ICT YT - 2017-11-02 - Post GbpUsd Rate Announcement Commentary.srt

Last modified by Drunk Monkey on 2022-12-22 08:36
1 00:00:10,410 --> 00:00:26,670 ICT: Alright, Munchkins, let's take a look at the cable market. This is pound dollar. And we're going to store a little optimal trade entry. Well it down to
2 00:00:27,930 --> 00:00:45,750 this lowest close, and I'm using the highest up close and here is a swing high. See who the highest 134 35. Next candle is 134 58. And obviously, you can see
3 00:00:45,750 --> 00:00:58,950 it's a lower high on this candle here. So I'm using that swing high projected down because it's a range optimal trade entry right in here. And we are inside
4 00:00:58,950 --> 00:01:13,170 of a consolidation also. Okay. So in terms of overbought, oversold, we will need the utilization of an RSI or stochastic or a way as percent are to give us a
5 00:01:13,170 --> 00:01:27,480 reading of overbought because we're in a range. Okay, we're in the top side of that range. Just for spits and giggles. give you guys a good we're into center,
6 00:01:27,480 --> 00:01:37,620 we haven't used his in a while. There you go for overbought. And there you go. But we didn't need to have this stuff down here to see that we're inside of a
7 00:01:37,620 --> 00:01:49,980 range and we're on the top side of it. So again, indicators, not necessary. Okay, so now we have some projections down here. share them with you now. In
8 00:01:49,980 --> 00:02:11,640 case we get some big movement overnight and going into non farm payroll 830. Tomorrow, New York time. Okay, so we have 129 69 and 128 41. There's our two
9 00:02:11,730 --> 00:02:26,550 objectives. And should we get really insane. On the downside, we have 120 703. Okay, suspect that's going to be the case tomorrow, but we certainly could see
10 00:02:26,550 --> 00:02:39,360 target one, and maybe make its way down the 2841, maybe we'll see depends on how much of a rally we get in the dollar index. Alright, so with this on our charts,
11 00:02:39,690 --> 00:02:50,280 also want to bring your attention to we have these, we have these Kwazii railroad tracks in here. And price was able to come back up trade above that.
12 00:02:53,220 --> 00:03:01,140 Okay, so we have a turtle soup scenario, just false breakout. So we're gonna have this level on our charts, and we're to drop down into a lower timeframe.
13 00:03:02,070 --> 00:03:14,790 Okay, so we can see our cable on an hourly basis, we had traded above that old high here, and then broke down right in here. This is a market structure break
14 00:03:14,790 --> 00:03:24,480 right there. Okay, so when we dipped below it, any future rally should be viewed as a suspect rally, that means it's probably really going to be distribution.
15 00:03:24,990 --> 00:03:33,000 And the market will probably roll over and go lower. Now, because of the interest rate announcement that was due out this morning in New York time for
16 00:03:33,000 --> 00:03:42,510 cable or British pound, I was a little reluctant in trading in here, I wanted to see it proved to me that it will go lower. And I'll show you what that looks
17 00:03:42,510 --> 00:03:51,570 like if we go down into a case. And we see on our 15 minute timeframe. Again, the same market structure break here went lower, and then we rallied up and put
18 00:03:51,570 --> 00:04:00,720 the data buyers as you can see, probably fluffed it up right from the beginning of Asia. Right on in, and then we went slightly consolidated, and then we broke
19 00:04:00,720 --> 00:04:14,370 down this high in this low is what I used for my optimal trade entry. And you guys saw that on my phone, I sat up all night long. basically ran my battery
20 00:04:14,370 --> 00:04:20,820 down and drove my wife nuts. He was like, Look, if you're gonna be looking at that thing, can you get out of the bed? And I was like, No, I can't do it. I
21 00:04:20,820 --> 00:04:29,280 just can't do it. I got to be comfortable. So I kind of tortured her last night. I'm probably gonna pay the price for it. But nonetheless, this is what I was
22 00:04:29,280 --> 00:04:40,590 looking at. This is the optimal trade entry range that I was looking at from a 15 minute standpoint. And I knew I had the likelihood of it trading back up here
23 00:04:41,040 --> 00:04:52,470 would most likely send it lower. Not this one here. This was a post my exit I I told you on Twitter that probably see a retracement in the New York session, it
24 00:04:52,470 --> 00:05:03,960 would probably run my stop that I had 30 to 35 and it clearly would have ran out easily and I would have Close to the remaining portion of one standard lie ahead
25 00:05:03,960 --> 00:05:08,940 onto four off at 20 3020. So
26 00:05:09,689 --> 00:05:17,939 let's dip down into a little bit smaller time frame, we're going to look at the five minute chart. Because here's the five minute we'll zoom in a little bit.
27 00:05:20,069 --> 00:05:31,409 Okay, and this was the range off of the 15 minute timeframe. And all I did was dial in a little bit deeper. The highest body and the lowest body here. And that
28 00:05:31,409 --> 00:05:41,999 gets us right into here. And as price traded right up into that off my iPhone, I traded short rate there. Now, it was slightly outside of the kill zone for
29 00:05:41,999 --> 00:05:57,089 London. But my rationale was that we would probably see it tank and I wanted to see it run out the high. Not yesterday, but the day before. That low right here.
30 00:05:57,089 --> 00:06:09,569 So I'm just gonna take this and copy it and just drag it on down here. And we'll skedaddle right back over to where we were. And right before this business was
31 00:06:09,569 --> 00:06:23,759 taking place. Okay, I wanted to be out at 3215. If this was my target, okay, 131 93 was this level here from two days ago that low? I want to be getting out
32 00:06:23,789 --> 00:06:32,789 ahead of that. I don't want to be sitting in something that like, well, you saw a perfect example today. You didn't know the target I was really looking for was
33 00:06:32,819 --> 00:06:43,259 two days ago is low. But that's exactly what I was looking for. But even with that, and trying to get out earlier 3215 it was flirting around with me here.
34 00:06:43,439 --> 00:06:53,609 And I didn't want to hold on to it because of the bank rate announcement. And it ended up tanking one more leg lower, it would have filled me on my my limit. But
35 00:06:53,609 --> 00:07:08,129 it never would have got to my initial objective before having really deep retracement all the way up to here and then spiking down. So I mean I in my
36 00:07:08,129 --> 00:07:21,959 opinion, I managed it appropriately. But those were the mechanics behind it. And it's hard to get a good picture of it without that big candle screwing it all
37 00:07:21,959 --> 00:07:33,719 up. In here. Yeah, so that's the range I worked within as price was trading up. And that's where I wanted to get it right from the open on this candle. Here it
38 00:07:33,719 --> 00:07:48,479 opened that 30 to 60. And small little spike up one PIP and caught it and it just slid on down. So that was the the move for cable. I actually shared on
39 00:07:48,479 --> 00:08:05,699 Twitter, a level down here of 130 37 and we only got down a low of 3045. So I was off there but direction was right and I was able to peel something off, you
40 00:08:05,699 --> 00:08:13,559 know in a positive mood. Didn't get the high didn't get the low but I got a I got a little piece of the pie. I didn't get all this movement here. But that's
41 00:08:13,559 --> 00:08:20,729 expected for a bank rate. Try not to be in front of that too much. That's going to be it folks. Hopefully you found this one insightful. Until next time wish
42 00:08:20,729 --> 00:08:21,629 good luck and good trade.