Mastering High Probability Scalping Vol 3 of 3.srt

1
00:00:13,410 --> 00:00:16,590
ICT: Okay, folks, welcome back. This is the last volume,

2
00:00:16,650 --> 00:00:18,000
volume three of

3
00:00:19,050 --> 00:00:22,740
mastering high probability scalping. And this is dealing

4
00:00:22,740 --> 00:00:25,860
specifically with previous date bank liquidity runs.

5
00:00:30,960 --> 00:00:33,960
Right? For some of you, this is gonna be a little bit of a

6
00:00:33,960 --> 00:00:35,430
rehash, but

7
00:00:36,930 --> 00:00:41,310
it's necessary. So my decision is, whenever I refer to power

8
00:00:41,310 --> 00:00:44,850
three, what I'm referring to is the three components that

9
00:00:44,850 --> 00:00:49,260
make up generic price action. That's the accumulation phase,

10
00:00:49,680 --> 00:00:53,580
where long or short positions are accumulated, then a

11
00:00:53,580 --> 00:00:57,660
manipulation stage where price goes the opposite direction

12
00:00:57,660 --> 00:01:02,730
to what the intended future direction will actually be. And

13
00:01:02,730 --> 00:01:07,140
then there's a range expansion and then a distribution.

14
00:01:12,690 --> 00:01:16,500
But we use this concept is when the daily bias is bullish.

15
00:01:18,030 --> 00:01:21,000
We're gonna be confirming the London session was in fact

16
00:01:21,000 --> 00:01:25,920
bullish. That means that we see a measure of bullishness

17
00:01:25,980 --> 00:01:31,200
after a attempt to go lower was rejected and price has seen

18
00:01:31,200 --> 00:01:35,610
a rally. This would be enough for me, coupled with the daily

19
00:01:35,610 --> 00:01:41,130
bias being bullish. Can you simply wait until 7am New York

20
00:01:41,130 --> 00:01:48,390
time to stock your long entry? between 7am and 9am New York

21
00:01:48,390 --> 00:01:55,800
time. Typically the setup will form after 7am New York time,

22
00:01:56,370 --> 00:02:02,280
you're going to be waiting for a price retracement lower New

23
00:02:02,280 --> 00:02:05,790
York session will retrace typically from a swing high

24
00:02:05,790 --> 00:02:12,480
intraday that was formed for the daily high or a short term

25
00:02:12,480 --> 00:02:22,230
high during the London session ideally, you won't be

26
00:02:22,230 --> 00:02:29,910
selecting retracements of at least 20 pips or lower. If no

27
00:02:29,910 --> 00:02:34,500
retracement of 20 pips forms by 9am walk, that means cut

28
00:02:34,500 --> 00:02:38,910
they don't try to take any trades if you're exceedingly

29
00:02:38,910 --> 00:02:44,430
bullish if you see a retracement of 10 to 15 pips, sometimes

30
00:02:44,430 --> 00:02:48,240
this is enough during this key time of day for a optimal

31
00:02:48,240 --> 00:02:55,500
trade entry long. If it does form, enter on the 62%

32
00:02:55,500 --> 00:03:03,540
retracement fib as it drops lower Expect price to retest the

33
00:03:03,540 --> 00:03:09,960
high of the day or the previous day's high. And then look

34
00:03:09,960 --> 00:03:12,810
for targets one, two and symmetrical price swing on the

35
00:03:12,810 --> 00:03:13,170
fifth.

36
00:03:19,260 --> 00:03:24,030
You see, here's an example. And I have a vertical line here.

37
00:03:24,480 --> 00:03:27,300
This is delineating seven o'clock in the morning, New York

38
00:03:27,300 --> 00:03:32,040
time or the beginning of the new york session. And price

39
00:03:32,070 --> 00:03:39,000
creates a bounce in the pre New York session, but it's an

40
00:03:39,000 --> 00:03:43,350
exceedingly large retracement. And I'll talk more about that

41
00:03:43,470 --> 00:03:49,470
when we mentioned how time or anticipate reversals but after

42
00:03:49,470 --> 00:03:54,390
7am, which is that vertical line? We have a retracement of

43
00:03:54,420 --> 00:03:58,440
20 pips. Actually, it's a little bit more than 20 pips here

44
00:03:58,440 --> 00:04:01,620
but this is a really good setup. Price trades down into the

45
00:04:01,620 --> 00:04:12,000
optimal trade entry and a beautiful market run. Now looking

46
00:04:12,000 --> 00:04:16,200
at power three, gamma we're looking at the accumulation

47
00:04:16,200 --> 00:04:18,810
phase. In this case it'd be the accumulation of short

48
00:04:18,810 --> 00:04:22,170
positions and the manipulation phase where price runs up

49
00:04:22,200 --> 00:04:25,710
higher during London, knocking out individuals that would

50
00:04:25,710 --> 00:04:28,620
already be short and putting those individuals on the wrong

51
00:04:28,620 --> 00:04:33,840
side trying to go long and then a nice move lower if we see

52
00:04:33,840 --> 00:04:37,650
this occurring, while at the same time the daily bias is

53
00:04:37,650 --> 00:04:41,670
bearish. This is good. And again to confirm the London

54
00:04:41,670 --> 00:04:45,630
session being bearish. We want to see price move above the

55
00:04:45,630 --> 00:04:52,770
opening price at midnight New York time if that occurs, and

56
00:04:52,770 --> 00:04:56,820
price rejects, that goes lower and trades 25 to 30 pips

57
00:04:56,820 --> 00:05:02,910
lower at least minimum for the US logon session that would

58
00:05:02,910 --> 00:05:06,870
indicate at least the expectation that New York sessions

59
00:05:06,870 --> 00:05:13,620
should present a continuation idea or bearishness. Now

60
00:05:13,620 --> 00:05:17,130
obviously you want a little bit more movement beyond 30 pips

61
00:05:17,130 --> 00:05:21,240
or so for one session, but nonetheless, you want to see that

62
00:05:21,240 --> 00:05:23,310
if you're staying up and you don't want to trade London

63
00:05:24,150 --> 00:05:27,150
teaching primarily the New York session for the scalping

64
00:05:27,150 --> 00:05:32,190
model. But if you see the reasons to justify a bearish

65
00:05:32,610 --> 00:05:36,090
London session, that means again, primarily with an open at

66
00:05:36,150 --> 00:05:40,740
night, New York time and attempt to rally and rejecting that

67
00:05:40,770 --> 00:05:43,290
and trading significantly off that now again, what

68
00:05:43,290 --> 00:05:49,590
significant 30 pips or more and going into the New York

69
00:05:49,590 --> 00:05:53,640
session, I want to I want to dissipate the following

70
00:05:53,640 --> 00:05:59,670
criteria. When are we waiting for 7am New York time to stock

71
00:05:59,700 --> 00:06:05,220
our show position between 7am and 9am New York time it

72
00:06:05,220 --> 00:06:12,150
usually will form after 7am New York time, really waiting

73
00:06:12,150 --> 00:06:18,150
for a retracement. New York session will typically retrace

74
00:06:18,240 --> 00:06:21,090
from a swing low now what swing low the swing low that was

75
00:06:21,090 --> 00:06:25,320
formed in the London decline. The initial decline wants to

76
00:06:25,320 --> 00:06:29,010
start to retrace when we move looking for price to move

77
00:06:29,010 --> 00:06:34,200
higher ideally we're gonna be selecting retracements of at

78
00:06:34,200 --> 00:06:40,710
least 20 pips or more if it retraces higher if no

79
00:06:40,710 --> 00:06:44,070
retracement of 20 pips forms by 9am we're going to be

80
00:06:44,070 --> 00:06:47,130
cutting bait or basically walking and we'll be looking for

81
00:06:47,130 --> 00:06:52,020
another opportunity the following day. If it does form,

82
00:06:52,260 --> 00:06:55,410
we're looking to enter at the 62% retracement level as it

83
00:06:55,410 --> 00:06:58,710
rallies up again. important that we want to be selling short

84
00:06:58,710 --> 00:07:05,370
as price goes up Higher we'll be anticipating and expecting

85
00:07:05,370 --> 00:07:11,280
price to retest the low of the day or the previous day's low

86
00:07:12,300 --> 00:07:15,750
and or targets one, two and eventually symmetrical price

87
00:07:15,750 --> 00:07:22,110
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

89
00:07:27,000 --> 00:07:31,320
session. So immediately after that, we're going to be on

90
00:07:31,620 --> 00:07:36,690
watch for a retracement higher of at least 20 pips. Now,

91
00:07:36,870 --> 00:07:39,630
again, if you're having very strong convictions about the

92
00:07:39,630 --> 00:07:43,650
market being very bearish, you can anticipate a optimal

93
00:07:43,650 --> 00:07:49,980
trade entry form at 15 pips or so you can get really

94
00:07:49,980 --> 00:07:54,000
aggressive if you're on a five minute chart and take 10 PIP

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.

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

102
00:08:24,180 --> 00:08:29,400
trade entry, but the key is waiting for a 20 PIP rally after

103
00:08:29,610 --> 00:08:34,560
7am New York time while the New York session is anticipating

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

109
00:08:53,190 --> 00:08:56,400
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

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

115
00:09:16,530 --> 00:09:19,950
video for the first time and have never seen any of my other

116
00:09:19,950 --> 00:09:23,130
work, if you go and look at my YouTube channel, inner circle

117
00:09:23,130 --> 00:09:27,300
trader, it will obviously show you a optimal trade entry

118
00:09:27,300 --> 00:09:30,180
primer and I'll show you how in that video how to set your

119
00:09:30,180 --> 00:09:33,330
Fibonacci up so you can see the levels I'm referring to.

120
00:09:38,520 --> 00:09:43,920
Okay, when to expect reversals when the hourly or 60 minute

121
00:09:43,920 --> 00:09:48,540
chart trades to an obvious old high or old low, that has

122
00:09:48,540 --> 00:09:52,170
shown a clear willingness to reverse price before in the

123
00:09:52,170 --> 00:09:57,630
past, okay, when it's obviously seen a reaction that pushes

124
00:09:57,630 --> 00:09:59,820
price the opposite direction once it's been traded to it.

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

127
00:10:07,470 --> 00:10:09,930
generic support resistance levels will give away and we

128
00:10:09,930 --> 00:10:12,840
never really know for sure. So I know what you're going to

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

130
00:10:18,390 --> 00:10:22,230
hold price? and cause it to reject and go lower or higher?

131
00:10:22,980 --> 00:10:27,600
And the answer that question is, I don't know that. Think

132
00:10:27,600 --> 00:10:31,290
about that. It's probably unsettling. Now. I know. Some of

133
00:10:31,290 --> 00:10:37,110
you want to have that answer. And I wasted years believing

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

136
00:10:42,690 --> 00:10:45,600
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

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

141
00:11:00,660 --> 00:11:03,870
And price swings between these key timeframes and higher

142
00:11:03,870 --> 00:11:06,960
time frame price points that you shouldn't have to worry

143
00:11:06,960 --> 00:11:11,040
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

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

147
00:11:24,000 --> 00:11:30,720
take a trade, and it's going to quickly encounter one of

148
00:11:30,720 --> 00:11:33,330
these reference points on a 60 minute chart, an old high and

149
00:11:33,330 --> 00:11:36,420
old low, where it's shown classic support resistance

150
00:11:36,540 --> 00:11:39,540
characteristics. Maybe that's a trade you don't want to

151
00:11:39,540 --> 00:11:44,100
take. Or if you're going to do it be very, very nimble about

152
00:11:44,190 --> 00:11:47,580
where you're getting out at don't anticipate a run through

153
00:11:47,580 --> 00:11:51,540
that low or that old high. In this example here, and this is

154
00:11:51,540 --> 00:11:56,490
real world examples of done this actual trade based on what

155
00:11:56,490 --> 00:11:58,200
I'm showing you here this week at the time of this

156
00:11:58,200 --> 00:12:01,830
recording. So those endeavors Also follow me on Twitter, you

157
00:12:01,830 --> 00:12:04,650
know exactly what I'm talking about. And you can go look at

158
00:12:04,650 --> 00:12:10,890
my Twitter, you'll see it for November 10 2017. So we have a

159
00:12:10,890 --> 00:12:16,320
old low on an hourly chart here for British Pound USD. And

160
00:12:16,320 --> 00:12:19,560
as price trades back down to it, we would anticipate a

161
00:12:19,560 --> 00:12:24,300
measurable bounce or potential reversal. So that means we

162
00:12:24,300 --> 00:12:26,700
don't really want to be selling short around that time,

163
00:12:27,000 --> 00:12:30,420
because it may encounter some measure of bullishness or at

164
00:12:30,420 --> 00:12:36,600
least an unwillingness to go lower. So if we use a lot that

165
00:12:36,600 --> 00:12:40,260
we may anticipate a rally higher, we can look for optimal

166
00:12:40,260 --> 00:12:43,290
trade entry Long's in the New York session on a reversal

167
00:12:43,290 --> 00:12:46,740
basis, not a continuation of what has been seen overnight in

168
00:12:46,740 --> 00:12:52,410
London. So eventually, if we see that 60 minute chart, move

169
00:12:52,410 --> 00:12:56,820
higher and break a market structure as we've seen here, then

170
00:12:56,820 --> 00:12:59,970
we can look for the following day to do a standard classic

171
00:13:00,000 --> 00:13:03,180
By day, which you'll learn about my tutorials, and the

172
00:13:03,180 --> 00:13:06,570
market trades down gives an optimal trade entry long at the

173
00:13:06,600 --> 00:13:10,050
London open. And like myself here I was only seven pips

174
00:13:10,050 --> 00:13:13,800
away. Four pips if you if you're using the spread from the

175
00:13:13,800 --> 00:13:21,600
very low today, calling about an 80 PIP move or so intraday

176
00:13:21,870 --> 00:13:27,570
and a very, very nice run as a result of it, but the 60

177
00:13:27,570 --> 00:13:33,570
minute charts going to help you fare and filter when the

178
00:13:33,570 --> 00:13:38,700
market most likely will reverse. Okay, money management

179
00:13:40,410 --> 00:13:43,830
while you develop and practice in your demo account, it's

180
00:13:43,830 --> 00:13:47,130
important for you to implement strict risk controls. No, no,

181
00:13:47,130 --> 00:13:52,320
this isn't fun isn't sound fascinating. It's not sexy, but

182
00:13:52,320 --> 00:13:54,810
it really is your only protection. And in this business, you

183
00:13:54,810 --> 00:13:58,410
need everything you can to protect yourself many times from

184
00:13:58,410 --> 00:14:02,910
yourself. If you want to see what can be accomplished, you

185
00:14:02,910 --> 00:14:07,710
need to use sound money management. Now, for this, in many

186
00:14:07,710 --> 00:14:11,220
of my teachings, you're going to see me preaching. Consider

187
00:14:11,220 --> 00:14:14,580
1% per setup. That means 1% of your total account equity,

188
00:14:15,480 --> 00:14:19,200
and gradually working your way up to 2% if this meets your

189
00:14:19,200 --> 00:14:21,750
risk tolerance, now, I'm not trying to talk you into these

190
00:14:21,750 --> 00:14:25,320
percentages. Many times some of you waxy elect to go with

191
00:14:25,320 --> 00:14:28,350
less than 1%. And there's nothing wrong with that. Some of

192
00:14:28,350 --> 00:14:32,040
you want to be cowboys and want to trade larger than 2%. But

193
00:14:32,040 --> 00:14:34,620
my advice is, if you've not been profitable for at least

194
00:14:34,950 --> 00:14:39,270
five years minimum, I wouldn't even venture above 2% is

195
00:14:39,390 --> 00:14:44,700
not worth it. Now, it's important not to try to swing for

196
00:14:44,700 --> 00:14:47,370
homeruns or take larger risks to try to grow your account

197
00:14:47,400 --> 00:14:50,190
faster. It's not necessary, it's reckless and you shouldn't

198
00:14:50,190 --> 00:14:53,790
try to do it at all. Over leverage will impede your

199
00:14:53,790 --> 00:14:56,430
development and drastically decrease your chances of seeing

200
00:14:56,430 --> 00:14:59,910
responsible equity growth as well. So if you look at a set

201
00:15:00,210 --> 00:15:02,430
We have here and this is again, it's a setup I actually took

202
00:15:02,430 --> 00:15:07,020
today in the market and November 10 2017. In British Pound

203
00:15:07,020 --> 00:15:12,090
USD, the London setup I used and this is a London setup. So

204
00:15:12,090 --> 00:15:16,350
I'm not really teaching the application in any new york

205
00:15:16,350 --> 00:15:19,890
setup, but it's the same principle. If we are looking for an

206
00:15:19,890 --> 00:15:21,930
optimal trade entry long, and let's assume for a moment

207
00:15:21,930 --> 00:15:26,400
we're trying to buy at 131 20. Our stop loss relative to the

208
00:15:26,400 --> 00:15:30,480
optimal trade entry pattern said would be at 131. Big

209
00:15:30,480 --> 00:15:34,320
figure. So we have a 20 PIP range between entry to stop loss

210
00:15:35,100 --> 00:15:40,830
from a risk base. If we had an account of say $1,000 a very

211
00:15:40,830 --> 00:15:44,940
modest account. And having 1% of that, or risk in dollar

212
00:15:44,940 --> 00:15:49,080
terms would be a total of $10 less, commission, whatever it

213
00:15:49,080 --> 00:15:53,610
is that you'd be paying for your broker. Now that $10 with

214
00:15:53,610 --> 00:15:57,630
20 pips, you divide that $10 by 20 pips and it gives you a

215
00:15:58,110 --> 00:16:03,000
multiple or In this case, your demo leverage would be five

216
00:16:03,060 --> 00:16:09,420
micro lots. Okay, we're about 50 cents per Pip. By having

217
00:16:09,420 --> 00:16:16,980
this, we know that we should not see a larger loss than 1%

218
00:16:17,220 --> 00:16:20,670
or $10. We took the loss, our account will drop down to

219
00:16:20,700 --> 00:16:25,320
$990, give or take whatever commissions, your broker may or

220
00:16:25,320 --> 00:16:34,200
may not charge. If we're trying to trade with this model,

221
00:16:34,590 --> 00:16:37,380
okay, obviously, you've seen many instances where I've shown

222
00:16:37,380 --> 00:16:42,180
help taking partial profits can remove that number one

223
00:16:42,510 --> 00:16:46,050
barrier of being able to hold on to the trade because you

224
00:16:46,050 --> 00:16:49,620
want to make a profit. You're afraid to take a loss and you

225
00:16:49,620 --> 00:16:53,610
want to make money by taking partial profits. And in this

226
00:16:53,610 --> 00:16:58,410
case, it'd be at 131 40. I'm sorry, 131 54 would be our

227
00:16:58,410 --> 00:17:03,090
first profit objective. By taking something off, it removes

228
00:17:03,090 --> 00:17:07,680
that insatiable desire to be right, you've taken something

229
00:17:07,680 --> 00:17:10,740
off, you've reduced risk, but you also gave yourself that

230
00:17:10,740 --> 00:17:13,170
little cookie that little pat on the back, he did something

231
00:17:13,170 --> 00:17:17,820
good. And at this moment, you can choose to do that. Or if

232
00:17:17,820 --> 00:17:20,910
it trades up to target one on your fib, that would be in

233
00:17:20,910 --> 00:17:25,200
this case 131 69. At that moment, then you can move your

234
00:17:25,200 --> 00:17:28,740
stop loss to break even and take no partial, and then try to

235
00:17:28,770 --> 00:17:31,950
reach for target two and at that point, take a portion of

236
00:17:31,950 --> 00:17:36,540
the trade off and then move your stop loss just below 131 54

237
00:17:36,540 --> 00:17:40,680
or where would your top of your fib would be. We've anchored

238
00:17:40,680 --> 00:17:43,200
it on the high point. Now you can move your stop loss just

239
00:17:43,200 --> 00:17:46,890
below that. And then again, consider taking partial profits

240
00:17:46,920 --> 00:17:49,650
at the symmetrical price swing and maybe leave a little

241
00:17:49,650 --> 00:17:55,020
piece on go further or collapse entirely at the symmetrical

242
00:17:55,020 --> 00:18:01,830
price swing the effects of money management And the roles I

243
00:18:01,830 --> 00:18:09,090
have. I've never been, I guess so rigid in the way I do it.

244
00:18:09,210 --> 00:18:13,410
I trade more or less with an impulse with what I feel the

245
00:18:13,410 --> 00:18:17,040
markets telling me and it's hard to digest that. And it's

246
00:18:17,040 --> 00:18:19,980
all based on tape reading and tape reading is, you know,

247
00:18:20,040 --> 00:18:23,880
that's an experiential thing. It's you can't you can't

248
00:18:23,880 --> 00:18:26,010
really teach it. You can't say here's what here's what you

249
00:18:26,010 --> 00:18:34,770
do. It's something you have to learn by spending years, not

250
00:18:34,770 --> 00:18:38,760
days, not a couple hours, not a couple months, years of

251
00:18:38,760 --> 00:18:46,110
watching price action. I've said many times now, and I'm a

252
00:18:46,110 --> 00:18:50,880
dinosaur. I'm over 25 years doing this now. So there's a lot

253
00:18:50,880 --> 00:18:53,910
of experience and things I've seen that tend to repeat

254
00:18:53,910 --> 00:18:57,420
themselves over and over and over again in price and very

255
00:18:57,420 --> 00:19:00,480
rarely ever shocked or surprised by what I see. Price,

256
00:19:00,540 --> 00:19:02,550
because it's usually the same type of thing over and over

257
00:19:02,550 --> 00:19:06,450
again. But you would think with 25 years plus doing it, I

258
00:19:06,450 --> 00:19:10,560
would have a rigid exit strategy. And the closest thing I've

259
00:19:10,560 --> 00:19:15,660
got is using these fibs and what I feel from the

260
00:19:15,660 --> 00:19:19,140
marketplace. Now some of you will take this insight that

261
00:19:19,140 --> 00:19:22,770
I've shared with you and build a really strong, rigid rule

262
00:19:22,770 --> 00:19:27,390
based idea about when you take profits. And I've actually

263
00:19:27,630 --> 00:19:31,470
asked my own mentorship students, if they are able to come

264
00:19:31,470 --> 00:19:33,330
up with something I would love to be able to see that

265
00:19:33,660 --> 00:19:36,120
because I have always been very honest and said that my

266
00:19:36,120 --> 00:19:39,180
weakest point in my trading is the exits. I'm never

267
00:19:39,180 --> 00:19:43,020
satisfied with them. Because I'm trying to crack that as

268
00:19:43,860 --> 00:19:46,560
like entries. I got like dialed in, I know what I'm looking

269
00:19:46,560 --> 00:19:49,770
for, but exits. I'm always looking for a way to improve that

270
00:19:49,800 --> 00:19:53,970
because think about it. That's how we get paid. So there's

271
00:19:53,970 --> 00:19:58,860
no real hard and fast, rule based, you know, routine that I

272
00:19:58,860 --> 00:20:02,550
do that always follow It does. How much do I take off? If I

273
00:20:02,550 --> 00:20:06,330
have 10? Lots on? How many locks? Do I take off it first

274
00:20:06,510 --> 00:20:09,600
scale out? How many do I take it target one, there's many

275
00:20:09,600 --> 00:20:12,240
times where I won't take anything off at first profit. I'll

276
00:20:12,240 --> 00:20:15,990
wait for target one. And I'll take half off there. And I'll

277
00:20:15,990 --> 00:20:18,270
take another portion off at Target two, and then I'll have

278
00:20:18,270 --> 00:20:20,430
something on for some magical price swing. And then if

279
00:20:20,430 --> 00:20:23,010
there's time left in a day, I'll leave another portion on

280
00:20:23,010 --> 00:20:26,400
for that. So it's all a matter of what I see and feel in the

281
00:20:26,400 --> 00:20:28,680
marketplace. And I know that probably doesn't satisfy some

282
00:20:28,680 --> 00:20:33,240
of you, you're going to assume and almost feel like you're

283
00:20:33,660 --> 00:20:36,480
in a position where you can demand that I tell you exactly

284
00:20:36,480 --> 00:20:38,910
what I'm doing all the time. And this is one of those is I

285
00:20:38,910 --> 00:20:45,180
just can't do that. I don't think there's really a set in

286
00:20:45,180 --> 00:20:50,160
stone process that would be so beneficial for you that if

287
00:20:50,160 --> 00:20:53,130
you do it this way all the time. It's good enough. I have

288
00:20:53,130 --> 00:20:57,810
not seen that in my own experience. So taking profits, I

289
00:20:57,810 --> 00:21:00,240
think it's something that's personal. You need to know Know

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

293
00:21:13,830 --> 00:21:18,510
good approach to breaking down how to find the setups. The

294
00:21:18,510 --> 00:21:20,670
currency pair that you're probably following if you're just

295
00:21:20,670 --> 00:21:22,980
looking at one, it's not going to give you a set up every

296
00:21:22,980 --> 00:21:27,570
single day. But if you have a nice handful of pairs, that

297
00:21:27,570 --> 00:21:30,420
you know you're looking for specific conditions as we

298
00:21:30,420 --> 00:21:33,810
outlined, it will give you a set up a couple times a week

299
00:21:33,810 --> 00:21:36,660
and that's all you need. You only need 23 pips that we get

300
00:21:36,660 --> 00:21:40,020
2% risk, and you can double your account every single

301
00:21:40,020 --> 00:21:44,490
calendar year by compounding 6% return 6% a month is not a

302
00:21:44,490 --> 00:21:49,530
lot. It's very easy to get to. But you have to know what

303
00:21:49,530 --> 00:21:52,650
you're looking for first, and hopefully, in these three

304
00:21:52,650 --> 00:21:56,430
volumes in this series. It's been short enough and concise

305
00:21:56,430 --> 00:21:59,820
enough for you to at least see what it is that I can point

306
00:21:59,820 --> 00:22:03,090
to On a chart, and you can see it too, and how it repeats

307
00:22:03,090 --> 00:22:07,890
itself, there's consistency, there's continuity, there is

308
00:22:07,980 --> 00:22:12,510
high probability, and it up except for that rule based ideas

309
00:22:12,510 --> 00:22:15,540
that's lacking on the exits. Because it's more or less, you

310
00:22:15,540 --> 00:22:19,470
know, you're gonna be winging it. Okay. And I wish I could

311
00:22:19,470 --> 00:22:22,860
be stronger in my approach to teaching that. But there's

312
00:22:22,860 --> 00:22:26,520
really no way for me to formulate a always this is the way

313
00:22:26,520 --> 00:22:30,570
it's done. I got levels I like, and based on what I see in

314
00:22:30,570 --> 00:22:34,260
market action and time of day, because of my experience,

315
00:22:34,260 --> 00:22:36,840
they'll tell me what I want to do. And it won't always be

316
00:22:36,840 --> 00:22:39,270
the best way of doing it. Sometimes it just takes off and

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.

318
00:22:42,870 --> 00:22:46,170
Or sometimes I'm holding for something like that. And it

319
00:22:46,170 --> 00:22:48,990
doesn't really run it just goes to target one, or maybe it

320
00:22:48,990 --> 00:22:52,470
goes up to first profit and I didn't take anything off there

321
00:22:52,470 --> 00:22:55,320
and it's it comes back and hits me I'll stop. So there's

322
00:22:55,320 --> 00:22:58,830
things that you're going to have to learn by experience, and

323
00:22:58,860 --> 00:23:03,300
I can't teach to no one Coming on ttt either. And you just

324
00:23:03,300 --> 00:23:05,880
got to accept that, you know, there's going to be things

325
00:23:05,880 --> 00:23:09,420
that you're not going to get answers to in trading, that

326
00:23:09,420 --> 00:23:12,570
you'll find the closest thing to answering it by your own

327
00:23:12,570 --> 00:23:17,370
discovery. And be excited about that. You don't don't think

328
00:23:17,370 --> 00:23:18,930
that you have to know everything right now because you

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

332
00:23:30,660 --> 00:23:34,290
person you sit, sit and stare at in the mirror, that person

333
00:23:34,410 --> 00:23:37,140
is your biggest enemy right now. Because they're telling you

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

339
00:23:57,150 --> 00:23:59,670
yourself out of the marketplace. If you're not gonna be

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

342
00:24:06,990 --> 00:24:09,690
that I've given you a way to go into the markets every

343
00:24:09,690 --> 00:24:12,330
single day trading day and look for opportunities, even if

344
00:24:12,330 --> 00:24:15,690
it's in hindsight, it's beneficial to study it. But there's

345
00:24:15,690 --> 00:24:16,200
something

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

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

350
00:24:29,550 --> 00:24:32,910
close. And open high, low and close is the four best

351
00:24:32,910 --> 00:24:34,860
indicators you're ever going to find in price action.

352
00:24:36,120 --> 00:24:39,030
It's price. So hopefully you found this insightful.

353
00:24:39,270 --> 00:24:42,210
Hopefully you enjoy it. I'd love to have your feedback on

354
00:24:42,210 --> 00:24:45,840
twitter at Im ICT and until next time, I wish you good luck

355
00:24:46,080 --> 00:24:46,740
and good trading.