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

Thanks for the quick reply. I work full time and have come to realize, as a result of going through the first few videos here, i have severe discipline problem hhaha. So it will probably take me longer then that. Ill just plug away and work on being disciplined with my eduction and see how it goes. Any extra advice related to this forum or learning in general that might save me some time?

Million $ Tip: Forget measuring your development in respect to time but rather espouse the idea this will no doubt require time and give yourself the permission to gain the understanding regardless of the ā€œtimeā€ you personally need.

Hard isnā€™t it? :wink:

This is precisely why trading before you are prepared mentally for the submission to time, leads to destruction. Go slowā€¦ The money will always be hanging on the vine for youā€¦ However, you need to identify the thorns and consequences of getting ā€œpipdrunkā€.

Welcome to the broodā€¦

~
GLGT

This is something Iā€™m working on to create a more automated charting package for myself but I thought Iā€™d share it. If you use the i-HighLow indicator you will be familiar with this indicator. I took that indicator and added functionality and custom-ability to it.

Now you can select the type of line, color, text color, text label for the daily/weekly/monthly high lows. I also added the ability to display more than the previous day/week/month. You just select that you want to show previous high lows for your time and how many periods back you want to display (custom periods for day/week/month).

The previous periods will display like this ā€œPDay 2 Lowā€ or "PDay 3 High). This simply means the previous dayā€™s low 2 days ago and prevoius day high 3 days ago, respectably. Whatever number appears in the label is how many periods back it is showing, so 2 periods is 2 days ago 5 periods is 5 days ago. Same for week/months.

Edit: Updated the file to properly allow mutli lines without deleting your previous settings.
Edit: V R3 to add in deinit which will remove the lines drawn when indicator removed from screen.
i-HighLow_customizable)r3).zip (10 KB)

This looks like it could be a great indy, Hordane, but I am having problems with the previous days/weeks/months setting. When it is on default there are no problems and shows all previous days/weeks/months data for 1 period, but when I change all of the settings to include up to 4 periods, it doesnā€™t do what it should!

When adding the various settings in a logical manner from its standard base (reset), it goes something like this:

  1. (reset) PDH/PDL, PWH/PWL, PMH/PML - OK
  2. PDH/PDLs up to 4 periods with PWH/PWL and PMH/PML also on the chart - OK
    3)PDH/PDL AND PWH/PWL up to 4 periods activated, PMH/PML up to 1 period - Shows PDL/PDH up to 1 period, shows PWH/PWL up to 4 periods, shows PMH/PML up to 1 period.
  3. All PDH/L PWH/L PMH/L activated up to 4 periods - Shows PMH/L up to 4 periods, Shows DMH/L, wipes off PWH/L.

Is this a bug? Is anybody seeing this?

Thanks for your hard work Hordane. Hope I can get this fixed.

Yes I see what you are saying, there is a logic bug, working on it now.

Updated the file, please check the initial post for updated file: http://forums.babypips.com/newbie-island/36328-what-every-new-aspiring-forex-trader-still-wants-know-112.html#post251478

There you goā€¦now she works! :7:

Many thanks.

Ah! Wait a secondā€¦now the lines wonā€™t disappear even when you delete the indy from ā€˜Indicators listā€™ā€¦

I was just thinking of something regarding pivots.

Shouldnt we be using pivots basis GMT in london session open since mostly london tradersā€™ activity in that time? Instead of using US GMT -5??

Sry for the noob question but that just came to mind while digesting ICTā€™s methods.

BTW, canā€™t thank you enough ICTā€¦ Really appreciate your sharingā€¦ Now i am really able to understand why price go where instead of previously i will be chasing after price and never having any idea where price will be heading towards. So far past week till now, using your methods i was able to correctly predict price action 80-90% of the time and netted handsome amount of demo pips.

Could somebody confirm my kill zonesā€¦having a crisis of confidence since the time changeover in both NY and UK!:26:

London Open: 2am to 4am (current NY time)

NY Open: 8:30am to 9:30am (current NY time)

London Close: 10am to 1am (current NY time)

Thanks

P.S. They shouldnā€™t change from before, right? London change just cancels out NY change now.

Hey Alishijo, Iā€™m not sure if it answers your question 100% but forexfactoryā€™s website tellls you excatly when the new sessions start according to where u live, on their main pageā€¦and just add 1 hr to before and after that time to get a good time to be lookin for trades! Hope itt helps

Good idea Alishijo, can someone triple check, my double check. Iā€™m now using:
London open 7-9 GMT (2-4 NY)
NY open 12.30-2.30 GMT (7.30-9.30 NY)
London close 16.00-1800 GMT (11.00-13.00 NY)

I thought I might be missing some London close opportunities. Whatā€™s the rest of us on?

On a selfish note, Iā€™m only now appreciating the advantage of living in GMT. I wonā€™t start a list of the disadvantages:27:

Thanks six3sixā€¦I could check NY open and London close through FF and my P4L Clock. It doesnā€™t list London open because we are already active in the London session.

Jaroon, it might be the blind leading the blind, but my times are OK and so I think yours are too. For the NY open, I think ICT said to wait until the big news events were released, and so that is why mine is 8:30am and not 7:30am. For London close, I think you will miss some opportunities with just one hour before and after. ICT said a 3 hour window (2 hours before close, 1 after) and I have found a small percentage set-up that early.

I hadnā€™t considered the possibility that I too might be missing some opportunties with NY openā€¦if there are no news events, then I guess we should be looking from 7:30am. Would like to see what ICT thinks about this.

Updated indicator again to remove lines when indicator removed: Post with indicator

OK GMT lover boy (girl?)ā€¦I wish I could say this was one I made earlier (in the words of Blue Peter), but this is fresh off the press my friend.

London close trade entry taken at 3:25 GMT and exited at 4:00 GMT on this very day!

eurgbpmar30th-1.gif picture by Alishijo - Photobucket

Well played Sir. Iā€™ve made two out of two profitable trades over the last two days using most of the tools but I havenā€™t found an O.T.E this week. I must confess my top down analysis has been stopping at the 15m chart, reviewing my trades the 5m would have made a sweeter entry.

40 years a man BTW but forex is teaching me not to take anything for granted when it comes to predicting the future :stuck_out_tongue:

Thanks Hordane loving that indi.

Hey guys,

Kind of been a slow week for me, couldnā€™t find any OTE entries yet so Iā€™ve been sidelined for the week.

As for my settingsā€¦ they seem to be off compared to yoursā€¦ My broker is GMT time, but if I am correct London is now in BST time.

My PivotDailyMacro is set at -4.
Kill_Zones are set as followed:
London Open: 6:00-8:00am GMT
New York Open: 11:00-13:00 GMT
London Close: 14:00-16:00GMT

I pushed everything back one hour due to the fact that GMT is one hour behind London Time (BST).

If I am wrong, please help me! Haha, I appreciate it!

Regards,
Clark.

What about using this method in combination with price action strategies?

Donā€™t forget sometimes a trade will come a little sooner/later than the times specified! ICT can you clarify the times in GMT? Not 100% sure Iā€™ve got the correct times

Yes! Thank you hello, I wasnā€™t quite sure if OTE setups would be viable a few minutes before the exact times! Lately Iā€™ve seen some nice setups just before or after the sessions but I remained sidelined feeling I should follow ICT methods to a tee.

And I agree with hellogoodbye, could you please clarify times in GMT? I think it would help alot of us out as well. Local time, EST, GMT, and BST has really got me confusedā€¦

Thanks again! =)

Regards,
Clark.