Cable&Fiber: Intraday Setups

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haha well... I would not have minded to bag those pips.. but there will be more pips for me next week;)
Still not sure if there was any fundamental reason for price to go back up there a second time.. maybe the black van outside my window notified my broker when I went to sleep?;)

I didn't reenter today during asia... as Asia session is a no-go for me.. I just do another 4-5 day weekend - fine with me;)

By the way, your trading seems to be coming along very nicely! I'll get there, too.. I'm trying not to spend too much time on forums anymore, and if I do, then Im mostly lurking.. thought its a good time for a compliment as my next post could be maybe several months from now lol.


cheers
 
I'm not a big fan of entering during asian session either. I looked at that chart, and it would have been hard to get in that trade.

I mean the tools marked it out pretty well. 4H flow was Bearish, and it hit the OTE perfectly... Twice. It is really weird that it hit that OTE a second time before the swing down. Guess the big boys didn't get their fill of sucker longs the first time.

I know you didn't ask for this advice, but it's generally worth it to put stops above notable Highs/Lows by 5-10 pips, even if it means carrying risk on the trade. I know the ideal is to have it at B/E, but you don't want to get taken out of a trade when the structure (bearish in this case) is intact the entire time.

Also, it protects you against those stops runs that only go a pip or two beyond the H/L, which is actually quite common.

All that said, I must admit I'm not very good at placing protective stops myself. It is one of the main reasons why I prefer Intraday setups, because when the "move of the day" occurs, I am out with profit. I would much rather stalk a second entry (even if it is worse than my first entry) than worry about placing a protective stop to carry my position into the next trading day.

and it's always refreshing to run into the classic ICT crew :thumbsup:
so feel free to lurk less and post more lol.

But it is smart to avoid the forums as much as possible. My trading is so routine and 2nd nature to me now, that I feel I can afford to spend a little more time on the forums. But as I'm sure you've noticed, I make sure to protect myself by not doing too much live trading or forecasting. Some people think that denotes a lack of credibility, but IMO it shows I know how to keep it professional 8)

edit:
One last point. The Cable/Fiber divergence was a big tip-off for today's Cable weakness. Fiber ran way above Wednesday's High, while Cable just couldn't pull it off... one of the sisters was sick! haha
 

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advice is always appreciated! I agree on the stops.. in this case I saw no way of price to come back up to BE as my entry was almost exactly at the top of the spike (50).. thats why I have moved my SL to BE (initial SL was at 30 pips).. this way it could have gone back up into the new OTE, and order blocks without making my SL sweat.. the retest of the 50 was something I simply didn't expect;)

Well it is in the past now.. time for weekend.. the next week will bring new opportunities;)

cheers
 
fredfresh said:
Well it is in the past now.. time for weekend.. the next week will bring new opportunities;)

cheers

Good outlook, and enjoy your weekend. The week after NFP is probably my favourite week to trade ;)
 
well, now in retrospect, looking at those 300 pips.. I'm almost inclined to feel slightly pissed;)
But then again, I'd rather invest that energy otherwise..

surprised how it slammed through that 1.6 figure without any bounce whatsoever..
 
fredfresh said:
surprised how it slammed through that 1.6 figure without any bounce whatsoever..

freight train momentum, not too surprised myself :p

Not much on the Fiber between 2570-2610. Could see it tagging 2700 by week's end even. Friday's price action was heavily one-sided, but once we start eating at it the other way.... it melts away like butter.
 
see what I mean....

4H chart:

...damn do I love the NFP fade trade 8)
 

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Do Cable & Fiber generally give the "fade" trade? (I trade UJ, and it rarely, rarely does. NFP is normally used to clear out and then get the pain train underway)
 
rod178 said:
only in retrospect, about 30% of the time

the idea of the NFP move itself being a fakeout for next week's trading was an idea from an ICT video.

maybe you should spend some time brushing up on the basics, rod178
 
So i'll be honest yesterday I had a losing day I was shorting the fibre and cable anticipating a move down and failed epicly.

I also had a losing week last week. An amazingly frustrating two weeks its been, slowly giving back all those gains. Its so easy to lose money but so hard to make the gains!
 
the golden gun said:
the idea of the NFP move itself being a fakeout for next week's trading was an idea from an ICT video.

maybe you should spend some time brushing up on the basics, rod178

A pity that you often present the ICT material out of context. It concerns me that, due to ignorance and lack of understanding, you are misleading those who have not studied the material.

Fakeouts on News are relevant when the News is negative to the underlying trend. Last Fridays News was 'with trend', ie USD strength. I consider yesterday's drop in the USDX to more likely be the fake move, liquidity being provided by the 'bottom pickers'.

Maybe this was the 'bottom, most retail traders probably believe so. Not in the game of 'picking bottoms', as it may give one 'dirty fingers'. I'd rather wait for a potential weekly high to form, into a liquidity point, on Tuesday to Thursday. Shorting that imho would be a higher probability trade.

I suppose you will know the perfect Long or Short entry for the week by Friday evening.
 
I took a very low risk long on fiber and aussie, looking for NFP losses to be re gained in price,
placed the trades early Sat morning aussie time
 

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rod178 said:
I suppose you will know the perfect Long or Short entry for the week by Friday evening.

I called the Fiber rally before it happened, by noting the lack of resistance on the upside, and traded it much earlier than that, I assure you.

When you have to ignore the facts of what I'm doing to achieve your trolling goals, it becomes pretty pathetic. Just saying.

Here's what's on the docket tonight, however:
 

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GdayFx said:
I took a very low risk long on fiber and aussie, looking for NFP losses to be re gained in price,
placed the trades early Sat morning aussie time

Stellar trade, at any risk. Thanks for sharing.
 
yield is rising soon we will see decline in dollar
 

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the golden gun said:
I called the Fiber rally before it happened, by noting the lack of resistance on the upside, and traded it much earlier than that, I assure you.

When you have to ignore the facts of what I'm doing to achieve your trolling goals, it becomes pretty pathetic. Just saying.

Here's what's on the docket tonight, however:

You really need to get over pulling those Fibs.

I'm wondering when/if the Cable will make a run to take out the stops under 15950.
 
"..Picking bottoms in forex trading means to try to take a guess on where a currency pair will stop falling and will begin to start rising.

This practice is common with beginning traders because they have not learned to beat the need to be right on a currency prediction.

Picking bottoms, or tops for that matter, is a risky business and can lead to the ruin of a trading career. It's best to stick with following trends until their end is confirmed. If you truly believe that you are selling into a bottom, just wait it out, or set a reasonable stop..."
 
rod178 said:
"..Picking bottoms in forex trading means to try to take a guess on where a currency pair will stop falling and will begin to start rising.

This practice is common with beginning traders because they have not learned to beat the need to be right on a currency prediction.

Picking bottoms, or tops for that matter, is a risky business and can lead to the ruin of a trading career. It's best to stick with following trends until their end is confirmed. If you truly believe that you are selling into a bottom, just wait it out, or set a reasonable stop..."

Did you happen to see GdayFx's "bottom picking" trade? Sorry you didn't make money yesterday rod178, maybe tonight.
 
sakib717 said:
yield is rising soon we will see decline in dollar
If price follows yield and you see USD making higher highs and higher lows, while GBP is making lower highs and lower lows, which pair is the strongest? The USD, is it not?

So why do you think USD will decline in the near future given this graph?
 
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