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

Thanks for that, I only saw it after I answered piptripper. anyway you refer to market flow and market structure, which ICT also does. Are these terms explained in a video somewhere? Or where can I lean about these?

I’m going to assume you mainly enter short-term trades using these setups rather then week long swings?

@ Nitsuj,

For more on Market Structure and Market Flow I would recommend the videos “ICT Core Concepts” and “Top Down Analysis”.

I personally use MF/MS them to determine bias and enter both ST trades and Swing trades. :slight_smile:

Hi FXTraderCro,

Where can I find the Top Down Analysis video?
That sounds like it could be the missing link!

Hmm, I’m currently on vacation and the video is on my PC. But you can send me your email adress via PM and when I get home on Sunday, I’'ll send it to you.

HI FXTRaderCro,

can send it to my email as well. Really appreciate it. Thanks

Another video for Market flow is the “COT Sentiment” video.

And you are correct, I am short term trading where I usually enter the market during London Open or New York Open kill zones and always end my trade on the same day the latest at 13:00 EST.

Is that the same as the “Secrets To The COT Report” video.

Hi StephA,
When you backtesting using ICT’s method and tools, do you do it manually tick by tick? I am just wondering if there is a MT4 simulator that can speed up the backtesting process.

OMFX

Is this a likely search and destroy setup or is the timescale too large?


IMO an S&D setup can occur on any time frame.

Hi,

This pattern was noticed already: http://forums.babypips.com/show-me-money-daytrading/43211-inner-circle-traders-millionaire-traders-guild-66.html#post337420

And, Yes, ICT’s tools work on every time frame and every chart (forex, commodities, stocks, etc.), so you’re on the right path… :slight_smile:

GLGT! :41:

I haven’t seen the revamped version of the video but this looks to be the right one.

I backtest the old fashion way. There could definitely be ways to run automated simulations using MT4 or other software but I never looked into it.

Sorry for the late reply.

Of course i can…here you go

Trade Master xls.zip

I included the pic i posted some days ago for reference. Don’t forget to check the readme file that i included in the other package.

Thanks for your effort, it now becomes a teamwork of some kind it seems :wink:

:57:

p.s. Thanks to everyone else who likes my creation. Hopefully DT can make it work for Excel.

I’m a bit confused regarding support and resistance and the higher timeframes.

To increase the odds of a succesful trade we ought to trade with the major market tide ( like the C.O.T data) now, if commericals have accumulated positions on the C.O.T that state the longterm trend is up. We ought to try to position ourselves with buy trades.

However, it has striked me several times that prices has gone into a range market, ranging in between levels… Since i’ve been fockusing on going long based on the longterm market trend this makes a lot of profitable short oppotunities disappear…

Any ideas?

I think ICT has said that COT bias is primarily a position trading concept. It will help you catch those 500+ pip moves.

Thank you for the respond StephA. Does anyone know of a MT4 simulator that can speed up the backtesting process instead of the tick-by-tick manual process?

OMFX

Thank you for putting that out. I have tried to keep my mouth shut on this as I might have been missing something. But the cot report is sent out weekly (Friday most of the time). So if you use the COT data to day trade then it already have your bias for that week. However it dont work that way (at least as far as I am concerned). Yeah they give you there long and short positions based on the time they sent the data to the CFTC but that does not mean thats how they are positioned on monday or even when the report comes out. But there overall positioning will be long term and remain the same. Thats why it kills me when I see when I see daily cot charts. How do you get cot data daily when the CFTC releases it weekly. What you (or at least I) look for are extremes in sentiment. Thats when a reversal is coming. Now just like a stochastic indicator it can be extreme for a long time. However this gives you a big picture. Mix that with some fox news idiots and you got a bigger picture. For instance you see big money is extremely long the cable and you hear some idiot on fox (or whatever you watch) saying the cable is set to go to the moon you might want to think of cashing out of them long term longs and think about getting short. I am sure ict can go way way deeper than me but for day trading COT can play a part but does not carry major weight. Use it for bias? Sure but look at charts you will see up weeks when big money is overall short. But the majority price will head down long term. What would you do if you had enough money to do something in the markets. Toy with small time dumb money. Push the price around all over and take there lunch money with you long term positions in mind. Always remember one thing if big money pushes price 100 pips in there favor they dont actually make any real money. Thats just there exposure. It takes everyone else to push price in there direction to make money. Or take out your stops short term for fun and make some money while doing so. Hell if I had that kind of money I would not just run stops for money and to position myself in the market. I would do it because I could. When you got that kind of you I dont even think its about the money at that point but more about power. You gain power by taking out the competition and making them bleed. Sorry for the rant I just had something to say since I am board watching price dance around my entry levels. I hate weeks like this. There has been good moves but none I was there to trade. I did catch a small move. Risked 20 pips and got 30. But I was just taking a quick scalp and let price stop me out. Yeah it stopped me then took off. Oh well I was only looking for 30 pips and I got it so I cant complain. But I can whine and rant on babpips :stuck_out_tongue:

Thanks flying rhino that a great trade log you got there. Hope something comes out of it.

DT I really appreciate your efforts on this. Hope it works. I am trying to do it from scratch but I just dont have the skills yet. I just bought the book excel for dummies to teach me but buying the book and reading the book are 2 different concepts lol. I guess shooting my old macbook when it started giving me problems was a bad idea lol.

Often when I see an opporunity to place a trade i don’t do it due to the fact that there’s soon going to be a news release setting the markets into turmoil… And frankly, there’s news every week effecting the fiber and cable.

This is especially anoying if i want to take a swing position which implies that i could get stopped out by the new’s release volatility that so often occurs.

Is there a ranking order to which news are most important?

The only way i determine is by looking at fx factory and see if the icon next to a schedueld news release is red or not?

Any help with news is much appreciated, i believe ICT talked about news in som video but can’t remember which one. Or perhaps i’m mistaken??