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

[StephA]

Hi StephA, I don’t wish to reply on behalf of Ninjatrader, but here is my take on eu as a newbie student.
Taking the fib extension as shown, we get to 262 level which is a usual amount before a retrace may occur, this was the main reason for my long switch today from a week of shorts. Tomorrow I will look for the Asian range to see if we are continuing down or up. Also price is below cpp, where we would be looking for buys. In addition weekly trinity has overshot the lowest buy level. Hope this helps.

Appreciate your response. I never would have thought of using this method. Thinking about it, it is rare indeed to see a swing of this magnitude reach such a level without a retracement. I will be adding this nugget of gold in my arsenal for future trade opportunities

Sorry but what is cpp by the way ? Regarding the ICT trinity indicator, I studied it but didn’t take the time to add it to my current tools yet. I’ll be revisiting it definitly.

Thanks

[system]

Sorry but what is cpp by the way ?Thanks

cpp is the central (daily) pivot point. Also if you take the fib to the top of the high shown, it zaps the swing point almost exactly.

[abrsive]

Sorry but what is cpp by the way ? Regarding the ICT trinity indicator, I studied it but didn’t take the time to add it to my current tools yet. I’ll be revisiting it definitly.

CPP is the Central Pivot Point… below it Buy, above it Sell

[StephA]

Thanks guys. I use pivot zones as well in my trading but didn’t know CPP stood for the central pivot point.

[NinjaTrader]

Incredible ! Take the month off … lol

Could you provide in a brief summary what analysis you used to pick these trades ? I was looking to short the cable once again today during LO but no opportunity to do so. I am wondering what made you shift gears to look for longs.

It was a mixture of things pivots,trinity-buy zones,previous days price actions and my new bestest friend the USDX…:53:

Don’t worry if you didn’t see the longs…the more seat time you get watching price action the clearer things become…the market has a natural rhythm to it and when you can tap into that rhythm thats when things become a lot easier…:57:

[Spamorislak]

A question popped up . How far back should we go when plotting support and resistances? Do we plot it for every fractal high/low formed in each timeframe?

[soulreaction02]

Btw guys what is a fractal???

[LearninToPimpPips]

A question popped up . How far back should we go when plotting support and resistances? Do we plot it for every fractal high/low formed in each timeframe?

I wouldn’t say every fractal.

For timframes, I use daily and higher. I will get recent 4 hour sr lines, but personally, I don’t use the historical ones.

I look for turning points where price moved in one direction. Hit a point and reversed. Usually lookin for well over 100 pip moves. I don’t use small bounces as sr levels. I’d have way too many lines on the chart.

So daily, weekly, monthly sr levels with large moves to the point and bounces away.

On 4 hour, I’ll use recent (past couple months) but not much more than that.

[fred9455]

Btw guys what is a fractal???

A fractal is a high with 2 lower highs on each side or a low with 2 higher lows on each side.

[LearninToPimpPips]

Btw guys what is a fractal???

A 5 candle formation where the 3rd candle is a high or low. And the high or low is not breached by the other 4 candles.

If you use mt4, insert, indicators, bill Williams, fractal to plot them.

Add it to your chart, see where mt4 plots them, then follow the 5 candle formation described above.

[Sageone]

Best week of the month for me so far: + ~13%. Out of 26 trades so far using this method (starting January 1st), I had only 1 losing trade. 96% win ratio!!!

[PippyTheGrt]

The SMT is a CONFIRMATION tool.
You need to identify Key S&R levels as ICT has said in his above post.
You are looking for key S&R levels on your higher TF’s and waiting for price to trade to these levels, when price is at one of these levels you then apply the other tools you were given being pivots, OTE, institutional levels, kill zones etc and should you say ok I will take a trade at this level based on these tools if you THEN see SMT divergence between the 2 pairs you have confirmation of your trade.

As far as drawing S&R levels I think you are over doing it, scroll through the daily,4 hour and 1 hour and look for key levels, take into account previous days high and low, previous weeks high and low, and maybe 1 or 2 levels on a smaller time frame where there were clear reactions. Look at ICT’s previous PCT video, that is mostly what you need to do.

[B][I][U]As far as success goes using this method, It takes times. i demo’d for close on to 10 months until i went live. Hard work day in and day out, I literally have a full file of notes and research on everything Michael has taught. You have to really study this stuff, I see guys on here posting trades 1 or 2 day after finding the thread… They are just doing themselves a disservice, What Michael is doing can set you up for life, it should not be taken lightly. At first there will be losses and then breakeven and then slowly but surely profit. I look for 8%-10% a month, last week making 2.33%, nothing outstanding but my mindset is on a larger account.[/U][/I][/B]

This is more or less in reply to some posts with questions about pivots, S/R etc. from (I assume) newbies like myself (at least with this method).

I came across this post from Shaundd so I figured I’d cut and paste some parts that I find relevant (not that the rest of that post is not important).

“Hard work day in and day out”. Indeed :44:

I too am building a humongous library full of screenshots of the videos with remarks on them plus an index for every video so that I can refer back to videos for certain subjects in due course. I am going through the thread, reading posts and learning. Every once in a while there is an unlisted video thrown in - why am I not surprised that the view count for those videos is so much smaller than those which are listed on the front page and on YouTube ? Does the majority not want to put in the hard labour ? Does the majority want a quick fix, instantaneous reward and all that ? You betcha - the view count is the proof.

Ask yourself this for a moment: Which group do YOU belong to ? Is that where you want to be ??

I (and others) have said it before, and I’ll say it again: there are NO shortcuts. And, for those who insist there are shortcuts, please be aware of the fact that there will be other traders who DID put in the hard work. They will be waiting on the other side of your (very likely) mostly losing trades. Don’t follow the shortcut route - do NOT do that to yourself, you’re worth more than that.

The info that Michael has given is very detailed indeed and it is simply priceless. That said, do NOT expect that you will master this on a rainy Sunday afternoon, because you WILL lose your shirt and achieve everything Michael doesn’t want you to achieve: an empty bank account, utter frustration and -ultimately- broken dreams.

Michael, once again: Thank You For All Your Efforts Sir

[soulreaction02]

thanks guys. very kind of u all. what is the purpose of plotting all these fractals and not just support and resistance lines of different time frames??

[soulreaction02]

Thanks Pippy, so do we plot the S/R on 1 hr or daily timeframe? I don’t understand when i went thru the videos. I really newwwwwwwbieeeeee:)

[PippyTheGrt]

thanks guys. very kind of u all. what is the purpose of plotting all these fractals and not just support and resistance lines of different time frames??

That would be to determine Market Flow in an attempt to make sure one trades in the right direction.

May I suggest you start watching the videos on the first page of this thread ? They will help you to build the insight. The S/R and Determine Trade Direction videos are right in the beginning and they deal with the matter.

[PippyTheGrt]

Thanks Pippy, so do we plot the S/R on 1 hr or daily timeframe? I don’t understand when i went thru the videos. I really newwwwwwwbieeeeee:)

Plot them from H1 upwards.

[PippyTheGrt]

Excellent post, Shaunnd. You took the words right out of my mouth! I have also been studying this for close on the same amount of time, and I estimate that I have spent something in the region of 600-800 hours on ICT stuff alone. I also have a full file of notes, and these have been condensed down into 10 laminated sheets that make up my cheatsheets.

Yes, the concepts are simple ones, but that doesn’t necessarily mean that they are simple to apply. The reason I sometimes digress into less than technical analysis is purely because I believe there is a gap between the science of signals, and the art of applying them. Yes, we have to be firm in our rules, but I think the real progress comes when you become intuitive in the application of the different tools. In short, there is a lag between knowing the tools, and using them successfully. Too many people underestimate the extent of this lag.

Regards

And while I’m at it, I might as well re-post this post :20:

The laminated sheets are something I use as well for my trade strategies. Keeps them free from coffee & saliva :56:

[Spamorislak]

I wouldn’t say every fractal.

For timframes, I use daily and higher. I will get recent 4 hour sr lines, but personally, I don’t use the historical ones.

I look for turning points where price moved in one direction. Hit a point and reversed. Usually lookin for well over 100 pip moves. I don’t use small bounces as sr levels. I’d have way too many lines on the chart.

So daily, weekly, monthly sr levels with large moves to the point and bounces away.

On 4 hour, I’ll use recent (past couple months) but not much more than that.

Ah thanks for the response…yeah, the charts are really starting to get crowded but ill definitely keep it in mind, thanks !

[azadali]

Final third off at +50. +5.6% on the day.

I finally figured out that I am terrible at trading LO. When I first started trading these concepts I was almost trading LO almost exclusively. I lost 12% of my account during that time (about 2 weeks). Starting last week, something clicked when I was watching the charts during the NY session. I decided I would skip LO for a while and see what happens. Since then I made back all my losses and am up 3% on m original account balance. 4 trades, 3 winners, 1 loser, and the monster winner I missed by 1 pip yesterday. Hope I can keep it up. Thanks a lot ICT.

Hi Pete, what Would you say the reason is for this improvement? Is it because you have more time for analysis or is it easier to tell which direction the price will be going?

Thanks

[LearninToPimpPips]

Trading results for the week.

Another good week.

4 trades. 3 winners. 1 loser.

Continued to be ecstatic.

I posted earlier that I was up 7% or so after 2 trades. I did take a LC trade yesterday that turned out to be a big winner. (Long Euro). And an Aussie short today that failed.