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

[system]

What else occured intraday as it relates to Pivots?

Keep going!

Put in the high of the day in the first few hours of London and went down till LC occured. Closing the position just at the time would have brought nearly the whole daily range.

Saw that one coming and mentioned the lows on GU to be tested a day ago, but wasn’t able to trade It’s always a two edged sword for me, on the one side I know that I can spot good setups, the other side is that I can’t trade most of them. But it increases my patience as I see my account growing even though I’m not trading every day, that I’m not watching the charts the whole day, that I’m not trying to trade the action. It is enough to do the analysis and wait for price to reach the perfect level.

greetings

[lazydogs]

sorry, I misread what you were saying. I agree, the market is pretty thin that time of day and is usually best to take 20 pips and run

I think we’re pretty much saying the same thing…anticipating price to drift up towards Fair Value during the Asian session.

What I was point out to Kubio who made the original post was that it appeared he intended to go short drawing a fib expecting price to go away from fair value at this time of day.

It has drifted 30 pips lower or so over the past 2 hours and appears to be moving back up. Was just urging caution expecting a downward push if expecting anything but a small pip scalp.

[PipARush_Petru]

Alright I had a few responses…

Now did you see the Asian Range after the Market “Souped” the stops under the Asian Range… tried to retest the upper range Resistance? As explained in the Template?

Note also… recall the teachings on the open to close relationship and the “engineering” of the daily range we did over a year ago? What forms when and how do we use this insight?

How was it applicable today?

Make me proud… this is crucial stuff for LO understanding… :51:

I see an equilibrium on MS1,open is near to close?

[lazydogs]

the weekly S2 pivot was fair value for the day. GMT CPP provided the resistence and GMT S1 provided the support. I trade on FXCM so unfortunately cannot toggle between EST and GMT pivots, but GMT usually works well for me

What else occured intraday as it relates to Pivots?

Keep going!

[sladhaFX]

Range expansion/contraction. Looking at Cable, as bars on daily chart are making lower lows, the daily highs are moving further away from the open. Could we be at a low point in the market for Cable where the SM are engineering an upside reversal soon?

Click to enlarge:

[dantheman53]

What else occured intraday as it relates to Pivots?

Keep going!

Cable moved 4 pivot levels? CPP, MS1, S1 and back to MS1

[PureMuscle]

Purely as an aside; why is the Asian session so dead all the time? Don’t the Australasians like trading??

[lazydogs]

there is also a divergence on the daily chart I’ve been keeping an eye on. If Cable fails to get below October’s low (which is also the low of the year) of 1.52700 we could have a bullish divergence. We could also have a bullish divergence if the Fiber takes out the yearly low, which is 110 pips away at the moment, and the cable is not able to make it to the 52700 level. I would say no matter what happens the next couple days, we have a good chance of keeping the divergence intact.

And sooner or later, the problems in the US are going to come back into focus. I thought that would happen Monday but the market decided to dwell on Europe a little longer

Range expansion/contraction. Looking at Cable, as bars on daily chart are making lower lows, the daily highs are moving further away from the open. Could we be at a low point in the market for Cable where the SM are engineering an upside reversal soon?

[B]Click to enlarge:[/B]

[sladhaFX]

As far as Fiber is concerned, the past couple days have shown the low to be near the close (Monday and Tuesday) of the daily candles/bars. This could have lent further confirmation for seeking shorts today at LO, thinking that once again low will be nearer the close of the day as opposed to the open of the day… plus you know there’s a high probability that the high or low will be set in place by 5AM EST.

[fury]

I want to see an explaination of last nights LO action between both Cable and Fiber… what did you see unfold using our tools and tactics covered thus far?

We can’t be giving this information away for free, but out of the kindness of my heart.

Both were starting in the ms1 range

Fibre was a mini seek and destroy day, and after azn session lows then highs were taken out at LO it slammed down into s1

Cable was a sell day set up, price shot up to mid pivot for a fake breakout a nice ote up top for short entry in LO

[fury]

@ puremuscle They enjoy trading the yen pairs in the asian session.

[fury]

the weekly S2 pivot was fair value for the day. GMT CPP provided the resistence and GMT S1 provided the support. I trade on FXCM so unfortunately cannot toggle between EST and GMT pivots, but GMT usually works well for me

What you talking about Willis?! I have an FXCM demo on the laptop and with Clark’s template of two pivot indicators being loaded, one to 0 hrs the other -5 it shows both. Check yo self before u wreck yoself.

[akeakamai]

[B]MT4 Smart Money Tool Template[/B]

Now I’m sure you could’ve come up with this on your own haha, but I put a lot of thought into this, and this will be my SMT template from now on. Simple but effective. I have New York midnight delineated, but you could add extra lines if you want to focus on a specific time to watch for divergence, like 8AM for NYO.

[lazydogs]

are you uising their Marketscope or MT4 platform? I am using Marketscope, and if you know how to change the hours, PLEASE let me know!

What you talking about Willis?! I have an FXCM demo on the laptop and with Clark’s template of two pivot indicators being loaded, one to 0 hrs the other -5 it shows both. Check yo self before u wreck yoself.

[akeakamai]

Look at that 262% Trader’s Trinity projection NAIL that low. Nice little confluence with S1 on the daily pivots for good measure…

blows me away every time, wowza!!

[piptronix]

For those of you who are new to the thread, I’m attaching a pdf file from the original thread, What Every New and Aspiring Trades Wants To Know.

It covers everything that was discussed in that thread, is a good read for new guys, and a good refresher of back to basics for those that have been following the thread for a while.

In a nutshell, its a compilation of all ICT’s posts, in an organized manner.

Read away to your hearts content.

Cheers,

Thats extremely kind and thoughtful of you.
Thanks a million.

[lazydogs]

amazing isn’t it? It makes me realize just how lucky I was to have found this thread. Not only ICT, but a lot of you guys here have helped me learn so much the past 7 months!

Look at that 262% Trader’s Trinity projection NAIL that low. Nice little confluence with S1 on the daily pivots for good measure…

blows me away every time, wowza!!

[fury]

are you uising their Marketscope or MT4 platform? I am using Marketscope, and if you know how to change the hours, PLEASE let me know!

Awe man, you should just download the mt4 platform.

[ClarkFX]

So, who took this trade during LO?
I thought I missed my initial entry, cause I placed my sell limit on the 78.6, then it made a 78.6% OTE on the 5-minute TF. Entered a bit too early turns out, but still grabbed an easy 50 pips tonight.

As I’m posting this thread, price just hit that swing’s OTE. Normally I’d probably take it, but I’m working on my patience and being selective of my trades and actually do proper analysis before trading anything.

I’ve been watching all of ICT’s material in the last few weeks, just a few videos every night. I took as many notes as I could (~40 pages) and let me tell yeah, it’s definitely boosted my win rate and returns!

The markets are kinda acting funny right now, but still profitable. In the last 2.5-3ish weeks, I haven’t had a single losing trade, about 15 LO trades, 3 NYO trades, and only 1 loser, which went through my stop by 4 pips only to shoot 170 some pips in my direction, but I re-entered on a shorter TF OTE and made that back and a bit more.

I’d strongly recommend everyone going through ALL the videos again, I know it’s time consuming, but definitely worth it!

Anyways here’s my trade, haven’t posted one in a while.

Time to cram for my final in 5 hours! 4 Red Bulls down, 4 more left…

Regards,
Clark

[PureMuscle]

Nice one, I entered the exact same trade If you don’t mind me asking, how do you set those TP levels? I was completely surprised when price raced back up again :?