It was not announced nor planned but he started one for poca to go over market flow and a few jumped into it
The up-move on the cable and fiber got me by suprise! I analysed market flow and came to the conclusion that the fiber reached its top on tuesday and from wednesday it started moving lower as clearly seen on the 4hour chart. I noticed that the usdx went strongly lower but also equities had a spike lower which didnāt make sence to me. My longer term view was defenitly lower. What am I missing in my analyses that I didnāt forsee this big up-move. ICT, could you go over this in one of your videoās to help me out? For Zneve and others it apparently made sence.
Thanks!
Traderpilot
Hey ICT,
I had a question about how long to hold on to these big moves, I seem to have cut this one short. Could you enlighten me as to what you are looking for to get you out of these moves and how you can determine how strong the move will be? I seem to never be able to decide how strong the move will be or when to scale out. Hope you can go over this again for me, Iām seeing clearly how to enter the trades and how much confluence is needed for a high probability signal now I just need to work on timing my exits. Working on the exit timing will certainly help the trades that are losses. I fear if I keep cutting my winning trades short like this then the losses will take a bigger impact on the account and the contrary, if I let the winners ride then the RR will be higher on my trades.
The biggest thing I learned from this thread is cut losses and try to collect 60 pips/week.
I am working on it so far 60 pips logic is working, I am trying to cut greedā¦(shorting NZD/USD is one of it).
I am still short (NZD/CAD 84.00, very small position)
Although, I am not completly following the techniques and I see forex futures when it is 5 point away from all high/low.
I long or short for quick 10 pips as it try to take the stops at that time, also I do follow pivots and definetly trend as I do near to daily high/low.
Question: Any seniors/ICT can help with answer? When I enter my trade, I have stop in mind as well as profit target in mind.
I donāt put hard stop since I monitor the trade, Although I put hard stop 60 pips away just to make sure I donāt wipe my a/c all of a sudden news like earthquake,tusnami etc.
Suppose I enter trade at x position and my max loss is x-30. Position went in loss x-28 and come back up to x-3.
Should I close this trade for 3 pips loss since it just shyed away from my stop or keep the trade open till I hit stop-loss or profit
sometimes my trade try to come near stop loss and then up(then again back or stall), I get confuse at times wheather to close near breakeven or let it stop out or hit profit.
Please advise
Thanks
coolkaps
I can give you a better response in live session Sunday evening.
Some times you wrap your arms around them and squeeze and hold on as tight as you can and wait until LC or 1800 GMTā¦ this is something I have yet to masterā¦ but on a day like thisā¦ Iām glad I can on higher timeframe analysis bank on LC to pay me handsomely.
WTGā¦ [B]GLGT [/B]:57:
Thank you for your recent email and inquiry hereā¦ I will be covering this very trade Sunday evening and all the subtle clues that suggested the smart money was going in for a shock and awe campaign to buy the Cable. Hope you can make it.
[B]GLGT [/B]:57:
I bought fiber thrice last night and got stopped out 3 times. I was so sure today was going to be an up day. Bad timing bites me in the arse on this one. Would be nice to be able to trade LO [I]and[/I] NYO!!
I bought Asian Fiber for 40 pipsā¦ it went south later while I nappedā¦ Cable was the rocket winner today.
1.6261 level on cable H1 chart looks amazingly nice. 200pips from low to high. no further comments.
ICT was it on sunday evening 2300 GMT or not sure yet ?!
I put a lot of focus on LO, but maybe Iād have a better time focusing on NYO. Or even NYO + Asian. I think I gotta change something, I had a terrible month : \
Iām not saying Iām scared of LO or anything, or that its broken, but just that Iām more likely to trade it if I stay up late, and Iām trading when I should be sleeping, and thereās just no patience when youāre dead tired :44:
okay you folks need to get yourself a clock and set it to [B]New York time [/B]and you will have all the times I reference and when I will be in chats live.
Stick to NYO if possibleā¦ today was a Bullet with one way flowsā¦ only a nimble Figure trade at 1.64ā¦ besides thatā¦ get off the tracks or be rolled over!
Hmmmā¦ The New York Exclusive. That would be a new angle. Maybe next week could be a very interesting experiment! haha
Iām laughing because I know how terrible I am at getting up early : P
ICT, were you looking at this green line?
I drew it from the candle bodies like you teach
Hi ICTā¦ Please tweet about your sunday webinarā¦ I follow you more on twitterā¦
Looking for answer in sunday sessionā¦
i follow ur tweets also, they are an excellent aide to following along. ive them coming directly to my phone everyday as sms messages
So there I was. āLooks like weāll see some supportā I thoughtā¦ āTime to buy cable and wait for the move up,ā I thoughtā¦ āSo easy!ā I thoughtā¦
ā¦then just before I went to bedā¦ āAh lookā¦ itās movedā¦ letās just set this stoploss to breakevenā¦ yea, thatās the thing, this is hardly meddling with the trade Iād planned at allā¦ā
Well the price juuuuust dipped low enough to trigger my newly meddled~with stop loss, which moments before had been set CORRECTLY just before it shot upward.
To add insult to injury, due to my tiring vision that stoploss was set actually about half a pip BELOW breakevenā¦ so I had a few cents āspit in my eyeāā¦
Ah well. Four percent up for July. Better than a poke in the eye with a sharp stickā¦
Haha so my winning streak has come to a spectacular end. Went into Friday with 3 losers out of 28 trades, a master of the markets lol.
What a mess, I was actually bullish on cable but, in my wisdom, thought I saw an opportunity for a short scalp off the underside of S1/1.63 inst. NYO. Got blown away by the GDP news, so as price slowed I thought a reversal was likely between 1.6377 and 1.64 with possible resistance in the form of the 80 inst., ADR high, Thursdays swing high and OTE from Wednesdays high. Suffice to say this freight train didnāt stop for passengers and ran me over.
Ever optimistic and angry I tried again at R2, weekly high, anticipating profit taking and closing of weekly positions. I gave up when this one bit me.
6% loss trading three consecutive trades counter trend on a bullet train day. Definately some ego issues after my winning streak, I would still be happy if Iād have followed ICts advice and halfed my position size following a loser but nooooā¦ 2% each.
I feel a bit battered but this is definately a good thing, as long as I learn from it :37:
Hey ICT,
I was hoping if you had time to write down a list of books you recommend, either technical or psychological that you have found helpful in your experience as a trader. These can be for the newbie or the seasoned trader, I would just like to put a list together that I can tackle to keep learning more every day. Currently going through Street Smarts which you mentioned multiple times to us. What other books could you recommend?
Thanks!
-Z