[QUOTE=MCAWally;315117]Actually I first used the fib Ext tool on a 1h to get the 2 levels then saw that they both coincided with higher time frame areas and settled on 1.3060 as a good place.
But it might be abit too high, it’s an expiement I’m trying out, I’ll just wait and see.
As for the type2 I just added it to the equation for the affirmitive ( I debate with myself both sides of the trade and then see which has the most points at the end or a draw and become a chicken).
[B]It seems to have worked out well this time …ICT’s bazooka.[/B]
I seem to have become more of a bomb desposal than sniper with my trading at the moment, I’m always looking for the boobytrap but some times it just is the red wire you cut.
[B]like…‘Is this the Judas or was it that one?’[/B]:5:
Was looking at the Cable for a trade today. I had marked off an area of key S&R on the daily chart, then “tuned it in” a bit on a 4 hour, then 1 hour chart to note how price had reacted to the area recently. Ended up with a small area from about 5583 down to 5570 (not 100% sure on those #'s, but close… not at the charts) Adding to that conwas the 78% retracement from the last swing down on the 4 hour chart, the new week’s open, last week’s high, and I believe there was a mid pivot in the area as well.
Set a limit order to go short at 5570 with a protective stop at 5593 (10 pips above my S&R range) My first target was 23 pips below at 5547, second target was 5505 which was just above a previous asian range high (I think Friday’s), and just above the 127% projection from the swing I was measuring.
I got my first target, but was stopped out at BE for the 2’nd half of the trade. I had risked 1% so brought in .5% on the trade. 1.5% to go until I am back at 2% risk.
Seeing as I have made a good trade today I thought I’d share it. I’m sure it’s far from textbook, but I’m proud of myself (lol) so I thought I’d share it and see if anyone has any comments or advise on how I could have made this better.
I’ve combined a couple of ICT stategies…
LONG on EURUSD on Monday 23rd
Entry at 1.2928
First Exit at 1.2965
Looking at the last swing from 5pm (GMT 20th Jan) to the low of the Asian range I draw a fib.
Entry was just above OTE at 61fib.
Target was +20 pips.
After that was hit I took off 70% and have let the remaining 30% run
I’ve also then combined this with the Fractals / MA method ICT has also explained elsewhere.
So, I’ve been moving my StopLoss up two fractal swing lows below the current market position.
Delighted with how this trade has gone, both the first and second parts of the trade are now guaranteed to be in profit.
Is there a good explanation of the ICT_ADR indicator somewhere in the thread? I get confused how is hould apply it since the levels seem to be dynamic?
I too took the fiber short last night. I was a little leary because cable was not confirming and I was also seeing how price could not seem to get back down past the 1.2920 level. That 1.2920 level is significant, look at HTF charts and you can go way back and see that it’s a level. So when price bounced yet again off that level I just got out with +12 pips and went to sleep. I thought it’s possible I would awake to see how others caught a massive down move and I missed it, turns out not but that would have been OK with me. If I’m not sure (which turns out to be most of the time) I’m thinking preservation of capital. I think as beginners we need to have a bit of compassion for our own position of inexperience and perhaps admit that consistant huge pip hauls may not be reasonable to assume just because we have the bits of knowledge filed away in our brains.
2 trades today. Both profitable. This second one I’m going to let ride for a while to see what develops.
I’ll create charts to post tonight, but here’s a recap.
My bias for the week is bearish (at least for a retrace of last weeks move up.) The reasons for bearish is a few reasons…but mostly from higher timeframe analysis. We are at nested OTE’s on daily charts from the most recent 2 swing high points. Plus, we have “ICT holy grail” indicating a continuation of the trend down. But as we know, we don’t use daily charts for entry. On the counter side, there was a holy grail formation on the hourly to go long. So simltaneous holy grails point in different directions. My inclination was to let the hourly holy grail shake out, then use the daily higher timeframe to get better entry.
So I expected move up today. So my daily bias was long, but my weekly is short (at least right now)
At NYO…the EU had fulfilled the ADR. The GU had not. So I held off on entering short on NYO waiting for a better entry. While the EU had fulfilled it’s ADR, the GU was forming a buy day. Judas lower…move up, and was retesting the AR high at NYO. I entered long at 1.5561. Price went into the AR and retested the weekly opening price, then moved higher to fulfill the ADR. I closed 30% at breakeven, and held for a while to see if the pair would move higher.
At LC, The EU reached up to R2 which meant 6 pivot levels were filled today and started turtle souping. SMT divergence formed on the EU-GU pair, both pairs showing oversold. Keeping in mind my higher timeframe bias, I entered short EU at 1.3034 on the move back down through R2 with a 20 pip SL and 20 pip TP1 objective. TP1 has been hit, and letting the rest ride. Depending on the move for the next couple hours, I will either close this position and look for another entry, or let this ride hoping the high for the week has been put in.
I’ll update this post later tonight with charts and rationale for the trades. But feeling better about today after last week. Felt I had a better read on price action at least to start the week. Last week, I realize I was so tied to the ‘sell program’ mindset that I was ignoring other things. This is my first attempt at a demo trade using the “Holy Grail concept”
Hey LTPP… what did you use for your LC entry, just a turtle soup at R2? I was watching the same thing, but wasn’t able to find a suitable entry at the time (I am also at work so I cannot be as nimble entering orders through my phone). I was waiting for an OTE as per the LC templates
however it seams your trade worked out on pure luck if u used the tools the way you described.
firstly, your Fib is drawn the other way around, or actually, more accurate the fib is ok, but it gives u entry for Short on that level not long
also, we should use at least 3 confluences at the level we want to enter the trade, which are the other two?..
I’m sure you’ll get better with practice, just keep studying the material as we all do.
:41:
In terms of feedback to r2997790, the fib you have drawn would be OK for swing projections to get an exit point. But for entry, it’s drawn using incorrect swing points (at least incorrect to increase probability of trades).
You want to draw your fib from what you think will be the high or low of the swing. In your case, that’s the AR low. You then put the other point of the fib on the swing away from what you thought would be your low. Then look for a retrace and then movement back in the original direction. In your chart…you have another high that is in the same general area as the high you drew your fib high from…so it wouldn’t make much difference on this trade. But your low should have been the AR low…and the other side of your fib should have been the swing high just to the right of your vertical line crosshair in your chart. As I said…both of these highs are in the same general location, so it wouldn’t make much difference here because they are about the same level.
But most here would use the fib you have drawn to generate potential exit points of the swing using the 127, 161, or 200 extension level. Most here wouldn’t look at levels below 100.
The OTE was on the GU. I entered on EU due to the number of pivot levels filled and divergence where GU started falling first and gave the OTE.
So my confluences were…price rejected pretty quickly at the 1.3050 inst level. 6 pivots filled. ADR exceeded. And bearish divergence with GU showing OTE entries. I took the EU because GU hasn’t been moving much and wasn’t too far past it’s ADR.
Recent lurker, first time poster here. I’m still very much a forex newbie learning the ropes trading in demo and working my way through the ICT method, but I was hoping somebody could help me clarify something…
ICT constantly refers to ‘taking (e.g.)70% off’ to lock in some profit and reduce risk, but I was hoping someone could explain the mechanics of how you actually do that (hopefully using MetaTrader 4), possibly with an example or 2 if possible?
I’ve read up on the BabyPips school and I’ve seen the info on scaling - but to be honest its gone a little over my head.
Thank you for you feedback… nothing like humiliating yourself in front of hundreds, but yeah the trade was a success, even if tthe fib was upside down, lol, and entry was therefore about 30pips above the real 61fib line I should have drawn for my long trade, which was actually not hit, but it was in the Trinity buy zone.
Better continue to swot up… thanks everyone for their words of encouragement.
It is quite easy to scale out of a trade. You will have to manage your risk and lots sizes so that you have multiple lots per trade though. For example if your risking 2% and lets say that is $20 in your account (hypothetical $1000 account). If your SL is 20 pips away, then you can only risk 1$/pip and with a mini account you would be limited to trading only 1 lot (mini account = 1$/pip). You could not scale out this way. However, with a micro account, you could trade 10 micro lots since each pip = 0.10$. With 10 mini lots then you could close out 7 of them at your first target (70%) and let the remaining 3 (30%) run to your final target. This is how I do it
Lumpybd, to add to Pipinjay’s post on how to scale out of a trade… on the practical how-to level…
Let’s say your have 0.20 lots on and you’re reaching you TakeProfit level, of say 20pips, which if you’re using a mini account 1 pip = 20c at 0.20 lot size, so you’ve made 0.20c x 20 pips = $4.00.
Now at this point you want to reduce your risk and close part of the trade.
You can right-click on the order in the terminal window and choose the MODIFY or DELETE ORDER option…
Now choose the Market Execution option from the pulldown menu … now what you will do is close PART of the trade.
If you are trading 0.20 lots, then you would want to close 0.14 lots (and keep 0.06 lots on) to close 70% of your position in profit.
This is the important part >> change the Volume value from 0.20 to 0.14 and click the close button as the bottom (this will close 0.14 of your trade, leaving 0.06 still on).
Use a demo account and a dummy trade if necessary to check how this works. It’s a very nice method. When and how much to trade and remove it up to your strategy, but like Pipinjay I look for 20 pips and I take 70% off as a newbie.
If you have an open trade…there are 2 ways you can scale out whether you want to do it at market, or enter an order and have it scale out if a price level is hit.
Assume you are short in your trade.
If you want to exit out of the trade at market prices, on the ‘trade’ tab on your ‘termianal’ window (usually at the bottom of MT4 screen layout), double click on the line with your open trade. This will open a dialog box with the ‘volume’ field as editable. It will prefill with your entire trade entry volume. Change the volume to the amount you want to close (I.E. 30% of the volume), then click the ‘close’ button. This closes the amount of the trade you specify in volume, leaving the rest in te market.
Second option…if you want to close a portion (assuming your short in your trade) at 30 pips away…enter a ‘buy limit’ trade for a volume equal to the volume you want to close. If price reaches that level, you will buy the amount of currency specified. Most brokers won’t let you have a position going both ways in the market, so the broker will close an amount of your short by that amount.
There’s also an EA that can be used…but some people have trouble setting it up and getting it to work. It would be better to understand how to use MT4 IMHO before using an EA to manage your trades.
