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Version 1.1 by Drunk Monkey on 2020-12-09 06:11
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3 ICT: Green folks, this is a quick review of the euro dollar. And I'm going to
4 give you some ideas about what I might see in analysis going forward. And it may
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8 or may not be of any value to you, because obviously, the large move has already
9 transpired today. Okay, so I am readily admitting that this is hindsight, did
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13 not participate in this move at all, was enjoying the day away from the market.
14 So I've already made my PIP quota for the week, in this big move of the week
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18 wasn't necessary for me to be a participant for me to do very well this week.
19 Okay, so first thing, first things first, we have a few classic chart patterns
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23 in here and kind of go over that before we go anything else. And all this do
24 this. I use the Oh x here. Alright, so we have this high, we have this high. And
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28 we have this high here. And inside that pattern is a classic head and shoulders
29 pattern. Okay, and nothing terribly exciting about that. But I kind of want to
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33 draw your attention to that. And also on a larger degree. If we go a little bit
34 bigger on that. Not as big of a difference is it? I want you to take a look at
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38 this. Hi. So now we have head and shoulders, and then a larger head and
39 shoulders pattern here. Okay, so we could possibly see a move. Okay, well, let's
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43 use
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47 I'll go with that as our neckline, okay. And the reason why I'm doing that is
48 I'm looking through the wicks, I'm trying to get an idea of how many times I can
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52 get multiple touches. And I'm going to use that 1705 level. So when you 1705,
53 just to round it to a five level. And we're going to do a projection and the
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57 high all the way down to the neckline. Okay, so I have this move here. And now
58 we're going to project it from that break on that neckline right here today. And
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62 it's gonna take us down into about the 1320 level. Okay. So 1320 could be
63 potentially where we go and look at the, the movement on this neckline, we
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67 basically have already fulfilled this head and shoulders pattern, break of the
68 neckline, and we've hit it today. So that's actually been completed. But for
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72 entering a term or a little bit longer term perspective, we could see 1320 I'm
73 not saying how to get there overnight, but I probably shouldn't say that.
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77 probably end up doing it now that said that, but we could see 1312 a little bit
78 longer term basis. Okay. So with that, I'm going to drop down into a little bit
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82 lower timeframe, and kind of look at something today and go over something for
83 you as an example, to run drop into an hourly chart, per euro. Okay, so we have
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87 the 60 minute, euro dollar chart, okay. And I want you to look at this price
88 action here. Obviously, this is very exciting. Everybody wants to trade these
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92 types of things here. Okay, and I'm not going to give you the false sense of
93 expectation that you're going to be able to do these types of trades here. This
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97 could very easily have gone higher on the ECB announcement and press conference
98 today. Okay, so you got to be very, very careful learn. We're ahead of a big
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102 rate announcement. FOMC it's just, it could be very dangerous if you don't know
103 what you're doing. So to be responsible, as a mentor, because I know a lot of
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107 you folks are listening to me and you're gonna do things I'm telling you not to
108 do. Because you're trying to chase money chase pips, I knew if I stayed in front
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112 of the charts today, I would probably make comments about what I thought what's
113 going to happen. And I don't want anyone taking trades on that getting
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117 themselves hurt. So I took great deal Liberty today, give myself at bay. So
118 without making this video too long, I want you to take a look at this, okay, and
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122 consider the pattern I've been teaching you. And that way we can go through
123 price action and see one more example of this occurring, but I'm going to kind
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127 of like supercharge it tonight, I'm going to give you a couple different things
128 to amplify it. Okay, the system itself, the method itself hasn't changed. It's
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132 not morphing into something entirely different. But it's going to start bringing
133 in some other ICT concepts like the orderbox. Okay, and help you get to why I
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137 was looking for certain things to happen. And also, why I failed to get to where
138 I thought was gonna go. But still, it's a good thing. Okay. So, I want you to
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142 look at this chart. And where did we leave it? In terms of a high, we've left it
143 back here. Okay. And I want you to take a look at these last you up close
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147 candles, okay? Because these are like Voodoo. Okay, when I named my candle
148 pattern to help identify institutional
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152 setups and entry points, I came up with just a simple definition called in ICT
153 order block. And reason why I call it the ICT order block. And people are now
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157 using them all over the place, they call them blocks, they want to keep it
158 short, it sounds like it's theirs. But it's the ICT order block. And basically,
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162 it's a, it's the last time we saw a large degree of institutional selling
163 institutions have to sell as price go up. And when prices go down, institutions
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167 have to do their buying. On that basis, they cannot do any other way. Okay, so
168 they have to see it go up, they go short, because they have to reach into a pool
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172 of liquidity or draw in the buyers, as they sell in to that move. Okay, so they
173 fade the high, and they fade the low. So all we have to do is look where price
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177 has shown a willingness to move away with a strong degree of magnitude them at
178 magnitude is how far it moves away. Okay, and then speed also has a definition
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182 that helps find these Hallmark little footprints, if you will, of smart money.
183 So I want you to take a look at the last two up close candles in here. Now,
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187 don't look at these little things in here. Because they're, they're going to be
188 problematic. If you do that, you want to look for these really obvious big bulky
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192 candles, okay, on the upclose. right inside the highs, now it could be the very
193 high, or it could be a candle or two before the very high. Okay, all we're doing
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197 is looking for the last series of appcode upclose candles, because that's going
198 to be the ICT bearish order block, I really should have called them Voodoo
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202 blocks or something like that, because then it probably would have been really
203 cool. And it probably would have been much more intriguing. But a lot of folks
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207 just think that this is not of any value because they look at every closed
208 candle and assume that it should be a block. There's specific definitions and
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212 details that go along with make making the order block what it is. But I'm
213 highlighting this one here, because I'm gonna be mentioning it in future
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217 tutorials. And I want you to see how it was catalyst for today's move over here.
218 Okay. So I also want you to take a look at how price moves up to I was calling
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222 for the next upside objective to be 118 40. And then should 118 40 give way or
223 trade above it. I was looking for a move above these equal highs. And that would
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227 take us around that 118 60 level. Now obviously we didn't get there. We did go
228 to my 118 20 to the PIP yesterday didn't go one PIP above it went right to
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232 118 20. And I'll show you that real quick. Right here, this is a new day. So the
233 highest point comes in at 1820. Right there, then it goes to a new trading day.
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237 Right there. Okay, so precision as it can possibly get. Now, my 1840 failed, it
238 was not arrived. But I'm gonna show you why it doesn't make a difference. Not
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242 that I was trading it. But I want you to see if we look at this price range
243 right here. Okay, this price range here. We're going to use that to forecast if
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247 you will, another important high. Now important high, obviously is going to be
248 this one here. But if we want to find a target, why did it go to 118 36? Because
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252 these are the questions I asked myself as I was coming up as a trader that led
253 me to become focused on such precision because I believe that the markets are
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257 manipulated, if they're manipulated, therefore, there must be someone in
258 control. So if it's in control, then they have an ideal scenario or a template,
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262 if you will, what they think price should do or how it should behave inside a
263 specific timeframe. In this case, we're Going to intraday. So we're going to
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267 take a look at the two areas of price action, okay, and I'm going to draw your
268 attention to this candles body as it matches this one here, okay, cuz the open
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272 on this one, the close of this candle here are the same, and it's going to be
273 1735. And I want you to look at the highest candles body right in here. This is
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277 our reference points that we use for a fib. When I did the optimal trade entry,
278 OT e primer video on YouTube channel, we're going to look at these two reference
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282 points, this candle here in this candle here. That's defining this trading
283 range. Okay, so these are dealing ranges. So whenever you see price, moving in
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287 specific consolidations, like that, it's going to be rather significant in the
288 future, because at some time that dealing range is going to be breached. So when
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292 we leave that dealing range, where does it reach for what's the next level of
293 dealing, and I'm gonna show you how to do that incorporating the optimal trade
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297 entry and bearish order blocks. So I'm going to make it real quick and save
298 myself a whole lot of time.
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302 And boom, there you go. So now I have this low and this high referenced here,
303 the fib is drawn up on those reference points, specifically. And here's the ICT
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307 bull. bearish order block the last two upclose candles. And you can see here
308 that I have a reason to go crazy with OCD. Got to keep these lines straight,
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312 because otherwise I'll lose my mind. I was looking for 1840. And the reason why
313 I'll say an 1840 books, it was the open on this last upclose candle. Okay, so
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317 1840 was going to be my objective to reach for, okay, should we get past 118 36.
318 Now, why is why 1936 the high, because it's exactly the symmetrical price swing
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322 I taught you with the optimal trade entry primer. That's what makes my fib
323 optimal trade entry, because I'm giving you the optimal levels in terms of how
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327 the banks are going to look for confluences. Now I'm not saying banks are
328 trading with Fibonacci, because they're not. But it has an uncanny ability to
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332 overlap with levels that the banks do, in fact, trade with. And that's these
333 levels back here, because they sold here before. And they went right back to
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337 here. Now look at the bodies of the candles respecting that open on this candle
338 here. It's gonna be 118 28. And this candle is closed comes in at 118 28. This
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342 candle open comes in at 29 this candles closes at 29. And we can see a lot of
343 action around that opening price of the lower of the two upclose candles, two
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347 candles back to back can represent a order block. Okay, and ICT order block. In
348 this case, it's a bearish order block. Why because it was last to close candles
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352 as they sold into that move. And it moved away quickly. And it had a lot of
353 magnitude moving away from that price range. So we know that there was
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357 institutional selling institutions are so vast, and with their orders, they
358 cannot put their whole entire order on up here. So they have to wait for price
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362 to come back up to that level and they sell it again. And they put a larger
363 degree of movement, or orders in the in the marketplace. This level here is
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367 exactly our symmetrical price swing. It doesn't go one PIP less or above it goes
368 right to it too high 118 36. So are symmetrical price swing, it nails that one,
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372 but what I was looking for is maybe it might fluff through that number because
373 of ECB and push into 1840 or spike through run these highs hit 118 60. And then
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377 I would have been expecting a turtle suit or false break above that high and
378 then maybe drop down on the year. As it happens, you know, it only goes to
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382 118 36. And it looks like beautiful cherry picking but you'll see these concepts
383 are being referred to over and over and over again and they're in the same
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387 capacity. I'm not changing rules. I'm not blurring the lines. It's the same
388 thing, folks every single trading day. Now with this real quick I'm going to
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392 drop down into a lower timeframe. game we're looking at a five minute chart of
393 the euro dollar and I told you to start looking at the seven o'clock in the
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397 morning New York time and watching to the bias obviously we can see here the
398 market is making a strong impulse to move lower. Wait for a retracement up about
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402 20 pips. Okay, from this low here, we can clearly see that it does in fact trade
403 up higher than 20 pips, but it goes right back to the 62% retracement level
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407 beautifully sells off. Target one hit target to hit and symmetrical price swing
408 events he hits right here for a day trade a beautiful example that it's all
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412 hindsight I did not trade this, but I'm just showing you again, just to solidify
413 the rules I've already given you. It's not a totally new approach to it. It's
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417 simple rules being applied again. You can see here one more example of it
418 happening for the New York open setup. Hopefully you found this insightful and
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422 until next time, I wish you good luck and good trading