Well, keep it up.
how would you place the trade on a London close if you are at work at that time?
what platform do you use, i know you use an iphone to monitor it, but for placing trades?
unless you are using MT4 at work?
Actually, I just got a program called “jump desktop” that lets me control my desktop from my phone. Cost $15, but I think it was a great investment, very functional and easy too use with MT4.
Matty
Wow! Tried the Jump Desktop app out (it was only $0.99 for me!!) and this is some impressive sh*t!
I’ve been out of the loop for at least a few years now when it comes to phones, and just this week got a new android phone to manage my trades at work. Now I can run my MT4 templates from work too??? This is all pretty amazing and cool to me, I think I got Technology-Shock! 
Thanks for the heads up on this program matty… I can actually take London Close trades now… 
Yeah I was limited to just NYO trades with one set TP, and now I feel like I’m able to do whatever I want from a trade management standpoint.
Matty
am monitoring this level too, i think probabilities are high if price get to that level to go down again, have to wait and see
I think its gonna make it there by LC. If you look at the OTE that formed about 1/2 before NYO, the 161 retracement is at 1.5694.
Matty
its great how many of us has target the beginning of 2012 to go live, its going to be a long journey but with ict and all of you here, what a fascinating journey that will be.
Awesome I just found it on the Android market for .99 too! Can’t wait to try it out later
Entered a short position trade near todays London Close. Here is my trade journal entry.
Still working out what I want to document for entering a trade, but this is what I have right now.
Date: 12/5/2011
Market Structure
- Bearish market structure. Most recent trend based on ITL and ITH is bearish
Market Flow
- 1 hour up
- 4 hour, daily, weekly, monthly down
Key S/R levels
R1 - 1.5690
Several S and R tests around 1.5690-1.5700 level in past 2 weeks
Key fibs
- 1.5709 is 62% retracement level from 11/18 high to 11/25 low
Pivots -
CPP is 1.5633 - price in sell zone of pivots
Other considerations
- ADR High is 1.5690 - battery life of day is close to used up
- Friday Pivot level is 1.5687 - confluence with today R1
Entry placement
Confluence of indicators in the 1.5710 and 1.5685 range. Round off to figure. Entry at 1.5697. Stop Loss at 30 pips. If S/L is broken…overall market structure has a bullish appearance as a ITH would have been broken. If down trend is going to continue…it needs to move down at this level.
Concerns - Asian session high is 1.5613 and should act as support. If Asian session range and Friday low broken, see no S/R until 1.5520.
At 9:15 ET (13:15 gmt) Entered sell limit for 2% of account equity at 1.5697, s/l at 1.5627 (just above last swing high…if this is broken, market turns bullish hence not a 10 pip above swing high entry).
At 10:30ET (15:30 gmt) order filled.
Diagram showing entry, single and double exits.
Exit strategy
Single - 50% at 30 pips - 1.5667
Double - 20% at Friday Low - 1.5580 (117 pips)
Triple - 15% at Last week low, and most recent ITL - 1.5450 (247 pips)
Homerun - 15% @ equal move down of 11/18 - 11/25 move down. 1.4950 (747 pips)
Diagram showing Triple exit.
Diagram showing Home Run exit.
If Homerun is hit…a 4.6 R/R trade.
What’s your exit strategy after TP1? (Assuming we hit it)
Nice write-up. Careful with the ADR at London Close on a platform with the Sunday candle. Compare yours to phenex who is on a platform without the Sunday candle. Is 104 pips a realistic average range for this market?
Regards
Excellent point. I noticed that in Phenex chart and was looking into it and figured it was the Sunday candle.
hmm…not sure how to account for that with platforms that use Sunday candles.
I feel good about the trade entry though…the ADR was relatively minor in terms of considerations.
I noticed after I entered my sell limit, but we also have SMT bearish divergence on the 4 hour eu-gu chart, and the Euro formed a short OTE right on the MR1 going into LC.
BEarish Divergence on 4 hour chart
Euro OTE at LC (note…a 30 pip TP would have been made already)
During the London market…the GU shot up much more than the EU…so if we have a bearish pull…I’m expecting the GU to correct back down.
After TP1 move SL to BE and exit everything at 1.56000. Cant split that much, cause of my order size of 0.02 lot. With 1000 demo bucks and 1% risk it is a stop of 40-50 pips.
I sometime read 40-50 pips stop is way to wide, but when im looking at all those optimal entries, it never seems to be under 40 pips. Well, i could enter at the optimal entry after an optimal entry for stops of 15 pips but im not comfortable with this approach, cause im always thinking “well, price could indeed go a little bit upwards to my usual 40-50 pip stop”.
Awesome app! Anyone take a long this morning at NYO??
Michael,are you talking about Oops signal?(Larry Williams)
Nope… talking about “them” that squeezed my original short!
I got paid regardless… blokes. :54:
I don’t know what’s going on here, but every time I click over to this thread, I see you guys trading the same direction as me…cut it out! haha, just kidding of course. Happy pips to all…seems there is no better place than bp these days. Continued success to everyone. 