Skip to Content

ICT YT - 2017-12-05 - ICT - Trade Review GbpUsd and Commentary.srt

Last modified by Drunk Monkey on 2022-12-22 08:37
1 00:00:11,340 --> 00:00:26,250 ICT: Good afternoon, folks. All right, I'm just gonna show you real quick. What I did on the British Pound USD, I did do a recording. And the recording didn't
2 00:00:26,250 --> 00:00:38,760 turn out too well. And I'll show you. I'll show you the reason why. Here's the recording I had for last night you see me actually getting in the trade as it
3 00:00:38,760 --> 00:00:53,820 was shooting down and long and open. And a few minutes after I went to bed, Murphy's Law kicks in. And my antivirus cleaning software thing pops up like
4 00:00:53,820 --> 00:01:11,820 that. It stays there for hours, at whole time prices, doing what it's doing. I was unable to capture that and share that with you. So that's a little bit of a
5 00:01:11,820 --> 00:01:24,210 letdown. You can see about four and a half hours worth of recording was ruined with a photo bomb by McAfee's antivirus, and I'm not affiliated with them. So
6 00:01:24,240 --> 00:01:35,400 this is not product placement, folks. Alright, so let's go over to charts. This is the daily. This is the British Pound USD. Now immediately last night, I
7 00:01:35,400 --> 00:01:46,590 stayed up all night long watching the pound dollar. And I was looking for a specific scenario, which I'll outline in a few minutes. But for now, I want you
8 00:01:46,590 --> 00:01:56,160 to take a look at what's been going on on the daily. We've had the pound dollar moving higher. And it looks to me personally, that we're going to want to go
9 00:01:56,160 --> 00:02:14,760 above this high. Okay, so if nothing else between now and say next Tuesday, I would look for an attempt to try to get up to that price point. So the next week
10 00:02:15,180 --> 00:02:29,970 worth of trading. We had a nice wicked decline rate from Asia last night. So I'm going to cover that a little bit as well. But as you can see, I'm trading down
11 00:02:29,970 --> 00:02:41,910 here near the end or the low of the day buying down. Okay, and the reason I'm doing that is if you look at what's happened every time we had these really long
12 00:02:42,000 --> 00:02:53,340 attempts to go lower taking out equal lows here. Market rallies away. The market drops down aggressively in here. Okay clears out a short term low here. Market
13 00:02:53,340 --> 00:03:02,790 rallies again. And we have a deep retracement. When we see that happening here, intraday, we go into a lower timeframe, hourly chart. These are the levels I was
14 00:03:02,790 --> 00:03:13,080 actually watching. And I'll give you some of the framework in a minute. But we had these equal lows on the fourth of December. Okay, we didn't run down
15 00:03:13,110 --> 00:03:24,840 initially. And I was watching this happen live. And it just went down and beautifully hit that. And we went right into consolidation here and then drove
16 00:03:24,840 --> 00:03:35,190 lower, clearing out those equal lows. The first time it went through just up by a little bit and left that liquidity pool there. Okay, price dropped down
17 00:03:35,190 --> 00:03:45,390 aggressively, even lower to take out these equal lows. And exactly 20 pips below that takes us down to here at 133 88. And the bodies of the candles are
18 00:03:45,390 --> 00:03:59,130 respecting that. We did step through it with a wick. But that also took us below these lows as well. Okay, so it really came down took out those price points for
19 00:03:59,490 --> 00:04:09,870 sell stops that are resting in the marketplace. Now. My opinion is, if I'm accurate in my assumptions about where they're trying to take the daily pound
20 00:04:09,870 --> 00:04:22,530 dollar chart that's above these old highs back here. And if that's the case, we have equal highs here. It's beautiful reason to expect that. And we've had equal
21 00:04:22,530 --> 00:04:33,030 lows taken here. And we rally back away. We've gone below these equal lows, these equal lows and these equal lows. So to me personally until I see
22 00:04:33,060 --> 00:04:45,840 otherwise, and it will be in the form of being stopped down, I'm sure. But if we can rally from here, I think we're going to 3555 as a weekly objective. If it
23 00:04:45,840 --> 00:04:58,560 goes beyond that, then obviously we'll have to consider the 3660 level. Okay. Do I see that this week? Hmm. Personally, no, I don't see that. But I think that we
24 00:04:58,560 --> 00:05:05,610 could obviously get above These highs here, and it's go back over hourly, okay, and
25 00:05:07,680 --> 00:05:16,860 drop down into a 15 minute timeframe with these points of reference, we have an old low in here, price trades back up to that. And equal lows trading through
26 00:05:16,860 --> 00:05:30,390 that and the subsequent decline through a previous double bottom as indicated on the hourly chart. As price drove down into that and cleared those stops, I went
27 00:05:30,390 --> 00:05:44,280 in long on this candle right here. Okay, right on there. At that candle I had, it looks like if I go through my recording, it looks like only had about five to
28 00:05:44,280 --> 00:05:56,580 six pips of heat, or draw down against me not counting the spread. So not a bad fill, I had to sit through a lot of slop and chop today. And we had the New York
29 00:05:56,580 --> 00:06:08,340 session set up in here, which I'll zoom in in a minute and show you what that was. But we had both points of entry, the London open, and the New York open.
30 00:06:09,060 --> 00:06:20,880 And we had a nice profit on these, I had a nice profit on both positions, I have a remaining balance of one standard lot from the entry at London. And it's
31 00:06:20,880 --> 00:06:28,830 sitting right below these lows here, I was surprised that I didn't get stopped out actually waiting. So I'd have the video done around two o'clock, but it
32 00:06:28,830 --> 00:06:34,380 looked like it was gonna come down and stop me on this, it's going to wait for it to do that, and then come back and give you the cat with that insight and
33 00:06:34,380 --> 00:06:49,110 post trade result. But it didn't happen. So while I'm working with you live here, I do want to take off half in here of that last standard. And that way, I
34 00:06:49,110 --> 00:06:57,450 don't care if it comes down, I'll take another piece out in a nice little area. So if it does break down in here and go slower, then it really doesn't make a
35 00:06:57,450 --> 00:07:10,410 difference to me, I have such a small little position in here, I'll get 30 pips, still with being stopped out and add another $190 of demo profit. So let's zoom
36 00:07:10,410 --> 00:07:30,330 in here and get a better look at that New York setup. Okay, to the lowest body in the slow. And we're taking it all up to this close here. So this is the range
37 00:07:30,330 --> 00:07:43,110 between open and close between between these two reference points, this one here. And this one here, okay, disregard the wicks, we're not interested in
38 00:07:43,110 --> 00:07:53,490 that, and price comes down, does wick through it, but does not go below the low. So in here, I was looking for a reason to anticipate a rally up into the
39 00:07:53,490 --> 00:07:59,700 symmetrical price swing. And I'm going to go into a five minute chart now.
40 00:08:05,910 --> 00:08:22,080 Okay, and take this off. And I'm just going to take you over to the trade recap or account history. And I'll add all the price points. And you can see what I
41 00:08:22,080 --> 00:08:38,760 did in terms of entry and my exit points. Okay, here's my most recent exit. I get questioned all the time, and my doctor knees up after the fact. And I like
42 00:08:38,760 --> 00:08:52,500 to do this to show you that they are in fact, entries and exits. And I don't personally know how to manipulate this, to fake it. I don't know why people
43 00:08:53,100 --> 00:09:06,870 don't know why they make such a big deal about it, because it's everything that I teach. So again, there's our reference points here. And if you look at what we
44 00:09:06,870 --> 00:09:17,970 show, on this rally here, this is a load that was formed in the London setup. And we had a rally up and it drops down. We're gonna look at this reference
45 00:09:17,970 --> 00:09:31,800 point right in here. And you'll see another optimal trade entry in here that further added confidence to me wanting to take this trade. So we had the range
46 00:09:31,800 --> 00:09:45,480 from this low up to this highest body and price drops down into the 62% tradesmen level here, and then exactly here on this candle at 1215. So this is
47 00:09:45,480 --> 00:09:56,970 the new york open kill zone. So trading right there, you could be a buyer. Now I didn't get that. It rallied away and it came back to here and started the rally
48 00:09:56,970 --> 00:10:05,760 again. And I thought to myself well I'm going to miss this if I don't do something with it. So all I did was key off of an order block, which is these
49 00:10:05,820 --> 00:10:14,400 down close candles of you that is a bullish order block. When price trades down into that area here, I was trading right into it, as it was a bearish candle.
50 00:10:15,000 --> 00:10:29,850 And that was my point of entry took profit here to profit here, collapsing it. And then you can see the reference points up here, above target to above target
51 00:10:29,850 --> 00:10:51,780 one. And if we look at the price point for the range right here, you'll see what I was targeting, I was using the low here, up to the highest body here and
52 00:10:52,080 --> 00:11:01,170 target to look where I was working those levels. When, if you could have watched the video I was doing without having that photobomb of McAfee anti virus thing
53 00:11:01,170 --> 00:11:13,200 popping up on me you'll see me actually scaling out and taking those points of profit here because I was working at Target to level based on this fit and
54 00:11:13,290 --> 00:11:24,630 target one here. Okay, and then, again, target one right now or I just bailed out. Those levels are in my mind when I'm looking at the chart, I don't have to
55 00:11:24,630 --> 00:11:34,080 have them on there. Because I know what I'm looking at. Once I get a feel for where I got a level or two that I want to be trying to scale out, you'll see the
56 00:11:34,080 --> 00:11:44,940 grouping just like a person that shoots a gun at a gun range. They look at the the spread on the target afterwards. This is why Okay, target two, you can see
57 00:11:44,940 --> 00:11:55,440 the grouping here with my exits. You can see the grouping here at Target one and you can see the exit I just did with you guys live here. Okay. And I have that
58 00:11:55,470 --> 00:12:09,360 remaining portion that if it comes down and stopped me out, I really don't care. But if it continues, I'll be looking forward to run above these highs up in here
59 00:12:09,480 --> 00:12:26,790 around 3480 and then up to my objective which is 7555 up here. Up there, give me 162 pips, so that's that, but all in all, it was a rather difficult, sloppy day
60 00:12:26,820 --> 00:12:35,700 personally took a lot of patience on my part to stick with this as an example. I'm just disappointed that that little thing popped up down here and prevented
61 00:12:35,700 --> 00:12:45,240 me from seeing the or showing you the entire price action that was delivered for all this price movement in here. So hopefully you found this example insightful.
62 00:12:45,270 --> 00:12:47,640 Until next time, I wish you good luck and good trading.