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

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He tweeted he would be recording.

Goodjob phenex it looks as though you have been getting into good trades the past while and even when price has went against you your money management has been good. Keep it up man.

YouĀ“re right, and indeed todayĀ“s trend was bullish, BUT, you have to take into consideration the average daily range of the pair that you intend to trade.

In this case, Fiber and Cable had already completed their ADR by the New York Open Kill Zone, so, even though they didnā€™t exceed it, the conditions for a short trade were there, and it was safe to assume that a trade back into todayā€™s range was very likely.

Thatā€™s why IMO NYO and LC are the easiest sessions to trade; you already have the daily high or low, and just have to see wether thereĀ“s a potential move to complete the ADR or it has been completed and a trade back into the range is imminent.

Just my two cents. :wink:

completely agree. Aside from the higher timeframe analysis and looking for those big swings just observing the ADR and killzones can set you up for a good haul of pips

I took a trade on Fiber,today,on NYO.
Reasons for trade:
-MF down(H4,D1)
-Sell zone
-NYO
-MR3
H4 OTE
USDX OTE(M15)
Shorted at 1.3388
Trade closed too early at 1.3336(PDH)
Better exit was at 1.3315(PD2L)
52 pips gain.My account increase slowly but safely.

H1 chart

M15 chart

GLGT!:60:

Nice series of confluences there, PipARush. Well done, 52 pips is great.

Thank you,sir!

Yeah you nailed it. If you are feeling some dissatisfaction with your exits, consider a scaling model. ICT (and me for that matter) often utilize a 70%/30% model. You can either take out 30%, then hold the majority of your position for the ā€œfull swingā€, or for a conservative play, take out 70% and let your remaining 30% ride out for more.

Even if you only let that 30% stake go for another 20 pips beyond your initial exit, you will still be maximizing your profits and building your confidence in holding out for bigger moves!

Hello guys, Iā€™m following this tread to 1 week and few days ago ā€¦ '
This all started because I had a health problem (nothing serious) and I had to have surgery, and then had to stay home, just now I will start to work again ā€¦
Six months ago I stumbled in this world of fx through my younger brother.
Open a demo account and live account a month later ā€¦ and of course many losses ā€¦
Iā€™ve read some books, but there was something that did not fit ā€¦ as if I had to build a pazzle that the pieces do not add up :38:
I left to study and negotiate (live and demo) for 3 months because of the horrible pain from surgery (08/2011), but now Iā€™m almost new:)
A week ago on browsing the web I stumbled on you guys ā€¦
I was beginning to despair, ā€œneededā€ help and did not know what to do ā€¦
Why do I not stumbled on this tread sooner?? I thought ā€¦
But better late than never!
I can say that the ICT began to change my life after all this videos Iā€™ve ever seen ā€¦ but Iā€™m going in the months of May and it is my intention to see them again and do everything as ICT teaches, because even now I started to apply his methods and the difference is already black to white and not gray ā€¦ LOL
ICT has brought me back to the world of forex, show me how simple it is to profit whit simple thinks like his tools (all the basic stuff)now it takes much discipline and commitment to study price action and apply the tools correctly ā€¦
ICT a big THANK YOU!

GLGT

John

Cable presented a beautiful NYO short trade opportunity. I had an S/R level drawn on my 1-hr chart from a few days ago at the 1.5586 price since price had reacted here as an important support level. According to S/R concept, prior support - once broken - becomes future resistance. This manifested at NYO today.

Hereā€™s an illustration on the [B]1-hr [/B]chart ([U]click to enlarge[/U]):

Zoomed into a [B]15-min chart[/B] for entry opportunity ([U]click to enlarge[/U]):

This really goes to show the significance of higher time frame analysis. Top-down analysis and spending the majority of oneā€™s time on 1-hr, 4-hr, daily charts is key in picking high probability setups when time and price coalesce. Something really clicked during last weekā€™s webinar, and Iā€™m looking forward to tonightā€™s.

I just wanted to say itā€™s nice having a lot of traders posting up their trades and typing out an analysis for each one. Itā€™s great reading and helps all of us learn more from each other.

Just to bad I had to work and couldnā€™t participate in the NYO tradesā€¦

See all of you at the webinar tonightā€¦

So did I miss something? ICT had a Webinar last Monday, and Today, is this a weekly thing? - - I still have yet to catch last weeks :frowning: ā€“ - My friggen laptop was on fritz all week - - but it is now working - I am hoping to be available tonight.

I assume a post here on babypips about 15 minutes ahead - just like last time?

Hereā€™s last weekā€™s webinar: Webinar Recording: Higher Time Frame Analysis Part 1 | AnyMeeting - The Completely Free Web Conferencing and Webinar Service

Per his twitter message, heā€™ll be posting tonightā€™s webinar link around 15 minutes prior to start, and the duration is ~90 minutes. Begins at 8PM EST.

Does anyone have a market session indicator for mt4?

Let me Google that for youā€¦

Just last monday and tonight are the only webinars we had in awhileā€¦Iā€™m sure a bunch of stuff is going to be coming our way on Thursdayā€¦The 25 Days of Christmas STARTS!!!

This month has gone by so fast and I assume December is going to fly by even fasterā€¦

:wink:

Hey fury thanks! 2 Pips before my second TP price went up and i got stopped out at +60 Pips, so i missed about 30 Pips but thats okay. Hope trading is going well for you too. I will go live in January. Wish me luck, and good trading. :wink:

Thank you for your helpfull advice,I will do scaling in the future.The exit is as important as entry.

Sessions.zip (4.53 KB)
:slight_smile:
Wally