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

Beginner Questions
3406

I also took a beating today, left both LO and NYO sessions at break even for the day. I am curious what your guys thoughts are an the Euro at the start of the LO and the end of the asian session coming into it. We were in an OTE to go long right at 2AM EST at the 78.6 from yesterdays low to the high. I was wondering what your thoughts were on setups like these. Will you take a trade right at the start following an asian consolidation such as this trade?

3407

Here is an example how I usually average my orders and how I traded today. It is based on my tip for SR area 6494 I posted yesterday. It is a bit messy picture, but I hope it can help somebody


3408

zneve Im confused how you went long on the fiber at LO and got B/E. Also I see a turn around at 3am est VERY OFTEN, I like to see ote at that time.

3409

So the hindsight trades for Cable yesterday were:

  1. Short during LO, but late kill zone at 9:45am. This was OTE was PPDH, R2 and in the TT sell zone. At a squeeze you could say confluence with 1.6580, but 1.6564 was the OTE kill spot right on R2. I had been stopped out by this point, and was just starting my day job.

  2. Long during NYO. Fib from Asia low to previous entry high at LO. OTE kill spot 1.6488 right on Asian session high, CPP at the institutional 1.6480. 30 pips off at R1 and PDH.

Can’t see any other entries inside my trusty kill zones
except maybe a test of the NYO low during LC for a quick 30 pips.

3410

I didn’t take that long right out in the 2AM EST :)
 I was asking if anyone takes those at 2AM if price consolidates in the OTE into the LO killzone, but you did answer my question :-P, thank you.

Alishijo, For clarification: The OTE on the EURUSD, pull your fib from the low of yesterday to the high of yesterday, look at the 78.6% retracement level at exactly 2AM EST. Right at 2:15 the move occurs.

3411

Thank you Mr Templer,you,ve really helped me analysis wise, to uncomplicate price action and see a clear lucid picture.

Cheers
Jeff

3412

What this is really coming down to, is discipline ~ at least in my case. When I follow the rules extremely conservatively, things tend to work out. If I sort of try ‘close enough’ or ‘almost optimal’ things don’t go so well. That’s been the lesson of the last two weeks, for me.

Oddly ~ even though this month has been not so great, it’s nice to be only demo trading here and the great thing about being ‘wrong’ is that it’s shown what can go wrong. From a money management standpoint, I’m still doing quite well; just a few decent trades would pull me back to where I was, or even far ahead.

I’m back to doing the smartphone ‘alert on levels’ thing. I’m using a free android app appropriately named ‘forex alert’ ~ and it’s just like it says on the tin. There’s not a lot of sense watching movement in a midrange zone where trades could go either way. I just wish trading were more ‘active’
 but then, in the long run when hobby becomes ‘work’ ~ so much better that it’s not so time consuming.

3413

Jeff,

My pleasure, delighted that you found it helpful. I know that it is a clichĂ©, but really keeping it simple is key to basic analysis for me. I generally find that if a chart looks choppy and unclear after a quick glance, then I won’t find a setup. I look for a pretty clean Daily and take it from there. I scan a lot of pairs, but it does not take long as I start with the Daily charts and if I don’t find a pretty obvious pattern leaping out at me then I will move along to the next pair, as there will generally be something better out there. If I have to concentrate too hard and for too long, then I am often looking for something that is not there.

ST

3415

Does anyone know how the ICT_ADR indicator works? The average daily range indicator, how it computes the high and low? Thanks.

3416

I’m not sure what you are asking for, but I would say it calculates range from daily high and low.

3417

subtract the low of the day from the high of the day, midnight to midnight EST. Then add the daily range from the last 5 days, and divide by 5. That will give you the ADR. Once you are past ADR in LC, look for an OTE and trade away

3418

Thank you.

edit:
I was confused because on some days, the high and the low are not equidistant from the ‘start’.

3419

I’ve had a habit of getting in too early, but I’m never in THAT early. I’ve always allowed that time to let the market do what it’s going to do and hopefully get to a high/low I can anchor off of. I have seen missed opportunities occur before it happens right around the time you spoke of, but to try and get the best of it, I wait. Gives me time to set up, check daily bias, and finish up any other junk online that may distract me in the process.

Going to London tomorrow for 9 days to visit my sister (won’t be trading, though it’s so tempting). Will hopefully get a chance to visit the Exchange while I’m there. Looking forward to the AS video and all the other nuggets that have come about when I get back. Get those pips everyone!

3420

If anyone else wants to know how the ICT_ADR indicator works, here’s how it goes.

First off, the average daily range is a weighted average. It is the average of the following four numbers: yesterday’s range, average range from the last 5 days, average range from the last 10 days, and average range from the last 20 days.

Here’s the part that had me confused. The ‘ADR High’ line is always one adr above today’s low. So, in particular, if we make a new low for the day, the ADR High line will move down some. Correspondingly, the ‘ADR Low’ line is always one adr below today’s high, and it also will move as we make new highs throughout the day.

edit:
So they’re like trailing stops.

3421

Hey Zneve,

How are those London Close trades coming along? Do you have any insights for us regarding ‘risk environment’ and how to look at the DJIA and commodities?

Regards

3422

Since when did we start talking about the DJIA and commodities?? Wow, I’m behind
 =/

3423

Hey guys,

I’ve been watching a chart template [I]dedicated[/I] to session highs and lows, and It’s been eye-opening how often significant moves will key off previous session highs/lows, or even a previous session’s midpoint.

It looks like this:

My hope is to get a few more thread-goers to monitor these levels. It’s something I didn’t pay much attention to at first, so I assume there are others who glanced over the topic as well!

Good luck! :slight_smile:

3424

We just started 10 minutes ago! It is just that Zneve mentioned he had the ‘other’ LC strategy and was going to start trading the session more actively. I just wanted him to confirm that if there are wild ups or downs in the DJIA and commodities, then we need to add caution to our LC trades.

3425

Nice to see you around, AK. See the Cable move in NYO off the Asian range low? That is a perfect case in point. But do you stick firmly to the Trader’s Trinity?

3426

Did you check monthly trader’s trinity? What’s July’s high? :wink:

Not implying I took the trade
 but I do see these things line up after the fact! lol

edit:
and what candle tapped the monthly high on the retest
 the 8:20 futures market open candle? you don’t say