No problem comrade! I was just checking & have now realized I was using May’s data for the Pivot calculation…now corrected!
I’m using the Baby Pips calculator & it’s placed S2 right under the current price action which is bouncing below S1 @ 1.6201 & I have just re edited this as I looked at the wrong line for S2 which is at a nice round 1.5700 (miles away for now anyway)
Sorry for the confusion :8:
Good to see our Teacher back! Thanks for the latest video ICT, will download it now
BTW I can’t seem to “like” anything on here??? Hope you guys don’t take that wrong but there’s no “like” button to press!
Apparently not in my case… I saw Michael doing it in one of the videos & thought I was a bit stupid, maybe I’m really stupid lol Must be something to do with my (firefox) browser. Thanks anyways for helping. I won’t bother this thread with this as it’s off topic.
I just wanted to take a moment and state I am very proud to see such organized posts and approaches to the tools and concepts. I encouraged all of you to look for a weekly opportunity that had the majority of the tools lined up for high probabilities. I’d like to re-submit this suggestion to those following this thread.
Keep up the great development and yes… London Close Course is going online very shortly… lol I know I’m driving you insane Alishijo.
I just thought that you were testing to see how patient and committed I was! No, it is me that is driving myself insane, but it is a great learning opportunity. You have given us enough already to put the odds in our favor, and it is now up to me to deal with the psychological aspects of trading. That is not to say that I am not excited at the prospect of more information because I am…very very excited:D
Been caught up with some personal stuff (grad is coming up!! :D), haven’t really been able to trade lately. Just read all the posts I’ve been missing and lots of good info! I’ll be looking to trade tonight’s London Open session.
Ali, don’t worry about the losses, I took quite a few as well when I first started out! But it’ll even out and keep your mind focused, that’s what’s kept my balance alive.
And thank you ICT for the new PTC video. =) I am also excited about the London Close Course!!
Edit: Just realized it was my 300th post! =) I’m officially hooked on this forum. Haha
My London Close limit order last night was set at the 79% OTE, but price came off the 62% OTE and retraced. This might be in the course, and ICT has said before that he goes halfway on entries, but I was wondering what everybody else goes for? If you have a strict rule on this one then I would like to hear your experiences. Has anybody studied what the costs are of always entering on the 62% for SCALPS? (Do the trades caught and pips won outweigh the larger stop loss for losers?)
Have just completed watching the ICT Core Concepts Video, and will be starting on Page 51 tomorrow. The videos are taking me about an hour and a half each to get through. Taking a ton of notes, and playing around with my charts at the same time to see how the S&R levels line up with recent data.
One question I have is if there is anywhere I can view past COT reports? I’d like to start charting them to look for the extreme high’s and low’s but don’t see that anything but the last week’s report is available on the CFTC website. Thanks for any help there.
Your fib is upside down. So no, not OTE. You are in a “Sell Zone” above the cpp. “kill Zone” refers to the time of day. We Use London Open (LO), New York Open (NYO) and London Close (LC) for kill zones, I’ll let you work through the materials to see exactly when these zones are.
Ali I use about the 70% level with no hard and fast rule but never as low as the 62%. I just joined you short on cable. I’m in front of the screen but I used a pending order at 6232 because of my itchy trigger finger and I’m not mad about PA so have not split my order and am in for 1%.
Lots of news at 9.30 local, so if I’m in profit at 9.15 I intend to close, if I’m losing I guess I’ll let it run and hope for the best. Doesn’t sound too professional does it :41:
In hindsight I wasn’t too happy with this trade. It had most of the requirements for me to take a scalp but I don’t think I’d identified sufficient resistance. It also had a poor RRR as CPP and the 6200 had a good probability of support.
I haven’t taken a LO for a week and think I forced it and I think seeing you short added a confluence so I’ll put you down for £50 demo quid :17:
Emotionally I’m happy, not feeling the need for sweet revenge on the market, I’ll see what NYO holds by which time the market sholud have absorbed the mornings news antics.
I don’t ever recall ICT saying that I should be one of the factors of confluence! That, my friend, is a very risky strategy:p
I’m glad you are not feeling the need for revenge. That is a very positive step forward. Take a while to ponder some of these quotes that I am trying to drill into my skull:
“Losses are simply the cost of doing business or the amount of money you need to spend to make yourself available for the winning trades.”
“There is a random distribution between wins and losses for any given set of variables that define an edge.” (That edge being the information ICT has kindly provided us with.)
“We have to be rigid in our rules, and flexible in our expectations. The typical trader is flexible in his rules and rigid in his expectations. Interestingly enough, the more rigid the expectation, the more he has to either bend, violate, or break his rules in order to accommodate his unwillingness to give up what he wants in favor of what the market is offering.”
It is IMPOSSIBLE to know exactly what the market is going to do, therefore we should always expect it to go one of two ways, and stay neutral in our emotions. What we shouldn’t do is change the rules of entry and exit because that takes away the edge, and that is where the profit will come from. Think of yourself as the casino, not the gambler. The casino sets the rules that give it a slight edge. It may pay out to winning gamblers some of the time, but over the long haul the casino always comes out on top. If you follow the rules that ICT trades by, and have faith in their ability to deliver over the long haul, then there is absolutely no reason to feel anything other than confidence. Euphoria and fear should not be emotions that you feel. Just quiet and unwavering confidence. That is the path of the professional trader, and I believe that is evident in the calmness that you see when ICT enters a 3 million dollar trade.
Hey Ali, just wait til you’re trading kill zones when you’re “in the zone”. Zone in on your edge, and zone out the distracting thoughts. and as a general rule, always start your analysis by identifying reaction zones, so you’re not taking trades in technical no-man’s land!
Watching the GBPUSD setups today, did anyone take the short at around 1.63? You had last Friday’s high just above, R2 just below, a nice round number to work with, and an over extension out of the downtrend on a 1 or 4 hour chart? Looks like it would have been a nice 100 +/- pip gain.
As I’m just starting to study the ICT tactics, I’m sitting out and watching the market to see how these setups pan out. The first bar to penetrate 1.63 happened at about 1:45AM my time, so I was asleep, but would like to think that would have been a setup I would have taken once the training and practice is over. So many good things going for it, in addition to the others I mentioned, the long bar most likely would have sold me on it. Always fun to watch those reverse back to reality
but there’s no “like” button to press!
Hey Babypipsters…
I am interested to see what the CPI does to price at 9:30am.