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Version 1.1 by Drunk Monkey on 2020-11-20 16:22
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Drunk Monkey 1.1 1 1
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3 ICT: Okay, folks, welcome back. This is video number seven
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7 in a continuing series of 20 videos in the inner circle
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11 trader optimal trade entry pattern recognition series.
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15 Alright, today's example is the British Pound versus the US
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19 dollar. All right, so here's our daily chart. And we're
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23 looking at the price action from today. And we're going to
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27 reference Thursday's price range using the rules that I've
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31 provided for you for this series. And here's Thursdays daily
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35 range, and obviously Friday is here. The low on this
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39 particular day on Thursday comes in at 121 65 and eight
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43 pipettes. So our line is showing that and the question is,
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47 is the day that you're sitting down in front of your charts,
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51 okay. Is it likely to take the previous day's high out or
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55 the previous day's low? What's the market been doing all
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59 week? It's been reaching for the previous day's low.
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63 Previously slow taking out previous day's low taking the
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67 previous day's low taking the previous day's low taking it.
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71 Okay. The classic support resistance crowd in the retail
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75 market. They would have seen this low here because look what
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79 happened. It's pretty obvious, isn't it? I mean, it's the
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83 price up didn't. So this level here was the magic level.
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87 This was the real support level. And when it came back down
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91 into it, we had nothing. It just rolled right on into it.
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95 But this was the real one. Come on mistake. It's really what
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99 it was it was this low here. That's the support level that
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103 you would look for. Well, that didn't do anything either.
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107 You see where I'm going with this right. Retail support
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111 resistance theory is not the answer. It's not Now some of
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115 you that are watching this video, probably not privy to my
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119 Twitter feed today, I prompted everyone this morning during
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123 the New York session to look at the British pound. And
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127 everyone that's been going through this series, and or has
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131 been trained by me knows exactly what the lower timeframe
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135 was indicating at the time. So I don't operate as a signal
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139 provider, I don't say here, buy here, put a stop here and
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143 take your profits here. Because I'm not licensed to do so.
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147 But I am capable of drawing your attention to a specific
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151 market a specific time. And I point you shoot. What does
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155 that mean? Well, it gives you the opportunity to practice
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159 real time and study the things that I teach. And what am I
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163 specifically talking about in this video, it's the things
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167 that I taught in the first video of the series. The pilot
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171 episode of the optimal trade entry pattern recognition
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175 series. That video lays the groundwork for this entire
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179 discussion on cable. So here's the five minute chart of the
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183 British pound. And take a look at the price action here. And
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187 if you have not looked for this yet, I'm going to ask you to
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191 pause your video. That way you can have an opportunity to
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195 study it and see what you see before I added lipstick. Okay,
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199 so we're gonna add some annotations. So here's that previous
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203 day's low, Thursday's daily low, coming in at 121 65 and
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207 eight pet pets. And here's our New York session sets the
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211 time when these formations occur. Now, obviously you can see
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215 head of New Yorkers in the New York session we're doing at
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219 that at 830. That's what this is here to again, 11 o'clock,
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223 nothing is changing. This is static rice. You can see our
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227 swing high to swing low, and the retracement back up inside
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231 the New York session. So you to trace level trades to it
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235 here, remember that's our suggested entry for studying and
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239 back testing this and the market starts to break lower. And
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243 there's multiple optimal trade entries in here, there's a
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247 swing from this high down to this low to this one, you can
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251 do your own projections on that as well. And this one here,
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255 123. And again, it's inside the New York session, time of
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259 day that this outline works well in. First scaling comes out
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263 at 40 pips down here at the range low and then half of the
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267 standard deviation that makes up the Fibonacci range.
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271 takes us down to 75 pips for a second scaling, and it's
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275 drifted a little bit lower, just at the time of this
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279 recording. But this is sufficient enough. I look personally
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283 for 50 to 75 pips a week, you can do very, very well with
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287 less than that it's not absolutely mandatory that you take
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291 that much out of the market. Every time you Sit down. This
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295 in itself is an opportunity to be short here and take 75
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299 pips out from there. There's nothing wrong with that at all.
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303 It's very very lucrative way of harvesting pips, if you can
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307 find setups to offer and yield this gearing. So if we found
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311 this insightful I will continue next week on Monday when we
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315 get to our next example until then I wish you good luck and
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319 good trading.