ICT YT - 2017-12-09 - ICT Weekly Recap and Table Talk Session - 111717.srt
Last modified by Drunk Monkey on 2022-12-22 08:37
| 1 | 00:00:34,320 --> 00:00:35,310 | ICT: Okay, I want to do |
| 2 | 00:00:58,500 --> 00:01:10,530 | right away, when you look at moves like this sudden reactions in price leaving consolidation like this, I like to see that because it shows a willingness on |
| 3 | 00:01:10,530 --> 00:01:20,400 | the part of smart money. And that means the deep pockets, okay, the folks that really know what's likely to happen, and they're going to be more apt to be |
| 4 | 00:01:20,400 --> 00:01:20,760 | right. |
| 5 | 00:01:23,100 --> 00:01:32,070 | This entire move here, I was anticipating this whole move up. Now I was not long, I didn't participate in thing going long. But I did anticipate it rallying |
| 6 | 00:01:32,070 --> 00:01:39,450 | up and leaving this consolidation. I'm not going to go into great details of why I believe that. But I believed it was going to go up to a specific price level, |
| 7 | 00:01:39,660 --> 00:01:51,180 | and it didn't make it there. Which is a reason why I had to sell short, a lower price below this consolidation I'm going to show you on the monthly chart is why |
| 8 | 00:01:52,140 --> 00:02:05,400 | I was wanting to sell at a much higher price. Not much higher price, but it's still high enough. It didn't get there just put that way. I was waiting for it. |
| 9 | 00:02:05,520 --> 00:02:15,360 | And I thought I'd get it but it didn't happen. So what I'm gonna do here is I'm gonna give you some secret sauce. And don't go on Facebook teaching us and don't |
| 10 | 00:02:15,360 --> 00:02:27,660 | be putting on your charts. And sounds good. This is a ICT bearish order block. It's the last upclose candle on a monthly chart. Okay, and I want you to take a |
| 11 | 00:02:27,660 --> 00:02:41,640 | look at the level here. 119 oh nine and 118 19. Okay, that's a range of 90 pips. Okay, so if we divide that in half, it's 45. You add that to the low here, |
| 12 | 00:02:41,670 --> 00:02:58,440 | that'll give us some middle point price of 118 64. Okay, so I'm going to put on my chart 118 64. And, like always, it never gives me that particular price |
| 13 | 00:02:58,440 --> 00:03:14,250 | level. All right, so we have our level, exactly in the middle of the bearish, monthly order block. So I wanted to see price trade up to that level. Okay, so |
| 14 | 00:03:14,250 --> 00:03:22,800 | now with that in mind, I was waiting for that, and I would have solved that trade to it. Let's go into a 15 minute time frame again. |
| 15 | 00:03:28,740 --> 00:03:36,810 | Okay, you can see it just fell short. And now I was watching it. And I'm telling you, if I would have had an opportunity to do a gentleman's wager. I knew in my |
| 16 | 00:03:36,810 --> 00:03:45,900 | heart that it was probably gonna hit that level and had it hit it, I would have sold short right there. But it didn't happen. And it collapsed rather quickly. |
| 17 | 00:03:46,950 --> 00:03:55,050 | This consolidation kind of look like this, see how it was consolidating here, okay, this whole sideways price action, but it was starting to do that all on |
| 18 | 00:03:55,050 --> 00:04:05,040 | here as well, in price took off. So I in my mind, I'm thinking this is gonna be a false break. Okay, it's going to go up to go down. Okay. My tutorials go into |
| 19 | 00:04:05,040 --> 00:04:14,160 | great detail about how to see these types of things. But for now, I just want to kind of recap it, not trying to do 1200 hours worth of tutorials and I have a 20 |
| 20 | 00:04:14,160 --> 00:04:24,450 | minute video. But price, I left this consolidation rally fail to get to my level, I wanted that level didn't give it to me. So I had to adapt. And that |
| 21 | 00:04:24,450 --> 00:04:35,070 | means I had to be very close to this consolidation to begin to be given a optimal entry. I felt that because of these equal lows down here, there would be |
| 22 | 00:04:35,070 --> 00:04:45,450 | a lot of sell stop liquidity, or a liquidity pool. Okay, so I knew I wouldn't be a seller up around 60 fours and I want to buy them back below here. That was the |
| 23 | 00:04:45,450 --> 00:04:55,290 | trade idea that was the model I used. Okay, so while we were close to the bottom of the range, I just simply went in at the market and that's the fill I got |
| 24 | 00:04:55,500 --> 00:05:08,010 | okay. And you can see the exit. It was a beautiful punch down below. These equal lows, now I didn't get the absolute low. And in fact, if you look at what |
| 25 | 00:05:08,010 --> 00:05:18,600 | happened, it went a little bit lower. And I don't care, I have no, I have no care about being absolutely perfect. I just need to have that piece of the |
| 26 | 00:05:18,600 --> 00:05:31,980 | market move a couple times a month, and I'm okay with that. The concepts that I teach, provide you precision in terms of direction, and the most likely high and |
| 27 | 00:05:31,980 --> 00:05:40,170 | the most likely low, but I am not trying to promote the idea that you're going to get that, okay. Don't do that. And the folks in the mentorship know that I |
| 28 | 00:05:40,170 --> 00:05:50,130 | teach the same way there. Even though the tools will help you get really, really close to it, do not try to operate and execute with that in mind. Because you're |
| 29 | 00:05:50,130 --> 00:05:57,180 | still gonna screw it up. And you're gonna read it wrong, are you just gonna, you know, greed and fear and all that stuff's gonna still weigh on you, you're gonna |
| 30 | 00:05:57,180 --> 00:06:04,710 | do it wrong. So that was the mechanics behind why I did that short there, I wanted to get a better price. And man, if it would have hit that I've been like |
| 31 | 00:06:04,710 --> 00:06:16,920 | legend this week, but it didn't happen. So nonetheless, this is where the Euro is trading now. Not bad in terms of where it is, on a grand scheme of things for |
| 32 | 00:06:16,920 --> 00:06:29,790 | the weekly range. See what we got here for a week. So it's, it's kind of it was kind of close to the weekly high. But you know, it is what it is. I did not |
| 33 | 00:06:29,790 --> 00:06:37,260 | participate in any I got a lot of people ask me that I do any of this stuff. No, I didn't do any of it. I wasn't able to participate. I was watching other things |
| 34 | 00:06:37,260 --> 00:06:47,760 | for teaching purposes this week. I gave you SMP ideas and Japanese yen, which I can't stand that pair. But I ended up nailing the high on that pair for the week |
| 35 | 00:06:47,760 --> 00:06:57,420 | as well. But no, I didn't participate at all. On a year ago, it was a beautiful run. But you know, it is what it is. Seeking again, let's knock that out real |
| 36 | 00:06:57,420 --> 00:07:08,820 | quick. I said that we would probably see it run. And let's get off this one minute chart and go into 15. |
| 37 | 00:07:15,960 --> 00:07:28,620 | All right, and here we are serious Monday's trading. And I felt it was worthwhile to take a run above these equal highs, you probably see a reoccurring |
| 38 | 00:07:28,620 --> 00:07:37,800 | theme. And that's kind of like the intent I've been spending the last few months with you. And I want to give you what the heart of my tutorials has always been |
| 39 | 00:07:37,800 --> 00:07:47,220 | trying to teach you. But you're always worrying about like, kill zone indicators in your ADR indicators, Michael, you're all worried about the tools, instead of |
| 40 | 00:07:47,220 --> 00:07:55,980 | the concept, that that's where the money is made. Okay? It's not in these tools, okay, because everything on here can be done manually. ADR can be done manually, |
| 41 | 00:07:56,370 --> 00:08:08,760 | the kill zones can be in fact, I'm gonna show you how I do most of my charts in my journals. They're all doctored up, like I show the kill zone, exactly how you |
| 42 | 00:08:08,760 --> 00:08:16,380 | saw it today in the dollar CAD chart. That's how I want my charts to be journaled. It's not that simple little line thing that usually sits down here, |
| 43 | 00:08:16,380 --> 00:08:25,140 | because to me, that's useless to me, I don't care about that. And I put it on my chart so you all can see it, and be reminded that it's happening to signals |
| 44 | 00:08:25,140 --> 00:08:36,510 | happening to set up is forming the pattern during these specific references of time and window opportunities of the New York open, or a London open or an asian |
| 45 | 00:08:36,510 --> 00:08:43,650 | session. Okay, and then there's London close. And there's also a New York kill zone that I don't talk too much about, because you have to know what you're |
| 46 | 00:08:43,650 --> 00:08:53,850 | doing. Otherwise, they can hurt you. So the equal highs in here, I mentioned this. And if you're watching this video, and it's months past when it was |
| 47 | 00:08:53,850 --> 00:09:04,050 | actually done, I don't delete my Twitter tweets anymore. I used to do it and purge it. So however many tweets there is, okay, you're gonna have to scroll |
| 48 | 00:09:04,050 --> 00:09:12,780 | back to find it. But I promise you, I mentioned all these things at a time and people can call me out as a liar. Right now on Twitter. If I didn't do it, it's |
| 49 | 00:09:12,780 --> 00:09:23,550 | there. You can go and see it. But I was targeting a run on the these equal highs here. And I used that as a framework to set up this trade idea. And you can see |
| 50 | 00:09:23,550 --> 00:09:39,930 | I end up getting a very high tick. Very high tick of the end. The high comes in exactly at 113 94. And you guys can go on Twitter and see all that stuff. Huggy |
| 51 | 00:09:39,930 --> 00:09:52,470 | screencaptures shots, all that stuff. But that's the actual high now what was my low? What was I looking for for this week? I was looking for 112 big figure |
| 52 | 00:09:52,530 --> 00:10:03,630 | even. And I know you're probably thinking it's horse. Crap. I'm trying not to cuss this time. But that's what I like. Looking for. And I'll promise you that |
| 53 | 00:10:03,660 --> 00:10:13,680 | if you go through the tutorials that is taught to you, okay, that part is taught, you're not going to get it every single week like that. But when a week |
| 54 | 00:10:13,680 --> 00:10:25,470 | like, this has been for the end, it's pretty predictable. And we're not gonna go into that. But I want you to look at the framework each day here. Each day, |
| 55 | 00:10:25,620 --> 00:10:39,930 | there was a trading opportunity. Not all of them were as profitable or perfect. But there's a handful of them on here that did exceptionally well. And I'll just |
| 56 | 00:10:39,930 --> 00:10:47,700 | pull out one real quick. And yes, this is hindsight because I didn't do any trading on the pair outside of this one over here. But if you look at what I've |
| 57 | 00:10:47,700 --> 00:10:57,570 | done, since I've been back on Twitter, I'm showing you pinpoint precision points where I'm getting weekly highs, weekly lows, daily highs and daily lows, because |
| 58 | 00:10:57,570 --> 00:11:05,070 | I get a lot of flack from people saying that it can't be done. You know, don't listen to that. Nobody can do it. And I was actually listening to Larry Williams |
| 59 | 00:11:05,100 --> 00:11:13,560 | on my drive home. I hooked it up to my car, I was listening to it through Bluetooth. And one of the videos are actually I'll send you the link on Twitter |
| 60 | 00:11:13,560 --> 00:11:22,800 | after I'm done this, where he actually talks about how he doesn't feel certain things that you see me doing, that is possible, and I'm doing it. So don't take |
| 61 | 00:11:22,800 --> 00:11:30,990 | my word for anything. Don't trust me, don't believe in me. Go into the charts and see if it's real. Okay, that's all I'm asking you to do. I don't want you to |
| 62 | 00:11:30,990 --> 00:11:39,030 | have any faith in me Don't Don't believe me. Believe the concepts I'm sharing with you because that's the market. But if you look at this particular day here, |
| 63 | 00:11:39,300 --> 00:11:48,480 | okay, previous day's low was here. There was gonna hurt the lipstick on it on spent too much time on the video. Last time I did this. And they'll be coming an |
| 64 | 00:11:48,480 --> 00:11:58,650 | hour and a half video, it was full of all kinds, just obscenities and I want to share that one. So I'm trying to be more civilized than that such savage |
| 65 | 00:11:58,650 --> 00:12:07,680 | anymore. But the high reading here we have a nice retracement. This is a beautiful optimal trade entry. Now I'm not putting the Fibonacci on this because |
| 66 | 00:12:07,680 --> 00:12:14,970 | you should be able to see it without the high below and read in here. Now I'm going to put it on here, |
| 67 | 00:12:15,299 --> 00:12:25,799 | after I've mentioned it, but I want you to get an opportunity to see it before I put it on the highest bar open close in the swing high down to the lowest close |
| 68 | 00:12:25,949 --> 00:12:35,969 | or open. And it's this one right here. Okay. Beautiful delivery at 70.5. Okay, wonderful. Would I have shorted it at that level? No, I would have shorted it |
| 69 | 00:12:35,969 --> 00:12:44,459 | right at 262 or just before. And I would have allowed my position to have the risk from that point up to the high up here. And that may not fit your criteria, |
| 70 | 00:12:44,459 --> 00:12:51,719 | you may want to have a staff that's much smaller than that. And there's no problem with that is going through a smaller timeframe. And zero in on this |
| 71 | 00:12:51,719 --> 00:13:02,639 | little area. Here it is wait for smaller one minute practice or the same pattern of optimal trade entry, and you'll see it unfold. But selling short here aiming |
| 72 | 00:13:02,639 --> 00:13:12,149 | for the previous day's low. That's a wonderful opportunity right there. When we can see that target two is in close proximity to that same particular level, it |
| 73 | 00:13:12,149 --> 00:13:21,239 | dips down below it and look what it does, it spends a lot of time hanging around sideways. And then ultimately it breaks down sells off. We went down to a |
| 74 | 00:13:21,389 --> 00:13:33,479 | logical level that I'll teach you in another edition or supportive analysis video for the mastering high probability scalping video, that's gonna, like, |
| 75 | 00:13:33,869 --> 00:13:43,379 | evolve. So I know why you're like give me snipers series and give me precision trading concepts and put the trading plane video series up. I'm giving you |
| 76 | 00:13:43,379 --> 00:13:50,009 | something right now nuts and bolts. Because I already know what you're going to do. You're going to watch videos and like you're watching Seinfeld reruns, and |
| 77 | 00:13:50,039 --> 00:13:58,409 | you're not gonna get anything out of it. So I'm giving you right now, something you can do every single day. And I'm showing you every single day that I can |
| 78 | 00:13:58,409 --> 00:14:05,369 | find something every single day. Now I can do it because I know what I'm doing. I've been doing it a long time. But I don't want you thinking that you can do |
| 79 | 00:14:05,369 --> 00:14:14,099 | that. I want you to say okay, what days of the week Can I trade. And I'm going to focus on those days. And I'm going to try to find my 25 to 30 pips for the |
| 80 | 00:14:14,099 --> 00:14:23,639 | week and be content with that. I'm proving that it can be done. Now I don't trade like this. I look for one good setup for the week. And I put what I'm |
| 81 | 00:14:23,639 --> 00:14:32,609 | reasonably comfortable with putting on risk. I put the trade on and I let it go. And I manage it throughout the week. And that's my one shot one kill. That's not |
| 82 | 00:14:32,609 --> 00:14:45,809 | what I'm teaching. But I've taught you the bare bones framework for a really, really killer scalping system. And truth be told, if you master just this, you |
| 83 | 00:14:45,809 --> 00:14:52,859 | don't need any of my other tutorials. You don't need my mentorship. You don't need anything. This is enough. But some of you are going to be freaks and you |
| 84 | 00:14:52,859 --> 00:15:00,149 | want to learn everything I know and that's fine, but understand that what I'm doing is I'm building on a foundation I've created in the last two months. with |
| 85 | 00:15:00,149 --> 00:15:09,599 | you. And I don't want to waste that foundation and steer off into other rabbit trails, because I could very easily confuse you. And also inundate you with more |
| 86 | 00:15:09,599 --> 00:15:17,969 | information that's necessary. But just know that there's a lot of other information that will help complement what you're learning now. All right. And |
| 87 | 00:15:17,969 --> 00:15:25,139 | again, I just want to prove that I was teaching works because I do it every day. And you see the results of it. And you not only see me doing me see my students |
| 88 | 00:15:25,139 --> 00:15:36,329 | doing it, which is very encouraging as a mentor, but beautiful delivery of price, down to 112. Handsome opportunities to get short, throughout the week in |
| 89 | 00:15:36,329 --> 00:15:51,779 | here. If you look at this one, right here. This is something that a friend of mine, actually, it's local, he did this trade here, and argued with me why it |
| 90 | 00:15:51,779 --> 00:16:02,639 | shouldn't have been a sell off to go down below this long keep going down. I'll say this. Okay. When you look at significant turning points, and I'm going to |
| 91 | 00:16:02,639 --> 00:16:13,829 | answer Tom Dante his response about what fibs should be done and what shouldn't be done. Every swing low, and every swing high is not the same. In that just |
| 92 | 00:16:13,829 --> 00:16:22,589 | because it's apparent price went from like this low to this high, doesn't necessarily mean that that's where you should put your fib on. Okay. So there |
| 93 | 00:16:22,589 --> 00:16:35,399 | are specifics and price action that I teach, not in free tutorials that will allow you to frame your fib on the highest probable condition, high and low. And |
| 94 | 00:16:35,429 --> 00:16:42,089 | I say that, and I know some of you are not going to want to believe that because it's sounds like secret sauce. And it sounds like a sales pitch. But you don't |
| 95 | 00:16:42,089 --> 00:16:51,389 | need that. I've already proven you don't need that. So while I can say it for completeness sake, and also to respond to what other educators saying I'm not |
| 96 | 00:16:51,389 --> 00:16:52,619 | trying to be disrespectful, you Tom. |
| 97 | 00:16:53,070 --> 00:17:03,300 | But there is a science to the way I put my finger on it. And the fib isn't the thing I'm actually trading on, it's just helping my students see a particular |
| 98 | 00:17:03,300 --> 00:17:11,610 | range in terms of overbought or oversold without an indicator that would be an oscillator based on Okay, I'm just looking at in terms of a range of price |
| 99 | 00:17:11,610 --> 00:17:20,970 | range, because most of everything I'm doing as I'm trading inside of a noon, definable price range, an old high an old low, and I'm using that information. |
| 100 | 00:17:21,630 --> 00:17:32,610 | And I trade with that. That's pretty much all I do for scalping. And I look for some extreme to get to, to either, hopefully get very close to the higher low of |
| 101 | 00:17:32,610 --> 00:17:41,790 | the day or higher low the week. And that's all I try to do every single trading day. Now, I look through your pairs. And you'll see just because one pair had a |
| 102 | 00:17:41,790 --> 00:17:49,500 | really, really good opportunity, one particular day of the week doesn't necessarily mean that all the other majors had that same criteria, or that same |
| 103 | 00:17:49,500 --> 00:17:58,800 | pattern because it doesn't repeat like that. There may be a lag in one or two pairs, where you may not get the setup that you were looking for on princess |
| 104 | 00:17:58,800 --> 00:18:06,780 | that cable. And it doesn't happen for you, all of a sudden, you get it in cable a day or two later. And there's nothing wrong. Don't try to force it, don't try |
| 105 | 00:18:06,780 --> 00:18:18,450 | to fight it. Sorry about that, and tickle my throat. Alright, so we got the cable is next in our round up. And then we're going to do dollar CAD and now |
| 106 | 00:18:18,450 --> 00:18:27,150 | complete our presentation today. So this is not the teaching thing. I got one more thing for you tonight, where I've mentioned earlier in the week, I found a |
| 107 | 00:18:27,150 --> 00:18:42,690 | journal entry ahead from 1994. And I think you'll like that, but this is the pound dollar. Okay, and I gave you a short little video on Twitter, okay, I'm |
| 108 | 00:18:42,840 --> 00:18:50,280 | trying to experiment with that, where if I can avoid making these long winded videos, and give you like little snapshots throughout the day, I'm trying to |
| 109 | 00:18:50,280 --> 00:18:58,080 | master that, trying to get it down to like a 10 minute process where I can do it quickly, boom, put it together, because I think it'd be a lot more useful |
| 110 | 00:18:58,110 --> 00:19:05,490 | because it's one thing to show you a static chart, and then have the you know, the beginning of the entry points and stuff. Already already know some of you |
| 111 | 00:19:05,490 --> 00:19:14,460 | guys that don't like me, okay, don't believe me or don't want to know what I'm doing. Or maybe you do like what I'm doing and you can admit it. But if you |
| 112 | 00:19:14,910 --> 00:19:22,440 | don't believe I take the trades. And I'm showing you videos where the actual trades are entered and why it's happening and the mechanics of what it's being |
| 113 | 00:19:22,440 --> 00:19:32,430 | done. And I did that right over here with this one. It's hard to see in here, but this particular trade right here, that's what I sent a video on Twitter. And |
| 114 | 00:19:33,270 --> 00:19:45,420 | it was my response to Tom Dante about, there's no necessity for fibs because I was I was targeting the stops below here. If you look, I had the actual idea of |
| 115 | 00:19:45,480 --> 00:19:57,870 | where I wanted to get out at up here and ended up happening on a little bit later in the day here with this move here. So the long and short if you have a |
| 116 | 00:19:57,900 --> 00:20:11,670 | opportunity to anticipate movement if you're looking for price to get to a. I guess I'll just stick to it the theme I've been teaching since I got back on |
| 117 | 00:20:11,670 --> 00:20:23,370 | here, it's the draw. Okay, where is price going to be pulled? Where is it going to be drawn to? Is there an opportunity to see a directional bias based on what |
| 118 | 00:20:23,370 --> 00:20:35,040 | you believe, with what I teach in terms of the tools is it going to draw a price to a high or low or into a particular range. Now, in here, I felt that it was |
| 119 | 00:20:35,040 --> 00:20:45,960 | going to go up to that level, I thought it was going to go above these old highs here, and reach into the area, see trading it here. Now, once it did that, it |
| 120 | 00:20:45,960 --> 00:20:55,110 | pull down and sorry, consolidate a little bit. And then I watched these equal highs, the sitting here, I felt that we were going to move above that. Now |
| 121 | 00:20:55,110 --> 00:21:06,660 | again, same scenario, as I did with the euro dollar. I wanted to sell it up here. It didn't give me the price. As much as I wanted it to go up there and I |
| 122 | 00:21:07,410 --> 00:21:16,140 | was seizing I wanted to trade there, because I wanted to hit it right as it hit that price. And it didn't do it. So all I had to do was consider the fact that |
| 123 | 00:21:16,140 --> 00:21:26,460 | we made another run above the short term high now we this short term high. And these equal highs here. And that in itself is a trade. You could have taken that |
| 124 | 00:21:26,460 --> 00:21:34,200 | trade here. And truth be told, if you would have done it, you probably would have been stopped out. The only reason why that didn't happen for me, it would |
| 125 | 00:21:34,200 --> 00:21:38,370 | have happened for me and I would have suffered a loss, I would have been stopped out. |
| 126 | 00:21:39,270 --> 00:21:47,100 | The reason why I didn't take the trade is that I wanted this price level. Why? Because it's 20 pips above that's it this little blue shaded areas. This is 20 |
| 127 | 00:21:47,100 --> 00:21:55,320 | pips of a price range. This is 10 pips. So anytime you look at your charts and you see double tops and double bottoms, okay, don't feel trade empowered to do |
| 128 | 00:21:55,320 --> 00:22:04,020 | that. You're not empowered by trading off of that and finding resistance and taking that as a short. That's not what you should be doing. Your mind should |
| 129 | 00:22:04,020 --> 00:22:11,970 | shift gears and say, Okay, I know everybody on the Internet and on YouTube and everybody else on Facebook are going to have the idea that this is a double top. |
| 130 | 00:22:11,970 --> 00:22:22,470 | Therefore, a protective buy stop is safe to put above that or short position. Well, what does that mean? It's going to be targeted in the market, we'll go |
| 131 | 00:22:22,470 --> 00:22:33,630 | into a attack mode. Let's put it that way. And being very careful about what I say because I'm so relaxed the last almost, what, 14 months now, being able to |
| 132 | 00:22:33,630 --> 00:22:44,370 | say what I normally would say in my mentorship, I gotta be careful, I say, so the bizstats Arena, but these equal highs that was a fish efficiently done here |
| 133 | 00:22:44,400 --> 00:22:53,190 | with 10 pips. But once price started running again, I wanted to see a punch all the way up into 20 pips now could have went like 22 or 25 pips on like that. I |
| 134 | 00:22:53,190 --> 00:23:02,070 | don't care, I would have wanted at 20. And it would have been in and I was anticipating this big breakdown in price. same scenario, like on the euro |
| 135 | 00:23:02,070 --> 00:23:14,460 | dollar. My I went right to where it's cleanly leveled off at lows, that's down here. Okay, small little pocket of price action at sideways, everybody's going |
| 136 | 00:23:14,460 --> 00:23:21,930 | to see that and say, Okay, well, it looks like it's a safe spot to put myself stop on my long positions. And price doesn't take long to go down there does it |
| 137 | 00:23:22,290 --> 00:23:31,380 | goes right to it clears it out. I sent you a chart on Twitter. Okay, and I gave you the next area of liquidity, which is here. And I'll give you another one |
| 138 | 00:23:31,380 --> 00:23:41,160 | back here. Yeah, there it is. So, once I shared this opportunity that came to fruition, I was trying to get you to think beyond this one when I had someone |
| 139 | 00:23:41,430 --> 00:23:49,590 | tell me they were not didn't tell me they were suggesting on Twitter and anyone enticed to buy it down here. And I didn't want them to fall victim to that. So I |
| 140 | 00:23:49,590 --> 00:24:00,150 | just threw out the chart where this had the next sell stuff. So I wanted folks to at least consider that and just be considered of it. Because that might have |
| 141 | 00:24:00,150 --> 00:24:10,320 | been painful if you would have just simply tried to buy it. So we ended up coming back down here. If you remember this line here. There's the old low. |
| 142 | 00:24:13,740 --> 00:24:24,090 | There you go. They swept those same cell stops below here. And then look at the reaction. That was in my charts on Twitter. I can't go back and you know, fold |
| 143 | 00:24:24,450 --> 00:24:32,760 | the fabric of time and space. Okay, I can't, I can't do those things that, you know, time travel. I'm still working on it, but I just can't do it yet. It looks |
| 144 | 00:24:32,760 --> 00:24:42,450 | like sometimes. But those charts and his points of reference are on Twitter already. And I don't have any manipulation of what Twitter has on air. I can't |
| 145 | 00:24:42,450 --> 00:24:55,980 | change what's shared on Mt. Four. When I create a chart from empty for it's completely driven from their server and it's time and date stamped from the time |
| 146 | 00:24:55,980 --> 00:25:06,060 | I did it. So I can't I that's why I do it that way because I Don't want them. If this is better, in my opinion is way better than trade view trading view, |
| 147 | 00:25:06,600 --> 00:25:14,910 | because it allows you number one, you can keep my charts, you can keep my charts and study them, you can make your own notations is plenty of open space on |
| 148 | 00:25:14,910 --> 00:25:21,900 | there. Because I don't have any indicators or anything like that on my chart, you can print them out and actually write your own notes. That's what I'm trying |
| 149 | 00:25:21,900 --> 00:25:32,250 | to encourage you to do. I just put on here what's salient for me? What, what was the reasons why I took the trade so that I can share it with you. Okay, so look |
| 150 | 00:25:32,250 --> 00:25:42,180 | at the reaction here in price, it went right back to the area, I did my second entry in midpoint of the overall range, essentially. But I'm not going to go |
| 151 | 00:25:42,180 --> 00:25:51,120 | into details of why sold short here, mentorship, we'll know why. But it's not necessary. Up here, it was the optimal trade entry. Okay, another failure swing. |
| 152 | 00:25:51,720 --> 00:26:02,520 | And then ultimately, this one had not been able, well, had I been able to stay home and be through the New York session, I would have left a portion on and |
| 153 | 00:26:02,520 --> 00:26:10,950 | open these limit orders up a little bit to get down here. But I couldn't watch it. So Believe me, I was antsy cuz I couldn't wait to come back and see it |
| 154 | 00:26:10,950 --> 00:26:20,310 | because I knew the likelihood it was going to drop off. And I was hoping we would get it down here. And it's probably a little bit too enthusiastic and |
| 155 | 00:26:20,370 --> 00:26:28,650 | ambitious on my part. But I certainly wanted to see it trade down there. But this is the next one that was going to be taken. And that was about the end of |
| 156 | 00:26:28,650 --> 00:26:37,710 | it. But I would not expect it to do too much from where we are now probably consolidate, rated going into the clothes. And the last bit of business, we'll |
| 157 | 00:26:37,740 --> 00:26:38,100 | look at |
| 158 | 00:26:38,250 --> 00:26:50,280 | the dollar CAD, I shared my chart and by way of my son, and I didn't have my previous order I got in but another attempt to get long on dollar CAD. And I got |
| 159 | 00:26:50,280 --> 00:26:59,940 | stopped out on this one. So you guys can get a chance to see that. I know, look like I'm giving you all the sugar, but I got some vinegar today. Let's see the |
| 160 | 00:26:59,940 --> 00:27:11,400 | fifth one. And I'm looking at the lowest close or open. That's what I'm putting it on right here. I'm dragging it all the way up to the highest open or closed |
| 161 | 00:27:11,400 --> 00:27:23,460 | grade. There. Okay, so I have two reference points here. And here. As price dropped down into optimal trade entry, this whole business is in here, this |
| 162 | 00:27:23,460 --> 00:27:37,080 | whole rally up. I was not a part of it. I had no participation. And I didn't have any kind of prognostication, I didn't see it coming. I didn't care about |
| 163 | 00:27:37,080 --> 00:27:45,990 | it. I didn't worry about it. That's not what I was concerned about. What I wanted to see was a retracement back down into here. Because if you look what |
| 164 | 00:27:45,990 --> 00:27:58,950 | this is, what is that? What's this in price action right in here. Double high, right or double top. So I should be trained over a period of time seeing |
| 165 | 00:27:58,950 --> 00:28:12,630 | examples like this, if we see this, if it looks too clean, too perfect, too precise. If that happens in price action, I like to see that and I draw little |
| 166 | 00:28:12,630 --> 00:28:23,100 | rectangles up around that area. And it keeps that reference point in focus throughout the entire week. Because if I see it, and I get drawn into a |
| 167 | 00:28:23,100 --> 00:28:30,660 | discussion, or if I'm distracted by someone's questions, or whatever, because I'm talking to a lot of people every single day, either by email, or by |
| 168 | 00:28:30,660 --> 00:28:43,020 | mentorship, or texts, or some of them actually call me and I'm constantly being pulled away. If I don't keep proper notes on my chart, and then I'll lose sight |
| 169 | 00:28:43,020 --> 00:28:53,130 | of them. So in this example, what I'm referring to is if I see a double top like that, all I do is simply that, that's it real quick, it's simple. I don't need |
| 170 | 00:28:53,130 --> 00:29:00,540 | to write any kind of notations in it, none of that business. Okay, I just know that that is going to be a liquidity pool, it's got my stops above it. Now as |
| 171 | 00:29:00,540 --> 00:29:07,380 | the price action was dropping down, lower, lower and lower. Once you get an optimal trade entry, I was thinking well, it might pop up here and clear that |
| 172 | 00:29:07,380 --> 00:29:19,260 | up. I was wrong. It rallied and gave me an opportunity to have paper profits but then I was not paying attention to it here and it gave you another and gave me |
| 173 | 00:29:19,260 --> 00:29:36,060 | but equal highs just like it did here. All through here, completely unaware of it what marching it came down, took me out. Once the response below here, got |
| 174 | 00:29:36,060 --> 00:29:46,620 | back a boat both below this low here. Once it started rallying again, all I have to do is consider again that same equal high phenomenon when by stops are taken. |
| 175 | 00:29:47,190 --> 00:30:00,570 | But now we have a transition and we have buy stocks being taken. And this is now a market structure shift and still still this is still in play. It's Sitting in |
| 176 | 00:30:00,570 --> 00:30:12,270 | your chart, it doesn't leave. It's right there reminding me that hey, look, there's money up here, there orders. Isn't it reasonable to assume that someone |
| 177 | 00:30:12,750 --> 00:30:23,550 | went short here? I mean, I would think somebody has to be short there may not be a lot of people may not be someone you know. But someone's reasonably short. You |
| 178 | 00:30:23,550 --> 00:30:34,770 | know, if prices down here, someone could very easily held that entire move, and could be holding for longer moves. So if that's the case, and we see a break in |
| 179 | 00:30:34,770 --> 00:30:44,700 | market structure, and it's late in the week, well, what's most likely to happen in my mind, they're going to take the position from them. So classic to what I |
| 180 | 00:30:44,700 --> 00:30:53,760 | taught you in the scalping. After seven o'clock, I'm sorry, this is midnight, seven o'clock in the morning in New York, time is going to be here. And I want |
| 181 | 00:30:53,760 --> 00:31:03,300 | to kind of outline this as a way you guys can do the kill zones, as I do it, in my journal, and this is seven o'clock in the morning, New York time, waiting |
| 182 | 00:31:03,300 --> 00:31:11,760 | here. Now I'm going to take the fifth off, take a picture mentally with what you see here and get a view from it. And then also, I already already have pictures |
| 183 | 00:31:11,760 --> 00:31:24,540 | of it on Twitter, so you guys can use that. But I have this right here, I try to move all this other stuff so you guys can see it clearly. So this is the seven |
| 184 | 00:31:24,540 --> 00:31:33,720 | o'clock in the morning, time for New York, the local time for me on the East Coast of the United States. I'm in the state of Maryland. So I'm East Coast |
| 185 | 00:31:33,720 --> 00:31:37,230 | time. So whatever the time is in New York, it's my local time. |
| 186 | 00:31:37,800 --> 00:31:53,130 | So for this, this platform here, it's going to show 1200 is my 7am in New York time, so that's what it looks like for me, what it means for you on your broker |
| 187 | 00:31:53,130 --> 00:31:58,560 | and where you are globally, I don't even know. And I don't want to have that discussion. Because it's very confusing for me, and I have no shame in telling |
| 188 | 00:31:58,560 --> 00:32:07,380 | you, I've messed them too many people up in the past doing that, trying to help them and I made it worse. So just know what it is in New York, time to figure it |
| 189 | 00:32:07,380 --> 00:32:14,790 | out on your platform, whatever, seven o'clock in the morning is New York for your time locally and for your platform, and then you'll be calibrated. It's |
| 190 | 00:32:14,790 --> 00:32:26,280 | just that simple. Okay, so I can't help everybody because you're all in different parts of the world. Now, what I have noted down here, is, this is a |
| 191 | 00:32:26,580 --> 00:32:37,830 | little notation I've made, it is not an indicator. In my opinion, this is so much better than the MT four little time thing. Okay, it shows the kill zone. |
| 192 | 00:32:38,370 --> 00:32:47,580 | And the fact that that little line down here highlights the window beginning and ending of the kill zone doesn't mean anything to me. I don't look like that what |
| 193 | 00:32:47,580 --> 00:33:01,530 | I'm looking at is a mine in my personal journal, my charts look like this. Okay, what I'll do is, at the time of daylight savings time, for about two weeks or so |
| 194 | 00:33:01,530 --> 00:33:14,910 | I actually overlap when seven o'clock comes. And when 12 o'clock comes. And when two o'clock in the morning comes where the London open kill zone is. So |
| 195 | 00:33:14,910 --> 00:33:22,800 | basically I'm saying is when Daylight Savings Time is in effect. And when it's not in effect, I still use those reference points, the same, I overlap them. |
| 196 | 00:33:23,400 --> 00:33:32,340 | See, this used to be seven o'clock until we had the time shift for daylight savings time. And then we did daylight savings, and it shifts it on this |
| 197 | 00:33:32,340 --> 00:33:43,230 | platform to here. Okay, so I keep it the same. And this is what I meant on baby pips like I don't mess with daylight savings time. Because in this case, you can |
| 198 | 00:33:43,230 --> 00:33:51,870 | see that the setup doesn't really give it to you. If you use standardized daylight savings time as it is right now in New York time, you actually are |
| 199 | 00:33:51,930 --> 00:34:01,380 | entering before the actual kill zone. But because I do an overlapping, I compensate for that. So I've beaten the market makers many times using this |
| 200 | 00:34:01,380 --> 00:34:10,260 | application here with time and price. So that's why it's important to have notations on your chart. That's why it's justifying here. And that's why |
| 201 | 00:34:10,260 --> 00:34:18,990 | sometimes when you look at my chart, you'll see there's a particular highlight of a time window. And it may not be jiving for what you have on your chart. And |
| 202 | 00:34:18,990 --> 00:34:29,400 | it's because you're not incorporating to the compensation I've made for daylight savings time or the lack thereof. Okay. So now, what I do is I just simply draw |
| 203 | 00:34:29,400 --> 00:34:42,780 | a little small little box, draw a little segment of price act or not price action but segment of trendline and encapsulate the window of time that I think |
| 204 | 00:34:42,780 --> 00:34:53,640 | the signal is going to form. And I'd make a notation on my chart as to what I'm looking at. This is daylight savings time, so it's adjusted for that. Now say I |
| 205 | 00:34:53,640 --> 00:35:04,650 | want to do this same thing. Say tomorrow was say was Thursday today, and we want to be Doing the same thing tomorrow, all you have to do is go in here and go |
| 206 | 00:35:04,650 --> 00:35:13,890 | into the properties. parameters and change the 17 to an 18. |
| 207 | 00:35:19,410 --> 00:35:31,140 | And click OK. Boom, and it takes you and puts it right over here again. That's a better Killzone to gas, it takes a couple steps. Why don't want to do that, |
| 208 | 00:35:31,140 --> 00:35:40,230 | Michael, I want to have that really cool smart looking indicator, because it makes me look like I'm smart. And it's just a lazy man's approach. I wish I |
| 209 | 00:35:40,230 --> 00:35:48,000 | never would have used it or shown it because I get bothered with that indicator more than any other one, even with an ADR because they think this is somehow |
| 210 | 00:35:48,300 --> 00:35:58,620 | lighting up something on my chart. And it's not, it's just highlighting the dependency I have on time and price agreeing with one another. That's it. So |
| 211 | 00:35:59,940 --> 00:36:14,310 | what led me to believe that we were going to go up to as high as 128 26. I can't tell you to kill you. But skin, if you look at the the lows, I mean, sorry, |
| 212 | 00:36:14,310 --> 00:36:29,010 | though, the highs over here. Okay. If we take that price range, and we take the low, up to the high, and I take our fib anchored there, and just draw it up? |
| 213 | 00:36:29,850 --> 00:36:43,350 | Short, right up to the highest close. Okay. What's the level above this? What's the next fib level? It goes to target one. Okay, so target one, we're gonna drop |
| 214 | 00:36:43,350 --> 00:36:57,720 | a line on that. Right there. We'll walk that out in time. Right here is a nice, reasonable price level to get out at. Now, if you were buying long in New York |
| 215 | 00:36:57,720 --> 00:37:07,530 | open and got out there, would you be satisfied with that? Sure, anybody would, it's no reason for you not to feel satisfied about that. But because that |
| 216 | 00:37:07,920 --> 00:37:19,680 | particular level, is what it is, it's 120 807 was like suggesting if we go above, now, this is where tape reading comes in. Okay. This is the part that |
| 217 | 00:37:19,680 --> 00:37:27,840 | makes my stuff look way better than if anybody else uses a Fibonacci or kill zones are order blocks, because they all try to do it. But there's things that |
| 218 | 00:37:27,840 --> 00:37:39,000 | you got to use that come by way of studying price action, these equal highs or were below the 128. Big figure. So if we're thinking that it's going to go above |
| 219 | 00:37:39,030 --> 00:37:50,520 | these levels in here, what's it ultimately on, it's probably going to reach for the 128. Big figure. So if that's the case, we go back down and calibrate our |
| 220 | 00:37:50,520 --> 00:38:00,480 | horizontal line to 128. So we're reminding ourselves that there's liquidity low here, order flow. As I teach it, this is one of the barest bones, little pieces |
| 221 | 00:38:00,480 --> 00:38:07,620 | of nugget information you're gonna get from me, I'm going to amplify anymore in this, but this will make you very consistent. And I've already told you already, |
| 222 | 00:38:08,430 --> 00:38:19,050 | if we are reaching up to a big figure, in this case, the big figures 120. If that's likely to happen, your mind should jump immediately to Okay, it's |
| 223 | 00:38:19,050 --> 00:38:31,230 | probably gonna go 10 to 20 pips above the big figure. Now, if you just simply take 10 to 20 pips above these highs alone, this is 10. Right there, and 20 is |
| 224 | 00:38:31,230 --> 00:38:41,430 | here. There's nothing wrong with that, that gets us really close to the reason really nice. I mean, the bodies of the candles, you can see stop, rate the basis |
| 225 | 00:38:41,460 --> 00:38:48,480 | or not the base for the top of that 20 PIP range above these equal highs. Nothing wrong with that either. If that's what you would have used to get out, |
| 226 | 00:38:48,510 --> 00:38:58,650 | no problem. I'm just a freak, I won't have insane accuracy where no one can touch me, I want to be in a different level, I want to be another platform of |
| 227 | 00:38:59,370 --> 00:39:09,960 | accuracy and consistency that no one can come close to me. And that's always been my driving passion in this. If you want that, then you have to incorporate |
| 228 | 00:39:09,960 --> 00:39:22,770 | the same 20 PIP range to that 128 big figure, right there. Now once you do that, you take our horizontal line, drop it on, if you can get it to work for you, and |
| 229 | 00:39:22,770 --> 00:39:34,710 | drag it where it's supposed to go right there. That's pretty damn close. That's another level 128 20 institutional price level. And it's done. Now you can see |
| 230 | 00:39:36,960 --> 00:39:49,410 | during this entry in the what is that New York, New York open yesterday, I was wanting to get above this level here already. I never would have gotten it, but |
| 231 | 00:39:49,410 --> 00:39:58,170 | it would have been real close to it. I would have been short by Pip. So I would have been really pissed off. If I would have missed all this down move, but |
| 232 | 00:39:58,230 --> 00:40:09,630 | captured the big question. To move, and I felt no conviction to hold for anything higher. It only went a little bit more than I thought it would. I |
| 233 | 00:40:09,630 --> 00:40:18,510 | screencapture by way of a text and I said to my son said, Look, I need you to go in there and just do a screen capture, |
| 234 | 00:40:18,660 --> 00:40:27,300 | push it to the Twitter, don't comment on anything, just send the chart to him. I want him to see it as as it's happening. Well, let me show this. You can see |
| 235 | 00:40:27,300 --> 00:40:34,950 | what's happened since then, on my drive, whom I was watching it on my phone. And I was like, man, I knew where it's going, it's going to go back down into the |
| 236 | 00:40:35,760 --> 00:40:50,790 | 2750. Now, we've yet to get down there. But I think ultimately, that's probably what it'll try to do. This is a TGI f trade, just like the cable traders. And TJ |
| 237 | 00:40:50,790 --> 00:41:02,280 | f will actually acts. I'll teach that to my mentorship. Next week. So on the axiom won't be next week, it'll be this weekend. Preview. So yeah, you guys that |
| 238 | 00:41:02,280 --> 00:41:10,590 | are watching her in the mentorship. I'll teach you the TGF trade in our pre market analysis that we have it. But the folks that are joining me next year, |
| 239 | 00:41:10,590 --> 00:41:19,500 | you'll have access to that stuff too. But nonetheless, you don't need that. It's just another way of interpreting price action on a specific trading day Fridays. |
| 240 | 00:41:20,160 --> 00:41:27,180 | You don't need it. There's plenty of other opportunities in here. Wonderful, awesome. With optimal trade entry for the New York session here. Breaking market |
| 241 | 00:41:27,180 --> 00:41:36,150 | structure as it was taught to you in a scalping. It's reaching for previous day's highs 10 to 20 pips above and behind your eyes should go to equal high |
| 242 | 00:41:36,150 --> 00:41:45,270 | equal low. So that way, you know where the draw is. Okay. So the question I got the other day was you How did you know that price was going to go up to this |
| 243 | 00:41:45,270 --> 00:41:55,830 | area? Well, that's going to come by experience, not every answer is going to be so clear cut. And I'm going to be honest, some of the questions that are asked |
| 244 | 00:41:55,860 --> 00:42:05,760 | of me in the mentorship are just like that, too. And I respond the same way, it's going to come with experience. Now there's a lot of rule based binary, |
| 245 | 00:42:06,180 --> 00:42:16,560 | thinking, it's this and then it's that it's this or it's that or it's this or it has nothing to do. But there's some things that simply can't be communicated |
| 246 | 00:42:17,070 --> 00:42:29,280 | without the scope of experience. And that's going to have to come by your time in this and I can't short net for you, I can't make it easier or less painful. |
| 247 | 00:42:29,820 --> 00:42:37,050 | Some of you are going to be more stubborn than the others. And the ones that aren't as stubborn, will do better. They'll they'll learn faster, not be a |
| 248 | 00:42:37,050 --> 00:42:46,320 | better trader, maybe they could be a no, I don't know. But the point is that some of you want the impossible to happen for you. And I can't make that happen. |
| 249 | 00:42:46,470 --> 00:42:57,660 | As much as I would love to be able to do it. And believe me, I think my character and my personality shows you if there was a way for me to do it. Okay, |
| 250 | 00:42:57,660 --> 00:43:06,870 | and remove the necessity for experience and some of the things that you'll have to learn by that very thing experience, I would be doing it. And since I can't, |
| 251 | 00:43:06,960 --> 00:43:16,080 | I don't know how to do it. It's what it is. And we can't escape that it's a truth. It's truth. It's just anything You can't escape it experience is |
| 252 | 00:43:16,320 --> 00:43:30,960 | necessary. So I think that is going to do it for today. I don't wanna spend too much time to make this a long, long winded winded video. But a couple of you |
| 253 | 00:43:30,960 --> 00:43:38,910 | asked about the Wii I did the other day, I did a live session. And I got real loose with my tongue. And I said a lot of things I didn't want to do. And that |
| 254 | 00:43:38,910 --> 00:43:49,320 | was one of the things I said I wasn't going to put in my YouTube videos anymore. So I was a little bit cool. Last time I did that. So hopefully this has been |
| 255 | 00:43:49,320 --> 00:43:59,970 | insightful to you and you've not been bored, or confused, hopefully brought some clarity to what price has done this week. And I saw other trades I've taken this |
| 256 | 00:43:59,970 --> 00:44:09,510 | week. But you've seen them on Twitter. And they're pretty much straightforward. But these are the highlights, these are the real nice ones that took place. But |
| 257 | 00:44:10,590 --> 00:44:16,230 | I tried to get the dollar Cad a little early, and I got stung on that one. But ultimately, |
| 258 | 00:44:17,579 --> 00:44:26,879 | like last time, you know when I took a loss is expect the same thing to happen. Going forward to set up set up the same way I use the idea where the markets |
| 259 | 00:44:26,879 --> 00:44:34,079 | most likely gonna go and I taught you the very easiest way to find opportunities for that. How you know where the markets gonna go? Where's the bias? Where's |
| 260 | 00:44:34,079 --> 00:44:40,889 | this Where's that? It starts by understanding that daily chart, looking at an hourly chart looking at old highs and old lows where they could potentially |
| 261 | 00:44:40,889 --> 00:44:54,659 | reverse and looking for equal highs and equal lows. Those price points are gold mines. They are absolute gold mines. You cannot find anything easier than that. |
| 262 | 00:44:54,869 --> 00:45:02,189 | Double tops and double bottoms will get rated. Now they can sit in the marketplace for a long time. A period of time, especially if you're wrong about |
| 263 | 00:45:02,189 --> 00:45:11,159 | your bias. For instance, I mean, if you look at the 15th, you know, it was two days ago, you know, people probably forgot about that double top, but I don't, |
| 264 | 00:45:11,699 --> 00:45:22,559 | because I make notations on my chart. Now I have a completely isolated trading station where I have my CPU, and I don't even surf the internet with that. I |
| 265 | 00:45:22,559 --> 00:45:33,149 | don't sign on to anything except for my data provider. I'm pulling from a signal. And I don't do anything, but I use it for my analysis and trading. And |
| 266 | 00:45:33,149 --> 00:45:43,079 | that's it. Empty for it's on my phone, it's on my iPads, and it's on my laptops. Okay. I have a couple laptops, because when I was doing mentorship, my son was |
| 267 | 00:45:43,079 --> 00:45:53,939 | helping me. And sometimes he would post charts for me, and they would not be the same demo account. But they weren't, they weren't showing any any trades anyway. |
| 268 | 00:45:54,329 --> 00:46:08,549 | So I don't have a way for you to see my real setups, mark my charts and stuff like that, because it's not through Mt. Four. I don't trade through Mt. Four, I |
| 269 | 00:46:08,549 --> 00:46:19,379 | don't use this demo account for this demo provider, like forex Ltd. is the actual What do you call it? The broker for this, this data feed comes from them. |
| 270 | 00:46:19,379 --> 00:46:29,219 | The only reason why I've ever used forex Ltd, is because they offer the dollar index. Now if I was willing to go through a pursuit of knowing another broker |
| 271 | 00:46:29,219 --> 00:46:39,539 | that provides the dollar index and maybe does the the bonds, and maybe does commodities. And that would be even better. You know, I would look for that one. |
| 272 | 00:46:39,659 --> 00:46:47,759 | But it just so happens that this one was the first one I found. And I stuck with it for years. Yeah, that's distinct. This is a good one to use. They have a |
| 273 | 00:46:47,759 --> 00:46:57,719 | problem sometimes with their data, they're pretty lazy with gaps in their price. And I switched from them and used a demo account. I can't remember the name of |
| 274 | 00:46:57,719 --> 00:47:08,849 | the company. But my mentorship group knows if you know which one it was, you want to tweet it to everybody, that's also one that did have I think they'd have |
| 275 | 00:47:08,849 --> 00:47:17,399 | the dollar index on it. But the long short of is that you want to have a reference point and I'm not doing $1 index today. Because my charts have all |
| 276 | 00:47:17,399 --> 00:47:24,959 | mentorship notations on them. And I knew if I start talking about dollar, my tongue is gonna slip and I'm gonna talk about things I'm not supposed to talk |
| 277 | 00:47:24,959 --> 00:47:32,279 | about. So you just have to take me for my word and just know that this is enough. You'll need to see the dollar this everything that you're seeing in here |
| 278 | 00:47:32,339 --> 00:47:42,749 | is going to be the opposite for the dollar index. Okay, well, not so much on the dollar CAD but for euro dollar and British Pound USD. Okay. And I think that's |
| 279 | 00:47:42,749 --> 00:47:51,089 | gonna do it. So hopefully, you've had fun this week, I had a lot of fun. It's, it's really fun for me to be able to share this stuff with you guys point you in |
| 280 | 00:47:51,089 --> 00:47:59,669 | the right direction, and get you thinking about certain things. A lot of you are really doing well. I'm encouraged as a mentor to see that happening. You're |
| 281 | 00:47:59,669 --> 00:48:10,589 | taking excess without me spoon feeding and that's been the whole point. Okay, 2010, I stepped out. And I said, Okay, I'm gonna have a social experiment. And |
| 282 | 00:48:10,589 --> 00:48:21,149 | none of you knew that you were getting pigs. You just, were just happy campers is eating up every video I made. Loving the music, loving the content. Maybe not |
| 283 | 00:48:21,149 --> 00:48:30,299 | so much me. But still, it was entertaining enough for you to be engaging with me every single trading day. I was giving a video every single day. It was meant to |
| 284 | 00:48:30,299 --> 00:48:40,829 | see who would learn this like I did. And no one did. I could have done it just like this. From the beginning. I could have very easily sat down and said, Okay, |
| 285 | 00:48:40,829 --> 00:48:49,709 | here's a couple videos. Focus on this and practice. Okay. But that's not what I wanted to say I need to I needed to be entertained by it. I that was the whole |
| 286 | 00:48:49,709 --> 00:48:59,999 | point. I was entertained by people on the forums that talk about things that aren't what makes price move. And before I close today, I want to kind of like |
| 287 | 00:49:00,029 --> 00:49:08,909 | interject and say I saw the last tweet by one of the followers I have on Twitter. And he asked the question of what makes the Fibonacci so powerful. And |
| 288 | 00:49:09,659 --> 00:49:18,119 | get your paper pad and get ready write this down case. It's one singular word that makes that response. Nothing. |
| 289 | 00:49:19,980 --> 00:49:33,210 | It's an O t, h i n g. Nothing makes the Fibonacci powerful. Because price doesn't care about Fibonacci. Fibonacci is not okay, the power that makes this |
| 290 | 00:49:33,210 --> 00:49:43,830 | stuff happen. It's understanding order flow. And it's not with Dom's and depth of market and footprint and ladders and all these other things that are out |
| 291 | 00:49:43,830 --> 00:49:50,850 | there right now because they're limited in their scope. Especially if you're gonna be trading forex, you're not seeing every order. It's at those price |
| 292 | 00:49:50,850 --> 00:49:59,490 | levels, okay. And when we see that kind of stuff, it's no different than when we look at alanda. They have an order book thing, okay? And you don't know if those |
| 293 | 00:49:59,520 --> 00:50:07,740 | orders and They may not even be there. Okay, just like the footprint and the Dom's and depth of Mark and all those things, they can be flashing things that |
| 294 | 00:50:07,740 --> 00:50:19,920 | aren't really there anymore. So what there's there's that that's not the same as understanding, sentiment, and tape reading, that's essential. That's what makes |
| 295 | 00:50:19,920 --> 00:50:29,190 | me good at this. It's not Fibonacci, it's not order blocks. Order blocks is a way for me to communicate it to you. I'm seeing something entirely different. |
| 296 | 00:50:29,790 --> 00:50:39,870 | Like, I know above these highs here, there stops. But it's not just above these highs or at these highs. It's in grades of 1020, sometimes 30 pips, but you're |
| 297 | 00:50:39,870 --> 00:50:51,090 | not going to know that from looking at books and studying things and talking to people on forums, because they're so well indoctrinated with indicators, and old |
| 298 | 00:50:51,090 --> 00:51:00,570 | school theory, that's always been there to promote misinformation. And it probably doesn't, you probably don't want to agree with that you probably be if |
| 299 | 00:51:00,630 --> 00:51:07,830 | you're using stochastics and moving averages, you're making money, you're gonna disagree with me. And you're gonna say, you talked to a guy on the forum, or the |
| 300 | 00:51:07,860 --> 00:51:15,360 | Twitter, and they say that they know a market maker, or they know somebody that does this and does that or works at a bank and makes mortgages. He says that |
| 301 | 00:51:15,360 --> 00:51:25,440 | there's nothing like I'm saying in in the banking industry, and none of those people even know what I'm talking about. Because they wouldn't. It's all the way |
| 302 | 00:51:25,440 --> 00:51:36,930 | up to the central bank level. That's where price comes from. brokers can't manipulate price, except for just a small little sample size of a spread. Okay. |
| 303 | 00:51:38,520 --> 00:51:49,350 | That's the extent of the manipulation that could have a central bank. Since the price, it's the high and the low. And they do that it's already pre determined |
| 304 | 00:51:49,710 --> 00:51:57,780 | how fast it gets to those parameters, high or low, the day is all based on what's going to happen that particular day and how much liquidity is in the |
| 305 | 00:51:57,780 --> 00:52:05,490 | market at the time, no one's going to know that depth of markets not going to tell you that, okay, no other theory is going to happen to tell you that order |
| 306 | 00:52:05,490 --> 00:52:16,230 | blocks aren't going to tell you that, okay, breakers aren't going to tell you that speed is an undeterminable thing. Because that magnitude, net velocity is |
| 307 | 00:52:16,260 --> 00:52:27,030 | the unknown. I don't know if my trade is going to have rocket fuel in it. I know when it probably can have that condition in it. But I'm more concerned about |
| 308 | 00:52:27,030 --> 00:52:34,380 | knowing where's it ultimately trying to reach for because even if it doesn't go up there today, or go down there today. And everything remains true, like this |
| 309 | 00:52:34,410 --> 00:52:41,520 | dollar CAD trade. I tried to get it yesterday, and I was being real quiet about it. Because I have a student of mine that is been killing it going short. And I |
| 310 | 00:52:41,520 --> 00:52:54,750 | did not want to upset what he was doing. I took the trade and it stung me. But it didn't stay me today. I got the honey. So I want you to understand that if |
| 311 | 00:52:54,750 --> 00:53:03,990 | you look at the Twitter feed and look at the folks that are following me and responding to me. They're sharing charts, they're sharing entries, okay. And |
| 312 | 00:53:04,410 --> 00:53:13,140 | I'll be honest, and I want this to be understood with sincerity. I know some of you really like me. Okay. And I agree, I thank you for your respect. But some of |
| 313 | 00:53:13,140 --> 00:53:24,240 | you are actually faking your charts. And you're trying to show that you got in certain areas, when you have orders, actually in new in the market. You won't |
| 314 | 00:53:24,240 --> 00:53:31,440 | see that price line up over here, it won't highlight you're using the actual horizontal line like this. So when you're showing like, supposedly, you're |
| 315 | 00:53:31,440 --> 00:53:39,930 | getting long or short or your stop loss, they never highlight the price over there. So if you want to, you know, you don't need to do that. Basically what |
| 316 | 00:53:39,930 --> 00:53:48,690 | I'm saying, Yeah, I don't, I don't need that type of stroking. Okay, I know, just like, I can see that it's not real. My audience has seen that same stuff. |
| 317 | 00:53:48,690 --> 00:53:56,940 | And they're probably being very kind to you by not mentioning it to you. But they're not really in the order. You're not really making those trades. Okay, so |
| 318 | 00:53:57,360 --> 00:54:06,180 | you might see how it's happening in price and in hindsight, being sighted. And you want to throw me that, like, I'm gonna high five. Yeah, that's why I don't |
| 319 | 00:54:06,180 --> 00:54:09,810 | like those charts when they're shared with me, because I knew they're not really they're |
| 320 | 00:54:12,449 --> 00:54:22,709 | the ones that have their charts and you can clearly see that they're really in those trades. They're really in those trades. And I'm encouraged as a teacher |
| 321 | 00:54:23,489 --> 00:54:34,229 | teaching through a demo account that you're practicing the same things and those signals that you entered on. On the the framework that I've taught in the recent |
| 322 | 00:54:34,229 --> 00:54:43,289 | series I gave you guys you found those trades all by yourself. Now the ones that have done that some of you took the dollar CAD trade. I didn't tell you I took |
| 323 | 00:54:43,289 --> 00:54:53,039 | it. I didn't tell you how to do it yesterday. And I got hurt yesterday. It stung me. It's a demo last but still it I don't like it. I hate it pisses me off. I |
| 324 | 00:54:53,039 --> 00:55:03,779 | was wrong. But nonetheless. I'm not spoon feeding you setups and yet some of you are absolutely Doing what I've asked you to do, do the work step out there. So |
| 325 | 00:55:03,779 --> 00:55:14,189 | when we have the Fibonacci on there, we're not using the fib for an entry, we're using fibs to draw our attention to specific levels, just like when we have |
| 326 | 00:55:14,219 --> 00:55:22,049 | equal highs. And I told you to use that little rectangle idea to draw a little notation, keep your focus there. Okay, that's what you should have on your |
| 327 | 00:55:22,049 --> 00:55:30,629 | charts, those types of markers, not indicators and moving averages and all those types of things. You don't want to have that on your chart at all. Because it's |
| 328 | 00:55:30,629 --> 00:55:42,179 | going to distract you from price. And I have folks asking me, you know, why is the thing I really like, in terms of the color, because I, that's the least |
| 329 | 00:55:42,179 --> 00:55:57,299 | thing and interest to me. a confluence of these levels, that's what I'm looking for. I want to have an overlap of several things suggesting that an entry is |
| 330 | 00:55:58,349 --> 00:56:06,809 | possible, and that it has the likelihood of being profitable. And also the same thing with my exits, especially with my exits, because that's my weak spot, I |
| 331 | 00:56:06,809 --> 00:56:19,829 | don't have a satisfaction in my exits. And I know it probably sounds stupid, because you see what I'm doing. But I'm not satisfied with that, like I need to |
| 332 | 00:56:19,829 --> 00:56:31,049 | have something that's consistently delivering, where it doesn't morph. And it takes a lot of tape reading insight that I've gained over two decades to get |
| 333 | 00:56:31,049 --> 00:56:40,979 | that. And I have not yet found a way where I can say, this is an exit strategy that works uniformly where like, you can see my optimal trade entry entry |
| 334 | 00:56:41,429 --> 00:56:50,189 | pattern, and it's pretty straightforward. It's a market structure break. It's a specific time and kill zone, and then trades down to a 62% retracement level. |
| 335 | 00:56:50,429 --> 00:57:02,519 | That's my, that's my approach. That's it. You know, that's not anything that you can change around make it mysterious. If we looked at the cable, right now, if |
| 336 | 00:57:02,519 --> 00:57:14,609 | we looked at this particular pair, your I should go right to all of the even highs and even lows. Okay, that's what you should do. That's your first I guess |
| 337 | 00:57:14,609 --> 00:57:26,159 | crash course on looking at order flow. Because the market will very repetitively very consistently go right to those reference points and price action. Equal |
| 338 | 00:57:26,159 --> 00:57:45,509 | highs above here, you want to be getting out there. Okay. I know it's hard to see me zoom in right here. This exit point, I'm getting out ahead of this high |
| 339 | 00:57:45,539 --> 00:57:56,399 | because I don't know if it's going to break when I'm when I'm in this trade. And it's reaching for equal highs I want to get out of that at or just below it. And |
| 340 | 00:57:56,399 --> 00:58:06,719 | that was my first portion of that exit. Now I did this on a short little video, but it's not based on fib. It was based on orders that were resting below these |
| 341 | 00:58:06,719 --> 00:58:17,159 | equal lows. And you saw that in that little 45 second video price dips down as it was going down I was buying it which doesn't make sense to retail trader |
| 342 | 00:58:17,159 --> 00:58:23,939 | because they want to see it going up to be buying I'm buying it as the sell stops are activated because there's sell stops you're going to be market orders |
| 343 | 00:58:23,939 --> 00:58:38,699 | to sell at the market and I want to pair my entry of buying with willing sellers just as well is that is very generic. I need to have my exit strategies like |
| 344 | 00:58:38,699 --> 00:58:48,539 | that and I have yet in 25 years not been able to do so. And that is what I'm working on. And that's my masterpiece. If I can finish before I leave this earth |
| 345 | 00:58:48,539 --> 00:59:01,109 | and the exit strategy that I'm satisfied with then my legs complete. Yes, I have struggled man I have struggled with this. My entire trading career I have not |
| 346 | 00:59:01,109 --> 00:59:05,189 | been satisfied with it because it depends too much on my |
| 347 | 00:59:07,530 --> 00:59:17,010 | experience reading the tape and reading the tape is a way of reading price. Because we before we had electronic trading and such, we had to follow it on |
| 348 | 00:59:17,010 --> 00:59:25,590 | quotes. Okay, and I had a quote track machine which is like a big old handheld device like a transistor radio, but kind of thing I couldn't trade from it. It |
| 349 | 00:59:25,590 --> 00:59:33,660 | was just a quote machine. We're just getting the quotes all day long. And I could read the tape and I could read the daily range based on what the quote |
| 350 | 00:59:33,660 --> 00:59:44,280 | high was what the quote low was, and I would make notations what the highest high was each hour and what the lowest low was each hour. Now when I was being |
| 351 | 00:59:44,280 --> 00:59:54,720 | bullish on s&p 500 or the Treasury markets, which is my two predominant markets I was trading back then as commodity trader I would know based on where has |
| 352 | 00:59:54,720 --> 01:00:07,020 | traded and where I had predetermined highs and lows on the day. And they were just for floor trader numbers. Okay. And while they worked phenomenal, and they |
| 353 | 01:00:07,020 --> 01:00:19,890 | still work phenomenal in futures markets, there are far more reliable things in forex, that transcend everything else that's out there in terms of accuracy. And |
| 354 | 01:00:19,920 --> 01:00:31,350 | the folks in my mentorship know exactly what I mean, when it relates to the dollar CAD, the dollar CAD, that level that, that high form that I was off by |
| 355 | 01:00:31,350 --> 01:00:42,540 | one, Pip. So yeah, and look where it's trading at now. Now, I don't exit there, I didn't exit at the high, I want to get out at that price point, as I'm, as |
| 356 | 01:00:42,540 --> 01:00:52,770 | it's moving towards it. But I want to be doing that type of thing all the time in my exit strategy. My hope is, this is my, this is my real inspiration here. |
| 357 | 01:00:54,030 --> 01:01:08,040 | If I can get a large number of you, knowing how I trade, I'm confident that someone like me, that takes my shortcoming because my mentor, Larry Williams, he |
| 358 | 01:01:08,040 --> 01:01:18,360 | said his weakness was one big bullish days, and he couldn't understand how buyers buy below the opening price. When it's up close day. It couldn't figure |
| 359 | 01:01:18,360 --> 01:01:32,910 | it out. When I learned from his training, video concepts, and you books and such, and he had made remark, and some of you that's been with me for a long |
| 360 | 01:01:32,910 --> 01:01:42,750 | time, you already know, I'm going to say, but you're gonna have to hear it again. Sorry. He's his strategies. And if you study his stuff, he's never buying |
| 361 | 01:01:42,750 --> 01:01:52,830 | down here. He's never been he's never a buyer down here. He wants to see it rally to a certain point. And then he'll buy. And I tried that stuff. And it |
| 362 | 01:01:52,830 --> 01:01:59,250 | doesn't work well, for me, it never worked for me, it would always come back hit my stop and knock me out. And then maybe sometimes it did rally later on. And I |
| 363 | 01:01:59,250 --> 01:02:13,440 | was not in the mood. So he was very honest, in his statement that his actual words were I wish I knew him saying that, in his words. He wished he knew just |
| 364 | 01:02:13,440 --> 01:02:23,340 | the zip codes of the traders that were able to buy down here. Maybe that would help him because he couldn't figure out how to do that. And that authored me |
| 365 | 01:02:23,430 --> 01:02:33,900 | because I looked at this guy like the Babe Ruth of baseball, you know, he's like the you Muhammad Ali of boxing. This is the man. I mean, this this guy saying he |
| 366 | 01:02:33,900 --> 01:02:45,270 | can't do it. What the hell's wrong with this picture something wrong. So because I'm obsessive compulsive, and because I have a superiority complex, like, I have |
| 367 | 01:02:45,270 --> 01:02:54,360 | to be the man. Okay, and I'm being honest with you. So I took that as a personal challenge. If I'm going to carve out my niche in this industry, I'm going to |
| 368 | 01:02:54,360 --> 01:03:03,480 | figure out that conundrum. And I'm going to figure it out. Because the man that's done what nobody else has been able to do. It admitted publicly, that he |
| 369 | 01:03:03,480 --> 01:03:13,590 | can't do that. So I made my life's passion, figuring out what makes this part of the daily range, create the low the day. And because I only want to be a buyer |
| 370 | 01:03:13,590 --> 01:03:19,860 | there at that opening price or below it. Now, you can't do that when you're doing in New York setup, because it's already going to be inside that range up |
| 371 | 01:03:19,860 --> 01:03:34,320 | here. But I had spent half of my career just dialing on this. So for the last eight, well known as much closer to 10 years now 10 years, I have been |
| 372 | 01:03:34,350 --> 01:03:46,320 | consistently destroying the markets that I trade in this area. And I'm doing it consistently over and over and over and over. And it's repeatable, and it's |
| 373 | 01:03:46,320 --> 01:03:56,670 | teachable, because my students are now doing it too. So I have never had the privilege and I want to try to do this one day. I don't know how to frame the |
| 374 | 01:03:56,670 --> 01:04:04,680 | conversation is that I'm gonna come across as an arrogant jerk. But I want to be able to sit with him and say, hey, look, |
| 375 | 01:04:05,549 --> 01:04:14,759 | this is what I've done as a result of you not being able to teach it to me, you still were the inspiration behind it. So why I say this to you is not because |
| 376 | 01:04:14,759 --> 01:04:24,419 | I'm better than Larry Williams. I'm not claiming that. Okay. What I'm saying to you is, by me teaching as the role of Larry Williams was to me, I'm like your |
| 377 | 01:04:24,419 --> 01:04:35,609 | Larry Williams, I'm sharing with you an inability for me as a trader, to come up with a strategy that is consistently uniform, where it doesn't deviate. It's the |
| 378 | 01:04:35,609 --> 01:04:43,229 | same way of doing it all the time where it's cookie cutter, like my entry strategies are cookie cutter. It's real easy. It's the same stuff. I have |
| 379 | 01:04:43,259 --> 01:04:52,109 | struggled with framing my exit strategy, where it's the same way I don't have, I don't have the capacity to do it. And it's been frustrating for me. So I'm |
| 380 | 01:04:52,109 --> 01:05:01,349 | hoping that I can get a large number of you trained to see the things that I know and able to execute on if you're able to do that. thing I'm hoping, and I |
| 381 | 01:05:01,349 --> 01:05:10,649 | believe this, oh, heartily, I believe it, that there's one if not more of you that are going to use your intelligence and your passion for this. And you're |
| 382 | 01:05:10,649 --> 01:05:24,449 | going to find a way of using what I do to create a uniform exit strategy that will satisfy me, not because, you know, I need it, I don't need it. What I'm |
| 383 | 01:05:24,449 --> 01:05:35,399 | doing is enough, but because I have OCD, which is obsessive compulsive disorder. I wrestle with this all the time, I'm never satisfied with it. And it's a |
| 384 | 01:05:35,399 --> 01:05:45,809 | weakness, it's absolutely a weakness. But I tell you this in my tutorials, not to demand it, but I suffer with it. Because I've always had this, I've always |
| 385 | 01:05:45,809 --> 01:05:58,709 | had this problem. And it stems from not having parents that really gave too much concern for me, I was raised by my grandparents. So I've always struggled for |
| 386 | 01:05:58,739 --> 01:06:11,309 | this sense of accomplishment. and adoration. I've always wanted that, I needed that. So this industry, it has supplied that for me. And I get that that's the |
| 387 | 01:06:11,309 --> 01:06:20,399 | reason why I do all these videos. That's why I do all the teachings, because it supplies what I have a hole in, in my life, that doesn't feel no, I believe in |
| 388 | 01:06:20,399 --> 01:06:29,639 | God, he does fulfill a lot of those things. But there's still that little itch that can't be satisfied because my parents weren't parents to me. And I know who |
| 389 | 01:06:29,639 --> 01:06:42,569 | they are, but they just never weren't what I would have hoped them to, to be. So I have to do things to feel, I guess, satisfied. And I can't beat this one. I |
| 390 | 01:06:42,569 --> 01:06:57,509 | just can't, I can't like it. So my colon, my whole inspiration behind all this stuff is I know how it worked for me. Now, Larry wins by never knows who I am in |
| 391 | 01:06:57,509 --> 01:07:04,559 | regards to figuring out that that little mystery if you had a Bible of the opening price, and I'm sure there's a whole lot more people out there that do it |
| 392 | 01:07:04,559 --> 01:07:15,149 | that just don't care, talk about it, they just stay home and do it. But I want to be able to say this is what I did. And because no one taught it to me, I |
| 393 | 01:07:15,149 --> 01:07:23,129 | figured it out by studying and studying, studying, studying, and figuring out certain things that take place in the marketplace for manipulation purposes. But |
| 394 | 01:07:24,209 --> 01:07:32,609 | you can do all the manipulation points that usually take place, but it ain't gonna end up knowing where the high low is going to be at. You got to know other |
| 395 | 01:07:32,609 --> 01:07:44,219 | things. And it comes by looking at charts for a long time and seeing things over and over again. But I will say this as it relates to the euro dollar. And I hate |
| 396 | 01:07:44,219 --> 01:07:51,599 | the fact that I'm bouncing all over the place right now because of the disruption I had earlier. Took me off my train of thought I had a group going |
| 397 | 01:07:51,599 --> 01:08:04,649 | and I mentioned this in the previous live session I did. And it based on wycoff. The folks that don't really care too much about me, they like to have their |
| 398 | 01:08:04,679 --> 01:08:16,409 | little jabs at me whatever. And they say that what I teach are regurgitation and repackaging of other things. And they don't listen, when I've been very candid |
| 399 | 01:08:16,409 --> 01:08:27,719 | about the folks that had a part in my development over the last 25 years. Largely it's Larry Williams and George ngl for s&p 500 trading. Ken Roberts was |
| 400 | 01:08:27,719 --> 01:08:36,419 | the guy that got me in the business of trading and he first person I learned from and I learned perfectly as you would expect how to lose money, and I lost a |
| 401 | 01:08:37,349 --> 01:08:51,899 | good chunk of my first trade. My Account was you smashed on an option. And y'all mostly know that story too. But my mentors have been les Williams, George and |
| 402 | 01:08:51,900 --> 01:09:00,360 | Joe, Linda raschke and Larry Connors with the street smarts book, john Murphy, with his intermarket analysis book and his technical analysis of the financial |
| 403 | 01:09:00,360 --> 01:09:07,590 | markets. Those two books should be in everyone's library. So there's three books right there right away, you should know and have how I made a million dollars in |
| 404 | 01:09:07,590 --> 01:09:15,240 | commodities last year by Larry Williams, that book should be in your library. To me, I think that's the only one you'd ever need. Because it gives you a lot of |
| 405 | 01:09:15,240 --> 01:09:24,060 | the core concepts that I started with as a commodity trader. And it does segue into trading currencies, because there are, there's foreign currency, futures |
| 406 | 01:09:24,060 --> 01:09:36,120 | markets, and you can trade those rather consistently to the same stuff I'm teaching. And then Chris Laurie helped me with the Asian range. I understood how |
| 407 | 01:09:36,120 --> 01:09:46,980 | to trade the midnight opening price, and I used it the same way that I applied the Asian range. So when I seen Larry, Larry, with Chris Lori's work from forex |
| 408 | 01:09:46,980 --> 01:09:54,630 | mentor about everything from forex mentor years ago, just to see what everyone else was doing. And I had already figured out what I wanted to do. But Chris |
| 409 | 01:09:54,630 --> 01:10:03,600 | Laurie was the only one over there that nobody is talking about. And I'm not trying to be disrespectful, but this is the truth. But he mentioned in some of |
| 410 | 01:10:03,600 --> 01:10:14,880 | his pro traders club stuff, which I think is good. If you're going to look for another service or another medium in terms of learning, you're gonna have to pay |
| 411 | 01:10:14,880 --> 01:10:26,010 | for it now. But I think that I don't get anything for you can ask Chris, I know nothing about getting kickbacks or whatever. But the his material is price based |
| 412 | 01:10:26,580 --> 01:10:37,260 | in nature. And you're gonna have to dig around around a lot in his stuff. But it's still useful if you're going to be really studying hard. But he talked |
| 413 | 01:10:37,260 --> 01:10:44,850 | about this Asian range. And I felt that it was a, you know, is an interesting concept. I didn't know about it before meeting him. And not that I met him |
| 414 | 01:10:44,850 --> 01:10:57,930 | personally, but you know, before meeting his content, but I studied it, and I started approaching it with the same ideas I used for the opening price at |
| 415 | 01:10:57,930 --> 01:11:09,930 | midnight in New York. Because that theory is how I, if you saw any of my work, I did explore the Asian range. And that was a specific tutorial, all I was doing |
| 416 | 01:11:09,960 --> 01:11:22,590 | was teaching in the opening range concept that I use at midnight opening price, New York time. And what I did was, as an s&p trader, I'd look for a move above |
| 417 | 01:11:22,590 --> 01:11:29,130 | the opening price when I was bearish, and I'd sell it. It's the Judas swing, boom, it's done. So when I was bullish, I waited for it to drop down, and I |
| 418 | 01:11:29,130 --> 01:11:39,630 | would buy it. And that's it, I will, I will trade globex like that overnight. Very, really consistent. And I did the same thing with the s&p 500 futures |
| 419 | 01:11:39,930 --> 01:11:46,860 | market at 930. In the morning, New York time, if you find the opening price, if you're bullish, you wait for it to drop down below the opening price and buy it |
| 420 | 01:11:47,370 --> 01:11:54,840 | and wait for it to give you a nice little rally. And all I was trying to do is make two handles if I can get three handles in a day, I was killing it back |
| 421 | 01:11:54,840 --> 01:12:02,250 | then. Now look at we got in terms of a daily range. Now. It's ridiculous. They're near. They're all over the places. I mean, sometimes just 3030 handles |
| 422 | 01:12:02,250 --> 01:12:15,600 | in a day. And that's considered a low volatility day now. So. So as Chris Laura, he's a mentor. But then early, teaming back in America Online days, there was a |
| 423 | 01:12:15,600 --> 01:12:33,480 | gentleman that was monitoring wycoff in price action. And, truth be told, that was when I was a troll, because I was suffering from the illusions of grantor |
| 424 | 01:12:34,200 --> 01:12:47,010 | because I had had the unfortunate problem of making a lot of money on stupidity. I was getting very, very lucky back then. And I thought I knew everything. And I |
| 425 | 01:12:47,010 --> 01:12:52,950 | didn't know really anything at all, except for buying in a bull market. And the bull market was a no brainer. They were like commercial bull markets, they were |
| 426 | 01:12:52,950 --> 01:13:00,900 | just going straight up, and there was no skill involved. And you could have bought any commodity back then and it was making your money. So I say that to |
| 427 | 01:13:01,170 --> 01:13:02,400 | remind everyone that |
| 428 | 01:13:03,510 --> 01:13:10,380 | when I first cut my teeth in this business, I was a loser right from the beginning, then I got in contact with Larry Williams because of a mailing about |
| 429 | 01:13:10,380 --> 01:13:19,200 | his stuff. And then when I started using his information, then it was profitable. And to a degree that kept me inspired to learn more and more and |
| 430 | 01:13:19,200 --> 01:13:28,500 | more and more and more. Once I got deeper in his stuff and realize he does a lot of things mechanical and stuff. I knew before he admitted that he isn't a good |
| 431 | 01:13:28,530 --> 01:13:38,160 | trader, he's a good system follower, and an awesome money manager and he can, he can use money management, you with a really poor delivering system and be |
| 432 | 01:13:38,160 --> 01:13:48,210 | profitable. That's the real holy grail, understanding how to manage your money. If you can find a system that gives you a positive reaction, you know, it's |
| 433 | 01:13:48,210 --> 01:13:57,330 | measurable, it repeats, it doesn't have to repeat a whole lot. If you have the right sound money management approach, you can do exceedingly well. And Ralph |
| 434 | 01:13:57,330 --> 01:14:05,610 | Vince and Ryan Jones, if you want to look at that kind of stuff, they're kind of pricey and really dry in their content. But for money management ideas, in |
| 435 | 01:14:05,610 --> 01:14:15,870 | theory, that's that's the spot that you want to look at that, because that to me is like the science behind money management. Again, it's not easy reads, but |
| 436 | 01:14:16,110 --> 01:14:26,160 | that's the real bones of it all. But this guy was on the forums on America Online. And he was discussing wycoff. And if you've never looked at wycoff do |
| 437 | 01:14:26,160 --> 01:14:33,570 | it. Because I get a lot of flack from people that Oh, what's the markup phase and markdown phase of wycoff? That's it to Mike Michael Michael's market maker |
| 438 | 01:14:33,870 --> 01:14:45,120 | by model so model Oh, it's this wycoff and just ignore Michael and go through wycoff Okay, go through that and study it and then come back and look at what I |
| 439 | 01:14:45,120 --> 01:14:53,790 | teach when it comes to market maker buying so models, because I make it precision I understand before it actually creates the markup I already know I |
| 440 | 01:14:53,790 --> 01:15:01,020 | know what's going to happen. So you have to wait for this thing called a spring to happen in the wycoff already know this Bring is going to happen before it |
| 441 | 01:15:01,020 --> 01:15:12,210 | happens sometimes days before it happens to the price level before it happens. Like I, I'm, I'm sick with this stuff, it's, it's insane how predictable it is |
| 442 | 01:15:12,510 --> 01:15:24,120 | when you throw away everything else, but I will say this and I was a troll on America Online to this guy because I was losing my money trading what I was |
| 443 | 01:15:24,120 --> 01:15:37,920 | using in my own trading. And this was in 1990 1999, right transition into 2000. And I was getting really, really heavy with my positions, and over leveraging, |
| 444 | 01:15:38,250 --> 01:15:48,210 | and sometimes not even using a stop loss, admittedly. And I felt that I knew more than I really did. And this guy got online, and he was teaching wycoff. And |
| 445 | 01:15:48,210 --> 01:15:57,510 | because of the terms, if you read wycoff, you'll know what I mean by it's like, crack the ice, jump the creek spring, these are all terms that I remember |
| 446 | 01:15:58,110 --> 01:16:06,360 | hearing him, say it not hearing him say it but reading it. When hearing other people talk about it. You can go on YouTube and watch people talk about the |
| 447 | 01:16:06,360 --> 01:16:17,880 | wycoff markup phase and mark down phase. And there was a guy on baby pips that did a lot of work with the wycoff. But subscribe to it to a degree that I felt |
| 448 | 01:16:17,880 --> 01:16:26,700 | as if he would just loosen up his hold on it. He'd be a far better trader, and he's still over there, you know, what, his threads or whatever. But I don't |
| 449 | 01:16:26,700 --> 01:16:37,350 | believe that that was the answer either. But it helped me see something I saw in price action, which were these ramp ups and price that were really just |
| 450 | 01:16:37,350 --> 01:16:49,800 | engineering, selling opportunities. And once I submitted quietly in the, you know, the quietness of my aunt's bedroom, which I was paying room and board |
| 451 | 01:16:49,800 --> 01:16:59,220 | living, and I was secretly studying much like I knew my trolls are doing my stuff, they don't talk about me. Okay, but I know they're watching my stuff. And |
| 452 | 01:16:59,220 --> 01:17:09,360 | it just hasn't sunk in yet. It took a long time for me to swallow the bitter pill of being wrong about what the general theory was of wycoff. Because the guy |
| 453 | 01:17:09,360 --> 01:17:18,900 | was really ahead of his times. Now, I don't know, personally, if he was a good trader, because I never cared to know to study him that much. I just know that |
| 454 | 01:17:19,290 --> 01:17:28,680 | it confirmed something I saw in price action. But I had already worked out the idea of the buy model on this side here. Okay, or the buy side of a sell model, |
| 455 | 01:17:28,740 --> 01:17:38,190 | this would be a market maker sell model. This whole business here is not going to be a science from a white cop standpoint, you're you're going to look at a |
| 456 | 01:17:38,190 --> 01:17:49,320 | lot of the things that wycoff teaches or suggests. And sometimes it's there. And sometimes it's not. In a ICT market maker buying on some level, they're there |
| 457 | 01:17:49,350 --> 01:17:58,260 | every single time and it's at a specific price level for a buy or sell and re entries. It's to a science and |
| 458 | 01:17:59,070 --> 01:18:08,640 | wycoff does not delivered that, in my opinion, I had to compensate for that. Just like I had to compensate for Larry Williams, misunderstanding or lack of |
| 459 | 01:18:08,910 --> 01:18:15,570 | caring, I guess I don't know, if he just didn't care enough to do I'm sure he's not stupid, he could have figured it out if he wanted to. I think he's being |
| 460 | 01:18:15,570 --> 01:18:24,510 | facetious in a way, maybe he doesn't know how to do it. He's just never wanted to give it publicly I don't know. Okay. But the point is, I have looked at |
| 461 | 01:18:24,690 --> 01:18:34,530 | opportunities and other teachers, and I listened for them to say where they're weak at. And most of the time, you don't ever hear a guru, mentor, teacher, |
| 462 | 01:18:35,280 --> 01:18:45,660 | educator, whatever, whatever you want to call it, okay? You never hear them admit where they're weak. And I think that's a disservice not only to them, but |
| 463 | 01:18:45,660 --> 01:18:56,100 | it's a disservice to their students, because it provides a wonderful opportunity for their students to go beyond them. And that's what I want, I want my students |
| 464 | 01:18:56,100 --> 01:19:07,410 | to be better than me because I have a vested interest in it. Because I know that by the numbers, if I can get as many as you they're listening to my voice, to |
| 465 | 01:19:07,410 --> 01:19:17,280 | learn what I teach, you will help me fix the thing that I need in my exit strategy. And then I'll be satisfied. Because right now I do the same stuff all |
| 466 | 01:19:17,280 --> 01:19:26,100 | the time. And the only thing that always leaves me dissatisfied, is the exit strategy. And they're good exits. They're great exits, if you show with anybody |
| 467 | 01:19:26,100 --> 01:19:34,950 | else. They're like, man, what's wrong with that? It's not what I want, because I have to work for the exit strategy. And if folks in the mentorship, you ask them |
| 468 | 01:19:34,950 --> 01:19:41,670 | point blank, they'll tell you this is the same thing. I say to them, too. And it's frustrating for me, because I want to be able to say it's black and white. |
| 469 | 01:19:41,700 --> 01:19:50,970 | It's this or it's that and I can't define it, where it's like that. My entries are very definable, and they repeat, they're just very generic things. But the |
| 470 | 01:19:50,970 --> 01:19:58,260 | exit strategy, you know, there's, I mean, folks know about central bank dealers, rains, they know about flower they know about the Asian range. They know about |
| 471 | 01:19:58,530 --> 01:20:10,050 | Fibonacci, but There is not a science to it, where it always repeats to the right level all the time. And that is one of the things that the trolls are |
| 472 | 01:20:10,350 --> 01:20:21,720 | right about when there is ambiguity in that, because I have to rely on my tape reading, inexperienced to do it most of the time. Now, you can use what I've |
| 473 | 01:20:21,720 --> 01:20:31,380 | given you for the scalping. high probability scalping concepts series, I just did three videos. There's right now there's four views. Some of you are not |
| 474 | 01:20:31,380 --> 01:20:39,510 | aware, because you're waiting for the video to pop up on YouTube. But there's already a video there. But it's going to be unlisted. Because I want you in the |
| 475 | 01:20:39,510 --> 01:20:47,190 | forum. I want you engaging there. Because I don't let anybody comment to me on the forum. I'm sorry, no forum, but the YouTube videos, I've disabled the |
| 476 | 01:20:47,190 --> 01:20:54,330 | comments because most the time, it's other websites or, you know, people spamming, saying, you know, check out this binary system or whatever. And I |
| 477 | 01:20:54,630 --> 01:21:02,160 | know, I'm not going to provide an opportunity for them to advertise. But you're certainly welcome to blast me respectfully challenge my theory or whatever, on |
| 478 | 01:21:02,160 --> 01:21:10,530 | the forum. Okay. And I explained why you feel like you do, but the act ignorant where I'll just I'll ban you, but I have no problem. Having someone to |
| 479 | 01:21:10,980 --> 01:21:19,350 | respectfully engage me and say, we, I don't believe this, can you show me why this is like this, and maybe it might change my mind. But if you're gonna come |
| 480 | 01:21:19,350 --> 01:21:27,660 | on my forum, and act stupid, and just be disruptive, you know, if you see anybody doing that, just send me a tweet, you know, and tell me what their |
| 481 | 01:21:27,660 --> 01:21:34,620 | screen name is, because I'll go written up and I'm right now don't have any moderators. But you only get one chance to act stupid. And not being in the ISP |
| 482 | 01:21:34,620 --> 01:21:47,010 | is banned, not just your username. But I want you all to help me do this, because I absolutely need it. Okay, I'm going nuts with it. For 25 years, I have |
| 483 | 01:21:47,010 --> 01:21:55,950 | beat my head against the wall, trying to come up with a way where I can frame an exit strategy using what I know where I'm satisfied with it. But you won't need |
| 484 | 01:21:55,950 --> 01:22:03,990 | to have this problem, if you just simply use the criteria I gave you with the levels in the fib because that'll satisfy not and most of you are dying just to |
| 485 | 01:22:03,990 --> 01:22:12,150 | have that. But there's other things that I do in mentorship members know this, that we can get really close to the high of the day and the low of the day |
| 486 | 01:22:12,180 --> 01:22:21,270 | within the same range of one or two pips, if not the very high or low. And they've seen examples of it, they've seen it, and some of them are doing it. The |
| 487 | 01:22:22,530 --> 01:22:33,270 | problem is, it's not always there. It's not always clear cut, it's going to be using this or it's going to be using that. And that's what I'm hoping that I can |
| 488 | 01:22:33,420 --> 01:22:44,970 | inspire some of you to be to some degree and not about studying price action, like I have for 20 years plus and find these things and figure it out. |
| 489 | 01:22:45,090 --> 01:22:53,670 | Because I would love nothing more to have one of my students teach me in inadequacy I have in my own trading, because I have no problem and no shame and |
| 490 | 01:22:53,670 --> 01:23:02,610 | no ego too big where I can't say, You know what? I was so instrumental in their development, that they ended up helping me and taught me something that I |
| 491 | 01:23:02,610 --> 01:23:12,030 | couldn't overcome alone. And I think that is what's lacking in most teachers today. Because it's all about ego and pride. And I do have an ego. Don't get me |
| 492 | 01:23:12,030 --> 01:23:23,670 | wrong, but I'm realistic, too. I know where my limitations are. And I know what I could potentially fix it. And I can't personally overcome it. It's like a |
| 493 | 01:23:23,670 --> 01:23:35,250 | thorn in my side. I can't, I can't fix it. I mean, never fix it. But my last attempt is to inspire you all to do like I did with Larry Williams, I figured it |
| 494 | 01:23:35,250 --> 01:23:43,890 | out. And people see it, it's power three. That's the whole concept behind power three, knowing when the Bible or the opening on update when to sell above the |
| 495 | 01:23:43,890 --> 01:23:54,330 | opening on a down day. And what price not what rains not zone not on that stuff. I there's a specific price level I aim for. And when it hits, I trade there. And |
| 496 | 01:23:54,330 --> 01:24:03,360 | then I reach for objectives throughout the day. But those objectives can range between three to five at the beginning of day at midnight, and there's three to |
| 497 | 01:24:03,360 --> 01:24:11,550 | five different price levels. I know that probably formed a higher low today. That's what I mean, when I know what the daily high and low is I know it right |
| 498 | 01:24:11,550 --> 01:24:22,380 | before midnight. So technically, it's in my time zone. I know what the tomorrow's days daily high low is yesterday. It doesn't sound believable. It |
| 499 | 01:24:22,380 --> 01:24:38,760 | doesn't sound possible. But it is. And it's measurable. It's there. The problem I have is I can't make it where it is. Like I can describe it. So therefore once |
| 500 | 01:24:38,760 --> 01:24:45,870 | you read it, you describe it, you can go and duplicate it. And that's the part I'm having. Now other people can read my stuff and follow my videos and |
| 501 | 01:24:45,900 --> 01:24:52,800 | tutorials and my lessons and go right in and find the entry patterns and use the setups and be profitable and it's great because they can see that part because |
| 502 | 01:24:52,800 --> 01:25:09,120 | I've made it a binary. It's this it's that it's structured. The exit strategy not so much. So you'll have to be, you'll have to be satisfied with knowing of a |
| 503 | 01:25:09,120 --> 01:25:18,210 | confluence of things agreeing on a particular level for targets. When you go through my work, and you're going to have to give up, sometimes the daily range |
| 504 | 01:25:18,270 --> 01:25:27,810 | may go farther, or it may fall short. But it still delivers a lot of potential there, much more than anything else that's out there in the market. And I know |
| 505 | 01:25:27,810 --> 01:25:37,560 | because I buy everything, and I want to see if people are teaching my stuff. And for the most part, it's the same stuff. They don't teach you price, they teach |
| 506 | 01:25:37,560 --> 01:25:46,980 | you indicators and settings. And that's not how it's done, price isn't working off of an indicator that has no comprehension whatsoever, of your stochastic |
| 507 | 01:25:46,980 --> 01:26:00,180 | settings. It's completely This is it's completely disconnected from you, okay? It doesn't even acknowledge you, it can't see you. Okay, the market goes after |
| 508 | 01:26:00,210 --> 01:26:10,680 | large liquidity in the form of large trading firms and large funds. That's what the market works off of. But the problem is, is those same individuals and |
| 509 | 01:26:11,550 --> 01:26:22,230 | entities use a lot of the same crap that's in the books that we buy and believe in, and I've read over 2600 trading books, and you wouldn't believe that there's |
| 510 | 01:26:22,230 --> 01:26:36,390 | that many, and I don't, I don't buy them anymore. But I have in ingested, okay. 2600 plus trading books. And I can tell you, the ones I've listed in this video, |
| 511 | 01:26:37,050 --> 01:26:45,090 | are the only ones I think except for trading, trading for a living by Alexander elder, just that one, not his other one, not as other think it's come inside my |
| 512 | 01:26:45,090 --> 01:26:55,830 | trading room or something like that. I didn't care for that one, either. And market whether it's one and two, I felt that they were inspirational. And that's |
| 513 | 01:26:55,830 --> 01:27:08,790 | it. I don't think there's really anything else. I think you should be writing the trading book that you are most inspired by by your journal. And I think that |
| 514 | 01:27:09,660 --> 01:27:19,860 | if my children ever do get inspired to become a trader, I think they would agree that the things that I wrote in my journal are far more worthwhile reading than |
| 515 | 01:27:19,860 --> 01:27:28,860 | any other book out there, including the ones I've listed in this video, no disrespect to their author. But it's based on stuff that was real in decades of |
| 516 | 01:27:28,860 --> 01:27:36,330 | it day by day, every single trading day, I do something in there. And if I don't take a trade, and I don't trade, I want to simply know trading today I write in |
| 517 | 01:27:36,330 --> 01:27:42,240 | here and the reasons why I didn't take the trade period. And I'm accountable to myself with that journal. |
| 518 | 01:27:42,900 --> 01:27:52,140 | And I spend good money on all my journals cost 50 to $75 each, and I go to a nice bookstore, and I pick up leather bound ones. And it's the same one. And |
| 519 | 01:27:52,440 --> 01:28:01,650 | it's I use the same style of them. I've been doing it for 20 plus years. And I treasure them because they're, I wish I had a, you know, a father that would |
| 520 | 01:28:01,650 --> 01:28:08,340 | have did something like this, where I will be able to hold on to and read them and know what he was thinking at the time of how he felt. Because I pour |
| 521 | 01:28:08,340 --> 01:28:16,740 | everything into these things. And they're, they're real projects every day, I look forward to journaling. And I've done it when I was a teenager, when I used |
| 522 | 01:28:16,740 --> 01:28:24,600 | to practice lucid dreaming, and it probably sounds weird. I know. But I would keep a dream journal every day I would wake up and you know, right now a lot of |
| 523 | 01:28:24,600 --> 01:28:33,210 | people don't even remember dreaming, I can tell you every night, what my dream is, for the last 30 plus years. And I've got books on that too. And some of the |
| 524 | 01:28:33,210 --> 01:28:43,590 | dreams are amazing. And some of them I woke up in the dream and had control of what I was doing. And it's lucid dreaming, you can. It's neat, but it takes a |
| 525 | 01:28:43,590 --> 01:28:55,020 | lot of time to get there. But they're not all lucid dreams. So journaling to me is one of the best things you can do. Now you get these jerks that get online, |
| 526 | 01:28:55,050 --> 01:29:00,960 | okay, they have no comprehension of what they're talking about. They only have is negativity to say because they want to be comedians. They'll say, well, |
| 527 | 01:29:00,960 --> 01:29:08,220 | journaling, stupid, you know, don't waste your time with that. These people are still working. I guarantee you, they're still working. And they will never leave |
| 528 | 01:29:08,220 --> 01:29:20,130 | their job. And they're tweeting, and they're doing things online from a state of disgust of folks that are doing exceptionally well. And they do journal, because |
| 529 | 01:29:20,130 --> 01:29:28,290 | they make a reference of time periods when they're doing exceptionally well. And they have periods of time when they're doing not so well. And when you're doing |
| 530 | 01:29:28,920 --> 01:29:40,830 | things as you should, and you do not do what you should in terms of your results. You need to go back into those points and get encouraged by the times |
| 531 | 01:29:40,980 --> 01:29:51,660 | when you went through it bad. But you're not sulking. You're not beating yourself up saying, you know, this sucks. I don't do well as a trader is is |
| 532 | 01:29:51,660 --> 01:29:58,140 | never going to turn around for me. In fact, what you're going to do is be objective about the fact that what you were doing wasn't working but you're not |
| 533 | 01:29:58,170 --> 01:30:07,500 | losing sight of what you're supposed to do. That will carry you through these periods of time when you're going to go into a losing streak. You know, I've had |
| 534 | 01:30:07,500 --> 01:30:18,870 | periods where I've had 10 trades, sometimes 15 trades in a row, where I'm wrong. Now, it's on the basis of scalping in the summertime. Okay, there's a lot of |
| 535 | 01:30:18,870 --> 01:30:29,040 | times where I'll take trades. And I'll get burned. And I haven't had so many of them there can be like, I have five episodes of like that. But I've had it, it |
| 536 | 01:30:29,040 --> 01:30:37,080 | happened. Because I was trying to be active, I was taking multiple trades in the same day, I fixed that problem by sticking to only trading in the kill zones. |
| 537 | 01:30:37,740 --> 01:30:47,130 | That means I got at best three trades a day. If I use that up, I can't trade anymore. So I have a battery life on the time of the day. But I also have a |
| 538 | 01:30:47,130 --> 01:30:53,610 | threshold at which I can't trade beyond, I cannot take more than three trades per day, I don't care what's going on in the marketplace. Because when the |
| 539 | 01:30:53,610 --> 01:31:06,270 | markets were hot in the early 2000s, I mean, I was in there, sometimes 30 times in one day, and that's a lot 30 trades in one day is insane. Now, some of you |
| 540 | 01:31:06,270 --> 01:31:14,820 | guys that want to scalp like ultra in and out, you might think that's normal, and it's like a normal day for you. I that's not normal for me. And when I was |
| 541 | 01:31:14,820 --> 01:31:24,120 | done, I was exhausted. Sometimes I made a lot of money. And sometimes I went home with less than I started with. And on top of that feeling broke, because I |
| 542 | 01:31:24,120 --> 01:31:33,870 | was feeling I was wasting my time. And in fact I was I was trying to do something that wasn't for you, personally aligned with my personality, I didn't |
| 543 | 01:31:33,870 --> 01:31:42,720 | feel like, you know, I was getting where I needed to be. And then when I dial back and say you know I'm going to, I'm going to focus on when's the best time |
| 544 | 01:31:42,720 --> 01:31:51,480 | to trade, you know, when's the best opportunity for me to trade. And then once I define that, I'm going on a trade like that. So I started refining things. And |
| 545 | 01:31:51,480 --> 01:32:02,730 | how I did that was looked at my journal, when I do a trade, I write down the times that I took the trade and the actual time. And also write down my time |
| 546 | 01:32:02,790 --> 01:32:15,660 | targets. Now a lot of you, a lot of you think that you just having a protective stop loss or limit on a specific price level you're willing to pay. I have a |
| 547 | 01:32:15,660 --> 01:32:24,450 | time limit where the trade has to work within a specific time. And if it doesn't, I kill it. So it's important to have those reference points in your |
| 548 | 01:32:24,450 --> 01:32:33,390 | journal. You know why you took the trade, how you feel physically? Are you upset as much detail as you can, you don't have to write down what color underwear |
| 549 | 01:32:33,390 --> 01:32:34,980 | you're wearing, or what you had for dinner. |
| 550 | 01:32:36,900 --> 01:32:45,570 | But you should have as much detail as you can about how you physically feel. If you're stressing about anything, or many times, you're excited about something |
| 551 | 01:32:45,570 --> 01:32:56,100 | that's probably going to happen, like you know, your birthday is coming up. Okay. You're getting returned a significant price. Listen to me, you're getting |
| 552 | 01:32:56,100 --> 01:33:05,490 | ready to turn a significant age, okay, and maybe it's 50. Like I'm looking at 50 in five years or less. And I'm thinking what do I want to do 50? Well, the day |
| 553 | 01:33:05,490 --> 01:33:14,280 | before I turned 50, I know I'm going to be feeling a certain kind of way. And I probably don't want to be trading that day. Because I'm preoccupied with feeling |
| 554 | 01:33:14,280 --> 01:33:21,510 | like I'm half a century old, you know, and I don't think that's probably a good thing for me to be trading with. Because one of two things are going to happen, |
| 555 | 01:33:21,540 --> 01:33:30,630 | either I'm going to be inspired to do something to feel young and reckless. Or, I'm going to try to be old and stuffy and too organized and rigid. And Either |
| 556 | 01:33:30,630 --> 01:33:40,320 | way, it's going to take me off of what I'm normally trying to do. So journaling is important. And that was one of the biggest keys to me developing What You See |
| 557 | 01:33:40,320 --> 01:33:50,160 | Me able to do. Because it kept me accountable to myself and my uncle, I was unable to have accountability with him because he wasn't disciplined enough to |
| 558 | 01:33:50,160 --> 01:33:58,200 | do his own trading. And he's very opinionated and negative. Everything was negative from him, you know, this sucks. This doesn't work. You know, I don't |
| 559 | 01:33:58,200 --> 01:34:05,340 | know, why am I wasting my time. So if you have friends, or if you have people in your circle where you're trying to engage with and they have that same mindset, |
| 560 | 01:34:05,850 --> 01:34:13,170 | I try to encourage them to change it. But if they don't drop them, because they are going to be detrimental to your development, okay, you're going to be |
| 561 | 01:34:13,170 --> 01:34:22,710 | drained by him. And many times, like I did with my own uncle, this is a family member. It became so toxic that I said, Well, I'm going to use him to my |
| 562 | 01:34:22,710 --> 01:34:33,810 | advantage and just, you know, he's retail, and I'll be smart money. And I don't want to encourage that type of thing. But it was advantageous for me to do that. |
| 563 | 01:34:34,260 --> 01:34:48,660 | So while he wasn't a mentor, for me, he was a significant catalyst for me to develop what I now see internally with watching price action. So if we know that |
| 564 | 01:34:48,720 --> 01:35:02,940 | is referring to things in the past, in a measurable way, in any other industry or any kind of pursuit of intelligence intellect or higher learning? Why should |
| 565 | 01:35:02,940 --> 01:35:11,880 | we be surprised that it wouldn't have that same effect in something like this? I mean, we're true. We're dealing The hardest thing in the world. And we're trying |
| 566 | 01:35:11,880 --> 01:35:24,600 | to make money from an industry that is driven and ran and managed and controlled by banks. Not your mortgage bank holder, not the mom and pop credit union |
| 567 | 01:35:24,600 --> 01:35:34,620 | dentistry. Okay, the guy working in a teller that says that ICT doesn't know he's talking about central banks, these people make the world go around, and |
| 568 | 01:35:35,070 --> 01:35:42,030 | they're driving all that stuff. And you think you're going to come in here and with RSI setting and a MACD, you're going to be able to turn the whole world |
| 569 | 01:35:42,030 --> 01:35:56,520 | upside down. No, you're not, you're not going to do that. You need to know what they do. And what they do is exactly what I'm teaching you organized. And it's |
| 570 | 01:35:56,520 --> 01:36:08,910 | time based, it's on a schedule. It's all manipulation, it's meant to upset current sentiment, or deliver an engineer a opposite sentiment. And then the |
| 571 | 01:36:08,910 --> 01:36:18,420 | real move takes place. And you have to be flexible to allow that type of learning to occur. Otherwise, you'll fall victim to everyone else outside of our |
| 572 | 01:36:18,420 --> 01:36:27,000 | circle that says it's conspiracy theory tinfoil hat. And it doesn't really work like that, because they know 15 people that says that it doesn't. But they're |
| 573 | 01:36:27,000 --> 01:36:36,750 | saying 15 people aren't doing what you see me doing, and what some of my students are doing. Look at the big names in this industry. Okay, whoever they |
| 574 | 01:36:36,750 --> 01:36:52,350 | are, study them, go and reach it, research and see what they're doing. And then contrast that with what I'm telling you. The more I do in this business and |
| 575 | 01:36:52,350 --> 01:37:04,320 | study other people, the more I'm convinced they know even less than I thought they did from the beginning. Because they're subscribing to these theories that |
| 576 | 01:37:04,320 --> 01:37:11,970 | are outside the open, high, low and close. That's the four indicators, you need to know the opening price, the high price, the low price and the closing price. |
| 577 | 01:37:12,720 --> 01:37:21,030 | And their top secret because they've been in your charts all this time. But nobody pays any attention to it. You're hiding it with indicators. And it's |
| 578 | 01:37:21,030 --> 01:37:33,210 | almost like you know, it's lunacy, you got to really be careful. As soon as you start applying things to your charts. If it's not highlighting price, you're |
| 579 | 01:37:33,210 --> 01:37:33,780 | doing it wrong. |
| 580 | 01:37:34,170 --> 01:37:43,410 | And the only thing you see on my charts is a horizontal line denoting a specific price level, drawing your attention to that. Or I'm putting a rectangle in there |
| 581 | 01:37:43,410 --> 01:37:51,960 | and highlighting a specific range of where I think liquidity is going to be drawn to. That's it. And then I don't even need that, like my charts are |
| 582 | 01:37:51,960 --> 01:38:02,850 | completely naked, naked and unafraid. I don't want anything on my chart. I have just recently in the last couple of years, gotten comfortable having things I'm |
| 583 | 01:38:02,850 --> 01:38:11,730 | on track because I teach. And I have to have certain notations and annotations on my chart that make what I'm doing. understandable, but it's not on my charts |
| 584 | 01:38:11,730 --> 01:38:19,950 | when I'm trading. So I've done a lot of talking, I'm going to escape. Hopefully this has been insightful to you guys. But until I talk to you next week, have |
| 585 | 01:38:19,950 --> 01:38:26,220 | yourself a very pleasant weekend. Be safe, be careful. Enjoy your family study. And until then wish good luck and good trading. |