My pleasure… I will have a new video up tonight at 9pm EST - [I][B]Consistency - The Excellence of Execution[/B][/I]
Here is a real time example of the methods in action as well:
YouTube - cable_11_02_10.avi
GLGT! 
:
New Video posted and if it is blurry or doesn’t load right away… please give Youtube servers time to process the video and permit the HD version to format.
GLGT!
Another great one, thanks again for taking the time to make this all happen for us. Took your advice and just started collecting today instead of hoping for a big one, and it really paid off. Those little dollars ad up faster than I would have ever thought!
Hi ICT,
About your daily routine exercise, you stated to trade [U]areas of support and resistance[/U] at the daily/weekly highs/lows…would that include the pivot points too, or a top down analysis of S&R areas where price reacted in the past? I’ll be documenting my progress with this on my thread.
Thanks 
Hey Sweetpip…
I haven’t covered Pivots, Top Down Analysis in the material yet. The focus I wanted the readers and viewers to note was the impact merely focusing on the effectiveness and simplicity of daily and weekly highs and lows.
Traders just starting out or finding failure as their only form of consistency… can be encouraged by Demo Trading the levels formed by previous highs and lows.
It will illustrate the naked approach without indicators and gimmicks and this can be very powerful on its own… when you follow this for a few weeks… it will train you to anticipate PRICE action and not divergence, overbought, oversold “readings” on indicators. I’m not against these tools… but the new Trader needs to depend and rely on his or her ability to read PRICE and not depend or trust indicators alone or place too much emphasis on their use in trading.
So the simple answer to your question is no… just note the previous day’s high and low. When price trades to the Previous day’s high, demo short it… take 20 pips and risk 20 pips. If price trades down to previous days low buy it in a Demo account risking 20 pips for 20 pips gain.
The same applies to weekly highs and lows. This will be rather illuminating for the new trader to see the consistent setups nearly daily that repeat over and over. It will build a foundation in their hunt for a basic approach and stage to wait for setups to form versus just clicking on any ole’ pattern or indicators signal.
Hope That answers it for ya Sweet!
GLGT
1 Like
I used to do that, trade the daily high and lows that is. However, I would just set pending orders, 20 pip target, 20 pip stop, right at the high and low of the previous day. Didnt work that well for me but I’m gonna try what you said and see what happens
Yes it does…I will strip (my chart) down and trade naked…
Thanks again
Thanks ICT I shall clean my chart and follow yr advice, I really like to watch yr video and hope it will come a lot more.
Thanks for sharing yr knowledge.
ICT, I’ve spent the last month reading different strategies about trying to profitable trade on the forex market. I’ve seen many different indicators, books, seminars, programs, and the list goes on.
Even with all of those scams and useless information that lurks on the internet, I honestly have to admit that your videos have helped me the most. I found that you explain the other aspects of trading that many other tend to gloss over. Which is the money management and the right mindset to trade. Please keep up the good work!
I am wondering what is the difference is? I dont see it.
Edited:
Hey ICT, great thread. I’m learning a lot from it already. Regarding your simple daily routine plan I’ve attached some pictures below and if you could please look at them and see if I’m drawing the high/lows the proper way…
This is a H1 EURUSD chart for previous week (denoted between the 2 solid vertical pink lines). Each day is separated by dotted vertical pink lines. The weekly high/low is the think horizontal red lines while the daily high/low for past three days (wed, thurs, fri) are the dotted horizontal red lines.
This is the m15 chart for today (to the right of the green line)
Is this better ICT? I guess there’s not much action today and the price is just ranging between the bottom 2 red lines.
Good thread and videos Michael, looking forward to more videos:D
To feel confident with a system, would 100 trades with 75% of them making a profit be good enough to say the system works or are more than 100 trades needed to determine this?
Ok, one more question. Can we place pending orders at these levels in case we’re not around when price gets there? Or is that cheating…lol
wha?:eek:
oh CHARTS! ok
[B]HelloGoodbye4201[/B] said “ [I]I used to do that, trade the daily high and lows that is. However, I would just set pending orders, 20 pip target, 20 pip stop, right at the high and low of the previous day. Didnt work that well for me but I’m gonna try what you said and see what happens [/I]“
The importance is on the retest of these previous price levels that (for reasons unknown, nor do we care as Technicians) stopped dropping or rallying up. We will illuminate the “hot zones” where the Banks monitor for daily flows and the secret to consistent setups. ;)___________
[B]Sweet Pip[/B] said “ [I]Yes it does…I will strip (my chart) down and trade naked.…[/I]”
LoL cute… I’m sure the men would ask you not to place a stop on that one…__________
[B]ErikScenne [/B]said “[I]Drowning in indicators : Thanks ICT I shall clean my chart and follow…”[/I]
Very encouraging to see you move towards the study of Price and refrain from Indicatoritis… you will thank yourself in a few weeks. Trust me.
[B]RobRawks [/B]said “[I]ICT, I’ve spent the last month reading different strategies about trying to profitable trade on the forex market. I’ve seen many different indicators, books, seminars, programs, and the list goes on.
Even with all of those scams and useless information that lurks on the internet, I honestly have to admit that your videos have helped me the most. I found that you explain the other aspects of trading that many other tend to gloss over. Which is the money management and the right mindset to trade. Please keep up the good work!”[/I]
Thank you sir, and it is my pleasure. Nothing pleases me more and assures my time and efforts are not wasted, as when I see these encouraging remarks. I wish you GLGT!_________
[B]Mozdef [/B]said “[I]Hey ICT, great thread. I’m learning a lot from it already. Regarding your simple daily routine plan I’ve attached some pictures below and if you could please look at them and see if I’m drawing S/R in a proper way…”[/I]
Mozdef please edit your charts on the same post and only note an hourly and 15 minute chart with the Euro Daily Highs and Lows for the last three days… the Previous Week’s High and Low levels noted as well.
Do not highlight [U]any other levels[/U] and when you do this I will highlight what you should be noticing. Do not, [U]for the sake of this exercise[/U], add more Support and or Resistance levels on your charts for now. Remember, change your charts and just edit the same post you made and change the comments respectively. This way the Thread stays clean and focused on what’s being presented as we go along. I’ll respond when you make the changes.
[B]HelloGoodbye4201 [/B]said “[I]Good thread and videos Michael, looking forward to more videos…”[/I]
Thank you and look for another one tomorrow morning. It will be on Risk Management.
[B]Klrman [/B]said “[I]To feel confident with a system, would 100 trades with 75% of them making a profit be good enough to say the system works or are more than 100 trades needed to determine this?”[/I]
I can’t answer this for you or anyone else for that matter. Your comfort level will be determined by your own experiences and time and efforts put into it. However, my advise is to relax and don’t place time limits on your learning. You will know when you are comfortable and don’t confuse that with “a hurry to put it into practice with money”.
A month of doing the same approach with consistency and comfort as it relates to expectations and fear and greed… I’d say this should be a minimum._________
[B]Sweet Pip [/B]said “[I]Ok, one more question. Can we place pending orders at these levels in case we’re not around when price gets there? Or is that cheating…lol “[/I]
Sure… as long as you are keying off the S&R levels noted by Previous days highs and lows and Weekly Highs and Lows. [U][I][B]Remember this is an exercise, not a Trading system[/B][/I][/U]. It is to develop a routine, a discipline to follow a specific list of rules. It will provide the foundation to the later topics and lessons you will learn in future videos and examples. Not to mention illustrate how hard it is for new Traders to do the necessary things to be consistent.
It’s a sobering thing to see yourself having to do the same thing over and over and not make a penny on it all… which is precisely what successful Trading is all about. Doing the same thing in the Market with an edge and not caring whether it makes a profit or not. Thereby removing all emotions and developing objective Professional habits which ultimately will lead you to consistency and hopefully profitability.
GLGT!
ICT really enjoying this thread and very excited to see what you have in store for us later.
Thanks for that good advice. I can see that the more I study the markets, the more I am getting a feel of how to play them. There is a lot more opportunity out there than I had first realized stepping into Forex but you’re right, I need to develop patience and I’ll know when the time is right.
Just a quick question, by last three days do you mean last week’s (Nov. 1-5) wednesday, thursday and friday? And then previous week’s high/low levels would be last week (Nov. 1-5) or the week before that (Oct. 25-29)?
Would appreciate your reply and edit my last post accordingly.
thanks :o
Hi mozdef…this is what I did…I’m using the highs & lows on Friday (Nov 5th) as my “previous day” highs and lows from which to trade today…Monday Nov 11. I ignore Saturday & Sunday. The double vertical line divides last week from this new week.
I also marked the daily highs & lows of last week (Nov 2-5), as well as the overall high low of last week. I did this last night so if we only needed the last 3 days, I have extra…lol
Hope that helps 