66-ICT Mentorship Core Content - Month 7 - Short Term Trading Defining Weekly Range Profiles
Last modified by Drunk Monkey on 2022-09-28 11:01
| 1 | 00:00:11,130 --> 00:00:19,980 | ICT: Welcome back to lesson two of short term trading March 2017, ICT mentorship content. This lesson is defining the weekly range profiles. |
| 2 | 00:00:25,830 --> 00:00:35,250 | Okay, before we get into this, let me preface it by saying this is one of the lessons that if you just look through it quickly in not paying much attention to |
| 3 | 00:00:35,250 --> 00:00:47,700 | it, it's going to look rather ambiguous, it's going to seem unfruitful. But its impact is shown and solidified, really, by you going through price data. And |
| 4 | 00:00:47,700 --> 00:00:57,000 | seeing these profiles unfold in hindsight, seeing how they operate, how they unfold and the conditions that I've given you how they are always generally |
| 5 | 00:00:57,000 --> 00:01:06,750 | precursors to them forming. So the classic Tuesday low of the week, okay, this is a market profile that is generally bullish, so you're already looking for |
| 6 | 00:01:06,750 --> 00:01:16,260 | bullish prices anyway. And what you're looking for is manipulation. In the form of price hovering above a higher timeframe discount array on Monday then drops |
| 7 | 00:01:16,260 --> 00:01:26,610 | into a higher timeframe discount array on Tuesday to form the low of the week. How to anticipate this, you have to know the higher timeframe discount arrays, |
| 8 | 00:01:26,820 --> 00:01:36,030 | and when the market fails to drop into that array. Odds are Tuesday we'll likely see the drive lower Tuesday London Open and or New York session. |
| 9 | 00:01:41,490 --> 00:01:52,620 | Okay, the next one is the classic Tuesday high of the week. This market profile for the week is generally bearish, you're expecting lower prices. And the |
| 10 | 00:01:52,620 --> 00:02:00,930 | manipulation you're expecting is when price is hovering below a higher timeframe premium array Monday then rises into the higher timeframe premium array on |
| 11 | 00:02:00,930 --> 00:02:11,460 | Tuesday to form the high of the week. And you anticipate this forming by knowing the higher timeframe premium arrays and when the market fails to arrive into |
| 12 | 00:02:11,460 --> 00:02:21,660 | that array. Odds are Tuesday we'll likely see the drive higher Tuesday's London Open and or New York session. Just like the classic Tuesday low the week. Well, |
| 13 | 00:02:21,720 --> 00:02:32,250 | the classic high the week, there can be another run higher to make a higher high in the week for this profile than the highest formed in the London session |
| 14 | 00:02:32,250 --> 00:02:39,960 | Tuesday. So in other words, you can come back and and run the London high out and still form this for the classic Tuesday low of the week. It can come back |
| 15 | 00:02:39,960 --> 00:02:45,720 | and make a lower low in the New York sessions. There's one caveat that has to be applied to both of them so have that in your notes. |
| 16 | 00:02:50,670 --> 00:03:01,980 | Okay, the next one is the Wednesday low of week. This is when you're generally bullish on the marketplace already. And the manipulation you're looking for is |
| 17 | 00:03:01,980 --> 00:03:11,580 | when prices hovering above. A higher timeframe discount array Monday and Tuesday then drops into the higher Time Frame discount array on Wednesday to form the |
| 18 | 00:03:11,580 --> 00:03:21,690 | low of the week. You anticipate this by knowing the higher Time Frame discount arrays and when the market fails to drop into that array. Odds are Wednesday |
| 19 | 00:03:21,690 --> 00:03:32,220 | we'll likely see the drive lower Wednesdays London Open and or New York session. Monday and Tuesday can also be down days as well to form this profile Wednesday |
| 20 | 00:03:32,220 --> 00:03:42,450 | london session low can be ran out on the Wednesday New York session and then it can create a low of the week so be be aware that that can possibly happen as |
| 21 | 00:03:42,450 --> 00:03:56,610 | well. The next one is to Wednesday high of week. This profile is generally bearish you're already looking for lower prices. And the manipulation you're |
| 22 | 00:03:56,610 --> 00:04:04,530 | expecting is when price is hovering below a higher timeframe premium array Monday and Tuesday then rises into the higher timeframe premium array or |
| 23 | 00:04:04,530 --> 00:04:14,280 | Wednesday to form the high of the week. You anticipate this by knowing the higher timeframe premium arrays and when the market fails to rise into that |
| 24 | 00:04:14,280 --> 00:04:23,040 | array. Odds are Wednesday we'll likely see the drive higher Wednesdays London Open and or New York session Monday and Tuesday can be updated as well to form |
| 25 | 00:04:23,040 --> 00:04:33,780 | this profile. Just like we mentioned for Wednesday low of week. The London Open high on Wednesday can be ran out on Wednesdays New York session and still create |
| 26 | 00:04:33,780 --> 00:04:47,520 | the highest week so have that in your notes. Okay, the next one we have is consolidation Thursday reversal. This is a generally bullish market condition. |
| 27 | 00:04:48,300 --> 00:04:56,940 | So what you're looking for in inflation is we're going to be looking for consolidation Monday through Wednesday. Then price runs the interest week low |
| 28 | 00:04:57,390 --> 00:05:10,740 | and rejects it forming a market river So, the key is it's consolidating, it's not only going higher or lower Monday through Wednesday how to anticipate this |
| 29 | 00:05:10,740 --> 00:05:17,880 | as you have to do the higher timeframe discount arrays, and when the market fails to drop into that array, odds are Thursday we'll likely see the drive |
| 30 | 00:05:17,880 --> 00:05:28,590 | lower Thursday on a market driver news and or rate release, late New York session and this is typically around the two o'clock Eastern Standard Time. Or |
| 31 | 00:05:28,620 --> 00:05:29,790 | 2pm, New York time. |
| 32 | 00:05:34,950 --> 00:05:45,780 | Okay, consolidation Thursday reversal for a bearish market profile. The methylation you looking for us consolidation Monday through Wednesday, then it |
| 33 | 00:05:45,780 --> 00:05:55,710 | runs the entire week high and rejects it, forming a market reversal. You anticipate this by knowing the higher timeframe premium arrays and when the |
| 34 | 00:05:55,710 --> 00:06:05,520 | market fails to rise into that array. Odds are Thursday we'll likely see a drive higher Thursday on a market driver news or rate release late New York session |
| 35 | 00:06:05,550 --> 00:06:16,860 | around 2pm New York time. Now just like we saw for the bullish consolidations or as a reversal, this is generally on rate announcements FOMC or interest rate |
| 36 | 00:06:17,310 --> 00:06:30,960 | adjustments. Consolidation midweek rally this is a bullish market profile already expecting higher prices when you're looking for this. The manipulation |
| 37 | 00:06:30,960 --> 00:06:40,590 | you're expecting is consolidation Monday through Wednesday, then runs the entire week high and then expands higher into Friday have to anticipate when the market |
| 38 | 00:06:40,590 --> 00:06:49,470 | is bullish and has yet to run to the premium array on the higher timeframes. It has recently rallied from a discount array and simply paused without any bearish |
| 39 | 00:06:49,470 --> 00:06:55,050 | reversal price action indicating prices about to expand higher for the premium array. |
| 40 | 00:07:00,750 --> 00:07:10,320 | Consolidation midweek decline this is a bearish market profile. You already expecting bearish prices and the manipulation you're looking for is when price |
| 41 | 00:07:10,320 --> 00:07:20,850 | is consolidating Monday through Wednesday, then runs to enter week low and expands lower into Friday. You anticipate this profile forming when the market |
| 42 | 00:07:20,850 --> 00:07:29,730 | is bearish and has yet to run the discount array on the higher timeframes, and has recently declined from a premium array and simply paused without any bullish |
| 43 | 00:07:30,390 --> 00:07:35,310 | reversal price action indicating prices about to expand lower for the discount array. |
| 44 | 00:07:42,480 --> 00:07:56,520 | Seek and Destroy bullish Friday. This is a neutral or low probability market profile. The telltale signs the manipulation is taking part in this profile is |
| 45 | 00:07:56,850 --> 00:08:05,880 | where price is consolidating Monday through Thursday, running shallow stops under and above the entire week highs and lows then runs the entire week high |
| 46 | 00:08:05,910 --> 00:08:18,420 | and expands higher into Friday. How to anticipate it when the market is awaiting interest rate announcements and or Non Farm Payroll can create this profile in |
| 47 | 00:08:18,420 --> 00:08:30,990 | the summer months of July and August. It's better to avoid trading these conditions all together so you can destroy bearish Friday. The profile again is |
| 48 | 00:08:30,990 --> 00:08:40,680 | neutral, low probability. Manipulation is seen by price consolidating Monday through Thursday, running shallow stops under and above the intra week highs and |
| 49 | 00:08:40,680 --> 00:08:50,640 | lows then runs the intra week low expands lower into Friday. How to anticipate it when the market is awaiting interest rate announcements or Non Farm Payroll |
| 50 | 00:08:50,760 --> 00:09:03,600 | can create this profile in the summer months of July and August. It's better again to avoid these conditions. Wednesday weekly reversal this market profile |
| 51 | 00:09:03,600 --> 00:09:13,020 | is bullish already expecting higher prices. The main action you're looking for is when price is consolidating Monday through Tuesday and drives lower into a |
| 52 | 00:09:13,020 --> 00:09:22,260 | higher timeframe discounted rate to induce sell stops then strongly reverses. I don't anticipate this when the market is trading at a long term or intermediate |
| 53 | 00:09:22,260 --> 00:09:37,680 | term low price will pair institutional buying with pending sell side liquidity or traditionally lune as a sell stop rate. Wednesday weekly reversal profile |
| 54 | 00:09:37,980 --> 00:09:47,820 | bearish you aren't expecting lower prices. The manipulation you're expecting is when price is consolidating Monday through Tuesday and it drives higher into a |
| 55 | 00:09:47,820 --> 00:09:57,240 | higher timeframe premium array to induce buy stops then strongly reverses. How to anticipate this when the market is trading at a long term or intermediate |
| 56 | 00:09:57,240 --> 00:10:06,840 | term high price will pair institutional sell Going with pending buyside liquidity or as otherwise known as a buy stop rate. Now, it may seem rather |
| 57 | 00:10:06,840 --> 00:10:16,560 | simplistic to go through this squiggly line and a few comments, but the impact is going to be really appreciated in your understanding when you go through |
| 58 | 00:10:16,560 --> 00:10:27,120 | price action with a one hour chart, go through any pair, any segment of time, go back as far as you want, okay, and I want you to break down price and define |
| 59 | 00:10:27,120 --> 00:10:37,290 | these moves in what you're seeing in price. And and look at the characteristics of what is going on prior to these market profiles forming. And you're gonna see |
| 60 | 00:10:37,290 --> 00:10:47,460 | a recurring theme that generally the characteristics that we have outlined here are precursors to these market model profiles. So hopefully this has been |
| 61 | 00:10:47,460 --> 00:10:54,510 | insightful to you. We will be gilt giving you more insights about this when we start looking at the market maker templates. And we'll be referring back to |
| 62 | 00:10:54,510 --> 00:11:02,970 | these as well. We use PD arrays and if the data ranges until next lesson, wish good luck and good trading. |