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

RC24,

Use the forexfactory calendar. Keep a shortcut to it on your desktop. It doesn’t have everything, but it has most of the major news stuff to keep an eye on.

flabberdous,

Thanks. I found the zip file but with different broker times it does not line up time wise. Is there an adjustment from GMT time that can be made or do I just need to change each time to fit with that broker?

Babypips.com, tools tab :wink:

You have to do the leg work and find out what times the kill zones are for your broker. Input the new times, and always keep the indy loaded on your charts. My broker is GMT+1 so just give me a shout if yours is the same and I’ll supply you with the times.

In inputs you can adjust the times for begin and end for each zone to whatever you like. Don’t worry about what number you have to use to get it to come out right, just adjust until it covers the time span [I]on your chart [/I]recommended by ICT for the zones. For example; London open can be set to catch Frankfurt open till 1 hour after London open. You can glean these times from the videos.

Will do thanks again

flabberdous & The Hunter - Thanks to both of you!

Going into the new week, the COT data shows that the commercial short interest is up nearly 33% from last week’s data. Although both long and short interest grew from last week, the short interest grew 5-1 compared to long, and short interest now outnumbers long interest as well.

2 year T-Notes just made a 52 week high, but 5 year and 10 year, although climbing, are nowhere near their high’s made back in early November. The Dollar Index is also right above a fairly new resistance line which was originally support back in early November.

EURUSD 4 hour market flow is bearish, although price is now approaching last week’s low which was support at the end of March. Price opened nearly 70 pips lower than Friday’s close and is in the buy zone sitting at S1 and last week’s low.

GBPUSD 4 hour market flow is bullish, price has retreated from Friday’s high of just over 1.63. Price is now in the buy zone just above MS1.

Trying to put these figures into practice, and I figured if I’m going to take notes for myself, might as well share them :slight_smile:

Cable is at 1.6200 figure, 79% OTE from Friday’s low to high, MS1 buy zone, H4 up but H1 just taken out a moment ago. We need to see a large swing to place the Fib on, and SMT divergence.

…seems to be pushing lower as I type.

Fiber is down on all time frames but has reached some key resistance at the institutional 1.4050 area. This was the low for last week, and the low for last month.

EDIT: That was obviously supposed to read ‘[B]support[/B] at the institutional 1.4050 area’…but there was no sign it was going to swing up and no SMT so I remained sidelined.

Took a little scalp in NY Close today. Fiber came up nicely and created SMT divergence on the 15M so entered Cable at PWL. Took first profits at the swing the Fib was keyed off, and brought SL up to BE+1. Unfortunately got stopped out on the second half of the trade, but I am very happy with my risk management.

Nice scalp :slight_smile: Good to hear that you stuck to the rules and road it out through the new lower low.

Gotta keep up with my novice questions… OTE?

Optimal Trade Entry - the cornerstone of all trades.

Thought so, just need to be sure I have my lingo down correctly.

Still going through the videos, been a bit busy the past few days but have finished all of the videos up through the 4’th PTC video. Also have read up to page 70 in the thread. It is pretty current with where I am at in the videos, I think I am just 1 or 2 videos behind, but am reading some really good things about them so can’t wait to watch them today!

This trade had a few things going for it. It looks stacked but order flow was down on D,4H, and 1H. I took it like a scalp, I really wanted that 127% extension, at about 1.4055 but it just never had the juice. (checking my charts it just hit it while I was typing this).

Hey guys,

Haven’t posted here in a while, but I am checking the thread everyday, I won’t be trading until next week just because of graduation and stuff! But good luck to all of you! I’ll still try and squeeze in some analysis when I can so I don’t get rusty! :stuck_out_tongue:

Regards,
Clark.

Caught this short trade on Monday, Fiber NY session open.

Pulled my fib from the London session high to the London session low. Market flow was down on the daily, four hour and one hour, confluence of OTE, MS1, 1.4040 institutional level.

Took 30% off at 30 pips and moved SL’s to breakeven. Then price flew down, i was in the pips by 48 and looking to take the next 30% at 100% extension but price reversed when it reached S2 20 pips from my target. I decided to take full profit at S2 if price retested it but unfortunatly it didnt.

In the end i was stopped out but luckily i’d locked in a small profit of 11 pips each on the two remaining positions. At the time i couldnt help feeling robbed but i made a profit so its all good.


Sorry about the image quality you cant see much detail but its the best i can do

Interestingly, i just noticed that when my short trade hit S2 it gave AK (in his post above) his OTE to go long. Wish id seen that earlier lol, talk about seeing the wood from the trees…

and thus is the neverending battle between the bulls and the bears! One thing you might have considered on your short is that the daily range had already travelled ~175pips before you entered your trade. If you study the range of the Fiber, that is on the higher end of the scale, and since there was no big news event in NY session to catalyze some volatility, it seemed less likely that the range would get expanded beyond that 175. I didn’t mention it but that was one of the reasons I took the trade. For the record I don’t use the ICT ADR tool, I record it manually and just keep a mental note of how far the range has extended compared to it’s average over the last 5-10 days.

Also, today was the first break of 1.4000 which is a big psychological support on this recent bear run. I didn’t expect they’d “clear” it (close below it) on the first attempt!

also this :wink:

Hey Clark, Looking very smart in your new profile pic! Congrats on your graduation. Does this mean you will be a full time trader until you start Uni in the fall?!

For those of you that weren’t in on the live session with ICT the other day, he mentioned a gem of a book called ‘Technical Analysis of the Financial Markets’ by John J Murphy. He referred to this as ‘the bible of tech analysis’, and I have since gotten my hands on a copy. For those that have worked their way through the ICT concepts, watched all of the PTC videos, and have started to execute successful trades, this is a great book that fills in some of the gaps. I wouldn’t recommend it to those just starting because it will detract from what ICT is laying down here (a simple starter for the newbie that needs a clear view of the essentials first) but for others who want more meat on the ICT tools, and won’t be distracted by non-ICT concepts, this is the book to go to.

Regards

Oh yeah i cant belive i missed that daily range. I only use my ADR indicator for the London close. I looked at the pivots and gave myself the false impression we hadnt moved far for the day especially if we have the potential to fill four pivots in a day, thats kinda what i had in mind. I do log the HL’s and daily/weekly ranges for cable (and fiber when i have time) and i agree 175 is high for the day. Ive added ADR to my daily check list so that’ll help in future :wink: