I haven’t watch the video yet, but what we do know is the Asian usually trades countertrend to NY, and the Asian is also what sets up a trend trade. So based on that, in a down trending market, we can expect the Asian to trade up, and set up the LO open trade.
Looking back at the downtrend in Nov, it looks like your Asian session entry would be after the current session high breaches the previous Asian session low. That’s what I’m seeing so far, and it’s not clear in a ranging market.
If the current asian session high breaches the previous asian low, we can expect London to trade down. If the current session low breaches the previous high, we can expect London to trade up??? Anyone else seeing something like this?
maybe disregard the last part. I just realized the indicator was set to 0:00- 5:00 GMT. I reset it for 17:00- 24:00 to see the Asian highs and lows and I’m not seeing the same thing. it might still have something to do with the London session breaches though.
I was going to spend the morning hunting out my ‘weekly goals’ post from the other week, and posting my results for accountability sake, but with all these recent posts it is not easy task finding it!
Suffice is to say all of my personal goals were met (except for the exercise routine which will maybe have to wait until Jan now!), my study goals were met, and my organizational goals were met. My trading goals came up short but it seems I picked a week with few opportunities at LC. Missed a EUR/JPY trade on Wednesday by 2 pips that went to 1st TP and then tanked, and finally caught NZD/USD on Friday for a Double Tap trade averaging 30 pips or 1.5%.
Looking back at my posts from April, I can see huge progress in my thinking. Back then if I had gone a whole week without a trade I would be doubting the strategy and feeling a little anxious for the future. Now I know that there will be weeks like this, and the following weeks will offer up more than their fair share of opportunities.
London Close, for the most part, only offers up scalps, but if you are organised enough then there are plenty of opportunities across multiple pairs and analysis is minimal compared to other sessions. Keep a chart with all the major S&R levels (Daily, Weekly, Monthly, Q, Y), wait for ADR to be exceeded on a pair and bouncing off one of your lines, and away you go with OTE. If all of your windows are open you will see the ADR figures in the top left hand corner, and all you need to do is glance at them every 10 or 15 minutes before going back to what you were doing (that being studying, watching TV, having a conversation with your wife…whatever)
Got to go, but really looking forward to the Santa sack of goodies.
Merry Christmas to all, and I hope to be more active in the new year than I have been of late.
I am thinking the asian session is just the Smart Money’s first opportunity of the day to manipulate price. For example, we know that if Smart Money wants price to go up, first they are going to allow price to go down and then put the hurt on and manipulate price up. So if the fiber is at 1.5900 and they want price at 1.6000 they might let price get to the 1.5800 level in the asian session, and then late asian early london they will be buying like crazy taking advantage of the cheap price and the fact that the shorts will have buy stops which will help the move up. What you guys think?
** the above numbers are extremes I know, just an example **
EDIT - looking at today’s activity of the fiber in the London session has me confused / price was going up in the asian session and really wasn’t opposite to the movement in the London session. At least the wheels are turning, maybe in the wrong direction but turning nonetheless. :33:
Sorry to be a pain guys, but could someone please explain to me exactly how SMT divergence works on the EU / GU charts… I have looked through so many of the videos but I can’t find where it is explained in detail, and I am struggling to identify any kinds of examples I understand that either the EU or GU will fail to make a higher high or a lower low, but what does that actually tell you about the ensuing price action?
If one is making higher highs and the other is not, it means bearish price action and look for a move lower. The opposite for lower lows. And I shouldnt really be back yet, but I couldnt stay away.
Look through the attachments and get Clark’s package it has a readme file that explains setting up his SMT indicator. Its really nice just dig a little.
They should both keep moving lower, but I will say the size of the move depends on which timeframe the divergence is at. The higher the timeframe the more pips will be moved. And SMT seems more like icing on the cake than anything, I know some people seem to trade it directly, but lets say flow is down and the fiber trades up making a higher high on the hourly chart while the cable moves lower; you see the fiber is actually in an ote on the 4hr, well you definitely want to be selling into that supposed strength.
mate, someone posted an ‘‘SMT Formula’’ a while back, which very simplified and easy to follow. I’ve got it printed in red and bold next to my screen (along with many other things)
so:
[B]SMT Formula:
Lower [U]Lows[/U] - Higher [U]Lows[/U] Divergence = UP (Bullish Div.) ([U]Go Long[/U]), Take the Lower Lows Currency
Lower [U]Highs[/U] - Higher [U]Highs[/U] Divergence = DOWN (Bearish Div.) ([U]Go Short[/U]), Take the Higher Highs Currency[/B]
hope this helps.
p.s. btw, if you and other ppl joined half way through, go back and start thread from the beginning (this is what I did too), will find A LOT of hidden gems and will learn much more than jumping in the middle and asking same questions that have been commented on and answered months ago… this is not direct to you thought and it is not offensive in any way, just an advice… and this is the main reason why this thread is so big, same questions and answers over 4-500 pages…
thanks
smt div served me ok today,but as ict said, better back it up with other confluence,and it was,on fiber coming to previous S back from october,just tiny bets but still not worth in this thin market
Hitting a SR level I had identified on my 4 hour chart. (blue rectangle)
1.5700 figure
Today’s ADR significantly exceeded and expected a retrace into the daily range.
I took this without an OTE entry point, trusting the the Resistance level/figure confluence would provide a downward bounce.
Entered at 1.5697. Took 50% at 30 pips. Let it sit for a while to see if it would move lower. Price stalled and 1800GMT approached, so I closed the remainder at a 34 pip gain.
Price did retrace to the 23% retracement level and captured most of it. Feel it was a good trade even though I didn’t use OTE for entry.
I see we need a bit more to stimulate “Effective” study huh?
What did the market do today?
What was the Asian Range in the Fiber and Cable?
See ANYTHING?
I think you are looking for something “new” to pop off the charts and it is presenting a “Mental Block” for you.
I simply have taken you to a specific time of the day to look for what I have shared with you thus far.
For Clint’s inquiry, I will walk you though that example Christmas Night in a Video… for now refer to your notes and what we have covered in the Asian Range module.
What is everyone thinking on the Fiber and Cable this week? It went where last week? Public Traders are trying to board the Train… and if they are buying Southbound Tickets… how will the Banks take them on a ride… but to the cleaners?
Think about your tools… it’s there and we haven’t changed gears too much yet.
Nothing is perfect.
I understand that either the EU or GU will fail to make a higher high or a lower low, but what does that actually tell you about the ensuing price action?
And also thanks for the heads up, haha Michael tried to sneak that one in! 