Cable&Fiber: Intraday Setups
- Thread starter the golden gun
- Start date
the golden gun
RINSE & REPEAT
a cable buy (counter-trend)
Red arrow = Market structure shift
The big reason for this trade is the presence of Nested OTEs (OTE within a larger OTE), following the evidence of a market structure shift after Monday's price action.
Time and price line up during LO hours, and away you go.
For all those that noticed that this is completely fighting the 4H and Daily flows, tip of the hat to you. Highly recommended that these setups be traded at half risk and with targets not exceeding the 0% retracement.
About 50 pips on the table for this trade, certainly enough to fulfill a modest weekly goal.
I apologize for not being able to get this post together sooner. It's really kind of a boring, low potential trade, but sometimes that's what it takes to live. Stale bread is still bread!
Red arrow = Market structure shift
The big reason for this trade is the presence of Nested OTEs (OTE within a larger OTE), following the evidence of a market structure shift after Monday's price action.
Time and price line up during LO hours, and away you go.
For all those that noticed that this is completely fighting the 4H and Daily flows, tip of the hat to you. Highly recommended that these setups be traded at half risk and with targets not exceeding the 0% retracement.
About 50 pips on the table for this trade, certainly enough to fulfill a modest weekly goal.
I apologize for not being able to get this post together sooner. It's really kind of a boring, low potential trade, but sometimes that's what it takes to live. Stale bread is still bread!
Attachments
the golden gun
RINSE & REPEAT
P
Piper
Guest
Hey GG! By what criteria you choose specifically this range to fib ?
Always good to know whats going on in the opponents head on the battlefield >
Always good to know whats going on in the opponents head on the battlefield >
Re: a cable buy (counter-trend)
Hi Golden Gun,
You mention that the Red arrow depicts a change in market structure. Can you explain why this is so ? Is it because price has broken above the high formed on the previous day ?? Sorry for the stupid question. And why on 27 August did you decide to trade in the opposing direction of the higher timeframe directional bias ?
Is it because price broke below previous days swing low prior to the LO of 27 Aug ? Or perhaps that the swing low to high during the asian range on 27 Aug formed a nice fib pullback which was confirmed by the dip in price after the newyork midnight open??
the golden gun said:
Hi Golden Gun,
You mention that the Red arrow depicts a change in market structure. Can you explain why this is so ? Is it because price has broken above the high formed on the previous day ?? Sorry for the stupid question. And why on 27 August did you decide to trade in the opposing direction of the higher timeframe directional bias ?
Is it because price broke below previous days swing low prior to the LO of 27 Aug ? Or perhaps that the swing low to high during the asian range on 27 Aug formed a nice fib pullback which was confirmed by the dip in price after the newyork midnight open??
Re: a cable buy (counter-trend)
I should probably point out that the Red Arrow isn't actually a Market Structure shift. It is, however, a confirmation of strength of the 1.6600 level.
However, the key to that Long is actually on Aug 27. There was a quick Turtle Soup that left the Aug 25 Low in place, but otherwise made the Range broken. After it ran up a bit, it retraced back into a Buy Order Block, when it did it again, which was in the OTE for that Range, it's a pretty high probability trade. Your exit would be a little below 1.6600, to make sure you get out near the high.
Cable went into a consolidating Range, so Exit selection becomes pretty important. But if you can get 25 pips out of a trade, that's still nice and clean and a given, if you can "see it". Nearly free Money is nearly free Money. *Never* pass up something because it's not going to run all that far, as long as you're at least going to get 1:1. (I'd never want to take a trade where Less than 1:1 is a logical probability.)
the golden gun said:
I should probably point out that the Red Arrow isn't actually a Market Structure shift. It is, however, a confirmation of strength of the 1.6600 level.
However, the key to that Long is actually on Aug 27. There was a quick Turtle Soup that left the Aug 25 Low in place, but otherwise made the Range broken. After it ran up a bit, it retraced back into a Buy Order Block, when it did it again, which was in the OTE for that Range, it's a pretty high probability trade. Your exit would be a little below 1.6600, to make sure you get out near the high.
Cable went into a consolidating Range, so Exit selection becomes pretty important. But if you can get 25 pips out of a trade, that's still nice and clean and a given, if you can "see it". Nearly free Money is nearly free Money. *Never* pass up something because it's not going to run all that far, as long as you're at least going to get 1:1. (I'd never want to take a trade where Less than 1:1 is a logical probability.)
the golden gun
RINSE & REPEAT
AnDDe said:
Let me know if it was a good entry point in a few days. This isn't a forecasting thread, please keep that in mind.
the golden gun
RINSE & REPEAT
Re: a cable buy (counter-trend)
If you didn't see it as such, I'm not going to expend any energy to change your mind.
To me market structure is defined by the pattern of the highs and lows being formed.
If there are lower lows and lower highs, that is a bearish structure
If there are higer lows and higher highs, that is a bullish structure.
On Aug.25, price gapped down, formed a lower low BUT THEN when it rallied up, it did NOT form a lower high. It went and did something really impressive and formed a HIGHER HIGH. To me, that was significant, and I called it a market structure shift, because it failed to continue the pattern of lower highs... it BROKE the pattern, you see?
That's all I can say about that, if you don't see it, then you don't see it lol
sqa said:
If you didn't see it as such, I'm not going to expend any energy to change your mind.
To me market structure is defined by the pattern of the highs and lows being formed.
If there are lower lows and lower highs, that is a bearish structure
If there are higer lows and higher highs, that is a bullish structure.
On Aug.25, price gapped down, formed a lower low BUT THEN when it rallied up, it did NOT form a lower high. It went and did something really impressive and formed a HIGHER HIGH. To me, that was significant, and I called it a market structure shift, because it failed to continue the pattern of lower highs... it BROKE the pattern, you see?
That's all I can say about that, if you don't see it, then you don't see it lol
P
Piper
Guest
Re: a cable buy (counter-trend)
Can you complicate it a tad bit? It's too simple.. :thumbsup:
But really, by what consideration you are drawing or picking the h/l when ur fibbing a range?
the golden gun said:
Can you complicate it a tad bit? It's too simple.. :thumbsup:
But really, by what consideration you are drawing or picking the h/l when ur fibbing a range?
the golden gun
RINSE & REPEAT
Piper said:Hey GG! By what criteria you choose specifically this range to fib ?
Always good to know whats going on in the opponents head on the battlefield >
criteria? Significant low to significant high, that's how I draw all my fibs.
the golden gun
RINSE & REPEAT
Re: a cable buy (counter-trend)
Alright, that's a clearer question, I'll do my best to explain.
The 6250 level was previous Resistance turned into support, that adds to its significance. It is a well defined barrier, because you can see price respecting it multiple times.
Also, when price left the 6250 level for the final time (corresponding to the beginning of the fib I drew) the move was extremely aggressive. I like to anchor my fibs to strong reaction points, meaning places where price left the area quickly/aggressively, as seen from ~Feb.6-Feb.14 of this year.
PS
loving the new forums sig. I'll follow that white rabbit anywhere
Piper said:
Alright, that's a clearer question, I'll do my best to explain.
The 6250 level was previous Resistance turned into support, that adds to its significance. It is a well defined barrier, because you can see price respecting it multiple times.
Also, when price left the 6250 level for the final time (corresponding to the beginning of the fib I drew) the move was extremely aggressive. I like to anchor my fibs to strong reaction points, meaning places where price left the area quickly/aggressively, as seen from ~Feb.6-Feb.14 of this year.
PS
loving the new forums sig. I'll follow that white rabbit anywhere
P
Piper
Guest
Re: a cable buy (counter-trend)
Poked over the HW threads and most of the guys seemed to do it at a pretty random.. Good to see that somebody actually understands what do they do and have a clear criteria for it.. >
Yea! To the end of the world!!!!! ;D
Cheers,
-P
Nice! Well todays learn one new thing a day in trading is done.the golden gun said:
Poked over the HW threads and most of the guys seemed to do it at a pretty random.. Good to see that somebody actually understands what do they do and have a clear criteria for it.. >
the golden gun said:PS
loving the new forums sig. I'll follow that white rabbit anywhere
Yea! To the end of the world!!!!! ;D
Cheers,
-P
the golden gun
RINSE & REPEAT
Re: a cable buy (counter-trend)
Pretty much every ICT student hopes to one day be as good as their master...
and yet, I seek to be better than my master.
Like him, I never apologize for confidence.
Piper said:Nice! Well todays learn one new thing a day in trading is done.
Poked over the HW threads and most of the guys seemed to do it at a pretty random.. Good to see that somebody actually understands what do they do and have a clear criteria for it.. >
Yea! To the end of the world!!!!! ;D
Cheers,
-P
Pretty much every ICT student hopes to one day be as good as their master...
and yet, I seek to be better than my master.
Like him, I never apologize for confidence.
P
Piper
Guest
Careful, he's coming to take care of "some"("novice hotshot? I'm really flattered" 8)) peeps here!And bringin' the big guns!!! Its gonna' be a video production!!You don't want to get caught on the wrong side of that! :-[
Good approach.
Pretty much always been taught to think for myself in this business. Thats the only way i think. You can't get forward if you only following , you have to lead yourself, nobody else is going to do it for you. Always thrive for perfection. And don't measure the self even to your mentor. Be thankful for what he taught you,no reason to do more then that.
Mate, we need to relay this thread to trading psychology ;D :hijack:
-P
the golden gun said:
Good approach.
Pretty much always been taught to think for myself in this business. Thats the only way i think. You can't get forward if you only following , you have to lead yourself, nobody else is going to do it for you.
Always thrive for perfection. And don't measure the self even to your mentor. Be thankful for what he taught you,no reason to do more then that.Mate, we need to relay this thread to trading psychology ;D :hijack:
-P
the golden gun
RINSE & REPEAT
Piper said:Careful, he's coming to take care of "some" peeps here!And bringin' the big guns!!! Its gona be a video production!!You don't want to get caught on the wrong side of that! :-[
Good approach.
Pretty much always been taught to think for myself in this business. Thats the only way i think. You can't get forward if you only following , you have to lead yourself, nobody else is going to do it for you.
Mate, we need to relay this thread to trading psychology ;D :hijack:
-P
I don't know about trading psychology, but what this thread CAN teach people is how to talk about your trades without exposing your Ego, which can be COSTLY.
This thread is unapologetically done in hindsight. This is done on purpose, to protect MYSELF. I am not anyone's saviour, I'm simply sharing as much as I can whilst covering my own ass. 8)
P
Piper
Guest
the golden gun said:
I don't see a problem with calling.. So ooooonce in a while i'll fuck up in live.. Wow so i made a mistake in public? Show me one person who doesn't. But that's just me.I'm not perfect, and never will be.. 8)
-P
the golden gun
RINSE & REPEAT
Piper said:
Perhaps there is nothing to lose, perhaps there is.
But what is certain, is that there is nothing to gain
P
Piper
Guest
Hmmm very true...
I'm just a little potato!
But i belive in you!
8)
-P
I'm just a little potato!
But i belive in you!
8)
-P
rod178
Well-Known Member
Re: a cable buy (counter-trend)
Correct, good that someone decided to point that out.
Actually Market Structure can be objectively defined, this powerpoint presentation may help. There is also a video. I like Linda Raschke , she is a straight shooter.
http://www.lbrgroup.com/images/Earthquake%20Fundraiser/TradeManagementStrategies.ppt
sqa said:
Correct, good that someone decided to point that out.
Actually Market Structure can be objectively defined, this powerpoint presentation may help. There is also a video. I like Linda Raschke , she is a straight shooter.
http://www.lbrgroup.com/images/Earthquake%20Fundraiser/TradeManagementStrategies.ppt