What Every New or Aspiring FX Trader Wants To Know

I am afraid I am not familiar with Metatrader so I will ask someone else who is to feild this inquiry… sorry.

Is there any specific TF you use when comparing the two? And is it better to use a line chart or do you just prefer it over the others?

Understand I am responding without my charts and examples prepared so Im limited to the degree of which I provide details. So please bear with me.

I like to use it on my pet timeframes 4hour, 1 hour, 15 minutes… if Im scalping I will use it on 5 minute just to add a little more confidence behind me scalps.

It will provide long term traders excellent daily chart and 4 hour setups. I don’t trade that way… but in hindsight, if your personality lends well to holding trades longer than a day or two… this might be a good foundation.

I use the line chart because I actually plot this in an indicator box at the bottom of my charts and compare my candlestick chart against the lines like any other indicator… but Im actually just measuring price against price.

So to answer your question… use it on your preferred timeframe. Its universal… like most of my tools. They are generic and thats why they work so well… they are directly related to the mechanics of price and not bells and whistles.

Hope that answers your question.

Bingo! :slight_smile:

Now in your workstation have this layout handy so you can refer to it on a moments notice. You will refer to it all the while you watch your currency be it Euro or Pound. I will explain layouts and workstations later on but you have the overlay right now.

Now at that same period, what were the other tools we taught suggesting at that very same time period. When the euro/pound Divergence formed… what was the setups?

Good job!:wink:

exciting isn’t it? :cool:

I use Metatrader for charts also, and would like to know how to overlay. Gft will only give you a 30 day demo and then you have to open a live account. I already have a live account and don’t want to switch, so I hope someone with knowledge of mt4 has the answer.

This will spread around the net like “wildfire”. :smiley:

You can lead horses to water but you can’t make em drink

I might be wrong but isn’t the high made on euro march 17th the R1 level and penetrated by 3 pips or so? When the ICT Smart Money Tool shows a bear Div at the highs? Wowee the Macd div and the high made on 12th was tested and failed. Not to mention the 16th previousdayhigh was a sell setup too. :eek::):cool:

Looking at your diagram it doesn’t show a contrary bull div so the euro was a hold until the close like my Sterling short was Friday? Where do you get these wonderful toys? :smiley:

Awesome charts! This is so wild. You can see the major turns in the market with this thing! ICT you are the man sir, you are most definitely the real deal. What else can this guy do, that’s what I’m wondering now, hahaha:D

Hey there friends,

You have no idea how excited this makes me. I have observed correlations between currency pairs and thought it an interesting phenomenon, but this takes it to a whole new level.

Although I use DealBook, I am still ignorant as to how to add the overlay of the EUR/USD on the GBP/USD chart. Any ideas on how to do this?

Thanks in advance,
xXTrizzleXx

There you go Fozzy.

That one setup the confirmation for the Head & Shoulders formation at the HEAD and look where she went afterwords… Cable took the Nestea PLUNGE.

I think you got the hang of it now. WTG

Yes, that is correct.

Something I called with my own analysis but I elected to cover sooner than I could have. If you refer to my post on Friday, I mentioned how it could be setup for a serious drop… this is why and now you know why I felt this.

I hope this serves you half as well as it has me… it is a dandy! :wink:

Open your GBP/USD chart
then to the right of the time period selection field there is a $/E (E=euro symbol)and another to the right of that… click the second to the right.
It will ask you to add second pair.
Highlight EUR/USD
Then make it a line chart and choose the time period you want to analyze…
Have fun and happy hunting.

Thank you so much for your quick response and your generosity ICT.

:slight_smile:

xXTrizzleXx

Hey fozzy how do you set this up on metatrader?
thanks

for those with metatrader you could try opening two chart windows and tile them horizontally so one is above the other. but I have an indicator that does a chart overlay. Here, I’ll upload it. It’s not perfect. I don’t see how to adjust the vertical distance between the pairs. Maybe someone could modify it.

OverLayChart.zip (9.88 KB)

My pleasure… have fun with it… but Demo trade it first. It’s not the Holy Grail.:rolleyes:

Does the divergence we are looking for include Hidden Divergence as well in conjunction with ‘normal’ divergence?

Thanks in advance,
xXTrizzleXx

EDIT: Demo trading is a must - I require 3 months of consistent profitability before I think of employing a strategy Live. :slight_smile:

For now just look for reversal formations in the form of a standard bullish or bearish divergence.

Hidden divergence is trend following in nature and that’s a whole different animal and topic to start… just look for key reversals. :wink:

what about the one in the middle here ?