Here’s how I manage my trades: (I actually have EA’s to do this for me, so I don’t actually stay up til 3 in the morning staring at the screen)
I usually set a 30 pip SL, and so when I am 30 pips in the green, I will re-adjust my SL to BE+1, then when I am up 60, I will adjust to BE+31, then up 90, I will adjust to BE+61. I usually target around 120pips for the LO. Also depending on how the trading session went for the previous day, I may aim for less. This will usually give me a 4:1 RRR, so all I really need is one of these trades a week, and I’m done. =) The only thing I do differently is that I don’t actually scale out of trades, as stupid as that sounds, I’ve just never had much success with them, but most would recommend that you scale out at the 0.0 fib level and the 121.0 extension. Anyways, that’s how I manage my trades, it’s become pretty routine, and I like keeping it simple anyways. =)
I took a few trades last night, mainly small scalps when OTE’s came up. With a nearly 300 pip range the day before, I had a feeling last night would be choppy. Not really any ICT type trades, but got around 32 pips, going short on the Fiber for my first trade (20 pip SL), 29 pips going short on the Cable (20 pip SL), and then 35 pips going short on the Cable again (20 pip SL). Pretty dumb trading in my opinion, but it made money. And now I’m done for the week, and will be watching, and only trading is the perfect set up comes up!
I took the first OTE set-up in NYO Kill Zone…pulled a 30 pip scalp out of it (bcoz I drew Fib from Daily high) before seeing it come back up for the entry that I think you took. The reason I was confident the Daily high had been put in during Asia was because of resistance on the Daily TF. The 1.4280 number is a LTH (Long Term High) from QE2 day, Nov 4th 2010.
Here’s how I manage my trades: (I actually have EA’s to do this for me, so I don’t actually stay up til 3 in the morning staring at the screen)
Hi Clark,
Thanks for reply. Hope one day i can make returns like yours. what do you mean by “EA’s” ? Is it some kind of indicator you use with MT4 ? If this is an indicator where can i find it?
I use MT4 for charting but do order entry in Oanda’s online platform.
Early January - Stocks down - EU up
Mid January - Stocks up - EU down
Late March to early April - Peak in stocks - Bottom in EU
Mid April - Choppy markets
June to July - Stocks up - EU down
Late July to early August - Peak in stocks - Bottom in EU
September to October - Stocks down - EU up
Late October - Bottom in stocks - Peak in EU
November to New Year - Stocks up - EU down (choppy markets in mid Dec.)
I was reading in one of those Larry Williams PDFs that if the commercials were buying into an expected seasonal rally, it would add weight to seasonal tendency, and if they were selling into an expected seasonal rally, that the tendency would have less weight that year.
Kind of like confluence for the big picture tools? We’ll have to wait til Saturday I guess
Hope you had a wonderful and even better… profitable Forex week! I have some reading to catch up on in here it seems… wow! Not to mention the 195 votes on our poll! That is such an encouragement to me… thank you for taking the time to give that feedback. It really does inspire me and give me that nudge on the days I really run low on steam and wonder if there is still an audience for these posts and videos.
There are a few new faces I see as well. That’s very cool and to all of you new comers… welcome to the brood. If you have a question just step up and post it… there is no silly question… although we might give you a silly answer.
Now just a note… the PTC will be a weekly review starting this weekend. I will have some new resources each week since we are going to a weekly broadcast. We can expect to see COT reviews now, Longer Term Setups, Fresh Weekly ICT Tips, Complete review on both Fiber & Cable pairs and once per Month I will toss in something really cool, just for a bonus.
It really is my goal to make it a “premiere attraction” to Babypips and with all of your help… it will be!
I will talk with you soon in this weekends PTC installment!
I know you like to tease us, ICT, so here is a teaser for you! How did I nail down 3,223 pips of potential profit in 2010 using Larry Williams’ Inner Circle Seminar in Sydney? In terms of the move up from the May low, your teachings so far would have had us enter in June with OTE after seeing an extreme COT position for Commercials and Non-Commercials. This system nailed down the low on May 17th… that was Monday morning after the COT data was released on the Friday! Same for the other two trades.
Here are a few hints…it is based on Commercials…and Large Traders are one of the filters. What do the pink and blue boxes indicate, and what are the green and red lines? Why are the green ones signaling potential bottoms and tops?
What is with the forum again…can’t post anything at the moment.
EDIT: OK…maybe I need to do it in small posts again…apologies for taking up space!
Of course ICT knows the answer to this - that was just my tongue-in-cheek way of showing him that something had clicked. We all know how he gets a kick out of drip feeding us hints and then watching the sparks fly
For those that are still struggling with COT data and long term trades, the following might prove enlightening.
For long term trades the COT data is a great tool for hunting out set-ups. Used in combination with Support and Resistance, Fibs, and fractal set-ups on the lower TFs, we can hunt out high return trades for very little risk. ICT has talked about extremes in the COT data signaling reversals, and this is the basic premise behind hunting set-ups. By looking at Larry Williams’ Inner Circle Seminar I found information on how to form a ‘value’ index that basically puts the COT data into a %ranking of how overvalued or undervalued a currency is.
I have something for everyone to try out. I just thought of it tonight, so this isn’t any newer to you than it is me. I was hoping a group ‘task force’ might sort this potential tool out faster than just my mind.
Okay here’s the experiment:
Plot a fib from any 1.X000 big figure level to the next 1.X000 level (above or below). The fib levels 23.6%,38.2%, etc. and also the MID POINTS between these levels appear to be respected by price action. You can use it on a 4H or even a 1H chart, and I think you’ll see many many instances of price keying off these static levels. Of course like all the tools, we know they don’t have to be 100% accurate in order to give us a profitable edge!
Please try it for yourself and tell me what you think…I’m just looking at Cable and Fiber, but seeing it work on other pairs might add to its validity. If you think I’m nuts, tell me please! I’m trying to figure out if I stumbled on something significant or am up too late and seeing things, hahaha : D
Of course there’s pictures too, with a ‘few’ of the reaction zones that were catching my eye on this 1H fiber chart covering early June 2011
edit:
For convenience sake, here’s the list of static numbers, so you can plot it without using your fib tool
X000
X118
X236
X309
X382
X441
X500
X559
X618
X691
X764
X882
)
Hey folks… do you have a Twitter account? I do now as well!
