OTE Pattern Recognition Series - Vol 20.srt
Last modified by Drunk Monkey on 2021-06-11 09:39
| 1 | 00:00:11,580 --> 00:00:21,780 | ICT: Okay, folks, welcome back. This is our 20th video and final in this series. As you know, all good things must come to an end. So here we have today's |
| 2 | 00:00:21,780 --> 00:00:30,810 | example. And it's in the euro dollar. And we have our charts already trained in on a five minute chart and you know the drill, you pause the video, and take a |
| 3 | 00:00:30,810 --> 00:00:33,300 | look at this example and see what you see. |
| 4 | 00:00:39,780 --> 00:00:50,490 | Here's the previous day's high, and I'll scroll back when after I go over this portion here, but between 830 in the morning, New York time to 11 o'clock right |
| 5 | 00:00:50,490 --> 00:01:01,500 | there every single day, New York time, we have a market run here, above the previous day's high. And it retraces all the way back down into the 17.5 level. |
| 6 | 00:01:01,500 --> 00:01:13,650 | But for this model for the YouTube channel, we have a type of entry of one point 1250. And that position entry would have suffered eight PIP drawdown, you do a |
| 7 | 00:01:13,650 --> 00:01:29,310 | 30 PIP stop loss. At the old high, it's a plus 47. At one half standard deviation is 86. pips, ultimately at one standard deviation, it's 124 pips |
| 8 | 00:01:29,310 --> 00:01:39,060 | really, really nice day. Really easy day, actually, you don't get these every single day of the week. But when they do come Well, it's, it's very, very fun to |
| 9 | 00:01:39,060 --> 00:01:50,550 | do it. We participated in an observation today on the British Pound versus the US dollar. I'll reserve that for my private group. But for now, this is just a |
| 10 | 00:01:50,550 --> 00:02:02,730 | wonderful example to close this series out the previous day's high can see here. And we do that out in time. And again, as I mentioned earlier in the series, |
| 11 | 00:02:03,240 --> 00:02:13,470 | you're going to see examples of this set up that will form when it runs the previous day's high or the previous day's low. And don't think that that's the |
| 12 | 00:02:13,470 --> 00:02:23,100 | end of the move. And many times it just is the very perfect setup, actually, it just shows you that it wants to go higher, and it's retracing lower, and this |
| 13 | 00:02:23,100 --> 00:02:32,010 | gets a lot of the retail traders tripped up, they think that the markets reversing or something that effect a topping formation. I remember back in the |
| 14 | 00:02:32,010 --> 00:02:39,780 | 90s. When I first started, I thought that everyone pick tops, and everyone picked bottoms. And I quickly found out but I personally at the time couldn't do |
| 15 | 00:02:39,780 --> 00:02:52,350 | that. And learning how these markets operate initially with commodities. That market is no different from the foreign exchange market in a lot of ways, but |
| 16 | 00:02:52,350 --> 00:03:01,530 | the foreign exchange market has a whole lot more subtle nuances that are very specific to it, just like the bond market has subtle nuances that are very |
| 17 | 00:03:01,530 --> 00:03:12,180 | unique to it. And I'm sure if I were a crypto trader, which I'm not, I could probably give a list of things about that asset class that would be very germane |
| 18 | 00:03:12,180 --> 00:03:21,870 | to just that asset class alone. So when we go through all these examples, I'm going to count you to go through them multiple times. I'm purposely went in and |
| 19 | 00:03:21,870 --> 00:03:32,670 | made them as short as I possibly can right to the point. And it gives you basically what a one full month or 20 trading days would be like logging the |
| 20 | 00:03:32,670 --> 00:03:43,650 | examples of one market that you find the optimal trade entry in. And what will happen is, you will assume especially if you're new watching this video series |
| 21 | 00:03:43,650 --> 00:03:56,610 | that this pattern should form every single day in the same market. And that's not true. There is this pattern always every single day, but not every single |
| 22 | 00:03:56,610 --> 00:04:06,990 | day is the market that you're following exclusively going to make a really easy run above the previous day's higher below the previous day's low. So that part |
| 23 | 00:04:06,990 --> 00:04:16,530 | you have to work out and build a watchlist and those things, you can learn how to do that in my free youtube channel videos and other series. So if we found |
| 24 | 00:04:16,530 --> 00:04:19,320 | this insightful, I wish you all good luck and good trading. |