Original subtitles

Welcome back folks.

This is ICT with a weekly recap for the week ending November 18th, 2016.

Okay.

For the last two days we've been monitoring the British pound USD.

We were tracking a short trade from 1 24 45.

I tweeted that entry and a 30 PIP stop-loss and targets of 1 23 75

and 1 23 50 as downside objectives.

Now the trade panned out over the course of a little over a day.

So we're gonna have to go through to the mechanics.

So why I suggested that as a study for your, uh, for your learning,

uh, but we're going to go onto the daily chart of the dollar first.

Okay.

We had, uh, the dollar looking to potentially sweep above that 100 point 55.

Yeah, that was our initial objective for the week.

Uh, prior student, in fact, that trade up into that on Wednesday and Thursday

we had through, and then today being Friday, we traded all up to 1 0 1 50.

So we've had strong.

On the heels of the Trump election.

So we had a movement to, uh, to the dollar index as a result of that.

We saw the rejection very strong off of here last week, and that

momentum has been relentless.

It's been straight up.

It's been very, uh, you know, hard to fight this trend.

I tried earlier this week to do that very thing.

And every time I did it, it was quickly given to me by way of.

So I was able to mitigate those losses this week and come out with a profit

for the week, rather handsome profit mother packed, but let's take a look at

the 30 minute chart on the dollar index.

And today we saw price initially, poke its head above previous days.

Be traced down into a shorter blocks.

So we're gonna use a horizontal line to denote that level here.

The open comes in at 100 point 84.

The low on today comes in at 100 point 84 to the PIP again.

Okay.

So we, we had this oral block here and gives us bullishness on the dollar.

It gives us bullishness on a dollar, and if it's going to be bullish on

the dollar, that means it's going to be weakness on foreign currencies.

Now, before I go to cable, Your dollar.

Now, last week we saw the market clear, these equal highs, and we see

that rejection here and the momentum has been again much in the same way.

Just reverse what we saw in a dollar index, uh, for bullishness on a dollar.

We're seeing weakness on the Euro dollar.

Um, we had this down candle in here as our objective.

And then now we're going to be looking for a moot down below that 1 0 5 40

level, uh, that may be seen next week.

Um, but then we have a lot lower targets than that.

If you go into a weekly chart,

we have an own low back.

At 1 0 4 64.

So we got 1 0 4 65 to one to four 50 downside objectives

from where we're at now.

So we have, we have a lot more range of trade on a downside.

So next week we still are only focusing on shorts.

So let's go back and take a look at.

Euro and hourly chart.

All right.

So we have the week here, um, market opens up one Sunday, goes into Monday.

Strings is midnight in New York, each candle, the vertical blue

line, delineating midnight in each day, Mondays chambers soft.

And then Tuesday we had.

And traded above the weekly open.

I had a short position in here, which is essentially just a scalp.

I was doing these trades in here to neutralize the, uh, the down I absorbed

on the Monday and Tuesdays trading market trades lower into Wednesday.

And then Thursday, yesterday we saw the market.

Trey back up into a bear shorter block, closing this range in here.

Now again, think about the things I talked about in month, September, what you're

specifically supposed to be focusing on, because a lot of you are actually looking

for something new when really that's the only thing you should be focusing on.

And that's the reason why I told you that you have to be primarily.

The things that's going to be utilized throughout this mentorship.

So having these two up candles here to lower, the two is

where the order block begins.

They are shorter block.

It means they're.

So they sold it when price rallies.

With these two candles and slammed down.

So they were selling in this move up to price trades back up into

that range of these two up candles, closing the closes in this void.

The market sells off yesterday rather aggressively.

Now that was a tip off that I had.

Sure cable, because we had a bullish dollar that was relentless going higher.

I saw that the Euro dollar had already broken down and they were

allowing the Euro pound to move.

So they're going to have to hold cable and a consolidation until a later time.

So if you're a pound is going to drop, that means you're

only going to drop itself.

And it's current in this currency pair here, Euro versus the dollar try

and go rower while they hope it is pound USD and arrange in that will

cause your Pam that pear to drop.

Since we had a big range yesterday in.

So you look at the cable and I'm going to zoom in on this daily chart

on, we'll talk about a couple of things that we mentioned this week.

We are looking at this down candle and I said, if we'd lost the upper

portion of that range or the main threshold, which is what we saw.

Okay.

So on Tuesday we saw that entire daily candle eventually

moved down to this low net.

Low comes in at 1 23 77.

So that's well below what's shaded in here as the main threshold.

That was the crack in market structure that you have.

Now.

You want to look for cells.

Okay.

So on Wednesday, Thursday, and Friday, The movement up from

the open creating Judah swings.

And now what's false rallies.

Okay.

To sell into let's go into a 30 minute chart.

Actually.

Let's go back to the wheelchair her quick.

Uh, we ha we saw the lows in here.

Okay.

Coming in the form of 1 23 50.

That's our objective while prices up here.

So we know our known objectives down to one twice.

50 or lower.

And the next objective would be the 1 23 20 level institution.

And then 1 23 big figure.

We still have this block here to trade into next week and

that candles high and it's open.

I comes in at 1 20, 2 66, and the open comes in at 1 20, 2 30.

So we're looking for 20 to 30 is a downside objective next week.

And.

Uh, we're looking for 1 20, 34 pound dollar and continuation

on the upside for dollar.

So again, let's go over to a lower timeframe.

You can see the short at 1 24 45.

I gave you on.

That was essentially hinged on this candle right here is down candle.

The open on that candle.

I'm sorry.

The close on that candle is 1 24 47.

So I wanted to be in before that level, which is the body of the down

candle, which is a breaker, a down candle right before an old highs,

violet, which is this old habit.

It violates that high just by a little bit, but it's all, it's nothing.

Okay.

So the high here pierced this old high and it starts right here.

So when price broke down, once it traded back up into that, on this

candle here, I want to be selling short and I sold two separate positions,

one standard lot, and one position entry and another on a separate entry.

So I had two full standard, lots on at 1 24 40.

The first one I peeled off here, guys.

I took that position off in me, full position, exited off.

Didn't take much more than acts.

I wanted to hurt and pad myself out because I didn't know if it was going

to come off a little bit deeper and trade into this bear shorter block.

So I had to protect myself in a little bit with that.

Then I had multiple positions where scaled.

Oh, that remaining standard lot.

That's a small portion of it off here, here.

And I had small Marine portion on looking for 1 23 75.

And you guys can see that on the, uh, on the Twitter feed, y'all

gonna fill this video with all that.

But then I had a 1 23 50, we were looking for that objective to be met.

And as we drove down through it, I covered on the remaining

balance of that short position.

So I did not hold for the 1 23 20 level, which would be logical below

2351 continuation movement lower.

And now do not hold anything for the 1 23 big figure.

Now had it been Thursday, I would have held on for a little bit

more, but given it's Friday and I had to earn my stripes this week.

With this cable tray, because it had to work out a lot of price action here.

So I'm going to take off everything, go down into a strip default chart,

and I'm going to show you the framework with this trade.

It's a blank naked chart.

So here's that down candle rate for the mood it takes out previous.

Hi, this is.

Okay.

So we see price trading up into that right here, and then

ultimately falls out by itself.

That was enough for me to take the trade.

That's why I chose 1 24 45, because I wanted to make sure I had an

entry and I was willing to assume, or you pips of movement against me.

Okay.

We'll talk about today's trading in a minute, but I want to go back out to four.

Okay.

So we're the four-hour chart and you can see that rally here

that took place on the 17th.

The up candle was broken on the downside here, and then we traded back up into it.

This candle here, you went right up into about 50% of that bodies range.

And that was just entire range, not the low or the very high, just to.

The halfway through that, that's what this movement was seeing.

So I knew about 30 pips was about right.

So I took in, I, there was no guarantee I wasn't going to get that entry.

If I was going to wait for a higher price, obviously in hindsight, you can

look and see that it would have been better to get a higher price to get short.

So I want to make sure I got in and had something to allow the market to

eventually roll over and go lower.

We go into an hourly.

okay.

You see the price on this candle here?

The low is at 1 24 62.

dye comes in at 1 24 63.

So one pit hired is necessary to retrade back to this bear.

You could have did a 1 24 61, 24, 55 as an entry.

And it still have been really good for that.

Um, as a means of getting short, not using the 1 24 45 level that I used and price

breaks down lower, and then let's go into.

Specifically today.

Okay.

So we have the opening.

And what we do is we take that opening price and we draw that

out across our daily range.

Now think the catalyst behind the idea is that we have a boast dollar.

We've already seen Euro dollar breakdown.

We're seeing the movement yesterday, justifying the short position for cable.

People still has an old low back here that it has to violate and go, go below.

Looking for cell stops.

We have a low, a lower objective at 1 23 54 cell stops as well.

But looking at what we shown going into the day we had yesterday's low.

And then, uh, early on in Frankfurt.

Now the market dipped below by pepper too.

And it rally off aggressively.

I actually shown and we got to a 15 minute timeframe.

Here's that opening price.

And during London, I tweeted this run here and in one more time here, turtle soup.

Okay.

And then he came back one more time to blow out the stops, right above that.

For those that wanted to be short, whenever they come back.

That is a telltale sign.

It's going to go aggressively the opposite direction.

The premise was still the same.

We were looking for lower prices.

So we had 1, 2, 3 times, and that pattern is actually called a three drive or what?

I learned it as a three Indians pattern from the streets, marts

books by Linda Raschke and Larry Connor's, which is really cool.

It's a nice little climax reversal.

And you want to learn more about that?

You can read that book.

It's pretty cool.

But the, the market breaks down.

Once it gets down below the opening price.

Now it does it here.

Yes.

And it started rallying out.

Now once they started rallying.

In my mind thinking, okay, well, they're going to come back up here and take these

stops, but it shouldn't rage higher.

Shouldn't do anything like that.

But I knew because this exercise was being asked of you to be participating in and

some of you reluctantly didn't do it.

And for a demo account, you know, there shouldn't be any

fear or trepidation about it.

He's getting ready to do it.

And that's the benefit of being in mentorship because

I'm teaching you where this.

And you're going to desensitize yourself from seeing that fear

that comes up in your, in your perspective, you can't lose any money.

So why are you being fearful about you're in a demo account you have to

get in here and desensitize yourself by taking the trades and feeling what

it's like to take on the position.

And.

You have to hold onto it and release that sense of you have

to know what's going to happen.

You don't know what's going to happen and you never gonna

know what's going to happen.

So the only way you're going to benefit from this mentorship is by participation.

There's no magic kind of just watching the videos and it downloads into your brain.

You know how to trade.

You got to participate.

Okay, so you have to do that.

So the market comes back, takes their stops and then rolls over.

And once it takes this low out here, Marc structure for the day is now the

mark explodes goes rower, screaming down for the 1 23 75 level initially, or they

sell stocks which were residing ripple at least two equal lows, 2350 level.

2320 was taken and it ultimately all the way down into 23 big

figure at 1 22, sorry, 1 22 99.

And then we've seen a bounce in the, uh, the cable, the 2350 level.

We can see that in the.

You get back out to the daily.

That's this low here.

So liquidity below the daily lows at 2350 work targeted, but

yet we still have some downside.

That we're going to be watching for next week in the form of 20 65, 20 30.

And then we have all these clean rows down here going into this

old, low back here during the.

So we will be seeing, uh, one nineteens revisited probably before Christmas.

And that should be, uh, seen going forward, uh, through our CAD.

We've seen price, uh, continued to move on.

I was identified this a fair value gap down here.

Didn't get down there, but it did trade into this or a block in

this bullshit or block as well.

Take the opening price, draw that out.

It nails it.

And then a nice big response off of that.

So it didn't get down to the level I was looking for initially, and I really

wasn't interested in trading dollar CAD.

So I think realistic development, more analysis behind it.

I was seeing this level here, but because of my reluctance in wanting to trade

it, I really wasn't that interested.

So I just stayed sitting here for hindsight benefit only.

Um, I do see that we do have equal high.

Let me take this off, that equal highs here, and we have equal highs here.

So we're probably going to be looking for a run up next week into those levels.

Uh, so keep an eye on 35 90.

55 65.

So 35 65 upside 35, 90, 30, 4 36, big figure upside objectives for next week.

What changes that tone is if we get borough these loads in here

and come back into this range here, because then it's not going to be as

bullish as I am seeing it as here.

Uh, going back out to dollar daily, um, for months, for months

since the summer and spring.

And actually before that, we were talking about, um, $1 mark on a dollar index

and then one oh twos and one to fours.

And if we get extreme blow.

Uh, potentially 1 0 7 $1 index.

So nothing's changed long-term again, we're calling parody on

Euro dollar with the dollar and, uh, it can certainly do that.

Um, I don't think it's going to happen before the end of the year, but it

certainly can surprise everyone and do it.

Uh, you know, as we get closer to, uh, the end of the year, things

will probably, um, you'll start seeing a lot of profit taking.

Short positions because yeah, it is isn't in the year phenomenon.

So it doesn't change the tone for what we see going into next year, which is

again, until everything changed for the dollar, it's going to be bullish

and we're gonna be looking for sell signals, swing, trade, short term,

and day trades or foreign currencies.

And with that folks, I'm going to close it wish you a very good weekend again, remind

you whenever I give you an exercise.

Uh, it's for your benefit to participate.

It's not as good as it is.

If you don't participate, going back and looking at hindsight,

doesn't have the same effect.

So I gave you a lot of free time to be looking at the marketplace in

this trade exercise, because it's an opportunity to see how the market.

Allow the Euro dollar to decline first and then cable was allowed

to trade lower as a result.

So I'll, I'll speak more on that, uh, this Sunday for a pre-market, uh, radio again,

not looking for specifics that we're gonna be watching going into next week.

I did a little bit of a brief summary here, but I'll go into a

little bit more specifics and some views on what I think may unfold.

Okay.

With that guys.

I wish you good luck and good trading.