Looks to be a good trade. You’ve hit you’re 1st profit target, and depending on where you set to exit the remaining, you’re either still in the trade missing the profit target by a pip, or went for less pips and hit TP2.
Good job.
Reasons for entry were solid and seemed to pan out. Another reason…implied by your post but not explicitly stated was in the sell zone for pivots.
As with any trade, it’s a game of probabilities. There isn’t necessarily a “right” or “wrong”. It’s trying to get the factors in your favor.
If I was at my chart, I would have taken this trade too. Support/Resistance trumps market flow (generally) so the prior test of resistance gives valid reasons to expect a bounce. This one worked out…and your analysis would have been just as correct if the market decided to blow through the resistance and make a higher high. But at a prior resistance level, and the battery life of the day’s ADR used up…perfectly valid reasons to enter, IMHO, even if it didn’t work.
Where did you have your stop? 10 pips above the R2 level?
I typically use a 25 pip stop, but I’m a bit flexible depending on where that stop may fall. For example. If 25 pips was at 1.5778, I might take a 30 pip stop to get above the institutional level. And I might go less than 25 if I have a really tight entry on the 5m TF. I had mine at 1.5663 on this one though.
Great post, like all your posts that I read. Why is higher time frame analysis (3rd from bottom) not included under support and resistance. Personally, I would list s&R first, and have SMT and Traders Trinity (isn’t TT also s&R in a way) higher on the list, and maybe have USDX a little lower. Overall, I agree, and appreciate the curriculum you listed.
I think that having a trading plan, and keeping a log is a major factor towards trading successfully. I’m averaging 3-5 trades per week now, and I think making less trades helps profitability a lot.
But, the best results are to be expected at the premiere times — that is, within the Kill Zones.
We’re stalking set-ups. The best set-ups occur when the heavy-hitters are coming to market (the LO and the NYO), and when they are preparing to close up shop for the day (the LC).
Michael talks frequently about TIME and PRICE converging in the Kill Zones. You’ll have greater success applying Michael’s tools in the Kill Zones, than at other times of day.
I am a techy and was having a horrible time with echo’s last night. I thought everyone was getting it until about half way through the webinar my screen kept freezing up. I do believe this is a Google Chrome issue and I don’t think there is anyway of resolving it because they have a new release coming out soon. It’s going to fix a lot of issues that Chrome has. The previous webinar I was using IE9 and everything was just fine. I would think even with IE9 issues I would stick with IE9 until Chrome comes out with it’s new release.
I guess there is not much we can do about it at this time.
It certainly is Support and Resistance. But, it’s sort of like [I]Advanced[/I] Support and Resistance, so I thought maybe it should be a “second semester” topic.
That will work.
Well, we could put the SMT where the USDX is now, and move the USDX to the very bottom of the list.
But, I think the Trader’s Trinity should stay in the “second semester”, for the same reason that Higher Time Frame Analysis belongs there.
I have 4 browsers installed on my computer, including IE8 or 9 (I can’t remember which). So, I’ll try IE (or Firefox, or Opera) and see whether that clears up the problem.
FYI, I use Firefox and experienced the echo issue last night. I don’t think it has to do with our browsers. I have also not experienced this in previous webinars. It was a one-time issue for me.
ICT, how did you make your entry at the 3414 level? The OTE that I seen looks like if you would of used a 10 pip stop above the high of the fib you would of gotten stopped out. If you would of used a 30 pips stop it would of been close since it was 3 pips away. Or did you just enter at market when you seen the SMT Divergence?
Just curious if you could let me know it would be much appreciated…
I’d recommend you to watch the video again, and again… and again if necessary, its only 7 mins long after all…
hope this helps :57:
p.s. pull a Fib from the high on 22 Nov 11:00 GMT to the low on 25 Nov 13:00 GMT… What do u see?.. the answer on both your questions is right there :45: