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

[elfrip]

@ClarkFX

Thanks for the advice, elfrip! No problem, may have to give me a day or two for those though. Expect them up in a bit as well.

Regards,
Clark

Appreciate that so much clarkfx!!

@PIPhanger

Would someone be kind enough to explain using a chart what ICT was explaining on his twitter account, I think I have information overload and it all went over my head…

PIPhanger, i understand what you mean, i thought i was making good progress so far, but then this exercise came along, it made me realize i have lots more to learn! I might just never sleep now.

[ClarkFX]

I’m recording the first one right now, so if you wanna start, can you start with the 2nd one? If it doesn’t work out (it’s my first time using camtasia) then you can do that one after if you’d like

Sounds good mozdef.

[velho2008]

@PIPhanger

Would someone be kind enough to explain using a chart what ICT was explaining on his twitter account, I think I have information overload and it all went over my head…

From what I understand we can see the whole theory of price action in any TF …
That graph was weekly TF, and we see there, a lot of the theory of price action … Swing high’s and low’s … Juda’s swing … suport…
Just like in a low TF, but the range from the high to low is much greater.

[sladhaFX]

@PIPhanger

Would someone be kind enough to explain using a chart what ICT was explaining on his twitter account, I think I have information overload and it all went over my head…

Here’s a very basic attempt. There are more concepts we can gather from his illustration, but I think this scratches the surface. It shows the universality of his concepts as may be used across higher time frames.

Click to enlarge

[PIPhanger]

Here’s a very basic attempt. There are more concepts we can gather from his illustration, but I think this scratches the surface. It shows the universality of his concepts as may be used across higher time frames.

[B]Click to enlarge[/B]

Thanks that helps out a lot…I think I was stuck on OTE within an OTE and was trying to find an OTE on that chart he was showing and there wasn’t any…I know what an OTE within an OTE is but not sure why he brought that up for…?

[sladhaFX]

Thanks that helps out a lot…I think I was stuck on OTE within an OTE and was trying to find an OTE on that chart he was showing and there wasn’t any…I know what an OTE within an OTE is but not sure why he brought that up for…?

Well, if you look at the [I]next[/I] swing (right side of chart), you will find that price retraced to an OTE on the weekly. Scouting the lower TF charts you may have found a possible long OTE entry on the daily or 4-hr to get you in sync with a move to the upside, with an entry possibly on a 15min or 5min chart.

[system]

I have 15-20 minutes at 8pm EST I can outline my exercise via Twitter I shared earlier today… TheInnerCircleTrader - live streaming video powered by Livestream

[system]

Well this saved me the trouble lol

Here’s a very basic attempt. There are more concepts we can gather from his illustration, but I think this scratches the surface. It shows the universality of his concepts as may be used across higher time frames.

[B]Click to enlarge[/B]

[TalonD]

I saw some of that on twitter. I usually target about half the range of those long bars. You can make a lot of pips on those.

[PIPhanger]

I do have to say that watching the daily chart with the fractals is just amazing…I like how it setup the big move for today during the london open or even if you got in yesterday and held it until today…

One thing I can’t figure out is why in ICT’s latest video he says you would have to have a big stop loss when trading the way he points out in that video…wouldn’t you just wait for the fractal to form an then use the templates he provides on a lower timeframe to get your stop loss down to something closer to 30 pips?

Then also for moving your stop up as the trade goes in your favor wouldn’t it make more sense to trail it with a lower time frame then the daily fractals?

Maybe someone has some insight on what I am missing here…

Thanks

[system]

You sure can… that is the secret to capturing 500-1200 pip hauls. One entry, one exit. :59:

[system]

That was me losing focus in my illustration… if you listen you can hear my neighbors dog barking… and my internet kept “doinging”… I was going to compare the thinking of long term traders typical thought process versus this approach and I think that didn’t come out as I intended. I will likely go in and put lipstick on that portion of the video… but not until I get the rest doctored up.

I do have to say that watching the daily chart with the fractals is just amazing…I like how it setup the big move for today during the london open or even if you got in yesterday and held it until today…

One thing I can’t figure out is why in ICT’s latest video he says you would have to have a big stop loss when trading the way he points out in that video…wouldn’t you just wait for the fractal to form an then use the templates he provides on a lower timeframe to get your stop loss down to something closer to 30 pips?

Then also for moving your stop up as the trade goes in your favor wouldn’t it make more sense to trail it with a lower time frame then the daily fractals?

Maybe someone has some insight on what I am missing here…

Thanks

[Bucknaked]

@matty44

For those of you that got in long on the LO, were u not looking for a judas swing below Asia? I was waiting for price to break below Asia to the 1.2950 level and form an OTE. I know price retested yesterdays high/1.2980 level and that provided support for the move up, but I was looking for price to move down below the Asian session lows before it moved up…Isn’t that what ICT recommends? Were you looking for a judas swing initially but were able to change your plan on the fly due to SMT divergence around the 1.2980 level? Just curious how you guys caught that move.

Matty

Matty44,

I was not able to catch the bullish move. But I did report myself for duty!!

I was under the impression that the market was to trade lower today. I was looking for the Judas swing to break the lower Asian range then retrace in order to have an OTE for s short position. (Unless I am missing some of the concept!! Anyway, it is my my task list to review 'it)

I was looking at the USDX and it was slowly going lower. When I was looking at the cable H1 chart, I was my analysis was:
1- midnight GMT
2- Price at CP
3- TT in the equilibrium
4- Looking for the Judas Rally
5- H1 & H4 just changed to bullish D1 was bearish

Fiber H1: see chart below
1- Price at MR1
2- I had the 1.2997 level in my scope ( I taught it would have been a possible reaction level )
3- TT in the equilibrium
4- H1 & H4 just changed to bullish D1 was bearish

With the mindset that I had the price to go lower, I was not comfortable to enter a buy trade.

My after fact analysis clearly showed me that I had an OTE at 1.2980. That is a good lesson!!

But the main lesson that I keep from today LO action is that I had a bias in my mind that got me blind!! I was not able to clearly see my target. So I think I did the good thing. Patience… The LO train will be back again !!

Debriefing is complete.

Now for my next mission, Will we be looking for a sell Day? TT daily in the sell zone for cable and Fiber.
Can wait the see more the action tonight.

Cheers,
Buck

[mozdef]

At the same time Buck, ICT has mentioned we SHOULD have a bias regarding the days direction before going in otherwise we will see confluences on both the buy and the sell side and will be paralyzed. That’s why when you saw that first upswing out of asian range you may have took that as a judas swing if you were thinking a sell day. On the other hand, that day also looks like one of the buy day template ICT posted where there is no judas swing but you can enter on the asian range retest (if you’re bias was buy day to begin with). So you needed to have that bias to be able to say whether it was a judas swing or one of those buy day templates.

Hope you see what I’m trying to say here.

[mozdef]

BTW I just saw ICT has posted a new thread on the forum

[BillyD]

I made the same analysis Buck and got burned. I’m not sure why I ignored the H4 and H1 market flows being bullish. It felt like a judas swing out of Asian session that was ready to drop.

Oh well…tomorrow

@Bucknaked

Matty44,

I was not able to catch the bullish move. But I did report myself for duty!!

I was under the impression that the market was to trade lower today. I was looking for the Judas swing to break the lower Asian range then retrace in order to have an OTE for s short position. (Unless I am missing some of the concept!! Anyway, it is my my task list to review 'it)

I was looking at the USDX and it was slowly going lower. When I was looking at the cable H1 chart, I was my analysis was:
1- midnight GMT
2- Price at CP
3- TT in the equilibrium
4- Looking for the Judas Rally
5- H1 & H4 just changed to bullish D1 was bearish

Fiber H1: see chart below
1- Price at MR1
2- I had the 1.2997 level in my scope ( I taught it would have been a possible reaction level )
3- TT in the equilibrium
4- H1 & H4 just changed to bullish D1 was bearish

With the mindset that I had the price to go lower, I was not comfortable to enter a buy trade.

My after fact analysis clearly showed me that I had an OTE at 1.2980. That is a good lesson!!

But the main lesson that I keep from today LO action is that I had a bias in my mind that got me blind!! I was not able to clearly see my target. So I think I did the good thing. Patience… The LO train will be back again !!

Debriefing is complete.

Now for my next mission, Will we be looking for a sell Day? TT daily in the sell zone for cable and Fiber.
Can wait the see more the action tonight.

Cheers,
Buck

[MCAWally]

I also noticed different prices on forex ltd USDX compared to other sources… I am puzzled about it:)

There are sources in the internet to get the USDX charts from, but I just find it more convenient (for lack of a better word) to have them all in mt4…

Since USDX is calculated with some formula against other currencies, shouldn’t it be possible to create an indicator that draws the USDX in any MT4, no matter if the broker supports USDX or not? By using the same formula, using the price feed provided by the broker?
Does something like this exist? someone smarter than me wanna give it a try?

http://stockcharts.com/freecharts/perf.html?$USD,$XBP,$XEU

[Bucknaked]

Mozdef,

Good comment.

I think that I am trying to incorporate too much tools or element in the same trading day.

I think got to focus more on which type of day are we?

After so, I can dig in my toolbox and pull the wright tools for the job!

Cheers,
Buck

[lazydogs]

I was right there with you guys. I didn’t like where it was going, and needed to go to bed so I closed out with a small loss. It’s ok though, they took my money during the LC instead.

I made the same analysis Buck and got burned. I’m not sure why I ignored the H4 and H1 market flows being bullish. It felt like a judas swing out of Asian session that was ready to drop.

Oh well…tomorrow

[bobmaninc]

I want to thank everyone for all the mt4 help recently. I think I got it from here. Hopefully anyway :38: . This thread is amazing. Good info and good peeps.

I see this style of trading will directly affect my life/work/sleep. Guess thats why you got to love top down analysis. I just going to have to stick to the higher timeframes for now. As I can see if I place a trade before bed I will wind up placing my stop exactly where the Judas swing will take me out every time. For now its watching and waiting for a chance to strike. Till then I must warn everyone to watch your step as you nrever know when you might be walking through my crosshairs.