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

akeakamai,

Good article. Thanks for posting it. I read it word-for-word, and several things jumped out at me, but this in particular -

“The degree to which asset prices are connected is off the charts,”
said Dean Curnutt, the president of Macro Risk Advisors…


This week I Aim To:

  1. Wait for Price of XYZ/ABC pair to trade to this level.
    Did my pre-week analysis for long term (top-down) bias and concluded with a short, for those who are reading, I’m sure you guys can figure out my reasoning as well.

I am currently waiting for price to move out of No-Man’s Land for both the Euro and Pound. As I see it, there is a Search and Destroy set up on the E/U. We could see a gap up to hit stops about that range and a further move up (30) pips before it hits the large 15-minute OTE, with a confluence of pivots, and a monthly resistance level. So come LO, we could be seeing a short side objective to perhaps high stops at the bottom of the range for the E/U. With GU, it was rising steadily before Friday close. The GU has the same setup as the EU and we’ll see which one is better suited to be traded come LO and a quick look at the SMT and use of further session S&R levels. At the same time, GU is better suited for a short, so that’s what I’ll be looking at more.

  1. I plan to trade it at this specific price and control risk by # pips / $ basis
    Much like ICT, my stops are generally 30 pips, risking never more than 2% of my total equity. Scaling out 30% at +30 pips and adjust my stops accordinly to reduce, gradually, the risk of my open position. The remaining 70% will be left to ride with minimal risk, hoping for a move below the coming support levels, I would adjust my take profit levels. The goal is always past 70 pips of course.

  2. I plan to trade one setup for the week that offers 50 or more pips.
    My aim is to always take 1-2 (max) trades a week, offering me a solid daily swing, where I can take advantage of a tight stop, resulting in a larger R:R ratio.

  3. I aim to spend time doing xyz away from the markets.
    As finals are coming up, I have to studying about 12 hours a day for them, so not much time to do anything else besides eat. :stuck_out_tongue:

  4. I plan to share xyz with Mr. or Mrs. on forums or real life.
    I am currently about to post a new thread on the Newbie Island, although not really a newbie question, I am still unfamiliar with the concept and am looking forward other trader’s insights, particularly people who have more knowledge of that aspect.

Friday or Saturday Week End Reflections:

What was the outcome?
Not much, I am carefully digesting everything on this thread for what it’s worth and taking detailed notes and further polishing up my trading.

How did the week pan out emotionally?
I’ve learned to leave my emotions out for the most part of my trading; I’m pretty neutral. But of course, there are always something to improve upon and my ego will always be a part of that, being a young 18 year old. But I have sticky notes all around me to prevent myself from slipping.

How do you feel at weeks end?
It felt good, although I didn’t trade. I feel I accomplished alot during the week in my Forex studies and learned some interested stuff on some interesting topics! :stuck_out_tongue:

Anything you learned from the week?
I’ve learned a lot both technically, technologically, and psychologically. Not to mention I’ve started to move my trading towards a more professional outlook which is something I have aimed to do for a long time.

Enough of my BS, I wish everyone good luck this coming week, and for fellow students, best of luck on your exams as well!

Regards,
Clark

I know things like this come down to personal aesthetics, but I really believe trader’s trinity will “pop out” for you if you high-lite the No-Man’s Land zone like such:

I just thought of it last week, and I don’t think I can ever go back!

@Clark
Good luck on your exams man! As a veteran final exam taker… my tips are as follows:

  1. Bring [B]3[/B] pencils. Yes it is possible for 2 pencils to fail you during the exam… it happened to me!
  2. Don’t by shy to bring a box of kleenex or a roll or toilet paper to the exam… December exam season is cold and you might get the sniffles from looking down for 3 hours, and nothing is more distracting than having a runny nose, haha

I’m not good at coding, but it would be nice for someone to add a feature to the TT indicator so it highlights the “No Mans Lane” zone…maybe a feature where you can turn it on or off…

Anyone here that might be able to do this?

or you could take the [B]5 seconds [/B]per week to do it manually?

Sorry if this sounds rude, but I get snippy at this modern obsession with automation sometimes : p

Hmm does it work for you? I tried to put it in, but as soon as I selected it I’m not able to switch between timeframes and I can’t see any circles on my chart. :confused:

Sorry, I should probably delete all the tools ICT gave me…sorry about that I will start manually doing pivots, TT, etc by hand again…don’t want anyone to think I’m lazy.

By the way did you do that TT by hand that you show on your charts?

Sorry if this sounds rude, but I get snippy at this modern obsession to bash others learning and trying to help out and which just asked for something to be code in making steps easier for themselves.

I guess from now on I will just not post anything anymore…seems like everytime I do I just get bashed anyway…

This week I Aim To:

  1. Wait for Price of GBP/USD pair to trade to 5770,5560/80,5490,Euro to 3280, 3450, 3525, sidelines until we get going
  2. I plan to trade one setup for the week that offers 50 or more pips. I look for one trade each week that will give me my weekly goal of 2% return for the week
  3. I plan to reflect on my past year of trading. This week will mark out a year of trading using ICT’s approach and unwinding and taking time appreciating how far I have come will keep me motivated and inspired.Projecting my progress a year from now provided I keep the same pace well that will be something I could only have dreamed of before.

Fury goodluck with the eye op hope all goes well

Yup! Works great for me! No problems at all, it could be the broker? I’m not sure…

There should still be a fine line. A TT indicator is definitely useful… But an automated No-Man’s Land… that’s a little excessive to be automated…

Let it roll off… :wink:

I would like the ability to toggle monthly as well as Highlight each section independantly.

How’s that one? lol

hm tried it again on another broker and it does the same thing, crashes my charts and shows nothing :frowning:

This week I am to do:

  1. Trade demo only, not risking real money in December.

  2. Do a pre market top down analysis each day. The goal here being to get a longer term view on where price could be going and to spot setups before they occur.

  3. I will try to use the Asian session as a guide as to what may happen during LO and NYO

  4. I plan on studying quite a bit, starting in a few minutes. Finals on Monday, Tuesday, and Wednesday :frowning:

  5. Should a Z day occur I will try to trade it as ICT has laid out for us, demo of course.

Has anyone taken a look at the Traders Trinity Monthly tool plotted on a Daily chart recently?

I think this tool has good potential to be used in a trader’s long term trading arsenal when trying to get further confirmation of trading bias. I have only been monitoring the levels for a couple months but seems to be rather nice:


Oh man, hurt feelings. Feel free to ignore me in the future, that is the beauty of the internet after all…

Anyone having a problem viewing the higher time frame analysis videos?? I’m having a hard time getting the audio and video to match up. Thanks.

No worries Clark. Yes “Red” circles are the ITH and ITL and “Blue” the long term term. These colours can be changed in the indicator properties.

Awesome, thanks Martin! Works great, much appreciated!

Regards,
Clark

Gotta agree with piphanger here. you often have smartass comments to make and I’ve always noticed that, maybe next time you could just lay off the snappy responses too then…since its so easy to ignore it right?

I think this is something ICT is gonna show us, one of those ‘it should work on different timeframe things’. As I look at the trader’s trinity both weekly and monthly if you are buying in the overbought and selling in the oversold ‘you’re doing it wrong’; but many people don’t ever get to see this. Just looking at these two things visually and being patient I think anyone will find trades just seem to go in their direction