I was reviewing some of my old posts this weekend, and I realized that in my haste to post the screenshots at the exact point of exit, I made some errors with labelling: my support mid-pivots were labelled as resistance mid-pivots. It is impossible to change those screenshots now, but I have put a note at the bottom of each of them to notify people to the mistake. I would hope that subscribers to the thread will have watched the vidoes, and therefore will know that a London Close scalp going LONG will be moving off āSā and āMSā pivots, but I cannot assume that fact.
This got me thinking about what ICT had envisioned when he started this thread, and in particular his hope that the teachings would be disseminated widely through each and every one of us. In that respect, we each have a responsibility to deliver accurate information, and to help each other in doing so. Therefore, if anyone feels that a chart is not accurate for some reason, I think that they should speak up so that it can be amended.
With regard to ānumber of trades takenā, here are my stats:
N.B. It was in Week 3 that ICT asked us to cut down on our number of trades, and this is evident in my stats. The minimum return I am aiming at for a week is 1.5% ROI. This can be achieved with 1 scalp, but as yet I still donāt have the confidence to let them all run to their potential, and so I am probably looking at 2 or 3 scalps to reach that figure. Once I have surpassed that figure, I will be scouting out set-ups, but not taking them.
My aim over the coming weeks is to get to know PRICE action at the London Close on an intimate level. My current accuracy rate is 72.22%, but my goal is 90%. I think this is definitely achievable knowing what I know after just 5 weeks. The improvements will come in managing the BE trades (in the way Clark kindly suggested) into a tiny gain, and cutting out trades that have been preceded by exceptionally strong PRICE action. The trades that I do take will definitely adhere to the parameters, and I will be focusing in on much cleaner OTE retracement swings.
When I trade London Close, before I enter a trade, I will try to find a possible pip range/target after LC. I only trade pairs that have surpassed itās ADR. By looking how far price exceeds the ADR, you can kind of gauge the extent of the move during LC. For example, I usually only aim for 30 pips on a LC trade, but on my last trade, the Cable went past ADR by 108 pips! I had a feeling it would move more than a measly 30 pips, also the swing I was measuring was 75 pips, so almost double the recommended 40 pips. Those were all signs of perhaps a larger than normal. Then by taking a look at S&R levels, you can find a high probability take profit level. Usually, if my trade was a winner, it most likely move in favour quite quickly, until itās 5-15 pips before my TP, before it slows down and retraces a little, only to reach my TP.
Basically, that whole paragraph just means watching the movement and volatility of price before it, and youāll have a better chance of finding TPās and setting SLās.
Well if we donāt like it we can always lump it & go find another thread
To tell the truth Iād be interested to hear why you believe what you believe, may be you could tack it on as a pdf or sme sort of sub thread as itās always interesting what makes successful (& un successful) people tick.
I appreciate all the hard work youāve put in to help us out, been lurking for a good while now because work keeps me occupied, still got a long way to go here.
In fact it has a spooky resemblance to my life, right down to the house restoration in Europe!!
I havenāt had a big pay redundancy thou dang it
But like you I spent most of my school years in a daze, too many other things on my mind, finally they gave me my University Entrance qualification just to get me out of there (jk) My 20ās & 30ās were the good years but I was never focused on money & material possessions, always had a dim view of materialism which wasnāt a sensible / balanced outlook. was pretty content with a littleā¦
Well now Iām in my 40ās living in my small home town with a job that pays good & lets me go to Europe for the winters, but my heart is just not in the job & I want to move over permanently so I can sort out the house.
I even fell into forex for the same reason as you, since Iāve had to shuttle money over there & was considering transferring back & forth to gain a bit more.
Thank you Green as grass(like the name!).
All I can say is if you get the slightest sniff of a possibility to go for your dreams GO for it!
I hope Forex is the vehicle to help you achieve them,I donāt know how far you are with all of Michaels material
but read it all,watch it all in your own time and pace until you understand it donāt even demo trade,by all means open an
account that way you can get used to watching the markets move,and make your predictions on what you think will happen
in your chosen time slot(London open / close new york etc)
Michael gave me some golden advice when I started and that was GO SLOWLY and have the utmost patience!!
For you and me and many others its not a race its your way to finance your long term goals/DREAMS to be living in that
place you have in Europe!!!
Donāt demo trade until you can paper trade or at least get the direction for the day right as its too much of a distraction
Iāve still not placed a Trade but iām almost ready.
Start posting your thoughts in public as it kind of gives you a bit more focus in what youāre thinking and or sit in on the
chat room and throw in your thoughts there,I find it helps to be amongst others as you see your mistakes better.
I hope iām not teaching you to suck eggs!and its not intended that way.
[B][/B]Took first trade using ICT method and here are the details.
Why I decide to take this trade:
1- Market flows Daily up, 4 hrs down, 1 hr down (2 of them down so decide to go short)
2- Drawn pivot, price was below CP so waited until went up to sell zone on MR1 which is also happen to previous day R1 1.6535
3- Drawn Fibs from Asian session high to low. Sweet zone is between 62 ā 79 level also around 1.6535
4- Total confluences 5: MF down, Fib sweet zone, MR1, Previous day R1, Above CP sell zone
5- Total gain = 25 pips
Placed a short limit order at 1.6529 which triggered around 3:15 Am Est. Take profit at 1.6504 since this is close to Institutional level. SL was at 1.6562.
Reward to Risk Ratio: 0.7 : 1 , Risk is high which I will try to fix in the next trade
Risked 0.32% of my account
[B]Thank you ICT[/B]
[B]Thank you Manta for sharing the MF indicator I down loaded while I was going through the posts[/B]
Please give me some critique since this was first trade
Before I went to bed (which was 1 hour before LO), I drew a fib from latest downward swing which was about 60 pips, I placed a sell limit at 1.6538, SL at 1.6568, and TP at 1.6478. Risking 2%, and having a 2:1 RRR, I just closed the trade.
The reason I had a bearish bias was because of market flow, COT on Friday did not indicate much of an increase in longs for the Commercials. Open Interest for the Pound has slowly increased while backwardization no longer exists between the Jun. 11 contract and Sep. 11 contract.
Unfortunately, it was on a demo account, and I will post a post-trade screenshot ASAP.
I didnāt really expect it to be a New York open trade, but hey, at least it was a winner.
Edit: Is it just me but have the GMT and NY pivots been close or the same lately?
Hey FX280 Iāve read though your post a couple of time trying to pick fault:22: but Iāve failed. Nice little trade Sir IMO.
It will help when you can post screenshots when youāre ready. My time zone conversion is sketchy at best but I get 3.15 EST is my 8.15 BST so 7.15 GMT (simples) so it was a kill zone trade as well.
For further confluences you can reference COT data (not the easiest to interpret), the USD index, bond yields for failed higher highs or lower lows on one of the 1yr, 3yr and 10yr. SMT reference any divergence between Cable and fiber plus the other great tools ICT has provided but if you stick to the main principles that you have in your first trade you will be a profitable trader over time. Well done.
good try at least, dont worry about it to much, most of the banks were closed today anyway so it was a sketchy day for trading technicals i would think
No worries! I think the name sums me up Iāll hang on to it for a few years I think. btw eggs are quite nutritious to suck, as long as you take the shells off them first
I was trend trading with reasonable success up to January GBP/JPY but really I think it was more luck then anything else.
Got into ITC here & havenāt placed a trade for weeks, not much point if you donāt understand it clearly enough.
Read thru the thread & downloaded some of the videos which Iām limited with because of a data cap & expensive (mobile) connection, but yes it is making more sense as I progress.
Manta,
Thanks for the overlay indi, using it with co related pairs is very amusing, sort of like having a time machine in some ways (yeah I know this isnāt a ITC concept) or am I just seeing things?
Hordane I have to thank you too for your efforts on the pp indi, & the rest of you guys, all been good reading
Focus on EU and GU overlay only. And look what happens before any significant move. One pair makes new high/low the other one does not make new high/low before the pairs change directionā¦
e.g. look at the GU trade from fridayā¦GU made new high, EU did not at the same time.
Hope it helps.
EDIT: or you can look at it this wayā¦one pair leads, the other one followsā¦
I used similar technique some months ago. I just combined three candles together, but it has nothing to do with ICT methods.
