ICT YT - 2022-06-28 - 2022 ICT Mentorship - Index Futures Review - June 27 2022
Last modified by Drunk Monkey on 2022-07-09 07:15
| 1 | 00:00:03,899 --> 00:00:19,439 | ICT: Okay, folks, welcome back. This is Monday's review for the s&p 500 on the left hand side and NASDAQ on the right. So 50 Min timeframes, respectively. And |
| 2 | 00:00:19,439 --> 00:00:30,929 | admittedly, today I had a little bit of difficulty, not in my expectation of where the market was going to go and how to trade it. But my four legged |
| 3 | 00:00:30,929 --> 00:00:49,109 | children came Buster in in distracted me and caused a little bit of a detour in my performance, but it's okay, still came out ahead for the day, I'm thankful |
| 4 | 00:00:49,109 --> 00:00:59,309 | for that. But I was looking for around $4,000. Today, I was trading with a live account, you guys can see that in the link below in the description. I posted |
| 5 | 00:00:59,309 --> 00:01:09,569 | that on my Twitter account. So I know some of you guys like to see this stuff. And they see paper trading of hindsight, oh, this books, I really do trade this. |
| 6 | 00:01:09,929 --> 00:01:23,069 | But I'm not obligated to show you everything. But today, I was recording with the expectation I was going to record and showed a run down into that 3900 level |
| 7 | 00:01:23,639 --> 00:01:34,949 | here. And while it did trade to it, and through it, I was not able to hold on to it because my concentration was broken. Which is kind of like the topic I'm |
| 8 | 00:01:34,949 --> 00:01:45,749 | gonna include in this because it's important. But real quick, you can see we had one swing high here, a second swing high here, a third swing high here. This is |
| 9 | 00:01:45,749 --> 00:01:56,819 | taught in the street smarts book by Linda Raschke. And Larry Conners. That's one of the books that I think is one this recommended for me, I think it's a good |
| 10 | 00:01:56,819 --> 00:02:07,229 | book. It's got really small little segments of specific price action elements. And they call this pattern a three Indians pattern. And we always known as the |
| 11 | 00:02:07,229 --> 00:02:19,049 | three drives pattern. But usually it's a climax reversal planner. And I'm not going to try to teach that here because you're welcome to go purchase that book. |
| 12 | 00:02:19,079 --> 00:02:27,959 | I don't get anything for it. But it's something that in my mind stands out in the charts. If it's three times it goes higher. And it's been going up for a |
| 13 | 00:02:27,959 --> 00:02:36,179 | while it's probably petering out and likely to go lower. Now, it doesn't necessarily mean that complete and utter reversal long term. But it's sometimes |
| 14 | 00:02:36,179 --> 00:02:43,199 | it's a tradable reversal. And you can see the same thing happening here on NASDAQ, we have a swing high, higher swing high and a third swing high in the |
| 15 | 00:02:43,199 --> 00:02:55,919 | market breaks. So if you look here, we had a short term low that was broken to the downside, I don't like the fact that we overlapped. Like this. Okay, so we |
| 16 | 00:02:55,919 --> 00:03:09,119 | open rebounds and came back down again, I used this low, rallied up, it broke through that low here, then the fair value gap. So I was watching that. And |
| 17 | 00:03:09,119 --> 00:03:20,609 | again, it's something I saw coming I outlined, it even drew out all the expectations outlined how retail traders are gonna see that low trades up into |
| 18 | 00:03:20,609 --> 00:03:27,839 | it, they're gonna think it's resistance. Now because it was support here, it was broken, they're gonna go short, it starts to go down a little bit makes them |
| 19 | 00:03:27,839 --> 00:03:37,229 | feel like their own side. If they don't use a stop loss, they're inspired to put one now because it starts to move in that direction. And where their stop losses |
| 20 | 00:03:37,229 --> 00:03:49,409 | is where I'm going short, with smart money. And I took a short and then not long after getting into the short. My boxers, my two dogs, I have two female boxers |
| 21 | 00:03:49,409 --> 00:04:05,969 | that love me to death. And Bailey usually leads the the assaults on China get into my trading office. And sometimes if I'm not careful, and I forget to lock |
| 22 | 00:04:05,969 --> 00:04:15,719 | it, she can jump up and use Europol and we have like indoor lever locks. So it's not a doorknob. It's just a lever where she's learned to put a pall on it and |
| 23 | 00:04:15,719 --> 00:04:25,829 | push and she can open it up. So she came in and Bella came in and I running around my feet. I'm like, Ah, concentration completely broken. I'm recording on |
| 24 | 00:04:25,829 --> 00:04:33,689 | top of it and like man, so I closed the trade because I can't, I can't focus on it. I don't know what it's going to do because now I'm worrying about them. So |
| 25 | 00:04:33,689 --> 00:04:42,449 | my wife came and saved the day, took them out of the room and immediately saw that the tree was still good. So initially when they went to contracts, then I |
| 26 | 00:04:42,449 --> 00:04:54,059 | went back in with five. So five, you watch the trade in the link below. It's gonna be very quick. So it's not meant to be in in depth teaching them kind of |
| 27 | 00:04:54,059 --> 00:04:56,279 | like outlining it here anyway, but |
| 28 | 00:04:57,899 --> 00:05:10,379 | once it got down below the London Well, I pretty much was done like I couldn't focus. And this is one of the things I have with what other people will say are |
| 29 | 00:05:10,379 --> 00:05:23,579 | disabilities, they're just hurdles, things I have to manage mentally, psychologically, ADHD, and I have obsessive compulsive disorder. So there's a |
| 30 | 00:05:23,579 --> 00:05:35,009 | lot of things that I wrestle with that if I was doing live sessions, and I was trading, and if you've had the opportunity to listen to my Saturday, Twitter |
| 31 | 00:05:35,009 --> 00:05:47,279 | rants, on Twitter spaces, you get to see and hear how my mood shifts, because I'm bipolar two. So you have the ability to sit down and hear these videos, and |
| 32 | 00:05:47,279 --> 00:06:02,759 | I sound very calm, very mellow, very centered. And there's no fluctuations in my, my moods are my chemical balance, because I have chemical imbalances that |
| 33 | 00:06:02,759 --> 00:06:14,789 | happen frequently throughout the day. And sometimes that could be a euphoric, or it could be an aggression. And I can't dial it back once it starts. So I will |
| 34 | 00:06:14,789 --> 00:06:22,169 | not be on medicines. So that's, that's what you get with ICT. And it's probably unfortunate for somebody who didn't want to learn from somebody like that. But |
| 35 | 00:06:22,199 --> 00:06:33,359 | I'm honest, I'll tell you where my shortcomings are. And it's a wrestling match every single day. So because I was in live trade, because I had closed the |
| 36 | 00:06:33,389 --> 00:06:44,339 | initial trade, because I didn't want to take a loss and not see it coming. Because once my focus is diverted, I'm done. Like I'm done. And sometimes I can |
| 37 | 00:06:44,339 --> 00:06:53,039 | come back in the afternoon, but this afternoon offered nothing, I didn't have anything that I wanted to focus on. So I was content with what I was able to |
| 38 | 00:06:53,039 --> 00:07:02,369 | take home today, it would have been about 4000 hours, if I would have held on to what I was trying to work with. But by the time I took out the portions, and |
| 39 | 00:07:02,369 --> 00:07:14,129 | you'll see them actually show the executions and such. But it was like 2721 hours. So anyway, the market did deliver, I was able to get up underneath here |
| 40 | 00:07:14,159 --> 00:07:22,139 | wasn't able to hold for anything, they were here. And it retraced all the way back up to where my entry was. And then sold off once more detect the load it |
| 41 | 00:07:22,139 --> 00:07:32,069 | was formed in the morning session, really sloppy pm session really, really difficult. And I wasn't interested in sitting in because Admittedly, I was put |
| 42 | 00:07:32,069 --> 00:07:42,989 | off by my performance in the morning. So I didn't want to go in with the expectation of trying to outperform what I was unable to perform in the morning. |
| 43 | 00:07:43,229 --> 00:07:53,369 | So while I was profitable, while it did deliver, like I was expecting, I wasn't able to execute and manage the trade like I wanted to or planned to do. So the |
| 44 | 00:07:53,369 --> 00:08:03,119 | teaching part of this lesson is, if you are ever distracted, if you are ever taken out of your focus, and you're in a live trade, and you feel like you |
| 45 | 00:08:04,169 --> 00:08:15,929 | aren't able to dial back in my advice is simply kill the trade. There's so many trades that set up, it's easier to just do that and not hold on to it. And |
| 46 | 00:08:15,929 --> 00:08:29,639 | because you're distracted or well taken out of the focus of what you should be looking at. And I was completely taken out. And I couldn't focus on what I was |
| 47 | 00:08:29,639 --> 00:08:39,059 | looking at in price because I was angry that they came in. And it was my fault because I left the door open. So I was angry myself as well. So as soon as I |
| 48 | 00:08:39,059 --> 00:08:49,589 | felt those emotions, as I said, I feel what I feel. And when it was underneath the sauce illiquidity here, I just took them off. I took three off now took one |
| 49 | 00:08:49,589 --> 00:08:59,819 | more off and then I took the last one off, and that was it. And I missed out on the drive lower, which is fine. The limit order was just above 3900. It would |
| 50 | 00:08:59,819 --> 00:09:09,419 | have hit me there I would have not been able to hold there because my limit order would have intact I didn't let the limit order get filled over here on |
| 51 | 00:09:09,419 --> 00:09:22,889 | NASDAQ. You probably asking my Why don't you trade NASDAQ. I prefer to trade s&p Because at the time I'm teaching my son so I'm teaching him to focus on this |
| 52 | 00:09:22,919 --> 00:09:35,399 | market here. When I'm going to be doing more of my own trading without showing him examples. Then I'll return back the NASDAQ there wasn't really any advantage |
| 53 | 00:09:35,399 --> 00:09:42,509 | over one or the other they both had the same setup basically the short term low here broken green the fair value gap trades up until it look at the bodies of |
| 54 | 00:09:42,509 --> 00:09:53,009 | the candles respecting that. Yes, we have that that run up in here but the stock never gets tagged. Same over here. Stop. I use this as my stop by the way. |
| 55 | 00:09:54,179 --> 00:09:54,989 | They're here |
| 56 | 00:09:56,550 --> 00:10:08,610 | because Netflix a little bit more wild. It tends to Get a little overzealous in its price swings, I tend to use the market structure high here than that of this |
| 57 | 00:10:08,610 --> 00:10:15,720 | because you can wick up and run through it. So it's better to use the swing high when the market structure, not the actual candle that creates the fair value gap |
| 58 | 00:10:15,720 --> 00:10:25,350 | like this here. So you can put that in your notes as to whether you want to use it or subscribe to it for your own personal demo trading. That's up to you, |
| 59 | 00:10:25,380 --> 00:10:40,020 | obviously. But it went below its low here and its respective lows from Sunday when a little bit lower on NASDAQ than that of the s&p. And again, just a really |
| 60 | 00:10:40,020 --> 00:10:49,920 | sloppy, late afternoon session on both the index markets. I will say this about forex, without posting any charts because I said the same thing to my private |
| 61 | 00:10:49,920 --> 00:11:02,790 | group. Just really, hands off, I'm not interested in and I've talked a lot about this this weekend. All my Twitter spaces. If you find that recording, I don't |
| 62 | 00:11:02,790 --> 00:11:14,040 | know how to find it once it's done to be honest with you. I'm sure somebody on Twitter will make it available but new talking and tweeting to me. So if you I |
| 63 | 00:11:14,040 --> 00:11:22,740 | guess look around on Twitter, you'll see that obviously the sent to me because I can't find it once it's done. But the it was recorded. And I talk a little bit |
| 64 | 00:11:22,740 --> 00:11:30,990 | about the future of forex, what would keep me from ever trading. And again, right now I'm taking a hiatus from it because I don't trust that I've talked |
| 65 | 00:11:30,990 --> 00:11:43,590 | about why I don't trust it. And why I'm focusing predominantly on these markets here. And it's pretty obvious obviously, because they're, they're cleaner, the |
| 66 | 00:11:43,590 --> 00:11:54,690 | pm session not so clean today. On the five minute chart, you can see a lot cleaner, fair value got with the low been broken, so we have nice displacement. |
| 67 | 00:11:55,920 --> 00:12:04,230 | High the low premium, it overshoots it a little bit stop was here, you'll see that in a little recording, if you want to check out the little vignette. But on |
| 68 | 00:12:05,370 --> 00:12:16,740 | Twitter, it runs down gets below the low covering there three than one than one and missing out there. But that's okay, under these repeat that we hear NASDAQ |
| 69 | 00:12:16,740 --> 00:12:23,820 | same thing, displacement, obvious fair value got trades up into bodies respecting it as well. The bodies are here respecting the fair pay gap. But |
| 70 | 00:12:23,820 --> 00:12:34,230 | these are really nice, they stay inside the period that runs up, crease the juice swing the opening at 930. And it sends it lower. I was only looking for |
| 71 | 00:12:34,230 --> 00:12:44,910 | lower prices, I didn't have a plan B. And you can see that in the recording, I actually map it out what it's going to do walk it forward before the chart even |
| 72 | 00:12:44,910 --> 00:12:53,400 | prints. And if you pay attention down the lower level done in here, you'll see it says it's a live account. It's not paper trading. So I know some of you in |
| 73 | 00:12:53,400 --> 00:13:06,630 | here love to stick that little pin in me. Paper trading Really dude. So I wanted to come on here and show you a really nice execution going down to my target and |
| 74 | 00:13:06,630 --> 00:13:19,740 | such but your real life happened. And I don't mind showing where I don't do it. Well, you got to see it today. And here's the woman chart. You can see I'm |
| 75 | 00:13:19,740 --> 00:13:32,760 | adding the executions. There's a little toggle box underneath executions for amp and it'll tell you the descriptions or the details at the execution so it's not |
| 76 | 00:13:32,760 --> 00:13:46,500 | only giving you the arrows where I went short, the first short was two contracts filled at 3925 and three quarters. Then I closed them back at 3931 so you can |
| 77 | 00:13:46,500 --> 00:13:56,310 | see there was a loss there and I was not focusing there I was completely distracted by my dogs that my feet running around being excited because I snuck |
| 78 | 00:13:56,310 --> 00:14:06,120 | down into my office without them seeing me this morning for that reason. But I guess Bailey caught sent me in she wanted to get down there and she got herself |
| 79 | 00:14:06,120 --> 00:14:17,910 | down and Bella fill followed suit so they're running around and my wife came in and once that happened right here very next candle it broke down and I filled a |
| 80 | 00:14:17,910 --> 00:14:26,910 | short on five this time because I know now that I'm not going to be clear headed to get any kind of retracement which is what I was expecting. I wanted to see a |
| 81 | 00:14:26,910 --> 00:14:38,430 | secondary where I can add more contracts I was going to do to to in see if I can ride it out but because I missed it and I have poor placement. I already knew |
| 82 | 00:14:38,430 --> 00:14:47,700 | it's likely to go down. I knew that much. So I went in with five hopefully the offset the loss I took because of the distraction and then |
| 83 | 00:14:49,320 --> 00:15:02,610 | about the three back of the five at 3912 and a half. Then about one more 39 09 in half and about the other at 3911 In three quarters. So you can see not only |
| 84 | 00:15:02,670 --> 00:15:14,550 | are the arrows showing here, but the prices too. So none of you can be cynical about it, because it's right there in front of you. So anyway, that's going to |
| 85 | 00:15:14,550 --> 00:15:24,150 | be it for today. I wish there would have been a better session in the afternoon. But there wasn't, at least for me. But for forex I mentioned earlier. Really, |
| 86 | 00:15:24,180 --> 00:15:31,770 | really sloppy conditions. In Forex, I'm not interested in touching it. And if you want to know the details as to why you're welcome to go over to Twitter, and |
| 87 | 00:15:31,770 --> 00:15:41,160 | check out the Twitter space, what's called like a podcast type thing I guess I'm doing on Saturdays. Now, I get out, I go for a drive in my personal cars and |
| 88 | 00:15:41,280 --> 00:15:57,900 | just say what's on my mind, because I'm doing it live. Sometimes, I'll have that chemical imbalance where it happens that I lose control of my tongue. And I'm |
| 89 | 00:15:57,900 --> 00:16:08,460 | not using language that's probably not fitting for younger viewers or listeners. So if you're listening to me, and they're in earshot of that, don't, don't do |
| 90 | 00:16:08,460 --> 00:16:15,240 | that play with the headphones that way, you because I'm going to say something that's going to be offensive, I'm sure. I don't mean to do it. But sometimes it |
| 91 | 00:16:15,240 --> 00:16:25,680 | get animated. And there it is. And I don't have an edit button over there because it's live. So not proud of it. But this is a warning that we know, it's |
| 92 | 00:16:25,680 --> 00:16:34,950 | going to probably pop up in those types of things because it's live and there's no editing in here, I edit. You don't realize it because I'm taking them out. |
| 93 | 00:16:35,220 --> 00:16:49,080 | But sometimes I go off into a rant even in every recording. I'll go off and start saying things about what should have been expected or what I would have |
| 94 | 00:16:49,080 --> 00:16:56,910 | rather seen. And then something invariably will come out of my mouth that don't want obviously the make its way into the recording. So I had to clean that up. |
| 95 | 00:16:57,060 --> 00:17:09,510 | So once I do all that everything's pleasant, then I'll send it to YouTube. So that's gonna be it for today. And so I'll talk to you. Probably tomorrow, Lord |
| 96 | 00:17:09,510 --> 00:17:11,040 | willing, you safe |