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ICT YT - 2018-12-04 - GbpUsd 1.2665 Run.srt

Last modified by Drunk Monkey on 2022-12-22 08:37
1 00:00:36,750 --> 00:00:47,400 ICT: Okay, so we're looking at the British pound. Today's action was pretty eventful, not surprising. We were looking for this last night on our mentorship.
2 00:00:48,000 --> 00:00:56,760 But I mentioned on Twitter today that 120 20 had a lot of work on that level. And if you got to a daily chart and drop a horizontal line, you see what I mean
3 00:00:56,760 --> 00:01:08,220 by that we had some heavy flows that come around, just above and below this level. But essentially, it's been the institutional 128 20. Even in here, we've
4 00:01:08,220 --> 00:01:17,280 had a lot of activity when we drop down to a four hour chart, you'll see a lot more fun, more obvious. You can see how it's been working this level back and
5 00:01:17,280 --> 00:01:26,910 forth, back and forth, gravitating back to gravitating back to it. We had a nice sell off yesterday. And it was a continuation of the theme I gave on Friday last
6 00:01:26,910 --> 00:01:40,590 week looking for the break on the trend lines, the folks that like to use those for their their setups and such the move that back up to the 128 20 level then
7 00:01:40,590 --> 00:01:53,490 rejection we saw come back one more time and then ultimately ramped it one more time above the short term high here and then ran for the old daily low not only
8 00:01:53,490 --> 00:02:05,970 went below it a little bit by one or two pips I think we see the old low was on this feed, it's 126 63. But the low comes in at 22 I'm sorry 2661. So it's only
9 00:02:05,970 --> 00:02:15,930 two pips below the historical daily high for forex ltds demo account. So if we're looking at the intraday price action, let's drop down into an hourly
10 00:02:15,930 --> 00:02:26,910 basis. Okay, so let me see what has transpired today. I hinted at looking at wolf waves, which I'm not going to teach this concept here because obviously, my
11 00:02:26,910 --> 00:02:38,490 videos are monetized. So it would be hypocritical of me to put the someone else's concept which obviously I mentioned in the past, I did an event. If you
12 00:02:38,490 --> 00:02:51,930 want to learn more about wolf waves, you can go on to Google and do a search on wolf WLF e wave. Or you can look at the street smarts book, by Linda Raskin,
13 00:02:51,990 --> 00:03:07,470 Larry Connors from the 90s, mid 90s herself. They introduced that specific pattern, if you will, and it uses basically, trend lines, okay, now I know, a
14 00:03:07,470 --> 00:03:16,950 great opponent to diagnose support resistance using trend lines. And quite certain I'm going to offend some of you that swear by God, that that's the basis
15 00:03:16,950 --> 00:03:30,780 of why your secret sauce makes you money. But looking at the market as a casino, I know that the odds are likely that trend lines typically are going to fail
16 00:03:30,780 --> 00:03:41,640 more than they're going to help you. So many opportunities to draw a trend line. But when we use proper context, as I hinted at on Twitter this morning, this is
17 00:03:41,640 --> 00:03:52,710 all before the fact. So we're looking at things that happen after the fact now. So this is going out to you, Marcus, your your comments about wanting to see me
18 00:03:52,710 --> 00:04:02,610 do this with candles have it more or less formed yet. You know, I do that just about every single week on Twitter. So this is one more for you. So
19 00:04:04,020 --> 00:04:16,980 I'm going to add in the short trend line segments here. And this pattern for folks that are familiar with classical charting patterns. This is a broadening
20 00:04:17,100 --> 00:04:30,450 pattern or a megaphone pattern. Okay, imagine the person holding the megaphone here and talking into this point, and obviously it fans out further. Now it's a
21 00:04:30,450 --> 00:04:40,440 rather simplistic pattern. You don't see it too many times in price action, but today, it just jumped off the chart with me. So while we were running up in
22 00:04:40,440 --> 00:04:49,740 here, I mentioned that we have speaker talking I think it's around four o'clock in the morning, New York time during the London session. I was talking to
23 00:04:49,740 --> 00:05:00,270 everyone on Twitter, you can go back and look at it. I stated that it was an interesting price run ahead of the speaker and we ran right above that. Short
24 00:05:00,270 --> 00:05:12,480 term high and also right into this area right in here. Now typically retail like the US trend trend lines underneath lows to support or build a theory that it's
25 00:05:12,480 --> 00:05:23,490 an uptrend. And they'll put a diagonal trend line sloping down, touching supposedly reference points that will constitute a downtrend. Now again, without
26 00:05:23,490 --> 00:05:32,250 beating up the whole theory of trend lines, because I've done that many times in the past, this is one time I do agree with trend lines, but not for the sake of
27 00:05:32,280 --> 00:05:45,390 entry, but for the sake of profit taking. So that's the only component about the wolf way that I like. So if this is something of interest to you, you can look
28 00:05:45,390 --> 00:05:57,420 at Google and find the author of the concept himself and study it, and maybe you'll be edified by it. To me personally, back in the 90s, there was a group of
29 00:05:57,420 --> 00:06:08,400 traders that were following me back then. And they knew about what I called hidden trend lines. Now, weights weren't talked about back then. It hadn't been
30 00:06:08,430 --> 00:06:18,480 at least brought to my attention. And it was before the St. Mark's book was published, I'm not stating that the author didn't have it or conceptualized it
31 00:06:18,480 --> 00:06:31,350 before making its way into the book street smarts. And the saying that I personally wasn't exposed to it. At least not prior to street smarts. So, but I
32 00:06:31,350 --> 00:06:47,250 was looking for things to justify the use of trend lines that would be a against the usual use of them. And kind of like the pitchfork idea. Okay, Andrews
33 00:06:47,250 --> 00:06:56,610 Pitchfork. If you look at the concept and look it up on Google, you'll see there's, there's an element to that, that I used back in the 90s. And I didn't
34 00:06:56,610 --> 00:07:07,020 use it long as I just basically dropped, it didn't care too much for but how I grew out of all those things, is I was using pitchforks. And I was using things
35 00:07:07,020 --> 00:07:17,760 like, well, for instance, if you look at the high here, draw that down to here, and slice through all this price data, you'll get this response right there and
36 00:07:17,760 --> 00:07:27,780 keep extending it down, you'll get this. Now it's not so much that it's a entry tool, but more or less a targeting tool. And I just looked at it and refer to it
37 00:07:28,050 --> 00:07:42,660 to myself as hidden trend lines, okay, like a hidden support resistance. I was really enamored by the type two trend following which is basically a reverse
38 00:07:42,720 --> 00:07:54,810 divergence, if you will, there were one sees that now is something that was created by George lane wasn't nicknamed nice was the guy that released that to
39 00:07:54,810 --> 00:08:04,950 the trading community, but George lane because he claims he made the stochastic indicator as well, which he didn't, the it just follows him. And he just gets a
40 00:08:04,950 --> 00:08:14,340 lot of credit for something he didn't really achieve. But nonetheless, I was looking for all these approaches and things and I felt that the wolf wave had
41 00:08:14,340 --> 00:08:24,420 something to offer. But it just to me, it felt like Elliott Wave, you got to count this wave count that wave and ABC and all that good grief, you know, I'm,
42 00:08:24,960 --> 00:08:34,800 I've completely grades Go on, I'm gonna go back all through outlet. So if I can't see it visually, then I'm not interested. So I left and put down the wolf
43 00:08:34,800 --> 00:08:43,380 way. But I'll counter you to study this formation in here, because it has a lot of similarities to it. And that's reason why I prompted everyone on Twitter. And
44 00:08:43,380 --> 00:08:44,100 I mentioned that
45 00:08:45,810 --> 00:08:55,320 120 20 before the fact that had a lot of work there. Okay, so your attention should have been there. And also previous high. So we know that there's a
46 00:08:55,320 --> 00:09:03,090 potential for without this diagonal trend line here. So I just mentioned this in passing. Because I mentioned on Twitter, that was the whole basis for me to
47 00:09:03,090 --> 00:09:12,840 talking about it. But from my standpoint, this right here is the other pattern, which basically stems from that same book, street smarts. So you kind of get
48 00:09:12,840 --> 00:09:21,930 like a little bit of an origins, if you will, of some of my favorite patterns. Now when I say my favorite patterns, I'm not claiming that I created the turtle
49 00:09:21,930 --> 00:09:32,610 suit. I'm not claiming ownership of it. This thought that it was a pattern that was profitable, but more than any other pattern I've ever seen. And that's one
50 00:09:32,610 --> 00:09:44,100 of the patterns I love. It's a stop run. And a stock run could be an exit on an existing trade or it could be a new entry. So with that said, you can see price
51 00:09:44,100 --> 00:09:54,480 did in fact run up in here post, the speaker, London session, it created that whole Carnival like atmosphere where we had this really big run up in here. And
52 00:09:54,480 --> 00:10:02,760 I'm not going to show you or playback the mentorship video but the folks that are in the mentorship Go back and listen to that I'm talking about the cable,
53 00:10:03,030 --> 00:10:11,910 you can see. And here, we're talking about buying the open looking for a run up and a rejection and then selling off into London close into this level down in
54 00:10:11,910 --> 00:10:22,620 here. That's exactly what we see here, I'm going to drop down into a 15 minute time frame. And we'll look at that, from this time perspective, you can see it's
55 00:10:22,620 --> 00:10:35,610 a lot more animated this way. But we have a nice price run here initially for a woman run by stops taken one more time sends it up, breaks down, we have a
56 00:10:35,610 --> 00:10:43,620 market structure break right in here. Okay, and once the structure breaks, we have more more rally up into what bearish order block this is all free tutorial
57 00:10:43,620 --> 00:10:55,560 level stuff. So if you look at the low, it's 128 18. So it could take up to 128 20 institutional, but from my personal taste 128 15 would be an ideal entry
58 00:10:55,560 --> 00:11:09,900 point. The high comes in at 120 18 perfect to the PIP as you would expect with ICT concepts. And the market trades off precipitously. We have a liquidity pool
59 00:11:09,900 --> 00:11:18,510 and form of sell stops resting below here, equals or here. So the candling are here. And we have Candyland right over here. And we have the old low on our
60 00:11:18,510 --> 00:11:28,050 chart. So if you don't have these reference points, the charts gonna look well. lackluster, it's not gonna provide any prognostication, or at least give you
61 00:11:28,050 --> 00:11:42,540 some framework to justify an idea or find a context within the price action. So when we have these daily levels, and we have critical intro week highs and lows,
62 00:11:43,200 --> 00:11:55,050 that basis was I was looking for a weaker British Pound been looking forward, the trade below this low in here. Now I'm not convinced that this is obviously
63 00:11:55,200 --> 00:12:05,400 the end of it, because it's just too shallow, I would have run to me, I think this was just a lot of folks taking profits on a logical level on a daily chart.
64 00:12:06,090 --> 00:12:17,430 And I think it would be advantageous for us to study collectively, as a community. If there's any willingness to one go back down below that. But the
65 00:12:17,460 --> 00:12:30,060 idea of trading inside this, I'm gonna drop down to a five minute chart and then a one minute chart and you'll see why I'm going to chart so we have the 128 20
66 00:12:30,060 --> 00:12:44,760 level in here. And price creates a run above it collapses, market structure break, run up again into that bearish order block. Okay, we can sell short
67 00:12:45,420 --> 00:12:55,860 120 805 want to stop, I don't have to worry about buying up here because it could it could have ran continuously. But if I put a stop below the market and
68 00:12:55,860 --> 00:13:06,420 it runs down to my order, then in theory, the work over here is already done. And I'm also getting in line with the institutional order flow and short term
69 00:13:06,420 --> 00:13:17,610 momentum. So you can see all of the price runs in here. Go back and look at Twitter. You can see all of my my exits and such. All of those were capitalizing
70 00:13:17,610 --> 00:13:26,940 on 20 PIP runs. When I was one that got away from me I think I got only I think was 19 pips, it may be 18 pips, but it was real close to it was just shy of the
71 00:13:26,940 --> 00:13:36,240 20 pips. And I got it back with an extra paper to one last piece. But all I was doing was working inside the context that we had already created.
72 00:13:39,600 --> 00:13:51,840 The Daily high up here, okay, and I was aiming for a run into London close down here. Now obviously, if a lot of folks Follow me, and they do their own
73 00:13:51,840 --> 00:13:59,100 services, and I'm quite certain if I say anything on Twitter, and this is gonna sound arrogant, but it is what it is. If I post something about a particular
74 00:13:59,100 --> 00:14:09,090 market, it only takes a second for someone to reword that in their own text or tweet and post it and it looks like they're a rock star. So I kind of keep
75 00:14:09,090 --> 00:14:19,140 things vague and my mentorship knows that I, I fancy dance the entries and my exits for a reason. Not only because I have people wanting to follow me
76 00:14:19,170 --> 00:14:32,670 verbatim, and also because of the folks that are watching. Okay, so if I use a particular broker, I don't want to always be good or always be perfect. I want
77 00:14:32,670 --> 00:14:42,060 to have some muddiness to my entries and exits. Sometimes they might be a little sloppy, sometimes they may load before the fact and always before the the big
78 00:14:42,990 --> 00:14:53,850 ideal exit, okay or the perfect entry, fluff it up a little bit sometimes get into move after it's moved like five pips, and not basically by when it's
79 00:14:53,910 --> 00:15:08,040 raining. Gold face candle. That's what I teach in theory, but because I'm a firm believer that brokers will absolutely start manipulating your feels. Okay, they
80 00:15:08,040 --> 00:15:16,530 can say, Well, you know, do a read, quote, do read, quote, I've experienced that a lot. And if you've ever done any live trading, you can see how frustrating
81 00:15:16,530 --> 00:15:25,410 that would be, because it's going to be done at the most opportune times for you looking for a fill, or an exit, when they're letting price run, because it's
82 00:15:25,410 --> 00:15:36,120 already showing increased volatility. So these are the two reference points of us using internally today. And every time we created an opportunity, I want a
83 00:15:36,120 --> 00:15:46,560 one minute basis. There wasn't an opportunity for me to go short. Now, all I did was worked inside of ranges between this high here, which I believe was the
84 00:15:47,400 --> 00:16:03,420 short term, low risk entry, and could see this as a market maker. So model, okay, consolidation, ran up and sells off. I was anticipating all of the price
85 00:16:03,420 --> 00:16:14,880 moves in here, that would constitute another run lower on 20 pips. So if I knew that this was the likely high the day, and this area right in here was a kind of
86 00:16:14,880 --> 00:16:24,840 a high, probably turning point. And this is where I'm aiming for my target. All I have to do is work within that range and break it down into 10, or 15, or 20,
87 00:16:24,840 --> 00:16:34,950 or 30, Pip ranges, and then I can see how I can enter that. And I don't have to be entering one up close candle, because I'm already in sync with institutional
88 00:16:34,950 --> 00:16:42,060 order flow. Everything is in line, so I don't really care really, I mean, as long as I'm getting in, and my stop is going to be reasonable. what's reasonable
89 00:16:42,150 --> 00:16:53,460 15 pips. So if I'm doing 15 pips to make 20 just to showcase multiple entries and multiple exits, multiple entries, multiple exits, just to show you how easy
90 00:16:53,730 --> 00:17:01,290 it is to capture a weekly haul of 25 to 30 pips just once a week, it's all you got to do, and you build a career with that. Now, obviously, it takes a great
91 00:17:01,290 --> 00:17:10,620 deal of discipline and patience to get to that level, and only be able to focus on one specific criteria are set up. But this is just one more evidence as to
92 00:17:11,070 --> 00:17:20,250 the principles that I teach and free tutorials. That's all I showed you here. Okay, we were looking at higher timeframe premise. We were looking for a Judas
93 00:17:20,250 --> 00:17:28,830 swing. This was a little bit of a exaggerated or extended stop, run. But if you are in my mentorship, go back and listen to it, you'll hear that we're going to
94 00:17:28,830 --> 00:17:40,350 be studying the open close relationship, buying on the open. It means running up looking for a rejection, then selling off Allah, Judas swing, and then trading
95 00:17:40,350 --> 00:17:53,730 lower into London close targeting this level here. You can't get any better than that script. It's laid out perfectly before the fact and here it is. Now what do
96 00:17:53,730 --> 00:18:02,040 we do with this going forward? We just basically wait. You sit on your hands because it's a non farm payroll week. And I teach all my students to try to
97 00:18:02,040 --> 00:18:11,790 capture your pound of flesh before Wednesday's New York open and then sit on the sidelines and spectate only don't speculate on Wednesday afternoon, Thursday,
98 00:18:11,790 --> 00:18:18,060 all day or on non farm payrolls. So hopefully you found this insightful and I'll talk to you next time. I wish you good luck in the trading