I recall reading that the area in between daily’s highs/lows could be a trading zone too, but I can be wrong.
Price is already below the central pivot.
1.5254 MS1 looks like it could be an area where price would be re-testing the previous low, and also I see a divergence in three different points.
That would put price in the buy area, with a previous mid term bullish behavior favoring it, but maybe I’m just making things happen and I’m not seeing them objectively!
There are other currencies to trade! ICT’s methods work just fine on other currencies too. I guess it’s easier to follow if you are trading the currency the teacher is, but it almost seems like some of the people think it’s part of the trading method to trade GBP.
If you’re willing to go “off-record” for a bit and look across the FX market, you’ll see there are plenty of interesting patterns forming, and surely something that will make money for someone. or just continue following the leader, that works too
Yes I know that, and not only currencies, but other instruments, but since it’s the pair used by ICT in the thread I guess it’s easier for him to give feedback on that particular pair.
Hey I just wanted to help keep things open. I wanted to remind everyone that his methods are UNIVERSAL, but he chooses to trade GBP for his own reasons. and there’s always something to be said for specialization, so maybe someone wants to do what ICT does but on the EUR because they may have experience with the pair.
I was wondering if you use the daily range value as a possible profit target, or what’s the use that you give to it.
I utilize Average Daily Range values as a tool for planning my trades.
They are an aid to “anticipate” possible profit targets to weigh risk & reward ratio, set, maximize & move stops, calculate trailing stops if applicable, scaling in & out of positions ect.
I don’t set profit targets for my trades because I don’t know what the market will do.
Nevertheless I have got a plan & know what I am going to do if price decides to arrive at an Average Day Range marker.
Seems like i got my pivots in line! The Url posted by Used matches up nicely with my indicator, when i put my time shift to 0.
Now my broker, platform and indicator is 1hour ahead of me, but if it fits is that a problem?
Server time is CET +1 or GMT+2, im at gmt+1. Is it all fine now or do i have to take in to consideration daylights saving time and the whatsnot also?
I guess no one gets the same data b/c of diff brokers, but a lineup of the indicator and the website calculation must mean somethings rigth, also notice the difference between timeshift 5 and 0 wasnt THAT big, but one should be as right as one possible could be!
Nice chart from the Swissy. got that R3, 20 pipish divergence, a retest on the PIP, and then a complete drop! Outside the bbs and a somewhat evening star, what more do you need? Awesome ! R3 @ 1.0628.
No it would seem GU didn’t feel like moving much. I still have a pending buy limit order at 1.5208…again not sure which level to setup for…S&R line, pivot, PDH/L, round number. Price tried to get there but didn’t quite reach the one I selected of course…lol…:rolleyes:.
I know you see the positive side of the story! We have plenty of levels to choose from! Lol
Now seriously, ICT mentioned to watch for important price movement within the first 4 hours of the London session, but we also know that this levels are valid all day long.
So could we expect a reaction for the Asia session?. I think so, if it didn’t make it earlier in the day.
Also I’ve been monitoring Eur/usd this week and at least two days the high/low were broken. You know I remember that Used’s trade in which price traded below the daily low.
I know, anywhere below the central pivot is considered a buy zone and viceversa, but I don’t know what exactly to look for in levels above, below the dailys high/low. :eek:
You know, we’re looking to do the oppossite of the guys in the Daily high/low thread, we might as well be counterparties of each other
Actually, now after rereading ICT post on Pivot concepts, I would say last night fell into this paragraph…
[I][B]“Many times range bound days or inside days (a day when the high is lower than the PDH and higher than the PDL) will begin inside the Previous days Range and this is important to look for early. You do not want to be buying and holding for a breakout to new highs when the market is not primed to do so. The reverse can be said for breakouts lower.”[/B][/I]
I put a whole bunch of new lines on my charts, and added back in the pivot levels to the days past so I feel a little more organized now. I was happy to see that my hourly lines matched up ICT’s without looking at his first…lol.
Hope it’s OK for me to chime in with my 2 pips. If you look for the turns on the chart the direction price is heading is easy to recognize. Price turned down from the pivot, criss crossed the PP a couple times then headed to S1 and turned back up.
Guys I dont know if I am doing this correctly or not.
I waited for price to to go down and I left the first dip, on the second dip I bought right on S1 and into the bear candle. What puzzles me is that we did not break the previous low. Is this correct what I am doing or parial correct or completely pure luck
My S1 is @ 1.5223! I dont know if you did the right thing, But the price was about 30 pips away form the bbs, a nice catch in my book:)! Price also touched right on the highest price of March week 2! many factors for a buy im my book! Well done:D!
If you look on your charts at Historic Highs and Lows and Daily Highs and Lows you have eighty percent of the ideal trading areas setups will form… just doing that! If you look at the highest and lowest levels in the last twenty to thirty days you can find solid setups at these levels as well. You can find intermediate term highs and lows on your four hour and sixty minute charts to stalk your next trade setups as well.
Once you identify where Key Support & Resistance levels are and the relationship to the market price as it relates to each level… you have just moved from the novice or neophyte level to intermediate experienced trader. You see novice traders watch one and five minute charts because they look fast and the swings are dynamic looking. This lulls them into thinking trading this timeframe is where the gains are… remember my very first post? Their headstone is being lettered already!
Is There An Ideal Stage To Look For?
If you post your Pivot Points on your hourly charts as I recently suggested you will see the best setups occur when price has moved far away from the Central Pivot Point. When Price is at R1 or R2 this condition is awesome when you converge with Key Resistance levels and Daily Highs from previous day or Historical Highs are being tested.
Conversely, you can expect when price is at S1 or S2 and the Central Pivot is some distance away higher… you can expect some significant setups to form.
Think of price as an elastic band. When it gets pulled up so high when everyone lets go of buying it… it will snap back lower… back to the Central Pivot Point. When price trades itself down so low it will eventually snap back to Central Pivot Point higher.
This concept coupled with other profesional trading concepts will provide you a lifetime of insanely profitable setups to zero in on for your Sniper trades. When the markets are near the Central Pivot Point and we have not entered a strong trending environment… keep your expectations low. Price will enter consolidation days or periods during this condition.
Learn to take a picnic lunch or catch up on TV shows on these days. Let the neophytes force a trade in the mud… and watch and see how you feel the next day when you look and see it didn’t move much and you had a wonderful time away from the market instead!
[B]
ICT, in a nutshell you saying, sit on your hands, wait for price to to come to S1, S2 or R1,R2, with key support and resistence. Is that time to get ready pulling the trigger.
Sorry for these noob questions but please understand I and a few others are only doing trading a few months and slighly more. Please bear with us for silly questions at times because remember you have experience in this field close or more than 15 years of trading.[/B]
Hey InterCircleTrader - I’m a Baltimore guy myself. Just wanted to say thanks for the info - sound advice. I recently stumbled across this thread. I have about 5 -6 months of running demo’s, reading books and occasionally reading this site. What broker do you recommend?
! R3 @ 1.0628.
