What Every New or Aspiring FX Trader Wants To Know

[indy360]

I took a beating today, I thought S2 was support and I bought, now I am totally confused when its support and when its resistence:(

I also went long when price retraced after testing the s2 level. Perhaps i need to be a little more patient:rolleyes:

I thought as we had made a new daily low and price had retraced that the s2 level had held, obviously not!

Any help or advice ICT?

[pullice]

ICT

Please dont let other people work on your nerves, from day one you when you started posting people were on your back and ready to eat you up alive, I dont know for what reason and I dont want to know. Babypips is a forum for traders to learn, I have not been very long trading but I can see in nearly every thread there are people called “CLEVARS” a slang word for clevers that just upset the thread for nothing. Eventually people start getting banned and the whole thread ends up in a mess with different opinions and arguements.

Personally I think you got a good thing going on here and we really would like to learn.

maybe you should just ignore these people and carry on with this thread. They are really trying there level best to derail this thread in all ways possible

[system]

I also went long when price retraced after testing the s2 level. Perhaps i need to be a little more patient:rolleyes:

I thought as we had made a new daily low and price had retraced that the s2 level had held, obviously not!

Any help or advice ICT?

Well too much emphasis was placed on your Pivots today. Remember what I told you, by themselves they are useless. They can be blown out by trending days, and you simply must be aware of the long term picture.

Look at the daily chart… see we had resistance at yesterdays high.
We had a head and shoulder pattern that formed yesterday and last night intraday.
We formed the day’s high in the first 4 hours of trading last night.
There was a large bearflag formation I used to illustrate the confluence of targets based on the Head and Shoulders formation and the bearflag formation that formed after the left shoulder high was retested.
The PDL was penetrated and then retested as a optimal entry point.

This is why I don’t post entry signals you don’t have all the peices yet and it will hurt you trying to jump ahead of the line and going for profits. Stick to Demo trading this method for atleast 3 months to make yourself familiar with the concepts.

It is not as easy as seeing the Pivots and buying the S1 or S2 all on their own. This is why novice traders go away thinking that they are useless 100% of the time… when it was just a misuse of the tool.

Remember do NOT… repeat NOT buy S1 and or S2 just because price is trded above it and tested it once. There has to be something behind these levels to support action. The more confluences in your tools suggesting a buy… the safer the trade is taking.

If you look price was actually giving you several attempts to sell into it as resistance. My chart posted was also aimed at highlighting the condition and even pointed out the very candle it broken down from.

Be patient… you will get it… but not right away. It took me about 3 months to be solid at it… but you can do it quicker or longer, its not a race.

Do you need charts to show you what I outlined above?

Trav had a tiger by the tail but let it go… he made nice 50 pips… so

[system]

ICT

Please dont let other people work on your nerves, from day one you when you started posting people were on your back and ready to eat you up alive, I dont know for what reason and I dont want to know. Babypips is a forum for traders to learn, I have not been very long trading but I can see in nearly every thread there are people called “CLEVARS” a slang word for clevers that just upset the thread for nothing. Eventually people start getting banned and the whole thread ends up in a mess with different opinions and arguements.

Personally I think you got a good thing going on here and we really would like to learn.

maybe you should just ignore these people and carry on with this thread. They are really trying there level best to derail this thread in all ways possible

I concur… :rolleyes:

[wrtm_19]

Do you need charts to show you what I outlined above?

Trav had a tiger by the tail but let it go… he made nice 50 pips… so

Hi ICT, i’d do like to see a chart. I’m kind of lost here :o.

Last night I put a trade in the loonie and it went beautifully, according to me the signs were right.

I didn’t put orders in the cable because daily high was below PDH and daily low was above PDL. That I took it as a ranging situation and chose to stay aside, plus I didn’t have any price patterns. Obviously there was a trading opportunity that you guys took and I didn’t even consider.

I’d like to see if possible in a chart, how you analyse the daily flow that you mentioned earlier.

Now that I take a look at cable charts, that 5 minutes chart retests that you mention, before that you said it, I looked at them and I saw a retest but to the downside, so probably a signal to buy. :D, well with that in mind you have an idea at how lost I am in cases where price trade outside the daily levels.

Thanks for your time.

[lucid]

Yesterday’s daily candle was an inside bar and price broke out short and then broke the low of 2 days ago.

[indy360]

Well too much emphasis was placed on your Pivots today. Remember what I told you, by themselves they are useless. They can be blown out by trending days, and you simply must be aware of the long term picture.

Look at the daily chart… see we had resistance at yesterdays high.
We had a head and shoulder pattern that formed yesterday and last night intraday.
We formed the day’s high in the first 4 hours of trading last night.
There was a large bearflag formation I used to illustrate the confluence of targets based on the Head and Shoulders formation and the bearflag formation that formed after the left shoulder high was retested.
The PDL was penetrated and then retested as a optimal entry point.

This is why I don’t post entry signals you don’t have all the peices yet and it will hurt you trying to jump ahead of the line and going for profits. Stick to Demo trading this method for atleast 3 months to make yourself familiar with the concepts.

It is not as easy as seeing the Pivots and buying the S1 or S2 all on their own. This is why novice traders go away thinking that they are useless 100% of the time… when it was just a misuse of the tool.

Remember do NOT… repeat NOT buy S1 and or S2 just because price is trded above it and tested it once. There has to be something behind these levels to support action. The more confluences in your tools suggesting a buy… the safer the trade is taking.

If you look price was actually giving you several attempts to sell into it as resistance. My chart posted was also aimed at highlighting the condition and even pointed out the very candle it broken down from.

Be patient… you will get it… but not right away. It took me about 3 months to be solid at it… but you can do it quicker or longer, its not a race.

Do you need charts to show you what I outlined above?

Trav had a tiger by the tail but let it go… he made nice 50 pips… so

Great explanation ICT, thank you. As you have probably guessed i am quite new but i have had limited succes when using your ideas / suggestions (not method;)) Im still on demo so it’s good to take bad trades and then try and understand why it didnt work out. I feel that i need to make sure that i have more than one reason to enter a trade and as you say this will come with practice. Any charts you can post to help explain would be great as sometimes it is easier to see the mistakes with pictures!

Thanks for taking time out of your day to explain things and i agree with pullice, this is a great thread with lots of really useful info, if people do not agree with it then they don’t have to stick around.

[pullice]

Well too much emphasis was placed on your Pivots today. Remember what I told you, by themselves they are useless. They can be blown out by trending days, and you simply must be aware of the long term picture.

Look at the daily chart… see we had resistance at yesterdays high.
We had a head and shoulder pattern that formed yesterday and last night intraday.
We formed the day’s high in the first 4 hours of trading last night.
There was a large bearflag formation I used to illustrate the confluence of targets based on the Head and Shoulders formation and the bearflag formation that formed after the left shoulder high was retested.
The PDL was penetrated and then retested as a optimal entry point.

This is why I don’t post entry signals you don’t have all the peices yet and it will hurt you trying to jump ahead of the line and going for profits. Stick to Demo trading this method for atleast 3 months to make yourself familiar with the concepts.

It is not as easy as seeing the Pivots and buying the S1 or S2 all on their own. This is why novice traders go away thinking that they are useless 100% of the time… when it was just a misuse of the tool.

Remember do NOT… repeat NOT buy S1 and or S2 just because price is trded above it and tested it once. There has to be something behind these levels to support action. The more confluences in your tools suggesting a buy… the safer the trade is taking.

If you look price was actually giving you several attempts to sell into it as resistance. My chart posted was also aimed at highlighting the condition and even pointed out the very candle it broken down from.

Be patient… you will get it… but not right away. It took me about 3 months to be solid at it… but you can do it quicker or longer, its not a race.

Do you need charts to show you what I outlined above?

Trav had a tiger by the tail but let it go… he made nice 50 pips… so

Please post a chart so I can visually see what was my mistake

[Sweet_Pip]

@InnerCircleTrader

No I didn’t see the clues to short from a retest of yesterdays low…

I too like most others was waiting for a bounce off any of the S levels, but I couldn’t really find any solid confluence with any of them, except for my CCI indicator showing a bullish divergence…I know, that’s only 2, and we need at least 3! Regardless, I did take a long in there and it reached almost 30 pips before it receded back down, but I put a trailing stop on it instead of a target, and it was taken out for +6…at least it wasn’t a loss…lol.

Just to sidetrack for a moment, I hope my post didn’t suggest to anyone that you posting under another name meant anything shady, or that I think that.

I frequent the “Quick Links–>Who’s Online” feature of the forum to see, well, who’s online…lol. Mostly to see if the number of members online has grown any in the 2+ years I’ve been here. Did you know that on average there are still less than 100 logged-in members at peak time?..lol. Anyways, while there I started playing around with sorting the columns etc and noticed your other name. I thought it strange that someone would create a name so close, at least knowingly. Then I hoped it wasnt’ going to be someone accusing you of stealing their material and that they were “THE” ICT. So I was kinda relieved that it was you in that regard…lol.

Thanks again for all the info thus far.

[pullice]

@InnerCircleTrader

Currently in the Cable we are looking at possibly another leg down to the figure 1.51

Pivot Support has been tested a few times already… shame its Friday this could have been a awesome setup for serious downside. The chart has the current dealing ranges noted in case you’re wondering what those levels are.

I have a limit order resting at 1.51 in the event it can break under the day’s low and cover shorts if it can reach for the next figure lower… Cable broke PDL and retested nicely… considering the daily chart may have rolled over a swing high… Im looking for further weakness but will cut bait if we trade above 1.5185

This is what really inspired me even more.
When ICT posted this snapshot I seen it immediately and could not comprenhend how is ICT seeing bears when we are seeing bulls.

THE PROOF IS IN THE PUDDING

@InnerCircleTrader

Impressive ICT, you are a true PRO

[system]

[system]

This is what really inspired me even more.
When ICT posted this snapshot I seen it immediately and could not comprenhend how is ICT seeing bears when we are seeing bulls.

THE PROOF IS IN THE PUDDING

Impressive ICT, you are a true PRO

Yeah pretty lucky huh? Thanks…

Actually you can see the timestamp the post was made… however, I originally had the 1.50 level as today’s downside objective but went back in to change it and opted to go with the Head & Shoulders projection as my exit.

The bear flag formation on the hourly chart I posted projected the 1.50 level as well and the Key Support level nailed it with three confluences to hold for lower than 1.51 - but 120 pips is still 120 pips. :rolleyes: lol

[system]

I just discovered this site has a chat room. This might be a good way to go over some setups nightly real time… any takers?

[system]

No I didn’t see the clues to short from a retest of yesterdays low…

I too like most others was waiting for a bounce off any of the S levels, but I couldn’t really find any solid confluence with any of them, except for my CCI indicator showing a bullish divergence…I know, that’s only 2, and we need at least 3! Regardless, I did take a long in there and it reached almost 30 pips before it receded back down, but I put a trailing stop on it instead of a target, and it was taken out for +6…at least it wasn’t a loss…lol.

Just to sidetrack for a moment, I hope my post didn’t suggest to anyone that you posting under another name meant anything shady, or that I think that.

I frequent the “Quick Links–>Who’s Online” feature of the forum to see, well, who’s online…lol. Mostly to see if the number of members online has grown any in the 2+ years I’ve been here. Did you know that on average there are still less than 100 logged-in members at peak time?..lol. Anyways, while there I started playing around with sorting the columns etc and noticed your other name. I thought it strange that someone would create a name so close, at least knowingly. Then I hoped it wasnt’ going to be someone accusing you of stealing their material and that they were “THE” ICT. So I was kinda relieved that it was you in that regard…lol.

Thanks again for all the info thus far.

“The” ICT lol that’s funny

[Sweet_Pip]

I just discovered this site has a chat room. This might be a good way to go over some setups nightly real time… any takers?

That works for me :)…however due to the timezones, we’re 3 hrs apart, so I wouldn’t be able to join in until 11pm your time…still up then? ;)

[system]

That works for me :)…however due to the timezones, we’re 3 hrs apart, so I wouldn’t be able to join in until 11pm your time…still up then? ;)

Well I do my analysis at midnight after I get my numbers… so it would be midnight-3am

I prefer London session :rolleyes:

I will be online Tuesday, Wednesday and Thursday 12am to 3am with commentary on what I see in the Cable and what I will be doing with my own money. I will post results of the setups here after session ends.

How’s that sound?

[TalonD]

I just discovered this site has a chat room. This might be a good way to go over some setups nightly real time… any takers?

What time at night?

[Sweet_Pip]

Well I do my analysis at midnight after I get my numbers… so it would be midnight-3am

I prefer London session :rolleyes:

I will be online Tuesday, Wednesday and Thursday 12am to 3am with commentary on what I see in the Cable and what I will be doing with my own money. I will post results of the setups here after session ends.

How’s that sound?

Perfect…that would be 9pm-midnight here…Talon you’re PST too right?

[system]

I will be online for chat at 8pm new york time tonight in the BabyPips chat room if you want to meet and greet.

[Loppan]

Regarding the retest of yesterdays low, i think many were afraid to sell that, with the s1 so close, and the fact that many might wanna buy that, as opposed to shorting the previous days high etc etc.

Price tried to climb back in lol, but failed miserably, thats where the experienced trader or the pro-super-fast-learner decides to short:D! Maybe looking for the s2? price stalled quite a while there. Then s3 and beyonde :D!

Its great that you helped analyize today, great for future reference and as you said, pivots should have som meaning behind them also, the more confirmaton the better! Read the charts like a book! On the bright side, buyers on s1 & s2 shoulde have broken even. Awesome thread:cool:!