Cable margin requirement is quite high(Oanda) as compare to other pairs… I try to trade Euro/AUS/NZD… But yes last week was interesting, My carry trade got blown away as JPY sinked… But I am able to recover with other Trade.
ICT, I want to built carry trade for life to get some fix income. If you could give some tips on that. Some of the pairs are all time high like CHF/ZAR,EUR/TRY,TRY/JPY. what is the right time to enter these?
How do you get to the chat room? Is everybody welcome? What times do people gather? Any chat software recommendations? Thanks
We gather in the babypips chat room. There is no special software, it is run completely off of babypips.com and java. You will find the button in the toolbar on babypips. Everyone is welcome and unless ICT specifies a time for a meeting its the luck of the draw to find him in there when your online 
ICT… I wanted to post a quick apology to you and anyone who can see what i voted for you your poll. I clicked the wrong box (middle)… my mistake. (if u can delete that, please do so)
People… to anyone who is struggling or wants to learn how to actually make a profit in the market on a regular basis…the concepts that ICT teaches people are profitable when learned and applied as he teaches. Ideas like pivots, daily highs and lows, as well as his risk managment teaching, will enable one to make a profit from the forex market, month after month after month.
Jay - Pro Day Trader
[B]Jay[/B]…
I can’t see who votes any more. It is private from the Admin side of the website. We used to see who voted what, but privacy wins here. I encourage those to vote honestly… I use it as a means of motivation and feedback.
Thank you for you comments and no I can not change what you selected as your choice. It’s all good though… if you find something to comment on feel free to join the party and post it.
[B]GLGT [/B]:57:
Thanks, Zneve
Hey ICT,
What is your experience with harmonic trading patterns and do you use them as confirmation or trade setups in themselves for your trading?
Here’s my first ‘grown-up’ demo trade. Feedback and criticism welcome.
OK. The top-down analysis suggested it would be good to short the dollar (surprise! ;)), especially the swissie and the yen. And since the yen had already retraced some on the daily chart, I decided to trade the yen.
On Thursday, just before the NY open, I saw a good entry on the 15 min chart. There was confluence between a pivot level, a 50 fib, and a resistance level from the London session.
Psychology mistake: while waiting for my entry, I saw a spinning top followed by a doji which scared me into thinking I would miss the move, so I entered at the market and quickly got stopped out.
The trade still looked good, though, so I got back in with the original entry limit order at 77.85 with a stop just beyond the century level at 78.05. Resistance held and price finally dropped. I took partial profit at the 0 fib and the rest got stopped out Friday morning at 77.23.
Question: how do you trail your stop during a sharp move? I kinda think tighter is better just to protect profits in case of a sudden retracement, but I’m not sure.
Overall, 62 pips off a 20-pip stop and decent profit, even with the mis-entry, so that’s good.
Well i only traded Thursday & Friday this week but it resulted in 2.5% loss of equity.
Fridays trading was a bad idea because of the news due out for the USD at NYO.
My short order on the cable was filled at 1.6320 based on the London session swing from high to low. Had confluence of OTE, Institutional 20 level and MS1 which happened to be the same level that offered good support for the previous two days.
Anyway the news came out and i was stopped out on the same 15 min candle…
Re-entered the trade with half the position size at the 1.6340 level because i thought the technicals still held up and the news candle was done but ofc it stopped me out again at -20 pips.
Lesson learned…again… Dont trade news and definately dont jump back in on a news candle lol
Hey “[B][I]Z[/I][/B]” Man…
For a new trader I would recommend these for “starters”…
This book is what I consider the Bible of Trading… as it simply does a wonderful job of introducing the many facets to technical applications used by the majority of the traders in the markets today. Sadly, this book goes unread by new traders and I for one highly recommend it. It was the backbone to my Macro or Long Term down to Short Term approach or what is commonly referred to as the “Top Down Approach”. While there are a number of chapters in this book I ignore or view as simply “filler”… it goes without saying for me… it’s a keeper.
This book… folks, this book was the one that got me “thinking” like a Professional Trader even before I actually started seeing consistency! I had a huge roadblock in my psychology towards trading that I would almost invite self-destruction in my accounts. I have never drank nor used a drug or smoked… but I can relate to the [I]stinking thinking [/I]this book tackles for losing Traders. Not only does this book offer a wonderful Long Term to Short Term approach to trading… its real worth is found in the Psychology section. If you really want to identify what you are doing wrong, aside from overtrading and overleveraging your account… this book is a must!
This easy to read and simply amazing book I can’t give enough love for. I had so much fun reading it multiple times early in my trading. It not only motivated me to make fortunes but it actually gave me tools I share with you today. I won’t take away the magic this book provides… just read it and you will know why I’m tickled by the pages from cover to cover… yes this book can help your Forex trading!
This book gives you tips on how to approach trading with a solid mental gameplan. I recommend it without a doubt.
You have a weekend to blow and just read what its like for the “Big Guns” and their stories? These two volumes are such a treat for folks who like to go beyond the charts and fundamental mumbo-jumbo and learn about the people making that money! I can’t tell you how much inspiration these two books gave me and the pick me up they lended when I was struggling with inconsistency. Both of them are gems!
This book is a dandy because it removes the confusion of using too many indicators and focuses your attention to Price Action, versus the readings of lagging indicators. Specific trading patterns for short term trading are covered. There are a few gems tucked inside the cover of this one folks and yes, I paid $175.00 for my copy without regrets.
I am compiling a list of essential reading for those interested and while this list is no way exhaustive… it will fill those nooks and cranies of your patience zone while we move closer to completion of this threads purpose.
Hope this helps,
[B]GLGT [/B]:57:
That’s awesome trading 
Try trailing protective stop losses on the trades you wish to hold for longer term price objectives based on the 15 minute chart swigh highs and lows respectively. I do this myself and it serves me well.
[B]GLGT [/B]:57:
Yep…I concur. Read them all…save the John Murphy one… owned all but two of 'em. Great calls. I’ll add one to the list… for those who want a highly entertaining slice of a few decades in the life of a true market wizard…check out “Pit Bull” by Martin “Buzzy” Schwartz. It’s basically an autobiography of the single greatest S&P day trader of the 1970’s and 1980’s. This guy would enter and win real money futures trading contests with returns of over 400 - 700% per year…while trading a full account size of well into 7 figures. Both an eye opener and a riot to read.
Jay
I have a question for the folks on this thread learning ITC’s tools -
What would be considered the closing candle for the month of July…
Sunday 7/31/11 candle that closes at midnight NY time tonight?
Or Friday 7/29/11 candle that closed at 5pm NY time?
Thanks
Jack
FX280, thanks for the warm welcome! My start was not as swift as i thought it will be… The obstacle was running Metatrader 4 under Ubutu (linux) and that is (finally) fixed now! Also created a summary of the first video. If you guys are interested i can post it here.
Just wrote down the trading rules for the first trading assignment this week:
Note daily highs & lows for EURUSD
Note previous week high & low for EURUSD
Demotrade: Short resistance at weekly and daily highs
Demotrade: Buy support at weekly and daily highs
Use a 20 pip stop loss and take profit margin.
Rules seem very clear but I have a few questions regarding the definitions, which i hope you guys can answer:
Daily high & lows, would that be of the last 24 hours or the last full day?
Weekly high & lows, would that be the last 7 days or the the last full week?
Can i set up MT4 to short resistance and buy support at weekly and daily S&R? Or do I have to sit next to the screen?
Thanks in advance and GLGT
Street Smarts was a phenomenal read. Thank you for the recommendation ICT!
ICT is in the chat room for webinar. Please use the link to join in. Smart Money Swing Trading Concepts - AnyMeeting | Free Web Conferencing, Webcast and Webinar Service
I notice babypips chat room was full when i was trying to join. So i guess keep trying if its full and aslo you can listen to webinar on the other site.
cheers,
Hi ICT,
Where do I install the MT4 ICT Average Daily Range?
Which folder?
Thanks
Hi Callenaw,
Go to program files and open the MT4 file, open the ‘experts’ file, then you should see a file called ‘indicators’. Cut and paste your unzipped file in there then open MT4. Click on the Insert tab, then Indicators and it should be listed in the ‘Custom’ list
todays price action looks exactly the same like your example (pattern) on lasts nights webinar ! so far so good with that :35:
I wanted to share this trade today because I liked how it setup and it also reinforced a behavior lesson.
I took the EU short this morning after getting up. Overall the Weekly/Daily/4hr bias on EU tend to show that it will move lower. The Eu has recently setup some nice clear s/r on the 4hr/daily and some minor s/r on the 1hr. I woke up and saw the EU attempted to break the previous 4hr SR at 4440 which was also an R1 and the 72% retrace of the previous move down. I entered short around 8 am (pink marks). My initial target was about 40 pips lower at the 50% retracement which was the most recent 1hr sr.
Trade worked out well and at my target I moved my stop loss but didn’t take any profit…this was a mistake in the trade since I kept 100% risk on and booked no profit (1.5% account risk, just 100% trade risk). I noticed at this same time the GU was breaking down and the EU did not show signs of slowing at my point so I kept the trade going, next target range was 43240…the next main 4hr Sr.
EU trade went fast then and screamed to the Daily PP. At the daily PP it showed signs of slowing and possibly stopping for now. I exited the entire position at about 92 pips, this was the daily pp and was only 7 pips above the target exit anyways so why risk the trade for 8 extra pips. This again was an error in the trade as I should have taken all off and left 5-10% on in case it continues to run.
As hindsight shows, a news event occurred and sent EU down to S1, another 76 pips away. This has shown me that I need to work on scaling out my trades and leaving a little on to catch these extra runs. I am overall happy with the trade and doing this after trade analysis has helped me show some areas where I still need development.
