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

fortunately pulled out a win with another method

A Z-day is a consolidation day like a S&D day except tighter, price just keeps hovering around the same level. The way to use it is get the half way mark of the z-day range using the fib 50% and use that 50% the next day as a launching pad. Z-Days can be expected to appear at the begining and end of the month as a rule of thumb.
Once you get used to the idea of Z-days and see them work then start to think fractalize and a whole new world opens up. :slight_smile:

I have TradersTrinityDay which takes the same prams as pivots and WeeklyOpen which just draws one line of the weekly open in this zip file ICT_Indi-stuffv2_2.zip (183 KB).

I’ve also included a really handy indicator called DayLines that you can get to show just the Asian Monday and Friday with.


Wally

Yeah he doesn’t spell it out specifically, but it’s because of the S/R level at 1.3280 - pop that on your chart and you’ll see that it’s a level that gets hit again and again, going back years!! it’s a fundemental price level. Try putting lines on all the .0000 and the 000 levels - - It’s quite revealing how price totally respects these levels, it’s almost like it provides a ‘climbing frame’ for price! good luck! - see “trading the figure” vid on the ICT forum “what every new trader needs to know…”

Top man, thanks Wally! :slight_smile:

I love your ever growing bag of goodies, lol

btw, any chance to chuck in Monthly Mid Pivots in the next version? :stuck_out_tongue:

thanks again.

Nick

Hey everyone.

Does anyone know where to get the SMT charts that ICT was using in the market review from Monday. The ones with the line charts and dollar index

Thanks in advance

Mike

hey guys!
There is one thing i cant wrap my head around: long/short bias
How do you make up your mind if on the next day you want to go long oder short?
lets take EURUSD for example:

  • weekly trend seems still down
  • but price bounced off of 1.300 and 1.3100 level so this would mean there is a potential for taking long of OTEs show
  • monthly Trinity broke up last month, traded back into a buy zone (1.300 and 1.3100) this month and bounced up
  • this would mean price coul be going up at least to 1.3500 level to test it

—> therefore my main bias is long so i will be looking for SMT DIV; FIB LEVELS; STOCH DIVERGENCE; etc.

Can anyone correct me if I am wrong?

THANKS!

Remember you can always just choose to stay sidelined if you can’t get a solid trading bias.

On dailyfx.com in charts tab - look for netdania charts, you can get the same charts (also for free) on netdania.com, I am using the chartstation to record my notes and lines so I can review the weeks price action

Although I cannot seem to replicate the smt divergence on today’s webinar on either version of charts - I’ll keep trying.

Not sure I understand the significance of just the monday and friday asian sessions, Wally. Is this in the asian session videos?

From what I can tell from this week, there were a couple of monday/fridays that could’ve been used as visual markers for a SMT divergence in cable/fiber. Is this what you see?

Aha! I never would have looked under netdania. Thanks, I appreciate it :slight_smile:

Mike

Got short a couple of days ago using ICT principals. Missed the high by 2 pips. :cool:

Holding as a swing trade, would like to see 1.5650, but we’ll see what price does tonight.

Thank you Wally. That looks good to use.
By the way I have shorted both cable and fiber today on Judas break but was stopped out! Maybe that wasn’t a Judas at all? Otherwise that was giant one! And how to determine such giant Judas Swings?! :s

To me it looks like a SL huntish type of move (current week’s high and buy stops) and i think its going down again, maybe to 1.3100 zone for an OTE up for next week?

Me too… on the fiber, I had a great short yesterday and now the maket handed me my behind, actually the fiber looks like an S&D WEEK now, I certainly didn’t see that one coming.
Oh well another bus will be by next week. :slight_smile:

Wally

Dude if you stop jumping in front of buses they will stop running you over.

LOL sorry man I had to I just could not resist

Wally, have you been using the SMT tool? There was bullish divergence b/t the fiber/USDX overlay this morning around 1:00 EST.

Exact same story for me! Certainly took me by surprise as well!

LOL, I was going say something about getting killed in the kill zone.

You’re right I didn’t see that, what TF are you looking at for SMT’s ?
I had limit order with 30pip stop for LO and had to run down to the shops just as Gemany was turning up towards my entry, no problem I thought everything going exactly according to plan, got back 15 mins later just before LO to see the horror. I don’t it would of mattered much even if I was here and watching.
I should of listened to my spider senses telling me something was wrong when price didn’t continue down after breaking Monday’s low like I thought it would.

Wally

This week was pretty disappointing range-wise. I do expect some fireworks next week though, to make up for it :wink:

I kinda hate hearing everyone is on the same page lol. Honestly perusing the forums I heard soooo many people looking short, pointing out the head and shoulders yada yada yada, and thought ****… they are not gonna dump it. I hope youre right on the fireworks, and I hope its with my bias which at this point is either way playing the wait and see game… large wicks and volume into resistance, but price is coiling at the top so possible breakout, but dont let it be a fake breakout… ahaha

Maybe ill just play the forum sentiment indicator game.

edit: Forgot the smt at the weekly highs.

Also I command prices to drop next week!