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

Asian Session Long: + 60 Pips
Optimal Entry and Pivot Zone Trade
Exit At ADR calculated from Sunday open.

Daily and 4hour Support & 1.60 Figure

GLGT :wink:


Neutral would be if price is currently in between the High and Low fractal

Its always up or down. One fractal is always broken either wayā€¦ the most recent is the current flow, basis timeframe.

Guess I have more to learn! Gotta go back and find that video about fractals now lol.

What trend would you say GU is currently on daily 4hr and 1hr?

Daily MF = Down but Sunday open at Key Support and Figure 1.60
4Hour MF = Down but trumped by Key Support.
1 Hour MF = Up since Friday close

We opened in the ā€œBuy Zoneā€ and new week and New Session ā€œAsianā€ brings with it change in Sentiment.
Optimal Trade Entry was present.
ADR projected High reached from the Low of Sunday open.
SMT Positive Divergence Fiber vs. Cable
voilaā€¦

Wow nice catch right off the bat. What settings do you use for the ADR tool? my numbers arenā€™t lining up with yours, but it could be the platform Iā€™m using it on, the candles donā€™t start until 6PM EST for some stupid reason.

edit:
okay, found a more suitable platform with opens at the standard 5PM EST, but still not lining up properly :frowning:


Iā€™m currently demo-ing with IBFX and the market does not ā€œopenā€ til around 6-7PM EST as wellā€¦ Is that normal for IBFX?

The World Clock indicator I use for MT4 is called P4L_Clock.

Here is the download link P4L Clock.mq4 just save to your drive:/mt4/experts/indictors then restart MT4 if you had it on and then just load it up and play with it as you see it. :slight_smile:

If the link is broken just google ā€œP4L clockā€ and youā€™ll find some where to download it.

Wally

great tool, thanks for sharing : ]

Anyone else catch the short on EUR/USD (I tried to post a screenshot, but donā€™t have enough posts yet).

50% Fib retracement of previous dayā€™s high-low, confluent with PP, I traded it (live) down to 1.3480 where previous support / resistance appears on the daily.

Nice start to the day :slight_smile:

Caught GU short today from setup (Sunday night my time). Fib drawn 4hr, entered slightly above 61.8 @ 1.60732 , confluence of yesterday R1, overall bias short of GU. TP set to 1.6000 as BRO, yesterday S1, and was a 61.8 retrace line from the daily (a possible daily move up from this point). 30% taken at 30 pips as suggested by ITC (thank you), rest went to TP 73.2.

ICT references a smart money tool. Which tools is he referring as I canā€™t seem to find it anywhere?

Woke up to a pleasant surprise today :smiley:

Half of the trade was closed at +30, stop is at previous monthā€™s high now, and Iā€™m gonna let the rest run until itā€™s stopped out. I wish I had a slightly bigger lot size so I couldā€™ve closed out 1/3 of the trade instead of taking off half at +30.

Sorry ICT about the chart screen snaps. I will take larger pictures and resize them so it is more useful.

Hereā€™s a trade I caught monday morning, Iā€™m excited because now that Iā€™m over my weekly pip goal Iā€™m going to force myself not to trade everyday and now I can just sit back and relax :wink: :wink: and of course still practice with the demo !

P.S.- I was supposed to put ā€œEntry at Previous session/day highā€ and ā€œTook profit at the previous low!ā€

If I remember right itā€™s overlaying say E/U and G/U on the same chart to show possible divergences or relative strength or weakness in a pair.

My original entry was with .02 lots, closed one out and the remainder .01 is now risk free so, I entered again on the .618 retracement (1.60392) with the same risk as the first trade. Targeting the same as well. Being that I have a smaller SL so I was able to trade with .03 lots so 1/3 will be taken off at +30 instead of half like the last trade.

There was also a scalp I couldā€™ve taken but being that I was already short my platform would not allow me to enter long :mad:

Answer to Hordane,

For some reason I cannot quote your post regarding the Smart Money Tool, but here is my answer to it.

As PipBandit already said, itā€™s an overlay of a highly correlated pair, (in this case EU over GU, line chart), to look for divergences between the pairs at critical levels to look for a nice reaction.

ICT presented this amazing tool on his first thread here last year, and Iā€™m sure heā€™ll talk about it in more detail in the near future. In the meantime take a look at what happened before the quick drop of the eur/usd and gbp/usd in the London session.

I can tell you that personally this tool is worth gold. Itā€™s a nice way to know if a level is more likely to work or not and the fact that a reversal/continuation is just around the corner.

Something Iā€™ve never got with this tool - once you spot divergence, how do you know which direction is going to win out e.g. in this example how would you know to look for a short?

Iā€™m not 100% sure im right, but in the example above, (lets just say you were trading cable)ā€¦ (and the cable was the blue line lol) you would be looking for the cable to be making a lower high than the euro at an important resistance level. So basically when it gets to a known level of resistance on gbp/usd, turn to the SMT chart to see if cable is failing to make any new highs while the eur/usd continued to make slightly higher highs for the time being. ā€¦ like others said im sure ICT will explain it better :stuck_out_tongue: