Cable&Fiber: Intraday Setups
- Thread starter the golden gun
- Start date
Just read through the last couple of pages and agree with PipHanger in that some of the recent trades ICT and you guys have taken are counter-trend trades not in line with the strict rules defined, at least those taken from the Sniper Series videos where directional bias was taken from higher timeframes and trading OTEs using fibs were taught, honing entries down to the 15m chart after a shift in market structure.
Seems to me that the ICT style of trading has evolved or has been simplified for the benefit of day trading junkies as follows ...
Trade the LON open or NYK open on the 5M chart. Notice where is price is now and look left. Is price sitting within a recent bullish or bearish order block? If so, trade in the anticipated direction up or down, depending on whether price is framed within a bullish or bearish OB, regardless of directional bias.
Seems to me that the ICT style of trading has evolved or has been simplified for the benefit of day trading junkies as follows ...
Trade the LON open or NYK open on the 5M chart. Notice where is price is now and look left. Is price sitting within a recent bullish or bearish order block? If so, trade in the anticipated direction up or down, depending on whether price is framed within a bullish or bearish OB, regardless of directional bias.
The Sniper Series is specifically about finding 1 highly probable trade per week. However, if you see Sniper #8, he even goes over planning for trading from the Monthly Chart down to the 5 minute chart.
The rest of the series are very different. Or, in the case of several of the trades ICT has taken lately, they are... the trades getting in Line with the "better" trades. They just happened to be available while he was shopping with his Wife. There really are a massive amount of trades available. It's just a matter of what you're hoping to get out of them.
The "better" trades? Yeah, with the HTF setup and on a larger retrace into a nice OB @ a Kill Zone. That doesn't mean there isn't money to be made in the middle.
The rest of the series are very different. Or, in the case of several of the trades ICT has taken lately, they are... the trades getting in Line with the "better" trades. They just happened to be available while he was shopping with his Wife. There really are a massive amount of trades available. It's just a matter of what you're hoping to get out of them.
The "better" trades? Yeah, with the HTF setup and on a larger retrace into a nice OB @ a Kill Zone. That doesn't mean there isn't money to be made in the middle.
the golden gun
RINSE & REPEAT
sqa said:
always money to be made. some is just easier.
syzygus009
Well-Known Member
tmancini said:
in the sniper series and the went series, what are the 3 timeframes for directional bias? Remember Michael has said numerous times he is not trying to create clones, but independent traders. He states you can be profitable with the simplest of his concepts(the first 4 silent videos/went 02) in any timeframe. Look at the variety of his students here on fxgears who are taking different aspects of his concepts and are showing some consistency.
syzygus009 said:
Weekly, daily & 4 hour ... Nothing wrong with independent traders at all, and by the sounds of it some of you have been trading with Michael several for years using various methods which have been refined over time. Personally as someone new to these concepts I've found it overwhelming especially as the trades outlined in recent videos are very different to what has previously been taught in past tutorials and video series.
syzygus009
Well-Known Member
tmancini said:
Start with the past videos and progress slowly...at your own pace. this is not a sprint but a marathon... demo trade for at least 6mos, like ICT has been emphasizing over and over again(for the past 4+yrs). When i stopped being so hardheaded and did it, my trading turned the corner for me.
syzygus009
Well-Known Member
The "Core" stuff is pretty straight forward: KSR into OBs, Time & Price setups.
The subtle details past that, though, take a long, long while to work through. ICT also made a fortune with the classic "Technical" tools and their proper application. A lot of the early stuff goes over that content. It's very easy to get overwhelmed.
Just work your way through the first 6 videos (those are really key) and then WENT, Sniper, Trade Plan and Precision. That's about 40 hours of content without stopping to take notes. (You need to stop and take notes) And no amount of reading/listening/watching/taking notes will prepare you for how much work it is to trust & implement the lessons.
And that's before your mind gets blown by the Market Maker series.
The subtle details past that, though, take a long, long while to work through. ICT also made a fortune with the classic "Technical" tools and their proper application. A lot of the early stuff goes over that content. It's very easy to get overwhelmed.
Just work your way through the first 6 videos (those are really key) and then WENT, Sniper, Trade Plan and Precision. That's about 40 hours of content without stopping to take notes. (You need to stop and take notes) And no amount of reading/listening/watching/taking notes will prepare you for how much work it is to trust & implement the lessons.
And that's before your mind gets blown by the Market Maker series.
the golden gun
RINSE & REPEAT
What a lot of aspiring traders don't want to hear, and especially Piphanger, is that it's a lot easier to make money when you can focus all your attention to trading, and being ready to trade (including adequate sleep), without having to worry about going to work for 8-12 hrs per day.
Piphanger wants to know exactly what I was thinking when I took a winning trade, I assume so he could theoretically replicate it next time in his own account. But what he's forgetting is that even if that trade was WRONG, and I lost money, I'd still be available to mitigate that loss in NYO and maybe even LC. Having the loss mitigated allows me to take on the next setup with even more confidence. So my extra availability compounds my success.
Same is true for ICT, and as much as he tried to hide it by telling stories of his own early struggles, I did finally realize what an extreme handicap it is to be working a FT job and trading at the same time.
Piphanger seems keen on replicating my success, but I really can't say it is possible based on my own experiences because it's only when I was able to dedicate all my energy to trading that I actually achieved the profits I was expecting. That said, I still think my expectations are more modest than Piphangers, another attribute I don't expect him to be able to replicate.
But of course I find it hard to believe that it is impossible to do both at once, so I'm sure there are many people that ARE finding success while working, and I would highly advise Piphanger and people like him to seek out these individuals. You seem to think I have the answers for you, but hopefully now that I've shared this perspective, you will understand that I'm probably not the best person to help you in your current situation.
Piphanger wants to know exactly what I was thinking when I took a winning trade, I assume so he could theoretically replicate it next time in his own account. But what he's forgetting is that even if that trade was WRONG, and I lost money, I'd still be available to mitigate that loss in NYO and maybe even LC. Having the loss mitigated allows me to take on the next setup with even more confidence. So my extra availability compounds my success.
Same is true for ICT, and as much as he tried to hide it by telling stories of his own early struggles, I did finally realize what an extreme handicap it is to be working a FT job and trading at the same time.
Piphanger seems keen on replicating my success, but I really can't say it is possible based on my own experiences because it's only when I was able to dedicate all my energy to trading that I actually achieved the profits I was expecting. That said, I still think my expectations are more modest than Piphangers, another attribute I don't expect him to be able to replicate.
But of course I find it hard to believe that it is impossible to do both at once, so I'm sure there are many people that ARE finding success while working, and I would highly advise Piphanger and people like him to seek out these individuals. You seem to think I have the answers for you, but hopefully now that I've shared this perspective, you will understand that I'm probably not the best person to help you in your current situation.
the golden gun
RINSE & REPEAT
PipHanger said:
I think what you don't realize, is that at any given time you can stop using ICT tools. You could just stare at a blank chart and completely wing it. You'd probably do better, at least you wouldn't feel betrayed by every loss.
Don't try to follow any system, just make sure that every trade follows good MM, and see if you have any intuition about market movements. Good news is that if it works, you will know it was all your doing, and maybe that will inspire some independence in your life.
)tmancini said:
If you think watching hour a day is a lot, im here already 4 years there were days I was watching ICT videos 16hours a day! yes 16hours man. I watched all videos probably 3-4times
u think u can make it in 1 year think again. Like Michael said it takes time...
P
Piper
Guest
"Most traders had the common experience of losing one or more fortunes before they realized how they needed to think in order to be consistently successful. It is a fundamental shift in attitude that accounts for their success, not some brilliant realization about the market, as most people erroneously assume.Taking responsibility means believing that all of your outcomes are self-generated; that your results are based on your interpretations of the market information and the decisions you make and actions you take as a result. Not taking complete responsibility sets up two major psychological obstacles that will block your success. The first is that you will establish an adversarial relationship with the markets thus taking you out of the constant flow of opportunity. Second you will mislead yourself into believing that your lack of success and trading problems can be rectified through market analysis."
T in the Z
-P
T in the Z
-P
the golden gun said:I think what you don't realize, is that at any given time you can stop using ICT tools. You could just stare at a blank chart and completely wing it. You'd probably do better, at least you wouldn't feel betrayed by every loss.
Don't try to follow any system, just make sure that every trade follows good MM, and see if you have any intuition about market movements. Good news is that if it works, you will know it was all your doing, and maybe that will inspire some independence in your life.
good post. i also highly recommend investing a little bit of money in a forextesting software like "forextester". just demotrade and practice weeks, months and years worth of data every (realtime) week (in your situation porbably on weekends) using a naked chart and see if you have a feel for where price wants to go. if you come to the conclusion you have an idea in some situations try to capture what are the core characteristics of these situations. then build some money management around it. then trade it on forextester. achieve consistent results. get comfortable. get confident in your own abilities. go over to live and replicate.
syzygus009
Well-Known Member
Piphanger
Did you see your old posts from babypips just below the flashback article(s) ICT just posted on twitter? Can you see it in your own charts there?
That is you right? there werent 2 piphangers at babypips ?
Did you see your old posts from babypips just below the flashback article(s) ICT just posted on twitter? Can you see it in your own charts there?
That is you right? there werent 2 piphangers at babypips ?