after joining in April, things just started clicking for me towards the end of September. Ask me again in 3-6 more months and I’ll let you know if the last 6-7 weeks have been a fluke or not
If I understand your question, you are referring to [I]The 24-Hour Forex Trading Day[/I] (which I posted some time ago), and you are asking what criteria I used for the “normal business day”.
From Note #2, at the end of [I]The 24-Hour Forex Trading Day[/I]:
Nominal 8am-5pm business hours are shown for most countries in the table, above. These nominal business hours represent a general rule, but there are local exceptions.
8am-5pm (local time) is typically used as the “normal business day”, and as the “trading session times” in the 7 principal forex trading markets. But, this is largely an arbitrary time frame. Most corporations, banks, stock exchanges, futures exchanges and bond markets operate within that arbitrary 8am-5pm period. But, there are exceptions.
In Europe, several stock exchanges are open past 5pm, local time, including France, Germany, Switzerland, Belgium, Netherlands, Sweden, Italy and Spain. Germany is notable for trading stocks on the Deutsche Boerse until 8pm, local time.
I tried to account for these exceptions to the so-called 8am-5pm “normal busines day”, as follows:
17:00 - U.K.: business day ends (5pm GMT)
– Central Europe: business day ends (except German stock exchange) (6pm CET)
19:00 - Germany: stock exchange (Deutsche Boerse) closes (8pm CET)
very cool video yet again, Michael! thank you
London Open Trade 11/08/11
Took a London Open Trade and lets see how it pans out…
Pound has Turtle Soup Pattern (Stop Hunt over Yesterday’s High)
Fiber has an OTE and is failing to make it higher than 1.3800 full figure.
I entered on the Pound at Yesterday’s High and set stop 30 pips away which looks to be about right and far enough away.
Stopped out? I just take into consideration that the trading is being done in the TT no zone, so stay away its bad for your trading health lol
Nope got my profit.
I got in at 1.6080 and my stop was at 1.6110.
I got out at 40 pips.
I dont see a 40pip move? So you got in once it broke or fell back down through yesterdays high then you just took an early profit not expecting a big leg lower? It only went to 1.6053
trying to load indicators from PIPhanger screenshots.
Hmm- doesn’t seem to upload them - - probably same issue as the other folks - sorry
Please,check post no #4369,
GLGT
Sorry I was at work when I sent this and I was looking at this wrong on a chart service I don’t use very much, when I got home just now I infact took a lose on this trade…:55: If I would of been around to manage the trade I would of at least got 20 pips out of it which I thought was my first profit but I most of had my levels messed up in my charting software.
bummer…it looked like a really nice setup…hopefully ICT can chime in here and let me know if this was an ok trade or not or if my analysis was off…
That sucks, I was hoping you got out with a small positive because of a good take profit. I just know that ICT mentioned it is very tricky to trade the middle of the Trader’s Trinity so I look but do not consider trades. I constantly compare cable and fibre and while the cable was playing in the middle ranges, the fibre was in the lower range and 4H flow was up. Can be tough in the streets somedays. Thx for sharing your thoughts
I see cable looking to take out last weeks high and gunning stops before heading lower; while fiber trades to fair value, and maybe even surges to a 61.8 retrace at about the 1.3960 price. That is how I will make sense of tomorrow.
Oh baby
Yeah it does suck, but I guess tomorrow is another day…
I’m am still trying to get all my top down analysis down and run through it quick when I get home from work so sometimes I miss a couple of steps. I am working on a checklist and hopefully get it finished so I can run through everything before a trade step by step.
I appreciate you noticing the TT for me…I will have to keep a better eye on that…
Thanks…GLGT
After watching ICT’s video yesterday I went through the charts and came across the scenario below on the USDX, which I thought was quite neat.
Regards
These last two commentaries are great…keep them coming ICT…Thanks
Hi all. I recently discovered this thread. I am currently reading and learning as much as possible and find it very fascinating. I have been toying around with Forex trading in demo accounts for about 3.5 years…but never found a method that I could apply that worked for my style and personality. I had a lot of concepts and ideas, but couldn’t get disciplined enough to tie them all together to formulate an actual trading plan.
I’d like to thank ICT for this thread as it feels this has finally brought everything together. (ICT…I’m in MD as well…in the EC/columbia area…where are you?).
Anyways, here is a scalp trade I am currently in with the chart above. Here’s my analysis.
I like to swing trade and also scalp when an opportunity presents it self. I find this thread as blending very well with my personality and ideas I follow (I love fib…but never grasped how to correctly apply it until this thread…I may be a little ahead of myself…beginning a journey to correctly apply it.).
But now…my analysis…
New york open…I looked at the charts at 7am and made the following notes.
Technical - fractal/money flow - daily short. 4 hour - broke short. New low fractal not established yet, but violated short and intermediate low fractals so a new low fractal will be established at some point. treatening long term low fractal at 1.3610.
By 9am when getting to work…broke low of long term fractal…clearly short. Broke ds2 pivot as well
Days range is 280 pips…be cautious for more movement lower. Already closing in on 2 times the ADR. Today seems to be setting up for an ideal London close trade to trade back up into the range.
In buy zone of pivots, but momentum has been so strong down that doesn’t seem to matter.
Looking for scalps as I missed a swing move for the day and would need a retracement to set up a future swing.
I noted that looking back at the 4 hour chart on the euro…1.3650 has been a common S/R level. many bounces and attempts required to break and hold. Probability would say with a strong move downward, and a known S/R level…should present scalping opportunity. Look for a bounce here before continuing down.
I entered a Buy at 1.3667 after it moved down to 1.3651…In hindsight…I probably could have gotten in tighter to 1.3650, but wanted to see some evidence of difficulty breaking 1.3650. I should have waited for it to come back.
After entering my scalp, Looked for a profit objective. I decided on 1.3622. I have 2 fibs drawn on the attached chart. The first is from the Asia high to my 1.3651 low. The 23% retracement level. Also, I used a swing high established in the recent move down and drew another fib. The 62% retracement is lining up there. Lastly, 1.3622 is the most recent swing high that I would look to retest.
All my fundamental analysis is pointing short…but looking for a counter trend scalp here.
We’ll see how it goes.
Like the file name…
Fiber_nestea.jpg
Take the plunge.
Hunter, I’m not sure what happened to your post, it disappeared on me. Anyway, I’ve noticed on several occasions, when the range seems excessively large, the LC trades set up early. I was watching for it during late NYO. I stuck my toe in the water with a larger than normal SL at about 7:30 EDT. Price kept moving lower and the set up formed at 8:30 EDT. It was still earlier than I like, but I went all in at this point, figuring the batteries had finally given out. Watch the 50% retracement on the fiber, it’s not uncommon for it to stop there.
Has anyone else noticed the LC trade sets up earlier than normal on a large range day?
So Is there anything to expect after a day like today? Consolidation maybe a small bounce back and forth between highs and lows