Real nice scalp there. What made you decide to take it all off the table at 30pips? I think if I did that more often, I’d really be getting somewhere lol
Thank you ake , and as for what made me take the whole amount at 30 pips is basically the same reason you just mentioned lol, I would love to be able to catch the swings like ICT, but I’m not good enough 
lol but honestly, most of my trades are from one point, to the nearest support or resistance level, I rarely tryy for the whole days range because when I used to, I never made out very well, as ICT says, u onlyy need 25 pips to make it big here
Could somebody tell me how to vote on the poll? I have been meaning to do it for a long time, but I could only see the results, and nothing to click on. ICT, you definitely got the goods!
CANCEL THAT! As soon as I posted this message, the voting bar suddenly appeared! I have NEVER seen that.
ICT,
I have mainly been trading the GBP/USD on the London close, but recently I put up 7 more low-spread pairs at the London close just to see if the same set-ups were occuring on other pairs. I am currently only able to trade at that time, and I figure if I can find the same opportunities on a number of pairs, spread my 1% daily risk over all of the trades, and then settle for little scalps, then on a good day I might be looking at 60 pips (15pips X 4 pairs out of 8 potentials).
To my amazement there actually seems to be potential for this system. Last night, for example, I was in the GBP/USD trade, but also in the EUR/USD trade, and two other trades (sorry I am on my laptop now and not my main computer so can’t remember which ones). I chickened out on Fiber for a profit of 10 pips at central pivot, but could have let it run much more if I had not had my main focus on Cable. I obviously got the 25+13 on my main Cable trade, and I was BE for another and +8 pips for a fourth.
They were all entered at OTE, all at pivot resistance in the sell zone, and all had some kind of natural resistance or higher level Fib resistance. My other criteria is ADR, and although I didn’t trade according to that last night, I think this is going to be my filter for narrowing down the search from my 8 chosen pairs.
What I want some advice on is how to go about setting the stop loss and take profit on short scalps like this. Through back-testing I have found that as long as I always enter according to the above criteria, the chances of scalping out the pips from entry to the point I drew the Fib from is quite high, and more often than not it will go to 1.23% (as you taught us, draw the Fib backwards for TP, or 38% of the daily range) if no other resistance/support is visible before that. Of course this only really works on smaller retraces such as 20% retrace of the Daily range (another criteria for me, and one that you taught), and is unlikely to occur on deeper retraces like we saw yesterday. But what about SL? You said it should be placed above the initial high, but I was wondering if you might actually place it at the 123% (High to swing low Fib) to allow for Fake-outs on the initial high (which also seems to be quite common)? This would keep you in the move, and the risk to reward is kept at 1:1 (which normally wouldn’t be good, but the accuracy rate of the move off OTE is very high according to my backtests!) Another way to do it might be to take the loss 2 pips above the high, and jump straight back in if it goes back down again (for a short).
Your comments and advice would very much be appreciated on this. You said in one of your videos that we should hunt out particular trades, and make them our own (as in our specialities, and not in terms of deveating from your tried and tested methodology). Well this is the time of day that I can work with, for now, and this is how I am trying to make it my own. The GBP/USD trade might only set-up 5 times a month, but that seems to be the case for the other 7 pairs too, and that is plenty of scalping opportunity in my book
As you know, with your help I would also like to be taking position trades, but I am patient and I will wait for further instruction on this.
Kindest regards
So, I might have missed my analysis yesterday because I was playing Dragon Age 2. I almost did the same thing tonight. Not sorry.
So, there isn’t much happening that’s very clear in foresight on the GU tonight. I’m eyeing 2 levels - S1, and MR1.
Since we opened below CPP, I think the S1 entry is more likely. It has yesterday’s MS1, Yesterday’s low, and Tuesday’s low all lined up around it, making it seem like a decent entry for a long.
MR1 has te Asian high lining up fairly nicely with it, and yesterday’s MR2 is sort of near there as well. Nothing too exciting. Unless we get a nice OTE or something like that, I’ll probably be flat on the GU tonight.
Without posting a shot of the EU, I’m looking to go long at MS1, as price is having a quite a problem getting past the 3860 level. I might look for a long at the S1, with Friday’s low lining up nicely with it.
They smashed Cable 1.6210/15 Offers, yesterday and tripped Buy Stops (38 pips spike-up in 2m).
I don’t know what caused it but I don’t buy ECB Bond buying as the reason.
1.6240 was rejected, yesterday and they lined up another wall of 1.6210/15 Offers (Asian Hi).
They need to get Cable below 1.6160/20 channel to shoot @1.6050.
They have got plenty of high priority news lined up for cover…
Dollar Index is testing 77.00 key resistance as I type…
Dollar Index broke 77.00 key resistance…
EURUSD broke 1.3850 key support
I would be vey surprised if they can defend 1.6050…
Hey Jaroon, I am also using that ‘###Daily-Weekly-Monthly Hi-Low’ Indicator. Nice little tool, hey? If you ever find that your chart is getting too busy, you can go to ‘Inputs’ and change the ‘Shift Current Label’ and ‘Shift Previous Label’ to ‘1000’ and this will put the labels 1000 candles back on your charts. If you move your mouse over the lines, the description pops up anyway, and so why not get the labels out of the way altogether. Just thought I’d share while I remembered.
Thanks mate.
London open I traded fiber, long at R2, 1.3813. I’ve move S/L to B/E with T/P at R1. With fundamentals out at lunch time I’ll be flat for the rest of the day but keeping an eye on London close.
Closed at 1.3842 for 2% profit. Price is still moving north but with R2 and an S/R level I put in at 1.3857 I’m happy to watch from the sidelines.
From yesterday to today Bank’s channel was lowered 110 pips from 1.6560 -1.5990 to 1.6450 - [U]1.5880[/U]. Let’s see what happen
Best regards
[I]“Me quedaré, me quedaré, [B]siempre cubano[/B] me quedaré…”[/I]
Do you think they got scared, Amigo ? 
I would…looking at the Dollar Index…
PWH 77.43 and after that it’s the 77.60 - 77.80 channel.
1.5980 - 1.6070 Cable channel…Corporates “love” price down there…
Two of them need Cable cash to pay for Q1 dividends…
I don’t know if they got scared or not mi Amigo. What I do know if that even they (the BIG ONES) CAN’T control this. And that’s what I love from market. For real, ANYTHING can happen here. Wait and see the swing where it goes is what I like, you know, just enjoying the show (of course making some profits here and there at its due time) without hesitation.
Best regards
[I]“Me quedaré, me quedaré, [B]siempre cubano[/B] me quedaré…”[/I]
It’s not about control, no. It’s about P/L.
They lost a lot of money, yesterday when Bids busted that 1.6210/15 defence line.
Cable stuck it’s head into 1.6070 - 15980 channel.
Let’s see how they are going to play this…
Have you loaded your gun, Amigo ??
First of 2 scalps for the evening. Took a long trade on EURJPY. No Fibs on the Entry M5 picture, but it was dead on 79% OTE and S2. The H1 chart shows how today’s S2 came in level with yesterday’s MS2, and also previous and two days prior’s mid-pivots. It was also 38.2% retracement from last week’s low. Price is currently up another 7 pips up, but I am happy bagging 15 pips here for a quick 30 minute trade.
Entry on M5:
eurjpym5entry.gif picture by Alishijo - Photobucket
Entry on H1:
eurjpyh1entry.gif picture by Alishijo - Photobucket
Exit on M5:
eurjpym5exit.gif picture by Alishijo - Photobucket
Well, gotta be honest and post the losers too! Got stopped out on a EURGBP Short trade for minus 10 pips.
My reasons for taking this trade were:
Over the ADR range. R1 confluence with 0.8600 and yesterday’s high.
To be fair I wasn’t 100% on this because of the big move up today. As ICT said with the GBP/USD trade I took last week, even if it adheres to the rules, price action on big swings like today’s are not conducive to a London Close trade. Maybe I need to come up with some rule that suggests an upper limit over and above the ADR that should not be exceeded.
It also didn’t show as overbought on my Williams % R (14) which I am experimenting with as an add-on.
M5 Entry:
march10thentry.gif picture by Alishijo - Photobucket
M5 Stop:
eurgbpstoppedout.gif picture by Alishijo - Photobucket
Not that I like when others lose money but you know what mi Amigo, I don’t like either when Big Boys call us, the little ones, dumbs and underestimate what we can do. Then, if they lost a lot of money that’s their problem, profiting from the market is NOT easy for ANYONE. Possible yes, simple yes, BUT NOT EASY. And for them the rule is the same even if they play on a level superior to our level.
Have you loaded your gun, Amigo ??
I already banked my minimal monthly goal in each account (200 pips) for March. But I left some remoras swimming nicely in G/U, E/U and A/U for the rest of the month.
One of them looks like this:
Let’s see how they are going to play this…
P.S.-
2 pips for the broker (Swap fee) and 123 pips for my account
- Note- Please, ICT (and everyone here), sorry for this post.
Best regards
[I]“Me quedaré, me quedaré, [B]siempre cubano[/B] me quedaré…”[/I]
Trade recap:
I didn’t take this one, I was pretty tired from another Dragon Age marathon (which doesn’t surprise me in the LEAST), but that’s okay, because my analysis was still good! That’s what’s REALLY important.
Taking a look, you’ll see that price bounced off of S1, giving about 7 negative pips at its highest point, before bouncing and climbing upwards, testing the CPP, giving a small bounce off the CPP, and then going up, hitting the 162% extension, the ADR high, and clearing out the stops from the previous test of the CPP, and making it’s way lower. Much, much lower.
Either way, if I would’ve taken the long, I would’ve netted around 70 pips, which is pretty reasonable.
Also: The EU gave me a two bear flags in a row in the sell zone, so I pretended it didn’t exist today.
Hi guys,
Now, I didn’t actually take this trade, but it seemed a good setup, so I’m wondering if anyone was caught out by this:
We have OTE in the buy zone, right on the NY open - but price never even gave us a chance!
I am interested to know if others would have taken this trade, and the reasons why/why not?
On another note, this week’s trading has been not quite so spectacular as the last, lol 
But on the plus side, I’m still learning a lot, and I can usually recognise my mistakes fairly easily.
So I was reviewing some of ICT’s videos, in particular the one about price swings (STL, ITL, LTL, etc) and pulling fibs while looking for confluence.
I wonder if anyone else is seeing what I’m seeing on cable and fiber today?
Pull up an hourly chart with fractals, and start pulling some fibs.
See some good shorts coming up?
-
Seems to me we will get a push up to around 1.3850 on the fiber, where we have the previous monthly high, a 50% fib retracement, some support turned resistance, and of course the 50 figure itself.
-
On the cable, it’s a similar deal around 1.6120, 50% fib retracement, support turned resistance, institutional level, etc.
Once today’s pivots are drawn in a few hours, we’ll get some more clues.
What do you guys think?
P.S., I know this is more swing stuff rather than scalping which we have been focusing on, sorry if I’m dragging anyone off-track.
P.P.S, I’m happy to post charts if folks can’t see what I’m yammering on about. Just ask!
P.P.P.S And I think I just answered my own question about the Cable long above lol
Just watched the last PTC video. I’m [B]REALLY[/B] looking forward to your teaching segment on the London Close! I have also taken on board your comments regarding ‘looking back at the videos and not glossing over the material’ when it comes to the position trades.
I just want to post my weekly results here and now so that it forces me to sit on my hands tonight.
[B]Experiment with multiple scalps using ICT methodology of natural and implied resistance coupled with OTE at the London close: Week 1 [/B] (Phew, that was a title!)
Total Trades: 6
Total Winners: 4
Total B/E: 1
Total Losers: 1
(Accuracy: 66.67%)
Average risk in Pips: 16
Total Pips gained for the week: 43 (prior 36 was a miscalculation of my split GBP/USD trade)
Assuming that ‘Average Risk’ equates to 1% of account, then the results would be a 2.69% ROI for the week.
Notes on risk management: Never risk more than 1% per London Close session. If multiple pairs present themselves in one session, spread risk accordingly.
N.B. Of course I am only DEMOing this system for the time being. My risk to reward is only 0.82 because I am jumping on the profits at the first sign of resistance/support, and this is something I need to work on. Hopefully further instruction will help.
Well, thanks again for the latest installment, ICT. It is nice to know that trading is possible with a little boy running around!! Mine is 7 years old, and another reason that I trade at night (London Close, but 12pm-3am Japan time) is so that I can give him the attention he needs, when he needs it.
P.S. Goal for next week: Get my sleeping patterns in order!