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Version 1.1 by Drunk Monkey on 2020-12-09 06:14
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Drunk Monkey 1.1 1 1
2 00:00:12,480 ~-~-> 00:00:23,940
3 ICT: Good morning, folks. We're gonna take a couple examples from last week's
4 price action using the scalping method that I taught you. Alright, so before we
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7 00:00:23,940 ~-~-> 00:00:45,660
8 begin, we go to our daily chart, and we're looking to fiber first. And I'm gonna
9 put my little tools here. So you guys can use this as a means of determining
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13 your bias. All right, so I have three tools here. It's a down arrow, and up
14 arrow, and a small little trend line segment. And I'm not gonna be teaching you
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17 00:00:58,980 ~-~-> 00:01:11,670
18 trend line analysis, okay. But I will be teaching you how to keep your focus on
19 a specific bias. And we go to our daily chart to do that. And if we're bullish,
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23 or bearish has to be a method in which to number one, define it in very constant
24 terms that don't deviate it don't change or morph across, in the longer you do
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28 it. But we're looking at a condition in the Euro, where we have a swing high,
29 right here, swing high, and that swing high is then broken. Right here. Okay, so
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32 00:01:44,490 ~-~-> 00:01:56,190
33 once we have a swing high broken, the condition is we wait for swing low to
34 form, it takes patience, I know. But you want to find the most likely conditions
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38 or odds in your favor to look for trades. And this is what you do. Okay, so a
39 lot of times, traders are spending, waiting for their condition and setup, not
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42 00:02:08,310 ~-~-> 00:02:18,960
43 trying to find perfect settings or a new method because they don't have a trade
44 today. If you submit to this idea, I promise you, you will find consistency and
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48 you will find all the setups that you'll ever need. But that's where you need to
49 decide and figure out on your own, I can't convince you of it outside of just
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52 00:02:27,660 ~-~-> 00:02:36,660
53 inviting you to test it. And you'll see for yourself. So now we have our
54 condition here we have a swing high broken, and then we wait for a swing low to
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56 12
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58 form. So now what we've done is we've allowed the market to show willingness to
59 rally or show strength, that retracement swing low forms. Once we have that
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61 13
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63 swing low. Or even here, we go into the marketplace and we look for previous
64 day's highs in old highs. And that's how we frame our setups. Now once you have
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68 the line segment on here on Mt four is highlighted, hold down the control
69 button, click and drag it away, you can copy it. Okay, right in there. So now we
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73 have our scenario. For a setup. For this past week, this would have been one
74 good setup the look for and I'm not trying to teach you one shot one kill. I'm
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76 16
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78 not teaching you you opening on the week to get to weekly range, I'm not
79 teaching you all those things, I'm not teaching you power three, I'm only
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83 teaching you a small little segment of price action to study over and over and
84 over again each week. And you'll find that there are very generic simple setups
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88 that form like clockwork, every single week, you'll find them their bread and
89 butter concepts. So now we have our framework in on a daily chart. So we know
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93 from this day's close here on the 22nd we're bullish, and we're gonna be looking
94 for a run on the liquidity above this particular high and it's the 15th of
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96 20
97 00:04:05,100 ~-~-> 00:04:16,680
98 November 2017. So now we can take our information that we have here and simply
99 drop down into an hourly chart. Alright, so we have our eurodollar and we're on
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101 21
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103 the hourly chart, not delineations on where the liquidity runs gonna be is here.
104 You know, add the date dividers, hold down Control, tap, why you'll get these
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106 22
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108 vertical lines delineating the individual days of the week when you're on an
109 hourly chart. So that takes us right into this area right here because we're
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111 23
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113 just below this old high. So we're going to zoom in on that. So all in here.
114 That's where the setup would reside for a short term scout that would take us
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116 24
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118 above this old high. Notice also on this day, we have already cleared the
119 previous day's high So we're already above it. So it's going to most likely
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121 25
122 00:05:03,990 ~-~-> 00:05:07,410
123 continue for forward and upward motion,
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125 26
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127 or momentum to take out the high, which actually doesn't do this day. But
128 generally, if you start today above the previous day's high in the New York
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130 27
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132 session, it's going to be a straight run. But when here, I want to give you the
133 context of what we look for, or what I look for, for scalping. And this is one
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135 28
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137 of my earliest forms of scalping. It has evolved over time, but it's a really
138 good foundation. So in this particular day, here, we're going to look at, drag
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140 29
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142 this over here, seconds, zoom into a 15 minute time frame, it'll take you right
143 into that
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145 30
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147 time.
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151 Okay, you can see there's really no clear discernible impulse swing. On this
152 particular day, it just goes sideways. So this is a day where we cannot really
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154 32
155 00:06:02,970 ~-~-> 00:06:14,790
156 take a trade, because it doesn't have a clear run, impulse swing and then want
157 to retrace for optimal trade entry. really tight low consolidation range. The
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159 33
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161 very next day, we see price trading.
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165 Okay. And I use session highs and session lows, and here is the London session
166 from the previous day. And we have this swing high here to forums during what is
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168 35
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170 that right before midnight, in New York. just so happens to be a swing high. So
171 we're gonna take the low and London Okay, here is that, for Kip, the ICT kill
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173 36
174 00:07:02,070 ~-~-> 00:07:15,810
175 zone for London are drawing it up to the swing high. Now there's a whole lot of
176 price action in here. Okay, so we disregard all this. And on a higher timeframe,
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180 this could be just basically one or a few candles, because its entire range is
181 elongated. All of this movement up takes us into looking for a scenario for a
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185 scalp. Now this will be an area where we could look for the setup, but this
186 happens to form during the London open kill zone, which is not beneficial for
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190 the system. Because the system is designed to look for specific criteria in the
191 New York open kill zone set means we have to be looking for to set up the forum
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195 post 7am New York time.
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199 Okay. So here we have seven o'clock in the morning on Friday, we have a range,
200 this is where we would originally be hunting. And it doesn't get back down
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204 there, it trades back down into an old high. And I'll take this off now. And we
205 go into this price action right here. I already showed you on Twitter, there was
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209 a clear optimal trade entry on running the fib from 118 52 this price swing high
210 here. So if we look for, we're going to zoom in. Alright, so we're zoomed in on
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214 the five minute chart, because you can't get an impulse swing on a 15 minute
215 time frame. And we have seven o'clock in the morning New York time. So now we
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217 45
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219 can go in and look for swing lows to anchor from that show and energetic
220 movement away or rally. We have a swing low that does that here. Look at the
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224 energy away from that level to the lowest body. In that swing low we reference
225 that low up to high here and at seven o'clock it opens at optimal trade entry.
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228 00:09:23,429 ~-~-> 00:09:33,389
229 We could be a buyer there or anytime prior to this high being taken out on the
230 upside. So anywhere between
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234 this high down into this level here. So how's that for logic? We do not need
235 precision entries. Now we can have precision entries, but you don't have to have
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239 them. So anywhere in here you can be a buyer will be using The movement above
240 this high for profit. And then also, we will be looking for upside objectives to
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243 00:10:11,880 ~-~-> 00:10:20,400
244 reach for in terms of liquidity. So where could we reasonably expect this to go
245 to if we're going to be a buyer in the shaded area using optimal trade entry and
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247 51
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249 for a scalp? Where do we take profits? Well, we can take it at symmetrical price
250 swing target to target one is, is off, think about if we bought it in here, with
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252 52
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254 the expectation that we're gonna run these equal highs, it could only go up 10
255 to 20 pips. So we want to be at least allowing the market to move in our favor,
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257 53
258 00:10:43,680 ~-~-> 00:10:52,350
259 because we're trading a higher timeframe directional bias based on that daily
260 timeframe. So we're working off of a swing low on daily, and it could
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264 potentially have a large range today, which happens to be the case on past
265 Friday. But where are we reaching for what's the level that we would reasonably
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269 expect to see price reach for, we're gonna go back out to an hourly chart,
270 because we've already framed an area where we would reasonably expect a low risk
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274 entry. And you'd have to define the risk with this swing low. So anywhere in
275 here, you'd have to calibrate your leverage and how much you're buying in
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277 57
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279 relative terms to this low because your stop needs to be at that low. So
280 anywhere up here, the higher you go away from optimal trade entry 62 to 79%
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282 58
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284 retracement level, you're gonna have to lower your leverage, because it's going
285 to have a great impact on what you have in terms of stop loss here. Let's go
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287 59
288 00:11:39,150 ~-~-> 00:11:50,760
289 back out to an hourly. Okay, we're on an hourly chart, I'm gonna just drop a
290 horizontal line on this old high back here, because that's where a clear area of
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294 liquidity would be. So that would be a very easy logical area to look for, for
295 buy stops. So now we can drop back down into that five minute chart. So now we
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297 61
298 00:12:00,960 ~-~-> 00:12:19,800
299 have our old hourly high right here. And above these equal highs, we would
300 reasonably expect to see a trade 10 to 20 pips. What's the little number on the
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302 62
303 00:12:19,800 ~-~-> 00:12:33,450
304 right hand side? Okay, it's showing 20 right there. So we have 20 pips above
305 these equal highs, it takes us It essentially target to on the Fed. But then we
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307 63
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309 have this old hourly high here. So we're gonna look for a run of 20 pips above
310 that. Okay, that takes us right in here. And in close proximity to the
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312 64
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314 symmetrical price swing, so like, just pure static price action alone could give
315 us a reasonable objective to reach for that. So in terms of profit potential,
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318 00:12:57,210 ~-~-> 00:13:09,510
319 let's assume that we got in here on an order block. Right here down close
320 candle. You can be a buyer reading here and say we got with the spread. We got
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324 in at that point there. To get to the symmetrical price swing, it's 39 pips. If
325 we go to just the 20 pips above, the old hourly, high, it's 35 pips. So that's
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327 67
328 00:13:21,960 ~-~-> 00:13:34,170
329 how we would frame a 30 pips setup for the week, not taught that you only need
330 about 23 pips at 2% risk per week to make 6% compounded a month, which more than
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332 68
333 00:13:34,170 ~-~-> 00:13:41,970
334 doubles your money every single year. And that's all that you need. That is the
335 setup. That's it, that's all that would be necessary. You do not need this
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338 00:13:41,970 ~-~-> 00:13:51,240
339 entire run all the way for the rest of the day. That's day trading, what I'm
340 showing you and teaching you was a scalping concept, looking for 20 to 30 pips,
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342 70
343 00:13:51,570 ~-~-> 00:14:03,480
344 that to me is a scout. Technically, anything less than a 50 PIP run is a scout
345 for me, but real easy way of framing the condition looking for the setups and
346
347 71
348 00:14:03,480 ~-~-> 00:14:12,900
349 looking for the liquidity that the market will reach for. Let's take a look at
350 the cable. Alright, so we're looking at the British Pound versus the US dollar
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352 72
353 00:14:12,900 ~-~-> 00:14:29,130
354 or cable. And the same thing, we're gonna be looking for a swing high right
355 here. And we're going to delineate that with our little trendline.
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358 00:14:31,080 ~-~-> 00:14:38,910
359 Okay, again, what I've been learning is the fact that we broke through that
360 swing high. So now short term momentum is bullish, okay. It's real easy. We
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362 74
363 00:14:38,910 ~-~-> 00:14:48,000
364 don't need moving averages. We don't need trend lines. Not in sense of diagonal
365 trend lines, but I like to use horizontal lines for noting specific price
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367 75
368 00:14:48,000 ~-~-> 00:14:58,590
369 levels. Okay, so after, after the swing highs broken, it means this candle right
370 here is the first time it breaks through it doesn't need to close above it just
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373 00:14:58,590 ~-~-> 00:15:08,520
374 needs to trade through it. Well Once that occurs, we start going in and looking
375 for swing lows, that's here. So we have a swing low form here, immediately, as
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377 77
378 00:15:08,520 ~-~-> 00:15:21,420
379 soon as it happens, we start the very next day looking for an opportunity to
380 hunt long positions. Okay, we drag our little toes toll here and drop it right
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382 78
383 00:15:21,420 ~-~-> 00:15:29,400
384 on that candle. So that way when we drop into our lower timeframe, hourly, it'll
385 pick up the price action in our chart right away at that candle. So now at this
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387 79
388 00:15:29,400 ~-~-> 00:15:44,130
389 moment, we're looking for bullishness on the 22nd. Okay? Before we drop into the
390 lower timeframes, I want to delineate the reference points for liquidity, we
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392 80
393 00:15:44,130 ~-~-> 00:15:53,640
394 would probably reach for and we're going to use now this swing high here has
395 been broken, that sets the stage for the bias. So going back a little bit
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397 81
398 00:15:53,640 ~-~-> 00:16:04,050
399 further, we have an old high here, we'll use that one. That's our liquidity run.
400 So that's where the target is. And we're gonna drop down down into a hourly
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402 82
403 00:16:04,050 ~-~-> 00:16:25,260
404 chart. Okay, so we have our cable trade. idea, look for Long's. And on the 22nd,
405 we're hunting optimal trade entry long. And it's going to take us into this low
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407 83
408 00:16:25,260 ~-~-> 00:16:37,470
409 comes in exactly at the New York open. And we're going to be using this low why
410 because in this area here, a price action. This is where the most energetic
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412 84
413 00:16:37,470 ~-~-> 00:16:46,710
414 price action took place on the long side. So there was buying in there. So we
415 take our fib. And again, on referencing is this big move here, plus, it takes
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417 85
418 00:16:46,710 ~-~-> 00:16:57,810
419 out a short term high. So we know for optimal trade entry purposes, we have our
420 market structure shift again, as well. You can see we trade right down into
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422 86
423 00:16:57,840 ~-~-> 00:17:08,040
424 optimal trade entry right here, during the New York open kill zone on the 22nd
425 as the method dictates that we should be looking for, I'm just gonna shade that
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427 87
428 00:17:08,040 ~-~-> 00:17:22,380
429 little area in. And as a cable trader, you would be a buyer on this particular
430 day here. And we can see we're aiming for this old high on hourly for a run on
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432 88
433 00:17:22,380 ~-~-> 00:17:32,010
434 liquidity. And target two is our fifth level. Okay, so we have a confluence
435 above this red level from the hourly, which is an old high, it's also a 20
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437 89
438 00:17:32,010 ~-~-> 00:17:48,750
439 level. So let's calibrate that down to 20. So 3322, okay, look for a 10 to 20
440 PIP run above 3320. And that would be words of 133 40 or 133 30. Okay, so we
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442 90
443 00:17:48,750 ~-~-> 00:18:07,170
444 have our setup for that. And we're going to drop down in to a continuation of
445 that same theme. This old high previous day on Friday, so we're gonna be looking
446
447 91
448 00:18:07,170 ~-~-> 00:18:24,330
449 for a run on this. previous day's high again, in the same vein, of 10 to 20 pips
450 above we're looking for so we have 20 pips above that would be right there.
451
452 92
453 00:18:25,170 ~-~-> 00:18:37,950
454 Okay. So that the objective to reach for for liquidity as price starts to drop
455 down here. Okay, we're looking for an opportunity to go long. Now, this is
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457 93
458 00:18:37,950 ~-~-> 00:18:51,090
459 London, so we can't use that price starts to rally again on Friday. Again, we're
460 looking for this momentum movement above 3330. So we're going to look at a 15
461
462 94
463 00:18:51,090 ~-~-> 00:19:02,430
464 minute timeframe here on the 24th word continuation of the same theme, looking
465 for bullish scalps. Okay, so we have our chart on Friday for cable, so 15 minute
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467 95
468 00:19:02,430 ~-~-> 00:19:16,320
469 timeframe, and we don't see the New York open until right here. Okay, so on this
470 candle right there, the price has already made a swing low, it's starting to
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472 96
473 00:19:16,320 ~-~-> 00:19:28,710
474 rally up. We could look for a scenario like this. This is still viable, so that
475 most energetic price movement prior to that is here.
476
477 97
478 00:19:30,180 ~-~-> 00:19:40,380
479 And we'll use that lowest body reference point right there. And we have the
480 highest reference point so here is our impulsive leg up. Yes, it goes above the
481
482 98
483 00:19:40,380 ~-~-> 00:19:50,040
484 old high but again, we're anticipating 10 to 20 pips. So this is a little
485 flirtatious run above the old high on hourly and our previous day's high rather.
486
487 99
488 00:19:51,630 ~-~-> 00:20:11,520
489 And this day, on Thursday, we have a new previous day's high, we could take that
490 same element of looking 10 to 20 pips above. We added here right there now have
491
492 100
493 00:20:11,520 ~-~-> 00:20:21,120
494 a reference point again. In that case, we don't have Thursday's liquidity ran
495 out at all yet it's fallen short, but the previous day's high. We are seeing
496
497 101
498 00:20:21,120 ~-~-> 00:20:30,300
499 that that's why you're seeing a little bit of retracement right in here. This is
500 where you'd be looking to get this set up. But it has to happen during the New
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502 102
503 00:20:30,300 ~-~-> 00:20:41,730
504 York open kill zone. In this case, we're 15 minutes early. This candle here
505 starts it, but we are below the old high. So we could be a buyer in here. Stock
506
507 103
508 00:20:41,730 ~-~-> 00:20:51,780
509 would be below this low here. Price runs to target to look at the bodies of the
510 candles, they're respecting that Fibonacci level not because of the magic of
511
512 104
513 00:20:51,780 ~-~-> 00:21:01,200
514 Fibonacci, but because we're looking for an algorithmic basis to why price
515 should go up 20 pips above a previous day's high. Don't think that I'm having
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517 105
518 00:21:01,200 ~-~-> 00:21:13,590
519 this rectangle over here. For any relationship to that particular day, it's
520 this, Thursday's high. Okay, so price is going to want to reach up into that 10
521
522 106
523 00:21:13,590 ~-~-> 00:21:35,250
524 to 20% range above an old high. And you can see, we have real good respect of
525 that level here. But buying here, essentially around that 3325 level. It's 1020.
526
527 107
528 00:21:36,360 ~-~-> 00:21:48,480
529 It's about 20 pepper. You get 20 pips out of that. So it's a nice little scout.
530 So it's not barnburner it's not a earth shattering amount of pips, but it is a
531
532 108
533 00:21:48,480 ~-~-> 00:21:59,340
534 bread and butter setup, using the criteria and again, not demanding absolute
535 precision, you can still take the setup as long as we're below the swing high.
536
537 109
538 00:21:59,820 ~-~-> 00:22:10,800
539 And the conditions that leads to the draw and price permits enough range to make
540 a profit, it has to do at least 20 pips or more in terms of potential profit.
541
542 110
543 00:22:11,370 ~-~-> 00:22:20,790
544 And if it does that, it doesn't matter where you are in reference to where the
545 old low is for the optimal trade entry, or origination. That was where the real
546
547 111
548 00:22:21,150 ~-~-> 00:22:31,230
549 lowest risk would be with the entering down here, which was early it was before
550 the New York kill zone, which is seven o'clock in the morning, New York time.
551
552 112
553 00:22:31,950 ~-~-> 00:22:40,590
554 With this move already underway here, we can't go back and say, Well, I want to
555 buy out here because it's up here. But nothing's changed with the setup, it just
556
557 113
558 00:22:40,590 ~-~-> 00:22:52,080
559 means that you didn't get the good entry point. And this is just as good. And
560 you're below the reference point high as we frame the fit. So it allows you as a
561
562 114
563 00:22:52,080 ~-~-> 00:23:00,630
564 developing trader to grow in your precision and grow into your efficiency in
565 terms of using the tools and concepts. And then you can anticipate these better
566
567 115
568 00:23:00,630 ~-~-> 00:23:09,750
569 levels here on the basis of a limit order that if it was in place, overnight, it
570 would have filled you at that price level. And then you would have had the
571
572 116
573 00:23:09,960 ~-~-> 00:23:18,870
574 better fill and a better exit point using 10 to 20 pips above the previous day's
575 high. Alright, folks. So hopefully you found these two examples insightful, I
576
577 117
578 00:23:19,140 ~-~-> 00:23:27,330
579 recommend you go through the price action on all the majors and take a look at
580 the crosses. And you'll see that there are setups that repeat themselves. And
581
582 118
583 00:23:27,330 ~-~-> 00:23:38,190
584 notice that while we didn't have a good setup on the eurodollar, every single
585 day or the cable every single day, when the conditions are there, and we
586
587 119
588 00:23:38,190 ~-~-> 00:23:46,350
589 understand what we're looking for in the bias of the marketplace, or trying to
590 be a buyer or a seller based on that daily timeframe and a break of swing high.
591
592 120
593 00:23:47,010 ~-~-> 00:23:58,920
594 And then a swing low forms. Or if we see a swing low break, and we wait for a
595 swing high to form, those two conditions are setting up our bias. Once that
596
597 121
598 00:23:58,950 ~-~-> 00:24:07,380
599 happens, then we go through and look for old highs, previous day's highs and
600 make a run for liquidity. And it repeats itself every single trading week. It
601
602 122
603 00:24:07,380 ~-~-> 00:24:14,970
604 doesn't give you a setup every single day. Don't aim for it to happen in your
605 favorite pair like that. But look for one good bread and butter setup premium on
606
607 123
608 00:24:14,970 ~-~-> 00:24:25,170
609 the context and create a demo account and practice for about three, six months.
610 And see if you don't find these setups every single week. Try to find just one,
611
612 124
613 00:24:25,800 ~-~-> 00:24:30,090
614 risk a maximum of 2% and see if you're not getting 6% every single month.
615
616 125
617 00:24:30,540 ~-~-> 00:24:42,630
618 If you can do that consistently for six months. That's, in my opinion. It's the
619 foundation to eventually lead you on your own timing in your own decision to
620
621 126
622 00:24:42,630 ~-~-> 00:24:52,410
623 move to live funds. I don't tell anyone what to do that it's a unique personal
624 decision. But when you make that decision, you need to know what you're doing
625
626 127
627 00:24:52,440 ~-~-> 00:25:01,710
628 with your Live account because if you haven't made adjustments and develop good
629 habits in a demo account, you're going to discover You can become very reckless
630
631 128
632 00:25:01,740 ~-~-> 00:25:07,860
633 and emotional in live trading. So hopefully you found this insightful. Until
634 next time, I wish you good luck and good trading.