... I have a question. Have a look at your DJIA chart ...Mark out the NY open time. Study the last few weeks price action around that time. Tell me what you see. ....
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Which time frame? If it is M1 like the chart you showed us, that chart does not show NY open.
at a glance around the ny open you seem to get a false move then a change in direction for a much larger move carried presumably by the ny open. similar to how the franky open often throws cable the wrong way pre London?.......Maybe
How so? Remember what I said about figuring out local times, broker times etc. There is enough information in this thread already for you to be able to figure out that it DOES show NY open.
It won't take much for me to lose my patience with crap like this. I clearly stated that questions about time will be ignored. Well, here's a new rule.
ANY comment/question about when NY opens will be result in immediate blocking from the thread.
Now fuck off and let those who want to learn, learn...................
{quote} Really? I mean REALLY!!?? It won't take much for me to lose my patience with crap like this. I clearly stated that questions about time will be ignored. Well, here's a new rule. ANY comment/question about when NY opens will be result in immediate blocking from the thread. Now fuck off and let those who want to learn, learn...................
Ignored
My bad. But you do not have to be so rude. Have respect for others and the others will have it for you. See Ya
{quote} How so? Remember what I said about figuring out local times, broker times etc. There is enough information in this thread already for you to be able to figure out that it DOES show NY open.
at a glance around the ny open you seem to get a false move then a change in direction for a much larger move carried presumably by the ny open. similar to how the franky open often throws cable the wrong way pre London?.......Maybe
Ignored
Yes, mate! You're spot on!! Nothing new in this technique, but how to know when it will reverse? That's when we use the divergence.
Trader Dante calls this the "open drive," when he trades bunds. Basically a false move on the open to trick people into thinking it's racing off in that direction.
Happens in FX as well, but you need a HTF directional bias to make it work IMHO.
This is an ICT concept. Basically, he says that the "big money" does its selling in up candles and buying in down candles.
A bearish order block is therefore the last up candle before a down move. So, when price returns there, we can expect more selling.
Conversely a bullish order block is the last down candle before an up move. So, when price returns there, we can expect more buying.
This is a VERY powerful technique and shows the true support and resistance of any financial instrument plotted on a chart. Picking which ones will hold is a different matter however. But for the method I am describing here, we don't have to worry about that.....
Order blocks are a VAST subject, and I won't be covering them in great detail here, but feel free to go off and research them yourself. ICT has LOADS of videos on his website and YouTube.
Like I said, the biggest problem is identifying which OBs will hold and which will give way. I'm not going to divulge that information in this thread, because we don't need it. However, I do use it for my FX trading.
OK. Can you guess where we go next with this strategy?
As soon as the RSI divergence is confirmed, we go to the M1 chart and look for an entry based on what? Yup. A suitable OB.
Do you see now, how we can get stupidly tight SL?
Go and have a look at recent DJ action, mark up your charts and post them here. Right or wrong doesn't matter. I'll try to give feedback on them all. You'll learn much better what to look for if you "discover" it for yourself. The pattern will imprint itself in your brain much better than me just showing example after example.....
That's me done for now. You have the entry strategy now. Search for them on your charts. Go back 100 days. See if you can spot them. Be realistic. Some days, there is no trade. Some days there are losers, and other days there are winners. With good R, the winners FAR outweigh the losers.
Will post how to determine targets either tomorrow or on Monday morning.
Order blocks are a VAST subject, and I won't be covering them in great detail here, but feel free to go off and research them yourself. ICT has LOADS of videos on his website and YouTube. Like I said, the biggest problem is identifying which OBs will hold and which will give way. I'm not going to divulge that information in this thread, because we don't need it. However, I do use it for my FX trading. OK. Can you guess where we go next with this strategy? As soon as the RSI divergence is confirmed, we go to the M1 chart and look for an entry based...
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OK, good stuff. Concept understood, it's roughly the same as zero lines (an old kreslik thing, price rise/retrace to zero out the b/e even early birds before making the real move)..
Regards RSI divergence. You mentioned above, "As soon as the RSI divergence is confirmed, we go to the M1 chart".. but didn't mention what timeframe you are looking at for the divergence? I'm guessing 4 hour as the last image above?
{quote} Really? I mean REALLY!!?? It won't take much for me to lose my patience with crap like this. I clearly stated that questions about time will be ignored. Well, here's a new rule. ANY comment/question about when NY opens will be result in immediate blocking from the thread. Now fuck off and let those who want to learn, learn...................
{quote} OK, good stuff. Concept understood, it's roughly the same as zero lines (an old kreslik thing, price rise/retrace to zero out the b/e even early birds before making the real move).. Regards RSI divergence. You mentioned above, "As soon as the RSI divergence is confirmed, we go to the M1 chart".. but didn't mention what timeframe you are looking at for the divergence? I'm guessing 4 hour as the last image above?
