ICT Advanced Price Action Trading Concepts
- Thread starter TheInnerCircleTrader
- Start date
the golden gun
RINSE & REPEAT
PipHanger said:
Looks like your analysis was bang on!!!
Did you make some good trades with this winning analysis?
One of the things ICT was going over in his two live sessions this week had dealt with using a Daily Chart in a Monthly view.
Basic design is: Use a OHLC D1 chart of the pair. Trendline the Month Open for the Month. Then box highlight the first 4 trading days. (I'm attempting to do the days before NFP, but I can't find a full list at the moment, so doing it manually.)
This bridges off the Power of Three concept (which I need to review myself). If it's an Up month, the work will be normally done before NFP below the Month Open. If a Down month, work is done above. Exceptions seems to be if the pair is taking off from where it started the month, then it's likely up for most of the month.
However, that Month Open is a huge "pull to" location for the final week of the month. If you see a OTE retracement level on a Monday of the final week of the month, you could easily see a specific run back to the Month Open level.
In other news, Currency pair Month Open/Close levels are perfectly natural occurrence that have nothing -- truly nothing -- to do with valuations for other asset classes. There is no way that a Pair can range +/- 300 pips from it's Month & Quarter open level and keep returning there at each successive Month Open by any other means than random happenstance.
(In even more other news, I think I found Big Foot)
On the USDJPY, my read is for the NFP to drive up to at least 105. There is only liquidity above it currently. Market Structure is on a 2 Month upswing break, and it's been headed towards those upper liquidity pockets for 3 weeks now. It's hovering above an S&R with nothing below it to grab. It would need to move down 100+ pips to hit an Order Block with much action in it.
Not sure if I'll be able to get into position properly, but we'll see.
Basic design is: Use a OHLC D1 chart of the pair. Trendline the Month Open for the Month. Then box highlight the first 4 trading days. (I'm attempting to do the days before NFP, but I can't find a full list at the moment, so doing it manually.)
This bridges off the Power of Three concept (which I need to review myself). If it's an Up month, the work will be normally done before NFP below the Month Open. If a Down month, work is done above. Exceptions seems to be if the pair is taking off from where it started the month, then it's likely up for most of the month.
However, that Month Open is a huge "pull to" location for the final week of the month. If you see a OTE retracement level on a Monday of the final week of the month, you could easily see a specific run back to the Month Open level.
In other news, Currency pair Month Open/Close levels are perfectly natural occurrence that have nothing -- truly nothing -- to do with valuations for other asset classes. There is no way that a Pair can range +/- 300 pips from it's Month & Quarter open level and keep returning there at each successive Month Open by any other means than random happenstance.
(In even more other news, I think I found Big Foot)
On the USDJPY, my read is for the NFP to drive up to at least 105. There is only liquidity above it currently. Market Structure is on a 2 Month upswing break, and it's been headed towards those upper liquidity pockets for 3 weeks now. It's hovering above an S&R with nothing below it to grab. It would need to move down 100+ pips to hit an Order Block with much action in it.
Not sure if I'll be able to get into position properly, but we'll see.
Since this thread is called "Advanced" price action trading concepts, i might do a video, on what i can see myself, from the recent videos/webinars ICT has shared. if you look even harder into the price action, into these concepts, you can see price react incredibly well down to the pip, over and over again. There are "key" levels created by the larger institutions that provide any day trader opportunity
PipHanger said:
Yeah, i know what you mean, i kind of ment close enough to key levels anyway, maybe not to the exact pip. I am uploading a vid to youtube now, based on what i was trying to explain. Any day trader needs to know when he is right before executing that's for sure.
I myself am still a young gun! 2 years now
So how does ICT get his directional bias, Let's take this week for example...
Here is a chart of the Cable Daily then 4HR to show what setup I thought I was stalking this week....
As you can see I was looking to go short to get in line with the HIGHER TIMEFRAMES, well I was way off.
I will admit that ICT's tools are the Holy Grail, but only once you know which way to look in the market. This and only this will make you money. So how do you determine directional bias for the Day or Week before the Day or Week starts? I believe ICT has touched very little on determining a directional bias, unless I fell asleep during that video.
Here is a chart of the Cable Daily then 4HR to show what setup I thought I was stalking this week....
As you can see I was looking to go short to get in line with the HIGHER TIMEFRAMES, well I was way off.
I will admit that ICT's tools are the Holy Grail, but only once you know which way to look in the market. This and only this will make you money. So how do you determine directional bias for the Day or Week before the Day or Week starts? I believe ICT has touched very little on determining a directional bias, unless I fell asleep during that video.
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There is ALWAYS two sides to every coin. ICT's tools line up on the wrong side of trades just as well on the right side of the trade, but the tools aren't shit without a directional bias.
This is what confuses me the most. Every week I go in stalking a trade setup that lines up perfectly only to see it fail over and over again. It's very unlikely that I catch the correct side and if I do it's probably more of luck then anything.
This is what confuses me the most. Every week I go in stalking a trade setup that lines up perfectly only to see it fail over and over again. It's very unlikely that I catch the correct side and if I do it's probably more of luck then anything.