ICT YT - 2023-02-16 - ES Opening Session Commentary - February 16 2023
Last modified by Drunk Monkey on 2023-02-22 11:48
Overview
01:03 - New Week Opening Gap -.
03:21 - What is the New Week Opening Gap?
08:29 - Looking for a breakout in price action.
13:28 - What to do if you have a big range day.
18:27 - Mentoring and liquidity for pre-market.
25:12 - How to avoid problem areas in the market.
31:05 - What you’re doing when you’re using overbought and oversold indicators -.
36:07 - Why you shouldn’t comment on other people’s trades.
40:52 - When you’re learning to read the tape like this, you are not trying to impose your will, you are observing.
46:33 - If you go into a trade and you lose money, you've done that to yourself.
51:51 - You have to do your workspace management a little bit better -.
58:18 - What’s the purpose of all this?
01:05:13 - It’s scary because you don’t have to read this stuff live.
01:10:43 - Why do you hold on to a trade when you know the market could have turned around on you?
Transcription
| 1 | 00:01:03,120 --> 00:01:15,630 | ICT: because you can give me an audio check I'm checking Twitter just give me a five by five you should be seen the risk disclaimer and my audio should be good |
| 2 | 00:01:19,710 --> 00:01:22,470 | I apologize stupid thing what and connect |
| 3 | 00:01:33,000 --> 00:01:37,620 | thank you thank you thank you we are looking at |
| 4 | 00:01:46,770 --> 00:01:50,190 | so we should be seeing ESGR chart |
| 5 | 00:01:57,060 --> 00:02:11,610 | Alright, so I'll walk you through on Twitter because I felt really bad see the movement ahead of the opening 930 We're still inside inside this large |
| 6 | 00:02:11,640 --> 00:02:28,800 | consolidation we have this week's new week opening gap in the constant encouragement of that level, previous new week opening gap that's up here |
| 7 | 00:02:40,830 --> 00:02:53,670 | traded through rejection block here. Failure broke down below the short term low. We have new week I'm sorry New Day opening gap, which is here. |
| 8 | 00:03:09,810 --> 00:03:19,620 | New Day governor, I'm sorry, New Day opening gap. Thank you for making that trend this morning, by the way, and do G and N W O G was trending on Twitter, |
| 9 | 00:03:19,740 --> 00:03:28,350 | which I thought was kind of cool. Almost missed it. Because I usually don't look at those types of things. But the new day opening gap is the closing price at |
| 10 | 00:03:28,350 --> 00:03:46,350 | 5pm. And the opening price at 6pm New York local time. So there may be a gap. There may be no separation between bodies or wicks. Either way, you want to have |
| 11 | 00:03:46,350 --> 00:03:54,810 | the difference between those two price points and extend that out through the time of the trading day. Because the algorithm will reprice back to it multiple |
| 12 | 00:03:54,810 --> 00:04:07,200 | times. As you can see it does here. works around in the level here touches a here, the high end the high end and moves away from it. So we drew down into the |
| 13 | 00:04:07,200 --> 00:04:23,520 | new week opening gap from previous week. And consequat encouragement through it. I gave you 4113 As a drawl and liquidity, which would be below that right there. |
| 14 | 00:04:23,970 --> 00:04:36,270 | That's what I was using that low. So now what I'm looking for, because we came all the way down to new week opening gap consequent quotient which is the |
| 15 | 00:04:36,270 --> 00:04:47,130 | midpoint between the open and close, respectively for Friday's closing Sunday's opening price. I'm preparing a lecture so that way you guys know what it is |
| 16 | 00:04:47,160 --> 00:04:56,280 | you're doing with these specific areas and price action because they're algorithmic, okay, and I think just a few days working with them since last week |
| 17 | 00:04:56,280 --> 00:05:03,930 | when I first introduced it to the trading community and no my charter members don't even know anything about it. They learned it just like you did. Okay, so a |
| 18 | 00:05:03,930 --> 00:05:11,400 | charter member, someone that's been with me for a long time through my private group that I no longer host for new members. There isn't a future upsell so |
| 19 | 00:05:11,400 --> 00:05:29,820 | please stop listening to people droning on about him making you get all worked up for a future sale on that in here, watch this error here so 4117 and a |
| 20 | 00:05:29,820 --> 00:05:46,230 | quarter it's reasonable to expect if it's gonna bounce a little bit in here that's a reasonable price level to see, retrace back up into not that it needs |
| 21 | 00:05:46,230 --> 00:05:50,040 | to but it would be permissible might. |
| 22 | 00:06:01,440 --> 00:06:13,860 | Alright, let's drop down to five. And whenever there's a that's yes, yesterday's New Day opening, won't read up until fear of a gap between these candles learned |
| 23 | 00:06:13,860 --> 00:06:16,260 | that candles Hi. Beautiful delivery there. |
| 24 | 00:06:24,420 --> 00:06:32,880 | So since we've made our way all the way down to new week opening gap, the argument that I like to wrestle with when it does something like this is my |
| 25 | 00:06:32,880 --> 00:06:41,730 | internal dialogue is, are we looking to go below it, because we've already explored price above it and the previous new week opening gap. And we have |
| 26 | 00:06:42,600 --> 00:06:54,450 | repriced significantly lower from that. That being last week's new week opening gap. It's this level here to here and the dotted line here is the consequent |
| 27 | 00:06:54,450 --> 00:07:07,200 | quadrant or midpoint. And this week's new week opening gap and its respective midpoint or consequent encroachment. So when I'm looking at is, do we have the |
| 28 | 00:07:07,230 --> 00:07:13,560 | interest the seat depth below 4099 and a half? |
| 29 | 00:07:23,670 --> 00:07:32,940 | We've already went up into this fair pay gap here. repressions, consequat encouragement, cell sites below here. So I would want to see it animate your |
| 30 | 00:07:32,940 --> 00:07:44,040 | large range candles on the downside trade into like 1498 and see what we get once it trades there. Everybody think it's that it's easy to jump on get short |
| 31 | 00:07:44,040 --> 00:07:58,470 | because of what we've already seen. pre market before 930. And it's on the heels of the news embargo lifting at 830. I was prompting you to be aware of on |
| 32 | 00:07:59,190 --> 00:08:14,940 | Twitter. If you look at where we are right now, price wise, it's 4100. And regular trading hours. This is the gap between yesterday's trading up here, down |
| 33 | 00:08:14,940 --> 00:08:26,850 | here. So what I'm watching now is what we do once we don't man, we're below the new week opening gap. Typically what will happen is it'll accumulate here, run |
| 34 | 00:08:26,850 --> 00:08:36,750 | back up and start to work inside this gap. So I'm looking for that type of event here. Not that I'm seeing it here. I'm looking for that type of signature like I |
| 35 | 00:08:36,750 --> 00:08:44,760 | was explaining yesterday, I was outlining the lows, how they were suspect. And I was looking at s&p divergence and I told you real time the dollar index failing |
| 36 | 00:08:44,760 --> 00:08:53,250 | to make a higher high while es was making that lower low NASDAQ was making a lower low and Dow was making lower low. I call that turning point I gave you a |
| 37 | 00:08:53,250 --> 00:09:02,700 | very specific we weren't not lost in price action yesterday goobers we were specifically aiming at that breaker, I was teaching you how to use it, how to |
| 38 | 00:09:02,700 --> 00:09:11,190 | frame it, how the candles would respect it, the wicks are allowed to trade outside of it, that's fine. So now think about what we've seen here. The session |
| 39 | 00:09:11,190 --> 00:09:28,410 | is opened up this is all electronic trading. So far from the 930 opening. short sellers have sold and where's your stop loss up? Here, right above here. So |
| 40 | 00:09:30,060 --> 00:09:41,400 | generally, the chase price when it's a big move like this down, it's quick to punish those individuals that do that and you see traders that are real quick to |
| 41 | 00:09:41,400 --> 00:09:54,270 | trade in the first couple of minutes of trading. I am not a fan of that. I don't like that. Because this is the usual procedure that takes place. Retail sees it. |
| 42 | 00:09:54,750 --> 00:10:03,240 | They say oh wow, it's really down so far. Let's go short. So when they go short, the The traders that do use a stop are going to do what they're gonna put it |
| 43 | 00:10:03,240 --> 00:10:06,240 | right at the highest height, it's printing on their charts, which is right here. |
| 44 | 00:10:12,960 --> 00:10:24,510 | So what you want to do is on your chart, with the trading view, or otherwise, you want to use the high that's formed on the opening range that's gone thus |
| 45 | 00:10:24,510 --> 00:10:36,630 | far, up to the closing price. And you want to extend that to the right. And you want to use something that's more friendly on the eye, because this is too much. |
| 46 | 00:10:37,650 --> 00:10:50,610 | Okay, so what I'm looking at when I do that, when I dropped back into electronic trading, I have that range on my chart for you to see it. So that means all of |
| 47 | 00:10:50,610 --> 00:10:59,940 | that could be potentially challenged intraday, digging up into that. I'm not suggesting we're gonna go all the way back up there. But at least for the |
| 48 | 00:10:59,940 --> 00:11:07,860 | morning session, trading the opening range, which is the first 30 minutes of trading after 930, so 930 to 10. And there's the buy stop getting tripped on |
| 49 | 00:11:07,980 --> 00:11:17,160 | retail after taking out our new week. Opening gap low down here. So does that sound like we're lost in price action? We're lost in love. Okay, we know what |
| 50 | 00:11:17,160 --> 00:11:31,980 | we're looking for. So anyway, author here, we want to see does price want to go above that doesn't want to explore all that opening range gap. Because that's |
| 51 | 00:11:31,980 --> 00:11:44,550 | what we're referring to this as when we see a gap at 930. The opening range gap is the difference between yesterday's trading close to 930s. opening price. So |
| 52 | 00:11:44,550 --> 00:11:59,100 | opening range gap. For your notes, that's what we're referring to here. That is not new day opening gap. That's not new week opening. To now we have this candle |
| 53 | 00:11:59,100 --> 00:12:03,660 | here, you won't be watching this if we have a willingness to want to go above it. |
| 54 | 00:12:17,040 --> 00:12:27,060 | That's a breaker. We asked. Some twisted, because we have this low here. And then a lower leg that we went through on our new week. Opening gaps. Well, we |
| 55 | 00:12:27,210 --> 00:12:35,220 | went down below it. Now we traded back above where I told you the retail buyers thoughts would be Did you see a depth of market chart shown here that I |
| 56 | 00:12:35,220 --> 00:12:44,640 | reference any of that? No. We're looking at what the charts going to tell you the simple, open high, low and close. There's no necessity for anything extra. |
| 57 | 00:12:45,360 --> 00:12:53,700 | Anything I'm drawing on my chart is just to draw your attention to specific areas and price. But that's the only thing I'm annotating for the purpose of |
| 58 | 00:12:53,700 --> 00:13:02,970 | that only, I don't have this stuff on my chart. But to articulate what it is I'm referring to, I have to draw these things out. So that way it gives you |
| 59 | 00:13:02,970 --> 00:13:18,420 | conceptually a visual on where price should return, how it needs to consider other previous ranges, something to that effect. But because we have moved so |
| 60 | 00:13:18,420 --> 00:13:32,940 | far, so so far, from yesterday's close, now we're opening where we are now, the opening range gap. When it's this big, it makes the the very first half an hour, |
| 61 | 00:13:32,940 --> 00:13:44,850 | 45 minutes, very tricky. So I treat it much like when we have a big range day, like say we have a afternoon session run that just explodes. And whether it's |
| 62 | 00:13:44,850 --> 00:13:55,380 | going up or down, and that matters not but that there's a big range, a very large range day yesterday. The morning session can be tricky. It can be choppy, |
| 63 | 00:13:55,380 --> 00:14:04,650 | it can go back and forth, take out by side, take ourselves out, take out take out by side take outs outside and then later on ones that it could be right |
| 64 | 00:14:04,650 --> 00:14:14,400 | before lunch in New York time around 11 o'clock or thereabouts, then it'll start a run that generally goes on the radar of most retail traders, they don't see it |
| 65 | 00:14:14,400 --> 00:14:29,550 | when it starts. And then the afternoon it will be a better trading opportunity. So what I like to do is I sacrifice this morning session. And I lean heavily on |
| 66 | 00:14:30,210 --> 00:14:39,240 | the 130 to four o'clock time period in the day. Because if it's going to trade back up inside of this shaded area here that I have in gray. That's a lot of |
| 67 | 00:14:39,240 --> 00:14:49,890 | range. And again, I'm not making the case it's going to go all the way back up there, at least not right away. But it's something that the market will likely |
| 68 | 00:14:49,890 --> 00:15:04,170 | want to consider revisiting. Unless now here's the only way it would be negated if we just correct Bucha just crashed. I'm not saying we're crashing, but I'm |
| 69 | 00:15:04,170 --> 00:15:13,590 | saying it. If it were to just completely fall out of bed and just find no traction at all and just want to go lower, then this type of range that's shaded |
| 70 | 00:15:13,590 --> 00:15:25,980 | in gray would just not even be considered it would just be a breakaway gap. So we want to look at this very vague up here. That's the next premium level. |
| 71 | 00:15:40,500 --> 00:15:41,310 | Too much Michael. |
| 72 | 00:15:50,490 --> 00:15:58,890 | Okay, so we came back down to consequent encouragement of the new week opening gap, which also is a order block with a fair value gap. So we want to see does |
| 73 | 00:15:58,890 --> 00:16:09,480 | it have the willingness to want to go above the short term high. If it does, watch and see how we react inside this Vega, if we were to trade up through it |
| 74 | 00:16:09,510 --> 00:16:19,560 | and act as support that would take us back up into the previous weeks and the week opening gavel out, we would aim for something like that. You should not be |
| 75 | 00:16:19,560 --> 00:16:33,090 | pressing the button this morning. Some of you already went nuts and got drunk on Twitter this morning, based on what I shared. So searching the new weak opening |
| 76 | 00:16:33,090 --> 00:16:34,290 | gap, hi. |
| 77 | 00:16:41,940 --> 00:16:52,710 | So I'm going to take this shaded area off you understand on your charts, this is what you should have is a visual reference to difference between where we were |
| 78 | 00:16:52,710 --> 00:17:10,920 | yesterday close and opening today. Okay, so I'm gonna take that off so it doesn't strike me too many. Too many things you looking at. disorient me so |
| 79 | 00:17:10,920 --> 00:17:22,020 | already, right away, you can see the first 20 minutes or so. It's doing what aimless listless trading, the only thing it's done so far is the two things I |
| 80 | 00:17:22,020 --> 00:17:33,960 | told you to do. Go down, sweep the new week opening, gap low, revert back to what the boss thoughts above the intraday high, because traders are doing what |
| 81 | 00:17:33,990 --> 00:17:41,490 | they're seeing that it's got down. So right away, they're fearful, they're gonna miss something, right? I'm afraid I'm afraid I'll get to get in here and do |
| 82 | 00:17:41,490 --> 00:17:52,470 | something. And they plunge headlong into the marketplace trying to be short. So they use their due diligence, they want to protect their position right there. |
| 83 | 00:17:52,950 --> 00:18:00,390 | They read all the books, they're short, and they put their stop loss in the protective capacity in the form of a buy stop above this high. they gravitate |
| 84 | 00:18:00,390 --> 00:18:07,470 | right to that. And like I mentioned, we went back down to counselor encroachment, new week opening gap consequent courage, I'm sorry, the new week |
| 85 | 00:18:07,470 --> 00:18:16,860 | opening gifts Hi. And now we're showing the bodies respecting that breaker again, that signature is what you want to see. And we've already seen it try to |
| 86 | 00:18:17,100 --> 00:18:26,820 | make I want to see it go through this high here. I'm not interested in the 4113 level anymore. It's already done its job now. So I'll take that off the chart. |
| 87 | 00:18:27,660 --> 00:18:29,670 | That was the withdrawal and liquidity for pre market. |
| 88 | 00:18:36,690 --> 00:18:49,050 | So think of that pink area up here is like a magnet. Okay? And price every new tick in price it moves up and down. Imagine there's being paper clips, okay. And |
| 89 | 00:18:49,050 --> 00:18:57,870 | the magnet is sitting right here in the shaded area. So if you throw a bunch of paper clips, at a desk, where a magnet sitting, where's the paper clips going to |
| 90 | 00:18:57,870 --> 00:19:09,000 | go? They're going to cluster around the magnet or within its magnetic field. And that's the analogy I like to use when I'm teaching my son's or new students. |
| 91 | 00:19:09,870 --> 00:19:17,430 | Much like everything else I've used. I have 1000 analogies, and now it's the teacher in me, I can't help myself. But it's makes a lot of sense that, you |
| 92 | 00:19:17,430 --> 00:19:31,080 | know, if, if you were watching every new tick, fall into the marketplace, okay, every time there's a new ticket price. where price is going is your number one |
| 93 | 00:19:31,080 --> 00:19:39,420 | goal right now as a new student, or if you're a trader that's struggling breakeven or never made profit, because you don't know where price is likely to |
| 94 | 00:19:39,420 --> 00:19:47,940 | go and you can't figure it out. You can't ascertain a consistent approach to reading price which lends well to analysis and trade setups and entry and |
| 95 | 00:19:47,940 --> 00:19:56,820 | targets and stops. Before we get into all those details, which is where you think you should be at right now. You need to understand what makes price go |
| 96 | 00:19:56,820 --> 00:20:06,720 | where it should go next. It's one thing to talk About after the fact and looks smart, which is, that's fine, you need it. And you're learning. Hindsight is |
| 97 | 00:20:06,720 --> 00:20:18,180 | essential for, for you the very first steps and understanding anything. But you have to have one primary skill set in the beginning, that sets the stage for |
| 98 | 00:20:18,180 --> 00:20:33,180 | your continued growth. And that is the understanding and learning of where price should go. Notice I'm saying should is not a definite, it's going to actually |
| 99 | 00:20:33,180 --> 00:20:43,020 | happen all the time. Because if I was 100%, accurate, I wouldn't trade what a stop loss, I would do full margin, no stops and just go go for broke, right. But |
| 100 | 00:20:43,020 --> 00:20:55,200 | because that's impossible, it's not realistic to expect that. And there's always this looming potential for a manual intervention where things can just simply go |
| 101 | 00:20:55,230 --> 00:21:05,820 | upside down a black swan event, something that you don't foresee coming out of your left field, and then boom, the market does does something that you and |
| 102 | 00:21:05,820 --> 00:21:15,090 | everybody else wasn't expecting, and that can harm you. So while we have to respect that measure of underlying risk, that's always there in any measure of |
| 103 | 00:21:15,090 --> 00:21:28,410 | speculation, whether it be Forex stocks, crypto or futures here. It should not be paralyzing. There are times when the market just isn't going to be the end of |
| 104 | 00:21:28,410 --> 00:21:43,470 | the world. And you can take opportunities and engage them. I think, look at what we've seen so far. Okay. This is what I'm referring to, as being mentored for |
| 105 | 00:21:43,470 --> 00:21:53,040 | real, not just reading a book or watching somebody on YouTube, whether it be me or someone else, understanding, understanding why the market will be difficult, |
| 106 | 00:21:53,040 --> 00:22:03,210 | when will it be easier? When should you trade before the 930 session? When should you wait for the 930 session that's being mentored, I'm teaching you that |
| 107 | 00:22:03,240 --> 00:22:11,940 | I'm literally walking you through it live every day, whether it be Twitter before I started doing live streams last Tuesday, and now I'm doing it both. So |
| 108 | 00:22:11,940 --> 00:22:22,140 | I'm giving you a complete immersion in what it's like to be properly mentored. We have buyside resting above here, surf is going to run through that what would |
| 109 | 00:22:22,140 --> 00:22:28,440 | be reasonable for reach above this area here, let me draw a line on so you can see it visually because you use the scene anyway. |
| 110 | 00:22:36,930 --> 00:22:42,780 | Last in price action that led to your Alright, so have |
| 111 | 00:22:48,630 --> 00:23:08,250 | by saying So for folks that have trailed their stop loss, that short. Give me one second to make this line. Obsessive I'm sorry. So if I sat here, so what's |
| 112 | 00:23:08,250 --> 00:23:17,010 | occurring and why that's even being referred to is the market has dropped free market, which we were looking for. We call all that and Twitter. The movement, |
| 113 | 00:23:17,310 --> 00:23:26,310 | here is a consolidation. And once it started breaking lower, everyone that was fortunate enough to be short, they have brushed their stop loss right above |
| 114 | 00:23:26,310 --> 00:23:33,870 | these relative equal highs because they see this as what retail sees that as resistance. So they're going to jammed or protective buy stop on their short |
| 115 | 00:23:33,870 --> 00:23:44,070 | positions, hoping that it goes to pay these today. And because their stop loss is sitting here, and I explained to you where to retail replacement stop here |
| 116 | 00:23:44,100 --> 00:23:53,250 | for those that just watch the opening value and see that it's on CNBC saying it's really down today, blah, blah, blah. So retail is going to do what they're |
| 117 | 00:23:53,250 --> 00:24:04,950 | gonna chase and dogpile in on doing what short they won't chase it going lower. So because I'm teaching you because we had a big event before 930, before the |
| 118 | 00:24:04,950 --> 00:24:16,620 | opening session at 930, and ringing the opening bell in stock market that sets the stage for what you're seeing here. choppy, listless price action, it denies |
| 119 | 00:24:16,620 --> 00:24:25,890 | them immediate continuation of downside. And it runs against those individuals that have already been profitable and still hold a position in the marketplace. |
| 120 | 00:24:26,370 --> 00:24:40,170 | So open float, open float is the liquidity resting above here. And the imbalance in here that's not liquidity that is going to be engineered liquidity later on. |
| 121 | 00:24:40,410 --> 00:24:50,430 | So this is inefficiency. So you have two things here, blending for why it should if it's not going to go lower. If it doesn't stay in a small range like we see |
| 122 | 00:24:50,430 --> 00:25:04,950 | here. Where is the money? The money is trailed above the recent highs, which we've seen it run here with that run here, here. And here. What I'm watching is, |
| 123 | 00:25:05,580 --> 00:25:20,490 | it was interesting see it not get above these right here with this little spike up. And we're just hanging around inside that breaker still. So when I'm |
| 124 | 00:25:20,490 --> 00:25:30,720 | teaching you like this, I'm telling you where the mark is going to be problematic when it's going to be choppy when it's going to be range bound. And |
| 125 | 00:25:31,170 --> 00:25:41,520 | none of the books I've ever purchased, none of the courses I've ever looked at purchased was shared with me. All of those things that are available out there, |
| 126 | 00:25:41,730 --> 00:25:51,810 | they never really adequately talked about how to avoid these problem areas. They just made excuses for you. Well, sometimes it's this random price action, it's |
| 127 | 00:25:51,810 --> 00:26:00,570 | not random, you can predict when these things are gonna occur, which is what you want to learn how to do, because you will learn that these are the very |
| 128 | 00:26:00,570 --> 00:26:07,620 | conditions that you blow your accountant, you'll get frustrated, you think everything's a turning point, oh, I was wrong here. And now it's turning the |
| 129 | 00:26:07,620 --> 00:26:16,710 | other direction. Oh, I got wrong there too. I mean, reverse is going the other direction. And before you know it, you got 70 trades on for the day, you've |
| 130 | 00:26:16,710 --> 00:26:27,600 | blown your account, commissions, and they've taken you to a point where you have literally nothing to even start with the next day. And you feel demoralized. |
| 131 | 00:26:29,220 --> 00:26:40,050 | Simply because you don't know how to identify where the markets going to be very, very uncooperative. Touching the new week opening gap Hi again. |
| 132 | 00:26:52,440 --> 00:27:01,980 | For those of you that don't follow me on Twitter, the satisfaction of everyone that was following me on Twitter this morning. We don't need any further |
| 133 | 00:27:02,010 --> 00:27:13,890 | movement today. We've already seen it pre market through the tweets and identification of the 4113 sellside according to a tweet this morning. So it's |
| 134 | 00:27:13,890 --> 00:27:25,800 | important that you have both. Twitter is my real time connection to you. Whether you like to be driven nuts all night long while you're sleeping or not. I'm |
| 135 | 00:27:25,800 --> 00:27:34,620 | going to tweet Okay, I'm going to tweet when I have something to say. So usually, it's going to be beneficial for you to have that one or alerts on |
| 136 | 00:27:34,950 --> 00:27:36,480 | before 7am New York local time. |
| 137 | 00:27:45,180 --> 00:27:57,660 | I don't have the fellas that I like to listen to. And the young lady. I like listening to that. Live streams. And now I'm not talking about Patrick Whelan |
| 138 | 00:27:57,660 --> 00:28:08,130 | and no not talking about trades by Matt. But there's a few other live streamers. I like watching. And I like reading their, their chat window. You know, when |
| 139 | 00:28:08,130 --> 00:28:16,800 | they have their live streams, they have everybody in the chat room, part of it. And they're all screaming what they think is gonna happen. And I like to look at |
| 140 | 00:28:16,800 --> 00:28:27,750 | those things when I see price action doing what I'm teaching you. If I see a heavy hand in the retail perspective, using those live streamers, chat rooms, |
| 141 | 00:28:28,380 --> 00:28:38,610 | not necessarily anything that does live streaming themselves are saying, but the ones that have a pretty good sizable following. retail traders, newbies noobs, |
| 142 | 00:28:38,880 --> 00:28:48,570 | they tend to be chatty, real chatty. And what they do is they toss their sentiment out into the abyss of the internet. And that's a wonderful asset for |
| 143 | 00:28:48,570 --> 00:28:58,950 | someone that knows how to use it. Because I'm looking at that, and I'm pairing that perspective of someone that's Street money, that they have no idea what |
| 144 | 00:28:58,950 --> 00:29:07,830 | smart money is. They're looking at something indicator based. And when they're collectively cheering on, oh, it's going to go here, it's going to go there, |
| 145 | 00:29:07,830 --> 00:29:17,610 | it's going to go up, we're going to go into the moon, whenever I see those emotionally charged statements, and it's almost like they know, it's almost like |
| 146 | 00:29:17,610 --> 00:29:26,910 | they absolutely know it's going to go there. When I see that. And I'm looking at a fair value gap or a PV array or drawn liquidity that would be opposed to that. |
| 147 | 00:29:27,360 --> 00:29:38,790 | It's almost like a lead pipe since betrayed. It's almost a guarantee and T that I'm going to be right. And it's not to be viewed as arrogant. Please don't read |
| 148 | 00:29:38,790 --> 00:29:48,240 | what is written to what I just said, as arrogance. It's just the way things are. It really is just like that, when someone that's new gets involved in this |
| 149 | 00:29:48,240 --> 00:30:03,390 | market or any market it's a mirror. And if they talk out loud, they're going to share their inside view Have what they want to see, they met, they think they're |
| 150 | 00:30:03,390 --> 00:30:12,840 | manifesting it like, I'm gonna advance I'm gonna manifest my wants and desires in the universe is going to bend to my will and give it to you give it to him. |
| 151 | 00:30:13,230 --> 00:30:22,860 | It doesn't work like that. But we can use those things. There's sentiment readings, there's gauges of sentiment through the lens of a neophyte trader. By |
| 152 | 00:30:22,860 --> 00:30:33,390 | having these lies. I love the fact that live streamers live stream, I love it, I have five of them that I use as a wonderful sentiment gauge, their chat window |
| 153 | 00:30:33,960 --> 00:30:42,660 | is the best overbought oversold indicator you ever have. And I don't need to have it plotted on my chart. I just got to scroll through, toggle through my |
| 154 | 00:30:42,660 --> 00:30:50,610 | windows on my browsers and see, okay, where are they at right now? Because if I see something that I think is pretty much a good idea, I'm gonna go over there |
| 155 | 00:30:50,610 --> 00:30:58,710 | and see what they what are they thinking. And if it's 100%, diametrically opposed to what I'm thinking it's done. I'm in there, I'm in full margin. I |
| 156 | 00:30:58,710 --> 00:31:06,450 | mean, far, as far as I can push it, I'm going to do it. And that might sound mean it might sound arrogant, it's not meant to be that way. But that's |
| 157 | 00:31:06,450 --> 00:31:14,820 | essentially what you're doing. When you're using overbought oversold indicators, you're you're trying to weigh the sentiment of people that follow indicators, |
| 158 | 00:31:14,820 --> 00:31:28,230 | right. So I don't have any moral dilemma with that. You can hate me for it if you want, but it's not against the youtubers themselves. It's the the wonderful |
| 159 | 00:31:28,530 --> 00:31:44,280 | medium they provide by allowing folks to share their sentiment. So we went back down inside of this very gap, touch the consequent encouragement of the new week |
| 160 | 00:31:44,280 --> 00:31:57,270 | opening gap. Still listless, still range bound. Nothing stands out is obvious. Nothing's a clear trade nothing here that gets me excited about wanting to do |
| 161 | 00:31:57,270 --> 00:32:08,820 | anything. We're not lost in price action, we're just waiting for an obvious tip of the hand, by the marketplace. And right now, it's just chopping people up. |
| 162 | 00:32:09,990 --> 00:32:18,930 | Everything that looks like a trade, they're gonna second guess it every time it retraces back to the middle, middle of what ICT. The low is formed here. And the |
| 163 | 00:32:18,930 --> 00:32:29,940 | high here it says gravitating back and forth, back and forth. It's working the upper boundary of the new week opening gap. So if it were to take out the low |
| 164 | 00:32:29,940 --> 00:32:48,000 | the new week opening gap, which is here and below this low with acceleration on the downside, then we might need to go into the 4089. But I would have rather |
| 165 | 00:32:48,000 --> 00:32:51,120 | seen it take out the buy side before it would do something like that. |
| 166 | 00:33:00,120 --> 00:33:07,920 | There's gonna be lots of small little fluctuations and movements in these live streams that I'm not interested in. But if you see them as a setup, if you see |
| 167 | 00:33:07,920 --> 00:33:20,310 | them that it resonates with you, based on the things I've taught, or that you understand about your own exploration and reading the tape real real time. Don't |
| 168 | 00:33:20,310 --> 00:33:29,700 | let me or anyone else discourage you in that pursuit because I allow that to happen in my own trading. When I was a 20 year old I, I had it figured out |
| 169 | 00:33:29,700 --> 00:33:40,440 | earlier than I realized. But I kept tinkering with it. I kept adding things and taking things away and changing things and putting more emphasis on silly things |
| 170 | 00:33:40,440 --> 00:33:53,550 | that had nothing to do with what price was doing. So I think right now, if you were to look at what we've seen, we've seen essentially 33 minutes of trading, |
| 171 | 00:33:53,880 --> 00:34:06,000 | since 930. is opening. Sitting with someone that can tell you when it's going to be like this. Doesn't it feel empowering? Doesn't it feel empowering to know |
| 172 | 00:34:06,000 --> 00:34:14,010 | that you can predict when it's going to be harder than it needs to be for you push the button, if you're going into the marketplace, and you're looking for |
| 173 | 00:34:14,010 --> 00:34:22,200 | opportunity, and you want these opportunities to present themselves where they run away real quick from your entry, and quickly jump to your targets. That's |
| 174 | 00:34:22,200 --> 00:34:30,120 | what every trader wants. But unfortunately, most of the time because you're looking at books, or you're chasing the excitement or fear of missing out FOMO |
| 175 | 00:34:31,020 --> 00:34:39,360 | you see the movement in price action that you weren't a participant in and you think yourself, I gotta get something on that I may not have been the entirety |
| 176 | 00:34:39,570 --> 00:34:46,200 | of the move. But I gotta get in there and say, Yeah, I had some of that, because I can feel like I'm part of the clique on social media and they all say they had |
| 177 | 00:34:46,200 --> 00:34:57,870 | it, but they didn't call beforehand. That fear of missing out is conquered. It's it's defeated. When you understand when there's times when you shouldn't be |
| 178 | 00:34:57,870 --> 00:35:06,690 | doing anything and you're not going to ever second guess it. That's empowerment, that's maturity as a as a developing student. That's one of the hardest things |
| 179 | 00:35:06,690 --> 00:35:19,530 | to overcome. As a new trader in development is keeping up with everybody else on social media. That's not necessary. In fact, it's, it's a problem. Keeping Up |
| 180 | 00:35:19,530 --> 00:35:27,540 | with the Joneses is an expression you have in the US. And you certainly don't want to be trying to do that, as a trader, you shouldn't be trying to keep up |
| 181 | 00:35:27,540 --> 00:35:33,990 | with me, you shouldn't be trying to keep up with someone else. And you shouldn't be trying to compare and contrast your results with someone else's, because you |
| 182 | 00:35:33,990 --> 00:35:42,030 | don't know where you're going. And they, you may be looking at someone that has already peaked in their learning in their aptitude, their skill set may have |
| 183 | 00:35:42,060 --> 00:35:50,310 | arrived at the highest point. And you see them in relationship to your present understanding about what it is you see in price. And you may look at that as I'm |
| 184 | 00:35:50,310 --> 00:36:00,720 | not as good as them. And you defeat yourself mentally, when you're really designed to be far better than them eventually. So you should never look at |
| 185 | 00:36:00,720 --> 00:36:13,380 | someone in greater your prowess or understanding in relationship to them. I didn't do that. I never wanted to be a part of that type of thinking. I've |
| 186 | 00:36:13,380 --> 00:36:21,540 | always adapted the mindset that there's nobody that's going to be able to do this better than me. And I just got to give myself the time inside the cocoon |
| 187 | 00:36:21,600 --> 00:36:39,960 | where nobody knows me. And then I'll come out and show the world do you like my colors? Do you like my wings I'm being funny. So it's not funny ice thing. So |
| 188 | 00:36:39,960 --> 00:36:51,420 | here we are meandering around, we're gonna pick up and touch that breaker I want to see it erode all the way through this and get back on the upside of it. Not |
| 189 | 00:36:51,420 --> 00:37:03,570 | because I want to be right. Not because I want to take a trade is I want to see it move away from the consequent encroachment or the new week opening gap. |
| 190 | 00:37:18,180 --> 00:37:30,840 | I would love to hear the internal dialogue of those individuals that have tried pushing the button in the got stopped out or scared and went the other direction |
| 191 | 00:37:30,870 --> 00:37:47,010 | all through these first 36 minutes of trading. And here you are calm, cool and collected. Not worrying about nothing. Just chillin. Observing, reaping the |
| 192 | 00:37:47,010 --> 00:37:56,250 | benefits of new experience, understanding why you should do something why you shouldn't do something. There's no impulsive tendencies, because you have |
| 193 | 00:37:56,250 --> 00:38:05,580 | anything risk. There's no monetary attachment to this, your reading price. And you're actually growing better as a trader right now, but you just don't have a |
| 194 | 00:38:05,580 --> 00:38:13,140 | measurement to compare it to. A month from now you're gonna see how much you've improved. Three months from now, you're gonna feel like a totally different |
| 195 | 00:38:13,140 --> 00:38:25,080 | person. Right now it just feels like this guy's not talking about a trade man. Get on with it. I mean, go watch so and so. Pip Slayer. Let me go watch. Market |
| 196 | 00:38:25,080 --> 00:38:35,040 | Maven, the market murderer, the market marauders. All these YouTubers. I don't even know if there's, if there's somebody that has those names. Just know that |
| 197 | 00:38:35,040 --> 00:38:44,700 | I'm just pulling names out there. I'm not trying to name anybody your name drop, but they want to chase somebody that the mimic and take trades on. I want you to |
| 198 | 00:38:44,700 --> 00:38:53,250 | know when to do something when not to do something. But when you know when you want to do it, it's more likely to see it deliver in price. And it's immediate |
| 199 | 00:38:53,250 --> 00:39:02,040 | gratification. Not man, I hope it goes here. Let me go on to the chat rooms on this guy's lashing. Hey, does anybody think it's gonna go here? Do you think |
| 200 | 00:39:02,040 --> 00:39:10,680 | it's a good long? If you're asking what anybody else is thinking about your trade? It's not your trade. That's why I don't like to comment on other people's |
| 201 | 00:39:10,680 --> 00:39:20,130 | trades, because I'm not going to manage it for you. And don't make your trades known publicly. Don't do that. Because you're inviting feedback that you really |
| 202 | 00:39:20,130 --> 00:39:29,100 | don't want. All it's gonna do is confuse you second guess your analysis. You don't believe me? Ask my students that can be profitable. And then when I talk |
| 203 | 00:39:29,100 --> 00:39:36,510 | about what I like, it scares them out of their trade. And when they get out or collapse it or do something entirely different. Their trade would have panned |
| 204 | 00:39:36,510 --> 00:39:46,200 | out and their customers were both right. But they get shaken out of their trade because of their respect for me. And that's why I'm telling you repeatedly in |
| 205 | 00:39:46,200 --> 00:39:56,820 | these live streams and in tweets and Twitter spaces when I'm doing those rants and such. Don't let me influence an idea that you have co signed whether it's |
| 206 | 00:39:56,820 --> 00:40:05,640 | fruitful and comes to fruition or if it fails on you. You're going to learn from that. You're going to learn from your failures. So just let it happen. And you |
| 207 | 00:40:05,640 --> 00:40:15,570 | want to be watching price when it's like this. This is how you identify what it's like when you don't want to be in the trade. This is what you get chopped |
| 208 | 00:40:15,570 --> 00:40:26,520 | up in. Nobody writes books about this, nobody makes video courses or chapters in their mentorships that cover this because they have no idea what the hell |
| 209 | 00:40:26,520 --> 00:40:38,160 | they're doing. That's the, that's the way to nail it down in the most simplest terms, they don't know what they're doing. And you see them on their last names, |
| 210 | 00:40:38,160 --> 00:40:48,570 | and they're trading 16 2040 contracts in a simulator, trying to correct their drawdown to save face. And they're doing it in environments that are not |
| 211 | 00:40:48,570 --> 00:41:01,110 | conducive for high probability trading. There's a better way of doing it. I like how it came down to the low end of that fear, I get stuff when I say Vega. |
| 212 | 00:41:01,740 --> 00:41:17,490 | Bullish breaker here, with this low touch the bottom end of that shaded area. So see if we can get a lift up out of that reprice into this buy side. The outcome, |
| 213 | 00:41:18,390 --> 00:41:28,740 | when you're learning to read the tape like this, you are not trying to impose your will you're observing. Okay, this is what you're supposed to be taking away |
| 214 | 00:41:28,740 --> 00:41:40,770 | from this event every time you sit down with me. You don't realize it. But by watching price like this, subconsciously, you're seeing things that will be |
| 215 | 00:41:40,770 --> 00:41:51,000 | identified at a later time in future subsequent live streams, where you see me talk about something that repeats, and you're like, I see something here, and |
| 216 | 00:41:51,000 --> 00:42:00,330 | then I'm going to mention it. And it's going to make you smile, because you're you're going to I knew I saw that before you said it. That's growth. That's |
| 217 | 00:42:00,330 --> 00:42:08,520 | progress. But if you're here for the first couple times, and we all here, we are all here rather, for the first few times because I only started going live |
| 218 | 00:42:08,520 --> 00:42:21,780 | streaming last Tuesday. But you're gonna feel more empowered. By doing this without the outcome, needing to be favorable for you. I was talking to a well |
| 219 | 00:42:21,780 --> 00:42:32,910 | known trader that has a pretty good following this morning early on. And I mentioned how you trading in front of people. And there's the buyside liquidity |
| 220 | 00:42:32,910 --> 00:42:41,970 | by the way, and Powell just mentioned as it was going on. The we want to see it try to get through and maybe trade up into this area here, which is this |
| 221 | 00:42:42,000 --> 00:42:49,830 | imbalance. This to me is a little too shallow. I mean, it's effective enough to run the buy side, but I would expect to see a little bit more pronounced run |
| 222 | 00:42:49,830 --> 00:43:00,780 | higher. I'm not trying to call the higher run all day long. I'm just saying I want to see it trade up into this, this very idea. And I'll talk about why that |
| 223 | 00:43:00,810 --> 00:43:12,090 | is even useful. And why would why would we concern ourselves with it? Once it gets there where their quote unquote Trent look for that. Which is midpoint in |
| 224 | 00:43:12,090 --> 00:43:29,700 | here. The Bob Ross of trading Mr. Mellow, never surprised. I'll tell you, when it gets boring, you're on the right track. If you're excited, and you're all |
| 225 | 00:43:29,700 --> 00:43:38,490 | hopped up on goofballs, because you're watching price, and you can't wait to push the trigger, you're not ready to trade. When you're bored, and you're not |
| 226 | 00:43:39,060 --> 00:43:48,510 | really interested in the end outcome. That's how your trades need to be. They need to be viewed that way where I don't care if it goes where I want to go. I'm |
| 227 | 00:43:48,510 --> 00:44:02,010 | just following the logic. If you follow the logic repetitively and you're not swayed by emotions, you're not swayed by greed or fear, you're going to be an |
| 228 | 00:44:02,010 --> 00:44:12,420 | exceptional trader, you're going to be so formidable, you're going to be able to find things that the average trader isn't going to be able to. And it's gonna |
| 229 | 00:44:12,420 --> 00:44:21,270 | feel amazing. When you look around, and you see what everybody else is doing. They may be profitable. But you're gonna be doing things that are light years |
| 230 | 00:44:21,270 --> 00:44:32,790 | ahead of everyone else. And it's in, it's an enriching experience as a trader, you just feel dialed in. And there's no way really to articulate it except for |
| 231 | 00:44:32,790 --> 00:44:39,900 | you have to experience that. And some of you have already experienced that by looking at the things that I've been teaching the last few days. You're seeing |
| 232 | 00:44:39,900 --> 00:44:50,790 | it in your own chart and that epiphany, that moment of aha, wow. Where the veil was pulled back just a little bit and you take a peek on the other side. And you |
| 233 | 00:44:50,790 --> 00:45:02,520 | think these things are not random. These markets are not random. And you can predict them. You can see them you can anticipate eat them. So anyway, I was |
| 234 | 00:45:02,520 --> 00:45:16,890 | talking to a trader that pretty well known and I have respect for it. And they were sharing their concerns about feedback that they receive and such. And one |
| 235 | 00:45:16,890 --> 00:45:25,800 | of the things I mentioned to them, and I've mentioned it very publicly to you all as well. The tape reading like this in front of you without a safety net. I |
| 236 | 00:45:25,800 --> 00:45:34,860 | don't I don't have any problems with this, because I've already warned extensively not to take it as trade signals, because it's not, nobody can I |
| 237 | 00:45:34,860 --> 00:45:42,600 | mean, the Feds could be sitting here listening, nothing in here said, Buy here, sell here, put your stop, you're trying to make this much money. We're watching |
| 238 | 00:45:42,600 --> 00:45:49,530 | candlesticks paint, that's it, that's all we're doing. That's how I did my mentorship. It's all price action, you're learning how to read price action, |
| 239 | 00:45:49,560 --> 00:46:01,290 | it's not trade signals, there's no risk of losing anything, there's no hope to make any profits. It's just learning how to read the chart itself. I leave the |
| 240 | 00:46:01,290 --> 00:46:12,600 | viewer, the students themselves to decide whether or not they have found something on their own, by using this information, directly or indirectly. And |
| 241 | 00:46:12,600 --> 00:46:21,690 | when they choose to go into a live account setting they've done so without me doing that, or inspiring it not to the degree where he would go with this |
| 242 | 00:46:21,690 --> 00:46:32,670 | broker, or use this, you know, this particular broker to trade with I don't do that. So it's always paper trading and demo. And it relieves me of any financial |
| 243 | 00:46:32,670 --> 00:46:42,030 | responsibility. Zero, I have none. Because if you go into a trade, and you lose money, you've done that to yourself. It matters not what you've heard me teach |
| 244 | 00:46:42,030 --> 00:46:53,460 | in the past, I didn't tell you get in that trade. And I have a lot of respect for people that trade publicly. Look at the the bodies respecting the low the |
| 245 | 00:46:53,460 --> 00:47:05,970 | fair value gap. Now we're back down into this bush breaker if we lose it now, if we trade below it, because we have gone up into an area that had my interest |
| 246 | 00:47:05,970 --> 00:47:12,660 | this morning. This to me, this running up here into this area here is much more meaningful. |
| 247 | 00:47:13,680 --> 00:47:24,960 | And it is, in some ways, allowing for if it were to break below this breaker and act as resistance, then we could explore lower lows. But notice what I wasn't |
| 248 | 00:47:24,960 --> 00:47:33,150 | giving you the commentary earlier, I would have favored this here, running the buy side and going into this area here. Because what would be the mechanics |
| 249 | 00:47:33,150 --> 00:47:43,830 | behind that and why it is noteworthy for me. And don't worry, I'll come back to the conversation I was having a moment ago, the buy stops here. If the market |
| 250 | 00:47:43,830 --> 00:47:54,000 | trades there and goes up in this area here, we're at a short term premium. So if we were to lose this bullish breaker, which is shaded here, and trade down below |
| 251 | 00:47:54,000 --> 00:48:04,950 | it and act as resistance, that comes a potential catalyst for lower prices on the day. But notice that had the trade to a premium. And I'm not saying it's |
| 252 | 00:48:04,950 --> 00:48:16,530 | gonna go down here, but it to me, it would be worthwhile to see this very thing happening here, versus just opening at 930. And just cascading lower. You follow |
| 253 | 00:48:16,530 --> 00:48:25,560 | what I'm saying? Meaning that everyone else just wanted to go short, right from Jump Street, right at 930. And at 930. They gave them that little cookie made |
| 254 | 00:48:25,560 --> 00:48:33,060 | them feel like they're on the right side of the marketplace, allowing them to put what buy stops here. Also, anyone that didn't Trailer Stop Loss here, while |
| 255 | 00:48:33,060 --> 00:48:41,850 | being short, early on. Now they have their stop here. And here. So there's two pools of liquidity with an unbalanced shaded in this area here. So if it were to |
| 256 | 00:48:41,850 --> 00:48:51,000 | go lower, okay. It would be better for you to wait, if you were trying to go short or looking for a reason to be short. It would be better for you to wait |
| 257 | 00:48:51,540 --> 00:49:01,740 | for buyside to be taken out like it's done than done here and trade off in his inefficiency and then judge what price is done after that? Has it sold off? |
| 258 | 00:49:01,740 --> 00:49:12,900 | Since it hit that? Yes. Did the breaker respect it? Or I'm sorry, the price respect that breaker it has Rebecca inside that fair value got this shaded in |
| 259 | 00:49:12,900 --> 00:49:26,580 | pink. So we would not want to see it show support in this. It's the PD array, which is the breaker itself this candle here. It's not simply this old high draw |
| 260 | 00:49:26,580 --> 00:49:35,940 | a line out resistance broken turn support. We're looking at how does it react when it gets there, and you're constantly weighing that this price respect these |
| 261 | 00:49:35,940 --> 00:49:45,360 | PD arrays. And it since it's respecting it, you don't want to hold on to the idea. Okay. Now, if you were thinking about going short, my method teaches you |
| 262 | 00:49:45,570 --> 00:49:56,010 | you'd have to see that breaker be broken and then come back up to it and act as what then resistance. You can't just simply say oh, we have a fair value gap. |
| 263 | 00:49:56,100 --> 00:50:03,930 | Let's go short here and expect it to go right out these relative equal lows. There's a logic It's being taught to you, you have to see certain things to |
| 264 | 00:50:03,930 --> 00:50:16,320 | qualify whether or not something should be there. And we have such a large gap from yesterday's close to where we opened this morning, this entire fair value |
| 265 | 00:50:16,320 --> 00:50:24,420 | gap. We were at now consequent coachmen in that it should expand up into the high end of it. And if we run through it come back down and touch support, it |
| 266 | 00:50:24,420 --> 00:50:36,900 | may act as a catalyst or springboard to take us up into closing in small little remaining balance of this fair value gap. And then up into here, which will be |
| 267 | 00:50:36,900 --> 00:50:50,160 | what the previous week's new week opening gap low. And then we'll be digging up into the difference between Friday's closing price. And where we opened at 930. |
| 268 | 00:50:59,490 --> 00:51:07,890 | So the the the other trader, I was telling you about it. He got he calls the market. He's out there, he's showing people you know what he's doing with his |
| 269 | 00:51:07,890 --> 00:51:18,390 | money and how he's risking it and such. And I have a lot of respect for that anybody else that's live streaming to that pushes the button. area, we pierce |
| 270 | 00:51:18,390 --> 00:51:35,400 | through that through Vega. So now you want to watch it feel like we're lost in price. I'm just curious. Lost. So we have that sign a little remaining portion |
| 271 | 00:51:35,400 --> 00:51:46,470 | there. And yes, we've already talked about how one tick is enough that I'd like to see it run through that pretty new quickly, not just tap it. But then we turn |
| 272 | 00:51:46,470 --> 00:51:58,260 | it back to the old previous week's new week opening get low. And I'm unfortunately, having a lot of things on my chart. But I saw somebody posting on |
| 273 | 00:51:58,440 --> 00:52:09,660 | Twitter, they said, I have too many damn lines on my chart. Now. You have to do your workspace management a little bit better. One chart. And unfortunately, |
| 274 | 00:52:09,660 --> 00:52:18,360 | because I'm presenting to you and I'm kind of coaching you through price action, I have to show you where my new week opening gaps are, that I feel are pertinent |
| 275 | 00:52:18,360 --> 00:52:28,920 | to price right now. But you should not be trying to operate and do all your other analysis and lipsticks like the fair pay gap I have here and I'll you know |
| 276 | 00:52:28,920 --> 00:52:38,610 | the breaker, it's too much your eye will not see the things you need to see. If you're putting it all on your you can't have a kitchen sink approach. Just |
| 277 | 00:52:38,610 --> 00:52:47,790 | because I have it in my repertoire in my arsenal, and now you're adopting as well as a weapon for you. It doesn't mean throw it on a chart had a chart that |
| 278 | 00:52:47,790 --> 00:53:01,470 | you refer to with just New Day opening gaps. New week opening gaps, that's a separate chart just shows those only, no other annotations, none. So that way, |
| 279 | 00:53:01,560 --> 00:53:12,120 | it allows you to toggle through when price is moving around. It allows you to take your attention away from well, what we have here, I have the bush breaker |
| 280 | 00:53:12,870 --> 00:53:21,870 | despite liquidity pool relatively equal highs, and the city here in the form of this fair value gap in the consequent encroachment. So that's a whole lot of |
| 281 | 00:53:21,870 --> 00:53:33,960 | lipstick with this new week opening gap to. So while you're looking at price, it's like looking at cars going by on the street, it's hard to focus in, there's |
| 282 | 00:53:33,960 --> 00:53:40,860 | always something needed to draw your attention somewhere else. So if you're going to be referring to a conceptual idea that I've taught you, and it may be |
| 283 | 00:53:40,860 --> 00:53:48,330 | something else outside of what I teach you that you'd like to still use, I don't know what that would be. But whatever it is, you want to have a chart or a |
| 284 | 00:53:48,330 --> 00:54:02,130 | template in your platform that you call on just for that purpose. So your chart remains naked, but only provide you that that visual point of reference that |
| 285 | 00:54:02,130 --> 00:54:09,840 | you're looking for like new week, opening gaps and New Day opening gaps. So you don't want to have too many things in your chart. But unfortunately, to prevent |
| 286 | 00:54:09,840 --> 00:54:17,550 | myself from losing track of where I am and doing something and not talk about the right chart, which is what I've done one time already in a in a previous |
| 287 | 00:54:17,610 --> 00:54:27,960 | live stream. I'm learning how to do this. I don't claim to be a good streamer, or a good YouTuber. So I'm trying to do my best to get better at it so that way |
| 288 | 00:54:27,990 --> 00:54:38,340 | I'm more helpful to you. But because I'm still in my early stages of learning how to do this efficiently as a streamer, unfortunately my charts gonna have a |
| 289 | 00:54:38,340 --> 00:54:46,230 | little bit more lipstick and more things on it than you should. So don't look at this chart thinking oh, I should have my chart look like that. No. And once I |
| 290 | 00:54:46,230 --> 00:54:59,190 | have a an idea where I see the breaker is again I don't have that on my chart. Like it's not there on on mine. It's here for you to learn from it. See I can |
| 291 | 00:54:59,190 --> 00:55:07,320 | see that low that Hi, that lower low, Mike goes right to that in the candle here, I look at the range, I knew the prices, and I write those prices down on a |
| 292 | 00:55:07,320 --> 00:55:21,000 | little yellow notepad next to my screens. And I'm referring more to that piece of paper that has my levels on it, than I am on a chart with annotations. I'm an |
| 293 | 00:55:21,030 --> 00:55:33,360 | I'm a numbers guy, not this visual, new artistic flair, it's only for your benefit, because most of you need it conceptually shown to you on a chart. So |
| 294 | 00:55:33,510 --> 00:55:44,220 | let's take a look at what we've covered so far this morning. And then I'll come back and close my discussion about the other trader I was telling you about. So |
| 295 | 00:55:44,220 --> 00:56:02,040 | we opened up at 930. With a large gap lower, we saw price trade from that opening gap here, small little rally up, drop down into new week, opening gap |
| 296 | 00:56:02,040 --> 00:56:12,150 | low, setting the stage for buyside to be placed above the short term high. And then we also see these relative equal highs. So wherever there is a market area |
| 297 | 00:56:12,150 --> 00:56:25,140 | that is too smooth, okay, that means lows are relatively the same, or highs are relatively the same. That looks like a ceiling. Okay. Whenever that's like that, |
| 298 | 00:56:25,620 --> 00:56:35,460 | that smooth edge is likely to be made jagged. That means it's going to tear through that upset that smoothness. We seen that here. It's Mark came down into |
| 299 | 00:56:35,460 --> 00:56:43,350 | our bullish breaker. I mentioned that if we were to go lower, it would need to go through the breaker come back up and act as resistance. Did it do that? No. |
| 300 | 00:56:44,010 --> 00:56:54,600 | It respected the breaker. So now price goes higher. What actually happens after that this down close candle that trades into the bullish breaker does what |
| 301 | 00:56:55,110 --> 00:57:10,170 | becomes a bullish order block that candles high 4114 and a quarter becomes the low of this candle here. 4114 and a quarter? So what we're seeing is a bullish |
| 302 | 00:57:10,170 --> 00:57:21,600 | breaker supports price, it repels it. Yes. Does this down close candle support price here? Yes, we dig up and through, which is why I said I want to see it |
| 303 | 00:57:21,600 --> 00:57:33,510 | trades at the upper end of this pink shaded area, that in itself. From here to the top of that fair value gap there. That's a five handle run, just with the |
| 304 | 00:57:33,510 --> 00:57:44,250 | logic I showed you there. That's a trade idea. That's a setup that could have been utilized for you as a engagement. Go back into your own charts and log that |
| 305 | 00:57:44,250 --> 00:57:55,290 | as an example of watching where delivers there. I mean, I walked you through it real time when it was there. But this also this trade down here. When we turn |
| 306 | 00:57:55,290 --> 00:58:03,180 | back to the breaker See, this is what you're familiar with. This is how I teach it on my YouTube channel. Here's the breaker it needs to leave it and then come |
| 307 | 00:58:03,180 --> 00:58:17,010 | back down into it. That's your classic ICT bullish breaker entry. That's the setup. That's the setup. Targeting is constitute encroachment in the high end of |
| 308 | 00:58:17,010 --> 00:58:25,350 | the area. Yeah. Where's their five handles and all that. That's for you to determine? And look for that going forward? If it doesn't make any sense to you, |
| 309 | 00:58:25,380 --> 00:58:33,090 | for those that are trying to figure out what we're doing here. Why? What's the purpose of all this, you're going to find your own setup, you're going to see it |
| 310 | 00:58:33,120 --> 00:58:42,960 | repeat, you're going to see me talk about things that confirm your observations. I may not say in verbatim what you're seeing or expecting in price action. But |
| 311 | 00:58:42,960 --> 00:58:56,550 | I'll give you a 30 year experience perspective on something that you have been expecting more insight on, or a confirmation by me, if I see it, if I talk about |
| 312 | 00:58:56,550 --> 00:59:06,900 | it real time, and you see it, and then all of a sudden now that epiphany happens, you've been confirmed, the thing you're looking for has been now |
| 313 | 00:59:06,900 --> 00:59:16,560 | qualified. It's valid. So therefore now you get the confidence to go forward and look forward continuously. For me. That becomes your model. I didn't push you |
| 314 | 00:59:16,560 --> 00:59:28,560 | into that. I didn't write a chapter in a book or make a particular video series that made you only destroyed that model. You discovered it organically being |
| 315 | 00:59:28,560 --> 00:59:37,740 | here over time, reading real time, price action. That's the best way to learn. It doesn't feel like that if you're new, it feels like we're wasting time, |
| 316 | 00:59:37,740 --> 00:59:52,290 | right? You're not wasting any time. You're learning how to engage, decipher read, price action. What is it likely to do next? Where should it go? If you |
| 317 | 00:59:52,290 --> 01:00:02,970 | can't see that you can't see the benefit of I'm walking you through every individual candle here and so on a one minute chart What happens if this is a 15 |
| 318 | 01:00:02,970 --> 01:00:12,900 | minute chart to hold up more handles, isn't it? So I give you the one minute perspective to prove that even the folks that say, Oh, your, your live streams, |
| 319 | 01:00:13,200 --> 01:00:24,810 | got a 32nd delay or 22nd delay, implying that I'm doing something surreptitiously. I'm talking nonstop. There's no other way for me to say |
| 320 | 01:00:24,810 --> 01:00:33,570 | something else in another separate live stream. There's no way for me to keep you from receiving what I broadcast on this live stream. If I said it in my mic |
| 321 | 01:00:33,570 --> 01:00:41,100 | is on, you're hearing everything I'm saying there's no alternative view. If I say I think it's going to go here, it's either going there or it doesn't go |
| 322 | 01:00:41,100 --> 01:00:53,760 | there. It needs to respect this level and start going here. If it doesn't do that, then there's no algorithm. It's playing right simple. So anyway, |
| 323 | 01:00:56,310 --> 01:01:07,290 | we talked about how that trailed stop loss idea on shorts, here. And here would be the target. After it traded down into here. When it was trading right here. I |
| 324 | 01:01:07,290 --> 01:01:16,200 | said we want to watch and see now because we hit our objective to the levels I've taught you, which is the new week opening gap. The algorithm reprice is |
| 325 | 01:01:16,200 --> 01:01:24,690 | down here, just like I talked about yesterday, when we were not locked in price action, I told you, we swept the lows, now we're going to take it up to the buy |
| 326 | 01:01:24,690 --> 01:01:35,160 | side, there was no changing of gears, there was no another different view it was we were going higher. I gave you that again, right here on a minute basis, told |
| 327 | 01:01:35,160 --> 01:01:43,470 | you is going to go here. And then like to see it sweep here, and then go up. And that is fair, Vega did your chart print that. And we're still here live right |
| 328 | 01:01:43,470 --> 01:01:54,120 | now. Did your chart do that? I'm quite certain that your chart no matter what broker you use, shows that same thing unfolding on your charts live. You see it, |
| 329 | 01:01:54,120 --> 01:02:08,280 | you've handled it now. There's several five handle and now forming potentially a 10 handle run that you've sat here with me, I've given you all the things that |
| 330 | 01:02:08,280 --> 01:02:20,100 | you would look for. But you're talking too much. Go back and show me what's going on right now. The order block was supported here, price ran to the top end |
| 331 | 01:02:20,100 --> 01:02:35,040 | of the fair value. Then we traded back down to what the low end of the city. So this candles high 4116. Even we trade down to that and one tick lower which is |
| 332 | 01:02:35,670 --> 01:02:45,060 | 41 15.751, tick lower. Remember what I taught you about the wicks. That's where the damage is done. The bodies of the candles are going to be telling you the |
| 333 | 01:02:45,060 --> 01:02:55,020 | narrative the story, we trade back down, dig into what the low end of the fair value gap, which is this candle specifically right here. Okay, this down close |
| 334 | 01:02:55,020 --> 01:03:05,400 | candle. These two consecutive down close candles while this was a bullish order block here, when there's two of them consecutively. If we trade away from it, |
| 335 | 01:03:05,430 --> 01:03:15,240 | you have to refer to that as the order block as well. It's all one consecutive change in the state of delivery. Meaning what the opening price of highly |
| 336 | 01:03:15,240 --> 01:03:22,650 | sensitive if we are bullish, the market trades down to it here. And it's coupled with what the low of the fair value gap that I drew your attention to well |
| 337 | 01:03:22,650 --> 01:03:35,940 | before it even formed or not formed. But before it was drawn up into. So this is in itself what what is this? It's three things. This love trading two, this is a |
| 338 | 01:03:36,570 --> 01:03:53,100 | low on a fair value gap. While order flow is bullish, it's also an order block a bullish order block. And it's a mitigation block. What is that? Well, it's the |
| 339 | 01:03:53,100 --> 01:04:02,250 | opposite of a breaker. A breaker is where you have a low, high, lower low. And when price comes back down into it, it's typically going to support prices and |
| 340 | 01:04:02,250 --> 01:04:14,430 | the higher. A mitigation block is where you have a low, high a higher low. And when it trades back down into that it'll support prices. Well if your narrative |
| 341 | 01:04:14,430 --> 01:04:22,920 | is correct, if you're assuming prices bullish in every other previous thing we've shown here, all these signatures are qualifying what bullish order flow. |
| 342 | 01:04:23,640 --> 01:04:38,040 | So from here to this high here that run five handles from a discount to external range liquidity, which would bought the buy side liquidity right here. Think of |
| 343 | 01:04:38,040 --> 01:04:46,650 | this high being the same thing I outlined over here. Someone went short here. I don't care to know how many contracts they are holding. I don't care who it is. |
| 344 | 01:04:47,430 --> 01:04:56,940 | If the market dropped someone chased it. So they're going to place a stop loss above that in the form of what biceps so you can look at this as an ideal entry |
| 345 | 01:04:56,970 --> 01:05:07,080 | as a short term trader intraday scalping you could be a buyer here. And your limit order would be raytech Candles high. Soon as it went through it here. You |
| 346 | 01:05:07,080 --> 01:05:16,350 | have taken profit much in the same way you could be a buyer down here as soon as this candle hits it. It's scary because you haven't done it before. It's scary |
| 347 | 01:05:16,350 --> 01:05:25,830 | because you don't have to read this stuff live but you're seeing it can be done. No scared fearing of doing it wrong. You hear me stuttering because I think I'm |
| 348 | 01:05:25,830 --> 01:05:36,510 | gonna be wrong now. This is old hat to me. And it will be old hat to you too. And these are hard conditions. I can't wait to this market loosens up live or |
| 349 | 01:05:36,510 --> 01:05:43,320 | you're gonna have a whole lot of fun with me this year. You're really going to miss me in November because this time you're like i All I Want For Christmas Is |
| 350 | 01:05:43,320 --> 01:05:52,740 | ICTD come back in 2020 for live streaming, please. Oh, now my stuff your stockings next year to depends might not be everyday like this, but we might do |
| 351 | 01:05:52,740 --> 01:06:03,240 | one a week. So here's that next draw on liquidity. We're looking for the small little micro separation between this candles low and that candles high? |
| 352 | 01:06:18,390 --> 01:06:19,650 | Give me a |
| 353 | 01:06:24,930 --> 01:06:33,660 | hell yes. On Twitter, if you're enjoying these live streams, if this is helping you it's making sense. You're watching it over time, real time watching these |
| 354 | 01:06:33,660 --> 01:06:42,210 | candles paint explaining what they should be doing next tweet to me on Twitter. Hell yeah. And that will be an encouragement to me today. That's the feedback |
| 355 | 01:06:42,210 --> 01:06:45,180 | I'm looking for for today's experience. |
| 356 | 01:06:54,930 --> 01:07:06,060 | At 1045, I'm going to close this one for today. But I'll finish what I was saying earlier about the other trader that I like, and have respect for he |
| 357 | 01:07:06,060 --> 01:07:21,810 | causes moves and such. And he's, he's mentioned that he's had some opinions shared in his direction. And I admitted to him that I've done that in the past, |
| 358 | 01:07:21,840 --> 01:07:32,610 | I've tried to talk about moves and specific entries and targets and stops and management in the whole business. And even when I had them, right, and they were |
| 359 | 01:07:32,610 --> 01:07:48,240 | favorable outcomes. Invariably, someone would complain that they didn't do as well as my results showed, because they don't take every trade because they want |
| 360 | 01:07:48,240 --> 01:07:59,790 | to see something qualified to trade. So there, let's let me paint the picture for you. Some of you, most of you really want me to do a entry, a stop by target |
| 361 | 01:07:59,820 --> 01:08:08,160 | manager stop and walk you through it. Okay, I understand that. And some of you are thinking if you would just do that for me ICT I could get my funded account. |
| 362 | 01:08:09,090 --> 01:08:14,850 | Well, okay, well what happens if I did that? And I choose not to do it anymore. You're gonna hate me because of that, because now you have a funded account that |
| 363 | 01:08:14,850 --> 01:08:23,700 | you can't trade using, you're not Drake. So I'll be a jerk then. So I'm always going to be used as an escape code for people that don't have the right mindset. |
| 364 | 01:08:24,720 --> 01:08:34,380 | So if I were to do trades in front of you, if I were to get into the trade right in front of you put the stop loss manager position the whole business yes, it |
| 365 | 01:08:34,380 --> 01:08:44,610 | would be a sugar coma love fest every day in that my my viewership would probably quadruple in a week because everybody coming here doing what I'm doing. |
| 366 | 01:08:46,050 --> 01:08:56,400 | But even in those instances, because I've done this before, there are people that are not going to do every single trade that I do because if I take an |
| 367 | 01:08:56,400 --> 01:09:03,600 | eraser run into our level here it's probably random don't worry about that. I remember I said I want to see it go through that and do what show expansion |
| 368 | 01:09:03,600 --> 01:09:18,450 | speed and run quickly to 4134 and a quarter like to see it do that before 1045 Daddy nice that the the viewership or audience members that will be watching me. |
| 369 | 01:09:19,470 --> 01:09:28,530 | They're going to be scared sometimes, especially if I have a losing trade, which is invariably going to happen. I've got one wrong last week on Twitter, and you |
| 370 | 01:09:28,530 --> 01:09:38,940 | watch me walk through it and pick it up and he was fine. No more drawdown. But the problem with someone that's just blindly following a traders calls or trades |
| 371 | 01:09:38,940 --> 01:09:51,420 | themselves and mimicking they don't have the same experience to know and trust that if I have a losing trade, it doesn't bother me. It's not even a paper cut. |
| 372 | 01:09:52,050 --> 01:10:02,190 | It's just okay, well, I'll get the next one. You as a new student or a new trader, you're not the thinking that you're like, What the hell just happened, |
| 373 | 01:10:02,610 --> 01:10:10,710 | they took money out of my account. That's not supposed to happen. We're supposed to be only making money around here. And the unrealistic expectations come |
| 374 | 01:10:10,950 --> 01:10:19,980 | winding up in your brain. And you think, Okay, I'm scared now. And when the next trade that I or someone else presents, you're not going to take that one, |
| 375 | 01:10:20,190 --> 01:10:29,130 | because you're scared because you got hurt on the last one. And then it becomes a winner. And now you're behind the person you're trying to copy, the results |
| 376 | 01:10:29,130 --> 01:10:37,260 | are not the same. And other people are gonna say, woohoo, look at us, we're going we're killing it. Let's go, you know, everybody's making money, it's a |
| 377 | 01:10:37,260 --> 01:10:47,610 | party. But that one person or those they're just like that are not on that trade. So they become sour. And they take their opinion publicly, and they start |
| 378 | 01:10:47,610 --> 01:10:57,840 | bitching, oh, my results are not the same thing as you, you should do this for us. You should do this for me. You shouldn't be taking any losses. Why do you |
| 379 | 01:10:57,840 --> 01:11:08,400 | hold on to the trade when you know could have potentially turned around on you, you'd let your stock get fully stopped out, and we followed you. See, I offer no |
| 380 | 01:11:08,400 --> 01:11:20,730 | opportunity for that. None. If you make money, you earned that money on your own. If you lose money, you own that. You cannot say that was a result of me at |
| 381 | 01:11:20,730 --> 01:11:28,740 | all. Nobody ever has a documentation of me telling them. Here's where you buy, here's where you sell, here's your stock, take your profits here, none of that |
| 382 | 01:11:29,010 --> 01:11:40,770 | note, I'm talking about candles that mean nothing. But the act, pupil will observe these things. And over time, how much time it's going to be unique to |
| 383 | 01:11:40,770 --> 01:11:56,880 | each one of you will have that volume unbalanced right in here. The nightroad outline the folks that are paying attention and are looking for things that |
| 384 | 01:11:56,880 --> 01:12:11,610 | repeat that they will learn to trust on their own. They're already formulating a game plan for what they want to do. And when they make the results, whether they |
| 385 | 01:12:11,640 --> 01:12:22,650 | be good or bad. I'm reminding you here that those results are yours. They're not mine. While I greatly appreciate folks that do well get funded accounts get |
| 386 | 01:12:22,800 --> 01:12:35,280 | withdrawals from their funded accounts are those live accounts and such. And they credit me as an influence on their learning. That's wonderful. But I am not |
| 387 | 01:12:35,820 --> 01:12:45,120 | the catalyst for that trade, you took that risk on yourself. You presented yourself openly to the market where you had no more control once you entered the |
| 388 | 01:12:45,120 --> 01:13:01,290 | trade. So the credit is yours entirely. It's all yours. And the shame and defeat and the regret is solely on you, when it doesn't work. That's the number one |
| 389 | 01:13:01,290 --> 01:13:11,280 | reason why I don't do it publicly. I don't do it that way, because traders that would watch me if you're new, which is predominately what everybody would be if |
| 390 | 01:13:11,280 --> 01:13:18,390 | they were trying to copy me. They don't have the experience to know why I'm taking the trade. And if I lose, I have the same confidence that I had after |
| 391 | 01:13:18,390 --> 01:13:25,890 | that losing trade that I do on my next trade. Because I know what my stuff will do for me. I have the experience of going through drawdown and coming out of it. |
| 392 | 01:13:26,190 --> 01:13:34,950 | You may not. So you're going to do what you're going to be reluctant to take that next trade. Or you're going to wait for it to move enough in your favor to |
| 393 | 01:13:35,190 --> 01:13:44,850 | be viewed as what confirmation. I got a confirmation. It's moved 20 handles already. I'm trusting it now. Let's go long. Let's go ITT and I'm getting out. |
| 394 | 01:13:45,960 --> 01:13:59,400 | What am i What did you do that for? I just got in. And there's people tweeting to me like that. When I'm just calling moves. I will never open myself up to |
| 395 | 01:13:59,400 --> 01:14:13,590 | that. Because as soon as I make my trade public, and I know that people can copy it. The outcome now is meaningful on an emotional level. Whereas the right now, |
| 396 | 01:14:13,950 --> 01:14:24,420 | as a trader, I put a trade on I have no emotional or psychological commitments to trade it pans out or it doesn't. It hurts nobody but me. It only favors me. |
| 397 | 01:14:25,230 --> 01:14:36,630 | When I talk about price action openly, and I call it the tape in front of you live. You all benefit from the same experience, which is no monetary reward, no |
| 398 | 01:14:36,630 --> 01:14:51,210 | monetary loss. You're watching price paint, following a logic that I'm teaching you to look for. In everybody that does a trade based on this. You own that both |
| 399 | 01:14:51,210 --> 01:15:00,450 | good or bad and I've told you don't do it. Because you're not going to learn properly. You're gonna have less of a learning experience is if you do didn't do |
| 400 | 01:15:00,450 --> 01:15:10,140 | it with the trade on. I don't care if it goes up to 4134 and a quarter right now, if I had a trade on, I still wouldn't care if it was going to go up to 4134 |
| 401 | 01:15:10,140 --> 01:15:22,650 | and a quarter right now, I would be parceled out twice already. And constantly removing the necessity for the emotional attachment to a trade. And some of you |
| 402 | 01:15:22,650 --> 01:15:32,250 | that are so new have no understanding of why why I don't do what you want me to do, because it would make me in emotional trader then I don't want to see any of |
| 403 | 01:15:32,250 --> 01:15:44,760 | you get hurt ever. So I teach in a demo, but you're asking me in your infancy as a trader and through a myopic perspective of what it is like to be a trader. You |
| 404 | 01:15:44,760 --> 01:15:52,650 | want me to go out and just show you my entries and exits and manage all that stuff. And a lot of these people that really want it, they lace it with |