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Version 1.1 by Drunk Monkey on 2020-11-20 16:45
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3 ICT: Okay, folks, I give you a trading exercise. And this is
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7 something I did to become more consistent as a day trader.
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11 And if you put the time in doing this, I promise you,
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15 there's very few things I'm going to promise. But this is
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19 one thing I can promise. Your understanding about what the
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23 markets going to do on an intraday basis, a few times a week
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27 will drastically improve. Now, does that mean profitability?
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31 No, because I cannot promise you profitability. I am
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35 promising you a greater understanding of when price action
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39 is going to most likely do a few times a week and that's all
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43 you need to do very, very well in speculation. So If I can
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47 take your attention back to the concept I gave you in terms
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51 of using the daily chart, whenever we see a swing high and
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55 as what was tweeted this evening on my Twitter account, the
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59 swing high here we have a high with a lower high to the left
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63 of it a lower high to the right of it. Okay, once that takes
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67 place, we start looking for the lows to be violated. And
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71 every time you see the previous day's low, that's an
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75 opportunity for trade. Now, it's a scalping tactic. That
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79 means 2030 pips just about every day. This gives you a
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83 setup. Now, it does not give you a setup every single day in
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87 the same pair. It can be multiple examples of it in the same
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91 pair, but what I stated was it can give you a setup every
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95 single trading day, because some pair across all the
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99 universal parents. It's available to us in forex. One of
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103 them is going to provide this. Now the chances you ping hit
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107 may or may not be there, okay. But if you follow one pair at
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111 most two pairs, you will have something to work with every
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115 single trading day. It does not mean to execute live funds,
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119 it just means that you can practice with it. Do not discount
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123 this exercise. If you're looking at it in the basis of it's
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127 only hindsight, because some of you are not going to be able
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131 to do this live. Because you're under a job or your life
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135 circumstances don't permit the opportunity for you to sit in
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139 front of the charts and do it. But go back to the charts in
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143 in end of day capacity and look and see if what I'm teaching
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147 you here tonight is in fact what goes on every single
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151 trading day. Okay. So I want to go back to this reference
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155 point here. This is where a swing highs formed. price starts
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159 ticking down. Each individual daily low is violated until we
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163 get down to here. Price reacts, trades up. Now this run here
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167 is like a railroad track type pattern. I probably should
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171 have never included that in the presentation because it's
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175 going to make it seem like I'm a follower of just
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179 candlestick patterns. But just understand that this pattern
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183 here did not take out the swing high. Okay and soon as we
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187 traded below this candles low right here comes in at 117 63
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191 this is Sunday trading and then today's trading on Monday
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195 the market opens up it rallies up, forget about getting the
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199 Hi there was not necessary. We're focusing primarily on the
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203 New York session. And what we're going to be doing is we're
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207 gonna be looking for where the market may reach for Well,
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211 we've already taken out Sunday's low, we've already taken
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215 out Friday's low. So what will be the next objective, this
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219 low right here so that's our mark, okay, or target. So if we
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223 think in terms of being a sniper This is what we're gonna be
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227 targeting. Okay, this old low. Now why am I saying that this
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231 is a target? Well think about it in terms of support
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235 resistance. Price in itself showed a willingness to rally
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239 from that level. So we could probably see it come back down
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243 to that level again, and maybe it might bounce. Or maybe
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247 you'll go through it. No one absolutely knows this. But if
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251 price is above it, if prices above that low, and it's also
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255 bearish, then we could look for that low to be traded to as
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259 a minimum objective. So how much of a range that allows us
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263 is always going to be largely dependent on individual unique
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267 setups, the larger of the ranges, the better the setup. So
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271 I'm going to give you a exercise and we're going to map this
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275 out here. With this particular chart. I'm gonna maximize it
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279 and we're going to go into a 15 minute time frame and what I
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283 want you to do is I want you to think about how price was
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287 reaching for that level down here. It's 117 29. That's what
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291 that is right there.
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295 Okay, that's that old daily low or Target or as I refer to
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299 it as the mark. Okay as a sniper. So we're looking for that
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303 low to be retested. In this case, it went through it just a
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307 little bit, that's fine. It could very easily just stop
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311 right before hitting it and open just as well. Doesn't have
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315 to always go through it. Now, admittedly, I thought that we
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319 could possibly go through that as an objective today. And I
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323 was allowing the trade that I took to potentially pay that
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327 out to me, should it yield that much of a move below, but it
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331 didn't, and I actually fell asleep and didn't even have
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335 myself alert at the time to take off something at the
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339 market. Okay. Classic portion of it. Once it had come back
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343 above. The lower here, allow me to get right at the first
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347 objective in our fib for scaling, but other than that, that
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351 was The best I could do, and here it is. So you can see I'm
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355 human. But I want you to look at how every day if we're
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359 expecting bearishness, okay, if we're expecting lower
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363 prices. What I want you to do is every day that you're
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367 bearish right before seven o'clock in the morning, New York
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371 time, okay? I want you to tell it, like take a look at what
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375 the markets doing, if you're bearish and we'll say that we
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379 were bearish here on Friday. Okay. Now in this regard, I'm
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383 speaking specifically in light of hindsight only. Okay, so I
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387 have to tell you that this because I'm talking about in
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391 hindsight here doesn't mean it's going to be as it is in
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395 this chart, but it's going to be very close to it in theme,
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399 okay. It's gonna have a lot of similarities to it. And
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403 you'll, you'll see what I mean by that in a minute. Okay,
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407 what I've done is I've added seven o'clock in the morning,
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411 my vertical line here on each respective trading day last
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415 few days, and also noted the previous day's lows. So now I'm
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419 going to do is remove the vertical line delineations that's
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423 seen in the chart and only leave the seven o'clock in the
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427 morning, New York time reference points. Alright, so now
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431 what we have here is we have some days trading here Friday's
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435 low right in here. And here's Thursday's trading over here.
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439 So we're going to look at what we have in terms of a drill
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443 or exercise we can do every single trading day, but you have
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447 to first know what you're looking for in terms of bias now
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451 doesn't mean gonna be right every day. It just means that
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455 you have to work in this framework, know what is most likely
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459 going to be a directional bias today, based on what the
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463 daily charts shown, is it going to be running the lows or
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467 it's gonna be running the highs if we are bearish and we're
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471 going to assume that today we were bearish and For folks
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475 that are in my mentorship group, we had already mapped out a
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479 probable scenario, and in terms of my commentary with them,
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483 so they know that this was the most likely scenario going
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487 forward for Euro, at least using my concepts, but most of
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491 you that are watching don't have that availability. So I'm
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495 going to give you a very simple approach using what we have
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499 already arrived at since I've been back on social media and
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503 YouTube, the element of looking for optimal trade entries in
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507 a day. Okay, and when we're bearish, I want you to focus on
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511 seven o'clock in the morning. Let me take the day dividers
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515 off now sadly, you can focus primarily on seven o'clock in
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519 the morning, each individual trading day. So here's Friday
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523 trading in here, okay, and Friday's trading. I want you to
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527 notice we came back up to this low right here today intraday
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531 now this level many times would not be even considered with
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535 standard support resistance ideas. But this level here is
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539 important because it's a swing high to swing low. And we
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543 mentioned in the went series with every new and aspiring
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547 forester wants to know, we have to use these reference
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551 points because they may end up becoming reused in the
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555 future. Okay, so I also want to again, add dividers again.
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559 You can see that this is Friday's daily low here Sunday's
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563 trading, we made it a lower low on Sunday and then we start
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567 trading on Monday higher and take that back off, and we had
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571 a little bit of a gap in here and you'll learn about that
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575 that's this is whiplash and then catapult. Okay, very simple
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579 little pattern for Sunday. I don't trade it anymore. It's
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583 nice to see when it occurs, but it's not that big of a deal.
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587 But I want you to see how at seven o'clock in the morning
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591 One is mt four platform this demo account 1100 is seven
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595 o'clock in the morning New York time.
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599 I want you at that moment. Wake up, check your your charts,
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603 you can do it on your smartphone. And if you're bearish
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607 you're going to be looking for price to rally up at least 20
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611 pips or more. Okay, if it does this and you're bearish then
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615 what you want to do is you want to anchor a previous high to
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619 the low prior to that seven o'clock in the morning rally up
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623 at least 20 pips. Okay when you see that start hunting
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627 optimal trade entry shorts. In this case, we can zoom in a
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631 little bit here seven o'clock in the morning today, Monday,
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635 October 23 2017. The market shows an initial decline. We're
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639 not looking for that we want to see it start to rally up 20
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643 pips, what is it doing? It's retracing intraday on eight
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647 That's primarily bearish and the high was set during but
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651 what time of day is this? It's exactly two o'clock in the
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655 morning New York time. What did I say in my videos regarding
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659 pilot day, here's Monday's trading it trades up creates a
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663 very high the day between two o'clock and four o'clock in
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667 the morning New York time. That's the higher today. It
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671 trades down after seven o'clock in the morning you want to
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675 see a rally up of 20 pips or more, but not take out the
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679 London high. Okay, it has to get close proximity to the high
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683 but only up to 79 retracement level. So if we look at that
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687 we can see that relationship between the open down to the
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691 lowest body candle right here prior to this rally up. Now
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695 this is equal this open and this closes equal 117 35 but
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699 price trades right back up to the 70.5 level. And it's also
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703 Fridays old well with us. Lowe says a confluence of things
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707 happening right there. Now, if you were to use Wix, I just
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711 want to throw this in there for completeness sake, I don't
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715 advise doing this. But we're comparison, you can do this and
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719 see, we still get exactly right to the 70.5 level precision,
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723 okay? Now, I don't require that for entries. I will allow
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727 myself to use the bodies of the candles and it'll get me
728
729 183
730 00:12:22,109 ~-~-> 00:12:24,929
731 close enough. But if you want to be a nutcase about
732
733 184
734 00:12:24,989 ~-~-> 00:12:28,769
735 precision, you can get that surgical with it, okay, you're
736
737 185
738 00:12:28,769 ~-~-> 00:12:31,259
739 going to miss some setups because your orders won't get
740
741 186
742 00:12:31,259 ~-~-> 00:12:34,259
743 filled. And that's going to be problematic for you. But
744
745 187
746 00:12:34,259 ~-~-> 00:12:38,339
747 that's the reason why I use the bulk of the volume with the
748
749 188
750 00:12:38,339 ~-~-> 00:12:41,129
751 bodies. Okay, so again, seven o'clock in the morning, which
752
753 189
754 00:12:41,129 ~-~-> 00:12:45,059
755 is my platform here for my demo. It's 1100. So when it
756
757 190
758 00:12:45,059 ~-~-> 00:12:48,959
759 rallies up 20 pips? Well, we have 1735. So that would mean
760
761 191
762 00:12:48,959 ~-~-> 00:12:52,019
763 you have to go up to at least 1755. It does that here and it
764
765 192
766 00:12:52,019 ~-~-> 00:12:55,799
767 does it here. It has to do that and find an overlapping of
768
769 193
770 00:12:55,799 ~-~-> 00:12:59,099
771 optimal trade entry, which it does here. So at least 62%
772
773 194
774 00:12:59,099 ~-~-> 00:13:02,219
775 retracement level and it's pit rally after seven o'clock in
776
777 195
778 00:13:02,219 ~-~-> 00:13:05,339
779 New York time in a bearish day anchor to the London high
780
781 196
782 00:13:06,659 ~-~-> 00:13:09,359
783 optimal trade entry short What are you targeting? intraday
784
785 197
786 00:13:09,359 ~-~-> 00:13:14,729
787 low, and then the next daily low. Okay. And you can see as I
788
789 198
790 00:13:14,729 ~-~-> 00:13:22,919
791 showed on the video earlier 117 25 gets us really close to
792
793 199
794 00:13:23,219 ~-~-> 00:13:29,639
795 that level, the actual low here on this platform, I'm going
796
797 200
798 00:13:29,639 ~-~-> 00:13:33,899
799 to pop up here low comes in at 117 25. This fib takes us
800
801 201
802 00:13:33,899 ~-~-> 00:13:38,609
803 down to like 117 24. And just for completeness sake, I'll
804
805 202
806 00:13:38,609 ~-~-> 00:13:41,639
807 put this back up here like that. And down here like that. So
808
809 203
810 00:13:41,639 ~-~-> 00:13:44,789
811 if it's on the wicks, we are really far away in that target
812
813 204
814 00:13:44,789 ~-~-> 00:13:47,999
815 then, but using the bodies, it gets us much closer to the
816
817 205
818 00:13:48,059 ~-~-> 00:13:51,689
819 objectives that I outlined just now. Now everything I've
820
821 206
822 00:13:51,689 ~-~-> 00:13:53,969
823 just said here, you would reverse when it's bullish, you
824
825 207
826 00:13:53,969 ~-~-> 00:13:56,819
827 would expect a retracement lower after seven o'clock in the
828
829 208
830 00:13:56,819 ~-~-> 00:14:00,299
831 morning and expect that run higher and again This is a
832
833 209
834 00:14:00,299 ~-~-> 00:14:04,289
835 scalping technique. It's for something like 2030 pips type
836
837 210
838 00:14:04,289 ~-~-> 00:14:07,139
839 move intraday couple times a week, but that's all you need.
840
841 211
842 00:14:07,139 ~-~-> 00:14:11,159
843 Remember 23 pips, risking 2% of your account can make a
844
845 212
846 00:14:11,189 ~-~-> 00:14:14,579
847 double of your account or basically double your account over
848
849 213
850 00:14:14,579 ~-~-> 00:14:17,129
851 a course of a year. So hopefully you found this insightful.
852
853 214
854 00:14:17,159 ~-~-> 00:14:19,379
855 Until next time, I wish you good luck and good trading.