Look at the daily charts and when the directional bias is determined bullish or bearish.
This can be determined by Market Flow/ Market Structure, Moving Averages, any… yes ANY long term trend following method.
Look at the days that traded in that direction… ie. open near low of the day… close near the high of the day [opposite range extremes - bullish daily basis]
Look at the Asian Range on those particular days.
Note the frequency of these days forming.
Note the number of Pips offered in these conditions.
Note the Trinity and Pivots insight on those days.
Now the Million Dollar tip… consider the Public Sentiment on those days… and how Price traded as a result. [W%R]
I’m sure you love treasure hunts and I like laying down clues… don’t give up… you are covering months of study time I put in in a few posts lol.
damn now you really got my gears a turning…but this is all going to have to wait until tonight since company just showed up, I just got off work, and kids are screaming my name…lol…
Can’t wait to get back at this and study the charts some more to see what else I see…
On bearish days: during the asian range the high is made first and the low is made second (range high and low).
On bullish days: during the asian range the low is made first and the high is made second (range high and low).
The same applies to the whole day…bullish day: 1. low 2. high…bearish day: 1. high 2. low
Now take a step back… because we are about to take a HUGE leap forward…
If we determine the higher timeframe direction… be it Daily or 4 hour if the Daily is unclear… assume for a moment it is “Bullish”.
What would you look for each day as a Trader?
What Tools would you employ?
What specific event or events would you look for?
How would you trade based on this premise?
How would you manage the trade once entered?
Answer these questions… post it and THEN… not prior… THEN look at your charts.
Just looked at todays price action and while higher timeframe was bullish…price made a high first in asian range and today was obviously a bullish day??
I would look for the MF…we say its bullish for now, so i would see bullish MF.
I would plot my pivots, S+R levels and in addition a Fib (don’t know about TT yet).
I would look for OTEs in my direction.
I would go long.
I would use a Fib-projection to find the max TP and would look for a SL at or near a S+R level or max 30 pips. Then i would move the SL to BE when price reached 30 pips, then move SL more up when price rises.
Yes but on H4 MF was bearish before that huge rallye, so you probably would have looked for short opportunities…i think today is not the best example…or perhaps i’m completely wrong…
Hi Ali
I hope you don’t mind if I pick your brain for a bit?
London Close appeals to me because it happens around midnight in my time zone.
My question is this:
Do you see many OTE’s forming, given that’s its only a scalp, and OTE’s are best setup with ~40 pip swings. Last night the Cable shot way past its ADR, and just touched the 1.5700 mark then slid back down another 30 to 40 pips . No OTE formed.
Now I was tempted to just sell right into it as it was rising, but waited for it to fall a bit and bounce back up. Well that
didn’t unfold the way I wanted. It did a bit of a bounce halfway down, but nothing worth noting.
So in this case, would you draw a fib from the previous day’s high- in last nights case it would have been previous months high or something - or would you just enter without an OTE, knowing that it should pull back into its range?
I hope my question makes sense to you.
If price does breakout higher then the 1.5800 level I can see it making it to the 1.6050 level…
Not sure now since there looks like a lot of stops at the 1.5800 level…???
***I’m just trying to start up some conversation and get everyone talking about a long term prediction of where price might go or what they think might happen…I’m currently not sure what will happen, just want to see if I got some things correct with what ICT is teaching us…
If you look at when price goes outside of the TT you can see…
sometimes price turns and goes the other way,
sometimes price goes to the 161.8 level,
sometimes price goes to the 261.8 level,
sometimes price goes to the 423.6 level,
Not sure if there is a way to tell which level price might turn at???
Is there something I am missing or am I over looking this…?
One thing that confused me since watching the webinar today. Dumb money is following the market flow (trend) and so they get taken out. We are told to follow market flow for our trades so what happens to us?
