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Version 1.1 by Drunk Monkey on 2020-11-20 15:53
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3 ICT: Hello folks, welcome back. Alright, so we're embarking
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7 on a new journey for some of you and for those that have
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11 gone through my old vintage ICT tutorials, These will
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15 probably be a little bit more user friendly and concise. I
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19 did have the aim and goal in mind to make them as short,
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23 concise, as dense as possible with content but still not be
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27 so long as the time window. I want the durations to be a
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31 little bit more manageable. So that was the goal. For this,
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35 this round of tutorials. We're gonna be talking about what
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39 should new traders study and practice.
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43 Okay, so what's going to be covered in this module? Okay,
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47 the ICT concepts used in this one is going to be the theory
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51 of liquidity rates or stop runs introduction to liquidity
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55 pools
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59 Hello Locate high probability liquidity pools introduction
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63 of the ICT order block, high accuracy entry points, low draw
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67 down entry tactics, high probability targeting the benefits
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71 of scaling profits and how to make money when you are wrong.
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75 All these concepts and ideas are going to be used in
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79 practical application. But before we show you that it's
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83 important to begin with a overview. Okay, so when we look at
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87 price action, as a new trader, you're going to come into the
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91 marketplace especially with forex because it's so exciting.
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95 It's fast paced. It's two wonderful markets a beautiful
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99 market it gives plenty of opportunities. You can be day
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103 trading it you can scalp it, you can position trade it, you
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107 can swing trade it, it's absolutely phenomenal. I love It's
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111 To me, it's the best asset class today, however, like you,
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115 when I first got engaged in the study of price action for
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119 forex, I quickly found myself doing a lot of things I
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123 shouldn't been doing. And what's worse is I was
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127 inexperienced trader from other asset classes, stocks,
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131 bonds, commodities. And I did trade the currency markets by
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135 way of the futures market. So you would think having a
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139 decade of, or more really, of experience before getting
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143 involved in the foreign exchange market that I would have
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147 had a little bit better grasp on my emotions and my
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151 excitement, but that didn't happen. Because it's 24 hour
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155 market, it moved around very liquid. And it was like, it's
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159 like a candy store for me. So I did a lot of things wrong.
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163 And I've learned over the years, and these videos are going
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167 to help you avoid a lot of those pitfalls. So, we're going
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171 to cover an element of price action that I think is
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175 essential. And if you have no previous trading experience,
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179 if you've not corrupted your mind with the retail stuff that
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183 is promoted in the industry, you're actually at an
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187 advantage. Okay? folks that have gone through trading
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191 courses and material are going to have some hardships with
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195 this. Not just with this teaching, but all the ones I'm
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199 going to be teaching. The constant theme is I want you to
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203 think about the marketplace. completely opposite to what
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207 retail teaches. So retail is like Elliott, wave, supply and
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211 demand.
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215 harmonic patterns, animal patterns, all these things that
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219 you put on your charts, they're all distractions. All you
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223 need to know is The open high, low and close. Okay, there's
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227 four reference points that make up price. And we make charts
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231 based on those four reference points. Now we have an element
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235 of time. That's a factor that won't be talked about in this
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239 module, but I will talk about it in coming lessons. But I
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243 want you to think about when, for instance, we're looking at
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247 this chart here, now this is happens to be the day of this
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251 recordings, euro dollar, okay, it's a 15 minute time frame.
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255 And I want you to look at it, and maybe some things jump
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259 off. Maybe other things aren't so apparent or obvious to
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263 you. But I want to kind of like change your perspective on
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267 price action. And I want you to focus in on areas in price
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271 action, it doesn't make a difference what timeframe you'd
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275 look at, okay, because price is fractal, meaning that the
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279 things that you can see on one timeframe, they can be seen
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283 on the lower timeframe or the higher timeframe as well. So
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287 it's a phenomena it's it repeats itself, okay? The same type
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291 of formation or setup can be seen on every timeframe. So,
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295 when we look at price or how I teach my students to look at
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299 price, I want them to first understand what makes the
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303 markets move. Okay? Without understanding that your
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307 probabilities of being successful in developing yourself in
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311 a demo trade is highly unlikely. And you mustn't forget
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315 about becoming a live fun trader, if you can't do well on a
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319 demo, you're not going to do well on a Live account.
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323 Everything that I'm teaching here should be done in the
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327 medium of a demo. All of my teaching is done in demo. And
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331 that's the best way to do it. play in the sandbox, it's risk
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335 free, and you learn to develop good habits this way. So what
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339 do you do with a demo account? Well, before you even put on
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343 trades, I think that you should be studying price action
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347 like this. Okay. I want you to think where Every one else's
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351 trade idea would fail them. Now think about that, because
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355 when you read books, they tell you buy here, sell here, your
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359 stops here. Try to aim for this target. Okay, so they're
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363 geared towards getting you into a move. And the stop losses
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367 are pretty generic below an old low above an old high. I
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371 have started a new wave of free membership followers online,
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375 and they have shared their enthusiasm with the discovery of
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379 something so simple. But it evades most traders, even
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383 traders that have been trading for a long period of time. If
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387 you look at periods in price action, where there are equal
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391 highs and equal lows, this is the easiest, most obvious
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395 price point to see in charts. Every time you see that, I
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399 want you to note that Put a small little trendline
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403 horizontal, okay, and that's the only time type of trendline
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407 I like. We're delineating previous points where it made
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411 equal highs or slightly higher or lower doesn't make a
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415 difference if it's exactly.
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419 Or if it's off by one or two pips. The general theme is, if
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423 it looks close enough, then it's a double top or a double
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427 bottom. Now retail circles will teach that these are good
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431 areas to trade off of as support resistance. Institutional
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435 minded traders think entirely different. They know what's
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439 sitting above those equal highs, it's traders buy stops, and
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443 they know what's residing below the equal lows, traders sell
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447 stops. So the way institutional mindset is poised about
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451 looking at price action. They're looking for counterparties
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455 they're looking for the opposite side of their trade. So
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459 when everyone else is in the retail world Looking for
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463 indicators to give them buy and sell points. institutions
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467 are actually thinking, where are the orders resting right
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471 now. And the easiest way I have learned to teach traders to
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475 start with and there's other ways to do this. But as far as
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479 I'm going to go in the free content, this is the only one
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483 I'm going to teach. And it's a very simple one, and
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487 literally a five year old can see it in the chart. So
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491 anytime you see a double bottom, or a double top, put a
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495 small little segment or line above it or below it,
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499 delineating it and putting notation what it is above double
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503 tops on your chart, make a small little notation that it's
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507 by stops and below equal lows, sell stops. And I want you to
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511 study, do not demo trade. Do not try to pick the direction I
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515 want you to study it for one full month. Do nothing else.
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519 Pick one or two pairs. literally go through and watch how
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523 many times this phenomenon takes place. You can look at it
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527 on any timeframe. But I think a 15 minute timeframe is ideal
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531 because you'll see a lot of scenarios pan out. Now I traded
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535 two markets today at the time of this recording, I sold
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539 short the dollar CAD and also so sold short the euro dollar.
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543 Okay, both pairs generally do not move in the same
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547 direction. But I knew there was a strong likelihood that the
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551 dollar CAD would sell off aggressively, and therefore any
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555 movement down in the euro dollar would be a suspect decline,
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559 and it would be reaching for sell stops. So that's going to
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563 be the context behind what you see me do later on in this
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567 video that was a recorded trade. So as we're looking at
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571 price, I want you to take a look at this area right in here.
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575 Okay, we have equal lows. And price has already went above
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579 an old high and broke down and it's found an area of
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583 consolidation and this is the very consolidation that I
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587 taught you how to trade the New York setup. scalping, I want
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591 you to think about that.
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595 If this is a short, where could you reasonably expect to see
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599 price go? Well, obviously we expect it to go lower. But
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603 targeting what specifically? Well, we know there's equal
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607 lows here. And I like to look at old lows and old highs and
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611 Project 10 to 20 pips beyond those double bottoms and double
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615 tops. So in this double bottom, folks see that as support,
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619 price comes down hits it here, retail minded traders are
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623 going to see this rally up as a buy. I do not want you to
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627 think that I want you to think the opposite. I want you to
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631 think that this whole scenario is just the market getting
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635 ready to sink and go lower and attack. The sell stops that
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639 are below the marketplace here for those traders that have
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643 been fortunate enough to be long in all this movement. rode
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647 up to this high but still did not take profits and have open
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651 positions. They're protected cell stops are going to be
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655 trailed up below these lows. So institutional minded
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659 traders, they're going to see this as liquidity. The market
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663 will drop down 10 to 20 pips below equal lows and that in
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667 itself, you need to be determining whether or not that's a
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671 trade that's viable for you. So what's a viable trade? I
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675 teach that my students as a new trader should think about 20
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679 to 30 pips per week to start. And that's a very, very low
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683 threshold objective. It's easy to get probably doesn't feel
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687 that way now as a new trader, but I promise you over a few
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691 lessons, you'll see how very easy it is to find 20 to 30
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695 pips over the course of a week the problem is going to be
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699 your ability to refrain from trading once you get it in your
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703 demo account. You should exercise patience and not do any
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707 more. Wait to the next week, because this teaches two
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711 important and crucial elements to longevity and trading
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715 number one, it teaches patience patient's waiting for the
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719 next set up. Now there's gonna be a lot of gyrations in the
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723 chart that's going to draw your attention, you're going to
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727 want to do something with it. There's nothing wrong with
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731 paper, trading it in other words, making notations and
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735 saying, okay, I would hypothetically do this and
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739 hypothetically do that. But when you practice, practice with
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743 a demo account, doing one execution, manage it to get 20 to
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746 00:13:19,860 ~-~-> 00:13:21,990
747 30 pips for the week, and then stop, don't do any more
748
749 188
750 00:13:21,990 ~-~-> 00:13:26,460
751 demonstrating. And it also teaches discipline. So you're
752
753 189
754 00:13:26,670 ~-~-> 00:13:30,870
755 forcing yourself to follow rules. Everyone else is taught in
756
757 190
758 00:13:30,870 ~-~-> 00:13:34,590
759 the books to trade your edge. Keep doing the same thing over
760
761 191
762 00:13:34,590 ~-~-> 00:13:38,160
763 again, while your hands hotplate hard. That's this foolish,
764
765 192
766 00:13:38,190 ~-~-> 00:13:40,680
767 we're not gambling, we're looking for high probability
768
769 193
770 00:13:40,680 ~-~-> 00:13:44,550
771 scenarios and setups. So we have to understand what that is.
772
773 194
774 00:13:44,580 ~-~-> 00:13:49,590
775 So in, in addition to and a compliment to the high
776
777 195
778 00:13:49,590 ~-~-> 00:13:54,930
779 probability scalping course, I'm using this first video to
780
781 196
782 00:13:54,930 ~-~-> 00:14:00,270
783 kind of like segue into a little bit more detail. want you
784
785 197
786 00:14:00,270 ~-~-> 00:14:04,860
787 to think about what makes price move, prices move to levels
788
789 198
790 00:14:04,860 ~-~-> 00:14:10,380
791 where orders reside. Now orders reside above old highs and
792
793 199
794 00:14:10,380 ~-~-> 00:14:15,360
795 below old lows. So if we see double tops and double bottoms,
796
797 200
798 00:14:15,720 ~-~-> 00:14:19,470
799 our chart should be noted like this. Notice there is an
800
801 201
802 00:14:19,500 ~-~-> 00:14:22,890
803 absence of any kind of indicator except for now the
804
805 202
806 00:14:22,890 ~-~-> 00:14:26,610
807 application of a Fibonacci. The Fibonacci is what I taught
808
809 203
810 00:14:27,090 ~-~-> 00:14:30,210
811 to use to get the optimal trade entry. Now what I'm going to
812
813 204
814 00:14:30,210 ~-~-> 00:14:35,580
815 show you here is the classic ICT optimal trade entry 62 to
816
817 205
818 00:14:35,580 ~-~-> 00:14:39,720
819 seven times retracement level, get short look for an
820
821 206
822 00:14:39,720 ~-~-> 00:14:44,970
823 objective going lower. And here you can see how price did
824
825 207
826 00:14:44,970 ~-~-> 00:14:48,030
827 have several opportunities to get short at the 62%
828
829 208
830 00:14:48,030 ~-~-> 00:14:52,380
831 retracement level. Then finally expanded down it the first
832
833 209
834 00:14:52,380 ~-~-> 00:14:58,200
835 scaling objective which is the old low seen here. Then
836
837 210
838 00:14:58,200 ~-~-> 00:15:01,230
839 target one is hit target To his hit, and then symmetrical
840
841 211
842 00:15:01,230 ~-~-> 00:15:05,910
843 price swing. Okay? All of these levels are in agreement with
844
845 212
846 00:15:06,090 ~-~-> 00:15:10,650
847 running below these equal lows. So it's not the fact that
848
849 213
850 00:15:10,650 ~-~-> 00:15:14,940
851 the magic is done by the Fibonacci. The understanding is, is
852
853 214
854 00:15:14,940 ~-~-> 00:15:18,000
855 there's traders that have been going long here, double
856
857 215
858 00:15:18,000 ~-~-> 00:15:22,560
859 bottom is going to have trailers on there by positions,
860
861 216
862 00:15:22,620 ~-~-> 00:15:25,920
863 bringing their cell stops up. So the market is going to come
864
865 217
866 00:15:25,920 ~-~-> 00:15:30,750
867 back and grab those orders. The market does in fact, collect
868
869 218
870 00:15:30,750 ~-~-> 00:15:35,040
871 all the cell stops and then look at the nice vault higher in
872
873 219
874 00:15:35,040 ~-~-> 00:15:41,070
875 price afterwards. This big response here is post sell stop
876
877 220
878 00:15:41,100 ~-~-> 00:15:44,100
879 rate alerts after the sell stocks have been gathered up and
880
881 221
882 00:15:44,100 ~-~-> 00:15:48,390
883 tripped. Anybody that was long now has been knocked out. So
884
885 222
886 00:15:48,390 ~-~-> 00:15:51,930
887 if they bought here or somewhere in this run up here, okay.
888
889 223
890 00:15:52,440 ~-~-> 00:15:55,500
891 They have been taken out, they can't capitalize on anything
892
893 224
894 00:15:55,500 ~-~-> 00:15:56,100
895 going higher.
896
897 225
898 00:15:57,930 ~-~-> 00:16:03,690
899 But what happens if you Don't have the classic ICT optimal
900
901 226
902 00:16:03,690 ~-~-> 00:16:06,150
903 trade entry on your chart. So you miss it. What do you do?
904
905 227
906 00:16:06,870 ~-~-> 00:16:10,080
907 Well, if you don't get into that Fibonacci 62 to seven
908
909 228
910 00:16:10,080 ~-~-> 00:16:14,940
911 concentration level as that bounce occurs here. What do you
912
913 229
914 00:16:15,120 ~-~-> 00:16:20,610
915 left to do? Do you just let the trade go? No. Over the
916
917 230
918 00:16:20,610 ~-~-> 00:16:23,760
919 years, I've shared examples of me getting into a trade. And
920
921 231
922 00:16:24,570 ~-~-> 00:16:26,760
923 for those individuals that aren't really interested in
924
925 232
926 00:16:26,760 ~-~-> 00:16:29,430
927 learning from me, they they're quick to point and say, well,
928
929 233
930 00:16:29,430 ~-~-> 00:16:32,790
931 that's chasing price. And you're going to see, just because
932
933 234
934 00:16:32,790 ~-~-> 00:16:35,940
935 we're not entering at the 60 to 70%, trade zone level, and
936
937 235
938 00:16:36,210 ~-~-> 00:16:38,850
939 we're getting in somewhere down in here. That's not chasing
940
941 236
942 00:16:38,850 ~-~-> 00:16:42,060
943 price. It's absolutely not chasing price. And I'll give you
944
945 237
946 00:16:42,060 ~-~-> 00:16:45,630
947 a perfect example of it in this recording. But I want you to
948
949 238
950 00:16:45,630 ~-~-> 00:16:50,220
951 think about what can we do as traders, if we don't get this
952
953 239
954 00:16:50,220 ~-~-> 00:16:52,200
955 area up here because I first thought that this is where you
956
957 240
958 00:16:52,200 ~-~-> 00:16:54,810
959 should get in it. The problem is over the years, I've been
960
961 241
962 00:16:54,840 ~-~-> 00:16:58,020
963 inundated with emails stating that folks don't have the
964
965 242
966 00:16:58,020 ~-~-> 00:17:01,500
967 courage to get in and they will Want to get in but many
968
969 243
970 00:17:01,500 ~-~-> 00:17:04,050
971 times they are too afraid to chase price because they heard
972
973 244
974 00:17:04,050 ~-~-> 00:17:07,290
975 me preach don't chase price don't chase price, my definition
976
977 245
978 00:17:07,290 ~-~-> 00:17:10,170
979 of chasing price would be once it breaks below the low here,
980
981 246
982 00:17:10,380 ~-~-> 00:17:14,460
983 then you are chasing price, it's gone too far and you're too
984
985 247
986 00:17:14,460 ~-~-> 00:17:18,360
987 close to where the targets would be to be able to see a
988
989 248
990 00:17:18,360 ~-~-> 00:17:23,430
991 profit. Okay, so what do we do? Well, we can focus in above
992
993 249
994 00:17:23,730 ~-~-> 00:17:28,170
995 that low in this area right in here, I'm gonna take you
996
997 250
998 00:17:28,170 ~-~-> 00:17:34,770
999 right into that area with a little bit more detail. So this
1000
1001 251
1002 00:17:34,770 ~-~-> 00:17:38,790
1003 is that section of price action. We just zoomed in. And I
1004
1005 252
1006 00:17:38,790 ~-~-> 00:17:43,440
1007 want you to look at this the up candle right in here prior
1008
1009 253
1010 00:17:43,440 ~-~-> 00:17:47,760
1011 to this down move. This is what I refer to as a bearish ICT
1012
1013 254
1014 00:17:47,760 ~-~-> 00:17:52,140
1015 order block. Now every up closed candle and every down
1016
1017 255
1018 00:17:52,140 ~-~-> 00:17:57,120
1019 closed candle does not make a quarter block. Okay, there has
1020
1021 256
1022 00:17:57,120 ~-~-> 00:18:00,330
1023 to be a context or storyline behind why the price should be
1024
1025 257
1026 00:18:00,330 ~-~-> 00:18:03,690
1027 doing what you anticipated doing. In this case, we think
1028
1029 258
1030 00:18:03,690 ~-~-> 00:18:07,050
1031 that the cell stops below the marketplace are going to be
1032
1033 259
1034 00:18:07,110 ~-~-> 00:18:12,450
1035 rated anytime we see an up close candle smart money will be
1036
1037 260
1038 00:18:12,450 ~-~-> 00:18:16,320
1039 in that candle selling short. But how can we use that
1040
1041 261
1042 00:18:16,320 ~-~-> 00:18:21,900
1043 information? Well this very next candle if you read the
1044
1045 262
1046 00:18:21,960 ~-~-> 00:18:25,530
1047 annotations on the chart here, price actually returns back
1048
1049 263
1050 00:18:25,530 ~-~-> 00:18:28,140
1051 to the bearish order block low. Okay know what's the low of
1052
1053 264
1054 00:18:28,140 ~-~-> 00:18:31,320
1055 this candle right here. Price is returning back to it right
1056
1057 265
1058 00:18:31,320 ~-~-> 00:18:36,300
1059 the time of this candle is close. It hits that low. At that
1060
1061 266
1062 00:18:36,300 ~-~-> 00:18:40,440
1063 time, that's a low risk entry. Despite trading lower
1064
1065 267
1066 00:18:40,440 ~-~-> 00:18:43,890
1067 initially, we can wait for price to retrace back to the
1068
1069 268
1070 00:18:43,890 ~-~-> 00:18:47,940
1071 order block to get in if we know what we're looking for. So
1072
1073 269
1074 00:18:47,940 ~-~-> 00:18:50,820
1075 this retrade back to the bearish order block is a low risk
1076
1077 270
1078 00:18:50,820 ~-~-> 00:18:57,540
1079 entry point. Now if the short is valid, this up close candle
1080
1081 271
1082 00:18:57,570 ~-~-> 00:19:01,980
1083 will hold price below it Until the targets are reached or in
1084
1085 272
1086 00:19:01,980 ~-~-> 00:19:04,380
1087 this case the cell stops that would be talking below the
1088
1089 273
1090 00:19:04,380 ~-~-> 00:19:11,400
1091 equal lows. Now notice also in here, as long as price is
1092
1093 274
1094 00:19:11,400 ~-~-> 00:19:17,070
1095 still above this low, this setup is staged properly to reach
1096
1097 275
1098 00:19:17,070 ~-~-> 00:19:19,770
1099 for the liquidity pool below those equal lows I noted a
1100
1101 276
1102 00:19:19,770 ~-~-> 00:19:23,940
1103 moment ago in the recording. Now as long as it's above this
1104
1105 277
1106 00:19:23,940 ~-~-> 00:19:28,740
1107 low right here, the setup is still valid. But now I want you
1108
1109 278
1110 00:19:28,740 ~-~-> 00:19:33,330
1111 to think about this formation right here. This candle
1112
1113 279
1114 00:19:33,390 ~-~-> 00:19:35,970
1115 already starts moving lower it went down to this point here
1116
1117 280
1118 00:19:35,970 ~-~-> 00:19:39,750
1119 and then started trading back up higher at that moment while
1120
1121 281
1122 00:19:39,750 ~-~-> 00:19:42,900
1123 you're watching price right in here that's when you time
1124
1125 282
1126 00:19:42,900 ~-~-> 00:19:46,470
1127 your entry. Notice that the candles retracing right back to
1128
1129 283
1130 00:19:46,470 ~-~-> 00:19:50,070
1131 the ICT bearish order blocks low that's this up close
1132
1133 284
1134 00:19:50,070 ~-~-> 00:19:53,730
1135 candles low. That is exactly when your entries made at the
1136
1137 285
1138 00:19:53,730 ~-~-> 00:19:54,150
1139 market.
1140
1141 286
1142 00:20:01,140 ~-~-> 00:20:04,800
1143 institutional traders will short during up moves. Now when
1144
1145 287
1146 00:20:04,800 ~-~-> 00:20:07,890
1147 price returns back to these up close candles, we can be
1148
1149 288
1150 00:20:07,890 ~-~-> 00:20:08,820
1151 shorting it as well.
1152
1153 289
1154 00:20:14,369 ~-~-> 00:20:19,379
1155 Alright, so now back to our example here. If we see that we
1156
1157 290
1158 00:20:19,379 ~-~-> 00:20:21,899
1159 can find levels that have double tops and double bottoms,
1160
1161 291
1162 00:20:22,019 ~-~-> 00:20:25,649
1163 and the market will want to go through them. Once this
1164
1165 292
1166 00:20:25,649 ~-~-> 00:20:29,219
1167 occurs, chances are the markets going to go the opposite
1168
1169 293
1170 00:20:29,219 ~-~-> 00:20:32,699
1171 direction until it reaches another area of liquidity. So the
1172
1173 294
1174 00:20:32,699 ~-~-> 00:20:35,489
1175 markets always dry reading back and forth back and forth
1176
1177 295
1178 00:20:35,519 ~-~-> 00:20:37,679
1179 seeking liquidity above the marketplace and below the
1180
1181 296
1182 00:20:37,679 ~-~-> 00:20:43,529
1183 marketplace. Below these equal lows, there's a specific
1184
1185 297
1186 00:20:43,529 ~-~-> 00:20:46,979
1187 range that I look for it's 10 to 20 pips, sometimes it can
1188
1189 298
1190 00:20:46,979 ~-~-> 00:20:50,459
1191 be as much as 30 pips but I'd give a working range of 10 to
1192
1193 299
1194 00:20:50,459 ~-~-> 00:20:53,279
1195 20 pips so there's only two levels I'm looking for. It's not
1196
1197 300
1198 00:20:53,279 ~-~-> 00:20:59,939
1199 a zone, exactly. 20 pips below that low at 118 84 it's
1200
1201 301
1202 00:20:59,999 ~-~-> 00:21:04,889
1203 118 64 Okay, really simple, specific price levels, not
1204
1205 302
1206 00:21:04,889 ~-~-> 00:21:07,679
1207 zones, not ambiguous areas to try to figure out what's going
1208
1209 303
1210 00:21:07,679 ~-~-> 00:21:11,129
1211 on. It's exact it's a science we know exactly what we're
1212
1213 304
1214 00:21:11,129 ~-~-> 00:21:16,079
1215 looking for. But the problem is if we are expecting to sell
1216
1217 305
1218 00:21:16,079 ~-~-> 00:21:18,959
1219 short at that bearish order block at the low when it trades
1220
1221 306
1222 00:21:18,959 ~-~-> 00:21:25,769
1223 back to it, does this offer potential for us to take? Well,
1224
1225 307
1226 00:21:26,189 ~-~-> 00:21:32,219
1227 we have an anticipated entry price at 118 91. We have
1228
1229 308
1230 00:21:32,219 ~-~-> 00:21:38,159
1231 anticipated 20 PIP sell stop raid price at 118 64. So in
1232
1233 309
1234 00:21:38,159 ~-~-> 00:21:40,679
1235 other words, we're anticipating getting in at 118 91 up here
1236
1237 310
1238 00:21:40,679 ~-~-> 00:21:44,639
1239 which is the low of this up close candle and we already know
1240
1241 311
1242 00:21:44,789 ~-~-> 00:21:47,819
1243 20 pips below these lows, the lowest of the two equal lows
1244
1245 312
1246 00:21:47,819 ~-~-> 00:21:51,659
1247 is what I use 20 pips below that. That gives us a range low
1248
1249 313
1250 00:21:51,659 ~-~-> 00:21:55,889
1251 of 118 64. So now we have two price points to determine
1252
1253 314
1254 00:21:56,009 ~-~-> 00:22:00,569
1255 whether there's enough of a range to make a profit You take
1256
1257 315
1258 00:22:00,869 ~-~-> 00:22:07,169
1259 these two numbers and you minus them 91 from 64 gives us 27
1260
1261 316
1262 00:22:07,169 ~-~-> 00:22:10,229
1263 pips so we have anticipated range we're profitable movement
1264
1265 317
1266 00:22:10,439 ~-~-> 00:22:17,039
1267 of 27 pips that is enough to take the scalp now what I want
1268
1269 318
1270 00:22:17,039 ~-~-> 00:22:19,319
1271 you to do is I want you to watch me use everything that I
1272
1273 319
1274 00:22:19,319 ~-~-> 00:22:22,319
1275 just used here because this is what was going on in my mind
1276
1277 320
1278 00:22:22,469 ~-~-> 00:22:25,439
1279 before I actually executed and why I took the trade
1280
1281 321
1282 00:22:31,200 ~-~-> 00:22:34,440
1283 Okay folks, we're gonna be doing a short
1284
1285 322
1286 00:22:39,569 ~-~-> 00:22:42,479
1287 I'm waiting for trade repack to the bottom of this candle
1288
1289 323
1290 00:22:42,479 ~-~-> 00:22:52,649
1291 here to the traits to winning team 91. Also short not in a
1292
1293 324
1294 00:22:52,649 ~-~-> 00:22:56,909
1295 hurry if it takes off without me that's fine. trading the
1296
1297 325
1298 00:22:56,909 ~-~-> 00:22:58,229
1299 bearish order block in here
1300
1301 326
1302 00:23:01,559 ~-~-> 00:23:02,639
1303 Alright folks, so
1304
1305 327
1306 00:23:04,319 ~-~-> 00:23:09,869
1307 I'll be looking for that price at 118 91. soon as it hits it
1308
1309 328
1310 00:23:10,229 ~-~-> 00:23:14,549
1311 at market I will go short. Now my stop has to be above the
1312
1313 329
1314 00:23:14,549 ~-~-> 00:23:17,429
1315 upclose candle or bearish order block, but because of a
1316
1317 330
1318 00:23:17,429 ~-~-> 00:23:20,219
1319 spread in this demo account, it forces you to be 10 pips
1320
1321 331
1322 00:23:20,219 ~-~-> 00:23:24,209
1323 away. So I'm just going to elect to go with 119 15 for my
1324
1325 332
1326 00:23:24,209 ~-~-> 00:23:33,539
1327 stock. Okay, it's about their fingers on the trigger. All I
1328
1329 333
1330 00:23:33,539 ~-~-> 00:23:40,079
1331 had to do, boom. Okay, now I'm short. My stop is just below
1332
1333 334
1334 00:23:40,379 ~-~-> 00:23:46,649
1335 119 15. And I'm focusing my attention right below these
1336
1337 335
1338 00:23:46,649 ~-~-> 00:23:50,909
1339 equal lows because I want to see a sell stop raid. So I'm
1340
1341 336
1342 00:23:50,909 ~-~-> 00:23:53,939
1343 going to put my delineations on where that would be in terms
1344
1345 337
1346 00:23:53,939 ~-~-> 00:23:58,049
1347 of targeting. And just in case I have my limit order,
1348
1349 338
1350 00:23:58,409 ~-~-> 00:24:02,159
1351 lowered down to here In case if it goes down that low, and
1352
1353 339
1354 00:24:02,159 ~-~-> 00:24:06,749
1355 it's not a stop run, I have a limit order to catch any
1356
1357 340
1358 00:24:06,749 ~-~-> 00:24:10,409
1359 accelerated price movement, but I'm really targeting that 20
1360
1361 341
1362 00:24:10,409 ~-~-> 00:24:15,149
1363 PIP run. So I have three lots short, I'm watching price, I
1364
1365 342
1366 00:24:15,149 ~-~-> 00:24:18,569
1367 want to see it and trade below that short term low that
1368
1369 343
1370 00:24:18,569 ~-~-> 00:24:22,169
1371 we're flirting with and then have a great expansion below
1372
1373 344
1374 00:24:22,169 ~-~-> 00:24:26,309
1375 there. So this recording is actually sped up for time
1376
1377 345
1378 00:24:26,309 ~-~-> 00:24:29,219
1379 purposes. But right now, we're retesting the bodies of the
1380
1381 346
1382 00:24:29,219 ~-~-> 00:24:31,829
1383 candles and the previous short term low and now we're going
1384
1385 347
1386 00:24:31,829 ~-~-> 00:24:35,309
1387 to be looking for expansion on the downside. And it'll reach
1388
1389 348
1390 00:24:35,309 ~-~-> 00:24:38,999
1391 10 pips and hopefully 20 pips. It's about two minutes away
1392
1393 349
1394 00:24:38,999 ~-~-> 00:24:42,929
1395 from 830 New York time. Usually it's a big volume increase
1396
1397 350
1398 00:24:43,229 ~-~-> 00:24:47,279
1399 for volatility. And I'm setting my order up to collapse two
1400
1401 351
1402 00:24:48,089 ~-~-> 00:24:52,559
1403 of the three standard lots that I'm short on Europe. And I'm
1404
1405 352
1406 00:24:52,559 ~-~-> 00:24:55,199
1407 watching waiting to see if price gets down to that second
1408
1409 353
1410 00:24:55,649 ~-~-> 00:25:01,349
1411 level or 20 pips okay. It's already shown 10 pips of
1412
1413 354
1414 00:25:01,349 ~-~-> 00:25:04,439
1415 decline. As soon as it hits that lower level line, I'm going
1416
1417 355
1418 00:25:04,439 ~-~-> 00:25:07,619
1419 to collapse two of them. There you go and move my stop down
1420
1421 356
1422 00:25:07,619 ~-~-> 00:25:10,439
1423 to plus one. Now I'm in a situation where I don't really
1424
1425 357
1426 00:25:10,439 ~-~-> 00:25:15,509
1427 care. But look at the entry points, zero heat, no draw down
1428
1429 358
1430 00:25:15,539 ~-~-> 00:25:19,979
1431 on that entry, no draw down whatsoever, it was not chasing
1432
1433 359
1434 00:25:19,979 ~-~-> 00:25:26,519
1435 price. So I have two of the three standard lots banked and
1436
1437 360
1438 00:25:26,519 ~-~-> 00:25:29,519
1439 now I'm watching price later on. And I'm going to be looking
1440
1441 361
1442 00:25:29,519 ~-~-> 00:25:35,219
1443 to lower the stop loss. And I may get lucky here and see a
1444
1445 362
1446 00:25:35,219 ~-~-> 00:25:39,689
1447 run down to that limit order. But always keeping in mind
1448
1449 363
1450 00:25:39,689 ~-~-> 00:25:42,839
1451 that it started to trade with the context of it being just a
1452
1453 364
1454 00:25:42,839 ~-~-> 00:25:47,039
1455 stop run on sell stops. So I want to be mindful of how much
1456
1457 365
1458 00:25:47,039 ~-~-> 00:25:50,369
1459 the price shows a willingness to stall or not want to go
1460
1461 366
1462 00:25:50,369 ~-~-> 00:25:54,359
1463 lower. And I'm watching price in here to do that. So I've
1464
1465 367
1466 00:25:54,419 ~-~-> 00:25:59,279
1467 collected a small portion of the position also. Now here's a
1468
1469 368
1470 00:25:59,279 ~-~-> 00:26:04,049
1471 second time taking something off a very small portion of the
1472
1473 369
1474 00:26:04,049 ~-~-> 00:26:07,979
1475 original three standard lots on now it's a small little
1476
1477 370
1478 00:26:08,699 ~-~-> 00:26:12,599
1479 fragment of the position. Price does one more attempt to
1480
1481 371
1482 00:26:12,599 ~-~-> 00:26:19,259
1483 break lower again now it's 10 o'clock at time has passed
1484
1485 372
1486 00:26:19,259 ~-~-> 00:26:23,249
1487 about an hour and a half has gone by and at this time I'm
1488
1489 373
1490 00:26:23,249 ~-~-> 00:26:25,859
1491 watching price I do not want to see it reverse or start to
1492
1493 374
1494 00:26:26,039 ~-~-> 00:26:33,089
1495 show a sign of rejection. Stop has been lowered to now I'm
1496
1497 375
1498 00:26:33,089 ~-~-> 00:26:38,129
1499 going to be trying to lock in 20 pips with my stop loss as
1500
1501 376
1502 00:26:38,129 ~-~-> 00:26:40,409
1503 it breaks down I will lower my stops that way if it does
1504
1505 377
1506 00:26:40,409 ~-~-> 00:26:45,089
1507 knock me out. Now I have 20 pips locked in 25 pips is locked
1508
1509 378
1510 00:26:45,089 ~-~-> 00:26:49,289
1511 in. Now we're in an area where it could start to reverse, it
1512
1513 379
1514 00:26:49,289 ~-~-> 00:26:54,299
1515 could fail to get down to that other limit order. So I'm not
1516
1517 380
1518 00:26:54,299 ~-~-> 00:26:56,189
1519 gonna be able to move the stock because the spread won't
1520
1521 381
1522 00:26:56,189 ~-~-> 00:27:01,019
1523 permit me to do so. So I have to either allow myself Stop to
1524
1525 382
1526 00:27:01,019 ~-~-> 00:27:04,859
1527 be hit, or my limit order to be taken, or I can collapse the
1528
1529 383
1530 00:27:04,859 ~-~-> 00:27:07,799
1531 trade. Now, I was away from the computer here at the time,
1532
1533 384
1534 00:27:07,829 ~-~-> 00:27:10,049
1535 but had I been there, I would have been collapsing right
1536
1537 385
1538 00:27:10,049 ~-~-> 00:27:17,369
1539 now. But ultimately the price comes back up. And it does, in
1540
1541 386
1542 00:27:17,369 ~-~-> 00:27:19,379
1543 fact, stop me out eventually, as you'll see.
1544
1545 387
1546 00:27:24,869 ~-~-> 00:27:28,649
1547 But I profited along the way, taking out small portions
1548
1549 388
1550 00:27:28,649 ~-~-> 00:27:31,139
1551 because you never know. You never know if it's going to go
1552
1553 389
1554 00:27:31,139 ~-~-> 00:27:34,079
1555 down to your objective. And if you've taken the risk on
1556
1557 390
1558 00:27:34,079 ~-~-> 00:27:38,999
1559 initially, that risk needs to be reduced to a point of which
1560
1561 391
1562 00:27:38,999 ~-~-> 00:27:41,339
1563 where it's no longer impactful and there's my stop loss
1564
1565 392
1566 00:27:41,369 ~-~-> 00:27:47,249
1567 being tagged. And there is the fruits of that short, very,
1568
1569 393
1570 00:27:47,279 ~-~-> 00:27:54,179
1571 very predictable in terms of price action, and not a bad
1572
1573 394
1574 00:27:54,179 ~-~-> 00:27:59,249
1575 little scout for a run on stops. The context was there.
1576
1577 395
1578 00:27:59,399 ~-~-> 00:28:03,119
1579 Everything was out Wind and you can see the post trade
1580
1581 396
1582 00:28:03,149 ~-~-> 00:28:06,689
1583 results. Ultimately their own. You can see as we showed in
1584
1585 397
1586 00:28:06,689 ~-~-> 00:28:09,569
1587 the beginning of the video, euro dollar does vault up higher
1588
1589 398
1590 00:28:10,139 ~-~-> 00:28:11,909
1591 after running those stops. Hopefully you found this
1592
1593 399
1594 00:28:11,909 ~-~-> 00:28:14,159
1595 insightful until next time, I wish you good luck and good
1596
1597 400
1598 00:28:14,159 ~-~-> 00:28:14,519
1599 trading.