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

I have it at home… Along with an upgraded version haha. But you can find it on google, search “apex predator”

That weasel made my day tho :slight_smile:

YAY!!! I got 135 pips last night with 2% risk on the fiber whoop whoop. Judas out of asian range. Then second opertunity entry at an ote. Confirmed its resistance with R1 and trinity, finally my last obersvation an overbought stoch. My first Home Run and I did it while I was asleep lol Thanks ICT

Shorted cable and fiber this morning near R1 on each 115 pups on fiber…SL to BE on cable and still holding on. Thought about getting out at 18:00 gmt but figured there might be a sympathy move for the Fibers drop. So I’m risking the 15 pips profit made so far there…we’ll see.

Kinda hoping to hold that cable short through the rest of the week but don’t really want to risk losing anything on that trade. Whaddya guys think about holding the cable short right now? Got in at 1.5779 and my stop is at my entry. Would you guys take the 10-15 pips or hold it?

Good trading all!

Matty

Oh, and deskpop, I agree with what everyone has said so far after my post. Go slow, work your way through the thread from the beginning. Ignore the new info, it will only add confusion. Just go through at your own pace…this info ain’t going anywhere.

I was just curious if you are still in the Cable trade?

I entered at 5780, moved to breakeven after 30 pips, and then got stopped out.

somebody record ICT review today! thank you :slight_smile: going to sleep. good night

Make your own decision, but here’s my thoughts…

We can somewhat expect price to range till LO tomorrow. If we get a judas higher for the move down, it will either goto todays high, or an OTE between todays high and LC low or AR low, whichever is lower. If the AR doesn’t go below 1.5745 (which is LC low today), then the OTE sweet spot is the 1.5776 - 1.5784…IE the 1.5780 level to be a retest of the SR level and go lower.

Personally, I would bag the 15 pips, and look to reenter around the same level tomorrow…assuming you don’t don’t to widen your stop.

Of course, price could trend down through the evening GMT or the AR moving the judas swing high lower…but that 1.5780 level as a retest is looking pretty prime for a judas right now.

Another thought is to hold until 7pmET (midnight GMT) and see where the pivots land.

I just did a quick pivot calculation…if price closes the 23:00GMT candle around where it is at now (1.5763). The GMT CPP would be 1.5753 and R1 would be 1.5806. That puts the MR1 pivot at…1.5780.

Seems to be a Judas up to that level may be probable…

Just my thoughts…of course, price can drift lower and move things around. But as it stands right now…a 1.5780 retest looks probably from my standpoint.

Yes, stops at BE+1

Thinking about this a little more…what I’d probably actually do is close half my position for 15 pips. Then widen my stop loss up to 1.5795 or 1.5800. That way, in case we don’t get a judas higher, you could be in the move tomorrow. Taking half off now, and widening the stop that far would put you in a little risk where you could lose a little bit if it goes higher. But for me…that would be worth the peace of mind knowing that I would get in on the move in case it doesn’t swing up. And for a lot less risk than when I entered the trade this morning.

Manta, would you be willing to share those pictures again ?

Sure, but I dont think, that it is useful for anybody. I will post some better examples of my entries later.

I wanted to share the mistakes I made today because I think these mistakes have to do with something I’ve been thinking about, and even asked ICT during his last open access, [B]the news[/B]. So, if you don’t mind me, I’m going to rant.

Now you’ll notice one of the modules to be produced is “Fundamentally Speaking - ICT’s Key Points In Trading News.” So, what I’m about to say henceforth is my opinion and I have none of ICT’s released work to reference.

I did, however, ask him simply: “do you consult the babypips economic calendar for news?” I did so because up until ICT’s answer, that’s what I did. I like the Babypips calendar because it gives you ratings for how much a certain news story will likely impact the market.

ICT’s answer was, to paraphrase, “no, I use forex factory. nothing against babypips lol.”

Now I’ll move on to the mistakes I made.

I have a pretty flexible schedule so I can stay up for London Open despite being here in NYC. And my job even allows for me to be available to trade pretty much at any time in the morning. So, I have the mixed blessing of being able to pay attention to all the kill zones.

I say “mixed blessing” because I tend to overtrade. Now, this wouldn’t be a problem if I had the profit to show for it but I have almost nothing to show for it now (I’m not hung up about it I only started with 100 bucks thanks to my broker’s flexibility the lot size).

So, here are the three mistakes I made:

  1. At 12:36 AM EST I shorted fiber, the stop loss triggered at 4:09 AM EST.
  2. At 06:21 AM EST I longed fiber, the stop loss triggered at 9:30 AM EST.
  3. I stopped paying attention after that because I had no idea what was going on anymore.

Now, the third error ended up being the most costly. Because having just got home from work I looked up Forex Factory to check out the way the present their news. I can see why ICT prefers this presentation to Babypips. Everything is right there with the fullest details and its easy to tell which stories will have the highest impact.

Well, wouldn’t you know it. At 10:00 AM EST the Consumer Confidence index or whatever it’s called went significantly down, and that in turn prompted traders to pump up the dollar to avoid risk. This “caused” that sizable dip in the fiber.

Now, if I were to guess what that mysterious module “Fundamentally Speaking - ICT’s Key Points In Trading News” were to teach us…

Perhaps, ICT checks Forex Factory for any “red” marked news story, sets an alarm for 15 minutes before hand, and quickly checks for confluences and SMT divergences of all types?

Is it something like that?

Looking forward to finding out.

GLGT.

I think this picture is better…It is not exactly related to ICT stuff, but notice the entries. Where and what they are? The first one is tourtle soup, the second and third short entry is in OTE area.

…and of course there was huge SMT divergence :wink:

Thanks for the input. Pretty much the same thoughts I was having, but nice to have someone else echo the same sentiment.

Thanks. Makes sense.

I get the idea behind the momentum candle. The body of the candle is at least twice as big as the body of the previous candle and closes above/below the extreme of the previous candle. The open of the larger candle is the zero line. I get THAT part.

But the chart in this post confuses me.

Suddenly, the momentum candle is redefined! THREE candles are at least twice as big as the previous THREE candles and closes above/below the extreme of the previous THREE candles.

Which is it?

And which group of three candles are the lines pointing to? It isn’t clear.

The zero line concept made more sense when we were working with a “momentum candle” made up of two candles rather than a group of six.

And where did the horizontal line “the price closed above” come from? Is that the zero line?

I’m trying to keep these questions in one post so as not to distract from the topic at hand.

Three candles on one time frame is one candle on another time frame…

Right. I get that. But the chart is still unclear to me.

I’m not sure about what the News module will talk about or how ICT will deliver it. But 1 mistake is your 6am trade EST time doesn’t really coincide with Time & Price Theory. I wanted to take a trade at a random time and ICT let me know I would be wrong.

On another note here are my results for the month of January. A big thanks to ICT.


[video=youtube_share;_EL5nnaiW2Y]http://youtu.be/_EL5nnaiW2Y[/video]

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