Guys, ICT mentioned that he typically uses a 30 pip stop.
Can somebody explain why?
I have been using 10-20 pip stops with TP targets that are usually 30-50 pips from order entry.
I stopped the video and had to pause / think about this also. From my understanding, if we have a large bar, this implies dramatic price movement (price really wants to move somewhere fast) so typically a single candle will more than likely contain a close that is far away from the open for that...
In fact, I agree with all this. My gut told me that a reversal was possible for some of the reasons you mention (especially with the textbook swing high).
I think at this point in my trading career, spotting a reversal is more difficult for me then just trading with the higher time frame trend...
I really enjoyed episode 2. Thanks, ICT.
It was long, but gave me more insight on price action and an understanding of the market maker business model.
Today's setup:
After studying the EUR/USD daily and noting key support resistance levels, the following is the trade setup that I have in...
Hey guys,
Just wanted to introduce myself.
I used to follow ICT's methods about a year ago, but kind of fell off the wagon.
The "Law of Attraction" brought me back.
I'm excited to participate/contribute to this thread. ;D
Thanks!
Good luck and good trading!