The range trading from yesterday had nothing to do with ICT. It’s more an identification I’ve done that after big moves, there ranging for a while (not a new observation I know). But I’ve been watching ranges trying to develop a methodology that works well for me there. Still looking.
I haven’t looked at the other thread on baby pips. The tall wicks is just something I’ve noticed watching charts. during a move…if tall wicks form in the direction of the move…price is stalling as each puch in the direction of the prior move, new entrants come in to push the price the other way. Not something I’ve read or studied other than personal observations.
oops. whoops. all of those stops would be below the central pivot right? That’s why if there were large financial institutions gunning for stops there would be a lightning short.
just wanted to give you an update of my live trading expirience. I deposited 300€ in the end of May and managed to trade it up to 678€ since today. Today was the worst day in my trading career. Had to leave in the morning but saw that Fiber & Cable were unable to trade above the Assionsession high. I pulled the fib of the last bounce on Fiber and set an order @1.3550. Just some pips above Weekly S1 and 78.6 Fib, at the institutional level. I calculated my Lotsize with a SL of 20 pips which was 0.1 for me. I was a bit in a hurry and opened the list and selected it. I thought so… As I had to leave I went for fixed TP without partial profits and left. The big surprise was when I came home: I dunno how, but I actually had a lotsize of 5.00! I made a very very bad missclick. The trade went very well at first, I could have taken off some profits at 30 pips and made it riskless. But then it turned round and it wasn’t even able to hit the SL as my account was wiped today.
That’s like a huge punch in my face :S Anyway I know that I can do it in the world of forex! I’ll be done with my military service in January and that’s the time when I’ll give it another shot with a deposit of 2500€. I’m sure I can get that 300€ back in pretty quick , but I need some time off to get back on the road with my emotions as I don’t want to do any revenge trades, decreasing my new account. I need to get everything in line again. Also I need to setup for the new challenge, as I think it will be another feeling to trade with more money in the hands. I think I’ll start to trade the 0.06 - 0.1 Lotsize again in the beginning and if I feel confident enough again I’ll start to increase it.
And regarding to that topic: Does anybody have an EA/Indi for MT4 that asks for confirmation or shows an alert if you change the lotsize out of your normal range?
For the trade today: After going over it again I should have probably taken the other option I noticed for today: Long on the Cable after bounce of Support(1.5888). OTE on MS1. But my bias was too bearish after yesterday and that failure to trade higher
I personally wouldn’t trade this thing anylonger, the 62% was at 1.5900 at MS1 but it didn’t get there for 3 pips. Now it’s at the 50% of the day which is exactly the CPP, so this thing is currently at a fair value for me today. The 161.8 projection of this possible missed move is just a bit above the high, where R1 is TODAY, so maybe they’ll be gunning them out because they want to ride this thing down alone hehe. Wait for LO and see if we can get an entry on it And I’m talking about the Cable because the setup is better on it and they go hand in hand anyway if there’s no special divergence going on
Thanks. And I’m so sorry to hear about your account.
I remember back in the old online poker days I redeposited on Poker Stars 5 times because of terrible money management practices.
It took me years to drill that bad behavior out of myself by correcting certain psychological aspects.
Especially since in your case, bad money management was a total accident, I wouldn’t let it phase you. Sure, losing the $ sucks, but with the knowledge that you are a consistently profitable trader, you should have no trouble getting back in the game.
I closed out my long position when I noticed that it was 2-3 pips profitable. After watching ICT’s video on the Asian Session, the last thing I want to have happen is to watch a bounce from the NY session in which i’m perched against the potential bounce.
Hi,
I’m very sorry to hear that such a stupid mistake wiped your account. I did this too but it wasn’t that extreme. Very frustrating indeed.
However, just wanted to let you know (if you’re not aware already), that on MT4 you can choose a default lot size from the options tabs. Makes the life lot more easier.
GLGT!
I would say this is risky just because of the fact it’s a holiday in the US, CAD, and EUR…
I thought I saw a great setup also in the london open on a different pair, great S&R, Monthly Pivot, Weekly Pivot, Daily Pivot, 50% of yesterdays high / low, OTE, Institional Full Figure, etc. but sat on my hands because of the holiday…Last time I checked this pair I could of gotten 20 pips or so but it’s moving extremely slow and just thought it would be better to sit on the sidelines…
Man I fill like I have grown up and finally found my patiences…
I am out of the trade with a small loss- and - I am happy about it? well not really, but I am happy to report - I had a plan - I traded my plan - I got out when I said I would - and - I was a bit ho hum about it - -
Now if I can get to the point you stated - I sort of new I shouldn’t have taken the trade - maybe that is the ‘gambler’ in me - no -
I just realized, I don’t have no mans land in my trading plan - Putting in there NOW> No Trades if not in the buy/sell zone.
I believe if my info is correct, i’d need to go back and verify - but since the last two weeks in Oct - I have 4 successful trades - and now 3 - losers. AND I think all 4 of the successful ones were in the b/s zone and all three of the losers were in no mans land.
Oh man that sucks I opened a live trade by accident this week, closed it with a small loss and thought that was bad. Still, if you’re consistant you’ll get it back in no time with €2500. Good luck
It’s perfectly okay to trade on holidays - the only problem is liquidity tends to be fairly low, and the daily ranges are usually quite small, so there is less profit potential.
Why not implement a rule where you cut your risk in [B]half[/B] on holidays? That said, I would truly avoid trading on Christmas and New Years… you should be with your family and friends anyways!!!
Very True, I guess it all depends on the holiday…Even tho Veterans Day is very important, most people are still hard working…Which that brings up another dispute but I wont start that in this forum…
Well think of it this way, you start working when you open the charts and start doing the analysis. So I recommended the half-risk rule because it doesn’t really make sense to do all that work analyzing the setup, only to say “well it’s a holiday, I shouldn’t take the trade”.
But you are absolutely right, it’s up to the individual to make these calls
Where is the trader’s trinity tool? I do the manual calculations of this every week, but it’d be great to have the automatic indicator. Searched the forums but couldn’t find it.
it is not out, it is ICTs baby. You will have to wait till christmas like the rest of us, unless you know how to program mt4 then I am sure you could make your own easily since the parameters are pretty straight forward.
And I’m talking about the Cable because the setup is better on it and they go hand in hand anyway if there’s no special divergence going on 
- -