I posted on this earlier today.
I entered within 2 pips of the daily high for a short.
I didn’t wait for an OTE. I entered due to 1) exceeding ADR (by a lot) 2) LC 3) resistance established prior 4) Figure 5) 15 min divergence on the SMT
I didn’t see the need to wait for an OTE at this point. Kinda used the EU already falling as my OTE.
Thanks for that.
Add to that the fact that it was already way past the R3 pivot level.
I’ll go check your post.
My main focus is scalping with OTEs, and the rule I go with is pip retrace swing>=15% of the daily range. There are plenty of OTEs that meet this criteria, and so if they don’t, I just let them go. I want to see strong Daily, Weekly, Monthly,Q, Y Highs and Lows to key off, but in the case of last night I would have been interested in looking for nesting OTEs i.e. OTE on M5 within the higher TF OTE that you noted.
Yesterday I would have been cautious because of the strong price action on the buy side, and the lack of key resistance on the Cable chart, but at the same time there was strong resistance turned support on USDX H4 and that is usually quite effective during the LC session.
You talk about a lack of OTE, but you could have entered on an M5 OTE after NY Open hit the higher TF Fib at 1.5694. Pull your Fib from this high and anticipate an OTE setting up once the 15% retrace had been met on the 14:55 GMT candle. 30 pip SL if you want to be ultra-cautious, or I would have gone with 10 pips on the high (as long as that exceeded 127% Ext from NYO swing high - in order to account for divergence)
So my entry would have been at 1.56826 (79% Fib - 2.5 pip spread), SL of 19 pips at 1.57020, first TP at 1.56633 (met), and 2nd TP at 1.56439 (not met - probably would have closed out at 1.56581 at end of KZ for an average pip haul of 21.5 pips on 19 risk).
Not a great pip haul, but like ICT says, such aggressive price action to the upside throughout the day doesn’t lend itself to great LC trades. I know Fiber came off well, but my general rule of thumb is I like to see more in the way of retracements through the London session.
Hope that helps.
Yes, that was the answer I was looking for…and then some.
Thanks a lot.
Unfortunately I’m at work so I cant refer to my charts , but later I’ll go over the details of what you are saying
here.
I never thought about referring to the USDX, I’ll definitely look into that.
Cheers and once again, thanks.
[B]ASIAN RANGE FOR DEC.20,2011[/B]
Click for Big version
Piptronix open a Forex ltd demo account, and you’ll have access to the USDX on mt4. You should include the USDX into your top down analysis
Hmmm, so any thoughts on today’s Asian session?
If I’m not mistaken, the market flow on the daily is bullish, the Asian session did not make any lows at all and broke out to the upside, and we have only traded higher ever since… i.e. it’s as plain as day that the action is bullish. How could this be fooling the street money if it’s all in one direction pretty much? 
Hi ShaunnD
Thanks for the advice.
Sounds handy.
Wow, some heavy price action today! Although I suppose a lot of it would be news related?
Well… see the Casino? :13:
Now I see it 
Ok, now it makes more sense, I was thinking that price was going to keep blasting higher (i.e. I was being a neophyte trader :/…ah well at least I can admit it :p).
Michael, with today’s Asian session going up, up and away like it did, was that the SMT setting up the street money for a breakout long trade, only to reverse price heavily like it has currently?
Has anybody noticed the COT-data recently on the fiber? It is at extreme levels currently speaking.
Along with the seasonal tendencies chart we can see that the pound usually makes a low in december, since the fiber and the cable are closely correlated we can derive information backed up by the COT-data and the seasonal tendencies chart that a reversal is likely to happen in the fiber from its downtred.
Opinions ?
If you haven’t seen the video from last night… please do so… you get a Premarket scenerio and it just completed as shared hours in advance… and that was for the folks that feel it feels like hindsight always. 100 pip day handed to you on a Silver Platter. :57:
All i can say is that I wish I had seen it before the morning unfolded!
Oh well whoever got my share - have a christmas drink on me
:59:
I have had a scan through the thread for the asian session indi shown in the vid but cannot find it. If someone would be so kind as to post it I would be very grateful.
Is there a way to list attachments only for this thread?
Also, have a fantastic Christmas break one and all!
I watched the video last night but still not seeing how to apply it today. Maket flow is up so street money is going to be long? So we are looking to go short? EU dropped but only after going up a good 70 pips out of Asia and GU went up about 80ish pips out of Asia before dropping an equal amount back into the Asia range. so a long would have worked as well as a short. So which pair would you have traded and why and where would you have entered?
Michael, can you post in twitter when you start live sessions? This would help a lot! thanks.
I’m beginning to suspect high probability bigger payoff trades are outside the TT. Outside the TT, go with the trend. Inside the TT, look for liquidity driven trades to trap retail traders.
Are you using the start of the GMT day to 5:00 GMT as your asian session??
And the rest of us lol.
Sorry, but what does this mean?
