The cable really wanted to reach for that fair value, smart money must want to accumulate for a leg lower. It’s fun watching things unfold, but if I had money in the later part of the day I may have thrown up.
Looks like a good Asian Session Scalp tonight!
- NY Session traveled up to the 1.3850 level and retraced.
- During Asian Kill Zone price tried to reach back up to the 1.3850 level.
- Price travelled between the 62% & 79% Fib Retracement OTE.
- SMT Divergence where GBP/USD couldn’t make a higher high.
- Stop would be placed 32 pips away from entry. (not sure if this is correct but 32pips would put me 10 pips above Fib)
- Looking for 20 pips and will take all profit.
- As I am typing this up price has hit 20 pips profit.
- Looks like if price keeps going down we could have a nice LO trade to the long side.
- Price on 4HR is bullish as of now.
- OTE would be on the CPP and also on the 1.3780 level.
- Something to keep an eye on.
- This also could setup during the Asian Session if price keep falling like it is.
Any comments would be greatly appreciated.
Even better London Open potential trade setup on EUR/USD!
- OTE resting on the S1 pivot point.
- 79% Fib is also the 1.3700 level which is a very very very good key level on the 4HR chart.
- Will keep an eye on this if I can get myself out of bed. I would almost be willing to set this and forget it (with trailing stop).
- Only problem I have is with the Fib and stop 10 pips below Fib would give me a 51pip stop.
- Might have to wait for price to bounce off this key level and form another OTE.
- Can’t wait to see this one play out and see if I am starting to get this stuff.
Any comments would be greatly appreciated.
I will have to figure out a better way of posting images.
You can’t really see the charts that well.
If anyone has a better solution for me I would appreciate it.
Thanks
Another Asian Session Scalp on EUR/USD! (I didn’t take)
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Price travelled down to the 1.3800 figure and when it did GBP/USD was unable to make lower lows.
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Looks like a turtle soup pattern?
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There was also a scalp could of been taken on the GBP/USD at the 1.600 full figure.
- I thought EUR/USD looked like it had more profit potential?
Hi PIPhanger, I was looking at the same thing. In one of videos(cant remember which one) ICT says to zoom in on the 5 minute chart to get a better entry and that way you can find a better place to have the stop loss. If you go on the 5 minute chart then you can reduce the stop loss to about 25 pips. You might be able to do that on the LO trade you have indentified.
upload your charts to postimage.org. Nice scalp you spotted there. So daily charts are negative while 4h are positive? Look for an up day into higher timeframe retracements, then back down? Just trying to construct a picture for today.
Fury,
4HR and 1HR are up, you only need two time frames to agree. Usually 4HR and one other chart, either daily or 1HR.
PIPHanger
Can you help me with the name of the indicator of your bottom chart,with sessions,please?
Thank you very much.
I also saw the AO,entered at 1.3836,July low TP at 1.3800,previous week low.
Regards
Is it possible that PivotDailyMacro indicator to NOT show pivots on H4 neither?
Thx for the two timeframe agreement point, I forget some of the rules sometimes. But I was trying to put together a hypothesis for today. Considering you posted your charts and mentioned a LO possibility for OTE, I see the lower timeframes suggesting up, and I would be looking for the LO OTE to takes us to a level that is a larger TF retracement and keep with the daily flow lower. I apologize if I sound confusing, but my mind naturally wants to fill in the space.
I can’t trade today so I won’t be acting on the analysis I put forward here, but you might like to bear in mind the following. Yesterday we pulled up after seeing a 1hr bullish divergence, but the highs set on the 31st constituted a 4hr bearish divergence. Yesterday saw Cable trade a trend trade at LC. The highs at the 1.6040-1.6050 area were far too clean on the 1hr chart, and price really wanted to gun the 4hr fractal and take out the PDHigh. It was also reaching for Daily support turned resistance at 1.6059 and the Weekly Pivot at 1.6057. After hitting these to the pip, it has retraced back into the range that is capped at the prev. mentioned 1.6040-1.6050 area. I have in my notes a quote from ICT that states “If the 4Hr fractal breaks, and then starts to retrace, this could be a sign that OTE is setting up”. Pull your Fib from the high set in NY down to the Asian swing low and you will see that 79% retracement comes in at 1.6048 which is in line with the PD(2) high and the top of the range. This will be 10 pips over MR1 NY pivots, but MR1 GMT pivots will lie right on top of 6047. TT still in no man’s land, but Market Structure would be looking to put in a STL to make yesterday’s fractal break an ITL.
Just some thoughts for those looking at LO entries.
Regards
EDIT: That last sentence should of course read STH and ITH, but hopefully you read past my typos. Today is of course NFP day and I failed to mention that above. ICT says NFP stands for ‘Not For Professionals!’
The U.S and Canada will return to Standard Time on Sunday, November 6.
The eastern U.S./ Canadian time zone — which this thread uses as its reference time zone — will change from Eastern Daylight Time (EDT = GMT-4) to Eastern Standard Time (EST = GMT-5). Five other U.S./ Canadian time zones will change concurrently.
Beginning on November 6 —
• traders in the U.S. and Canada will have to adjust to new times for the Asian Session Kill Zone,
the London Open Kill Zone, and the London Close Kill Zone, and
• traders outside the U.S. and Canada will have to adjust to new times for the New York Open Kill Zone.
From November 6, 2011, through March 9, 2012, the Kill Zones will be:
Note that the Asian Session Kill Zone is 4 hours in duration. The other 3 Kill Zones are each 2 hours in duration.
Note also that the 2-hour Kill Zones can be expanded, at your discretion, by up to one hour before and one hour after the times shown in the table.
If you are located in one of the 7 time zones listed in this table, you can read the Kill Zones for your location directly from the table.
If you are in some other time zone, you’ll have to start with the times in the table, and do some arithmetic. For example, if you are in India, your time zone is GMT+5½ hours. You can figure the Kill Zones for India by adding 5½ hours to the times shown for London (time zone GMT).
If you have any difficulty, ask for assistance here. There are lots of helpful people on this thread.
am i to reckless?
I have made two turtle soup trades in the past couple weeks - that were basically identical ; and both worked;
Maybe luck -maybe I get it to a point - but at the time of the first one about 9 p.m. CST - so middle of no mans land for K-zone purposes, but second was this morning ; I got in pretty late-as in after the Turtle formed, then a whole candle later, but would have been a NY open trade. (still open so may turn out bad, but looks good so far)
Anyway to the criteria - SMT divergence on 15 minute charts is sort of my first indicator - and what I call distribution - price pretty messy for the last few hours or more. (or stagnant) (oh and my bias is down at the moment)
Thats it: I think I may need to watch where these happen - as I believe maybe they are close proximity to the open of the day (as in when MT4 starts a new day I think 7p.m. CST)
should i, do i need to take into account S+R, or other items? - more confluences?
sorry no charts , i’ll try to do charts, they always help
Hey Clint, thank you for taking the time to compile a list of the kill zones out of altruism. There’s only one thing that I’m confused about on your list. I noticed that the Babypips school’s Tokyo Open during winter time is 6:00 PM EST, which should put the killzones between 4:00 PM to 8:00 PM. Or is there something that I’m missing here? All responses are appreciated.
Hello, Outlier
Sorry to be so long replying to your question. I was away from the computer.
When Michael uploaded the video titled Trading The Asian Session In Forex in early October, he specified the Asian Session Kill Zone as 6pm-10pm New York time. New York time was EDT (GMT-4) at that time.
At that time, the beginning of the business day in Japan (8am JST) corresponded to 7pm EDT (New York time in the summer). [B]Therefore, the Kill Zone, as Michael specified it, began one hour prior to the start of the Japanese business day, and ended 3 hours after the start of the Japanese business day.[/B]
Beginning on Sunday, of course, New York time changes to EST (GMT-5). Japan remains on Standard Time year-round. The result of this change is that the Asian Session Kill Zone changes to 5pm-9pm EST (New York time in the winter), in order to bracket the early hours of the Japanese trading day in the same way as before (from 1 hour before, to 3 hours after the start of the business day).
The Asian Session comprises more than just Japan, of course. But, Japan is the largest forex player in Asia. The Japanese trading day is divided clearly into a morning session, and an afternoon session. The principal Japanese stock exchanges (Tokyo and Osaka) open at 9am JST, and then close for a 90-minute lunch break at 11am JST.
[B]Michael’s 4-hour Asian Session Kill Zone captures the hour prior to the start of the Japanese business day, the hour between the start of the business day and the opening of the stock exhanges, and the 2-hour morning session of the Japanese stock exhanges.[/B]
For additional information on this subject, refer to 301 Moved Permanently. It will give you an hour-by-hour run-down of the start and end of the normal business day, the opening and closing of banks and stock exchanges, and the time of day for the release of economic data, for countries around the world, over a 24-hour period.
I hope that answered your question.
This question relates to managing a day trading business, but I’d appreciate any help. Let’s say that we do get to a point where we know that we can consistently generate positive pips each week. Our ability to make enough money (for this to be a career) depends upon the amount of capital that we have to begin with. I’ve been hearing that there are firms that will provide the day trader with enough capital to generate required earnings, provided that the trader shares profit. To me this sounds like a pretty good thing. I’d guess that these firms would have some type of training requirement, etc. Does anyone have any information regarding this or can anyone point me towards a thread if there is one. Apologies in advance if this is a bit off topic.
Hi all two trades for me this week one I took one I missed on cable in line with TT.
First one 31/10 LC it had smt / wkly high/ote/ no 50/ 16152 short WAS GOOD FOR 250 pips with double tap system.[Idid not get all that ] but it was on offer.
next one 15980 LO/ OTE/ smt / wkly low, on 3 /11 didnt have the balls to take this one but was good for 130 ish pips with double tap system TT Does WORK if you take your time.
Have just got to learn to take more from the good trades:}
SMT between lows of Tuesday and Thursday and the OTE is 1.5880? Am I right?