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

Find your answer in tonight’s ICT Pro Traders Club… on first post of this thread. :wink:

GLGT

ICT…So going back to the start of this big move up that began on Monday, I guess a lot of people were initially looking for a further move down based on the fact that Daily fractals and 4H fractals were down. You said that resistance trumped market flow on the higher time frames, but I am curious to know if you were also seeing a confluence of the Weekly Pivot (1.5837) and Monthly Pivot (1.5834) when price traded down to your entry? I am using your Pivot Macro indicator but I am not sure if this was just a lucky coincidence (i.e. my +1GMT broker software got lucky with your EST indicator) as you didn’t mention it in the video. (Although it shouldn’t matter THAT much on a weekly and monthly time frame, right?)

Best regards…

This is where I’m struggling too. I was initially looking for a chance to go short given that market flow was down. I remember ICT mentioned that resistance trumps market flow but I never seem to know when or which resistance point will hold. I mean, while market flow was down, price did penetrate several resistance points so I was wondering how you know when a particular resistance point will finally hold.

Sorry, I’m really still new to this. It’s just that I’m amazed at how you guys can spot the changes to market flow so quickly and predict where price will likely reverse (just like ICT did in this most recent video and in the last video 4.3).

Don’t worry I think a lot of us were in the same boat. I was also looking for shorts because of market flow and because my COT index was saying to go short and also Open Interest on the gbp march contract increased all last week to a previous high on Nov 12th. It seemed everything was pointing to a decrease in price but price has increased substantially this entire week so far. I’m still trying to figure out how to determine general market direction for intraday trading at a reasonable enough success rate.

Hang in there guys… it’s not going to happen over night… stick to it. :cool:

New video posted.

GLGT

Hi ICT,

I think a lot of us are wondering…what happens when we use your ICT_PIVOT_MACRO and PIVOTDAILYMACRO indicators with a MT4 platform that is not in EST? My MT4 platform, for instance, is in the GMT (London) timezone. Does this mean that the pivots computed by these indicators is wrong?

Thanks and best regards!

Just a quick question:
So are all the instruction videos done? =)

Thank you for the live trades, they are great resources too!

Clark.

Hi Vonner,

The PIVOTDAILYMACRO indicator works out just fine if you adjust the setting to your broker’s software. My Alpari broker is +1GMT, so when setting up the indicator, in ‘inputs’ I change ‘ShiftHrs’ to ‘-6’. This means my indicator is calculating pivots from 6am to 6am, which is midnight to midnight EST. I have checked it out manually with a PP calculator calculating the prev. day’s high, low,close…it works with no problems. Just check that your broker really is GMT (look at your broker time, compare it to EST using a world clock on the internet), and you should be good to go with ShiftHrs -5.

As for the ICT_PIVOT_MACRO, well I am still at a loss. I changed ‘Shift’ on that to ‘-6’, but the Pivot values remain just the same as ‘Shift =0’. Also, the confluence that I saw on Monday is no longer there, which either means I am hallucinating:eek: or it is calculating Weekly pivots on a rolling basis :confused: We’ll just have to wait for ICT’s response on this one.

I like the new vid…thanks a lot for your time. London close is a good time for me to trade, and while this is only one set-up, hopefully it will become one of many potential opportunities to look for. I actually spotted it last night as my broker had recommended an upside target of 1.6220 on a long trade, and I was initially interested to see how accurate they might be. Nice to know that that is a repeating phenomena.

I have been playing around with the Op Entry quite a bit, and have found that it can be a great Op Exit tool aswell:p (I was one of the short guys back on Monday early London session…bagged 40 pips off the central pivot, but Op Entry got me out just as you were getting in!)

Best regards

Thanks Alishijo :slight_smile:

I’ll try putting in -5 to my shift then. :smiley:

Maybe I spoke too soon! I just noticed while re-watching the last ICT video that his pivots are at different levels to mine on Tues & Wed. Like I said, I have been manually calculating using ICT’s initial guidelines of midnight to midnight, 1Hr open on the midnight candle for the previous day’s close etc, and his pivot indicator tallies with that (with the indicator visibly starting at 6am broker time/EST midnight). I can understand why his Tuesday pivots might be different as my broker and his indicator use the Sunday night candles, but Wednesday should be at the same levels. Regardless, I have been catching some trades of his pivot indicator :stuck_out_tongue:

(N.B. E-mail posted to ICT, let’s just wait and see what he says.)

Hey ICT, thanks for the explanation of the 1.6000 event, what you said makes a lot of sense. “Riding the lightning” haha, I’m going to have to remember that one.
Your “rant” was really helpful to me actually, it covered a lot of what I’m doing wrong. I wish I wasn’t so “contrarian” sometimes, it’d be nice to naturally want to join in the flow, but something in me wants to fight it :confused:

I second this, rant as much as you like. Maybe you should change you nic to Dr ICT - telling it like it is. :smiley:

Great vids thanks
Wally

Looking at cable and it seems to be hung up on the S1 midpoint / weekly R2. It is also forming a triangle and over sold on the 4H chart. Is this a sign that this bear reversal may be short lived?

Agreed because you are experienced. Therefore you can see barriers.

The underlying premise behind it fundamentally isn’t important in my book. I don’t care either. The intent of order book matters for me. I like to know that UK central bank is selling GBP because they need bailout Euro’s for irish banks. EURGBP sell off got the ball rolling and caused the GBPUSD 200 pip+ plunge @1.6000 level.

Anyway…we are not far apart here…just different way’s going about it. :slight_smile:

It’s amazing that the simple route is the most effective, but that’s how it always ends up it seems :wink:

I really been thinking about when ICT said “how far does it have to go against you before you’ll admit you’re wrong?” and I’m starting to realize that is what is tripping me up 90% of the time. I think all these tools provide a really excellent “skeleton” of the market so that you can define what being “wrong” actually means.

I don’t really get the 1.27/1.28 extension level. It’s not a fib level from what I can see. If it’s just something that has a habit of working, I can accept that but it’s bugging me that I can’t figure the reasoning behind it… :confused:

It’s the square root of 1.618

Holy smokes this is really detailed huh?

Thank you Clint one of my favorite actors you feel lucky well do ya? haha

Has anybody tried these ideas and has it been hard for you to learn?

What is a mt4? Do I need one?

This fella must be something else. What is a Inner Circle Trader?

When was the video for euro sell off put on here before or after it dropped?

Thanks you guys.

mt4 is short for Meta Trader 4…its just a trading platform and you dont NEED it to trade liike in the videos here, but it would help to have if you want to upload the indicators on the first page here