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--ICT: Okay, folks, welcome back. This is the last volume,
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++|1 |00:00:13,410 ~-~-> 00:00:23,520 |ICT: Okay, folks, welcome back. This is the last volume, volume three of mastering high probability scalping. And this is dealing specifically with
++|2 |00:00:23,520 ~-~-> 00:00:25,860 |previous day bank liquidity runs.
++|3 |00:00:30,960 ~-~-> 00:00:42,630 |Right? For some of you, this is gonna be a little bit of a rehash. But it's necessary. So it is what it is. Whenever I refer to power three, what I'm
++|4 |00:00:42,630 ~-~-> 00:00:53,610 |referring to is the three components that make up generic price action. That's the accumulation phase, where long or short positions are accumulated, then a
++|5 |00:00:53,610 ~-~-> 00:01:06,030 |manipulation stage where price goes the opposite direction to what the intended future direction will actually be. And then there's a range expansion. And then
++|6 |00:01:06,210 ~-~-> 00:01:07,140 |a distribution.
++|7 |00:01:12,720 ~-~-> 00:01:24,540 |Where we use this concept is when the daily bias is bullish. We're gonna be confirming the London session wasn't fact bullish. That means that we see a
++|8 |00:01:24,570 ~-~-> 00:01:36,150 |measure of bullishness after a attempt to go lower was rejected and price has seen a rally. This would be enough for me, coupled with the daily bias being
++|9 |00:01:36,150 ~-~-> 00:01:55,080 |bullish. Then you simply wait until 7am New York time to stock your long entry between 7am and 9am New York time typically the setup will form after 7am New
++|10 |00:01:55,080 ~-~-> 00:02:08,490 |York time you're gonna be waiting for a price retracement lower. New York session will retrace typically from a swing high intraday, that was foreign for
++|11 |00:02:08,490 ~-~-> 00:02:30,600 |the daily high or a short term high during the London session. Ideally, you want to be selecting retracements of at least 20 pips or lower if no retracement of
++|12 |00:02:30,600 ~-~-> 00:02:44,430 |20 pips forms by 9am walk at means cut, they don't try to take any trades. If you're exceedingly bullish, if you see a retracement of 10 to 15 pips, sometimes
++|13 |00:02:44,430 ~-~-> 00:03:02,940 |this is enough during this key time of day for a optimal trade entry long. If it does form, enter on the 62% retracement fib as it drops lower. Expect price to
++|14 |00:03:02,940 ~-~-> 00:03:13,170 |retest the high of the day or the previous day's high. And then look for targets one, two and symmetrical price swing on the fifth.
++|15 |00:03:19,230 ~-~-> 00:03:28,980 |As you can see, here's an example. And I have a vertical line here. This is Dylan eating seven o'clock in the morning New York time or the beginning of the
++|16 |00:03:28,980 ~-~-> 00:03:43,980 |new york session. And price creates a bounce in the pre New York session but it's an exceedingly large retracement. And I'll talk more about that when we
++|17 |00:03:44,280 ~-~-> 00:03:58,050 |mentioned how to time or anticipate reversals after 7am which is that vertical line, we have a retracement of 20 pips. Actually it's a little bit more than 20
++|18 |00:03:58,050 ~-~-> 00:04:14,310 |pips here but this is a really good setup, the price trades down into the optimal trade entry and a beautiful market run. Now looking at power three game
++|19 |00:04:14,310 ~-~-> 00:04:23,010 |we're looking at the accumulation phase. In this case it'd be the accumulation of short positions and the manipulation phase where price runs up higher during
++|20 |00:04:23,010 ~-~-> 00:04:33,600 |London, knocking out individuals that would already be short and putting those individuals on the wrong side trying to go long and then a nice move lower if we
++|21 |00:04:33,600 ~-~-> 00:04:44,370 |see this occurring while the same time the daily bias is bearish. This is good. And again to confirm the one in the session being bearish. We want to see price
++|22 |00:04:44,400 ~-~-> 00:04:57,990 |move above the opening price at midnight New York time if that occurs, and price rejects that and goes lower and trades 25 to 30 pips lower at least minimum
++|23 |00:04:59,310 ~-~-> 00:05:14,130 |forward London session that would indicate at least the expectation that your sessions should present a continuation idea or bearishness. Now, obviously you
++|24 |00:05:14,130 ~-~-> 00:05:22,710 |want a little bit more movement beyond 30 pips or so for the London session. But nonetheless, you want to see that if you're staying up and you don't want to
++|25 |00:05:22,710 ~-~-> 00:05:33,750 |trade London teaching primarily the New York session for the scalping model. But if you see the reasons that would justify a bearish London session, that means
++|26 |00:05:33,750 ~-~-> 00:05:43,920 |again, primarily with an open at night, New York time and attempt to rally and rejecting that and trading significantly off that now again, what's significant
++|27 |00:05:45,000 ~-~-> 00:05:59,280 |30 pips or more, and going into the New York session, I want to I want to dissipate the following criteria. When are we waiting for 7am New York time, the
++|28 |00:05:59,280 ~-~-> 00:06:16,980 |stock or short position? between 7am and 9am, New York time usually will form after 7am New York time, really waiting for a retracement. Your session will
++|29 |00:06:16,980 ~-~-> 00:06:27,600 |typically retrace from a swing low now what swing low the swing low that was formed in the London decline the initial decline once it starts to retrace when
++|30 |00:06:27,600 ~-~-> 00:06:40,740 |we look looking for price to move higher ideally we're gonna be selecting retracements of at least 20 pips or more, if it retraces higher if no
++|31 |00:06:40,740 ~-~-> 00:06:51,240 |retracement of 20 pips forms, by 9am, we're gonna be cutting bait or basically walking and we'll be looking for another opportunity the following day. If it
++|32 |00:06:51,240 ~-~-> 00:07:04,170 |does form, we're looking to enter at the 62% retracement level as it rallies up again. important that we want to be selling short as price goes higher. We'll be
++|33 |00:07:04,170 ~-~-> 00:07:16,140 |anticipating and expecting price to retest the low of the day or the previous day's low and or targets one, two and eventually symmetrical price swing on the
++|34 |00:07:16,140 ~-~-> 00:07:31,320 |fifth. Here's an example here. Again, the vertical line delineates the 7am. marker for the New York session. So immediately after that we're going to be on
++|35 |00:07:31,620 ~-~-> 00:07:43,080 |watch for a retracement higher of at least 20 pips. Now, again, if you're having very strong convictions about the market being very bearish, you can participate
++|36 |00:07:43,110 ~-~-> 00:07:55,980 |a optimal trade entry form at 15 pips or so you can get real aggressive if you're on a five minute chart and take 10 PIP retracements if you're extremely
++|37 |00:07:55,980 ~-~-> 00:08:03,780 |bearish, but that's going to be for folks that have done this for a while and has developed an measurable
++|38 |00:08:06,420 ~-~-> 00:08:17,970 |amount of experience, I guess, looking for the word that would best suit it, but experience is going to dictate that but to avoid the false setups. It's better
++|39 |00:08:17,970 ~-~-> 00:08:31,080 |to wait for a least the 20 pips move higher in this case for short for optimal trade entry, but the key is waiting for a 20 PIP rally after 7am New York time
++|40 |00:08:31,350 ~-~-> 00:08:40,890 |while the New York session is anticipating a continuation lower what we're seeing in London. So onwards if we're looking for bearishness to continue from a
++|41 |00:08:40,890 ~-~-> 00:08:51,930 |week sell off in overnight trading in London we'll be looking for a retracement at the 7am New York time to get a short term overbought condition and and that's
++|42 |00:08:51,930 ~-~-> 00:09:01,500 |going to be capitalized on by an optimal trade entry short trading short at 62% retracement level and then looking for the intraday low that was formed to be
++|43 |00:09:01,500 ~-~-> 00:09:12,840 |retested and or the previous day's low. And then after that we would be looking for, again targets one two and symmetrical price swing on the fib. Now if you
++|44 |00:09:12,840 ~-~-> 00:09:21,720 |don't know what those levels are on your fed, and you're watching this video for the first time and have never seen any of my other work. If you go and look at
++|45 |00:09:21,720 ~-~-> 00:09:30,780 |my YouTube channel, inner circle trader, it will obviously show you a optimal trade entry primer and I'll show you how in that video how to set your Fibonacci
++|46 |00:09:30,780 ~-~-> 00:09:33,300 |up so you can see the levels I'm referring to
++|47 |00:09:38,520 ~-~-> 00:09:50,580 |when to expect reversals when the hourly or 60 minute chart, trades to an obvious old high or old low has shown a clear willingness to reverse price
++|48 |00:09:50,580 ~-~-> 00:10:01,710 |before in the past. Okay, when it's obviously seen a reaction that pushes price the opposite direction once it's been traded to it. This is most likely going to
++|49 |00:10:01,710 ~-~-> 00:10:10,560 |repeat itself. Now, sometimes price will not respect an old, high or low. And these generic support resistance levels will give way. And we never really know
++|50 |00:10:10,560 ~-~-> 00:10:22,230 |for sure. So I know what you're going to ask me is, how do I know if the old low or high is going to hold price? and cause it to reject and go lower or higher?
++|51 |00:10:22,980 ~-~-> 00:10:35,250 |And the answer that question is, I don't know that. Think about that, it's probably unsettling. Now, I know, some of you want to have that answer. And I
++|52 |00:10:35,250 ~-~-> 00:10:43,110 |wasted years believing I would find it. And I found out you don't need to know that. Sometimes you're gonna mess up, sometimes it's gonna be wrong, and
++|53 |00:10:43,110 ~-~-> 00:10:50,310 |sometimes gonna get stopped out. And it is what it is you cannot escape it, you're going to lose money, you're going to lose on trades, and there's no
++|54 |00:10:50,310 ~-~-> 00:11:01,470 |reason to worry about it. Now, it's far better to expect them to cause a reaction, then not to. Why because there's plenty of moves. And price swings
++|55 |00:11:01,470 ~-~-> 00:11:11,040 |between these key timeframes and higher timeframe price points, that you shouldn't have to worry about it. So there's a plethora of setups that will be
++|56 |00:11:11,040 ~-~-> 00:11:23,550 |forming between these 16 minute reversal points are old highs and lows, to not have to worry about it. So here's a little bit of logic for you. If you knew
++|57 |00:11:23,550 ~-~-> 00:11:34,950 |you're about to take a trade, and it's going to quickly encounter one of these reference points on a 60 minute chart, an old high and old low, where it shown
++|58 |00:11:34,950 ~-~-> 00:11:44,550 |classic support resistance characteristics. Maybe that's a trade you don't want to take. Or if you're going to do it be very, very nimble about where you're
++|59 |00:11:44,550 ~-~-> 00:11:56,160 |getting out at don't anticipate a run through that low, or that old Hi, in this example here, and this is real world examples have done this actual trade based
++|60 |00:11:56,160 ~-~-> 00:12:02,730 |on what I'm showing you here this week at the time of this recording. So those individuals who have followed me on Twitter, they know exactly what I'm talking
++|61 |00:12:02,730 ~-~-> 00:12:16,800 |about. And you can go look at my Twitter, you'll see it for November 10 2017. So we have a old low on an hourly chart here for British Pound USD. And as price
++|62 |00:12:16,800 ~-~-> 00:12:26,310 |trades back down to it, we would anticipate a measurable bounce or potential reversal. So that means we don't really want to be selling short around that
++|63 |00:12:26,310 ~-~-> 00:12:38,520 |time, because it may encounter some measure of bullishness or at least an unwillingness to go lower. So if we use the logic that we may anticipate a rally
++|64 |00:12:38,520 ~-~-> 00:12:47,940 |higher, we can look for optimal trade entry Long's in the New York session on a reversal basis, not a continuation of what has been seen overnight in London. So
++|65 |00:12:47,940 ~-~-> 00:12:58,830 |eventually, if we see that 60 minute chart, move higher, and break a market structure as we seen here, then we can look for the following day to do a
++|66 |00:12:58,830 ~-~-> 00:13:08,580 |standard classic buy day, which you'll learn about my tutorials. And the market trades down because an optimal trade entry long at the London open. And like
++|67 |00:13:08,580 ~-~-> 00:13:22,380 |myself here I was only seven pips away. Four pips if you if you're using the spread from the very low today, calling about an 80 PIP move or so intraday, and
++|68 |00:13:23,250 ~-~-> 00:13:38,160 |very, very nice run as a result of it. But the 16 minute charts going to help you fare and filter when the market most likely will reverse. Okay, money
++|69 |00:13:38,160 ~-~-> 00:13:48,930 |management. While you develop and practice in your demo camp, it's important for you to implement strict risk controls. Now this isn't fun isn't sound
++|70 |00:13:48,990 ~-~-> 00:13:58,440 |fascinating. It's not sexy, but it really is your only protection. And in this business, you need everything you can to protect yourself many times from
++|71 |00:13:58,440 ~-~-> 00:14:05,580 |yourself. If you want to see what can be accomplished, you need to use sound money management. Now,
++|72 |00:14:06,330 ~-~-> 00:14:17,130 |for this, in many of my teachings, you're going to see me preaching. Consider 1% per setup. That means 1% of your total account equity, and gradually working
++|73 |00:14:17,130 ~-~-> 00:14:25,650 |your way up to 2% if this meets your risk tolerance. Now I'm not trying to talk you into these percentages. Many times some of you elect to go with less than
++|74 |00:14:25,650 ~-~-> 00:14:34,350 |1%. And there's nothing wrong with that. Some of you want to be cowboys and trade larger than 2%. But my advice is, if you've not been profitable for at
++|75 |00:14:34,350 ~-~-> 00:14:46,380 |least five years minimum, I wouldn't even venture above 2%. It's just not worth it. Now it's important not to try to swing for homeruns or take larger risks to
++|76 |00:14:46,380 ~-~-> 00:14:54,480 |try to grow your account faster. It's not necessary, it's reckless and you shouldn't try to do it at all. Over leverage will impede your development and
++|77 |00:14:54,480 ~-~-> 00:15:02,160 |drastically decrease your chances of seeing responsible equity growth as well. So if you look at a set As we have here, this is again, it's a setup I actually
++|78 |00:15:02,160 ~-~-> 00:15:15,420 |took today in the market in November 10 2017. In British Pound USD, the London setup I used in this is London setup. So not really teaching the application in
++|79 |00:15:15,420 ~-~-> 00:15:25,020 |a New York setup, but it's the same principle. If we are looking for an optimal trade entry long, let's assume for a moment we were trying to buy at 131 20. Our
++|80 |00:15:25,020 ~-~-> 00:15:37,530 |stop loss relative to the optimal trade entry pattern and fed would be at 131. Big figure. So we have a 20 PIP range between entry to stop loss from a risk
++|81 |00:15:37,530 ~-~-> 00:15:48,690 |base, if we had an account of say, $1,000, a very modest account. And having 1% of that, or risk in dollar terms would be a total of $10, less, commission,
++|82 |00:15:48,690 ~-~-> 00:16:00,630 |whatever it is that you would be paying for your broker. Now that $10, with 20, pips, divided $10 by 20, pips and it gives you a multiple, or, in this case,
++|83 |00:16:00,630 ~-~-> 00:16:18,450 |your demo leverage would be five micro lots, okay, we're about 50 cents per Pip. By having this, we know that we should not see a larger loss than 1%, or $10. If
++|84 |00:16:18,450 ~-~-> 00:16:33,510 |we took the loss, our account would drop down to $990, give or take whatever commissions, your broker may or may not charge. If we're trying to trade with
++|85 |00:16:33,510 ~-~-> 00:16:44,640 |this model, okay, obviously, you've seen many instances where I've shown help taking partial profits can remove that number one barrier of being able to hold
++|86 |00:16:44,640 ~-~-> 00:16:54,240 |on to the trade because you want to make a profit, you're afraid to take a loss, and you want to make money by taking partial profits. And in this case, it'd be
++|87 |00:16:54,240 ~-~-> 00:17:07,380 |at 131 40, I'm sorry, 131 54, would be our first profit objective. By taking something off, it removes that insatiable desire to be right, you've taken
++|88 |00:17:07,380 ~-~-> 00:17:15,600 |something off, you've reduced risk, but you also gave yourself that little cookie, that little pat on the back, he did something good. And at this moment,
++|89 |00:17:15,660 ~-~-> 00:17:25,740 |you can choose to do that. Or if it trades up to target one on your fib, that would be in this case, 131 69. At that moment, then you can move your stop loss
++|90 |00:17:25,740 ~-~-> 00:17:34,260 |to break even and take no partial, and then try to reach for target to and at that point, take a portion of the trade off and then move to stop loss just
++|91 |00:17:34,260 ~-~-> 00:17:45,270 |below 131 54? Or where would your top of your fib would be we've anchored it on the high point. Now you can move your stop loss just below that. And then again,
++|92 |00:17:45,270 ~-~-> 00:17:55,260 |consider taking partial profits at the symmetrical price swing and maybe leave a little piece on to go further, or collapse entirely at the symmetrical price
++|93 |00:17:55,260 ~-~-> 00:18:11,910 |swing the effects of money management and the rules I have. I've never been I guess so rigid in the way I do it. I trade more or less with an impulse with
++|94 |00:18:12,360 ~-~-> 00:18:21,300 |what I feel the markets telling me and it's hard to digest that. And it's all based on tape reading and tape reading is you know, if that's an experiential
++|95 |00:18:21,300 ~-~-> 00:18:34,770 |thing, it's you can't you can't really teach it. You can't say here's what here's what you do. It's something you have to learn by spending years, not
++|96 |00:18:34,770 ~-~-> 00:18:40,320 |days, not a couple hours, not a couple months, years of watching price action.
++|97 |00:18:42,869 ~-~-> 00:18:54,329 |I've said many times now, and I'm a dinosaur. I'm over 25 years doing this now. So it's a lot of experience and things I've seen that tend to repeat themselves
++|98 |00:18:54,329 ~-~-> 00:19:02,549 |over and over and over again in price. And very rarely ever shocked or surprised by what I see in price because it's usually the same type of thing over and over
++|99 |00:19:02,549 ~-~-> 00:19:14,339 |again. But you would think with 25 years plus doing it, I would have a rigid exit strategy. And the closest thing I've got is using these firms and what I
++|100 |00:19:14,339 ~-~-> 00:19:24,209 |feel from the marketplace. Now some of you will take this insight that I've shared with you and build a really strong, rigid rule based idea about when you
++|101 |00:19:24,209 ~-~-> 00:19:34,169 |take profits. And I've actually asked my own mentorship students, if they are able to come up with something I would love to be able to see that because I
++|102 |00:19:34,169 ~-~-> 00:19:44,159 |have always been very honest and said that my weakest point in my trading is the exits. I'm never satisfied with them. Because I'm trying to crack that as like
++|103 |00:19:44,159 ~-~-> 00:19:51,179 |entries. I got like dialed in. I knew what I'm looking for, but exits I'm always looking for a way to improve that because think about it. That's how we get
++|104 |00:19:51,179 ~-~-> 00:20:02,999 |paid. So there's no real hard and fast rule based you know, routine that I do that I always find Although it does be how much do I take off? If I have 10?
++|105 |00:20:02,999 ~-~-> 00:20:11,309 |Lots on you? How many lots do I take off at first scale out? How many do I take it in target one, there's many times where I won't take anything off at first
++|106 |00:20:11,309 ~-~-> 00:20:19,139 |profit. I'll wait for target one. And I'll take half off there. And I'll take another portion off and target two, and then I'll have something on for
++|107 |00:20:19,169 ~-~-> 00:20:26,429 |symmetrical price swing. And then if there's time left in the day, I'll leave another portion on for that. So it's all a matter of what I see and feel in the
++|108 |00:20:26,429 ~-~-> 00:20:35,069 |marketplace. And I know that probably doesn't satisfy some of you, you're going to assume and almost feel like you're in a position where you can demand that I
++|109 |00:20:35,069 ~-~-> 00:20:47,129 |tell you exactly what I'm doing all the time. And this is one of those is I just can't do that. I don't think there's really a set in stone process, that would
++|110 |00:20:47,129 ~-~-> 00:20:58,049 |be so beneficial for you that if you do it this way all the time, it's good enough, I have not seen that in my own experience. So taking profits, I think
++|111 |00:20:58,049 ~-~-> 00:21:05,819 |it's something that's personal, you need to know what you're going to do, and you're going to spend the rest of your life mastering that and never arriving at
++|112 |00:21:05,819 ~-~-> 00:21:19,469 |mastery. So that's gonna be it for this volume, I've covered a really good approach to breaking down how to find the setups, the currency pair that you're
++|113 |00:21:19,469 ~-~-> 00:21:27,809 |probably following, if you're just looking at one, it's not going to give you a set up every single day. But if you have a nice handful of pairs, that you know,
++|114 |00:21:27,809 ~-~-> 00:21:36,659 |you're looking for specific conditions as we outlined, it will give you a set up a couple times a week. And that's all you need. You only need 23 pips a week at
++|115 |00:21:36,659 ~-~-> 00:21:49,109 |2% risk. And you can double your account every single calendar year by compounding 6% return 6% a month is not a lot, it's very easy to get to. But you
++|116 |00:21:49,109 ~-~-> 00:21:57,119 |have to know what you're looking for first. And hopefully, in these three volumes in this series, it's been short enough and concise enough for you to at
++|117 |00:21:57,119 ~-~-> 00:22:08,249 |least see what it is that I can point to on a chart. And you can see it too. And how it repeats itself, there's consistency, there's continuity, there is high
++|118 |00:22:08,249 ~-~-> 00:22:19,319 |probability. And it except for that rule based ideas that are lacking on the exits, because it's more or less, you're gonna be winging it. Okay, and I wish I
++|119 |00:22:19,319 ~-~-> 00:22:29,609 |could be stronger in my approach to teaching that. But there's really no way for me to formulate a always this is the way it's done. I got levels I like. And
++|120 |00:22:29,639 ~-~-> 00:22:37,169 |based on what I see in market action and time of day, they because of my experience, they will tell me what I want to do. And it won't always be the best
++|121 |00:22:37,169 ~-~-> 00:22:45,089 |way of doing it. Sometimes it just takes off and goes on and on and on. And I won't be a part of that move. Or sometimes I'm holding for something like that,
++|122 |00:22:45,179 ~-~-> 00:22:53,579 |and it doesn't really run, it just goes to target one, or maybe it goes up to first profit, and I didn't take anything off there and it's it comes back and
++|123 |00:22:53,579 ~-~-> 00:23:03,089 |hits me on my stop. So there's things that you're going to have to learn by experience, and I can't teach it, no one else is gonna be on ttt either. And
++|124 |00:23:03,089 ~-~-> 00:23:10,529 |you're just gonna have to accept that, you know, there's going to be things that you're not going to get answers to in trading, that you'll find the closest
++|125 |00:23:10,529 ~-~-> 00:23:19,199 |thing to answering it by your own discovery. And big be excited about that. You don't don't think that you have to know everything right now. Because you don't.
++|126 |00:23:20,069 ~-~-> 00:23:29,249 |There's a lot of things that you're doing or are about to do, or the way you think that's going to be the impediment when you be coming consistent or
++|127 |00:23:29,249 ~-~-> 00:23:37,769 |profitable at all, the person you sit, sit and stare at in the mirror, that person is your biggest enemy right now. Because they're telling you all the good
++|128 |00:23:37,769 ~-~-> 00:23:42,449 |things. And they're trying to tell you not to talk
++|129 |00:23:42,599 ~-~-> 00:23:52,739 |to yourself when you're doing it wrong. That's okay. Your conscience needs to be you need to be sensitive to your conscience. Okay, if you know what you're doing
++|130 |00:23:52,739 ~-~-> 00:24:01,679 |is wrong. Even in a demo account, you need to stop in just get yourself out of the marketplace. If you're not gonna be focused and organized, don't bother with
++|131 |00:24:01,679 ~-~-> 00:24:11,369 |it. Okay, but hopefully you've seen enough with these three videos that are giving you a way to go into the markets every single trading day and look for
++|132 |00:24:11,369 ~-~-> 00:24:20,879 |opportunities, even if it's in hindsight, it's beneficial to study it. But there's something that is specific that now you can go into price action and now
++|133 |00:24:20,879 ~-~-> 00:24:29,279 |seek it. So many folks when they first start. They put all these indicators on a chart and all these things okay to distract themselves away from the open high,
++|134 |00:24:29,279 ~-~-> 00:24:38,459 |low and close. And open high low and close is the four best indicators you're ever going to find in price action. Its price, so hopefully you found this
++|135 |00:24:38,459 ~-~-> 00:24:46,739 |insightful. Hopefully you enjoyed it. I'd love to have your feedback on twitter at i m ICT and until next time, I wish you good luck and good trading
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--volume three of
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--mastering high probability scalping. And this is dealing
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--specifically with previous date bank liquidity runs.
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--Right? For some of you, this is gonna be a little bit of a
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--rehash, but
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--it's necessary. So my decision is, whenever I refer to power
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--three, what I'm referring to is the three components that
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--make up generic price action. That's the accumulation phase,
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--where long or short positions are accumulated, then a
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--manipulation stage where price goes the opposite direction
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--to what the intended future direction will actually be. And
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--then there's a range expansion and then a distribution.
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--But we use this concept is when the daily bias is bullish.
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--We're gonna be confirming the London session was in fact
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--bullish. That means that we see a measure of bullishness
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--after a attempt to go lower was rejected and price has seen
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--a rally. This would be enough for me, coupled with the daily
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--bias being bullish. Can you simply wait until 7am New York
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--time to stock your long entry? between 7am and 9am New York
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--time. Typically the setup will form after 7am New York time,
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--you're going to be waiting for a price retracement lower New
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--York session will retrace typically from a swing high
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--intraday that was formed for the daily high or a short term
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--high during the London session ideally, you won't be
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--selecting retracements of at least 20 pips or lower. If no
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--27
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--retracement of 20 pips forms by 9am walk, that means cut
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--28
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--they don't try to take any trades if you're exceedingly
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--bullish if you see a retracement of 10 to 15 pips, sometimes
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--30
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--this is enough during this key time of day for a optimal
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--trade entry long. If it does form, enter on the 62%
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--retracement fib as it drops lower Expect price to retest the
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--high of the day or the previous day's high. And then look
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--for targets one, two and symmetrical price swing on the
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--fifth.
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--You see, here's an example. And I have a vertical line here.
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--This is delineating seven o'clock in the morning, New York
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--time or the beginning of the new york session. And price
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--39
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--creates a bounce in the pre New York session, but it's an
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--exceedingly large retracement. And I'll talk more about that
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--41
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--when we mentioned how time or anticipate reversals but after
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--42
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--7am, which is that vertical line? We have a retracement of
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--43
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--20 pips. Actually, it's a little bit more than 20 pips here
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--44
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--but this is a really good setup. Price trades down into the
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--45
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--optimal trade entry and a beautiful market run. Now looking
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--46
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--at power three, gamma we're looking at the accumulation
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--47
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--phase. In this case it'd be the accumulation of short
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--48
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--positions and the manipulation phase where price runs up
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--49
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--higher during London, knocking out individuals that would
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--already be short and putting those individuals on the wrong
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--51
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--side trying to go long and then a nice move lower if we see
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--52
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--this occurring, while at the same time the daily bias is
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--53
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--bearish. This is good. And again to confirm the London
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--54
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--session being bearish. We want to see price move above the
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--55
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--opening price at midnight New York time if that occurs, and
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--56
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--price rejects, that goes lower and trades 25 to 30 pips
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--lower at least minimum for the US logon session that would
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--58
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--indicate at least the expectation that New York sessions
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--59
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--should present a continuation idea or bearishness. Now
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--60
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--obviously you want a little bit more movement beyond 30 pips
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--or so for one session, but nonetheless, you want to see that
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--62
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--if you're staying up and you don't want to trade London
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--63
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--teaching primarily the New York session for the scalping
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--model. But if you see the reasons to justify a bearish
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--London session, that means again, primarily with an open at
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--night, New York time and attempt to rally and rejecting that
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--67
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--and trading significantly off that now again, what
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--68
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--significant 30 pips or more and going into the New York
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--session, I want to I want to dissipate the following
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--70
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--criteria. When are we waiting for 7am New York time to stock
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--our show position between 7am and 9am New York time it
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--72
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--usually will form after 7am New York time, really waiting
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--73
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--for a retracement. New York session will typically retrace
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--74
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--from a swing low now what swing low the swing low that was
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--75
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--formed in the London decline. The initial decline wants to
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--76
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--start to retrace when we move looking for price to move
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--77
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--higher ideally we're gonna be selecting retracements of at
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--78
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--least 20 pips or more if it retraces higher if no
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--79
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--retracement of 20 pips forms by 9am we're going to be
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--80
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--cutting bait or basically walking and we'll be looking for
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--81
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--another opportunity the following day. If it does form,
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--82
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--we're looking to enter at the 62% retracement level as it
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--83
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--rallies up again. important that we want to be selling short
--
--84
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--as price goes up Higher we'll be anticipating and expecting
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--85
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--price to retest the low of the day or the previous day's low
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--86
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--and or targets one, two and eventually symmetrical price
--
--87
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--swing on the fifth. Here's an example here. And again, the
--
--88
--00:07:22,110 ~-~-> 00:07:27,000
--vertical line delineates the 7am. marker for the New York
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--89
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--session. So immediately after that, we're going to be on
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--90
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--watch for a retracement higher of at least 20 pips. Now,
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--91
--00:07:36,870 ~-~-> 00:07:39,630
--again, if you're having very strong convictions about the
--
--92
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--market being very bearish, you can anticipate a optimal
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--93
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--trade entry form at 15 pips or so you can get really
--
--94
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--aggressive if you're on a five minute chart and take 10 PIP
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--95
--00:07:54,000 ~-~-> 00:07:57,450
--retracements if you're extremely bearish, but that's going
--
--96
--00:07:57,450 ~-~-> 00:07:59,940
--to be for folks that have done this for a while and has
--
--97
--00:08:00,480 ~-~-> 00:08:03,810
--developed a measurable
--
--98
--00:08:06,420 ~-~-> 00:08:09,660
--amount of experience, I guess, looking for the word that
--
--99
--00:08:09,660 ~-~-> 00:08:12,960
--would best suit it, but experience is going to dictate that.
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--100
--00:08:13,290 ~-~-> 00:08:19,260
--But to avoid false setups, it's better to wait for at least
--
--101
--00:08:19,530 ~-~-> 00:08:24,180
--the 20 pips move higher in this case for short for optimal
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--102
--00:08:24,180 ~-~-> 00:08:29,400
--trade entry, but the key is waiting for a 20 PIP rally after
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--103
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--7am New York time while the New York session is anticipating
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--104
--00:08:34,590 ~-~-> 00:08:38,160
--a continuation lower what we're seeing in London, so onwards
--
--105
--00:08:38,160 ~-~-> 00:08:41,280
--if we're looking for bearishness to continue from a week
--
--106
--00:08:41,280 ~-~-> 00:08:45,930
--sell off in overnight trading in London, we'll be looking
--
--107
--00:08:45,930 ~-~-> 00:08:50,790
--for a retracement at 7am New York time to get a short term
--
--108
--00:08:50,790 ~-~-> 00:08:53,190
--overbought condition and that's going to be capitalized on
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--109
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--by an optimal trade entry short trading short at 62%
--
--110
--00:08:56,400 ~-~-> 00:09:00,180
--retracement level and then looking for the intraday low. It
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--111
--00:09:00,180 ~-~-> 00:09:04,830
--was formed to be retested and or the previous day's low.
--
--112
--00:09:06,810 ~-~-> 00:09:10,770
--After that we'll be looking for, again targets one, two and
--
--113
--00:09:10,770 ~-~-> 00:09:13,350
--symmetrical price swing on the fib. Now, if you don't know
--
--114
--00:09:13,350 ~-~-> 00:09:16,530
--what those levels are on your fib, and you're watching this
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--115
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--video for the first time and have never seen any of my other
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--116
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--work, if you go and look at my YouTube channel, inner circle
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--117
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--trader, it will obviously show you a optimal trade entry
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--118
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--primer and I'll show you how in that video how to set your
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--119
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--Fibonacci up so you can see the levels I'm referring to.
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--120
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--Okay, when to expect reversals when the hourly or 60 minute
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--121
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--chart trades to an obvious old high or old low, that has
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--122
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--shown a clear willingness to reverse price before in the
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--123
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--past, okay, when it's obviously seen a reaction that pushes
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--124
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--price the opposite direction once it's been traded to it.
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--125
--00:10:00,510 ~-~-> 00:10:04,080
--This is most likely going to repeat itself. Now, sometimes
--
--126
--00:10:04,080 ~-~-> 00:10:07,470
--price will not respect an old, high or low. And these
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--127
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--generic support resistance levels will give away and we
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--128
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--never really know for sure. So I know what you're going to
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--129
--00:10:12,840 ~-~-> 00:10:18,300
--ask me is, how do I know if the old low or high is going to
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--130
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--hold price? and cause it to reject and go lower or higher?
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--131
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--And the answer that question is, I don't know that. Think
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--132
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--about that. It's probably unsettling. Now. I know. Some of
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--133
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--you want to have that answer. And I wasted years believing
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--134
--00:10:37,110 ~-~-> 00:10:40,560
--Alli find it. And I found out you don't need to know that.
--
--135
--00:10:40,800 ~-~-> 00:10:42,690
--Sometimes you're gonna mess up. Sometimes it's gonna be
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--136
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--wrong and sometimes gonna get stopped out. And it is what it
--
--137
--00:10:45,600 ~-~-> 00:10:48,180
--is. You cannot escape it, you're going to lose money, you're
--
--138
--00:10:48,180 ~-~-> 00:10:50,850
--going to lose on trades, and there's no reason to worry
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--139
--00:10:50,850 ~-~-> 00:10:55,560
--about it. Now, it's far better to expect them to cause a
--
--140
--00:10:55,560 ~-~-> 00:11:00,000
--reaction, then not to. Why because there's plenty of moving
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--141
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--And price swings between these key timeframes and higher
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--142
--00:11:03,870 ~-~-> 00:11:06,960
--time frame price points that you shouldn't have to worry
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--143
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--about it. So there's a plethora of setups that will be
--
--144
--00:11:11,040 ~-~-> 00:11:15,810
--forming between the 60 minute reversal points or old highs
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--145
--00:11:15,810 ~-~-> 00:11:20,700
--and the lows, to not have to worry about it. So here's a
--
--146
--00:11:20,910 ~-~-> 00:11:24,000
--little bit of logic for you. If you knew you're about to
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--147
--00:11:24,000 ~-~-> 00:11:30,720
--take a trade, and it's going to quickly encounter one of
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--148
--00:11:30,720 ~-~-> 00:11:33,330
--these reference points on a 60 minute chart, an old high and
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--149
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--old low, where it's shown classic support resistance
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--150
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--characteristics. Maybe that's a trade you don't want to
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--151
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--take. Or if you're going to do it be very, very nimble about
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--152
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--where you're getting out at don't anticipate a run through
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--153
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--that low or that old high. In this example here, and this is
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--154
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--real world examples of done this actual trade based on what
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--155
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--I'm showing you here this week at the time of this
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--156
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--recording. So those endeavors Also follow me on Twitter, you
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--157
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--know exactly what I'm talking about. And you can go look at
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--158
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--my Twitter, you'll see it for November 10 2017. So we have a
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--159
--00:12:10,890 ~-~-> 00:12:16,320
--old low on an hourly chart here for British Pound USD. And
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--160
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--as price trades back down to it, we would anticipate a
--
--161
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--measurable bounce or potential reversal. So that means we
--
--162
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--don't really want to be selling short around that time,
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--163
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--because it may encounter some measure of bullishness or at
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--164
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--least an unwillingness to go lower. So if we use a lot that
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--165
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--we may anticipate a rally higher, we can look for optimal
--
--166
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--trade entry Long's in the New York session on a reversal
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--167
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--basis, not a continuation of what has been seen overnight in
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--168
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--London. So eventually, if we see that 60 minute chart, move
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--169
--00:12:52,410 ~-~-> 00:12:56,820
--higher and break a market structure as we've seen here, then
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--170
--00:12:56,820 ~-~-> 00:12:59,970
--we can look for the following day to do a standard classic
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--171
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--By day, which you'll learn about my tutorials, and the
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--172
--00:13:03,180 ~-~-> 00:13:06,570
--market trades down gives an optimal trade entry long at the
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--173
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--London open. And like myself here I was only seven pips
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--174
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--away. Four pips if you if you're using the spread from the
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--175
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--very low today, calling about an 80 PIP move or so intraday
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--176
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--and a very, very nice run as a result of it, but the 60
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--177
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--minute charts going to help you fare and filter when the
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--market most likely will reverse. Okay, money management
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--while you develop and practice in your demo account, it's
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--180
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--important for you to implement strict risk controls. No, no,
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--181
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--this isn't fun isn't sound fascinating. It's not sexy, but
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--182
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--it really is your only protection. And in this business, you
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--need everything you can to protect yourself many times from
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--yourself. If you want to see what can be accomplished, you
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--need to use sound money management. Now, for this, in many
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--of my teachings, you're going to see me preaching. Consider
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--1% per setup. That means 1% of your total account equity,
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--and gradually working your way up to 2% if this meets your
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--risk tolerance, now, I'm not trying to talk you into these
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--percentages. Many times some of you waxy elect to go with
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--less than 1%. And there's nothing wrong with that. Some of
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--you want to be cowboys and want to trade larger than 2%. But
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--my advice is, if you've not been profitable for at least
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--five years minimum, I wouldn't even venture above 2% is
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--not worth it. Now, it's important not to try to swing for
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--homeruns or take larger risks to try to grow your account
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--faster. It's not necessary, it's reckless and you shouldn't
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--try to do it at all. Over leverage will impede your
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--development and drastically decrease your chances of seeing
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--responsible equity growth as well. So if you look at a set
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--We have here and this is again, it's a setup I actually took
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--today in the market and November 10 2017. In British Pound
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--USD, the London setup I used and this is a London setup. So
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--I'm not really teaching the application in any new york
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--setup, but it's the same principle. If we are looking for an
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--optimal trade entry long, and let's assume for a moment
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--we're trying to buy at 131 20. Our stop loss relative to the
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--optimal trade entry pattern said would be at 131. Big
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--figure. So we have a 20 PIP range between entry to stop loss
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--from a risk base. If we had an account of say $1,000 a very
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--modest account. And having 1% of that, or risk in dollar
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--terms would be a total of $10 less, commission, whatever it
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--is that you'd be paying for your broker. Now that $10 with
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--20 pips, you divide that $10 by 20 pips and it gives you a
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--multiple or In this case, your demo leverage would be five
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--micro lots. Okay, we're about 50 cents per Pip. By having
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--this, we know that we should not see a larger loss than 1%
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--or $10. We took the loss, our account will drop down to
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--$990, give or take whatever commissions, your broker may or
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--may not charge. If we're trying to trade with this model,
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--okay, obviously, you've seen many instances where I've shown
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--help taking partial profits can remove that number one
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--barrier of being able to hold on to the trade because you
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--want to make a profit. You're afraid to take a loss and you
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--want to make money by taking partial profits. And in this
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--case, it'd be at 131 40. I'm sorry, 131 54 would be our
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--first profit objective. By taking something off, it removes
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--that insatiable desire to be right, you've taken something
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--off, you've reduced risk, but you also gave yourself that
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--little cookie that little pat on the back, he did something
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--good. And at this moment, you can choose to do that. Or if
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--it trades up to target one on your fib, that would be in
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--this case 131 69. At that moment, then you can move your
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--stop loss to break even and take no partial, and then try to
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--reach for target two and at that point, take a portion of
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--the trade off and then move your stop loss just below 131 54
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--or where would your top of your fib would be. We've anchored
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--it on the high point. Now you can move your stop loss just
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--below that. And then again, consider taking partial profits
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--at the symmetrical price swing and maybe leave a little
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--piece on go further or collapse entirely at the symmetrical
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--price swing the effects of money management And the roles I
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--have. I've never been, I guess so rigid in the way I do it.
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--I trade more or less with an impulse with what I feel the
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--markets telling me and it's hard to digest that. And it's
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--all based on tape reading and tape reading is, you know,
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--that's an experiential thing. It's you can't you can't
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--really teach it. You can't say here's what here's what you
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--do. It's something you have to learn by spending years, not
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--days, not a couple hours, not a couple months, years of
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--watching price action. I've said many times now, and I'm a
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--dinosaur. I'm over 25 years doing this now. So there's a lot
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--of experience and things I've seen that tend to repeat
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--themselves over and over and over again in price and very
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--rarely ever shocked or surprised by what I see. Price,
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--00:19:00,540 ~-~-> 00:19:02,550
--because it's usually the same type of thing over and over
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--00:19:02,550 ~-~-> 00:19:06,450
--again. But you would think with 25 years plus doing it, I
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--would have a rigid exit strategy. And the closest thing I've
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--got is using these fibs and what I feel from the
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--marketplace. Now some of you will take this insight that
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--I've shared with you and build a really strong, rigid rule
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--based idea about when you take profits. And I've actually
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--asked my own mentorship students, if they are able to come
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--up with something I would love to be able to see that
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--because I have always been very honest and said that my
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--weakest point in my trading is the exits. I'm never
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--satisfied with them. Because I'm trying to crack that as
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--like entries. I got like dialed in, I know what I'm looking
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--for, but exits. I'm always looking for a way to improve that
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--because think about it. That's how we get paid. So there's
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--no real hard and fast, rule based, you know, routine that I
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--do that always follow It does. How much do I take off? If I
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--have 10? Lots on? How many locks? Do I take off it first
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--scale out? How many do I take it target one, there's many
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--00:20:09,600 ~-~-> 00:20:12,240
--times where I won't take anything off at first profit. I'll
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--wait for target one. And I'll take half off there. And I'll
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--take another portion off at Target two, and then I'll have
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--something on for some magical price swing. And then if
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--00:20:20,430 ~-~-> 00:20:23,010
--there's time left in a day, I'll leave another portion on
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--00:20:23,010 ~-~-> 00:20:26,400
--for that. So it's all a matter of what I see and feel in the
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--marketplace. And I know that probably doesn't satisfy some
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--00:20:28,680 ~-~-> 00:20:33,240
--of you, you're going to assume and almost feel like you're
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--in a position where you can demand that I tell you exactly
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--284
--00:20:36,480 ~-~-> 00:20:38,910
--what I'm doing all the time. And this is one of those is I
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--285
--00:20:38,910 ~-~-> 00:20:45,180
--just can't do that. I don't think there's really a set in
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--00:20:45,180 ~-~-> 00:20:50,160
--stone process that would be so beneficial for you that if
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--287
--00:20:50,160 ~-~-> 00:20:53,130
--you do it this way all the time. It's good enough. I have
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--288
--00:20:53,130 ~-~-> 00:20:57,810
--not seen that in my own experience. So taking profits, I
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--289
--00:20:57,810 ~-~-> 00:21:00,240
--think it's something that's personal. You need to know Know
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--290
--00:21:00,240 ~-~-> 00:21:02,910
--what you're going to do, and you're going to spend the rest
--
--291
--00:21:02,910 ~-~-> 00:21:06,390
--of your life mastering that and never arriving at mastery.
--
--292
--00:21:06,420 ~-~-> 00:21:13,830
--So that's gonna be it for this volume, I've covered a really
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--293
--00:21:13,830 ~-~-> 00:21:18,510
--good approach to breaking down how to find the setups. The
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--currency pair that you're probably following if you're just
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--295
--00:21:20,670 ~-~-> 00:21:22,980
--looking at one, it's not going to give you a set up every
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--296
--00:21:22,980 ~-~-> 00:21:27,570
--single day. But if you have a nice handful of pairs, that
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--297
--00:21:27,570 ~-~-> 00:21:30,420
--you know you're looking for specific conditions as we
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--298
--00:21:30,420 ~-~-> 00:21:33,810
--outlined, it will give you a set up a couple times a week
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--299
--00:21:33,810 ~-~-> 00:21:36,660
--and that's all you need. You only need 23 pips that we get
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--300
--00:21:36,660 ~-~-> 00:21:40,020
--2% risk, and you can double your account every single
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--00:21:40,020 ~-~-> 00:21:44,490
--calendar year by compounding 6% return 6% a month is not a
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--302
--00:21:44,490 ~-~-> 00:21:49,530
--lot. It's very easy to get to. But you have to know what
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--303
--00:21:49,530 ~-~-> 00:21:52,650
--you're looking for first, and hopefully, in these three
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--304
--00:21:52,650 ~-~-> 00:21:56,430
--volumes in this series. It's been short enough and concise
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--305
--00:21:56,430 ~-~-> 00:21:59,820
--enough for you to at least see what it is that I can point
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--306
--00:21:59,820 ~-~-> 00:22:03,090
--to On a chart, and you can see it too, and how it repeats
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--00:22:03,090 ~-~-> 00:22:07,890
--itself, there's consistency, there's continuity, there is
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--00:22:07,980 ~-~-> 00:22:12,510
--high probability, and it up except for that rule based ideas
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--00:22:12,510 ~-~-> 00:22:15,540
--that's lacking on the exits. Because it's more or less, you
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--00:22:15,540 ~-~-> 00:22:19,470
--know, you're gonna be winging it. Okay. And I wish I could
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--311
--00:22:19,470 ~-~-> 00:22:22,860
--be stronger in my approach to teaching that. But there's
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--312
--00:22:22,860 ~-~-> 00:22:26,520
--really no way for me to formulate a always this is the way
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--00:22:26,520 ~-~-> 00:22:30,570
--it's done. I got levels I like, and based on what I see in
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--314
--00:22:30,570 ~-~-> 00:22:34,260
--market action and time of day, because of my experience,
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--315
--00:22:34,260 ~-~-> 00:22:36,840
--they'll tell me what I want to do. And it won't always be
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--316
--00:22:36,840 ~-~-> 00:22:39,270
--the best way of doing it. Sometimes it just takes off and
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--317
--00:22:39,270 ~-~-> 00:22:42,240
--goes on and on and on. And I won't be a part of that move.
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--318
--00:22:42,870 ~-~-> 00:22:46,170
--Or sometimes I'm holding for something like that. And it
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--319
--00:22:46,170 ~-~-> 00:22:48,990
--doesn't really run it just goes to target one, or maybe it
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--320
--00:22:48,990 ~-~-> 00:22:52,470
--goes up to first profit and I didn't take anything off there
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--321
--00:22:52,470 ~-~-> 00:22:55,320
--and it's it comes back and hits me I'll stop. So there's
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--322
--00:22:55,320 ~-~-> 00:22:58,830
--things that you're going to have to learn by experience, and
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--00:22:58,860 ~-~-> 00:23:03,300
--I can't teach to no one Coming on ttt either. And you just
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--324
--00:23:03,300 ~-~-> 00:23:05,880
--got to accept that, you know, there's going to be things
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--325
--00:23:05,880 ~-~-> 00:23:09,420
--that you're not going to get answers to in trading, that
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--326
--00:23:09,420 ~-~-> 00:23:12,570
--you'll find the closest thing to answering it by your own
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--327
--00:23:12,570 ~-~-> 00:23:17,370
--discovery. And be excited about that. You don't don't think
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--328
--00:23:17,370 ~-~-> 00:23:18,930
--that you have to know everything right now because you
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--329
--00:23:18,930 ~-~-> 00:23:22,620
--don't. Because a lot of things that you're doing or about to
--
--330
--00:23:22,620 ~-~-> 00:23:26,340
--do, or the way you think that's going to be the impediment
--
--331
--00:23:26,340 ~-~-> 00:23:30,660
--when you be coming, consistent or profitable at all, the
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--332
--00:23:30,660 ~-~-> 00:23:34,290
--person you sit, sit and stare at in the mirror, that person
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--333
--00:23:34,410 ~-~-> 00:23:37,140
--is your biggest enemy right now. Because they're telling you
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--334
--00:23:37,140 ~-~-> 00:23:41,940
--all the good things, and they're trying to tell you not to
--
--335
--00:23:41,940 ~-~-> 00:23:45,000
--talk to yourself when you're doing it wrong. That's okay.
--
--336
--00:23:45,180 ~-~-> 00:23:50,610
--Your conscious needs to be. You need to be sensitive to your
--
--337
--00:23:50,610 ~-~-> 00:23:53,280
--conscience. Okay, if you know what you're doing is wrong.
--
--338
--00:23:53,790 ~-~-> 00:23:57,150
--Even in a demo account, you need to stop in this get
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--00:23:57,150 ~-~-> 00:23:59,670
--yourself out of the marketplace. If you're not gonna be
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--340
--00:23:59,670 ~-~-> 00:24:03,210
--focused And organized, don't bother with it. Okay. But
--
--341
--00:24:03,540 ~-~-> 00:24:06,570
--hopefully you've seen enough with these three the videos
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--342
--00:24:06,990 ~-~-> 00:24:09,690
--that I've given you a way to go into the markets every
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--343
--00:24:09,690 ~-~-> 00:24:12,330
--single day trading day and look for opportunities, even if
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--344
--00:24:12,330 ~-~-> 00:24:15,690
--it's in hindsight, it's beneficial to study it. But there's
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--345
--00:24:15,690 ~-~-> 00:24:16,200
--something
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--346
--00:24:16,650 ~-~-> 00:24:20,730
--that is specific that now you can go into price action and
--
--347
--00:24:20,730 ~-~-> 00:24:24,390
--now seek it. So many folks when they first start, they put
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--348
--00:24:24,390 ~-~-> 00:24:26,550
--all these indicators on their chart and all these things,
--
--349
--00:24:26,610 ~-~-> 00:24:29,550
--okay to distract themselves away from the open high, low and
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--350
--00:24:29,550 ~-~-> 00:24:32,910
--close. And open high, low and close is the four best
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--00:24:32,910 ~-~-> 00:24:34,860
--indicators you're ever going to find in price action.
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--352
--00:24:36,120 ~-~-> 00:24:39,030
--It's price. So hopefully you found this insightful.
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--353
--00:24:39,270 ~-~-> 00:24:42,210
--Hopefully you enjoy it. I'd love to have your feedback on
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--354
--00:24:42,210 ~-~-> 00:24:45,840
--twitter at Im ICT and until next time, I wish you good luck
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--00:24:46,080 ~-~-> 00:24:46,740
--and good trading.

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