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Version 1.1 by Drunk Monkey on 2020-12-09 06:12
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3 ICT: Alright, Munchkins, let's take a look at the cable market. This is pound
4 dollar. And we're going to store a little optimal trade entry. Well it down to
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8 this lowest close, and I'm using the highest up close and here is a swing high.
9 See who the highest 134 35. Next candle is 134 58. And obviously, you can see
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13 it's a lower high on this candle here. So I'm using that swing high projected
14 down because it's a range optimal trade entry right in here. And we are inside
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18 of a consolidation also. Okay. So in terms of overbought, oversold, we will need
19 the utilization of an RSI or stochastic or a way as percent are to give us a
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23 reading of overbought because we're in a range. Okay, we're in the top side of
24 that range. Just for spits and giggles. give you guys a good we're into center,
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28 we haven't used his in a while. There you go for overbought. And there you go.
29 But we didn't need to have this stuff down here to see that we're inside of a
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33 range and we're on the top side of it. So again, indicators, not necessary.
34 Okay, so now we have some projections down here. share them with you now. In
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38 case we get some big movement overnight and going into non farm payroll 830.
39 Tomorrow, New York time. Okay, so we have 129 69 and 128 41. There's our two
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43 objectives. And should we get really insane. On the downside, we have 120 703.
44 Okay, suspect that's going to be the case tomorrow, but we certainly could see
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48 target one, and maybe make its way down the 2841, maybe we'll see depends on how
49 much of a rally we get in the dollar index. Alright, so with this on our charts,
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53 also want to bring your attention to we have these, we have these Kwazii
54 railroad tracks in here. And price was able to come back up trade above that.
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58 Okay, so we have a turtle soup scenario, just false breakout. So we're gonna
59 have this level on our charts, and we're to drop down into a lower timeframe.
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63 Okay, so we can see our cable on an hourly basis, we had traded above that old
64 high here, and then broke down right in here. This is a market structure break
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68 right there. Okay, so when we dipped below it, any future rally should be viewed
69 as a suspect rally, that means it's probably really going to be distribution.
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73 And the market will probably roll over and go lower. Now, because of the
74 interest rate announcement that was due out this morning in New York time for
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78 cable or British pound, I was a little reluctant in trading in here, I wanted to
79 see it proved to me that it will go lower. And I'll show you what that looks
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83 like if we go down into a case. And we see on our 15 minute timeframe. Again,
84 the same market structure break here went lower, and then we rallied up and put
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88 the data buyers as you can see, probably fluffed it up right from the beginning
89 of Asia. Right on in, and then we went slightly consolidated, and then we broke
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93 down this high in this low is what I used for my optimal trade entry. And you
94 guys saw that on my phone, I sat up all night long. basically ran my battery
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98 down and drove my wife nuts. He was like, Look, if you're gonna be looking at
99 that thing, can you get out of the bed? And I was like, No, I can't do it. I
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103 just can't do it. I got to be comfortable. So I kind of tortured her last night.
104 I'm probably gonna pay the price for it. But nonetheless, this is what I was
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108 looking at. This is the optimal trade entry range that I was looking at from a
109 15 minute standpoint. And I knew I had the likelihood of it trading back up here
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113 would most likely send it lower. Not this one here. This was a post my exit I I
114 told you on Twitter that probably see a retracement in the New York session, it
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118 would probably run my stop that I had 30 to 35 and it clearly would have ran out
119 easily and I would have Close to the remaining portion of one standard lie ahead
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123 onto four off at 20 3020. So
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127 let's dip down into a little bit smaller time frame, we're going to look at the
128 five minute chart. Because here's the five minute we'll zoom in a little bit.
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132 Okay, and this was the range off of the 15 minute timeframe. And all I did was
133 dial in a little bit deeper. The highest body and the lowest body here. And that
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137 gets us right into here. And as price traded right up into that off my iPhone, I
138 traded short rate there. Now, it was slightly outside of the kill zone for
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142 London. But my rationale was that we would probably see it tank and I wanted to
143 see it run out the high. Not yesterday, but the day before. That low right here.
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147 So I'm just gonna take this and copy it and just drag it on down here. And we'll
148 skedaddle right back over to where we were. And right before this business was
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152 taking place. Okay, I wanted to be out at 3215. If this was my target, okay,
153 131 93 was this level here from two days ago that low? I want to be getting out
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157 ahead of that. I don't want to be sitting in something that like, well, you saw
158 a perfect example today. You didn't know the target I was really looking for was
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162 two days ago is low. But that's exactly what I was looking for. But even with
163 that, and trying to get out earlier 3215 it was flirting around with me here.
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167 And I didn't want to hold on to it because of the bank rate announcement. And it
168 ended up tanking one more leg lower, it would have filled me on my my limit. But
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172 it never would have got to my initial objective before having really deep
173 retracement all the way up to here and then spiking down. So I mean I in my
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177 opinion, I managed it appropriately. But those were the mechanics behind it. And
178 it's hard to get a good picture of it without that big candle screwing it all
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182 up. In here. Yeah, so that's the range I worked within as price was trading up.
183 And that's where I wanted to get it right from the open on this candle. Here it
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187 opened that 30 to 60. And small little spike up one PIP and caught it and it
188 just slid on down. So that was the the move for cable. I actually shared on
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192 Twitter, a level down here of 130 37 and we only got down a low of 3045. So I
193 was off there but direction was right and I was able to peel something off, you
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197 know in a positive mood. Didn't get the high didn't get the low but I got a I
198 got a little piece of the pie. I didn't get all this movement here. But that's
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202 expected for a bank rate. Try not to be in front of that too much. That's going
203 to be it folks. Hopefully you found this one insightful. Until next time wish
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207 good luck and good trade.