So glad you caught this one, Pajo. Can you see what we are working towards for London Close? We could have some fireworks before the night is out 
Hope so! London close is the one trade I have been making in the live account. If thereās a nice low OTE based on todayās high and low forming around 1500 GMT or a bit laterā¦
Awesome! I also took the cable LO trade at 5700ā¦its pretty cool how weāre all zoning in on the same thing!
hi guys, i took a long gbpusd @ 1.5730
reasons:
- ote (62% retracement of high/low of the day)
- near the lows of the daily-range
- support on the left
- m2 in the ote-range
what do you guys think??
Iām trying to find the posting or video that discusses traders trinity, as I donāt remember what it is. Could I trouble someone to remind.
@FXfreak1
Hi!
I hope Ill be wrong but I think the price will drop. Lets take a look on H1 tf:
I found this divergence between Mo and We highs.
Fiber did a lower high,cable did THE SAME high!
Now lets go on M15 tf:
I think it was a very good moment to sell in NYO!
A better view on M5 tf:
The question is how big will be this drop?
Please comment!
Can we say we have a divergence if one pair make LH and the other one make SAME high?
Well I was stopped out on the LC trade. I got a good entry at 5720 but I guess I was pushing it with the SL placing it at 35 pips a touch under the London Open lows at 85. My reasons for taking the trade were the fact that I had identified a Z formation over the last week on H1 and I thought we had put in the low of the day at LO. The highs on my chart for London session were very clean, as are the highs at 5850. I was looking at the probability of Cable winding up to take out the dayās highs, if not the weekās. MS1 was resting at 5726, and there was good S&R on the daily.
I noticed that z formation as well, and I think that there is divergence with the euro, where it is still below the 78% retracement. Iām hoping that as a newbie, Iām starting to look at this correctly.
I was stopped out at 1.56860 too, just before 15:00, after entering at 1.57161. I think I was too early. I entered again at 1.56948 at 15:18 and closed at 1.57211 forty-five minutes later. So I almost broke even. I attribute the initial failure to breaking my main rule for London close - which is to wait for the move back towards the dayās opening price to get underway, rather than trying to anticipate it. This time I thought I was being clever incorporating OTE into the method, and it didnāt work.
I took the same LO trade as many of you and glad to report it went favorably. However, looking at the charts I see the NYO sell opportunity and Iām slightly confused. If we had such a strong buy signal at the LO, shouldnāt we be looking for a long opportunity at NYO considering NYO typically follows the LO trend? Looking back I see the confluence of MR1, OTE around round number (1.5800), all favoring a short but canāt get over the fact that itās counter LO and therefore would have been a missed opportunity for me. I would greatly appreciate it if anyone can provide input on this, thanks. Hereās a picture of the chart -
Click to enlarge:
LOL! Yes, I got back in too when I realised we were gunning the lows and heading for the 79% OTE that we used earlier in the day. I wasnāt as quick on the trigger as you and got filled at 1.56981. I was anxious to get some off the table so took 50% at 1.5714 and the other half came off at 1.57264.
Iāll be in the corner chanting the mantra āOvertrade, underpaidā for the rest of the week if anyone needs me. Have a good weekend, folks.
here is an update of my trading. i went live on April 17th, about 2 weeks after finding this thread, and the same amount of time after I started looking into trading. Luckily for me, I found ICTās teachings the first or 2nd day after i started looking into trading. I went live after a couple weeks because I could not discipline myself with a demo account. i knew it wasnāt real, and I traded as such. I figured I would put a few bucks in my account and put some skin in the game and really learn how to trade with the pain and joys of real money. My very first live trade was a 2% loss, my 3rd and 4th trades netted an 8% gain- needless to say I was hooked! The percentages below are based on my initial deposit:
April +13%
May -10%
June -.2%
July -3.7%
Aug -.48%
Sept +6.9%
Oct +9.1%
Taking 3 weeks off in July and 2 weeks off in August and the better part of 2 weeks in September really helped me start looking at the charts differently and most of my gains came the last week in Sept and October. Between 9/22- today, I gained 13.9%. Today I stand at an overall +10%. I wonāt be trading again until November as Iām off to hunt elk. Hopefully some more time away from the charts will help me continue seeing the trades clearly.
sladhafx,
i took exactly this long and got stopped out. i have no idea how to avoid these trades in the future. i thought we weould go up to yesterdays high.
I second that Hordaneā¦or third thatā¦whicheverā¦lol
ICT, thank you so much for the homework assignment. Noting the session h/lās really makes it easier to get a feel for the overall direction. The last couple of days have really helped me to see things a little more clearly.
Hey everyone,
Itās really nice to see how far and how fast this thread has progressed. Itās specially nice to see all the traders who have gone live and have continued to produce consistent returns month in and month out.
Unfortunately, I am part of the group who has been unable to do that - with real money at least. After 3 solid months of gains on a demo account, I went live and lost about 13%, granted, it was in 3 months, but it was a slow and steady draw down. Since then, Iāve gone back to a demo account and have returned 19% since the beginning of September.
I say this because I applaud all the new traders who have joined and have openly voiced their disappointment at not being able to achieve gains right away.
If there is one thing Iāve learnt from this thread, itās that none of us will be able to trade like Michael. In fact, none of us will be able to trade exactly like each other. We may see the same set ups, do the same evaluation, but we are still different people, and this is what makes each trade unique in its own right.
I think the KEY thing for us new traders to take away from the hundreds of posts in this thread, is that each individual trader must find their OWN way to apply the tools and concepts which fits in with their lifestyle and trading psychology.
The sole reason Iāve had significant gains in my demo these last 2 months is because I refuse trade off of anything lower then an hourly chart. For me, and probably most new traders, slower is better. The one hour shows significant set ups multiple times a week, and as a trader, youāre not on the edge of your seat with every pip movement.
The second key to the new success Iāve found is self evaluation. We as traders only have ourselves to blame for bad trades or bad losses. It took a lot longer then I expected, but I know now that when I lose a trade, the majority of the time itās because I did one of 3 things.
1)I failed to wait patiently for PREVIOUS support and resistance to be retested. Yes S1 and R1 can act as both, but itās essential to understand they are āimpliedā levels and not previous concrete levels. NOTHING beats a previous tested level.
-
I failed to trade in line with the higher timeframe (minus LC). The majority of my losses came because I tried to force a trade countertrend, and I have no doubt, many others on this thread struggle with the same thing.
-
I traded outside the opportune times to seek a trade. Michael has provided us with tools and concepts for high probability trades, and one of those is trade during opening hours and closing hours, when the big players are injecting money and taking profits. Passing on traders outside of LO, NYO, and LC have it its self probably made me profitable.
Iām thoroughly enjoying this thread and I look forward to seeing where it goes in the future. A big thanks to the continual contributors who have made this thread what it is today.
As promised, hereās my setup. CPP came in the OTE. Price respected the 1.5700 level again and traded up from there. That was the swing I used to get my fib off. 1.5850 was the level I marked as a significant resistance, so I set my TP to 1.5840, if that would have not been reached I would have closed it in LC. The LC came in perfectly too, many of you already mentioned it in the thread 
Anyway it got hit before LC for a gain of 120 pips, stop at 1.5690 when I entered, exactly 30 pips. 8% gain again 
Uploaded with ImageShack.us
When I began trading my live account I found it very nice to scale out of trades like ICT does, because it helped to get away of that feeling that you really want to close a trade as soon as youāre in profit with some pips. My first few live trades were just 5 pips or something because price moved back from 15 pips profit and I thought that Iām going to lose. The more often I traded and scaled out, the more often I got an other feeling: Damn, I could have got much more If I let my trades run! I saw the winners coming in more frequently and I felt that I can get more profits if I try to reach TP3 with the full portion. I just got more and more confident with the tools. I changed my style to Trailing Stops as it fits me better. Maybe those of you who are struggling with taking profits or letting them run should keep going with scaling out, itās a good way to get a better āfeelingā for it. If you read through the thread I thought about just closing the whole trade with 30 pips profits once too, but I managed to get away of this. I wonder why ICT still scales out, as he has got a very high success rate and keeps hitting his targets. Maybe a question he would like to answer?
Hereās a thing I wanted to share as some of you were recently talking about their learings and improvements. My āOh, I got it!ā effect in my learning curve was when I realized how to draw S/R lines correctly and how to trade them. In my beginning I was looking for highs/lows on 5m/15m chart, I didnāt know what to look for. When I started to look for the levels where big, fast moves went off and/or were tested several times. I waited for price to trade there again, to our hunting ground. That was a limitation of trades for me. After a bounce or finding hold at a level Iām looking for the OTE. Then I know in which direction I should trade, till another S/R is reached. I gave too much weight to PivotPoints or OTEās which I could draw just everywhere, everytime, giving me 4 trading opportunities or something in different directions in LO. A favorised trade would be one that has an marketflow up and breaks an resistance, just to find hold there again when it trades back down.
What links are there between the London open and New York open? What is the rule of thumb? Until recently I had the idea that NYO reversed the direction of LO, but now I am not so sure. Iāve seen it said that NYO [I]continues [/I]LO and, looking back, I can see several examples of this.
Does anyone remember what ICT said in the videos?
Thanks, but it is over ninety minutes long. If you know the answer to my question, please just help.