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ICT YT - 2023-08-23 - ICT Mentorship 2023 - Forex and Index Futures Review August 22 2023

Last modified by Drunk Monkey on 2023-08-23 11:15

Outline

00:12 - Chart of the day.

- Welcome back to the show, and a quick review of the dollar index.
- The dollar index is still a potential run, even though it failed to get to its high today.

01:38 - British Pound is a mess.

- The British pound is a mess and can't get out of its range, which is what has been happening for the whole month of August.
- S and P on the left hand side.

02:48 - Daily inefficiency on the S and P.

- The sell side liquidity pool on the S and P, where the focus is on the inefficiency on the daily chart.
- The fair value gap for the Nasdaq.

04:10 - Sell off on a sloppy trading day.

- Today's trading market broke lower entry to only down to the low of the lowest daily inefficiency, just a real sloppy afternoon.
- Model 2020 sell short, wait for displacement.

Transcription

1 00:00:12,120 --> 00:00:20,280 ICT: Welcome back, folks. So we're gonna be doing another quick review here. I'm trying to get through it pretty quick, I'm still not feeling too well. So
2 00:00:21,510 --> 00:00:36,360 feeling chart Dollar Index, we were looking for our high. And we got that here. And this is still a potential run. Even though we failed to get to it today, I'm
3 00:00:36,360 --> 00:00:49,260 not convinced that we're, we're done trying to reach for that yet. So a very soft bias for higher dollar euro dollar, you're looking for these relative equal
4 00:00:49,260 --> 00:00:59,340 lows, we pierced that today. And that doesn't look like it's done. So but it has to look at that. Using the inversion pyramid, I got my chin up into
5 00:00:59,400 --> 00:01:12,870 consequently, crochet, which is this level here. So we hit that sold off and then dug into this sell side, I think it would be more likely to expect a deeper
6 00:01:12,870 --> 00:01:22,410 run below these lows, which is the opposite of what we see. Or what I'm expecting rather, for another higher high on the dollar index, that would be
7 00:01:22,410 --> 00:01:38,910 another lower low for Arrow. For our chart, here, you can see the relative equal lows just pierced here. Just really, very difficult range of trading. So again,
8 00:01:38,940 --> 00:01:51,240 I feel for you, if you're in the Forex asset class right now. British Pound is to toss us in here, you can see this thing is a mess to can't get out of its
9 00:01:51,360 --> 00:02:02,130 range. And this is what we've been seeing for the whole entire month of August. So you want to trade in the summer months and try to get up on that account
10 00:02:02,130 --> 00:02:15,510 challenge past then good luck. It's when I tell you don't do it, wait until the fall. Okay. All right, s&p on the left hand side daily chart, I mentioned that
11 00:02:15,510 --> 00:02:22,950 we would likely drop into this gap here and did not have the lines on it. But they point to it last night and I did mention that we would certainly get to
12 00:02:22,950 --> 00:02:31,470 this one here on NASDAQ we did get to it and threw it up into the bearish order block the opening price here extend that through so you see hit one point traded
13 00:02:31,470 --> 00:02:41,010 all the way up to the bearish order block and then close on the day with a lower close and it's opening up to the same vein that we saw here for s&p and again
14 00:02:41,010 --> 00:02:53,520 what I want to see is do we start to roll over here and make a run for the sell side here. Okay. And this sell side liquidity pool on the s&p would be where my
15 00:02:53,550 --> 00:03:07,860 focus would be hourly chart on the s&p this is the inefficiency on the daily chart Okay, let me take you back up to the dailies that we follow along this
16 00:03:07,860 --> 00:03:15,120 candles Hi, this candles low the respective levels here. So it's these two red levels that makes this fair by government. The other chart I mentioned last
17 00:03:15,120 --> 00:03:28,740 night, this fair value gap is for the NASDAQ I did not include the order block level here I added that today alright by side taking a look at the bodies
18 00:03:28,740 --> 00:03:37,410 respecting the lower level that daily fair value got then we had the market trading lower gravitate back towards the consequent encouragement of the
19 00:03:37,410 --> 00:03:48,630 inefficiency on the daily chart to down to the low of the inefficiency just outside of it. And then the consolidated inside of that range. Daily bearish
20 00:03:48,630 --> 00:03:59,790 order block we trade outside of the inefficiency this the high and the low of its respective daily fever you got. I mean Southside here so we ran up broke
21 00:03:59,790 --> 00:04:09,210 lower consequent encouragement, which is midpoint to in this high in this low on the daily fear of a gap. That's what these two levels are called encroachments
22 00:04:09,210 --> 00:04:21,810 here for that. And we sold off and they were consolidated. 15 minute timeframe. You can see how he teared up in the s&p into the low of the daily fare, but he
23 00:04:21,810 --> 00:04:32,100 got we were expecting the victory to last night. But today's trading market broke lower entry to only down to the low only down to the lowest daily
24 00:04:32,100 --> 00:04:44,190 inefficiency. Just a real sloppy afternoon. If you were to ask me on the NASDAQ you see a trip into the bearish order block. So we're really at a premium on
25 00:04:44,190 --> 00:04:54,600 this one. And we have relatively equal lows in here results I would be residing. We broke lower we'll look at a smaller fair value gap and here are timeframes we
26 00:04:54,600 --> 00:05:09,510 broke lower breakaway gap unable to get back up into this area here. Working on for breaker, I low, higher high consolidation breaks lower tax the sell side
27 00:05:12,240 --> 00:05:23,670 five minute chart again s&p digs into that daily for Vega breaks lower sialylation breaks again and we have a nice little favor you get their trades up
28 00:05:23,670 --> 00:05:32,280 into it and then displacement work look at the bodies respecting the inefficiency here on the sell side unbalanced buys on inefficiency that candles
29 00:05:32,280 --> 00:05:46,530 love. There's your bodies, the wicks do the damage breaks lower the consequent encouragement consolidation or other sloppy and digs down into the low of the
30 00:05:46,530 --> 00:05:58,560 inefficiency from the daily chart. NASDAQ can see the trade off into the bearish order block here which is above the daily inefficiencies high short term low
31 00:05:59,160 --> 00:06:12,060 displacement fair value got this is model 2020. sell short. Wait for displacement attack this low here it does create another inefficiency here but
32 00:06:12,060 --> 00:06:23,400 what does it do? Trading inside of this one? The high the low consequent encouragement consequent encouragement failed, break lower or sell side right
33 00:06:23,400 --> 00:06:39,360 there. Breaks lower hurts if everybody got their trades up into it then makes a lower low and consolidates in the clothes appreciate your patience with me while
34 00:06:39,360 --> 00:06:50,550 I'm recuperating. And if I mean Oh obviously, chat with you on Twitter tomorrow and do another review. If it's possible to 30 then be safe