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

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.