Hi Matty,
I think I have the same setup like you.Broker and ADR on GMT and pivots on EDT,which is GMT-4,am I right?
It seems working well for me!
First of all thank you ICT – great information – and presentation is also good.
I am a 3 yr veteran of the “part time trader LOSER club” - but I am still here.
What I have noticed – the folks who talk about the things that ICT (you) is/are talking about, are the ones who seem to be respected, and quite frankly, without knowing for sure, but seem to be the ones who actually make some $ in this biz.
So I have only been through a few video’s and only have read a few of the many posts – and maybe it’s clarified somewhere –but here goes:
Question is simple – is the thought process correct or no: and if no: why.
I don’t want to get to technical in terminology – but sitting at work – thinking about the fractals and trend and market flow – putting all in 1 picture.
If my home timeframe – the one I want to trade in is the 15 minute - I can read market flow as being a higher low – and subsequent higher high – (from the fractal indi) the market flow is UP – until, that higher low is broken – then likely flow will be down, but confirmation is a lower high.
With that in mind this market flow can be against the trend – ok here is where I question it - -my determination of a trend then, is simply the daily market flow – if the daily flow is up – then working in the 15 minute time frame – my ‘trend’ is up.
Just to help clarify what I am asking, I then can be on the daily timeframe where it is flowing up – but this could be in an opposing trend as determined by the monthly flow.
Clear as mud? Is this a reasonable way to define trend? And or how to view the market?
My broker is actually GMT +2 I believe. Currently broker time is 22:53 and UTC_GMT is 20:53 according to the P4L clock…which puts EDT (NY) at -6 when I calculate my daily pivots. So is this what everyone else is using for ADR, or are some basing it off Midnight to midnight EDT? If so, I don’t even know how to adjust the indicator.
Matty
Thanks Hunter, makes sense to me. I guess I’ll try to be more selective from now on.
Matty
I look for synchs between 2 of 3 timeszones but 4 hours is the most critical per ICT. If the 4 hour is pointing North while other timezones South, it doesn’t necessarily give you a good confluence.
Having said that, I’m wonder how many candles does one take into perspective to judge market sentiment. I have run into several 4H and 1H scenarios this week where the overall trend pointed South but the last few candles were ticking up. Is that an uptrend despite the last pieces of data?
This reply is basically for [B]PerchTird[/B], but it may apply to [B]Matty’s[/B] concerns, as well.
Note that I use the terms “trend” and “market flow” to mean the same thing.
There is no single “trend” which applies to all time-frames. In the typical case, the trend (market flow, as determined by fractal analysis) can be down on the daily chart, up on the 4-hour chart, down on the 1-hour chart, up on the 15-minute chart, down on the 5-minute chart — you get the idea.
In the scenario described above, the daily down-trend is likely to persist longer than the other trends. The 4-hour up-trend might reverse one or more times before the daily down-trend changes. The 1-hour down-trend is likely to reverse more frequently than either the 4-hour trend or the daily trend. And so forth.
So, given all those different “trends”, and all that flip-flopping back and forth between up-trends and down-trends, what is “the trend”?
I think you would agree that it depends on (1) when you look at the charts, and (2) how wide your view is.
PerchTird, you referred to the 15-minute time-frame as your “home” time-frame, the one you want to trade in. I assume you mean that your entry signals will appear on the 15-minute chart. But, what kind of trade are you looking to enter — a scalp?, a day-trade?, a swing-trade?
[B]The expected duration of your trade should determine the trend that you are attempting to ride.[/B]
And, obviously, you should be trading in the direction of that trend. If you anticipate a successful trade running for hours, but not days, then trade in the direction of the trend on the 4-hour chart. If you are looking to enter a trade which likely will run for days, then trade in the direction of the trend on the daily chart. (These are suggestions, not hard-and-fast rules.)
Let’s say that you are a day-trader, looking to trade the New York Open (8:00-8:30am New York time). Let’s say that your analysis of support and resistance implies that you should go LONG. And let’s say that market flow (the trend) as determined by fractal analysis is up on the 4-hour chart. In this situation, [B]your S/R analysis agrees with your trend analysis,[/B] and you don’t need to consider market flow (trend) on other time-frames.
Would it help your trade if market flow on all the time-frames were up? Maybe. But, don’t wait around for that sort of “grand confluence” — by the time all the lower time-frame market flows come into confluence, you probably will have missed the trade.
That is a great statement right there!!! Thanks.
Thanks Clint. This helps me clear quite a few things up actually. I’m a scalper. And I know that everyone and their mother tells me that this is the most dangerous form of trading, but I can’t help it. I’d rather consistently make 25-40 pips per trade than wait and hope that the one trade I’m making goes in the direction I’m wanting and if not, then go to bed.
Perhaps this will change as I become more seasoned and find a rhythm.
Having said that, I found that it’s easier to work with a H4 chart and trade in the direction of the trade on the 1 Hr chart. I tend to think the 15 minute chart is quite erratic and leaves one to make some bad decisions on S/R levels like I have.
Ok – done with the original thread – whew lots to absorb – and lots of patience to practice , However from what I have gleened from a few posts in the ‘new ‘ thread vs. old – and from several video’s. The optimal entry point seems to elude me . … in the first thread it seemed to be just above a previous high (when conditions are right) but now in several video’s – it seems to be between the 61.8 – 79% retrace on the Fibs. Now I will continue through this thread and maybe it will point it out – but the question, I guess is how / why did this change?
Is there a ton more to learn in this thread?
Hello PerchTird,
What is that orginal thread you talking about? Is it the thread by ICT opened before this one? Could you give me a direction where I can find it please.
Thanks,
Seb
Yes, it would help to know which thread you are referring to.
The first thread Michael talked about the BSE (Balls of Steel Entry) where you buy the bear candle or sell the bull candle right into the level and as price bounces off that level you quickly recover your spread and tighten your stops to 5-10 pips.
Michael has also said it was when he started to use the OTE he became more consistant so that’s the one he teaching in this thread and recommends everyone should use. Makes sense becuse it conformation of the level.
Wally
Thanks MCAWally! I’m still behind in reading this thread as didn’t follow it from the start. There is a lot to read and learn! Not easy on daily basis with day job (easier with night job :)) and 2.5 years old running around 
Patience…
Yes, that’s it - thanks. Note the word “still” in the new thread - I know they look the same but are not.
Also thanks for clarification on OTE.
Oops, this one MCAWally provided.
I believe that such a tight stop loss is too tight. My stop losses are usually at about 50-75, but are never specific. It always depends on each trade.
I am not a millionaire but I am trying your system, profitable.
Will someone help me the Protrader Indicator? This is what I have for the moment on the 5 minute chart for Eur/Usd - overlayed by Gbp/Usd. Is it right? close? What do I need? or can U post your example and I can work on it. Thanks
Sunday night 9pm Asian Session Webinar.
Let’s try it again folks and if its unsuccessful we will go another route.
Any takers? :57: