ICT Forex - The ICT New York Killzone
Summary
TLDRThis trading tutorial focuses on the New York open session, emphasizing its significance in Forex trading. It highlights the optimal times for trading, typically between 7:00 a.m. and 9:00 a.m. New York time, and the potential for 20 to 30 pips in trades involving the dollar index. The presenter shares strategies for identifying trade entry patterns, discusses the impact of economic news releases, and advises on trading in alignment with the daily bias for more predictable outcomes. The session is portrayed as a valuable opportunity for scalping with a high probability of success.
Takeaways
- 🕒 The New York open is a critical time for trading, especially between 7:00 a.m. and 9:00 a.m. New York time, known as the 'New York open kill zone'.
- 💹 The New York session often sets up optimal trade entry patterns that can offer 20 to 30 pips as a scalp.
- 🌐 Currency pairs coupled with the dollar index are ideal for trading during the New York open.
- 📈 The importance of time and price, along with the session's characteristics, are crucial for identifying trade setups.
- 📊 The presenter suggests that by studying the major pairs with the dollar index, traders can find setups offering 20 to 30 pips daily.
- 📉 The New York session extends beyond 9:00 a.m. to 2:00 p.m. New York time and is influenced by economic news releases.
- 🔄 The session can see continuation of London's move or a complete reversal of the daily direction.
- 📋 The presenter emphasizes experience in identifying trade setups and encourages study rather than immediate live trading.
- 🌟 The New York open is considered easier to trade due to the overlap with the London session and the predictability it offers.
- 📝 The session's patterns are fractal, meaning they can be identified on various time frames, similar to the daily candlestick patterns.
Q & A
What is the focus of the teaching module discussed in the transcript?
-The teaching module focuses on the ICT (Intermarket Correlation Trading) New York open and how to use concepts of time and price to identify optimal trade entry patterns in the Forex market.
What is the 'New York open kill zone' mentioned in the transcript?
-The 'New York open kill zone' refers to the time period from 7:00 a.m. to 9:00 a.m. New York time, which is considered optimal for identifying trade setups that can offer 20 to 30 pips as a scalp.
Why are majors coupled with the dollar index considered ideal for the New York open?
-Majors coupled with the dollar index are considered ideal for the New York open because they often set up trade patterns that can offer profitable scalping opportunities during the specified time frame.
What is the significance of the time frame between 7:00 a.m. and 9:00 a.m. New York time?
-The time frame between 7:00 a.m. and 9:00 a.m. New York time is significant because it is when the New York session overlaps with the London session, creating a high liquidity period that is conducive to trading.
What is meant by 'scalping' in the context of the transcript?
-In the context of the transcript, 'scalping' refers to the trading strategy of making many small trades to accumulate profits, typically aiming for quick gains of 20 to 30 pips.
How does the speaker use the New York open to mitigate losses during the week?
-The speaker uses the New York open to mitigate losses by trading the small scalps to add up to 50 to 75 pips, which helps to recover from any losses incurred earlier in the week.
What is the recommended approach for a developing trader according to the transcript?
-The recommended approach for a developing trader is to focus on trading continuations and setups that agree with the daily bias, rather than attempting to trade reversals which require more experience and knowledge.
Why is the London session important for the New York open according to the speaker?
-The London session is important for the New York open because it provides a daily bias that can be confirmed by the price action in London, which in turn can indicate the direction for the New York open.
What is the 'fractal pattern' mentioned in the context of the New York session?
-The 'fractal pattern' refers to the recurring price action patterns that can be seen at different time frames, such as the daily chart and individual trading sessions like the New York open.
What are the two potential scenarios for the New York session as outlined in the transcript?
-The two potential scenarios for the New York session are the continuation of London's move or a complete reversal of the daily direction.
How does the speaker suggest using the daily chart to inform trading decisions?
-The speaker suggests using the daily chart to identify the daily bias and then looking for confirmation of that direction in the London price action to inform trading decisions during the New York open.
Outlines
🌐 New York Open Trading Strategies
The speaker introduces the concept of trading during the New York open, emphasizing the importance of time and price. They discuss how the New York session, particularly between 7:00 a.m. and 9:00 a.m., can provide optimal trade entry patterns offering 20 to 30 pips as a scalp. The speaker suggests focusing on majors coupled with the dollar index and mentions that while there's an opportunity every day, it's not encouraged to trade every day. Instead, they advocate for studying the patterns. The speaker shares their personal trading goal of 50 to 75 pips a week and explains how they use the New York open to mitigate any losses from the week. They also provide an example using the Aussie dollar pair to illustrate how the optimal trade entry can be identified.
🕒 Key Times to Monitor and Reversibility
The speaker highlights the importance of monitoring the market between 7:00 a.m. and 9:00 a.m. New York time, especially for dollar crosses. They mention that not every New York open will have a setup, but there will be a setup in one or more majors crossed with the dollar. The speaker also discusses the New York session's extension beyond 9:00 a.m. to 2:00 p.m. and how it's influenced by economic news releases. They explain that these releases can sometimes be predictable and other times not, and they can cause market reversals or add to existing momentum. The speaker provides examples of how to identify setups using the previous day's lows and session lows, and they mention that the New York session can either continue London's move or reverse the daily direction.
📈 Trading with Daily Bias and Timeframes
The speaker advises trading with a clear one-sided momentum, looking for confirmation in the London price action. They suggest that if the daily chart is bullish and London forms a low, traders should anticipate a retracement lower into the New York open, aligning with the daily bias. The speaker emphasizes the importance of trading in the direction of the daily chart's momentum, as it is the most likely side of the market to experience significant moves. They also mention that while reversals can be profitable, they require more complex analysis and are not the focus of this teaching. The speaker encourages traders to focus on continuation patterns and setups that agree with the daily bias for the best results.
💡 Insights and Conclusion
The speaker concludes by reiterating the effectiveness of trading the New York open, especially for experienced traders who can identify opportunities more easily. They suggest that newcomers may not fully appreciate the 20 to 30 pips scalps but will eventually see the value as they gain experience. The speaker encourages continued learning and offers more content for interested parties at their website.
Mindmap
Keywords
💡ICT New York open
💡Time and Price
💡Dollar Index
💡Pips
💡Scalping
💡London Overlap
💡Trade Entry Pattern
💡Daily Range
💡Economic News Releases
💡Fractal Pattern
💡Continuation and Reversal
Highlights
The New York open frequently sets up an optimal trade entry pattern offering 20 to 30 pips as a scalp.
Key times to monitor are 7:00 a.m. to 9:00 a.m. New York time, known as the classic ICT New York open kill zone.
Traders should scan through majors coupled with the dollar index for potential setups.
The expectation is not to trade every day but to study the patterns for future opportunities.
The speaker's personal trading goal is 50 to 75 pips a week, focusing on quality over quantity.
The London open is a high-probability opportunity to achieve weekly objectives.
The New York open is used to mitigate any losses from the week.
The focus is on the beginning of the week for trading, with Monday, Tuesday, and Wednesday being the most active.
Every dollar-based cross will give a setup between 7 a.m. and 9 a.m. New York time.
The New York open has a luxury of London overlap, making it the easiest time to trade.
The New York session extends beyond 9 a.m. and goes to 2:00 p.m. New York time.
The New York session sees a consistent round of economic news releases that can stimulate price action.
The session can show continuation of London's move or a complete reversal on the daily direction.
Using previous day's lows to the session low for New York can provide an opportunity for an optimal trade entry.
The New York session typically has two potential scenarios: continuation of London's move or a reversal.
It's easier to trade with the daily bias and look for daily ranges to expand in that direction.
The New York open is easier to trade due to the built-in advantage of what's happening in London.
Experienced traders can trade any timeframe and look for reversals contrary to the higher time frame direction.
The speaker emphasizes the importance of trading in agreement with the daily bias for the best setups.
The New York open offers a scalp that would offer 20 to 30 pips, which is often overlooked by inexperienced traders.
Transcripts
okay folks welcome back this teaching
will be dealing specifically with the
ICT New York kills in
you
okay the New York kills in what ICT
concepts are going to be used in this
module
again the importance of time and price
New York open
the New York session
and important characteristics of the New
York session
okay the New York open now the majors
that are coupled with the dollar index
or the dollar that to me is the ideal
pair for this time of day the New York
open frequently sets up an optimal trade
entry pattern that can offer 20 to 30
pips as a scalp
now a key times to monitor our 7:00 a.m.
to 9:00 a.m. New York time this is what
I refer to as the classic ICT New York
open kill zone
every single day Monday through Friday I
believe that if a trader were to scan
through the major that are coupled with
the dollar index they would find a set
up that would offer 20 to 30 pips I
teach that as a means of inspiring study
but not to encourage you to try to trade
every single trading day every day there
is an opportunity for you to study but
that does not mean to go in and try to
trade with live funds every single
trading day so by having that
expectation that 20 to 30 pips exists
every single day Monday through Friday
that's again not an inspiration for you
to go in and inspect expect the 100 pips
to 150 pips a week I look for my
personal trading is 50 to 75 pips a week
so between what I've shared so far with
the London open with the Asian open and
now with the New York open you have
three opportunities every single trading
day to look for an opportunity to get
those specific objectives for the week
so I know that there's a high
probability that I can get my entire
weekly objective in one solid London
open if it moves a lot
if I do not get it or I do not get a
weekly objective which is my one shot
one kill where I trade the weekly range
because that's really what I'm framing
my setup so on but if I miss it or if I
get it wrong and I have to mitigate a
loss I will use New York to mitigate any
mess-ups that I make during the week
my focus is at the beginning of the week
because Monday Tuesday and Wednesday if
I operate most of my trading most many
times all of my trading needs then but
if I take a loss or if I miss an
opportunity and I still feel confident
about the weekly objectives still coming
to fruition that means I see a setup
that's still viable I will go in and
trade in New York open to get those
small little scalps to add up to 50 to
75 pips so I'm confident that I can get
20 to 30 pips and in New York open in
one of the majors every single day
that's my experience speaking that's not
an invitation again for you to go in
doing it what I'm trying to encourage
you to do is go through the charts and
see if what I'm saying isn't exactly
what you see every single dollar based
Cross will give you a set up between 7
a.m. and 9 a.m. New York time it's the
easiest time to trade because we have
the luxury of having London over lap
and New York
and looking at the chart on the right
this is a Aussie dollar pair and we can
see that right in here delineating being
New York open
here that sets up the opportunity
and the optimal trade entry is seen here
London low initial daily high the
retracement then a subsequent expansion
creating the high of the day
everything framed relative to what is
seen on the London low for the body
weight for the retracement between 7
o'clock and 9 o'clock in the morning and
rally now there's a lot of things that
goes along with making this setup
identifiable obviously it's very easy
for me to point to these in hindsight
but experience has taught me how to see
these things by a small sample size of
conditions okay not all those conditions
are going to be taught to you in my free
tutorials so you're welcome to join them
an internship you get all the details
that are not there but you will get a
lot of insights just from the free
tutorials
for now I want you to just be content
with identifying between seven o'clock
and nine o'clock in the morning Monday
through Friday on the dollar crosses in
other words every pair that's crossed
with the dollar if you watch those pairs
between 7 o'clock and nine o'clock in
the morning and if you have a job or
give a business and you can't trade this
particular time of day even if you look
at it in hindsight in the evening after
the market has closed you'll be able to
see many examples that repeat themselves
every single trading day but again
every pair doesn't have a set up every
New York open but every New York open
has a set up in one or more of the
majors that are crossed with the dollar
now everything I say is reversible if
you will and we can see the same
scenario for the eurodollar we have an
opportunity to see both sessions here
the Asian session creates a swing high
the London open creating a high to sell
short from and then New York open
retracement creating a high and it
expands and goes lower this particular
pair in this day I actually traded this
and the examples are shown on my Twitter
and you can find that for your own study
but for now just understand that between
7 o'clock in the morning and 9 o'clock
in the morning New York time there's
typically a set up that forms that
offers 20 to 30 pips
native New York session the price action
during the New York session sees a
consistent round of economic news
releases now these news releases will
many times stimulate price action and
sometimes its predictable and other
times it's not sometimes these news
releases will cause reversals in the
marketplace and sometimes they'll add
fuel to the fire
and/or momentum to an existing daily
bias the New York trading session
actually extends beyond the nine o'clock
hour and it goes to 2:00 p.m. in New
York time you look at the chart here on
this dollar cad what i'm doing eating
here is those specific time points when
new york open begins and 2:00 p.m. in
New York again as I shown in the
previous session or kill zones
everything is fractal so if we see the
open here and we're bullish we see it
open a small little decline creating the
low of the range expansion high the
range and comes off the high and closes
just like in power three on the daily
candle or bar we can see the New York
session creates that same fractal
pattern again same scenario here you see
open it trades down creating too low the
range expands up creates too high the
range and comes off too high and closes
our three applied to the individual
trading sessions now again there's a lot
of things that goes behind the scenes if
you will that builds these models or
expectations for when price should be
doing it
the clear and obvious one that I'm going
to show you and my free teachings is we
have a previous low it rallies trades
back down into a retracement for an
optimal trade entry between this low
this low okay so we can see using
previous day's lows to the session low
for New York we can get an opportunity
to be long with this scenario
the New York session characteristics
the New York session typically has two
potential scenarios continuation of
London's move for a complete reversal on
the daily direction now it's not my goal
to teach you market reversals because
quite honestly there's a lot of things
that are required to do that but there
are some things in the tutorials that
will help you but it's not going to be
complete science because it takes a lot
of information and a lot of teachings
it's a supplement there's conditions and
even then it's not going to be clear to
you experience is going to be the the
the teacher if you will but the
continuation of the London move I
believe is the easiest and that's why I
taught in my free tutorials that
approach so when the daily chart is in a
clear one-sided momentum it is easiest
to look with confirmation of that
direction in the London price action for
example if London agrees with the daily
chart being bullish that means we should
be seeing a low form in London we would
anticipate a retracement lower into New
York open and in agreement with that
daily bias so we would anticipate a New
York low to post a continuation setup or
optimal trade entry by
again reversals are they require a lot
more things that I can't teach in just
one video there's so many things that
goes into that and if you go through
access my old teachings all free
tutorials there's a lot of emphasis
focusing on higher timeframe higher time
frame high time cream now there are
times as a well experienced trader
that's been doing a long time like
myself I can trade any timeframe and I
can also look for reversals that would
go contrary to the higher time frame
direction you as a developing trader may
not have that diversity yet but you'll
have that over time experiences the
teacher in that now I give a lot of
details about that in a mentorship but
you don't have to have that okay you
don't need that if you get accustomed to
trading continuations and trading an
agreement with the daily bias and only
taking those setups you will have the
best setups because sometimes the
reversal patterns sometimes they're
great and they pay out a lot and there's
big movements and pips other times it's
not so much and they can be rather
disappointing so it's much easier for us
to see the daily bias on the daily chart
where that momentum is and trade in that
direction because that's gonna be the
most likely expansion or the most likely
side of the market place to be on where
the big moves are going to occur again
there's going to be shocks and
retracements all the time they come in
and marketplace that are either
inspected or unexpected in the form of
reversals okay or deep retracements
they're not necessary they're very
exciting sometimes real quick one day or
intraday declines or rallies to retrace
to another optimal trade entry sell
something like that
try to convince yourself that it's much
easier to trade with the daily bias and
to look for your daily ranges to expand
in that direction you're going to see
folks online that are going to be
showing a lot of trades they may have
may not take in they they may not
actually have any you know any horse in
the race if you will there's it's just
them talking about something that's
already happened
try to just keep your focus on looking
for scenarios in the New York open that
are an agreement with the daily so if
the deal is bullish we're looking for
the one in the create low and then at
seven o'clock in the morning we're gonna
be looking for some measure of a
retracement lower then we'll be seeing
or anticipating rather a optimal trade
entry to go long at the New York Open
and anticipate expansion on the upside
on the daily range where we would expect
that range expansion for power three for
the daily bar our daily candle
that's what we're looking for that
dynamic imbalance
I have an example that here on the
dollar cad
we have a London low form and we can see
that the market did in fact come back
from this low to this high it retraced
rather deeply here optimal trade entry
long here then price rallies away and
then we have a retracement lower in New
York open and several things in here
there's optimal trade entry and there's
also a rung on liquidity we have equal
lows in here and a bullish market the
mark comes down into New York open takes
those stops out and then rallies so that
would be one scenario we can look at
here and the continuation of the daily
range on the upside you're reaching for
relative equal highs
luckily progressing well there's highs
you see it reaches for that rather
handsomely okay so New York open in my
opinion and I've been doing this for a
very very long time it's so much easier
to trade that session because as a
built-in advantage and the secret to it
is what's going on in London okay if you
can arrive at a daily bias on a daily
chart and then wait to see if London
supports that notion if it's bullish and
London rates are low and we've rallied
and then we start declining into New
York open it's pretty much a loaded deal
you're gonna have a scalp that would
offer 20 to 30 pips in New York and if
you're new you're probably not going to
appreciate that too much but if you have
been trading for a while and you just
heard me explain that you're going to be
rather surprised and tickled when you
see how often that unfolds because you
have a little bit more experience in
reading price and it's going to jump off
of the chart at you and then suddenly
going to see a lot of opportunities that
otherwise went right over your head
so hopefully you found this teaching
insightful if you enjoyed it you can
find more at the inner circle trader com
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