What Every New & Or Aspiring Forex Trader... Still Wants To Know

[system]

Hi ICT,

I was wondering…how does Price Action trading and news go together? Do you consider news items when you trade?

As a newbie, I have gotten into lots of situations where news has led me to paralysis. Take the Irish debt crisis for instance. It seemed like everyday the news would sway my decisions. Sometimes it would be favorable for the EURO and then the next day it would be bad. Because of this, I ended up not trading all together.

Was just wondering how news fits into Price Action. I took a look at Nial Fuller’s site and he says he doesn’t consider news at all. But I’m not sure if that’s also a good idea.

Thanks for the time and the videos!

Regards,
Von

you’re welcome

I was including this in the forthcoming video… but basically I shy away from trading NonFarm Payroll… and critical Speechs. Otherwise, news is nothing to fear.

In a nutshell, you want to know the concesus or expectation on a report or number due out… then look for deviations from the expected release… if it is far off expectation… this can really give wings to the market and provide volatility.

Otherwise, the news could provide a rather mute response… but there is nothing to fear.

[system]

Please critique my analysis of GBP/USD:
Attached is a daily chart of the GBP/USD pair that I was recently trying to analyse using ICT’s method’s and price action. Any comments, corrections or advice would be welcomed! =)

On the daily chart, I labelled a few more noticeable swing highs and lows (green arrows), although I’m not sure if they are intermediate highs or lows or short-term.
Price broke through the swing low boxed in light purple, so bearish sentiment is apparent. I drew fibs on the two more current swing high and swing low, as well as pivots and saw confluence just below the 1.5570 level. Since price is above central pivot, it is adviced to short. I then scroll back to historical prices and realized that it was a strong S&R level (blue line). As I zoomed in my time frame to M30, I realized price was not able to close about the resistance level.

Favouring a bearish trend, I believe the smartest choice would be to go short. But at the same time, I also see a pin bar indicating bullish strength.

That’s about as far as my analysis goes, I believe a short would be the best decision. 3 levels of confluences outweighs the candlestick pattern, as pretty as that pin bar seems, the doji before it indicates indecision…

Critique away! That’s about as much as I can remember now.

Clark.

It is stuck in the mud intermediate term… unless youre scalping… the market is being rather fickle in here. Keep your powder dry as we haven’t set a stage for solid technicals to line up. We’re still coming out of the Holiday rut… give it a few days and allow the big boys to push it out of the mud and provide us tech traders to work our magic.

Keep plugging away… GLGT

[forexhood]

Everything listed above [U]is[/U] Technical… not Fundamental and it puts plenty in the bank… at times… an absurd amount at that. :o

COT data is kind of tricky to apply just because it takes time to kick in.

[vonner]

Thanks for the answers

@ICT - Thanks for the inputs and sorry for preempting the topic for the next video I look forward to the next mind-blowing installment!

[hellogoodbye4201]

My pleasure… as always.

Although as we are trading right now… I’m in scalping mode… as I want to see more movement to get us out of the choppy conditions were seeing for Cable.

I was about to bank 80 pips long on the Cable… but it was tough for me today.

GLGT

I wonder if we took the same long…

So, did you enter long at the .618 retracement of 1.55113-1.56019? I took profit just south (about 4 pips) of the 1.272 extension of the previous day (high to low)

[forexhood]

I wonder if we took the same long…

So, did you enter long at the .618 retracement of 1.55113-1.56019? I took profit just south (about 4 pips) of the 1.272 extension of the previous day (high to low)

I’m shorting this pair around 1.57 there’s a fib cluster(38&61) around that area.

[hellogoodbye4201]

I’m shorting this pair around 1.57 there’s a fib cluster(38&61) around that area.

Yep, that may well be a good short :p. I see exactly what you see lol

After looking at that more closely im short at about the same area with a target around 1.55597, I see lots of fibs around that area, +/- 10 pips

[forexhood]

Yep, that may well be a good short :p. I see exactly what you see lol

After looking at that more closely im short at about the same area with a target around 1.55597, I see lots of fibs around that area, +/- 10 pips

It should pause around that area and break 1.5343 to head lower but this will take time.

[ukdave]

Interesting stuff yesterday, looking at the shorter time frame charts.

Rapid climb from 1.5545 to 1.5638 (1500 to 1645 GMT) peaked at bang on the 162% fib level of previous swing high to swing low (15m chart).

Went long at 50% fib level, currently at 50 pip profit. Protective S/L in place and like you guys, looking for retracement around the 1.57.

EDIT: out at 1.5680… got a 38 fib level sitting there.

Fractals on 4hr chart showing clear upward momentum.

[anon10665397]

I wonder if we took the same long…

So, did you enter long at the .618 retracement of 1.55113-1.56019? I took profit just south (about 4 pips) of the 1.272 extension of the previous day (high to low)

almost…I went long at 1.5550 to 1.5600,just after your move as price was falling back down to essential pivot and the .618 retracement …should have let profits run though as the move ended just above R1 at 1.5639. Anybody else catch this full move?

edit…

Interesting stuff yesterday, looking at the shorter time frame charts.

Rapid climb from 1.5545 to 1.5638 (1500 to 1645 GMT) peaked at bang on the 162% fib level of previous swing high to swing low (15m chart).

Went long at 50% fib level, currently at 50 pip profit. Protective S/L in place and like you guys, looking for retracement around the 1.57.

EDIT: out at 1.5680… got a 38 fib level sitting there.

Fractals on 4hr chart showing clear upward momentum.

there we go,theres 1.nicley spotted Dave
Was also on the 15 min chart,was a bit worried about a break through the essential pivot but looking back i saw the 1.5550 level had held very well throughout the day except for the ±30 pip break half way through the day where [B]hellogoodbye4201[/B] went long.

[ukdave]

Yeah all I need to do now is learn how to repeat that consistently! (‘all I need to do’ said with more than a hint of irony!)

Seriously though, I’m making plenty of losses too (on a demo account). Perhaps you can actually learn more from the losses though. I always analyse each one to try and work out what I did wrong. Usually, in my case, it’s seeing things in the charts that aren’t really there or just overtrading. Those two seem to be closely connected, as they both come from that newbie desire to be trading as much as possible.

It’s really interesting and useful to see how others are using the tools that ICT is giving us to work out trading opportunities. Please keep posting. Also useful to know that others have been struggling to get a foothold on this pair over the last few days. It wasn’t just me then!

Ooh, it’s just tested 5680 again.

[forexhood]

Interesting stuff yesterday, looking at the shorter time frame charts.

Rapid climb from 1.5545 to 1.5638 (1500 to 1645 GMT) peaked at bang on the 162% fib level of previous swing high to swing low (15m chart).

Went long at 50% fib level, currently at 50 pip profit. Protective S/L in place and like you guys, looking for retracement around the 1.57.

EDIT: out at 1.5680… got a 38 fib level sitting there.

Fractals on 4hr chart showing clear upward momentum.

1.57 is a simple play for a good probability short. More often I find my profits are much larger when I go against the momentum which makes up for my small loses : )

Short @ 1.57095

[anon10665397]

1.57 is a simple play for a good probability short. More often I find my profits are much larger when I go against the momentum which makes up for my small loses : )

Short @ 1.57095

And back in SA we would say, round about now “you deep in the KaK” with price at 1.5760

[forexhood]

And back in SA we would say, round about now “you deep in the KaK” with price at 1.5760

Yea I took a hit on that one but re-entered @1.5765/1.5779 and short euro @ 1.31 I don’t worry about the losses only the winners : )

[system]

Tonights video review will bring many of the concepts together and introduce a few new ones. Cable really paid out handsomely today.

GLGT

[system]

Video posted on first post of this thread… it’s a long one… give youtube time to process it and give you a crisp playback. I think you will be pleased with this installment

GLGT!

[hellogoodbye4201]

Video posted on first post of this thread… it’s a long one… give youtube time to process it and give you a crisp playback. I think you will be pleased with this installment

GLGT!

Definitely a lot to crasp in that video, gonna have to watch it a few more times lol.

[ClarkFX]

Very good video ICT! Going to be watching that a couple more times.
I was using headphones, and at 27:00 mark, there was a loud click. Scared the s*** out of me. Haha, anyways, very insightful!

Clark.

[Sweet_Pip]

Very good video ICT! Going to be watching that a couple more times.
I was using headphones, and at 27:00 mark, there was a loud click. Scared the s*** out of me.

Clark.

Thanks for the warning…

[system]

great new video!