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

[PeteSchweaty]

You didn’t take any profits at +30 pips?
I’d be more worried about your habits than this one particular trade

Agreed. Close some of it, take some profit, and tighten up your SL on the remainder.

[LearninToPimpPips]

Need some help from the veterans. I have a short on cable that is still running. It did not hit my TP and my trade was a day trade so all my targets are now canceled. My fill was 5785. The price is now 5735. I have a strong feeling that it’s going lower and we made the weekly high already. Am I being greedy or should I just close most of the position out? 100% of it is still open. We are dropping fast… price is now 5725… Help me with swing projection. Where do I take profits??

Today’s high was an OTE of Friday
High to low. A 28 or 62% extension of that is reasonable.

I assume you closed some at 30 pips (or moved to breakeven). I’d take some now and let more ride for the extensions. Some more off at 28% and the remaining for the 62% (or if structure supports it…hold till thu close for weekly range )

[kashix]

Thanks for the input and reminder guys… I closed it all out at + 55 pips just now. I think I had made enough off the trade. The only thing that deterred me from closing it out was the idea of converting an intraday trade into a swing trade as I’ve never taken one before and I felt as if the high of the week had just been made. I’m new to this and i like to experiment. I believe that there are no hard rules in forex and being flexible and knowing why you’re doing what you’re doing is key to becoming successful, in my book at least, but thanks for looking out. I took profits early in my fiber short so I let this one ride.

For example, I’d take profits earlier than 30 pips if I thought there was an area of support/resistance with a high probability of turning my trade into a loser. On the contrary if there was no such area, I’d take profits at the next area, which was greater than 30 pips.

[RC24]

Check out the Euro chart making a lower low. Now look at the USD Index failing to make a higher high. Asian session may be pointing to accumulation right under that blown out stop from Friday’s NY session.

Possible smart money footprint?

[MCAWally]

hmmmm

and targets

I’m not a huge fan of Flags but lets see.

Wally

[akeakamai]

Check out the Euro chart making a lower low. Now look at the USD Index failing to make a higher high. Asian session may be pointing to accumulation right under that blown out stop from Friday’s NY session.

Possible smart money footprint?

Nice catch, I always forget to check my USDX chart… :24:

[piptronix]

It’s easier to just forget about your own timezone and check directly what the time is in London and New York, since it’s fairly easy to remember that the kill zones are from 7 to 9am (open), and 4 to 6pm (close) locally. So all you do is go to Google and type:

What is the time in london now
What is the time in new york now

Its probably been mentioned before, but here is a really cool site :
Forex Clock | Forex4Noobs

[NinjaTrader]

Cable short
Enter: .5802
30% still running

NZD short
Enter: .8350
30% still running

Fiber short
Enter: .3273
Exit: .3215

• 58 Pips ( got impatient and didn’t hold out for daily range… )

3 shorts today ( I was in the shorting mood) days like this make trading fun…:)…had some bad entries into position I was a little to quick on the trigger today (something I need to work on ) …all in all not a bad day… any day you don’t lose money is a good day…

[LearninToPimpPips]

Check out the Euro chart making a lower low. Now look at the USD Index failing to make a higher high. Asian session may be pointing to accumulation right under that blown out stop from Friday’s NY session.

Possible smart money footprint?

Certainly something to watch. But s&p downgraded a bunch of Eu countries credit ratings at 1800ET. Probably a reaction to that. Euro is one of 6 currencies used to calculate usdx. Think this is euro falling more than a dollar reaction.

[LearninToPimpPips]

Today’s high was an OTE of Friday
High to low. A 28 or 62% extension of that is reasonable.

I assume you closed some at 30 pips (or moved to breakeven). I’d take some now and let more ride for the extensions. Some more off at 28% and the remaining for the 62% (or if structure supports it…hold till thu close for weekly range )

Should have said 128 or 162 extensions…

[dantheman53]

Certainly something to watch. But s&p downgraded a bunch of Eu countries credit ratings at 1800ET. Probably a reaction to that. Euro is one of 6 currencies used to calculate usdx. Think this is euro falling more than a dollar reaction.

The fiber and cable make up 70% of the USDX which both made lower lows. I wouldn’t discount divergence based on news. Trust the tools.

:57:

[lehm]

i might make myself look like a fool now but thats fine … anyway …

LO james into 5680 and then up for a bit

thanks for attention and good night :24:

[RC24]

Nice catch, I always forget to check my USDX chart… :24:

Since the cable and fiber have been somewhat out of whack lately I have been looking to take more trades on the fiber and using the USDX as divergence. The 2 are practically identical so divergence really stands out.

Unfortunately the USDX did just stab above it’s previous high, but obviously it and the fiber are at some decent S&R levels. I’ll be watching closely for the next few hours to see if I can find some more reasons to enter a trade in the LO.

[prochargedmopar]

Chris Lori of ProTradersClub.com has been teaching the “reflection” pattern for years, he calls it a Deep Fib Zone…
Hmmmmmm

[MCAWally]

@akeakamai

Nice catch, I always forget to check my USDX chart… :24:

This is my small time frame setup but I leave the SMT overlay chart with USDX visible in all time frames.

All the Indi’s are in this ZIP file ICT_Indi-stuffv2_1.zip (128 KB). Hope this helps keep an eye on that pesky usdx.

Wally

p.s. White dashed lines are from high TF (1H and up to monthly) previous SMT’s, thats all the long term lines I put on this chart, as u can see interesting.

p.p.s. I forgot to mention this USDX.ex4 should work with any mt4 broker as long as they supply the pairs that make up the index.

[MCAWally]

@prochargedmopar

Chris Lori of ProTradersClub.com has been teaching the “reflection” pattern for years, he calls it a Deep Fib Zone…
Hmmmmmm

I thought the Deep fib Zone was the fib extensions, I’ll have to have another look.

Still I like the way ICT explained the Reflection Pattern and when I looked back it works really well, looking forward to using this tool.

Wally

[piptronix]

I thought the Deep fib Zone was the fib extensions, I’ll have to have another look.

Still I like the way ICT explained the Reflection Pattern and when I looked back it works really well, looking forward to using this tool.

Wally

I haven’t completed the new video yet, so I can’t comment on the reflection pattern, but I think you are right about deep
fib zone being a Fibonacci retracenment (79%)

[green_as_grass]

@MCAWally

All the Indi’s are in this ZIP file ICT_Indi-stuffv2_1.zip (128 KB). Hope this helps keep an eye on that pesky usdx.

Thanks Wally,
Not sure why but the USDX indi crashes MT4, It’s Oandas version, never mind… might not have all the basket currencies with them?

Cheers!

[MCAWally]

Thanks Wally,
Not sure why but the USDX indi crashes MT4, It’s Oandas version, never mind… might not have all the basket currencies with them?

Cheers!

Bummer! I’ve got in working in my mt4 Alpri demo. Here’s the code listing, see if there all in your symbols list.

string symbols[] = {“EURUSD”,“USDJPY”,“GBPUSD”,“USDCAD”,“USDSEK”,“USDCHF”};
double weights[] = {-0.576,-0.136,-0.119,-0.091,-0.042,-0.036};

Wally

[Alishijo]

Bummer! I’ve got in working in my mt4 Alpri demo. Here’s the code listing, see if there all in your symbols list.

string symbols[] = {“EURUSD”,“USDJPY”,“GBPUSD”,“USDCAD”,“USDSEK”,“USDCHF”};
double weights[] = {-0.576,-0.136,-0.119,-0.091,-0.042,-0.036};

Wally

Hey Wally, I have always liked the Overlay Indy that you use, but I was wondering how you put multiple pairs onto it? Do you separate the pairs with only a comma, because it doesn’t work for me. I also like the fact that I can now get USDX on a line basis on my Alpari platform, but I am wondering how you got it on the Overlay window rather than its own window. Any help would be much appreciated.

Ali