What Every New or Aspiring FX Trader Wants To Know

show me a 5 min example

this is going to be a fantastic tool, look how euro fell first on friday, then the pound followed later, this would of kept me in the trade i think

By travpip at 2010-03-20

havent worked how to get the libne chart working yet

Now you are starting to see how it monitors flows and real market momentumā€¦ not indicator based ā€œmomentumā€, good job. :cool:

Hereā€™s a current 5m chart. green line is GBPUSD candles are EUR

This is that metatrader indicator. Cant change the overlay pair to line from candles.


I canā€™t stop thinking about the possibilities now. Iā€™ve looked at three weeks of trades in hindsight and so many of these setups provide over 150 pips. The market hasnā€™t been on fire and it still ferrets out Top Gun trades. How do you keep from having sleepless nights as you think about all the potential wins? :smiley:

How easy is this to spot as its happening? I know some things look great in hindsight but when it comes to seeing them as they occur it is much more difficult, though still profitable.

Hey Fozzy,

Where can we get this indicator? Could you post it?

Thanks,

Synergy

Awesome way to analyze price action!

How does one know whether the divergence between the two pairs indicates a coming rise in price or decline in price?

How does [B]correlation [/B]factor into this? Do the pairs have to be highly correlated? Or is this inherent in our watching two pairs on one chart?

Synergy

yeah thatā€™s what I was thinking

I use this concept as well, but in a different fashion. I look at the markets from a USD perspective, then I see which currencies are resisting and which are propelling the momentum of the USD. I use this as a bias for trades however, it gives me an idea which currencies to watch over the week. I kind of took it for granted because itā€™s been a part of my trading for so long, but I really donā€™t think I could trade without using it!

But as usual itā€™s great to know WHY it works :slight_smile:

Hi ICT and everyone,

Does anybody know how can I plot the Eur/usd on Dealbook as an indicator? I mean in an indicator box?

Thanks :wink:

I havenā€™t been this excited about a thread here on BP in a long time. Maybe even ever. Iā€™m looking forward to contributing in the coming weeks!

If you havenā€™t heard it enough yet - thanks, ICT! Youā€™ve given us mountains of stuff to work with, and it looks like youā€™re not even close to finished.

Hi ICT and everyone,
Could someone help a slightly challenged member by explaining to me how I install new indicators (such as the one for overlaying) into my Metatrader?

Thank you so much and warm wishes!

do a google search for chart overlay.mt4 file, download the chartoverlay.mq4 file onto your computer, most likeyly

c:\programfiles\broker_metrador\experts\indicators

open the platform and find the chartoverlay from navigator, custom indicators, double click and you should be ok.
see how you go

Iā€™ve been slowly reading up on this thread. Lots of good information here. Thanks ICT.

What about this accumulation for the start of next week? Would have to see where prices open on Monday.


Bearish GBP/USD candle on the weekly chart. The people who opened a long trade in the top 91% of last weekā€™s range are now in a losing position, assuming they held the position into the weekend. So Iā€™ll be looking for bearish entry points (low risk of course!).

Does anyone think the longs have more of a foothold than meets the eye, or are long themselves? I love hearing when someone else thinks totally opposite, itā€™s always a chance for learning :slight_smile:

I think there is reason for caution. While the weekly is down there were tails in 2 of the last 3 weeks and a divergence in play so I would take seriously a move up on a lower timeframe

ā€¦

I would like you to revisit the post I made [B]#404 [/B] on this thread [B]page 41[/B], where I noted the Key levels you needed to sit and wait for a setup to develop.

Then revisit the [B]#503[/B] on this thread [B]page 51[/B], post and study how the trade on Friday developed and ultimately panned out. This is critical for your personal development and ultimate profitabilityā€¦ [I][U][B]wait[/B][/U][/I] for the setup to form.

You have the tools to stalk your trades, but do you have the patience to let it come to you and your ā€œtrade zoneā€? :wink:

Let me see your conclusions by studying the two posts and how this concept is reducing your activity and hopefully increasing your comfort [U][I][B]not taking a trade[/B][/I][/U]ā€¦ which is a traderā€™s position equal to and many more times more rewarding than having taken a trade at all. :rolleyes:

In Post #404, I see we have set up our key support and resistance zones and are now anticipating price to navigate to one of these zones.

In Post #503, it is a bit difficult for me to see where you [I]waited[/I] for the set-up, as it does not even show where you entered the trade. Did you do so at the test of the head and shoulders neckline because it gave confluence to the resistance level of the circle above the left shoulder?

Wow, hope I didnā€™t confuse anyone :o

Thanks in advance,
xXTrizzleXx