumb money)I like the Smart money tool(GBP/USD EUR/USD overlay I use netdania for this as its real easy to set up and learn to read it like you do your price chart.Backtest it on 1h 15m 4h whatever and then referance it with old price action.I find that it can be just a really small difference on the 15m 1h 4h that shows up in or around london open window,what i’m trying to say is you don’t need a huge divergance it can be really subtle.
I like daily chart on a bar format to compare open closes etc ITC talks about this a lot in videos and being as the banks use daily chart…?
Lastly if in doubt stay out and watch and learn or wait for next kill,you want a clean shot and not to go maiming the public eg:YOURSELF!!
Hope that helps Auto i’m still learning and way behind the big boys on the thread but clearer every day.Well i’l await your next taking the p*** session!
Cheers Jeff
Thanks to ICT and all the contributor’s posting on this thread! - Finally feel things are clicking together, was a bit skeptical for a while, when my (demo) trades kept failing, but I think now, I just wasn’t putting in the time to sit through these sessions, taking note of all the significant factors that are being bought up, over and over and over again and wasn’t getting to grips with the tools and concepts that ICT has v generously introduced.
Now its kind of clicking together, I feel I can read the intra-day market script as it plays out, whereas before I’d get into an emotional state of mind and lose my focus and conclude that the market is impossible to understand - now it seems almost predictable or at least repetitive in its patterns.
Just wanted to say thanks to ICT and all the regular contributors. And to any thread members that are even more newbie than I, stick with it, put the time in because I’m sure it will click at some point - so don’t get frustrated - like i did - keep calm and carry on!
cheers.
edit: ps: and then that happens and i get stopped out! ha ha! (13:30 GMT)
Hi Jeff,
cheers for your advice.
You still checking babypips calender? (http:// Forex Calendar: Economic Calendar for FX Trading News & Event Risk)
Interest rate day for BOTH Her Majesty’s Government and the Eurozone - could see some spikes around 12-12.45 today…
Hold on to your breakfast!
Great thread,
I am new to forex (practically new, theoretically, was reading fx related stuff for around 3 years) and I’m glad I’ve found this thread!
Thanks ICT for sharing your experience!
Well, I found some great resources, which may help understanding market sentimentals, volume spread analysis, etc…
Here we go:
Magic & Tek’s Sentiment Course - Magic and Tek’s Sentiment Trading Course - InformedTrades
Supply and Demand Analysis - Supply and Demand (Volume & Market Psychology) - InformedTrades
COT Wizard - The COT Wizard by Magic - InformedTrades
Forex Fundamentals - Forex Fundamentals - InformedTrades
VSA Thread + Link collection VSA
Trichet has a way with words
I was out of this one before I got to ride the lighting. Normally I would have scaled out but on this occasion I just bailed. Interesting though, it looks like if I’d left some on I might have been stopped out with your broker Ak, and ok with mine.
S/L was to BE when I was 30 pips positive.
hehe strange, my chart shows a perfect line between the point where you entered and this spike 
Hey Ak,
would you mind elaborating on this “Rule”… don;t quite get it…???
Thank you for any info…
Hi Ali,
Your perfect trade on other broker is a perfect so close trade. Wanted to ask how do you choose from range of 62 to 79 for entry and which pair would you consider da best LC pair?
I went long on EU around the London Open at 1.4615. Price was below Daily Pivot and just above instutional level 1.4600. Stopped out for -17 pips.
Hey Newbie,
can you give us the details of how you are analyzing your setups to see where we can help you? Your last couple trades went opposite of where you thought they were going. You should be looking for a valid set up right at or after LO. 3am EST. It looks like you entered right around 5 am EST
nice trade Ali! I think you grabbed about as many PIPS as you could have out of that one. I had nearly the same trade except I scaled out and didn’t get as many PIPS. I’m still a bit shellshocked from some of these set ups suddenly turning on me
Hey Rokas,
what I look for when entering a LC is which pair is giving the best set up. If you look at both the Cable and Fiber, the Cable did not bounce off it’s low very much, maybe 25 PIPS. That told me that it would have a difficult time gaining PIPS when it was time to run. The Fiber had a 30 PIPS bounce.
As far as determining between 62-79%, (I have my fib at 62 & 76.4, it was a default setting and I actually like the setting)each trade is different for me. I try to enter right in the middle. Today was a bit different. If you look at the bearish candle, it just touched the 62% retracement level on Ali’s chart. On my chart, it was a PIP or so above that level. When the next candle opened and came down to the same low point as the bearish candle, that was my entry. That’s also a very good sign as it tells you the bulls are in control at the moment.
Hi Ali,
Well done. Awesome entry and exit Few questions if you can answer?
Regards,
For those who might be wondering how my first week went with the ‘upgraded’ 5k account, things went better than I expected for sure. Made a modest 44pips, translating to 1.5% gained!
Kept the risk low, and even got a bit lucky to get my journey started right 
I don’t think I’ll be talking about my account much until the end of June,2012 when I might do a bit of a performance review for the year preceding, including some commentary on where I am in relation to my goal (of $10,000). Hope you’re all still around :41:
Good Start AK. Wish you good luck with your plans
In answer to your questions…
When I have identified a pair that is over its ADR on the 5 min chart, I jump up to the daily chart and then look for resistance or support working my way down from D1, H4, H1, 30min…to 5M. When I get to the 30 min chart I put up my pivots and toggle between GMT pivots and NY pivots. Sometimes there is not a great deal between them, but sometimes you can see that price is respecting one over the other. In yesterday’s case there was a very subtle advantage for GMT pivots, and when price retraced 20% of the daily range and gave me the swing in which to key my Fib off, I noticed that R2 was bang on 62% retracement. I have been frustrated in the past by setting my Limit buy right in the middle of the kill zone and missing the entry off 62%, so now if there is a confluence of either NY pivot or GMT pivot at the 62% retracement, then that is where I enter. In all other cases I am still waiting for the sweet zone.
1.27% Extension and 38% retracement are accepted levels for TP on Cable and Fiber. These have more weight over institutional levels in my experience. Price won’t always make it up to these TP objectives, but yesterday there was a big knee-jerk reaction to news during NY open, and it seemed that after falling 170 pips in an hour, and then meeting all LC entry criteria, it had a good chance of retracing to 38%.
Don’t pay any attention to Market Flow for a London Close scalp because it is a COUNTER TREND TRADE - I am sorry if I misled you by having the indicator on the screen. Price will ALWAYS be in the buy zone for longs and the sell zone for shorts at LC so you don’t need to be concerned with flow or zones.
For my trades price must hit or exceed ADR for the day. Then it must retrace more than 20% of the day’s pip value. After that I use pivots, institutional numbers and S&R to find entries. You can also use pivots and institutional levels for exits, but I never hope to reach an institutional level that is beyond 38% retracement.
And in reply to Rokas’ question…Cable and Fiber have given me the better R:R ratios over time, and are by far the most reliable. I have an 89% success rate with these pairs - 8 wins and 1 BE. I am looking at a 68% success rate when I include the other majors.
I hope this helps.
