ICT Bdarija
ICT Bdarija
ICT Bdarija
http://theinnercircletrader.com
http://www.youtube.com/innercircletrader
Chno darori n3raf f ICT:
1 - Time & Price P4
2 - Liquidity, Bias & MMXM P9
3 - IPDA P 12
4 - COT P 13
5 - Seasonality & News P 15
6 - Weekly profiles P 16
7 - Narrative & SMT P 18
8 - Setup P 21
9 - Money management P 22
10 - Psychologie P 23
11 - Kholassa P 24
12 - Coming soon P 25
Time & Price:
1- Time:
Kaygol ICT bli l market kaydoz mn mara7il 3la 7assab achmn quarter fl 3am, o ina chhar fl
quarter, ina simana f chhar, ina nhar f simana, ina session f nhar, o 7na ghadyin...
had lmara7il n9adro nlakhsohom f chno smito The Power Of Three, wla AMD.
1: Accumulation: hiwa wa7d lwa9t kaykon fiha l marchi f7al ila wa9f, chm3at sghar o ma kaynch chi
trend wad7, ranging market, kaydor f blasto. tma fin kaytjam3o l ordres.
2: Manipulation: fhad l moment katbda l7araka fl marchi o kaykssiri lwa7d jiha, bach kolchi kaygol A
safi ra bdina trend o kaydkhlo nas, chwia kaybdel ittijah dghya o kaymchi 3aks tri9 li kan ghadi fiha
fl awl.
3: Distribution: hadi hia lmar7ala li kaymchi fiha price l target, o khas nstafdo mnha hit katkon fiha D
7araka twila mn lblassa fin salat manipulation hta terminus fin kaysd lquarter wla chhar wla
simana wla wla wla.... M
M
M
D
A D
D
A M
A
M
A A
D
A D
A M D M
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan D
P.5
- Koll Nhar f simana kantwa93o chno momkin ytra fih, 6
Seek and Destroy
modelat smahom ICT WEEKLY PROFILES, li homa chkal dyal Asia o London o
kol simana (darori tchof pages 16): New York katkon fihom
l3jaja, Mamnou3 Trading
Asia KZ
London KZ
London Close
Asia Range
London Expansion
New York Consolidation
P.6
2- Price:
Mn ba3d ma 9ssemna lwa9t, ghadi n9assmo price o nchofo kol partie mno chno smita o chno
lkhdma dyalha
1- Dealing range
howa dik lmouja li dar si3r mli t7ark mn
Premium
blassa l blassa.
1 - Old High (OH)
Li kayn fog 50% kitsma Premium, o li kayn ta7t 6 - Bearish Breaker Block (-BKR)
50% kaytsma discount ya3ni taman ghali o 7 - Bearish Mitigation Block (-MB)
hit ghadi yb9aw m3ak dima homa bach ghadi 6 - Bullish Rejection Block (+RB)
t9ra chno kaydir l price o fin ghadi o mnin y9d 7 - Old Low (OL)
P.7
Old High
Old high Old Low
hiya l9imma li dar lprice f dealing range li 7na fih wla f chi range 9dim hiya l9a3 li dar lprice f dealing range li 7na fih wla f chi range 9dim o
o lprice ghadi lih... lprice ghadi lih...
Old Low
Ila kant l9ima dl bar7 katsma Previous day high PDH, ta hadi mohima Ila kan l9a3 dl bar7 kytsma Previous day Low PDL.
39al 3liha: PDH.
Rejection Block
Order Block
ittijah tal3, mn l a7san ykon had +OB tb3ato chi 7araka 9wia lfo9.
Kan7sboh mn Low dyal chm3a lwla tal High dyal chm3a talta. lkhawya dghya daz mnha price bla ma y3amrha.
Ba3d lmrat ila khtar9o price l fo9 kaytsma IFVG kaywelli bullish. Kan7sboh mn High dyal chm3a lwla tal Low dyal chm3a talta.
Ba3d lmrat ila khtar9o price l ta7t kaytsma IFVG kaywelli bearish.
moraha, 7ta wa7d le9ta kayn9ez, kaydir open f blassa lta7t o kaykhlli LV tab3aha, 7ta wa7d la7da kayn9ez, kaydir open f blassa lfo9 o kaykhlli
wahd lblassa khawya, hadik hia LV. wahd lkhawya mabin chm3at, hadik hia LV.
chm3at kaydiro lina wahd tl3a lfou9. chm3at kaydiro lina wahd habta lta7t.
Traders kaydkhlo fiha bach ytal3o ldik high, mais price ma kaytla3ch Traders kaydkhlo fiha bach yhabto ldik Low, mais price ma kayhbatch
lfo9, donc bach yrej3o flousshom kaystnaw tw9a3 mitigation fdik la lta7t, donc bach yrej3o flousshom kaystnaw tw9a3 mitigation fdik la
zone li smitha mitigation block. zone li smitha mitigation block.
P.8
Liquidity, Bias & MMXM:
1- Liquidity:
Hiya ordres dyal nas li fl market, kayt7ark lprice bach ywsal lihom, o ila 3rafna fin kayna
liquitidy ghadi ndkhlo f positions o nmchiw m3ah lchi target.
Lblays li katkon fihom liquitidy homa PD Arrays (Page 8), o 3la 7sab marchi wach bullish wla
bearish n9adro ntwa93o wach liquidity ghatkon fo9 PDA wla ta7to wla lwest dyalo fchi niveau
25%, 50%, 75%... Darori ndiro b 7sab wach 7na f Premium wla Discount.
Equal Highs
Fhad example kanchofo bli liquidity kant f 50% dyal wick dl Rejection Block, kansmiw dik point CE
(Consequent Encroachment), mcha price jabha o tla3 yjib liquidity li kayna fo9 dok jouj chm3at, hadok
l9imam bjouj kayban 3andhom high mt9arb dakchi 3lach kansmiwhom Relative Equal Highs.
Ila mchiti l chart ghadi tl9a had scenario kayt3awd bzaf, price dima kaymchi fo9 ola ta7t ola west chi
PDA o kayrja3 l jiha lokhra. o nas kaydkhlo tma o kaydiro stops fo9 ola ta7t bach katwelli 3andna
soyola jdida fl marchi... +RB CE
Ida liquidity kant fo9 chi level, katsma Buy Side Liquidity (BSL)
Ida liquidity kant ta7t chi level, katsma Sell Side Liquidity (SSL)
Equal Highs
Mn bin lblays li katkon fihom liquidity:
- Chi consolidation (prix b9a f blassa wahda kay rangi bzaaaaf)
- Lhigh wla low dyal chm3a li 9bl mn chm3a li 7na fiha daba. SSL
P.9
2- Bias: A
Fwahd market tal3, time frame kbir: Fhad example DOL dyalna ghadi ykon howa dak
high A
ida ghl9at lina chm3a Nº2 fo9 l high dyal chm3a darori ma ydrebha price hit market bullish o bzaf
Nº1 li 9bl mnha, kantwa93o chm3a Nº3 li jaya hta dyal stops ghaykono tma (liquidity)
C
Jat chm3a khdat liquidity li kayna ta7t lows, o 7na
ba9yin f nafs range B-C, ya3ni 7na ba9yin bullish
o bzaf dyal nas li dkhlo Sell ghadi ykono 7atto stop TARGET HIT!
dyalhom fo9 C, donc DOL hia C, mais 7ta ida kan Nafs concept khdm
price ayhbet l B rah kayn tma BISI f Discount bih f bearish market.
ghadi ykhdm support. B
P.10
3- MMXM:
Market Maker Buy Model, o Market Maker Sell Model homa jouj modilat dyal l7araka kaykon
sabab dyalhom howa liquidity kbira ghadi dkhol l marchi donc khas t9essem 3la bzaf dyal
lmara7il li katrsm lina f chart 3la chkl had jouj modilat.
MMBM: MMSM:
Kaybda mn wa7d consolidation kaykon market f range ma Kaybda mn wa7d consolidation kaykon market f range ma
kayt7arrekch , mn ba3d kanchofo khrj mn range o kaydir kayt7arrekch , mn ba3d kanchofo khrj mn range o kaydir
down move o kay7tarm bearish PDA o ghadi 9asd chi level up move o kay7tarm bullish PDA o ghadi 9asd chi level
kantsnaw ywsal lih fwa9t mo7adad. had run t9dr takhd phase kantsnaw ywsal lih fwa9t mo7adad, had run t9dr takhd phase
wla jouj kaytsma run to support (Supp= hia dak key level). wla jouj kaytsma run to resistance (Res= hia dak key level).
une fois kaywsal tma, ila chfna reversal kantwa93o tji mn ba3d une fois kaywsal tma, ila chfna reversal kantwa93o tji mn ba3d
accumulation dyal buy ordres, tahiya kaykono fiha phases, mn distribution dyal sell ordres, tahiya kaykono fiha phases, mn
ba3d kaytla3 price yakhd liquidity li kant lfo9 dl Original ba3d kayhbat price yakhd liquidity li kant lta7t dl Original
Consolidation, o katsali khdma hna hta next move. Consolidation, o katsali khdma hna hta next move.
Distribution
Run to Support
Re-distribution
Re-accumulation
Run to Resistance
Accumulation
Key Level
SSL
Original Consolidation
MMSM terminus
Smart Money Reversal
P.11
IPDA:
H
1- Data Ranges: H H
Mli kankono fwahd bullish market kaykon price tal3 kay9sd BSL finma
H
H
MSS
H
kant, 7ta katw9a3 chi market structure shift wad7a mzyan f Daily (1D).
L L
H
H
H
Ya3ni kankono tal3in kandiro 9imam o 9i3an tal3in (higher highs, higher L
L H
L
lows), 7ta wa7d lwa9t kankhtar9o akhir 9a3 o kanbdaw ndiro 9imam o H
L
L
H
MSS
9i3an habtin (Lower lows, lower highs). Fhad MSS kaywelli price habt L
L
L
kay9sd SSL. L
Had taghyir f achmn liquidity kaymchi liha price kaytsma Change in State L
of Delivery, ya3ni l algorithm kan kayakhd price lfo9 daba wla kayakhdo
lta7t.
O 3aks had concept n9adro nchofoh f bearish market. Kankono ghadyin LL
& LH, hta kaywelli 3andna HH & HL...
Fl wa9t li katw9a3 had MSS f frame Daily, kanmchiw lnhar 1 f chhar li 7na
fih o kandiro wa7d lkhat. o kanrj3o 60 youm lor kandiro khatt, o kan9ssmo
had 60 youm 3la 3, ya3ni kaywelliw 3andna 3 ta9ssimat kol wa7da fiha 20,
kaytsmaw data ranges.
1- IPDA:
Dok data ranges li 9ssemna, kanchofo 9imam ola l9i3an li y9dar ymchi
lihom price hit daba 9leb ittijah, ghadi ywelli 9asd lina liquidity li fkol DOL
range. donc nrsmo dakchi f chart kif example li 3andna ->
Hta hadok ranges 3andhom Premium o Discount o Equilibrium (50%), DOL
ya3ni nb9aw 7adyin ila kan price ghadi yakhd ri chi liquidity f discount o
ytla3 wla ghadi yakhdhom kamlin o twelli 3andna chi quarterly shift
(PXXXXXXXX) DOL
P.12
COT:
Hia Commitment Of Traders, o kat3ni ta7lil dyal data dl bi3 o chra li wa93a fchi market. Kanchofo
chno kaydiro 3 groupat dyal traders li fsou9, homa:
Mn ba3d ma 3rafna anwa3 traders, ghadi nchofo chno kaydiro fl market bach nfakro chno ndiro.
P.13
N9adro nl9aw COT report f site official dl CFTC, wla nchofo chi site akhor b7al cot-reports.com
Net positions dl non-commercial positive o kitzado + commercial long o short ratio% tal3 = market ba9i tal3.
Net positions dl non-commercial negative o kin9so + commercial long o short ratio% habt = non-commercial wllaw bearish
open interest kaytzad fl wa9t li hta price kaytla3 = market ba9i bullish.
open interest kaytzad o lmarket kan kayti7 mn wa9t twil, hada y9dar ya3tina signal blli lmarket 9rib y9leb
open interest kayn9as mn ba3d chi wa9t twil dl rally, hada kay3ni bdaw nas kaysdo saf9at o ghatkon chi correction
open interest fix o 9lil o kayn9as, mn ahsan ma tradich hit ba9i ma dkhlat liquidity kbira bach yt7ark market
Small Speculators wla Non-reportable data kan3arfo biha chno kaydiro retails, o sentiment li kayn fl market:
ida kano retails net longs > shorts + non-commercial net Short > longs = Market momkin ydir correction
ida kano retails net shorts > longs + non-commercial net longs > shorts = Market momkin ydir correction
P.14
Seasonality & News:
Kanjibo chart dyal seasonality dl pair wla asset li bghina Kanchofo calendar dl pair wla asset li bghina ntradiw, fhad
ntradiw, fhad example jebtha mn had site: example khdmna b had site:
https://charts.equityclock.com/ https://www.forexfactory.com/calendar
kandkhlo filtre
P.16
Consolidation Thursday Reversal
Kantwa93o nhar tnin o tlat o larba3 ma tkonch chi move hit ma kaynch
news, o hta ida price 9as chi PDA ymkn yb9a tma bzaf bach tjma3 lina
liquidity f low dl dak range PDA
Low Mon, Tue, Wed: no news = accumulation wla range
nhar lkhmiss khas ytkhad lina low dl range o ntal3o f tijah DOL
Mo Tu We Th Fr
PDA
High
Thu: News y9adro y7arko market l ittijah DOL
Classic Monday/Tuesday High of the week
Fri: Continuation htal DOL, ila wsalna liha nkhrjo
Kantwa93o nhar tnin o tlat o larba3 ma tkonch chi move hit ma kaynch
news, o hta ida price 9as chi PDA ymkn yb9a tma bzaf bach tjma3 lina
liquidity liquidity f High dl dak range
nhar lkhmiss khas ytkhad lina low dl range o ntal3o f tijah DOL
Mo Tu We Th Fr
Kaynin profiles akhrin, mais hna 3tina examples li ymkn ntradiw o hta li ma n9adroch ntradiw.
ida bghiti t3raf details ktr 3la weekly profiles darori tchof videos d ICT f channel dyalo
P.17
Narrative:
- Kanfta7 chart dl pair li bghit ntradi, o kanjma3 data dl COT o seasonality nakhd fikra.
- kanchof chart mn time frame kbir (HTF) lsghir (LTF) Monthly > Weekly > Daily >
o kanchofo fin ghadi price, o fin kaynin PDA dyal kol time frame, o fin t9dar tkon liquidity...
- Kantraci IPDA ranges o kanchof highs o lows li y9dar ymchi lihom price
- Ittijah o PD arrays dl time frame kbir howa li 3ando ta2tir kbir 3la price
- ma7d DOL ba9i ma tkhadch, ma 3omrna ntwa93o chi reversal kbir
- ma7d ma 3andnach MSS f time frame kbir, ma ntwa93och reversal wakha tkhad DOL
- y9dar price ydir chi retracement f tri9 DOL, o y3awd y9is chi PDA bach ykml tri9
- dima kanchofo range li 7na fih wach kaynin f premium ola discount, wla PP/PD - DP/DD, o chmn MM Model 3andna
- kantraciw PDA li 3andna, o kan9smoh 3la 4, y9dar price yrja3 mn wahda fihom
- Kanrsem Open dl 3am, quarter, chhar, simana, nhar o kantwa9a3 tkon manipulation fdok levels
- Kankhdm b fibo fih parametres 25%, 50%, 75% bach ntwa93 retracement
- fibo parametres -0.5, -1, -2, -3.... bach ntwa93 targets
Premium
Discount
Monthly Weekly
P.18
kanchof chno news li 3andhom ta2tir kbir 3la market o kantwa9a3 chmn profile
ghadi ykon had simana
Ida kan FED ghadi y7ark market nhar tnin ghadi y9dar yhbt price l DOL 1 li hia
equal lows
ida market ma t7arrakch bzaf n9dro nchofo chi manipulation lfo9 nhar lkhmis,
ytla3 price l Breaker li rsemna lfo9 o ydir MSS ftime frame sghir o yhbat.
kanfkar f ga3 scenarios li y9adro ywa93o f tri9 DOL. ma nfakr f hta scenario
reversal daba hit ma kaynch chi market structure shift, ba9i lmarket kay7tarm Daily
lows o highs o bearish PD arrays f daily.
Fhad example, 1H kanchof IFVG howa li ba9i f premium y9dar ymchi lih price ydir
pullback o yhbat DOL 1 (eq lows) o mn ba3d DOL 2 li lta7t hit kifma chft f higher
time frame ba9i price ghadi yhbat lchi liquitiy f Daily o weekly...
1H
P.19
SMT:
Smart money technic, wla smart money tool... hia method dyal ICT katchof correlation dyal chi pair m3a pair li katradi,
matalan ida knt kantradi EUR/USD kanfta7 chart dl GBP/USD o kandir mo9arana dl price f charts bjouj.
Normalement pairs li kaykono correlated, kaymchiw f7al f7al, high high, low low, mais mli kayw9a3 chi crack, kaytsma SMT,
kayban wa7d fl pair d3if wla 9wi, o kay3tik fikra 3la chno y9dar ydir pair li katradi.
EUR/USD
SM
T
9bel ba3d
GBP/USD
SMT
P.20
Setup:
9bl ma ndkhlo f chi trade Buy wla Sell, khasni ntba3 had mara7il wa7da wa7da:
- Nsntna hta ydoz nhar tnin o nchof fin wsal price o chmn PD 9rib lih.
- nchof chno PDA li bghit price yreacti mnhom, o PDA li bghit price ma y7tarmhomch, 3la 7sab wach market bullish wla bearish
- nb9a 7adi price hta tji lwa9t dl chi kill zone o nchof kif dayra structure o fin kayna a9rab liquitidy
- nstna price yrja3 mn chi level tracito, ydir MSS f tri9 DOL li rsamt lih mn awl, o ybda ydir PDA o y7tarmhom.
PDA
DOL 2
MSS PDA
Disp
PDA
lace PDA
men
t
PDA
nt
e
cem
PDA
la
Disp
PDA
MSS
DOL 1
PDA
DOL 2
HTF PDA
- nfta7 chart dl chi pair kaydir correlation m3a pair li kantradi, o nchof fo9ach ghadi yw9a3 decalage (SMT)
- ida ma cheft had setup ma nriskich hta nchof session wla killzone majya chno ghayw9a3.
- ida kayn had setup khasni nkhtar chi PDA mnin ndkhol o n7seb ch7al kayn f stop loss.
P.21
Monay management:
1- Risk:
Trading y9dar ykhsr lina lflous kamlin, ya3ni mn lwel nkhdmo bwahd lflous li wakha
nkhsroha ma t2attarch 3la 7yatna.
- kima kan capital sghir wla kbir y9dar yjib flous ktira ila t3amlna m3a market
mzyan, ola y9dr ydi3 kaml ila ma 3rafnach nkhdmo
dakchi 3lach ghadi nchof ch7al capacity dl capital dyali bach ydi3, o n9sam dak ra9m
3la jouj bach n3ti rassi forsa okhra ila knt ghalt.
Example: 3andk 1000$, donc nftard had capital y9dar y3tini 20 trade b risk dl 50$,
donc fl awel ghadi nriski ri 25$ hta nbda nchof results mzyanin.
ida knt f forex, kaynin sitat bzaf katkteb fihom ch7al mn pip f stop loss o ch7al risk o
howa kay3tik ch7al lot bach tdkhol
Example: https://www.myfxbook.com/forex-calculators/position-size
1- Reward:
- Ay 7aja rba7tiha mn market ra mzyana, hadi rule 1
- ida kan risk dyali 0.5% khas ykon target dyali mabin 0.5% o 1 fl ayam lewla bach ma nkonch 9rib l risk dl khsara.
- dima n7awl nakhd rba7 f tri9 target, o ma nkonch tma3 hit y9dr price y9lb f ay wa9t
- Mli ywsal price lchi level o ydir fih chi PDA o y7tarmo, mn a7san nkhrrj chi partial kbir, o ndir SL fl blassa mnin dkholt, bach hta ida rja3
price ma nkonch diya3t lwa9t o lflous 3la walo
- khdm b chi excel file wla wer9a o stylo sjjel kol 7aja rba7tiha o b9a tab3 flousk, trading howa business machi la3b.
P.22
Psychologie:
Lfar7a o l ta3assa o l3ya o jehd o l3assab o dakchi kaml howa wa7d hormonat kayfrazhom jism
dyalk o mli kaywslo l dmagh katbddel l7ala dyalk.
Kifma chfna trading fih trbe7 lflous wla tkhsr lflous, so:
Mli kanrb7o kaytzad 3andna hormon sa3ada, o mli kankhsro kayti7 lina lmoral, o mabin had
jouj kaytla3 adrenaline o katwelli baghi tzid risk bach trbe7 bzaf wla trje3 dakchi li da3 mn 9bl.
Ya2ni market 9adr ykhalli nafssiya dyalna tal3a habta o ytla3b bina ida ma kanch 3andna chi
strategia 9wia bach ma nti7och fhad l7ala.
- Fakr bli khask tkon f7al robot, dakhl kadir dakchi li mtloub mnk dir ila kano conditions kamlin
- Ma tb9ach nhar kaml 9odam chart, had study fiha lwa9t fin momkin takhd trade zwin
- Sport o makla mzyana kay3awn bach t9ad hormonat, twelli tn3as mzyan, twelli tfakr mzyan.
- Meditation kat3awn tkhwi 3a9lk mn l7wayj li kay derangiw, o kat3alm tconcentra.
- Ma tb9ach mfollowi dok social media traders li kaywerriwk ri rba7 o millions.
- t9abl lkhassara mli ytdreb lk SL o kon interactive m3a market ida chftih ba9i ghadi fl bias o
scenarios li 7atitihom t9dar tl9a chi entry jdida, wila ma ban walo o dar chi MSS 3aks dakchi li
tw9a3ti mn a7ssan tkhalli rask barra o ma tradi hta tban setup kamla bga3 configurations o
data li hdarna 3lihom, matkhallich ego yt7akm fik.
- ida knti 3ayan wla ma mt2akedch bli 9adr tjib trade s7i7a bla ma tdkhol lmarket, sir rta7.
- mli tkhroj mn chi trade, kteb kifach dkholti o bach 7assiti o chno lmochkil li drti ola chno l7aja
li 3mltiha mzyana. kitsma journaling, o kay3awn t3raf rask mzyan.
P.23
Kholassa:
Hadchi li fhad document ri chi 1% mn dakchi li kayhdar 3lih ICT, o ymkn ykono bzaf l7ajat ana
chra7thom ghalat wla nta fhamtihom ghalat, o kaynin bzaf ma3lomat na9sin hit 7awelt
nkhtassr 3lik sa3at dyal lfraja f videos twal d ICT, o jebt ri dakchi bach kankhdm ana o li ida
tba3tih f7al robot darori ghadi tbda tfham kifach kayt7ark market o fin kaymchi o fo9ach katbda
chi move o fin katsali o fo9ach tradi o fo9ach la.
Ida dkholti chart li katkhdm 3liha o 9assemtiha bl wa9t o price kifma chra7na mn awel, o jebti
COT data o news, o zedti narrative dyalk o stenniti tchof ayam lmajyin chno ghadi yw9a3 fihom,
darori twelli tay9 frask o analysis dyalk, hit ICT kaywerrik anatomy dl market, o kaychra7 lik
fo9ach o kifach kaykhdem algorithm li kay7ark price, o chno l7wayj li kaykhdm bihom...
ida bghiti tfham ktr mn a7san tbda tfarj videos dl michael f channel dyalo The Inner Circle
Trader.
P.24
Coming soon:
Fl wa9t li jay ghadi nchra7 b details stratigies o modelat akhrin f ICT, o na3ti data li jma3tha mn
backtesting o live trading, bach yban lk fo9ach katkhdem kol stratigia o chno i7timalat dl trade
naj7 f pair bzaf dl forex o commodities, crypto, futures...
Ghadi nchra7 methods kifach t inticipi high wla low dl chi move twila t9dar takhd trade mabin
3 simanat o 3 chhor w ktr.
hadchi li kandir kaykhtassr 3lik tri9 o kaykhallik mconcentri 3la lhadaf bla ma tdiya3 wa9tk fl
videowat dl chi social media trader, ida chfti bli had mejhoud kaysta7a9 chi support, khallit num
dl compte CIH o Binance link fin kanjma3 donations bach nzid nkhdm 3la f7al had studies.
machi darori donation walakin darori takhd had lma3lomat seriously kifma jma3thom lik
Binance ID: 224907722 CIH Acc: 2602633211027300 RIB: 230650260263321102730079
ida 3andk chi questions dkhol telegram ICT MAROC TRADING SPACE tfham koulchi bdarija
P.25