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Version 1.1 by Drunk Monkey on 2020-11-20 16:03
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3 ICT: Welcome back, folks, this teaching will deal with
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7 target selection and profit objectives.
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11 Okay, target selection and profit objectives. The points of
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15 focus in this module we'll be measuring bullish weekly
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19 targets were to anticipate weekly highs to form measuring
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23 bearish weekly targets were to anticipate weekly lows to
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27 form.
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31 Okay, folks, we're gonna look at the example as shown in the
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35 previous teaching,
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39 weekly bias.
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43 And we're going to assume again that our analysis led to a
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47 bullish analysis for this week.
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51 understudy here.
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55 And before we even consider running target measurements from
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59 the intraday price action each day, we have to have a
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63 premise in mind that sets the tone for this market to be
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67 bullish ahead the weekly beginning or something's opening.
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71 So rather scrub over to the left of our price action here.
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75 You can see we have the impulse like here to the high. So
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79 we're going to run our fiddle on that. Using the lowest body
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83 open or close to the highest open body or close. Right
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87 there, okay. Now, we're going to put some horizontal lines
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91 in. Because these are objectives that could happen going
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95 into the new week, because as the market was closing here,
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99 it started trading on Sunday declined. Monday and Tuesday.
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103 Creating a beautiful hit on the 70.5 level for optimal trade
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107 entry.
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111 And we're going to put it on target one.
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115 And I'm going to put it on target two
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119 here.
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123 And I'm going to put one more symmetrical price swing. So
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127 these will be our objectives relative to this price swing.
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131 Okay, since we're trading with a longer term idea in mind,
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135 we want to be looking for the move beyond this swing high to
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139 what levels it might reach for, okay, so it's target one,
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143 target two, and it's a medical pricing. So at that, we're
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147 going to take the fifth off, and now we can go back zoomed
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151 in and look at some of the measurements we're going to do.
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155 One individual days. Now these levels will be in My mind
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159 going forward based on the previous swing. Okay, so now we
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163 have a chart back to where it was before. Looking at those
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167 projections, now we have Sunday's opening here, market drops
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171 down. Again, I've already mentioned in the weekly bias
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175 video, I'm not only concerned about Monday's trading, I want
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179 to see if I'm bullish, a move, moving lower on Tuesday. So
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183 now we can take a look at some of the measurements in
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187 addition to and see which ones and why not. So the bulk of
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191 what I'm going to teach you here is an overlapping or
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195 confluence of Fibonacci levels in the form of extensions.
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199 Okay, so, right away, we have this high back here, that
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203 price has been moving lower from, what I want to do is
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207 incorporate that with a projection from that low here on
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211 Tuesday. Up to the highest body open or close here.
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215 There's actually a little bit right there.
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219 So I'm looking at the body to body in this price swing, why
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223 am I measuring this? Because what I'm looking for is the
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227 movement lower to pick up buy orders. And once this high is
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231 taken out, how far up will we reach into terms of price
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235 objectives. Okay, so now start looking for overlaps, or kind
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239 of close with this target to to this one, but not that
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243 close. But then we have this level here. And this is where a
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247 little bit of thoughts gonna have to come in. Because on the
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251 larger price when we did when we scrubbed over to the left
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255 side of the chart, and we drew those horizontal lines
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259 across, we have one target here, and then another target
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263 here, but look what happens right in the middle of that. We
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267 have this level here to target to lies directly right in the
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271 middle of that. So that's like an equilibrium concept. Right
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275 away, I see that that draws my attention.
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279 So I'm going to draw Now,
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283 another horizontal line
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287 here and I'm going to Change the color of this one to
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291 delineate why I'm drawing it because this is all going to be
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295 based on this price swing and everything to the right of it.
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299 And you'll see what I mean as I go.
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303 So now I want to take another measurement of this open or
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307 close to highest one in this swing, keep it anchored to here
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311 and see if there's any measurement up here that has a
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315 confluence. Again, this one's a little too far away, but
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319 look how far away We are here to want to just get on an
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323 equilibrium. So right away, this is another Confluence. Now
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327 how far away would I'd be willing to allow price to move?
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331 About 10 to 15 pips depend upon the type of market structure
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335 there is. But anything more than 15 pips, I'm not really
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339 willing to let that be deemed a confluence. If it can be
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343 less than 10 pips it's even better and in this instance, we
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347 have 19 to One 819 24 so we're less than five pips real
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351 close. Okay, and I'll tell you how we can pick a specific
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355 level in mind once I go through all the possible swings.
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359 Alright, so we're looking at not this level here and reason
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363 why I'm not going to use this price swing is because we have
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367 this low and this low here and then we drop down. So I'm not
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371 really I'm not concerned about this one. Okay, so I'm not
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375 interested in this swing at all. This swing is the parent
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379 price swing, this is a subordinate price swing within the
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383 overall swing from this low to this high. So even though we
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387 traded down came back up, it really was a new significance.
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391 So this low to this high is much more significant. Now we
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395 can start looking at smaller price swings and the optimal
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399 trade entry here. Okay, so we have the lowest open or close
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403 up to the highest open or close in this price swing. Price
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407 comes down hits the 62% retracement level optimal trade
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411 entry and we start looking for extensions. Okay? We have the
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415 300 extension within again, less than 15 pips. So now we
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419 have another Confluence
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423 right there.
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427 And now
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431 I'm going to measure
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435 every
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439 price swing that moves lower. So every price swing down, I'm
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443 going to measure that. So it's this one here, it's going
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447 down picking the orders. Why am I looking for that? Because
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451 I'm looking for the expansion of the upside. Now watch, look
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455 what happens. Now we start seeing an overlap here. So we
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459 have one Confluence here at that level, and we also have
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463 another one right here, but to 500%. Okay, so you can
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467 already start seeing the grouping that's occurring right
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471 here.
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475 This Little price swing here.
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479 Why is this significant because it comes down and takes out
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483 an area of
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487 short term low where,
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491 but this is catching my eye, this would have caught my eye.
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495 If we started breaking higher, right away, I'd be looking
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499 for
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503 highest by the close.
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507 I'm sorry, the highest and lowest open or close relative to
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511 each swing high and low here. And I'd look for another
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515 extension and we don't need to draw another one because it's
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519 right on here. It's 200 extension, okay, and there's no
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523 other, there's really not Confluence that need to be drawn
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527 here. So we can see that there's room to justify this level
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531 here. This would be a target, but we have a lot of grouping
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535 re up in this area here. So now what I'm gonna do is I'm
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537 135
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539 going to take that and just
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543 highlight it.
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547 Now I don't draw these boxes on here or these rectangles
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551 when I'm doing this, I look for just the levels and I can
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555 start keeping an eye on where they're starting to group. Now
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559 once we have an area where they start to converge, here and
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561 141
562 00:09:11,250 ~-~-> 00:09:14,490
563 then over here, right away, we're below that price level as
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567 we're coming up. So this is going to be a nice object of the
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569 143
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571 reach for which is basically the 119 big figure because if
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573 144
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575 you want 1898, you can go to more pips just with just a
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579 spread or chaotic price action will take us right up into
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583 that 119 big figure. If that trades through then we'd be
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585 147
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587 looking for an area in here where all these overlap starts
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589 148
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591 to take place. So now I'm gonna take all of the horizontal
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593 149
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595 lines off to make a little bit cleaner.
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597 150
598 00:09:42,120 ~-~-> 00:09:43,020
599 And we can see that
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601 151
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603 the lowest point that that level Confluence started was
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605 152
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607 119 24. And then we have the highest point comes in at
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611 119 35 So you're stuck with the decision rather to go with
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613 154
614 00:10:05,640 ~-~-> 00:10:09,120
615 what level are we looking for. And here's your choices, you
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617 155
618 00:10:09,120 ~-~-> 00:10:12,750
619 can be conservative and get out at the 20 institutional
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622 00:10:12,750 ~-~-> 00:10:16,950
623 level right before all those conferences agreed. You can get
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625 157
626 00:10:16,950 ~-~-> 00:10:26,370
627 119 25 you can get 119 30 round number, or you can hold for
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629 158
630 00:10:26,400 ~-~-> 00:10:33,690
631 119 35. Mr. five levels, zero levels, and obviously the
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633 159
634 00:10:33,690 ~-~-> 00:10:38,490
635 119 20s institutional level, waiting for the confluence of
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637 160
638 00:10:38,850 ~-~-> 00:10:42,390
639 target two. So this has started to one that price when we
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641 161
642 00:10:42,390 ~-~-> 00:10:42,840
643 had
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645 162
646 00:10:43,829 ~-~-> 00:10:45,089
647 relative to this swing here.
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649 163
650 00:10:45,630 ~-~-> 00:10:49,500
651 So all I'm doing is measuring all of the possible overlaps
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653 164
654 00:10:49,709 ~-~-> 00:10:51,329
655 of the Fibonacci.
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657 165
658 00:10:52,650 ~-~-> 00:10:55,710
659 And looking for an agreement on a specific area, then I'm
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661 166
662 00:10:55,710 ~-~-> 00:10:58,770
663 either picking a five level or zero level, the closest I can
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665 167
666 00:10:58,770 ~-~-> 00:11:03,540
667 get to an institutional level. Better. Truth be told 119 20
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669 168
670 00:11:03,570 ~-~-> 00:11:06,120
671 would be my level. And I'd look for that only. And I would
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673 169
674 00:11:06,120 ~-~-> 00:11:08,940
675 miss out on all the remaining portion of the move. And we're
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677 170
678 00:11:08,940 ~-~-> 00:11:14,160
679 going to do similar things here. So we have, again, a sell
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681 171
682 00:11:14,340 ~-~-> 00:11:19,140
683 idea. So we're looking for Where is going to be the
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685 172
686 00:11:19,140 ~-~-> 00:11:21,030
687 objective we would reach for for covering our short
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689 173
690 00:11:21,030 ~-~-> 00:11:24,720
691 positions. If we have a bearish weakened mind, what type of
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693 174
694 00:11:24,720 ~-~-> 00:11:27,630
695 things will we look for for overlapping for target selection
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697 175
698 00:11:27,630 ~-~-> 00:11:33,030
699 and profit objectives? Well, we're gonna be looking for any
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701 176
702 00:11:33,030 ~-~-> 00:11:39,720
703 movement up is meant to be gathering several entries to go
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705 177
706 00:11:39,720 ~-~-> 00:11:44,610
707 short. So we want to be focusing on that. I will draw him
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709 178
710 00:11:44,610 ~-~-> 00:11:49,590
711 up. And first and foremost, I like this swing here. And we
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713 179
714 00:11:49,590 ~-~-> 00:11:52,230
715 also have an equal load down here. So right away, I'm
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717 180
718 00:11:52,230 ~-~-> 00:11:56,790
719 already thinking if we're bearish on the week, and we're
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721 181
722 00:11:56,820 ~-~-> 00:12:00,960
723 lucky enough to get in here and get short on Tuesday. If
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725 182
726 00:12:00,960 ~-~-> 00:12:06,780
727 this occurs, my mind thinking 2030 pips below this low or
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729 183
730 00:12:06,780 ~-~-> 00:12:09,690
731 equal lows, they're probably gonna want to reach for that.
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733 184
734 00:12:09,810 ~-~-> 00:12:13,470
735 And we'll come to that in a minute. But for now, we're going
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737 185
738 00:12:13,470 ~-~-> 00:12:21,090
739 to look at the overall price swing there. So we have an
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741 186
742 00:12:21,090 ~-~-> 00:12:22,260
743 initial Confluence.
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745 187
746 00:12:25,800 ~-~-> 00:12:29,820
747 Quick target one on that parent price swing here.
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749 188
750 00:12:30,630 ~-~-> 00:12:34,320
751 So again, the idea is it starts here, it runs higher, they
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753 189
754 00:12:34,320 ~-~-> 00:12:38,490
755 sell, they sell more, they sell more. Finally price in the
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757 190
758 00:12:38,490 ~-~-> 00:12:42,780
759 weekly high and it starts to break down. We want to see this
760
761 191
762 00:12:42,780 ~-~-> 00:12:46,140
763 low broken, but how far will it go? It can go to Target one
764
765 192
766 00:12:48,600 ~-~-> 00:12:49,980
767 or target two.
768
769 193
770 00:12:52,170 ~-~-> 00:12:55,020
771 Just to save time, we won't add the symmetrical price swing
772
773 194
774 00:12:55,020 ~-~-> 00:12:57,300
775 but you would add it and you would look for other
776
777 195
778 00:12:57,300 ~-~-> 00:13:00,780
779 conferences but we had the benefit of hindsight here. So
780
781 196
782 00:13:00,780 ~-~-> 00:13:02,940
783 we'll stick with that just for purpose of keeping the video
784
785 197
786 00:13:02,940 ~-~-> 00:13:06,780
787 short. And you'll see that there's conferences that line up
788
789 198
790 00:13:07,170 ~-~-> 00:13:12,990
791 with this one here a lot. So let me keep both of them and
792
793 199
794 00:13:13,650 ~-~-> 00:13:20,580
795 train. Okay. So now we can take every price swings. I don't
796
797 200
798 00:13:20,580 ~-~-> 00:13:23,370
799 like this one because it was part of a consolidation and we
800
801 201
802 00:13:23,370 ~-~-> 00:13:26,610
803 basically came back in that same area. So I want to look at
804
805 202
806 00:13:27,030 ~-~-> 00:13:31,380
807 the lowest open or close here, because it's open or close in
808
809 203
810 00:13:31,380 ~-~-> 00:13:34,170
811 the swing high up here. And right away, we can see another
812
813 204
814 00:13:34,230 ~-~-> 00:13:38,100
815 symmetrical price swing overlapping. So this is what I'm
816
817 205
818 00:13:38,100 ~-~-> 00:13:42,330
819 saying. It takes a little bit of work and thinking to figure
820
821 206
822 00:13:42,330 ~-~-> 00:13:44,340
823 out what level you're gonna be aiming for.
824
825 207
826 00:13:45,960 ~-~-> 00:13:46,830
827 And now
828
829 208
830 00:13:48,180 ~-~-> 00:13:51,420
831 we can start doing Fibonacci extensions on the optimal trade
832
833 209
834 00:13:51,420 ~-~-> 00:13:56,070
835 entries. So we have 300 extension down here, so we can look
836
837 210
838 00:13:56,070 ~-~-> 00:14:03,330
839 for that level. Right there. And we have another optimal
840
841 211
842 00:14:03,330 ~-~-> 00:14:07,800
843 trade entry, we're gonna use the bodies of the candle, most
844
845 212
846 00:14:08,640 ~-~-> 00:14:14,010
847 body candle here and highest open or close on the swing
848
849 213
850 00:14:14,010 ~-~-> 00:14:18,030
851 here. Thoughtful trade entry sell on Wednesday, leaving the
852
853 214
854 00:14:18,030 ~-~-> 00:14:21,300
855 opening on the week start to expand, then we have 200
856
857 215
858 00:14:21,300 ~-~-> 00:14:26,820
859 extension down here, right there. And we're a little too far
860
861 216
862 00:14:26,820 ~-~-> 00:14:31,410
863 away, in my opinion for this one to align up. So again, all
864
865 217
866 00:14:31,410 ~-~-> 00:14:35,850
867 the grouping still around this level here. And we're also
868
869 218
870 00:14:35,850 ~-~-> 00:14:36,720
871 going to look at
872
873 219
874 00:14:38,040 ~-~-> 00:14:39,540
875 this swing
876
877 220
878 00:14:41,610 ~-~-> 00:14:49,740
879 right there. To here, so we're looking at the overall price
880
881 221
882 00:14:49,740 ~-~-> 00:14:52,380
883 swing from this high, down to this low right here is what
884
885 222
886 00:14:52,380 ~-~-> 00:14:55,080
887 I'm measuring. Why am I doing that because that's the
888
889 223
890 00:14:56,100 ~-~-> 00:14:59,400
891 biggest dynamic price move. So I want to see if this is
892
893 224
894 00:14:59,400 ~-~-> 00:15:02,910
895 gonna be replicated And we get that same measurement to
896
897 225
898 00:15:02,910 ~-~-> 00:15:06,210
899 measure move idea from this high to this low using the body
900
901 226
902 00:15:06,210 ~-~-> 00:15:08,850
903 says the bulk of the volume, and then projecting it down
904
905 227
906 00:15:08,850 ~-~-> 00:15:12,510
907 again, will take us right to here. So we have an overlap
908
909 228
910 00:15:12,510 ~-~-> 00:15:15,150
911 there as well. Okay, so we can see a tight grouping around
912
913 229
914 00:15:15,150 ~-~-> 00:15:15,480
915 here.
916
917 230
918 00:15:17,250 ~-~-> 00:15:18,270
919 So we're going to leave
920
921 231
922 00:15:19,800 ~-~-> 00:15:22,050
923 now no interested with this one here, because it's a lot of
924
925 232
926 00:15:23,670 ~-~-> 00:15:27,480
927 overlap here. So we're gonna shade in, again,
928
929 233
930 00:15:29,340 ~-~-> 00:15:33,270
931 this area here, this is going to be the bulk of our
932
933 234
934 00:15:33,270 ~-~-> 00:15:37,590
935 interest. And I'm going to delete all the other horizontal
936
937 235
938 00:15:37,590 ~-~-> 00:15:42,660
939 lines will just leave one for target selection purposes.
940
941 236
942 00:15:44,520 ~-~-> 00:15:48,480
943 Okay, so the top of that shaded area where the uppermost
944
945 237
946 00:15:48,660 ~-~-> 00:15:55,260
947 overlap occurred, comes in essentially at 126 89. The lower
948
949 238
950 00:15:55,260 ~-~-> 00:16:00,270
951 one comes in at 2681. So we have a range of eight pips. Not
952
953 239
954 00:16:00,270 ~-~-> 00:16:04,260
955 bad. So we can look to take our profit again, we're selling
956
957 240
958 00:16:04,260 ~-~-> 00:16:11,370
959 short this week, in theory, so we're looking at 126 89. So
960
961 241
962 00:16:11,370 ~-~-> 00:16:17,490
963 above that would be what 126 90 round number, or 126 95,
964
965 242
966 00:16:18,000 ~-~-> 00:16:19,950
967 which is what I would love, I would love to get there,
968
969 243
970 00:16:20,370 ~-~-> 00:16:27,510
971 because the lowest portion of that range was down here. So
972
973 244
974 00:16:27,900 ~-~-> 00:16:30,990
975 if it's going to reach as far as that by our overlapping
976
977 245
978 00:16:31,020 ~-~-> 00:16:35,130
979 fibs, that means 126 81 could be the low, but then you have
980
981 246
982 00:16:35,130 ~-~-> 00:16:38,670
983 to factor in the spread dollar CAD, so you may end up
984
985 247
986 00:16:38,670 ~-~-> 00:16:43,440
987 getting, you know, 2685 that was the year and that's the
988
989 248
990 00:16:43,440 ~-~-> 00:16:47,610
991 best case scenario. Okay, so 2685 may get you out. If it
992
993 249
994 00:16:47,610 ~-~-> 00:16:48,360
995 trades
996
997 250
998 00:16:49,590 ~-~-> 00:16:52,290
999 at 2681.
1000
1001 251
1002 00:16:53,340 ~-~-> 00:16:55,170
1003 You think it's going there and you want to cover you got to
1004
1005 252
1006 00:16:55,170 ~-~-> 00:16:59,760
1007 add your spread to that. So we'll say 2685 would be your
1008
1009 253
1010 00:17:00,000 ~-~-> 00:17:03,690
1011 Your limit. To get out, I want to be out before that, I want
1012
1013 254
1014 00:17:03,690 ~-~-> 00:17:07,770
1015 to be out of 2695 I want to be just a little bit ahead of
1016
1017 255
1018 00:17:07,770 ~-~-> 00:17:09,810
1019 all those overlapping fields because I want to make sure I
1020
1021 256
1022 00:17:09,810 ~-~-> 00:17:14,220
1023 get my price. So I'll always leave a little bit on that's
1024
1025 257
1026 00:17:14,220 ~-~-> 00:17:17,520
1027 why see most of my exits, always have that little bit of a
1028
1029 258
1030 00:17:17,520 ~-~-> 00:17:21,060
1031 tail and move left. I just want to be out. I don't want to
1032
1033 259
1034 00:17:21,060 ~-~-> 00:17:24,840
1035 be in there demanding I get the very lowest low. I can call
1036
1037 260
1038 00:17:24,840 ~-~-> 00:17:27,780
1039 that and make that public and look like a rock star. But I
1040
1041 261
1042 00:17:27,780 ~-~-> 00:17:31,350
1043 am hardly ever really in news moves only to the end because
1044
1045 262
1046 00:17:31,350 ~-~-> 00:17:34,260
1047 I don't trust them. And think about what we're dealing with
1048
1049 263
1050 00:17:34,260 ~-~-> 00:17:36,840
1051 here. We're dealing with Fibonacci, okay. And we're also
1052
1053 264
1054 00:17:36,840 ~-~-> 00:17:41,550
1055 looking at a variance between everyone's delivery price,
1056
1057 265
1058 00:17:41,880 ~-~-> 00:17:43,890
1059 everyone's price is gonna be slightly different. And that's
1060
1061 266
1062 00:17:43,890 ~-~-> 00:17:46,260
1063 the reason why I teach you to use the bulk of the volume
1064
1065 267
1066 00:17:46,290 ~-~-> 00:17:48,720
1067 with the body of the candle and not the wicks. The wicks are
1068
1069 268
1070 00:17:48,720 ~-~-> 00:17:51,900
1071 always going to be slightly off relative to your brokers.
1072
1073 269
1074 00:17:52,200 ~-~-> 00:17:58,380
1075 Okay. And there's a lot more to this that I can teach you by
1076
1077 270
1078 00:17:58,380 ~-~-> 00:18:00,990
1079 way of the mentorship but this is certainly well enough for
1080
1081 271
1082 00:18:00,990 ~-~-> 00:18:02,640
1083 those individuals that can't afford to be part of the
1084
1085 272
1086 00:18:02,640 ~-~-> 00:18:05,490
1087 mentorship but just don't have in mind to ever want to do
1088
1089 273
1090 00:18:05,490 ~-~-> 00:18:08,040
1091 it. That's fine. That's cool. I'm not twisting your arm. But
1092
1093 274
1094 00:18:08,070 ~-~-> 00:18:11,970
1095 I've given you enough here to find reasons to suspect a
1096
1097 275
1098 00:18:12,210 ~-~-> 00:18:18,000
1099 highly probable target for weekly objectives. Until next
1100
1101 276
1102 00:18:18,000 ~-~-> 00:18:25,260
1103 time, wish good luck and good trading. Hopefully you enjoyed
1104
1105 277
1106 00:18:25,260 ~-~-> 00:18:27,750
1107 this presentation. If you'd like to find more, you can visit
1108
1109 278
1110 00:18:27,750 ~-~-> 00:18:30,510
1111 my website at the inner circle trader.com