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Version 1.1 by Drunk Monkey on 2020-12-09 06:14
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3 ICT: Good afternoon, folks. All right, I'm just gonna show you real quick. What
4 I did on the British Pound USD, I did do a recording. And the recording didn't
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8 turn out too well. And I'll show you. I'll show you the reason why. Here's the
9 recording I had for last night you see me actually getting in the trade as it
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13 was shooting down and long and open. And a few minutes after I went to bed,
14 Murphy's Law kicks in. And my antivirus cleaning software thing pops up like
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18 that. It stays there for hours, at whole time prices, doing what it's doing. I
19 was unable to capture that and share that with you. So that's a little bit of a
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23 letdown. You can see about four and a half hours worth of recording was ruined
24 with a photo bomb by McAfee's antivirus, and I'm not affiliated with them. So
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28 this is not product placement, folks. Alright, so let's go over to charts. This
29 is the daily. This is the British Pound USD. Now immediately last night, I
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33 stayed up all night long watching the pound dollar. And I was looking for a
34 specific scenario, which I'll outline in a few minutes. But for now, I want you
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38 to take a look at what's been going on on the daily. We've had the pound dollar
39 moving higher. And it looks to me personally, that we're going to want to go
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43 above this high. Okay, so if nothing else between now and say next Tuesday, I
44 would look for an attempt to try to get up to that price point. So the next week
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48 worth of trading. We had a nice wicked decline rate from Asia last night. So I'm
49 going to cover that a little bit as well. But as you can see, I'm trading down
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53 here near the end or the low of the day buying down. Okay, and the reason I'm
54 doing that is if you look at what's happened every time we had these really long
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58 attempts to go lower taking out equal lows here. Market rallies away. The market
59 drops down aggressively in here. Okay clears out a short term low here. Market
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63 rallies again. And we have a deep retracement. When we see that happening here,
64 intraday, we go into a lower timeframe, hourly chart. These are the levels I was
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68 actually watching. And I'll give you some of the framework in a minute. But we
69 had these equal lows on the fourth of December. Okay, we didn't run down
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73 initially. And I was watching this happen live. And it just went down and
74 beautifully hit that. And we went right into consolidation here and then drove
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78 lower, clearing out those equal lows. The first time it went through just up by
79 a little bit and left that liquidity pool there. Okay, price dropped down
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83 aggressively, even lower to take out these equal lows. And exactly 20 pips below
84 that takes us down to here at 133 88. And the bodies of the candles are
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88 respecting that. We did step through it with a wick. But that also took us below
89 these lows as well. Okay, so it really came down took out those price points for
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93 sell stops that are resting in the marketplace. Now. My opinion is, if I'm
94 accurate in my assumptions about where they're trying to take the daily pound
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98 dollar chart that's above these old highs back here. And if that's the case, we
99 have equal highs here. It's beautiful reason to expect that. And we've had equal
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103 lows taken here. And we rally back away. We've gone below these equal lows,
104 these equal lows and these equal lows. So to me personally until I see
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108 otherwise, and it will be in the form of being stopped down, I'm sure. But if we
109 can rally from here, I think we're going to 3555 as a weekly objective. If it
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113 goes beyond that, then obviously we'll have to consider the 3660 level. Okay. Do
114 I see that this week? Hmm. Personally, no, I don't see that. But I think that we
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118 could obviously get above These highs here, and it's go back over hourly, okay,
119 and
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123 drop down into a 15 minute timeframe with these points of reference, we have an
124 old low in here, price trades back up to that. And equal lows trading through
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128 that and the subsequent decline through a previous double bottom as indicated on
129 the hourly chart. As price drove down into that and cleared those stops, I went
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133 in long on this candle right here. Okay, right on there. At that candle I had,
134 it looks like if I go through my recording, it looks like only had about five to
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138 six pips of heat, or draw down against me not counting the spread. So not a bad
139 fill, I had to sit through a lot of slop and chop today. And we had the New York
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143 session set up in here, which I'll zoom in in a minute and show you what that
144 was. But we had both points of entry, the London open, and the New York open.
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148 And we had a nice profit on these, I had a nice profit on both positions, I have
149 a remaining balance of one standard lot from the entry at London. And it's
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153 sitting right below these lows here, I was surprised that I didn't get stopped
154 out actually waiting. So I'd have the video done around two o'clock, but it
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158 looked like it was gonna come down and stop me on this, it's going to wait for
159 it to do that, and then come back and give you the cat with that insight and
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163 post trade result. But it didn't happen. So while I'm working with you live
164 here, I do want to take off half in here of that last standard. And that way, I
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168 don't care if it comes down, I'll take another piece out in a nice little area.
169 So if it does break down in here and go slower, then it really doesn't make a
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173 difference to me, I have such a small little position in here, I'll get 30 pips,
174 still with being stopped out and add another $190 of demo profit. So let's zoom
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178 in here and get a better look at that New York setup. Okay, to the lowest body
179 in the slow. And we're taking it all up to this close here. So this is the range
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183 between open and close between between these two reference points, this one
184 here. And this one here, okay, disregard the wicks, we're not interested in
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188 that, and price comes down, does wick through it, but does not go below the low.
189 So in here, I was looking for a reason to anticipate a rally up into the
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193 symmetrical price swing. And I'm going to go into a five minute chart now.
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197 Okay, and take this off. And I'm just going to take you over to the trade recap
198 or account history. And I'll add all the price points. And you can see what I
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202 did in terms of entry and my exit points. Okay, here's my most recent exit. I
203 get questioned all the time, and my doctor knees up after the fact. And I like
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207 to do this to show you that they are in fact, entries and exits. And I don't
208 personally know how to manipulate this, to fake it. I don't know why people
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212 don't know why they make such a big deal about it, because it's everything that
213 I teach. So again, there's our reference points here. And if you look at what we
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217 show, on this rally here, this is a load that was formed in the London setup.
218 And we had a rally up and it drops down. We're gonna look at this reference
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222 point right in here. And you'll see another optimal trade entry in here that
223 further added confidence to me wanting to take this trade. So we had the range
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227 from this low up to this highest body and price drops down into the 62%
228 tradesmen level here, and then exactly here on this candle at 1215. So this is
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232 the new york open kill zone. So trading right there, you could be a buyer. Now I
233 didn't get that. It rallied away and it came back to here and started the rally
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237 again. And I thought to myself well I'm going to miss this if I don't do
238 something with it. So all I did was key off of an order block, which is these
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242 down close candles of you that is a bullish order block. When price trades down
243 into that area here, I was trading right into it, as it was a bearish candle.
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247 And that was my point of entry took profit here to profit here, collapsing it.
248 And then you can see the reference points up here, above target to above target
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252 one. And if we look at the price point for the range right here, you'll see what
253 I was targeting, I was using the low here, up to the highest body here and
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257 target to look where I was working those levels. When, if you could have watched
258 the video I was doing without having that photobomb of McAfee anti virus thing
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262 popping up on me you'll see me actually scaling out and taking those points of
263 profit here because I was working at Target to level based on this fit and
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267 target one here. Okay, and then, again, target one right now or I just bailed
268 out. Those levels are in my mind when I'm looking at the chart, I don't have to
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272 have them on there. Because I know what I'm looking at. Once I get a feel for
273 where I got a level or two that I want to be trying to scale out, you'll see the
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277 grouping just like a person that shoots a gun at a gun range. They look at the
278 the spread on the target afterwards. This is why Okay, target two, you can see
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282 the grouping here with my exits. You can see the grouping here at Target one and
283 you can see the exit I just did with you guys live here. Okay. And I have that
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287 remaining portion that if it comes down and stopped me out, I really don't care.
288 But if it continues, I'll be looking forward to run above these highs up in here
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292 around 3480 and then up to my objective which is 7555 up here. Up there, give me
293 162 pips, so that's that, but all in all, it was a rather difficult, sloppy day
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297 personally took a lot of patience on my part to stick with this as an example.
298 I'm just disappointed that that little thing popped up down here and prevented
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302 me from seeing the or showing you the entire price action that was delivered for
303 all this price movement in here. So hopefully you found this example insightful.
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307 Until next time, I wish you good luck and good trading.