ICT Homework Thread July 20th - 25th
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What I think will happen with GU is the classic LO Sell model.the golden gun said:
The green rectangle is the 15M order block
First take out the asian session low (and possibly the CDR low @ 1.6938), next to 1.696[0|5] ( give or take a few pips) to take out the NY session high of yesterday and STD2, and then down we go.
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I think this is the ORO pattern. In Xmas 2012 ICT did a series of video's targetting specific setups. The ORO (overlapping reflection in ote ???) was also on the list, but it never came out.AusDoc said:Looking good so far....
The Asia session high was the first OTE of the day. I hope your plan keeps working out.
But as I understand it, it is a OTE like you see and then a reflection pattern.
If you create a reflection from the asian high (put the 61.8% on it) to the low just made, the 100% comes in at 1.6965.
Clean out NY high, and a swing low in LO
rod178
Well-Known Member
AusDoc said:Ah yes, I see it. Thanks Hopi, I have never seen a reflection setup before.
the Reflection Patterm is just the 1.41 extension ie (re the reciprocal of the ote 1/0.705)
the easiest way to id it, imho, to recode the fib tool or indicator to display the 1.41, as well as the 127 162 and 200. Never could understand the reason why ICT goes to the trouble of moving the fib tool on the ote to id the Reflection Pattern.
Yep, that seems to be the sensible way to do it guys.
At least Hopi has explained what he is doing with his Fib tool manoeuvring and the more straight forward tool setting makes it a snap to just read. Would now like to know a bit more.
Is there a rationale that even I could understand? What's it all about, maybe in ICT's terms or just English? I confess that any time I heard him mention the ICT reflection pattern, either prior understanding was expected and he didn't explain it, or I just couldn't grasp what it was all about.
At least Hopi has explained what he is doing with his Fib tool manoeuvring and the more straight forward tool setting makes it a snap to just read. Would now like to know a bit more.
Is there a rationale that even I could understand? What's it all about, maybe in ICT's terms or just English? I confess that any time I heard him mention the ICT reflection pattern, either prior understanding was expected and he didn't explain it, or I just couldn't grasp what it was all about.
rod178
Well-Known Member
There is an example on today's Cable
pull a fib from yesterday's low to today's high (CDR high) before the Asian Range
the 1.41 is the AR high. It then ran out of steam and dropped to one deviation below the CDR low.
I'm now wondering whether or not a short continuation at the CDR high/70.5 fib (just under 16950) is worth a punt. Lots of News today to push price around.
pull a fib from yesterday's low to today's high (CDR high) before the Asian Range
the 1.41 is the AR high. It then ran out of steam and dropped to one deviation below the CDR low.
I'm now wondering whether or not a short continuation at the CDR high/70.5 fib (just under 16950) is worth a punt. Lots of News today to push price around.
the golden gun
RINSE & REPEAT
Hey rod178, your mini lesson on recriprocated OTE does make way way more sense than how ICT used to demonstrate it. I've always used the 1.27 & 1.62 extensions, with the little bit of understanding that 1.27 is the square root of 1.62. I thought that was all there was to it though.
But really the 3 belong in a set, just like the OTE levels 0.618, 0.702, and 0.786
You kind of blew my mind cause now I realize the math behind it:
1/0.618 = 1.618
1/0.702 = 1.425
1/0.786 = 1.272
:cheers:
But really the 3 belong in a set, just like the OTE levels 0.618, 0.702, and 0.786
You kind of blew my mind cause now I realize the math behind it:
1/0.618 = 1.618
1/0.702 = 1.425
1/0.786 = 1.272
:cheers:
rod178
Well-Known Member
The 70.5, as proposed by ICT is not a real fib number, well not unless one derives it via some convoluted 'suspect' math.
ICT, from memory, is the only, at least most prominent, proponent. It was derived from the Einstein like math (62+79)/2
I use it because it seems predictive under the "right" circumstances., which I suspect is the only reason that ICT sometimes uses it, although he now seems to place more emphasis on 'Order Blocks", which was not the case in his very early material. Ditto the 1.42
ICT, from memory, is the only, at least most prominent, proponent. It was derived from the Einstein like math (62+79)/2
I use it because it seems predictive under the "right" circumstances., which I suspect is the only reason that ICT sometimes uses it, although he now seems to place more emphasis on 'Order Blocks", which was not the case in his very early material. Ditto the 1.42
The "ICT Reflection" pattern is so named by ICT because he first saw it in the glass plate on his A/V system, in a Corn chart. ICT likes his straight-forward names.
As for how the pattern works, it's a combination of a few things for what is happening on the technical side of things, at least on the higher time frame side of things. On the lower time frames, it simply falls within the extension frame of the 1.27 and 1.62 extension. Which is where the 70.5 OTE comes about. As ICT started explaining back in March, Order Blocks are actually what you're looking for in the OTE Range. They're what the pair will actually respond off, as a functional Retrace. The "box" from 62 to 79 is simply to guide your eyes.
ICT likes to use the 70.5 when he's taking a Long Intra-Day. He keeps his order a little above, so it's a 79% retracement he's starting, the 70.5 is simply a quick & dirty entry marker. It also served as a teaching tool to get his followers to slowly "see" the Order Blocks. Which actually didn't work so well, which is why the advanced teachings came about. So it's not actually from Natural Systems study, where the "normal" Fib levels are from, it's a practical utility of the important levels.
But, Order Blocks always trump for analysis, which is trumped by S&R.
ICT does use all of the potential levels for looking for ICT Reflection patterns. It's not just the inverse of the 70.5. He calls an inverted 62 the "Voodoo" extension. If you hit that one at a Key level, you're pretty much catching a Swing point within a few pips. It's quite freaky.
As for how the pattern works, it's a combination of a few things for what is happening on the technical side of things, at least on the higher time frame side of things. On the lower time frames, it simply falls within the extension frame of the 1.27 and 1.62 extension. Which is where the 70.5 OTE comes about. As ICT started explaining back in March, Order Blocks are actually what you're looking for in the OTE Range. They're what the pair will actually respond off, as a functional Retrace. The "box" from 62 to 79 is simply to guide your eyes.
ICT likes to use the 70.5 when he's taking a Long Intra-Day. He keeps his order a little above, so it's a 79% retracement he's starting, the 70.5 is simply a quick & dirty entry marker. It also served as a teaching tool to get his followers to slowly "see" the Order Blocks. Which actually didn't work so well, which is why the advanced teachings came about. So it's not actually from Natural Systems study, where the "normal" Fib levels are from, it's a practical utility of the important levels.
But, Order Blocks always trump for analysis, which is trumped by S&R.
ICT does use all of the potential levels for looking for ICT Reflection patterns. It's not just the inverse of the 70.5. He calls an inverted 62 the "Voodoo" extension. If you hit that one at a Key level, you're pretty much catching a Swing point within a few pips. It's quite freaky.
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