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OTE Pattern Recognition Series - Vol 10.srt

Last modified by Drunk Monkey on 2021-06-10 10:05
1 00:00:11,280 --> 00:00:19,110 ICT: Okay folks, welcome back. This is video number 10 and a continuing series of 20 videos for the ICT optimal trade entry pattern recognition series.
2 00:00:20,760 --> 00:00:28,410 Alright, so today's example is going to be on the Australian dollar versus the US dollar. And we have our chart already trained in on the five minute chart, I
3 00:00:28,410 --> 00:00:42,750 want you to take a look at the chart and pause the video. Alright is your last warning before I show you the lipstick on the chart? Alright, so we have
4 00:00:42,780 --> 00:00:55,860 Tuesday's previous daily high annotated here, the beginning of May 20 2020. And we have our New York session, time of day delineated on our chart. So we're
5 00:00:55,860 --> 00:01:06,840 looking for price to run above Tuesday's daily high, you can see it's reaching up for it there. It's it just pierces it very very, very modestly. And then it
6 00:01:06,840 --> 00:01:21,660 retraces down into our time of day. And we're going to add our fib There's our fib here on our low to high optimal trade entry beautiful touch 279 treatment
7 00:01:21,660 --> 00:01:34,410 level, touches it again at the 70.5 low which is a sweet spot. And price expands above comes back find some support at previous day, the high end price runs and
8 00:01:34,410 --> 00:01:46,710 expands above the big figure point 6600 level. Now, for the fib I've shown you this in the first video, I just want to show you the levels again, like that.
9 00:01:47,460 --> 00:01:58,350 People asking on Twitter. Those are the levels that are highlighted on this fib.  And the one I've added but said in one of that Can you recall what video was in
10 00:01:58,350 --> 00:02:10,260 this series, but you can add a negative 1.5 level. And you can see that being applied here. Okay, so that way, you have your half standard deviation for
11 00:02:10,260 --> 00:02:22,830 standard deviation, one and a half standard deviation and two standard deviations further look with the details here. 65 776 entry right up to 62%
12 00:02:22,830 --> 00:02:40,110 treatment level, your fill will be on this candle here. And using a 10 PIP stop 30 pips is offered when we're using points 6610 as our target. So the big figure
13 00:02:40,110 --> 00:02:51,330 in here, which would be read about in here, point 660 doesn't really line up with any of the fib. But if we're gonna run above Tuesday's high, it's probably
14 00:02:51,330 --> 00:02:59,250 going to run above the big figure. So it's nice to be able to capture some kind of a movement above that big figure. Now, you can simply just use the one
15 00:02:59,250 --> 00:03:12,600 standard deviation here. And that would be point 6600. Again, rounding down not demanding that 6603 and to pit bets. So we're just using the fib. Again, as a
16 00:03:12,600 --> 00:03:27,150 framework, it's just a rough idea in terms of the basic profile to the trade, it doesn't require or we don't rather demand that these fib levels get hit, it just
17 00:03:27,150 --> 00:03:39,150 helps us structure, the trade. And where we can put our entries in what our stops are going to be in in projected up for potential targets. But we use the
18 00:03:39,150 --> 00:03:56,850 liquidity above this old high as the real framework. And the big figure level I'll add here just for completeness sake. So you can appreciate the running
19 00:03:56,850 --> 00:04:06,270 liquidity above that. Okay, so it's not that we're requiring this absolute high I have tools and techniques that will give you this very high, but it's not
20 00:04:06,270 --> 00:04:12,810 important, especially not in the scope of a YouTube video series. Okay, hopefully you found this insightful until next time, I wish you good luck and
21 00:04:12,810 --> 00:04:13,320 good trading.