I’m hopping into chat now!
The ICT chat room subsection is 7/3rds as popular as the main chat room on Babypips. I think that’s a testament to the awesomeness of this method - go ICT!
Also - According to the poll, 94% of the people who have read this thread approve of its teachings. I don’t think you’ll find a success rate quite that high anywhere else in the world, ever. More kudos for ICT!
Thanks for the bucket, dude! Those London close scalps really do add up, and if you are risking 2% on each trade then the compounded returns look pretty nice. Based on my first month of CONSERVATIVE trading, you can expect to pull in 15% a month (I pulled in 7.5% with 1% risk per trade). If I am not mistaken, 15% month on month compounded returns equate to 400% for the year. If you are looking for more than that right now, then you are just damn greedy! In terms of monitoring this that and the other (COT, Futures etc), then I don’t believe it is necessary (I may be mistaken, we’ll just have to wait for the course in order to find out). There can be a certain amount of multi-tasking involved when there are multiple breakouts, but your bio suggests you are well equipped for that.
GLGT!
So much going on tonight…I guess that is what happens when the ECB, FED and BOE are all active. Most of the pairs were too far out of the range for my liking. Dollar/Swissy put in a nice OTE at resistance from the NY open, but I was too busy monkeying around with the EUR/GBP pair to catch it. Ended up getting out of my trade for half a pip! My account registered a slight gain, but I’ll call it BE because it felt like a BE trade the way I managed it back from the brink.
If anyone has any insights with regard to trading when all of the CBs are in discussions, then speak up and let me know.
Regards
I am currently doing a top down analysis using ICT’s methods on the pairs I can find data on at the beginning of each trading week (Sunday morning), then once more checking COT on Tuesdays. Jotting all those down and trading in favour of the bias just give me more support for entry in the OTE.
I am hoping ICT has more to saying about the London Close trades, because I am slowly growing more confident in its reliability and profitability and I feel that we have only caught a glimpse of what ICT is preparing in his LC Lessons.
Regards,
Clark.
The Friday COT? Trading in the direction of the ‘Smart Money’ Commercial bias? Could be an idea. Let’s play ‘guess the missing pieces of the LC puzzle’…it may provide ICT some entertainment while he is slaving over the teaching slides! My money is on some form of Oscillator…I know, I know, he doesn’t do indicators, but there could be a sly one in there now that we are married to the main parameters.
Yes, haha, I meant Friday, I dunno what I was thinking…
Well, all I can say is I’ve been really looking forward to the upcoming lessons!
hey you two we missed you in chat the (GMT) afternoon. The man himself was on hand but signed off before GU and EU went mad, suspicious eh? lol.
haha Ali I bailed on a LO trade this morning for 2.5 pips and it’s definately going in my profit chart!
Wish I was sidelined for LC but my 2% got munched by fiber in about 2 seconds, now I’m definately sidelined till tomorow.
Got a slight gain off GU during the London session. Went long and got 30% off at +30, rest stopped out at BE.
There was so much going on last night that there was no way I could have coped with chat too. I think I was monitoring 8 or 9 pairs that had crossed out of their ADRs at one point. That is just manic! The Yen and Dollar were getting bought up like there was no tomorrow, and the Euro was getting slammed. If it any consolation for your LC loss, I have NEVER seen it that wild at LC.
I was watching all those pairs too as they all had passed the ADR… But not a single entry off of them… But thank goodness I didn’t. The markets were odd with all the news releases and whatnot.
Regards,
Clark.
I had one loss yesterday. I was too greedy and picked wrong entry against longer term timeframes. Huh, 8-9 pairs. That’s too many pairs for me.
I’m watching only 4 correlated pairs…EU, GU, EJ, GJ. Nowadays is 90% of my trades only EU+GU, but I think that madness around tsunami in Japan is over, so I plan to trade more EJ and GJ again. I really like especially EJ, it is very nice pair. Good ADR, nice swings…
I had a really hard time giving up EUR/JPY and GBP/JPY. They were always the “exciting” pairs when I started trading with those huge huge intraday runs, especially when the stock market was collapsing. But I had to admit that my brain just doesn’t do well tracking 4 different markets, and now with my new mindset, I feel like I’m getting more than enough action with just the cable and fiber.
I don’t really get why some people on the thread are following all those pairs, it’s not neccessary to make good money, but maybe they like the action, I dunno. I mean I know the feeling “more pairs, more potential for profit” but I could just never make that ‘logic’ a reality. I’m glad others are finding success with it though, we all have strengths and weaknesses
Bahaha! It’s not for thrills, that’s for sure. If I had the luxury of London open with plenty of set-ups with a good risk/reward ratio then I would be saying the same. How many opportunities were there to trade either Fiber and Cable at London Open last month? What percentage were really sweet set-ups that could potentially net a full handle? If they were missed, how many set-ups were there which at least had a chance of netting a 1/1.5 R/R? How many hours did you have to sit in front of your charts to see them?
Over a four week period (60 hours spent in front of the screen), Fiber and Cable combined put in 5 set-ups with an average R/R ratio of 1:1. Now I am not one to seek out action, but that is a little on the boring side. I was lucky that 4 out of 5 were profitable…imagine waiting another 12 hours for a set-up that isn’t guaranteed not to stop you out. At least with the LO trade you can use the SMT and cherry pick with market flow etc. We don’t have the luxury of that yet, and that is why we are drooling at the prospect of more information and a potential to be able to pick and choose.
Anyway, thank-you for stating that you are ‘glad we are finding success’, and I too am happy to see that you are turning the corner in terms of your trading. I think we all have a sense of what ICT is saying with regard to overtrading, but until the playing field is leveled with the additional LC information, and/or I get to trade another kill zone, it makes sense to look at other pairs.
Regards
Ali
P.S. It was neither ‘good’ money nor ‘bad’ money last month, only ‘DEMO’ money! Starting this month I will be trading live, increasing the money in my account by a fixed sum each month. If I net the same 7.5% this month that I did last month, then I will have gained the equivalent of half a day’s wages from my day job. If I lose 7.5%, I will quit for the month and go back to DEMO. How is that for conservative? By the end of the year I HOPE to be earning reasonable amounts, but not before. Patience Patience Patience.
P.S. It was neither ‘good’ money nor ‘bad’ money last month, only ‘DEMO’ money! Starting this month I will be trading live, increasing the money in my account by a fixed sum each month. If I net the same 7.5% this month that I did last month, then I will have gained the equivalent of half a day’s wages from my day job. If I lose 7.5%, I will quit for the month and go back to DEMO. How is that for conservative? By the end of the year I HOPE to be earning reasonable amounts, but not before. Patience Patience Patience.
Read more: 301 Moved Permanently
Very well thought out! 
Hey Ali,
How’re you doing? =)
Did you see the USDCAD move that happened about an hour ago? Seems to be the only pair that exceed ADR today.
I took the OTE long, and just aiming for 100.0% Fib Level.
Update, about 2-3pips from my TP, phewf. First trade in almost 2 weeks now. =)
Regards,
Clark.
Awesome! I’m glad we’re on the same track! =)
Regards,
Clark.
We couldn’t be on a closer track! See how the Williams %R(14) got me out just before it slammed down? My money is still on the Oscillators 
Not a big fan of indicators, but RSI I don’t mind. =)
But shhh, we’re on ICT’s thread, and mustn’t talk about them!