ICT - On Elder Triple Screen
- Thread starter TheInnerCircleTrader
- Start date
Tansen said:
You nailed it Tansen! I don't "use" it on the 15 minute chart it is just there. I just use it to look for divergence with price on the hourly or greater. It's just another confirmation on top of an already formed trade idea.
Do you guys think that was a valid triple screen? I made a profit on it.
Tansen said:
which trade exactly? because i am confused. everbody talking about shorts. was long from 1.3172, 10 pip stop, 1. target AR high for 30 pips.
oh, somehow missed the last post.
my personal opinion: 1h market flow means nothing. if looking for MF in daytrading i would only use h4. and overall MF isnt as relevant anyway. to me what seems to matter is market structure, which in this case is clearly bullish.
in addition regarding this exact setup: AR high looked too clean, stops above. low liq summer markets supporting stop hunts as well. additionally i found that given a small asian range like yesterday (about 20 pips) there is a chance of about 70% that both the AR high and AR low will get taken out during the day. also prev. day high, prev. weekly high and KSR around 1.3160-70ish
slugFX said:
To be fully honest regarding the MS question I didn't trade this and had I been actively seeking a position I would of taken a short along with you as well. However I was also looking at the past few days and if you notice yes we did have a long term low swept out and we were rallying back to a plausible OTE. But what what may have kept me to the long side is that of bonds and how they broke a previous low (Will insert image when I get home). It was enough for a short term long but overall long term I am not sure and with the high ranges of consolidation presented earlier in the week we were probably in an accumulation phase which would explain the two Z days previously.
brians1128
Well-Known Member
NICE trade tansen
TheInnerCircleTrader
Well-Known Member
The first step is to get your bearings on the higher time frame charts. Are we in line to meet strong Resistance or Support? Have we just bounced from a HTF Key S&R level?
Where Price recently traded from and more insightful to you as a Trader in hunting where Price is heading next.
Once you determine if we are poised to trade higher on the Weekly or minimum daily chart... you are free to look for Market Structure to shift to that directional bias. I think the case where the time Price spends plodding around between a major level might cause Traders to insist they "know" what's coming next. As a developing Trader resist this... and be content with discovering it from time to time each week.
Lowered expectations hurt less and require far less effort in the beginning to live up to. Find your stride over the long journey... and it will be an amazing ride.
GLGT 8)
Where Price recently traded from and more insightful to you as a Trader in hunting where Price is heading next.
Once you determine if we are poised to trade higher on the Weekly or minimum daily chart... you are free to look for Market Structure to shift to that directional bias. I think the case where the time Price spends plodding around between a major level might cause Traders to insist they "know" what's coming next. As a developing Trader resist this... and be content with discovering it from time to time each week.
Lowered expectations hurt less and require far less effort in the beginning to live up to. Find your stride over the long journey... and it will be an amazing ride.
GLGT 8)