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

Beginner Questions
4479

Turtle Soup like all my concepts relies heavily on the Core Principles of Support & Resistance. Identify a Key level… wait for a penetration… ideally after a respectable rally up for shorts and short it. Reverse for Turtle Soup longs.

[B]GLGT [/B]:57:

4480

Hey everybody.

It’s been a while since I’ve written. Anyhow, I’ve been going through ICT’s old thread trying to learn some thing or two… Currently i’m reading on the [I]market flow [/I]part. Combining it with Pivots, support and resistance, institutional levels … :slight_smile:

My routine is to look that there aren’t any news in front of me, possibly interfering with my trade. Then i look refer to the charts, daily, 4 hour and 15 min. If they are in sync i try to position myself like them.

I also refer to the pivot points if we are above the central pivot we are in the " sell zone" and below in the " buy zone"

Trying 3 trades a week, 20 pips on each.

I have a question regarding SMT. If i the EUR is making a lower low and the Pound isn’t, and the other way around, how should i interpret this?

Also, i read that this thread is closing? Will the information still be here that you posted ICT?

4481

My understanding of is is that you look for divergence between the two when one is riding a support or resistance level hard and will likely reject. When this happens ther is usually always a considerable price swing, provided it was actually a SMT divergence. There is a bit more to it than that, I think. Hopefully someone that knows better can chime in.

4482

Well, looks like you have not been reading deeply enough… :slight_smile:
the SMT has been explained gazillion times in this thread, even I get it now, lol
Zneve put it in the simplest possible way, I call it ‘‘SMT Formula’’:

[B]Lower Lows, Higher Lows Divergence = UP, take the lower lows currency.

Lower Highs Higher Highs Divergence = DOWN, take the higher highs currency[/B]

Here is the actual post: http://forums.babypips.com/newbie-island/36328-what-every-new-aspiring-forex-trader-still-wants-know-324.html#post275136

Hope this helps. :41:

p.s. the answer of the second question is somewhere in the last Michael’s posts, again read carefully :54:

4483

My take on SMT Divergence…

Bearish Divergence:

You want price to be heading up into a Key Resistance Level and then you will see one pair fail to make higher highs, this works best I believe when price is at an extreme point.

Bullish Divergence:

You want price to be heading down into a Key Support Level and then you will see one pair fail to make lower lows, this works best I believe when price is at an extreme point.

This is my take on it so far, but I’m still watching videos and taking notes so this might not be correct.

I really don’t see anyone using T Bonds, Sentiment, or COT data very much in this thread anymore. Not sure if everyone stopped looking at these for confirmation or not?

Could someone explain Sentiment to me, not sure what this means?

Thanks

4484

Here is an image to go along with my explanation of SMT Divergence…enjoy…

I hope this clears up a lot of the questions that go along with SMT Divergence, it seems we have this question come up a lot.


4485

Here’s [B]my take[/B] on sentiment, posted here on this thread about a month ago.

4486

Clint,

Thanks for your help once again…Not sure how I missed that post by you…

One question for you Clint, where do you get your COT data charts from. They look very user friendly.

4487

I will not be removing the material or deactivating any video links. The material was posted to be shared freely by me… :57:

4488

Sorry it took me so long to reply…

The indicators that I use is called MarketHours…

I add this indicator to my charts 2x and then make one for the Market Hours and the other for the Kill Zones. This is probably the best indicators I have seen to use for Kill Zones since it keeps your charts pretty clean as long as you shrink the boxes at the bottom of your charts.

I also use an indicator called PeriodSep which allows you to put a Period Separator on your charts other then the one that is default with your platform. Since my platforms period is different then New York time this allows me to still put a line dividing the days by the NY midnight time.

I like everything on my charts nice, clean, and simple so I only use one chart for each pair I look at. Usually only looking at Pound, Fiber, GBP/JPY, and EUR/JPY…Once I have all the indicators I will be using on my charts I will go to the Visualization tab and check or uncheck the indicators that I want to show up on which TimeFrame. So when i change to 4HR or Daily chart I don’t see all the indicators that I have on my 15Min Chart. Since I keep everything in the same chart this allows me to do my top down analysis and plot all my lines and have them on the same chart. Gets kind of confusing at first but if you have organization skills and color code everything it makes life easier.

I am for some reason unable to upload this indicators to this message, keeps giving me an error message. So if you can’t find these indicators let me know and I will try to figure out a way to get them on here.

Thanks

4489

Share it… I will add it to the first post of the thread. :57:

4490

ICT,

Since I am getting an error message when trying to post files to this thread I just e-mailed them to you. If you could do the honors of posting them up on the first page that would be great.

If anyone has any questions about these let me know and I will try to help out, but they are pretty easy to figure out.

Thanks

4491

Many thanks PIPHanger, and ICT when you get these up –

4492

I use tradingcharts.com — Commodity Prices / Quotes & Commodity Charts - Free

The COT chart for the GBP/USD, which I have posted here a couple of times, comes from that site. Here’s a direct link -

British Pound - Commitment of Traders Chart

Note that the COT charts (as well as most others on this site) are Java apps, so you have to have Java enabled on your computer. When you pull up charts from this site, you may have to wait a few seconds for Java to load.

4493

Thanks Clint,

Very Much appreciated!!!

Will have to check that.

Thanks Again

4494

Last week was picture-perfect proof of the value of the TRADER’S TRINITY tool.

This is a GBP/USD 1-hour chart for last week. The three zones that we call the Trader’s Trinity, and the 7 horizontal lines that define those zones, are based on the previous week’s HIGH and LOW (labeled PWH and PWL on the chart).

Look at the overbought and oversold signals that this tool offered last week.

1280×877

I use 5pm New York time for the start of each trading day, which may be different from the time that you use. Therefore, my chart may look slightly different from yours. But, regardless of whether your tools are basis NY midnight, basis GMT midnight, or basis NY 5pm, your EU and GU charts for last week will show you the power of the Trader’s Trinity tool.

If you need more help mastering this tool, watch THIS VIDEO again — as many times as necessary.

4495

Great post Clint, I was viewing a chart like that alot last week, but my problem remains what happens when it breaks the range? The EUD/USD broke out last week but one could have just viewed the cable to get a sense of what was happening, but what happens when both have broken the range either lower or higher. I have looked back to see it in action in the weeks it broke out by deviating the weekly zone up or down and cannot get a feel.

4496

Thank you very much but Ive already got it :). Can I put the link here?Im not sure, I have already got an infraction here on Babypips…:slight_smile:
Regards,
Julian

4497

I’m pretty sure you can put the link on here…shouldn’t be a problem…I think

4498

Market Hours Indicator @ Forex Factory

Market Hours Indicator