74-ICT Mentorship Core Content - Month 8 - Defining The Daily Range
Last modified by Drunk Monkey on 2022-10-03 13:05
| 1 | 00:00:14,580 --> 00:00:25,680 | ICT: Okay, welcome back, folks, this is lesson two of the April 2017, ICT mentorship, content dealing with ICT day trading model. This lesson is defining |
| 2 | 00:00:25,710 --> 00:00:26,760 | the daily range |
| 3 | 00:00:31,980 --> 00:00:45,180 | okay, the retail 24 hour trading day. Now, I teach through the MT four platform. And everyone is aware that if you hold down Ctrl, when you tap the Y letter, |
| 4 | 00:00:45,780 --> 00:00:59,670 | it'll pull up the period separators for the respective timeframe you have on your chart. And the reason retail version of the 24 hour trading day is not what |
| 5 | 00:00:59,670 --> 00:01:09,960 | we focus on. But I want to highlight the contrast between the two because this is what you see, in a typical MT four platform. The interbank 24 hour, trading |
| 6 | 00:01:09,960 --> 00:01:21,390 | day is very different. So if it's going to be a high probability trade scenario that we're gonna be looking for, it stands to reason we have to start with the |
| 7 | 00:01:21,390 --> 00:01:33,570 | same reference point that if FDA itself, the interbank price delivery algorithm, uses in referencing time. So we're going to have to use the same thing that |
| 8 | 00:01:33,600 --> 00:01:47,880 | HIPAA does. When we view price in the element of time of day. So when we see these retail delineations, and folks have these on your charts, that's pretty |
| 9 | 00:01:47,880 --> 00:01:56,340 | much a classic telltale sign, they have no idea what you're doing, and they'll frame the day based on these vertical lines. What we're going to show now is how |
| 10 | 00:01:56,640 --> 00:02:01,500 | a interbank trader views price in relative terms to time. |
| 11 | 00:02:06,840 --> 00:02:13,170 | Okay, the first element we're going to break down is the Asian range. I get questions a lot. What is the kill zones? What is the Asian range? When's it |
| 12 | 00:02:13,170 --> 00:02:22,770 | begin? When's it end? All the things dealing with time of day. So this is the definitive teaching so that way, we can go through the rest of the lessons for |
| 13 | 00:02:22,980 --> 00:02:34,200 | April day trading. This is the only one you'll ever need to refer to. So if you've seen anything different the past, this is the real one. Okay, every day |
| 14 | 00:02:34,200 --> 00:02:50,520 | at 8pm eastern standard time in New York time. This begins the Asian range. Every day at midnight Eastern Standard Time New York ends the Asian range. We |
| 15 | 00:02:50,520 --> 00:02:58,260 | will learn specific things concerning this range later in April. For now I want to give you the beginning and endings of all the specifics that deals with the |
| 16 | 00:02:58,260 --> 00:03:00,030 | crypto trading day |
| 17 | 00:03:07,409 --> 00:03:22,559 | okay, the ICT London kill zone. Every day at 1am Eastern Standard Time New York begins that London kill zone every day at 5am Eastern Standard Time New York |
| 18 | 00:03:23,009 --> 00:03:33,959 | ends the month and killed zone. Now we're gonna learn specific things concerning this kill zone later in April. But for now, again, if you're ever questioning |
| 19 | 00:03:34,199 --> 00:03:43,409 | what I'm referring to in terms of the beginning and endings you have to have a New York time clock so either on your smartphone, they give you an opportunity |
| 20 | 00:03:43,409 --> 00:03:53,279 | to do world clocks whatever the time is in New York use the times I'm giving you in this specific teaching and set that as your beginning and ending points for |
| 21 | 00:03:53,279 --> 00:03:55,319 | all the references and time |
| 22 | 00:04:01,919 --> 00:04:15,329 | okay, the ICT New York kill zone. Every day at 7am Eastern Standard Time New York begins the New York kill zone every day at 10am Eastern Standard Time New |
| 23 | 00:04:15,329 --> 00:04:26,279 | York and the New York kill zone we will learn specific things concerning this kill zone later in April but again for now. This is the actual times I use the |
| 24 | 00:04:26,279 --> 00:04:27,119 | hunt the setup |
| 25 | 00:04:32,430 --> 00:04:45,480 | the ICT London kill zone for London close every day at 10am Eastern Standard Time New York begins the London close kill zone. Every day at 12pm Noon New York |
| 26 | 00:04:45,480 --> 00:04:58,680 | time ends the London close kills on we will learn specific things concerning this kill zone later in April. For now, whenever I refer to London close this is |
| 27 | 00:04:58,680 --> 00:05:07,500 | the time window like Get always in whatever New York Time is whether it's daylight savings time, or regular time. This is the times I'm using |
| 28 | 00:05:14,580 --> 00:05:29,310 | the HIPAA true day definition. Every day at 12am, midnight, New York time begins the if the true day. This is the beginning of the 24 hour interbank trading day. |
| 29 | 00:05:31,260 --> 00:05:45,030 | Every day at 3pm, New York time ends the Epta true day 24 hour interbank trading day. We will learn specific things concerning this time range and April, for |
| 30 | 00:05:45,030 --> 00:05:57,570 | now, know that this is the beginning and the ending of the interbank 24 hour cycle. Okay, so let's take a closer look at what we've outlined here. What we |
| 31 | 00:05:57,570 --> 00:06:19,020 | have is a true day. For a Monday, April 3 2017. We classify this as a true day open at midnight. And Monday, today close at 3pm. New York time, you can see |
| 32 | 00:06:19,260 --> 00:06:32,040 | that there are very, very specific time elements being shown here. Not only are we blending elements of if the data ranges and PD array matrix, we're looking at |
| 33 | 00:06:32,040 --> 00:06:43,410 | institutional order flow. But now we have an element of time that it gets so precise, it's hard to deny how anyone looking at this chart can see there's an |
| 34 | 00:06:43,410 --> 00:06:53,520 | algorithmic pattern. And it's related to time. Now, we're not going to go into PDA arrays and all the institutional reference points. But I want you to focus |
| 35 | 00:06:53,520 --> 00:07:06,030 | on the time windows here. Look at the turning points that we see here. Look at the daily high end, look at the daily low. Look at the swing points throughout |
| 36 | 00:07:06,030 --> 00:07:18,060 | the rest of the day. There's logical reasons for why price goes to these levels. And why they go specifically and precisely to a one particular level or another. |
| 37 | 00:07:20,670 --> 00:07:32,490 | I want to add the 8:20am New York time, this is the CME open look at this line, draw straight up with your imagination and goes right to that little short term |
| 38 | 00:07:32,490 --> 00:07:44,370 | low and price rallies away from that. That is not randomness. Okay, I'm going to teach you a lot about 8:20am Cme open that I did not give you in other |
| 39 | 00:07:44,370 --> 00:07:57,690 | teachings. In this area here between the London and New York kill zones. This is London lunch. This is generally when we're not looking for any major significant |
| 40 | 00:07:57,720 --> 00:08:10,050 | price moves it usually the market goes quiet, or it continues in the path is set for London Open. Framing the day like this, you can clearly see using power |
| 41 | 00:08:10,050 --> 00:08:21,300 | three, the open at midnight, small little down move in the Asian range, we would not be concerned with that. The up move on the Asian range, resistance being |
| 42 | 00:08:21,300 --> 00:08:32,880 | broken out. The high of the day forms right at the beginning of the ICT London kill zone that begins at 1am New York time. Folks that are using my free |
| 43 | 00:08:32,880 --> 00:08:43,230 | tutorials, they're waiting for two o'clock, three o'clock and four o'clock. This is the actual kill zone I use. So the time window begins at 1am. It ends at 5am. |
| 44 | 00:08:43,830 --> 00:08:56,970 | Look at the high that forms at 5am at the very end of one and kills him. Exactly. Right there. Now look at the New York session kills them. We have a |
| 45 | 00:08:56,970 --> 00:09:08,190 | short term high that sprained inside of that New York kill zone. But look at the low that forms in the actual New York kill zone. It forms at 8:20am Cme open. |
| 46 | 00:09:08,970 --> 00:09:18,990 | I'll tell you what the CME open is later on. But for now, just keep that as a reference point on your own charts. The high that forms in the New York session. |
| 47 | 00:09:19,620 --> 00:09:28,980 | Okay, there's a swing high forms and it trades down into the London close. London closed makes the low of the day goes in consolidation and trades off the |
| 48 | 00:09:28,980 --> 00:09:40,080 | low for a close or what I refer to as the New York close. When I say New York close, I'm referring to it to true day close. It just saves me the time of |
| 49 | 00:09:40,080 --> 00:09:45,480 | saying it. So true day begins at midnight, New York time and ends at 3pm. |
| 50 | 00:09:46,649 --> 00:09:56,849 | New York time now 3pm Is because bonds close and the influence that interest rates have on the currency markets will have ended by them. The last hour two |
| 51 | 00:09:56,849 --> 00:10:08,489 | o'clock to 3pm New York time will always in capsulate any movement that's related to FOMC to interest rate announcements, FOMC minutes, all those events |
| 52 | 00:10:08,489 --> 00:10:17,009 | that take place around the two o'clock hour in New York time. That's what encapsulates that last portion, no matter what happens in FOMC. Generally, the |
| 53 | 00:10:17,009 --> 00:10:29,549 | move is ended or developed, the bulk of the movies ended by 3pm, New York time. And that's how you frame the entire daily range. Open high, low and close. And |
| 54 | 00:10:29,549 --> 00:10:39,059 | that's the delineations of each. So going forward in this month, we'll know exactly what we're referring to on time, and how to use these elements for |
| 55 | 00:10:39,059 --> 00:10:43,079 | precision. Until next lesson, I wish you good luck and good trading |