Showing posts with label weekly OTE. Show all posts
Showing posts with label weekly OTE. Show all posts

Wednesday, March 15, 2017

Winning Trade! eurusd trade

A couple of weeks ago, I predicted that this month would see its fair share of bullishness and so far it has delivered.

I installed an EA that will take a screenshot of an entry and exit and will plot the trade on the chart for me automatically. We can easily see where I entered the market and subsequently scaled out of it.

I took the first half of my trade off at +20 pips! After moving my stop to 1 pip over Break Even, I was able to nullify my risk and since I had already made money on the trade, I let the market do the rest of the work for me!

A little while later...

As you can see in the free chart below and as per ICT's concepts, I chose the 161.8 extension of the swing that we were currently working in as Take Profit Objective.

Today's price action was very clear and deliberate. I never follow the news and was able to tell where the market was going to test even before the fed news. As a matter of fact, I didn't even know that there was going to be a fed, "whatever," until just a couple of hours beforehand. This did not affect my view in any way shape or form.

As shown above, we easily cleared that and pushed far beyond the high I anticipated.

When you use ICT's method's, you know that you analyze the Weekly Chart (W1), and draw a lot of your bias from the H4, D1, and W1 charts. Afterwards, you look to your H1 Time Frame chart and you can see the litany of setups all week.

Below you can see that price traded down into a H1 Bullish Order Block that also matched up with an Asian Range High from last week, that also happened to be the high probability level of 1.0600. As you might have guessed, 1.0600 has been a previous level of Support and Resistance. In this example, price was being tested as support.

Once price returned to clear the other side of the Asian Range, we can easily conclude where price is heading for the day.  Fed or not.

Monday, November 11, 2013

Long

I'll be looking to buy retracements at support levels I find on the 1-hour and 4-hour time frames. Coincidently, this might be setting up a bullish power of 3 for next week.
ICT preaches that the high or low of the week is formed by Tuesday's London open. With that premise in mind, I am looking for a short term low to form. Preferably into an OTE Buy pattern.  Since I don't know when (or if) this scenario will play out I can assume that there might be a good short opportunity somewhere that will carry us down to the aforementioned short term low. I don't think we'll break the low we've set for all of Monday's trading but if we do, then I don't think we'll break last week's low. 

You don't need to know what is going to happen next in order to make money. 

                                       -Mark Douglas