Skip to Content
Version 1.1 by Drunk Monkey on 2020-12-09 05:25
Hide last authors
Drunk Monkey 1.1 1 1
2 00:00:07,680 ~-~-> 00:00:19,290
3 ICT: All right, there's gonna be FOMC, you're gonna see a mitigation on a loss.
4 So there's a GDP and going wrong as a re entry on optimal trade entry. And I'll
5
6 2
7 00:00:19,290 ~-~-> 00:00:31,560
8 explain what that is, after the video is done. This portion is recorded price
9 action. So I'm anticipating it run on yesterday's high noted with previous day's
10
11 3
12 00:00:31,560 ~-~-> 00:00:42,960
13 high at the top. And you can see that today's intraday high is a slightly lower
14 than yesterday's high. And I always look at that as equal highs, and retail
15
16 4
17 00:00:42,960 ~-~-> 00:00:52,650
18 traders, or less informed traders will will view that as a double top. And
19 usually there's going to be by stops resting just above that. And I gave you
20
21 5
22 00:00:52,650 ~-~-> 00:01:05,430
23 yesterday Also, my next upside objective for GBP USD or cable. And I'm certain
24 if I was to do a poll and asked everyone, if they forgot about that, they'd
25
26 6
27 00:01:05,430 ~-~-> 00:01:15,930
28 probably say, Yes, I've taught you in a very short time that we've been
29 together, there is a side of the marketplace that the market makers gonna work
30
31 7
32 00:01:16,380 ~-~-> 00:01:24,330
33 predominantly. And we're working on the long sides, that means previous day's
34 highs are going to be targeted. So it's going to be around those liquidity runs.
35
36 8
37 00:01:25,830 ~-~-> 00:01:38,370
38 And we have a price bouncing away from the high of two days ago, which is that
39 light blue line that's indicated where it says previous day's high two days ago.
40
41 9
42 00:01:39,420 ~-~-> 00:01:52,290
43 And I'm going to be looking for price to start climbing above the most recent
44 short term high and prices now starting to expand, I just moved my stop loss to
45
46 10
47 00:01:52,290 ~-~-> 00:02:03,570
48 a point of no loss. It's above my entry point. So now I have an opportunity to
49 sit in this trade. And hopefully manage it to the point where it takes out
50
51 11
52 00:02:03,930 ~-~-> 00:02:14,040
53 previous day's high and allows me an exit point there. So what I'm trying to do
54 is I'm entering during the time when the market looks like it's breaking down.
55
56 12
57 00:02:15,120 ~-~-> 00:02:23,730
58 Okay, when the market was dropping today, look at all the dark candles, the
59 black candles, they're all down close candles. So that's showing the willingness
60
61 13
62 00:02:23,730 ~-~-> 00:02:37,290
63 for the market to want to go lower, and doing it quickly. Okay, so it's doing
64 that, under the guise of reaching for sell stops trapping traders on the
65
66 14
67 00:02:37,290 ~-~-> 00:02:49,770
68 downside, okay, or engineering, the mindset or sentiment of retail traders or
69 less informed traders and say it that way. And you can see we're fastly
70
71 15
72 00:02:49,770 ~-~-> 00:03:01,950
73 approaching the FOMC. Okay, we're about four minutes away, you see how fast this
74 recording has been sped up. So I'm gonna be looking for the opportunity had this
75
76 16
77 00:03:02,190 ~-~-> 00:03:10,800
78 market move, push me up through previous day's high, and hopefully up into my
79 limit order. And now it does that influence through the equal highs you can see
80
81 17
82 00:03:10,800 ~-~-> 00:03:18,960
83 how price does it want to spike, it does it real quick and snappy punch right
84 through previous day's high. And now it's pulled back. Now truth be told, I was
85
86 18
87 00:03:18,960 ~-~-> 00:03:28,380
88 trying to get out above those equal highs, take something off there and then let
89 my limit order trip. But I wasn't fast enough to do that cause back and forth
90
91 19
92 00:03:28,380 ~-~-> 00:03:39,750
93 between several screens. And long the short of it is I just didn't get it to get
94 off there. So now I'm scaling the stop loss tighter. And I'm watching that spike
95
96 20
97 00:03:40,320 ~-~-> 00:03:55,020
98 that we created FOMC I know they're going to probably go want to run above that.
99 Okay, and a portions already been removed on this trade. So and you'll see that
100
101 21
102 00:03:55,080 ~-~-> 00:04:09,600
103 in your trade ledger, where I add all the entry points and exit points at the
104 end of this recording of price action. So now we're above previous day's high.
105
106 22
107 00:04:10,710 ~-~-> 00:04:20,130
108 And now we have this squared off price action where we have a high, bumping up
109 against the high and price never leaves that intact. It always wants to run
110
111 23
112 00:04:20,130 ~-~-> 00:04:31,830
113 through that put traders on the wrong side or knock those individuals out that
114 want to be short. Remember that long wick doji that was created FOMC Steve
115
116 24
117 00:04:31,830 ~-~-> 00:04:40,230
118 Nielsen followers like to see that think that's a bearish pattern. So they'll
119 sell short after trading pattern one candle. And that's not something I would
120
121 25
122 00:04:40,230 ~-~-> 00:04:51,000
123 advise you to do. I actually capitalize a lot on my analysis when I see things
124 like that. Understanding what the weaker minded traders are thinking many times
125
126 26
127 00:04:51,120 ~-~-> 00:05:02,940
128 is a an advantageous thing when we're doing analysis. And one of the wonderful
129 things about being a trader with 24 plus years experience, I had a lot of time
130
131 27
132 00:05:03,210 ~-~-> 00:05:09,120
133 being a novice. So I knew what I was thinking then. And that's how I interpret
134 price a lot now.
135
136 28
137 00:05:09,869 ~-~-> 00:05:19,559
138 Okay, so I'm going to be taking something off here again, and now move my limit.
139 To get out, notice what I did I reduce the risk with my stop, never opening it
140
141 29
142 00:05:19,559 ~-~-> 00:05:28,799
143 up with more. But I opened up my profit potential, when I got very close to
144 where I wanted to get out, but it's so late in the day, I just don't want to be
145
146 30
147 00:05:28,829 ~-~-> 00:05:36,869
148 messing around with it. So now I'm going to show you my entry points. Here's my
149 loss earlier in the day. And I'll actually take you into the charts after this
150
151 31
152 00:05:36,869 ~-~-> 00:05:48,869
153 portion is done. I'll show you what I was looking at and why it was wrong. And
154 there it is, there's the loss, you can see that here, enter to your optimal
155
156 32
157 00:05:48,869 ~-~-> 00:06:04,649
158 trade entry and stop me out. And then you can see the re entry and optimal trade
159 entry. So I'm using the same entry pattern. Got a better fill than I did on the
160
161 33
162 00:06:04,649 ~-~-> 00:06:14,819
163 initial entry. And here's my exit points. So let me take you to the charts.
164 Okay, folks, I'll take you in here a little closer and show you what I was doing
165
166 34
167 00:06:14,819 ~-~-> 00:06:32,909
168 today. Originally, my initial entry, I was using this price swing here, okay.
169 Right in here, and I wanted to get long as price drop down into optimal trade
170
171 35
172 00:06:32,909 ~-~-> 00:06:46,979
173 entry. I wanted to get long that way. So that was my entry point. And my stop
174 loss was a little, you know, a little tight in the sense that better setups, it
175
176 36
177 00:06:46,979 ~-~-> 00:06:56,369
178 would have never been hit. Okay, but because I felt that we hit this high of two
179 days ago, we hit it one time, two times three times. I didn't think we'd see it
180
181 37
182 00:06:56,369 ~-~-> 00:07:08,429
183 again. But they ran it one more time. And it stopped me. So it is what it is.
184 You can see the stop is right here. So after the run through, that's okay. I'm
185
186 38
187 00:07:08,429 ~-~-> 00:07:17,939
188 going back in now look what's happened. I got the same price structure here in
189 mind. And I'm entering rate at auto trade entry again, between the 62 and 72
190
191 39
192 00:07:17,969 ~-~-> 00:07:25,529
193 tracing level. Now you're probably thinking, Wait a minute, Michael, this is a
194 break in that pattern, isn't it? Yes. But it has not changed my analysis. I've
195
196 40
197 00:07:25,529 ~-~-> 00:07:37,289
198 still believe that we're going above previous day's high. So I entered there.
199 And price gave me an opportunity to exit here for an FOMC announcement. And I
200
201 41
202 00:07:37,289 ~-~-> 00:07:43,049
203 exited up here. And I have another one in here. I don't know. I did.
204
205 42
206 00:07:46,980 ~-~-> 00:07:47,790
207 You think it did.
208
209 43
210 00:07:51,390 ~-~-> 00:08:03,390
211 And I think it's overlapping. It's so close to one another. That's what it is.
212 But again, as I did yesterday, with the folks, I actually very close to the
213
214 44
215 00:08:03,390 ~-~-> 00:08:13,740
216 high. Okay. And I exited very close to the high again, you can see that really
217 nice price action, pulling away from that. So I made the right decision. In my
218
219 45
220 00:08:13,740 ~-~-> 00:08:22,650
221 opinion, I think I made the right decision by collapsing the entire portion of
222 the trade. So my loss down here that I took in this trade was completely
223
224 46
225 00:08:22,650 ~-~-> 00:08:35,010
226 mitigated almost with the first scaling out, and certainly with the last two
227 portions, so it allowed me to go to a new equity high. So that's that. I gave
228
229 47
230 00:08:35,010 ~-~-> 00:08:46,710
231 you also a opportunity to know in advance where the banks are going to take the
232 cable today. The upside objective was going to be okay, in case you haven't
233
234 48
235 00:08:47,070 ~-~-> 00:09:00,510
236 checked it out yet. This is my Twitter account. So you guys are absolutely
237 Welcome to follow me on twitter at I underscore m underscore ICT. Okay. And I'll
238
239 49
240 00:09:00,510 ~-~-> 00:09:20,220
241 show you what I tweeted yesterday, about 20 hours ago. Right here and click on
242 that. You can see this was the next objective for the table. So 132 42 as well
243
244 50
245 00:09:20,220 ~-~-> 00:09:29,340
246 as looking for. So with that in mind, I always want to exit before my target
247 stuff. I'm calling this as an objective. I want to be exiting before that. Okay,
248
249 51
250 00:09:29,400 ~-~-> 00:09:40,680
251 it's much high probability, much higher probability I should say that way to
252 exit before a known target in your trading plan, then is to just be greedy and
253
254 52
255 00:09:40,680 ~-~-> 00:09:46,920
256 know that this is the best case scenario and this is perfection into demand
257 perfection, that's always going to be problematic at least it's been problematic
258
259 53
260 00:09:46,920 ~-~-> 00:10:06,690
261 for me as a trader for over two decades. So I try not to be demanding and then
262 when you see the high on today comes in at 132 37 And my exit point, were 130 to
263
264 54
265 00:10:07,170 ~-~-> 00:10:18,480
266 35 was the high end 132 34. And you can see prices done a really nice movement
267 away from that after they've unloaded like I had done today. There's been some
268
269 55
270 00:10:18,480 ~-~-> 00:10:30,030
271 selling, okay, and you can see that's evident here. So again during the New York
272 kill zone entry, and an accident, as the banks would do, hopefully you found
273
274 56
275 00:10:30,030 ~-~-> 00:10:32,610
276 this insightful until next time, wish good luck and good