Continuation of previous review
Price was bullish on the daily timeframe. I just talked about how to use the Order blocks on the higher timeframe to take/select trends to join in. All tools I use are based on Michael Huddleston's ICT concept on YouTube
Using Time and price concept based on ICT method
Explaining my decision to re-enter a trade. Based on what I could risk and willing to risk. With the limited tailoring of risk allowed in with a Futures Broker I still was able to risk a little to gain more. The power of ICT concept can give you that edge.
Here the FOMC at 2pm EST, showing the little scalp of ES and using the ICT Mitigation concept.
Since there is a buy side objective in the market which is the Fair Value Gap formed on the 4th of Jan 2021. Price looks to fill that in. I was not awake for the setup earlier because I thought the FOMC will be used to fill the gap and that was 2 pm Est. I decided to do other things around the house and come to the chart later at 1pm. But looks like I was deceived...
I demonstrate what it's like to not follow your rules and what happens when you do. Two quality setups occurred whereby one trade panned out nicely and the other played out wonderful as well but due to FOMO it almost became a nightmare. If that was real money would I be able to recover from such loss? Therefore stick to your rules and deal with the probability...
I found a bullish breaker on the DXY (Dollar Index) 4 Hour chart and then found support at an Order Block, giving the idea of a bullish dollar for the day. Hence, the dollar crosses should be bearish.
I demonstrate on a demo account how I traded the ES using the ICT (by Michael Huddleston) concept in my daily analysis. The concept used were ICT Breakers, Order Blocks, Liquidity purge and revert, and ICT Sell Model. You can find more of is free YouTube course on YouTube.
Just showing the progress of my previous analysis. The news did not affect price significantly. TIME ZONE MDT 7:00am USD HPI m/m 1.7% 0.8% 1.5% USD S&P/CS Composite-20 HPI y/y 6.6% 5.3% 5.3% 7:59am USD Richmond Manufacturing Index 15 20 29 8:00am USD CB Consumer Confidence (MEDIUM) 96.1 97.7 101.4
The price of the Bonds is giving Lower Highs and Lower Lows. That is simply a downtrend, and the price I aim for a previous swing lows that have been formed in the past from the uptrend. News can possibly drive price down, or might do a stop hunt to 173'20.
Can you identify the current established trend? When do you know the trend has changed? What is the market's primary objectives?
I see a primary objective of price aiming to go lower. The previous swing low could be retested or broken, there's a strong probability that could happen this week. Before a sell can be considered, selling ZB at a premium would be the best entry.
I used the latest swing high and swing low. My bias was short so I looked for a premium price to sell from. From the 50% and above are premium prices, next I looked for the candle responsible for an impulsive move down. Marked that candle. Also on the M5 I noticed a clean high, and I used the entry method of A STOP RAID as an entry. And the M1 gave me a bearish...