ICT YT - 2024-08-16 - ICT 2024 Mentorship - Lecture 10

Last modified by Drunk Monkey on 2024-08-31 08:09

1	00:00:40 --> 00:01:12	ICT: Good Morning folks. How are you? Me a second here. Stupid OBS is the folks
2	00:01:12 --> 00:01:18	that use OBS for live streaming, the window capture that I try to use. It
3	00:01:18 --> 00:01:24	never it never populates the chart, so I'm not sure why it doesn't do but
4	00:01:25 --> 00:01:29	fights me. I'll go over these levels in a moment. Just give me a second. Let's
5	00:01:29 --> 00:01:30	make sure the audio is
6	00:01:39 --> 00:01:52	coming through. I check, audio check, audio check.
7	00:01:57 --> 00:02:02	All right, so anyway, good morning. Hope you're all doing well. So yesterday, we
8	00:02:02 --> 00:02:12	had a short session, and I had a meeting. A wife texted me, don't forget
9	00:02:12 --> 00:02:16	to do this and don't forget to do that. So it was kind of distracting yesterday,
10	00:02:16 --> 00:02:24	but I'll have a review with my son, most likely this evening that'll go up on his
11	00:02:24 --> 00:02:31	YouTube channel tonight. Alright, so we have the NASDAQ. We've had a really nice
12	00:02:31 --> 00:02:39	run up for this week. You can't hardly see it here, but that is the it's two
13	00:02:39 --> 00:02:45	levels. It's the upper quadrant of yesterday's opening range gap. I'm
14	00:02:45 --> 00:02:48	sorry, opening range, it's the upper quadrant of that. And then this is the
15	00:02:48 --> 00:02:54	opening range gap high, uh, yesterday, because I was doing too many things at
16	00:02:54 --> 00:02:58	the same time during the live stream and trying to communicate with my wife and
17	00:02:58 --> 00:03:05	text above, above me. She was running out the house, so I had a lot of things
18	00:03:05 --> 00:03:09	going on that distracted me. So in advance, certainly we know going
19	00:03:09 --> 00:03:12	forward. If ever I have something going on during the times that I would
20	00:03:12 --> 00:03:16	normally be live streaming, I'm not going to live stream. It's just not
21	00:03:16 --> 00:03:21	enough bandwidth for me to work with them when it's such a short span of
22	00:03:21 --> 00:03:29	time, very distracting, nonetheless. The this level is, it's actually two levels
23	00:03:29 --> 00:03:33	here. It's the upper quadrant of yesterday or Thursday's opening range,
24	00:03:34 --> 00:03:39	okay, and I'll show you what that is in a second. But it's also 20% of the
25	00:03:39 --> 00:03:48	weekly range. So that's TGIF. So we have the market tree and reach down right
26	00:03:48 --> 00:03:59	here, all the way down into this level here, which is both the upper quadrant
27	00:03:59 --> 00:04:04	of yesterday's opening range. That means it's the 930, to 10 o'clock range,
28	00:04:05 --> 00:04:09	whatever that is. You measure that you get the midpoint, upper, lower
29	00:04:09 --> 00:04:19	quadrants, and then you have the 20% retracement of total weekly range. Okay?
30	00:04:19 --> 00:04:22	And you can take a second and load up your weekly chart for nq, for
31	00:04:22 --> 00:04:28	September's contract, take your fib draw it across the highest high and the
32	00:04:28 --> 00:04:40	lowest low, and mark it with The Fibonacci levels. Here it would look
33	00:04:40 --> 00:04:53	like this. Okay, 0.75 0.25 that's for quadrants, and if you want to do it on
34	00:04:53 --> 00:05:00	the TGIF, I always just toggle the default the five here, off. In there,
35	00:05:00 --> 00:05:05	and that way it'll show the 20 and 30% respectively. So it would look like
36	00:05:05 --> 00:05:09	this. That's what your fit would look like. Not that it's not that I'm
37	00:05:09 --> 00:05:13	anchoring it to anything right now, if you draw that from the low up to the
38	00:05:13 --> 00:05:17	high, because it's an up close, it's an up week. So you draw from low to high,
39	00:05:18 --> 00:05:23	that'll give you your 20 and your 30% respectively. I'll do it tonight as part
40	00:05:23 --> 00:05:30	of the exercise. That way Caleb can learn how to do it as well, and you know
41	00:05:30 --> 00:05:35	how to benefit seeing what it looks like and what it looks like. But there was
42	00:05:35 --> 00:05:40	two levels there. It's the upper quadrant, and it's the 20% TGIF, or 20%
43	00:05:41 --> 00:05:45	of total weekly range thus far. Not to say they can't make a higher high on the
44	00:05:45 --> 00:05:50	week. I'm just saying that usually, as I mentioned, on Monday, this will also be
45	00:05:50 --> 00:05:55	in the review as well. Monday's trading. I mentioned how we can use the previous
46	00:05:55 --> 00:06:01	week. If TGIF doesn't form on the Friday of week of then when you carry over to
47	00:06:01 --> 00:06:06	the next week on Monday's trading, you can look for it to 20 to 30% you'll see
48	00:06:06 --> 00:06:12	that it did that very thing on Monday as well. But just you notice, know that
49	00:06:12 --> 00:06:15	that that's what will be part of the review. Also some of the technical
50	00:06:15 --> 00:06:21	things I want my son, he has to show what it is that I'm asking him
51	00:06:21 --> 00:06:26	specifically to do, is that way he can more or less mimic it each day and at
52	00:06:26 --> 00:06:30	the end of the week? So you also have the benefit of seeing that in addition
53	00:06:30 --> 00:06:38	to him, and there's the TGIF, 30% of the range. So if I was to take it like this,
54	00:06:40 --> 00:06:46	I did this. You can see it's the TGIF 20% it's just me drawing a line. It's
55	00:06:46 --> 00:06:51	not it's not an indicator. I'm sure somebody over it looks out, they'll
56	00:06:51 --> 00:06:56	probably create it. Make sure you put my three letters in the name of it, so the
57	00:06:56 --> 00:06:56	the
58	00:07:01 --> 00:07:07	confluence of that and then trading down to it at almost nine o'clock. It's
59	00:07:07 --> 00:07:14	inside the macro. So I'm looking at how we are behaving here. So far. It's a
60	00:07:14 --> 00:07:21	little one organized at 10 o'clock. We have a union impact news driver. So
61	00:07:21 --> 00:07:30	there's been a lot of upside delivery. So it's reason for it to be treating
62	00:07:30 --> 00:07:30	them like this. I
63	00:07:40 --> 00:07:46	I'm going to maximize this. Just this chart here. I'm
64	00:08:00 --> 00:08:09	uh, you may be asking yourself, wow, this is stuff that you look at on a day
65	00:08:09 --> 00:08:13	by day basis. Yes, every time there's an opening range or opening range gap,
66	00:08:13 --> 00:08:19	there are two different things. The if those levels have not been completely
67	00:08:19 --> 00:08:28	used, that means at least explored, tested, traded, to reprice to I carry
68	00:08:28 --> 00:08:32	them over to the previous day from the previous day. I do that for three days.
69	00:08:32 --> 00:08:36	Okay, so that's for your notes as well. So every opening range gap, if there is
70	00:08:36 --> 00:08:43	one, I carry that one three days in the future, and I use it as a look back as a
71	00:08:43 --> 00:08:50	as a means of key levels, very, very, very influential in terms of price
72	00:08:50 --> 00:08:53	delivery, how it reacts and the wonderful setups perform around them,
73	00:08:54 --> 00:08:59	the the portion of yesterday's opening range gap. I
74	00:09:05 --> 00:09:11	It's below all of this. This is the opening range gap high, in other words,
75	00:09:11 --> 00:09:17	where we settled the previous day, not yesterday. So that would be Wednesday,
76	00:09:18 --> 00:09:22	and then when we opened up trading on Thursday. That's these two levels here.
77	00:09:22 --> 00:09:26	So that, in itself, also has a range that you can do quadrants on. So you're
78	00:09:26 --> 00:09:30	going to do this level to that level. And again, that's not quarters theory.
79	00:09:30 --> 00:09:33	Okay, you're not going to see anybody talking about opening ranges and
80	00:09:33 --> 00:09:38	quadrant quadrants within as soon as you like, soon as I start saying things
81	00:09:38 --> 00:09:43	like, you know, a quarter level, a quadrant dividing into fours. Oh, right
82	00:09:43 --> 00:09:46	away. Oh, yeah, that's that thing quarters theory. Go and go and explore
83	00:09:46 --> 00:09:51	it. You'll see that that is not what this is, but because we're not even near
84	00:09:51 --> 00:09:54	this at all. Right now I'm not interested in it. But should we happen
85	00:09:54 --> 00:09:58	to trade down there? And should happen then I'll, I'll plot the quadrants on
86	00:09:58 --> 00:10:03	that, and they will be at. Time pertinent right now, they're not so
87	00:10:03 --> 00:10:09	where we opened yesterday and where we traded to in this in this case, the
88	00:10:09 --> 00:10:17	opening range is the first 30 minutes. That's 9:30am Eastern Time to 10am
89	00:10:18 --> 00:10:24	Eastern Time. In my haste yesterday, in my distraction, I typed out these levels
90	00:10:24 --> 00:10:27	here, and you watch me do that in the recording, I did not include the word
91	00:10:27 --> 00:10:34	gap. Okay, the gap is the difference between the previous day's settlement
92	00:10:34 --> 00:10:39	price and where regular trading or regular session hours begin trading.
93	00:10:39 --> 00:10:48	That's the gap the opening range is how far price travels after it opens at 930,
94	00:10:48 --> 00:10:52	to 10 o'clock. So if it's up or down movement, whatever it is, you measure
95	00:10:52 --> 00:10:55	that, and the same thing you do quadrants on that. That's not quarters
96	00:10:55 --> 00:11:00	theory. Okay, so it's not it's not pivots, it's not anything like that.
97	00:11:00 --> 00:11:06	It's not like off, it's not Elliot. We none of those things. So so far, like I
98	00:11:06 --> 00:11:10	said, we're a little unorganized in here. And I think the the cleaner price
99	00:11:10 --> 00:11:17	action will start probably maybe 15 minutes, going into 10 o'clock and then
100	00:11:18 --> 00:11:19	into that macro, 950, 1010,
101	00:11:21 --> 00:11:36	I so I'm
102	00:11:36 --> 00:11:43	just relaxing. Try not to have too much of a an opinion right away, as I want to
103	00:11:43 --> 00:11:47	see what we're doing ahead of that medium impact driver, consumer
104	00:11:47 --> 00:11:49	confidence or whatever, the sentiment
105	00:12:02 --> 00:12:06	isn't there. Interesting to see how it reacts off that previous day's opening
106	00:12:06 --> 00:12:16	range, high, see it King off of it here, and King off of it here. And the upper
107	00:12:16 --> 00:12:21	quadrant, it's keying off of that also, in addition to it being the TGIF 20%
108	00:12:22 --> 00:12:29	level. Okay, so these are all levels that are written on my notepad. Okay, so
109	00:12:29 --> 00:12:34	when I have a notepad in the pages that flapping, that is what I have written
110	00:12:34 --> 00:12:42	down. If I don't have a notepad with me, I will have a screenshot of my notepad
111	00:12:42 --> 00:12:45	so that can pull that up on my phone next to me. So one of the other I'm
112	00:12:45 --> 00:12:50	looking at that, or I'm looking at the actual pen down comment, and they're
113	00:12:50 --> 00:12:54	just simply the levels, and I'm abbreviating Everything you see here. I
114	00:12:54 --> 00:12:59	don't write all that out. I just write down, like number 815, I know what year
115	00:12:59 --> 00:13:04	I'm trading in, and then O, R, that means the opening range. CE, consequent
116	00:13:04 --> 00:13:08	encouragement. It's the midpoint. That's the highest high and the lowest low of
117	00:13:08 --> 00:13:12	the first 30 minutes of trading yesterday. Don't be confused. It has
118	00:13:12 --> 00:13:17	nothing to do with today's tri trading, because the price hasn't booked in these
119	00:13:17 --> 00:13:21	levels yet, not all of them. It's on this one and this one, but they have not
120	00:13:21 --> 00:13:28	explored or delivered to the consequent encroachment, or the lower quadrant, or
121	00:13:28 --> 00:13:35	yesterday's opening price. Okay, so I'm looking to see if we can make an attempt
122	00:13:35 --> 00:13:39	to get down into that at the very minimum consequent encroachment, which
123	00:13:39 --> 00:13:43	was, which is here. Okay, so all of these things here, and the actual levels
124	00:13:43 --> 00:13:48	that you see highlighted with the annotations on my chart, and the new day
125	00:13:48 --> 00:13:52	opening gap from yesterday's formation at 6pm and the differences of 5pm
126	00:13:53 --> 00:13:58	closing settlement price, which you know is New Day opening gap. Those levels are
127	00:13:58 --> 00:14:04	on my notepad, but teaching my son and you having the benefit learning this.
128	00:14:04 --> 00:14:10	These are the things that I have on my chart or not on my chart, or on my price
129	00:14:11 --> 00:14:14	list of key levels, it's on my pad, so that way I can work with a naked chart.
130	00:14:14 --> 00:14:19	So when I have a naked chart, I know what levels I'm looking for, but in the
131	00:14:19 --> 00:14:22	beginning, you're not gonna you're not gonna fully appreciate or understand.
132	00:14:22 --> 00:14:26	Neither will He, unless he starts putting them on the chart. Now, you may
133	00:14:26 --> 00:14:34	never want to go to keeping a chart completely naked with nothing annotated
134	00:14:34 --> 00:14:39	on it. I prefer it because it's it allows me to be flexible. That way my
135	00:14:39 --> 00:14:44	eye won't let's be real. I mean, I'm, I'm a human being like anybody else. And
136	00:14:44 --> 00:14:50	if I see something on the chart, and as price is moving to it, the natural order
137	00:14:50 --> 00:14:54	of things is, is it going to go to that level and trade through it, or is it
138	00:14:54 --> 00:15:00	going to react and give a response and, you know, retrace away from it. And. If
139	00:15:00 --> 00:15:06	I don't have that line on the chart, it keeps my focus on what is price actually
140	00:15:06 --> 00:15:10	doing, and then I'm constantly referring to like, when you're driving your car,
141	00:15:10 --> 00:15:13	hopefully, you check your side mirrors and your rear view mirror periodically,
142	00:15:13 --> 00:15:17	every every now and then, as a commercial driver, they tell you to keep
143	00:15:17 --> 00:15:20	checking your mirrors, and you don't have a rear view mirror, but you check
144	00:15:20 --> 00:15:23	your side mirrors all the time, because you gotta keep a view of what's around
145	00:15:23 --> 00:15:26	you. You're driving the vehicles outside of your own vehicle as a commercial
146	00:15:26 --> 00:15:31	driver, well as a trader, and watching price action if you're only looking at
147	00:15:31 --> 00:15:36	one thing, okay? Or if you have a distraction, like, I don't like when my
148	00:15:36 --> 00:15:40	wife talks when we're driving, because she'll talk with her hands, and my eye
149	00:15:40 --> 00:15:43	goes to her hands, it's very distracting. Or she has this little
150	00:15:43 --> 00:15:47	flash on the back of her phone. When there's a text or a phone call, it
151	00:15:47 --> 00:15:53	flashes, and every time I see it, I want to throw it out the window. So I have to
152	00:15:53 --> 00:15:56	have very, very few things on my chart. So it's very hard for me to try to
153	00:15:56 --> 00:16:01	communicate clear headedly When there's a whole lot of these types of
154	00:16:01 --> 00:16:05	annotations on my chart when I'm teaching or showing examples, but I get
155	00:16:05 --> 00:16:10	so many times a reference to, hey, you know, can you show us what's on your
156	00:16:10 --> 00:16:13	notes? Like, what are the levels that you have on there? What are you What are
157	00:16:13 --> 00:16:17	you writing down? It's just this kind of information, okay? And it's a couple
158	00:16:17 --> 00:16:20	other things that I'm never going to talk about, but they're not going to be
159	00:16:21 --> 00:16:25	a make it or break it or a success thing for you, okay, it's just personal things
160	00:16:25 --> 00:16:31	for me that I want to have you know as a reminder to myself for this individual
161	00:16:31 --> 00:16:36	trading day, that individual week, that are not even important for you. If
162	00:16:36 --> 00:16:39	they're not, they're not secret recipe ingredients that causes you to make it
163	00:16:39 --> 00:16:44	or break it, okay, this is I'm not making them known to you, and that's me
164	00:16:44 --> 00:16:48	being honest. I could tell you that this is all I have on there, and I would be
165	00:16:48 --> 00:16:52	lying then, but there are other things in here that don't have any bearing on
166	00:16:52 --> 00:16:55	what's going to make price go up or down. So that's the reason why I tell
167	00:16:55 --> 00:16:58	you. I don't want to show you my notepad, because there's a few things on
168	00:16:58 --> 00:17:04	there that I want to keep private to me. So we've had a return back into this
169	00:17:04 --> 00:17:08	small little gap in here. All of this is efficient, because it's back and forth,
170	00:17:08 --> 00:17:12	overlapping each previous range. Then we have this small little gap right there.
171	00:17:12 --> 00:17:17	See that? I'll annotate it with just the lines, because I don't want to be
172	00:17:17 --> 00:17:24	monkeying around with the I uh, the rectangles, they usually fight me when
173	00:17:24 --> 00:17:29	I'm on live stream, so I'm just gonna draw it out like this. It's less
174	00:17:29 --> 00:17:30	painless.
175	00:17:39 --> 00:17:44	So as you recall on Tuesday, when the market was trading one sided, and it
176	00:17:44 --> 00:17:48	wasn't giving very much retracements, it just kept pumping and pumping and
177	00:17:48 --> 00:17:53	pumping. And I tell in that live stream, I say that, you know, when it's like
178	00:17:53 --> 00:17:58	this, can I trade it? Yes, but it's going to require a whole lot more things
179	00:17:58 --> 00:18:03	that are going to be plaguing me with new questions and people worrying me,
180	00:18:03 --> 00:18:07	and it's going to cause confusion for my son, because they're too advanced, but
181	00:18:07 --> 00:18:10	there are things that I can do, obviously, as you watched yesterday,
182	00:18:10 --> 00:18:14	there was small little fluctuations, both up and down, that were tradable.
183	00:18:15 --> 00:18:21	Okay? Neither of them, or any of them yesterday, were things that I'm trying
184	00:18:21 --> 00:18:26	to teach him to focus on and to prevent him from having a lot of hardships
185	00:18:27 --> 00:18:31	trying to do things that you know he doesn't have the skill set to do yet.
186	00:18:31 --> 00:18:37	And most of you as viewers don't know either, when I'm promoting some
187	00:18:37 --> 00:18:42	participation in the day and if it starts running in one sidedness, then
188	00:18:42 --> 00:18:47	I'm not going to try to push that for him, because it's outside the boundaries
189	00:18:47 --> 00:18:52	of a skill set. I did take a short yesterday. I will include that in the
190	00:18:52 --> 00:18:56	review so that we can see it. I did a turtle suit. I traded like one and a
191	00:18:56 --> 00:19:01	half handles away from the high and shorted it. And I took one partial and
192	00:19:01 --> 00:19:06	then came back and stopped me out on the balance. So on 15 contracts, I was able
193	00:19:06 --> 00:19:11	to kill off five and then trail the stop, and then it came back and took
194	00:19:11 --> 00:19:16	that out. But it was engaging with the things I was leaving you with yesterday,
195	00:19:16 --> 00:19:20	looking for some kind of afternoon retracement, the lunch macro, so you'll
196	00:19:20 --> 00:19:22	have that also in the review.
197	00:19:27 --> 00:19:30	You're looking at this over here, probably wondering what that is, and
198	00:19:30 --> 00:19:39	it's simply just an inversion fair value right in there. I'm watching this gap
199	00:19:39 --> 00:19:46	here. I'd like to see that stay open, not even Retrade back to if it does that
200	00:19:46 --> 00:19:50	and we start to break below this low here, the liquidity resting below here,
201	00:19:50 --> 00:19:55	and maybe an exploration down into the consequent crochet or midpoint of
202	00:19:55 --> 00:20:00	yesterday's opening range. Notice it's not the gap. What we're. Measuring here
203	00:20:00 --> 00:20:07	is, let me, let me annotate like this. So you can for this purpose, you can
204	00:20:07 --> 00:20:10	take a screenshot of this. This is for your notes. It'll be easier for you to
205	00:20:10 --> 00:20:19	see it that range. In other words, I'm annotating the high level, the lower
206	00:20:19 --> 00:20:26	midpoint, lower quadrant, and then the opening price yesterday at 930 This is
207	00:20:26 --> 00:20:32	the highest high it formed at 10 o'clock yesterday. So this range is the opening
208	00:20:32 --> 00:20:37	range. There is no 15 minute opening range. I know it. It's being banded
209	00:20:37 --> 00:20:44	about by another YouTuber, but I can assure you, there's no 15 minute opening
210	00:20:44 --> 00:20:57	range. It's the first 30 minutes. So this is opening range, or first 30
211	00:20:57 --> 00:20:58	minutes
212	00:20:59 --> 00:20:59	of trading. I
213	00:21:03 --> 00:21:14	9:30am, Eastern Time, 2:10am, Eastern Time i
214	00:21:24 --> 00:21:27	Okay, so that we can take it, take a screenshot of that, that we have
215	00:21:27 --> 00:21:33	reference of what that is and why I'm an annotating it. And you want to have
216	00:21:33 --> 00:21:40	these levels going back. You want to have three days worth of it. Basically,
217	00:21:40 --> 00:21:45	is what I'm saying. So what you're saying is today's, yesterday's and the
218	00:21:45 --> 00:21:50	previous days. I'm not so concerned about the other levels. I'm not. I don't
219	00:21:50 --> 00:21:53	have them on my notepad, but you can clearly see right away how fast if
220	00:21:53 --> 00:21:58	you're doing this, you could have a very, very busy chart. So that's why I
221	00:21:58 --> 00:22:03	keep it clean. I like to keep it, you know, on my notepads, that way I know
222	00:22:03 --> 00:22:06	what levels it's probably gravitating to. And then I don't have to have all
223	00:22:06 --> 00:22:13	the stuff on my chart, because right away it would look like, you know, just
224	00:22:13 --> 00:22:16	think of someone that has all kinds of stuff all over your charts. You know,
225	00:22:16 --> 00:22:18	that's the that's a retails, uh, quagmire. I
226	00:22:29 --> 00:22:32	Alright, so we came back over to the gap here. I don't, I didn't want to see
227	00:22:32 --> 00:22:38	that. So we're not the not in any position of expecting a directional run
228	00:22:38 --> 00:22:42	yet. I
229	00:22:54 --> 00:23:04	951, so we're inside the macro. Touch the fairway gap there once more, while
230	00:23:04 --> 00:23:07	we're waiting for that 10 o'clock number, I'm going to do the same thing
231	00:23:07 --> 00:23:17	here that I did here, so that way you can take notes as well on this. This is
232	00:23:17 --> 00:23:24	where we settled on Wednesday, on day session. And this level here is the
233	00:23:24 --> 00:23:31	opening price yesterday. So the difference between that is That is your
234	00:23:31 --> 00:23:32	Opening range gap. I
235	00:24:44 --> 00:24:49	Okay, and you can run, you know, quadrants on that as well, but we're not
236	00:24:49 --> 00:24:54	needing to do that at the moment, so that way, there's two two frames of
237	00:24:54 --> 00:25:00	reference there, and they're very specific elements and ranges. So. One's
238	00:25:00 --> 00:25:08	in an efficiency as a gap. One's an actual traveling from an opening price
239	00:25:08 --> 00:25:11	at 930 to whatever the extreme high or low is. In other words, if it opens at
240	00:25:11 --> 00:25:18	930 and starts trading up the highest high form to 10 o'clock to the 930
241	00:25:18 --> 00:25:24	opening, that is your opening range. If it opens at 930 and trades down the
242	00:25:24 --> 00:25:30	lowest low it forms at 10am to the 930 opening. That is your opening range gap.
243	00:25:30 --> 00:25:38	I'm sorry that's your opening range. Rather, the gap is the actual difference
244	00:25:38 --> 00:25:42	between previous regular trading day session hours that's determined down
245	00:25:42 --> 00:25:49	here you're gonna be using that. Okay, you get the settlement price on that,
246	00:25:49 --> 00:25:53	and then where you open at 9/31 tick, first print, and then that's your
247	00:25:53 --> 00:25:58	opening range gap, because there's no trading when you're looking at like that
248	00:25:58 --> 00:26:02	perspective. And I'll show you what I mean. This is where we're trading here.
249	00:26:02 --> 00:26:12	And we started trading at 930 there. So that opening price right there is the
250	00:26:12 --> 00:26:18	first trade. First print on that down. Close candle. Watch how the chart
251	00:26:18 --> 00:26:30	changes. I I see the gap. That's that opening handle here. Let me take this
252	00:26:30 --> 00:26:36	vertical line. It's not helping. I use it just to frame a local point for
253	00:26:37 --> 00:26:41	matching all these lines up to annotate so that we can follow along. But this
254	00:26:41 --> 00:26:48	right here, that closing price would be called the opening range gap high,
255	00:26:50 --> 00:26:55	because that's yesterday's regular session settlement price, and then where
256	00:26:55 --> 00:27:02	we opened down here, that would be your opening range gap low, because it's
257	00:27:02 --> 00:27:06	lower than the previous day's sediment price. But I'm not including here
258	00:27:06 --> 00:27:09	because I went I wanted to go through it this way and annotate it and audibly
259	00:27:09 --> 00:27:12	talk about it. But if I add those levels, it's just going to be a much
260	00:27:12 --> 00:27:15	more it's going to be harder for you to follow along for what I had in the
261	00:27:15 --> 00:27:20	charts here. So you can clearly see how fast this can become a nightmare for
262	00:27:20 --> 00:27:25	managing levels and referring to certain things, but having them on a notepad
263	00:27:25 --> 00:27:30	next to you keeps everything nice and organized. And when price is trading
264	00:27:30 --> 00:27:34	above, it above what any one of these particular levels Remember, you're going
265	00:27:34 --> 00:27:39	to have some levels from the previous day and the previous day. So you're
266	00:27:39 --> 00:27:43	managing a whole lot of levels that, when they match with time and the market
267	00:27:43 --> 00:27:46	structure, what it's implying, and if you have a narrative, what it's likely
268	00:27:46 --> 00:27:50	to do, as I mentioned yesterday, my interest is, I want to see it get down
269	00:27:50 --> 00:27:55	to the opening range gap high. That was, that was what I was wanting to see, some
270	00:27:55 --> 00:27:59	kind of a an attempt to do that and even trade higher after that. As I said. I
271	00:27:59 --> 00:28:05	mean, we talked about on Tuesday how the market's likely to go higher we looked
272	00:28:05 --> 00:28:10	at on the daily chart. But that doesn't mean get in any annual time intraday.
273	00:28:10 --> 00:28:16	You got to have some kind of a frame of reference. Let's go back to electronic
274	00:28:16 --> 00:28:16	trading hours.
275	00:28:22 --> 00:28:37	I This is a very busy weekend. Yesterday was like everything coming together all
276	00:28:37 --> 00:28:41	at one time. I have both my nieces living with me. One's getting ready to
277	00:28:41 --> 00:28:44	go off to college next week, and we have a lot of things going on in the younger
278	00:28:44 --> 00:28:49	one, my wife and I are in the process of getting custody of her, so that way she
279	00:28:49 --> 00:28:54	can be enrolled in school. And it's just so many things about one time yesterday
280	00:28:54 --> 00:28:57	was just, I should have said, No, I'm not going to live stream. That's what I
281	00:28:57 --> 00:29:05	should have done. But you'll see that the things I mentioned on Tuesday's live
282	00:29:05 --> 00:29:09	session, where it's this one sided and doesn't have much of a fluctuation in
283	00:29:09 --> 00:29:14	price up and down, I prefer not to trade in those days. I mean, obviously, if I'm
284	00:29:14 --> 00:29:20	in it, I'm going to try to maximize and milk it. Okay, but there isn't anything
285	00:29:20 --> 00:29:23	I can do once we start looking at the marketplace, and 830 news driver had
286	00:29:24 --> 00:29:28	already passed for like an hour, so and I don't expect Caleb to know how to
287	00:29:28 --> 00:29:36	trade those reports. In fact, I've told him the avoidant, wait until after those
288	00:29:36 --> 00:29:40	those reports hit the market. Do let's
289	00:29:52 --> 00:29:53	look at a 60 meter.
290	00:30:01 --> 00:30:08	This was yesterday's trading 7am all one sided. Okay, this is exactly what I'm
291	00:30:08 --> 00:30:13	referring to on Tuesday's lecture. Very, very, very, very difficult for a new
292	00:30:13 --> 00:30:20	trader to see how to navigate that and to avoid the inevitable, if you try to
293	00:30:20 --> 00:30:24	always chase it or engage those days. You don't know how far it's going to
294	00:30:24 --> 00:30:27	retrace. You don't know if it's going to retrace. You don't know how far they're
295	00:30:27 --> 00:30:30	going to keep pressing and higher or lower if it's going the other direction.
296	00:30:30 --> 00:30:34	So when it's like this, this is exactly what I was referring to on Tuesday. It's
297	00:30:34 --> 00:30:40	better for me to try to just sit still, because Caleb's not going to know how to
298	00:30:40 --> 00:30:44	do what I'm going to show tonight. You can see the executions. You can see
299	00:30:44 --> 00:30:48	where I'm getting in. It was very close to the not the high today, but the high
300	00:30:48 --> 00:30:55	in the lunch hour. Get me going to the pm session during the lunch hour, which
301	00:30:55 --> 00:31:00	is classically a two hour period. So when I say lunch hour, it's not just 60
302	00:31:00 --> 00:31:04	minutes. It's 11:30am Eastern Time. This is the stuff you write down in your
303	00:31:04 --> 00:31:10	notes, by the way, 11:30am Eastern Standard Time to 1:30pm Eastern Standard
304	00:31:10 --> 00:31:18	Time. So whenever there's a run higher, whether it's protracted in one big move
305	00:31:18 --> 00:31:21	like this, with no or little retracements, or if it's staggered, it
306	00:31:21 --> 00:31:24	goes up a little bit, comes down a bit. But this keeps going up into the lunch
307	00:31:24 --> 00:31:30	hour of 1130 it's reasonable to anticipate a measure of retracement. So
308	00:31:30 --> 00:31:37	identify the easiest relative equal low or single low in the run up after 10am
309	00:31:38 --> 00:31:41	that that has to be after 10am so you're not really always looking for something
310	00:31:42 --> 00:31:49	before 10am so 10am or later, whatever relative equal lows or singular low, the
311	00:31:49 --> 00:31:54	lunch macro will reprice back to that, even if it wants to go higher, don't
312	00:31:54 --> 00:31:56	take my word for it. Go back to your charts. You'll see it's there every
313	00:31:56 --> 00:32:00	single day. And then reverse that same logic. If you didn't catch it, you can
314	00:32:00 --> 00:32:04	record. You can rewind it. When you watch the recording those elements is
315	00:32:04 --> 00:32:09	just simply reversed, if the market has dropped, whether it's staggered, and you
316	00:32:09 --> 00:32:12	know where it goes, up, down, up down, up, down. But just keeps making lower
317	00:32:12 --> 00:32:19	lows into 1130 at 1130 start hunting setups that would take us up to the
318	00:32:19 --> 00:32:26	short term high or relative equal highs that formed after 10am and that's the
319	00:32:26 --> 00:32:30	lunch macro. Okay, it'll, it'll retrace back that to a minimum. There's other
320	00:32:30 --> 00:32:33	little subtleties that I'll add into the book, but that's enough, because a lot
321	00:32:33 --> 00:32:37	of people don't understand what the lunch macro is. So I've, I've now taught
322	00:32:37 --> 00:32:42	that to you, but there are other ones that you can use to capture larger
323	00:32:42 --> 00:32:46	retracements or reversal days and or where you pyramid and make it a bigger
324	00:32:46 --> 00:32:54	position. But, yeah, this is just 111, directional movement, and I would rather
325	00:32:54 --> 00:33:00	not try to participate in that teaching my son, but just to put my thumb in the
326	00:33:00 --> 00:33:03	eye of everybody that was in other people's live stream, or saying, I
327	00:33:03 --> 00:33:06	should he really blew it. It was painful watching that. You have, you have no
328	00:33:06 --> 00:33:10	idea what I was managing, cause, managing three people texting me and
329	00:33:11 --> 00:33:15	looking at the clock, saying, Okay, I'm gonna wait for this and wait for that.
330	00:33:15 --> 00:33:20	And plus, there's a one, it's a one way ride on the upside. So if, if I'm aiming
331	00:33:20 --> 00:33:25	to teach my son, you know, I'm not trying to get him in on a day like this,
332	00:33:25 --> 00:33:29	that this is, this is the stuff that is going to hurt him, but it's the thing
333	00:33:29 --> 00:33:33	that attracts everybody, that's the flame. And if you're a moth and you want
334	00:33:33 --> 00:33:42	to try to fly real close to that, you're asking for it. All right, so here it is
335	00:33:43 --> 00:33:50	10 o'clock. We have really just a big block of short term highs and lows. So
336	00:33:50 --> 00:33:56	we're running the relative equal highs. If you don't mind, I'm going to take
337	00:33:56 --> 00:34:01	this off now. You've been showing what that is. Now I
338	00:34:37 --> 00:34:40	if you can, if you watch yesterday's recording, it's not a long ones rather
339	00:34:40 --> 00:34:44	short, but there are small, little fluctuations in there that were referred
340	00:34:44 --> 00:34:50	to as key points to see, watching where price would draw to how to react off of
341	00:34:50 --> 00:34:56	them, and when we do live streams next week, I'm going to be talking a little
342	00:34:56 --> 00:35:02	bit more about entries, not for the sake of Caleb Press. In the demo entry, not
343	00:35:02 --> 00:35:08	to inspire him to trade for a combine yet, it's to get him thinking about how
344	00:35:08 --> 00:35:15	to well, if we know where the market could potentially draw to, and then now,
345	00:35:16 --> 00:35:21	what should we be looking for, for practicing tape reading like how to have
346	00:35:21 --> 00:35:25	a look at certain elements of price action and determine whether or not
347	00:35:25 --> 00:35:29	there's something there that would present a catalyst for price moving
348	00:35:29 --> 00:35:33	higher or lower. And once we go through next week, the following week will be
349	00:35:33 --> 00:35:39	things that are predominantly focusing on barriers to where the market may
350	00:35:40 --> 00:35:44	struggle, where the market may have difficulty passing through, and what
351	00:35:44 --> 00:35:49	would cause a deeper retracement on an underlying directional bias or a drawn
352	00:35:49 --> 00:35:55	liquidity? So it'll help you frame this form of of normalcy that doesn't feel
353	00:35:55 --> 00:35:58	normal when you're in a trade, especially if it's one with real money,
354	00:35:59 --> 00:36:03	any tiny little retracement against your underlying position, if you don't have a
355	00:36:03 --> 00:36:06	lot of experience, if you haven't been doing it very long, or if you're trading
356	00:36:06 --> 00:36:11	with over leveraged size, like you're doing the maximum that you can afford,
357	00:36:11 --> 00:36:15	not that you should be able to afford that much, but if you're panicky, or if
358	00:36:15 --> 00:36:20	you're anxious about every tick that goes against you, or if it's If it
359	00:36:20 --> 00:36:25	stalls a little bit and stops moving in your favor, but it has moved in your
360	00:36:25 --> 00:36:31	favor, you have open profit. That sensation of, Oh, please, let this thing
361	00:36:31 --> 00:36:35	just get me out of it, like I want to get out of it. It's very exhausting. So
362	00:36:35 --> 00:36:39	knowing what to look for and anticipate that and that way, when you're watching
363	00:36:39 --> 00:36:43	price action, those are the things you want to annotate in your chart after the
364	00:36:43 --> 00:36:51	fact or as they happen. So you want to fill in those, those gaps of Just
365	00:36:51 --> 00:36:54	Between screenshots for your journal. You want to really record your
366	00:36:54 --> 00:36:59	observations of what it felt like for you. I mean, if it was very hard for you
367	00:36:59 --> 00:37:04	to trust that a move is going to pan out based on something you see in the chart.
368	00:37:04 --> 00:37:08	The quickest way for you to desensitize yourself to that is to annotate it,
369	00:37:08 --> 00:37:11	screenshot it and record it. Because what you'll see is is you're referring
370	00:37:11 --> 00:37:17	back to something that many times that you started believing or had a concern
371	00:37:17 --> 00:37:22	about that was outside of what was taught. So you're just bringing in your
372	00:37:22 --> 00:37:27	own irrational fear. You're not, you're not really, you're not looking at it
373	00:37:27 --> 00:37:32	things objectively, and it's your infancy or your inexperience that's
374	00:37:32 --> 00:37:40	leading you by emotion and fear. So that'll be two weeks from now, so we'll
375	00:37:40 --> 00:37:44	talk about those. And then that should finish our month of August, and then we
376	00:37:44 --> 00:37:50	can go into actual entry, like what it looks like to put orders in.
377	00:38:02 --> 00:38:08	So what we're seeing is it's retracing back into previous days trading. So the
378	00:38:08 --> 00:38:16	difference between where we opened here and where we settled here, that is your
379	00:38:16 --> 00:38:23	opening range gap. Okay, so it would look like this for those of you watching
380	00:38:23 --> 00:38:28	me do this before in live streams and recordings, that's your opening range
381	00:38:29 --> 00:38:36	gap. Okay, so we're trading up into that off of previous days. Opening range high
382	00:38:37 --> 00:38:48	now opening range for today is this low, up to that candles high, right there.
383	00:38:48 --> 00:38:56	That's opening range. So that would look like this if I contrast. I'm
384	00:39:11 --> 00:39:18	okay, that's the time and that's the high. Okay, so it's the low, up to the
385	00:39:18 --> 00:39:27	highest, high, inside of the time measurement of 930 opening to 10. See
386	00:39:27 --> 00:39:30	the bottom of the chart, 10am and the highest high and the lowest lows. What
387	00:39:30 --> 00:39:36	you're marking there, low and high. So this is your opening range, and your
388	00:39:36 --> 00:39:43	opening range gap is that opening price here at 932 previous days, regular
389	00:39:43 --> 00:39:50	session settlement price. That's the close you get that by the rth. That's
390	00:39:50 --> 00:39:55	the regular trading hours. That's what you're using that information for. But
391	00:39:55 --> 00:39:59	because I already know these ranges, they're they're next to me, like I'm
392	00:39:59 --> 00:40:01	looking at I didn't. Want to draw everything out because it's too many
393	00:40:01 --> 00:40:06	things on the chart. And I know some of you are just you're highly critical,
394	00:40:06 --> 00:40:09	you're impatient, and you're gonna look at it and it's going to be confusing to
395	00:40:09 --> 00:40:12	you, and you're like, Okay, I don't know what I'm doing here, and this stuff
396	00:40:12 --> 00:40:15	doesn't work. I'm gonna go watch somebody else. And if I say, you feel I
397	00:40:15 --> 00:40:17	really want you to do that, like, I don't want, I don't want anybody here
398	00:40:17 --> 00:40:22	that has that mentality. Because, frankly, you don't deserve to learn it.
399	00:40:24 --> 00:40:25	Oh, listen to him.
400	00:40:30 --> 00:40:36	You'll see how maybe you won't. So we have relative equal highs at the opening
401	00:40:39 --> 00:40:45	we swept that into just about the opening range gap high. So these two
402	00:40:45 --> 00:40:49	highs here relative equal highs lower to the right than the one to the left,
403	00:40:50 --> 00:40:54	trading up into that gap here, and
404	00:40:59 --> 00:41:04	we're going to drop back into electronic trading hours. Notice that you don't see
405	00:41:04 --> 00:41:09	any of that information here. Like, how do you frame that? You have to use the
406	00:41:09 --> 00:41:14	regular trading hours to see it. It's just a way of determining this is what
407	00:41:14 --> 00:41:18	you have to have. Now if, let's say, for instance, you didn't have this function
408	00:41:18 --> 00:41:21	down here, electronic trading hours and regular trading hours, because for some
409	00:41:21 --> 00:41:25	platforms, it's not available. It wasn't available. It wasn't anything that
410	00:41:25 --> 00:41:32	people would be able to topple to, okay, but understanding that element of time,
411	00:41:33 --> 00:41:39	because it's time then price, you'd have those levels on your chart anyway. So
412	00:41:40 --> 00:41:43	this, here, this line here that I just annotated with the regular trading hours
413	00:41:43 --> 00:41:50	for previous regular session trading settlement price goes all the way back
414	00:41:50 --> 00:41:55	over to The previous day and where we settled
415	00:41:57 --> 00:42:00	for 15 I'm uh.
416	00:42:06 --> 00:42:11	So it's a matter of managing what you're looking for. What what makes a key,
417	00:42:11 --> 00:42:18	level key? What time is important? What are you trying to derive from that time
418	00:42:18 --> 00:42:23	that makes that level key? So all those things are the beginning building blocks
419	00:42:23 --> 00:42:29	Caleb, for you to determine your obvious draw on liquidity. That means the thing
420	00:42:29 --> 00:42:33	that's so overwhelmingly obvious when it's like that, that's when you're
421	00:42:33 --> 00:42:37	anticipating a price run, that's when you would eventually push a demo button.
422	00:42:37 --> 00:42:42	That's when you would eventually press a button that would contribute to a trade
423	00:42:42 --> 00:42:48	for your funded account, combine. And then eventually, when you get funded,
424	00:42:48 --> 00:42:52	what you're focusing on to take a trade with that funded account, and then
425	00:42:52 --> 00:42:56	eventually get to the point where you can take out a withdrawal. And there it
426	00:42:56 --> 00:43:02	is. You take out money, you fund your Live account with a real brokerage firm,
427	00:43:04 --> 00:43:11	leave the funded account entirely, and then you've done it on your own. That's
428	00:43:11 --> 00:43:20	what that expects. That's what I want. That's what I'm aiming for. And we have
429	00:43:20 --> 00:43:25	end dog, New Day opening gap. So we just saw, let me put it back on here. That's
430	00:43:25 --> 00:43:29	the that's the previous settlement price. But it can, we it can wick
431	00:43:29 --> 00:43:33	through that. So if it's going to wick through that, it could go right up into
432	00:43:33 --> 00:43:36	New Day opening gap, because it's just above that you see that, which is the
433	00:43:36 --> 00:43:40	reason why you have to have these levels either in a notepad, referring back to
434	00:43:40 --> 00:43:43	them periodically throughout the morning or the afternoon session, while you're
435	00:43:43 --> 00:43:48	watching price anticipating certain elements, measuring whether or not it
436	00:43:48 --> 00:43:51	has the ability to maintain once it books to these levels, or does it want
437	00:43:51 --> 00:43:55	to just keep powering through and if it just rips through them all, then you got
438	00:43:55 --> 00:44:01	to go out to a higher Time Frame, 1560, minute, four hour daily. What is it
439	00:44:01 --> 00:44:04	reaching or what is it reaching for? So there's an old daily high we talked
440	00:44:04 --> 00:44:07	about on Tuesday. If you watch that, you know what I'm referring to. I'm not
441	00:44:07 --> 00:44:16	going to deal here, but it's not necessary for that to be there, because
442	00:44:16 --> 00:44:21	if it's like this, and it has an end dog right there that I'm just going to
443	00:44:21 --> 00:44:26	observe and study. The end of it doesn't need to touch it, but if it, if it goes
444	00:44:26 --> 00:44:32	above previous settlement price, it's going to reach to that, which is, we're
445	00:44:32 --> 00:44:35	basically, you know, staying stating the same thing. It's just going to go up to
446	00:44:35 --> 00:44:40	sort of another level. Here. I'm I'm
447	00:44:45 --> 00:44:52	going to be with you all until 1130 today, so no hurry for anything. I'm.
448	00:45:19 --> 00:45:24	Very sloppy morning so far. Now, when you say that, ICT, what do you mean when
449	00:45:24 --> 00:45:29	you say it's sloppy or unorganized? Usually what I'm saying it's either
450	00:45:29 --> 00:45:34	disorganized. It's unorganized or it's sloppy, meaning that it's really not
451	00:45:34 --> 00:45:37	showing a great deal of conviction, one way or the other. Even though there's
452	00:45:37 --> 00:45:40	movement, I'm not going to I'm not going to argue and say there isn't price
453	00:45:40 --> 00:45:46	movement here. There isn't anything clean that's so overwhelmingly obvious,
454	00:45:47 --> 00:45:53	which is the whole point of me doing these lectures for Caleb. You're
455	00:45:53 --> 00:45:57	benefiting from seeing the stark contrast between when you'll hear me
456	00:45:57 --> 00:46:02	say, this is really clean price action, and then when I do that, or in this
457	00:46:02 --> 00:46:06	case, when I say this is very unorganized, or it's disorganized, or
458	00:46:06 --> 00:46:11	it's sloppy, you want to take a screenshot of this, and the things I'm
459	00:46:11 --> 00:46:15	about to refer to that kind of differentiates it between that being
460	00:46:15 --> 00:46:19	something that is not a very easy navigation, where you can get in clearly
461	00:46:19 --> 00:46:23	see what it wants to react off of and immediately run away from that, go to a
462	00:46:23 --> 00:46:29	specific level. That's so obvious in the chart. You have so many things here that
463	00:46:29 --> 00:46:38	are conflicting. So if, if I have a, if I have a barrel or a bucket of apples,
464	00:46:38 --> 00:46:45	okay, and I reach into that bucket of apples, and then my sons each grab an
465	00:46:45 --> 00:46:51	apple, and we all throw the app up on the air, and I tell my wife, grab an
466	00:46:51 --> 00:46:59	apple. Which apple? Or impulsively, just going to grab any one of them. Okay, but
467	00:46:59 --> 00:47:03	what happens if one of those apples are a Granny Smith, they're green, and then
468	00:47:03 --> 00:47:10	all the other ones are just a regular red one. So if I say, when we throw
469	00:47:10 --> 00:47:15	these apples up, you can't open your eyes up until I say, open your eyes
470	00:47:15 --> 00:47:18	after we've done release them in the air, but your job is to only reach and
471	00:47:18 --> 00:47:25	grab the green apple. We all throw the apples on the air, and then I say, open
472	00:47:25 --> 00:47:28	your eyes. And then my wife opens her eyes up. And the first thing she's going
473	00:47:28 --> 00:47:31	to go to is look at all these green I mean, look at all these red apples. And
474	00:47:31 --> 00:47:35	then let's find the green or she's going to see the green one, but her eyes are
475	00:47:35 --> 00:47:41	going to jump to the other red ones. So what do you what do you have there? It's
476	00:47:41 --> 00:47:46	chaff. You have. You have things that are drawing your attention, that aren't
477	00:47:46 --> 00:47:51	obvious, versus Okay, close your eyes. I'm going to take the single singular
478	00:47:51 --> 00:47:55	green apple, I'm going to pick it up, and when I throw up in the air in front
479	00:47:55 --> 00:47:58	of you, I want you to open your eyes and catch it. You see how easy that is.
480	00:47:58 --> 00:48:03	That's the benefit of looking at price action that's clean. It's very, very
481	00:48:03 --> 00:48:06	clean. There's only a few elements that are in the present price action, not
482	00:48:06 --> 00:48:10	that there is that characteristic right now, that's not what I'm saying. I'm
483	00:48:10 --> 00:48:16	saying By contrast, when you have a lot of this in here, okay, back and forth
484	00:48:16 --> 00:48:20	like that, there are levels that I've shown you here that it's respecting,
485	00:48:20 --> 00:48:26	it's drawing to the levels that we have here. But is it obvious which one it
486	00:48:26 --> 00:48:31	wants to respect next and where it's going to go to next? That's what's
487	00:48:32 --> 00:48:37	missing right now. That may clear up once we get through the first 30 minutes
488	00:48:37 --> 00:48:41	of 10 o'clock hour. So post 1030 we might get something entirely different
489	00:48:41 --> 00:48:46	in terms of the delivery of price. But right now, nothing in here is terribly
490	00:48:46 --> 00:48:50	exciting, whether you made money or not, if you've lost. That's the reason why,
491	00:48:51 --> 00:48:58	if you made money, I wouldn't build too much around that. We did, in fact, trade
492	00:48:58 --> 00:49:03	down to 20% of the weekly range when we traded here, which overlapped with the
493	00:49:03 --> 00:49:09	upper quadrant of yesterday's opening range. So when there's a confluence of
494	00:49:09 --> 00:49:15	those types of levels, what happens if you have the previous two days? Okay,
495	00:49:16 --> 00:49:22	opening range or opening range gap level. In addition to one or two of
496	00:49:22 --> 00:49:28	these elements here, and there's a PD array, and it's happening to form in a
497	00:49:28 --> 00:49:33	macro time, first 10 minutes before the top of the hour to 10 minutes after the
498	00:49:33 --> 00:49:37	top of the hour, then you probably have a really, really good reaction coming.
499	00:49:38 --> 00:49:41	So then all you have to know at that time is, where is the smooth area in
500	00:49:41 --> 00:49:46	price? Where is it likely to draw to on the very short term? And that's the
501	00:49:46 --> 00:49:51	beginning block, building blocks of reading and tape reading, reading price,
502	00:49:51 --> 00:49:56	not for setups, but to build this rapport between watching candlesticks
503	00:49:56 --> 00:50:02	form, removing the concern about. The chaos that you're watching and thinking,
504	00:50:02 --> 00:50:05	how am I going to be able to read this? How am I going to be able to determine
505	00:50:05 --> 00:50:10	this? You're just looking for the obvious. And if it's a lot of filtering
506	00:50:10 --> 00:50:15	in your part to do that, you're going to see not in the beginning, because
507	00:50:15 --> 00:50:18	there's going to be days where, like for instance, like yesterday, okay, I had
508	00:50:18 --> 00:50:23	people watching me. I'm quite certain that they were like, man, you Why isn't
509	00:50:23 --> 00:50:27	he part of this? Why? Why he? Why he doing this and why he doing that? You're
510	00:50:27 --> 00:50:30	forgetting that I'm trying to teach my son how to go in and look for easy,
511	00:50:30 --> 00:50:34	obvious setups that his skill level. That's what he's supposed to be focusing
512	00:50:34 --> 00:50:38	on now, not me getting in here and just trying to impress people. That's not
513	00:50:38 --> 00:50:41	what this is. You'll be impressed in a little while, a couple months, but right
514	00:50:41 --> 00:50:46	now, we're just focusing on what my son needs to focus on, and you're just being
515	00:50:46 --> 00:50:55	invited to watch, and some of you don't deserve to be here. So here we have what
516	00:50:55 --> 00:50:58	I was referring to. It's a lot of back and forth, back and forth, back and
517	00:50:58 --> 00:51:05	forth. But what is it working off of the previous opening range high, see that
518	00:51:07 --> 00:51:17	down into 20% of the weekly range. Rallied come back down in rallied 930
519	00:51:18 --> 00:51:24	trades back down in, touching one more time, opening range high once more here,
520	00:51:24 --> 00:51:29	relative equal highs. Everything's jagged here trades back up into today's
521	00:51:29 --> 00:51:33	opening range gap that I highlighted and showed you, but is not annotated on the
522	00:51:33 --> 00:51:37	chart here in the draw up into the new day opening gap, which it can sweep
523	00:51:37 --> 00:51:43	through. We do have relative equal highs. Notice that right here you that?
524	00:51:43 --> 00:51:49	So there's a little bit of liquidity there. And with all of this action here,
525	00:51:49 --> 00:51:53	the only thing that really stands out is that volume and bound to us. We just
526	00:51:53 --> 00:51:58	traded to on that candle. And my eyes don't trust it. I don't think that one
527	00:51:58 --> 00:52:02	touched it again, but right in here, so we could see it potentially expand up
528	00:52:02 --> 00:52:07	and engage the liquidity right there. So you can have your chart look like this.
529	00:52:10 --> 00:52:15	And these are all the simple things that you're doing while learning how to read
530	00:52:15 --> 00:52:18	where price is going to go. Because if you don't have this part of it down,
531	00:52:19 --> 00:52:23	nothing anybody tells you in terms of buying and selling, indicators, buy and
532	00:52:23 --> 00:52:28	sell, none of that stuff is going to help you have to know with practice, it
533	00:52:28 --> 00:52:32	could potentially trade to this level for what reason real orders that are
534	00:52:32 --> 00:52:41	resting in the marketplace. What I would have liked to see, I would have liked to
535	00:52:41 --> 00:52:47	seen it keep the gap open, like we had yesterday, run lower for a little while,
536	00:52:47 --> 00:52:50	down into the consequent encroachment. And had it gone down here, this is the
537	00:52:50 --> 00:52:55	actual level I was going to point your attention to there, because it would
538	00:52:55 --> 00:53:00	have been like, here's consolidation, drop, and then drop once more. So that'd
539	00:53:00 --> 00:53:05	be second stage distribution, and then down here would be smart money reversal,
540	00:53:05 --> 00:53:09	then something low risk, buy accumulation, re accumulation, and then
541	00:53:09 --> 00:53:14	send us up into that. So that'd be a market maker buy model. But we had this,
542	00:53:14 --> 00:53:15	oh, This business in here. I
543	00:54:28 --> 00:54:31	back into new David and got for today.
544	00:54:38 --> 00:54:42	I saw a few people leave comments yesterday about the volume, and my
545	00:54:42 --> 00:54:47	advice is listen to it through headphones, because I can hear it fine,
546	00:54:47 --> 00:54:52	and I don't need to the volume all the way up. So if you're working in a Jiffy
547	00:54:52 --> 00:54:58	Lube and you hear the impact wrench constantly behind you, or hear you just
548	00:54:58 --> 00:55:04	surrounding noise at your work. Please. I can't, I can't fix that for you. Get
549	00:55:04 --> 00:55:11	yourself some headphones. All right. So we have institutional water flow entry
550	00:55:12 --> 00:55:18	drill there. The wick over top of New Day opening gap. So study that Caleb and
551	00:55:18 --> 00:55:23	see if it wants a send price from what we just seen here, leaving this portion
552	00:55:23 --> 00:55:26	open and see if it can push up in there and engage that liquidity there.
553	00:55:42 --> 00:55:48	You uh, when you're watching this, observations, things that you're looking
554	00:55:48 --> 00:55:52	at every time you do a measurement on delivery. What does that mean? Like
555	00:55:52 --> 00:55:55	about this outline there? If we're looking at something that might be a
556	00:55:55 --> 00:56:00	catalyst for price to react off of and where it may reach to, you're not trying
557	00:56:00 --> 00:56:06	to be right? You're not trying to you nail it down to the very perfect turning
558	00:56:06 --> 00:56:10	point. You're just trying to recognize, just like when someone takes you hunting
559	00:56:11 --> 00:56:14	you've never been hunting before. Or how do you track? Well, they take you out to
560	00:56:14 --> 00:56:19	the snow or in the mud, and they'll say, look down here. You see that, you'll see
561	00:56:19 --> 00:56:23	a footprint. You don't know what you're looking at sometimes, but the person
562	00:56:23 --> 00:56:26	that understands it will say, Yeah, this is a raccoon footprint. This is a bear
563	00:56:26 --> 00:56:32	footprint. This is a deer hoof. It's teaching you initially, this is what it
564	00:56:32 --> 00:56:36	looks like. So that way, every time we pass one, I'll point that out to you,
565	00:56:38 --> 00:56:41	because you start seeing it being pointed out to you. You recognize it.
566	00:56:41 --> 00:56:45	Certain characteristics repeat. Not all of them are going to look identical, but
567	00:56:46 --> 00:56:49	every single time you do it, you're getting another measurement of increased
568	00:56:49 --> 00:56:54	understanding because you're being exposed to it. So when you have a
569	00:56:54 --> 00:56:58	observation, and it doesn't have to be the ones I've point out, whenever you're
570	00:56:58 --> 00:57:01	looking for price to behave a certain way, or you think it might behave a
571	00:57:01 --> 00:57:07	certain way. You want to write down the time, the time you observed it, and the
572	00:57:07 --> 00:57:12	time it took to either trade where you thought it was or completely close over.
573	00:57:12 --> 00:57:16	Now the observation I'm putting out here buy some balance, cell, sign, efficiency
574	00:57:17 --> 00:57:21	in that one single little candle we're studying to see if this gap stays open,
575	00:57:21 --> 00:57:25	any small little portion of it is all it's referred to. It's better for it not
576	00:57:25 --> 00:57:30	to completely close down to that it can, but it's better if it doesn't, for what
577	00:57:30 --> 00:57:34	purpose to leave some of that open and then explore whether or not there they
578	00:57:34 --> 00:57:38	want to take this liquidity. They don't have to. It doesn't have to be traded to
579	00:57:38 --> 00:57:44	right now. But every time you do this, you're getting a measurement on price
580	00:57:44 --> 00:57:47	delivery. So you want to see how much time it takes from your point of
581	00:57:48 --> 00:57:53	identifying it, how fast it runs in your favor or how fast it runs against you,
582	00:57:54 --> 00:57:59	and then how much time it took to deliver where you thought was going to
583	00:57:59 --> 00:58:04	go, and what that does. It gives you a baseline of how many observations are
584	00:58:04 --> 00:58:08	you seeing each session. And in the beginning, you're not going to see very
585	00:58:08 --> 00:58:13	many of them. Caleb, you don't know what you're looking for, but because of
586	00:58:13 --> 00:58:17	natural progression of just simply doing it over and over and over again each
587	00:58:17 --> 00:58:21	day, not trying to press the button, not trying to be right, you're not trying to
588	00:58:21 --> 00:58:26	be profitable in your your observations. You're trying to build a recognition,
589	00:58:26 --> 00:58:31	and repetition builds that recognition. You can't recognize the setups until you
590	00:58:31 --> 00:58:37	look for them, and don't be afraid of doing it wrong. Looking at observations
591	00:58:37 --> 00:58:42	and price and measuring all of these data points will give you a baseline,
592	00:58:42 --> 00:58:46	and you will see progress based on that, because in your journal every day, when
593	00:58:46 --> 00:58:50	you're done, you want to have a little tally of how many opportunities that you
594	00:58:50 --> 00:58:55	watched real time. How many times did you do a measurement on price, delivery
595	00:58:55 --> 00:58:59	and again, in beginning, you're not going to have very many of them, and
596	00:58:59 --> 00:59:03	that's not a bad thing. That's not an it's not a knock against you, it's not
597	00:59:03 --> 00:59:09	some kind of a concern, but it's a baseline beginning point. And in weeks
598	00:59:09 --> 00:59:14	from now, you'll start seeing maybe three or four each session. And then
599	00:59:14 --> 00:59:18	you, by the end of the year, you'll probably see all kinds of them. And then
600	00:59:18 --> 00:59:23	what that does is, when you have a collection of a dozen or so that you can
601	00:59:23 --> 00:59:28	see real time forming. You're going to see because of experience, the things
602	00:59:28 --> 00:59:32	that you don't have yet right now, that you haven't really focused on or hasn't
603	00:59:32 --> 00:59:37	been made apparent to you that are more critical to your understanding than the
604	00:59:37 --> 00:59:40	things that you're holding on to right now, you're thinking certain things are
605	00:59:40 --> 00:59:44	much more important, and you're constantly looking to satisfy those
606	00:59:44 --> 00:59:49	concerns, versus just simply letting go of the necessity of being right or
607	00:59:49 --> 00:59:54	wrong. Forget that that's that's not what this, this stage of your
608	00:59:54 --> 00:59:58	development is about. It's for you to simply look at price, observe elements
609	00:59:58 --> 01:00:05	and characteristics. Six that tend to do certain things. And if it's likely to do
610	01:00:05 --> 01:00:11	these types of things, how often can you observe them without being prodded and
611	01:00:11 --> 01:00:16	pointed to saying, Here's watch this. Watch this thing right here. And if you
612	01:00:16 --> 01:00:22	keep record of how many you're doing each time, the experience factor will
613	01:00:22 --> 01:00:27	kick in, and you will have a me. It won't feel like you've gained much
614	01:00:27 --> 01:00:30	understanding at all, because you won't be pushing buttons and trading with
615	01:00:30 --> 01:00:37	money yet, not even in a demo, but you'll be observing that your ability,
616	01:00:37 --> 01:00:40	the skill set of finding the opportunity, of seeing when price should
617	01:00:40 --> 01:00:45	start at one place and travel to the next. That's navigating price action.
618	01:00:45 --> 01:00:51	That's you understanding how price has the likelihood, not guarantee, the
619	01:00:51 --> 01:00:58	likelihood, of performing a certain delivery and price higher or lower, and
620	01:00:58 --> 01:01:02	because you have no baseline to start with, to determine how far along you
621	01:01:02 --> 01:01:08	should measure your your progress, you have to start somewhere, right and by
622	01:01:08 --> 01:01:12	having a documentation of how many observations that you're recognizing
623	01:01:12 --> 01:01:17	while watching price action, just simply tape reading. And then weeks from now,
624	01:01:17 --> 01:01:21	when it won't technically feel like you've gained much of an understanding,
625	01:01:21 --> 01:01:26	which is what most of my students feel like, because they're impatient. And the
626	01:01:26 --> 01:01:31	way you stem and stave off that impatience factor is that you're
627	01:01:31 --> 01:01:34	measuring your opportunities that you can observe in real time, price action
628	01:01:34 --> 01:01:40	without any kind of help or prodding and removing the element of I have to be
629	01:01:40 --> 01:01:44	right to impress that, or I have to be right every single day. Or it's failure.
630	01:01:45 --> 01:01:49	It's that's not how that's not how you're doing it. Okay, you're looking at
631	01:01:49 --> 01:01:56	how you will be able to measure with data how many opportunities are
632	01:01:56 --> 01:02:01	available and that you have available by your own skill set. That will increase
633	01:02:01 --> 01:02:05	as you go further along, each time making a little bit more deposit in your
634	01:02:05 --> 01:02:10	understanding. And then when you see the data, even if it doesn't feel like
635	01:02:10 --> 01:02:14	you've gained much in terms of experience or understanding, when you
636	01:02:14 --> 01:02:17	start looking at your first week of doing it and say, Well, I couldn't see
637	01:02:17 --> 01:02:21	much at all that. Had to point it all out. And then couple weeks after that,
638	01:02:21 --> 01:02:24	you're like, oh, I can see one or two each session, but I had five wrong, but
639	01:02:24 --> 01:02:28	I saw two of them right. Don't look at the five you had wrong and say, I'm
640	01:02:28 --> 01:02:34	failing look at the two you did right. What is there that you saw? Because that
641	01:02:34 --> 01:02:39	is your very first multiplier. That's your PD array. That's the thing that
642	01:02:39 --> 01:02:44	your eyes seeing. The other ones may be used to simply forcing because either
643	01:02:44 --> 01:02:49	impatience or just didn't see it, and that's that's okay, there's going to be
644	01:02:49 --> 01:02:54	moves that's going to move without you. It's not a big deal, but you correctly
645	01:02:54 --> 01:02:58	manage your expectations and the assumptions of what your progress should
646	01:02:58 --> 01:03:04	be or shouldn't be at that time. And you can't argue with the data that says this
647	01:03:04 --> 01:03:08	is where you started, and you had next to zero opportunities that you identify
648	01:03:08 --> 01:03:14	without help. Then one or two, but a lot of them you didn't see pan out. And then
649	01:03:14 --> 01:03:18	what'll happen is that that margin and difference between the ones that you
650	01:03:18 --> 01:03:21	thought were going to pan out and the ones that did pan out, they'll start
651	01:03:21 --> 01:03:26	equalizing. They'll be half and half. That's progress. It doesn't feel like
652	01:03:26 --> 01:03:30	progress. Anyone looking outside that wants to be critical, they'll say, you
653	01:03:30 --> 01:03:33	suck. You can't do everything, or you're looking at losers still like they don't
654	01:03:33 --> 01:03:38	take losers, okay, I take losing trades. You've seen that. I can do it wrong. And
655	01:03:38 --> 01:03:42	you have to give yourself the ability to be flexible in the beginning, especially
656	01:03:42 --> 01:03:48	in the beginning, not to have all of this. I have to be right. I have to do
657	01:03:48 --> 01:03:52	it correctly each time, because if you have that that that's going to stunt
658	01:03:52 --> 01:03:57	your growth, and it's going to cause you to have a whole lot more doubt every
659	01:03:57 --> 01:04:02	time you do it. And you don't seek a gold medal, every time you do it, you're
660	01:04:02 --> 01:04:07	not looking for that. You're looking for measured progress, and the only way you
661	01:04:07 --> 01:04:11	get that is by keeping data on how many opportunities you study. And guess what?
662	01:04:11 --> 01:04:14	If you're not going to study the chart and watch it real time, you're going to
663	01:04:14 --> 01:04:19	have zero and then maybe you have no progress, right? So that's what happens
664	01:04:19 --> 01:04:23	when I have students that come to me and they'll say, I've been watching your
665	01:04:23 --> 01:04:27	stuff, I've been studying your stuff. I look at your stuff, and I can't make it
666	01:04:27 --> 01:04:30	work. Okay. Well, how are you back testing? Show me your back testing. Show
667	01:04:30 --> 01:04:34	me your logs. Show me your journal. Well, it's crickets because they know
668	01:04:34 --> 01:04:37	they have nothing to bring forward to say, here's the proof. I went through
669	01:04:37 --> 01:04:41	it, not five pages of scribble that it was just done, just to say, here's our
670	01:04:41 --> 01:04:45	argument. That's not That's not valid. That's not a valid argument. We have to,
671	01:04:45 --> 01:04:49	you have to be months of this, and you're studying how many observations
672	01:04:49 --> 01:04:55	you looked for this certain thing to fan out in Christ and does it pan out? How
673	01:04:55 --> 01:04:59	long did it take? What time did it start? What time did it end? And then,
674	01:04:59 --> 01:05:02	by doing that. So you'll be able to look at the data and say, This is how many
675	01:05:02 --> 01:05:08	times I started learning this and I couldn't find it. Then progress over a
676	01:05:08 --> 01:05:12	couple weeks, then I was able to find some, but I'll still pick on them wrong.
677	01:05:12 --> 01:05:18	And then a month later, you'll have the beginning stages of equalization, where
678	01:05:18 --> 01:05:22	you have half and half, where you'll still see some network and others that
679	01:05:22 --> 01:05:26	don't that's a really good mile marker for your progress. And then what happens
680	01:05:26 --> 01:05:32	is, after that, the times that you do it incorrectly, they don't pan out for you,
681	01:05:33 --> 01:05:38	they will diminish, and you'll have better correct
682	01:05:39 --> 01:05:43	price delivery measurements of every time you see price behave a certain way
683	01:05:43 --> 01:05:49	it should do this and not do that. Run here, but don't go here and see how long
684	01:05:49 --> 01:05:56	it takes for those things to pan out. By looking at the progress that you have
685	01:05:57 --> 01:06:04	doing it that way, you have something that statistically, measured against a
686	01:06:04 --> 01:06:08	baseline starting point. Whereas, if you don't start doing it, and you're not
687	01:06:08 --> 01:06:13	consistently trying to do it each day, you won't have progress, you won't have
688	01:06:13 --> 01:06:17	experience building in you, and you won't be able to reassure yourself and
689	01:06:17 --> 01:06:21	encourage yourself, because the data will support that you are indeed getting
690	01:06:21 --> 01:06:25	better at it, even though emotionally and psychologically and the fact that
691	01:06:25 --> 01:06:28	you haven't made money trading yet, because that's what everybody wants.
692	01:06:28 --> 01:06:32	That's what the that's the real report card. Am I able to make money with it?
693	01:06:32 --> 01:06:36	Well, it's unrealistic for you to expect that you're going to make real money
694	01:06:36 --> 01:06:40	with it in the first six months. I've been very obvious and forthright with
695	01:06:40 --> 01:06:46	that, I've never made any kind of argument against anything less than if
696	01:06:46 --> 01:06:51	you've done any kind of study at all, and it's less than six months, I'm not
697	01:06:51 --> 01:06:55	surprised if you don't find success in it, monetarily, money wise, making money
698	01:06:55 --> 01:06:59	because you don't know enough, you haven't done enough exploration in your
699	01:06:59 --> 01:07:03	own observations. What are you doing wrong? Because that's the benefit of
700	01:07:03 --> 01:07:07	having price delivery measurements where you're looking at this is what I think
701	01:07:07 --> 01:07:11	price is going to do right now, and you're doing it in the privacy of your
702	01:07:11 --> 01:07:15	own chart. You're not talking about on social media. You're not trying to share
703	01:07:15 --> 01:07:19	it, okay? You're simply just saying, This is what I'm trying to do. I'm
704	01:07:19 --> 01:07:23	observing price right now, and I want to see, does it behave this way or not? And
705	01:07:23 --> 01:07:28	if it doesn't, wonderful, because I'm going and I can study, what did I see
706	01:07:28 --> 01:07:34	wrong? What did I do wrong there? Do not say, well, that one didn't work. I'll
707	01:07:34 --> 01:07:37	pretend it never happened. Because, you know, I didn't I didn't push the button.
708	01:07:37 --> 01:07:43	So it doesn't make a difference. That's the wrong perspective. Wrong, wrong
709	01:07:43 --> 01:07:47	perspective. Okay, you want to be able to see where you did it wrong, because
710	01:07:47 --> 01:07:51	that's where your best learning is going to come from. Obviously, if you do it
711	01:07:51 --> 01:07:54	right, you want to champion that in your journal. Say, I feel really good that I
712	01:07:54 --> 01:07:59	was able to see this one, but I missed on these. These didn't perform as much
713	01:07:59 --> 01:08:03	as I thought they would, but this is my takeaway from it. I didn't notice this
714	01:08:03 --> 01:08:07	or that. This was my indication that it wasn't going to pan out. And now that I
715	01:08:07 --> 01:08:11	can see it, I this information, new experience to lean on. The next time you
716	01:08:12 --> 01:08:18	hear what I just did there, you're not putting blinders on, saying, Oh, I
717	01:08:18 --> 01:08:21	didn't do it wrong. Or if you did it wrong. Say, I ain't worried about that.
718	01:08:22 --> 01:08:26	Like people do with demo accounts, they'll open a demo account and press,
719	01:08:26 --> 01:08:31	press, press, press press, and they'll show the 20 trades that they have in
720	01:08:31 --> 01:08:34	gold, where they're doing 50 lots, where they don't even have the money to trade
721	01:08:34 --> 01:08:38	with 50 lots, and there's 20 of them, okay? And this was before everybody was
722	01:08:38 --> 01:08:41	doing a 20 funded account, you know, linking them together. It's just that
723	01:08:41 --> 01:08:46	was everybody thought that was everybody's uh, success or not, and
724	01:08:46 --> 01:08:52	they're all within two or three ticks of the same price. So that it's going in
725	01:08:52 --> 01:08:55	and just buying, buying, buying, buying, buying, buying, because they want to see
726	01:08:55 --> 01:08:59	a screen to show on social media where all these trades are making 6000 8000
727	01:08:59 --> 01:09:02	$10,000 a piece. They're absolutely, I'm going to tell you something. People
728	01:09:02 --> 01:09:06	something, people that make that kind of money are not rushing to social media to
729	01:09:06 --> 01:09:09	show that they're doing that they don't care. They're living their life and
730	01:09:09 --> 01:09:15	they're doing well. So you don't want to have that inspiration to draw your
731	01:09:15 --> 01:09:22	attention to what is working only and avoiding or ignoring the time so that it
732	01:09:22 --> 01:09:28	doesn't work. You want to focus in what you're doing wrong at that time. Perfect
733	01:09:28 --> 01:09:33	example, right here. Here's your fair value gap. That's where your stock would
734	01:09:33 --> 01:09:37	have been hypothetically. It's not a trade that would have closed it right
735	01:09:37 --> 01:09:44	there. So it left relative equal highs. It started with this candle right there.
736	01:09:44 --> 01:09:54	So your time would be 1022, it moved to 1031, so it moved nine minutes in favor.
737	01:09:54 --> 01:09:58	In other words, it moved in the right direction. Wasn't able to get above this
738	01:09:58 --> 01:10:08	high here. I. And then at 1037 it would have it would have stopped out on that
739	01:10:08 --> 01:10:12	trade. So that way you can record that. So now you have one piece of data, one
740	01:10:12 --> 01:10:16	data point. Say, if this is your first one, you would record that. So right
741	01:10:16 --> 01:10:20	away you actually have a very humble beginning. The first one you start with
742	01:10:21 --> 01:10:25	didn't pan out. That's wonderful. But if you don't have the right perspective and
743	01:10:25 --> 01:10:29	trying to learn, you look at that and think, Well, you know, this is very
744	01:10:29 --> 01:10:33	dischanting. I'm not real encouraged by this. And that's the same thing that
745	01:10:33 --> 01:10:36	happens when people get their live account, or they pass their funded
746	01:10:36 --> 01:10:42	account, they're paralyzed because they don't want to take that first trade. Now
747	01:10:42 --> 01:10:47	we have this. We have relative equal lows taken here, relative equal highs
748	01:10:47 --> 01:10:52	here, and relative equal highs here. Where is it jagged here? What are we
749	01:10:52 --> 01:10:58	trading into? Now, New Day opening gap, so now we can look at as an observation.
750	01:10:58 --> 01:11:02	Here, do we or can we see it trade above New Day opening gap, and then come back
751	01:11:02 --> 01:11:06	down and touch it. If it does, then we can measure that. That's another time
752	01:11:06 --> 01:11:10	delivery measurement, where we can simply study what price does with the
753	01:11:10 --> 01:11:14	expectation that does it want to trade above here and grab that gravitate back
754	01:11:14 --> 01:11:18	to here? We're not thinking about well, if I would have had 15 contracts on
755	01:11:18 --> 01:11:22	here, because my funded account company says I can trade with 15 contracts, and
756	01:11:22 --> 01:11:25	I would have lost on 15 contracts being stopped out right there. That's not what
757	01:11:25 --> 01:11:31	you're doing. You're looking at can you see what price is likely to do? And
758	01:11:31 --> 01:11:34	these are what the opportunities look like. Can start just simple things like
759	01:11:34 --> 01:11:41	this. This is so much better and more profitable for your learning than just
760	01:11:41 --> 01:11:44	going in and pushing a button or chasing what price has already been doing and
761	01:11:44 --> 01:11:48	just trying to get something to happen, because you want to be inspired by that
762	01:11:48 --> 01:11:52	fake profit. You want to be inspired by the screenshots of showing that you made
763	01:11:53 --> 01:11:57	XYZ amount of money, but you don't even know why you got in that trade. That has
764	01:11:57 --> 01:12:02	to be something you can observe and repeat. And this is the boring stuff
765	01:12:02 --> 01:12:06	that feels like you're spinning your wheels. It feels like failing. It feels
766	01:12:06 --> 01:12:09	like you're not doing something productive, because you're not even
767	01:12:09 --> 01:12:14	you're not even entering any orders. But this is exactly what you do, and you
768	01:12:14 --> 01:12:21	spend time watching price like this, and it's on really nice days. It's fun, on
769	01:12:21 --> 01:12:25	days that like, like we're having here, it's a lot of given intake, back and
770	01:12:25 --> 01:12:30	forth, price action and price isn't as clean. Whereas, if you looked at this
771	01:12:30 --> 01:12:37	run in here, we only have this gap in that gap everything else. Watch what
772	01:12:37 --> 01:12:40	happens. We have this run here, then it trades back down, creating that first
773	01:12:40 --> 01:12:43	fair value gap, then the next candle, we trade down a little bit. Little bit and
774	01:12:43 --> 01:12:47	then run above. So this previous candle has a lot of that range overlapped here,
775	01:12:48 --> 01:12:52	back and forth inside that range. Now we're working off of this gap, which
776	01:12:52 --> 01:12:57	became what conversion fair value gap, and it rallies. You could have used this
777	01:12:57 --> 01:13:00	one because I was jawboning about something else. You could have used this
778	01:13:00 --> 01:13:05	one as a measurement to see if it can trade to the new day, opening gap from
779	01:13:05 --> 01:13:11	here to there. And you time, okay, from here to there. How many candles did it
780	01:13:11 --> 01:13:15	take on a one minute chart? So that's how much time it took. Was there any
781	01:13:15 --> 01:13:19	heat on the move? Okay, how much movement away once we left, to the
782	01:13:19 --> 01:13:24	bodies, once we left it, did it ever come back down to take that low out
783	01:13:24 --> 01:13:33	there, not before taking the run into that new doping gap and by observing
784	01:13:33 --> 01:13:37	these things. And don't be afraid to do it after the fact. Like, if you have no
785	01:13:37 --> 01:13:43	ability to watch it live, go back in and like for instance, I was expecting to
786	01:13:43 --> 01:13:45	have my son sitting next to me yesterday, too. So that was another
787	01:13:45 --> 01:13:49	thing that was irritated by because he had to work, so his job changed his
788	01:13:49 --> 01:13:55	schedule, and we usually are able to sit side by side on Thursdays. And I didn't
789	01:13:55 --> 01:13:58	have that opportunity. So I was a little perturbed by that. It was irritating me.
790	01:13:59 --> 01:14:04	And I had a lot of other things on on my mind at the time, and very abbreviated
791	01:14:04 --> 01:14:08	time that I could spend with you, because I had to be off by 1030 which I
792	01:14:08 --> 01:14:12	noted at the beginning of the recording yesterday. It wasn't me saying, Oh, I'm
793	01:14:12 --> 01:14:16	gonna rage quit and say I can't do nothing today, it was already
794	01:14:16 --> 01:14:24	predetermined before we even got into it. I it Alright. So now let's play
795	01:14:24 --> 01:14:30	devil's advocate for a moment. Let's say you did an observation on this one here,
796	01:14:30 --> 01:14:34	and you try to use institutional refined your job. I want to see if I can get
797	01:14:34 --> 01:14:38	anything off of that PD array. It rallies a little bit. Could you have
798	01:14:38 --> 01:14:46	taken on this one here, could you have taken 10 handles out of that? Run, yeah.
799	01:14:47 --> 01:14:52	Could you have gotten 20? Probably not 15. Yeah. So if you're going to be doing
800	01:14:52 --> 01:14:57	these examples, what is your threshold? What are you trying to do? Well, if it's
801	01:14:57 --> 01:15:01	es, you're looking for five handles. You. If you can get five handles, and
802	01:15:01 --> 01:15:05	hypothetically say, Okay, I'm satisfied with that, I would be done. And that
803	01:15:05 --> 01:15:10	would be your observation. That's your measurement, that one would be done. And
804	01:15:10 --> 01:15:14	then if it's, if it's NASDAQ, you want to have at least 10 handles,
805	01:15:15 --> 01:15:19	10 nails, I prefer 15 personally, because that kind of forces you to look
806	01:15:19 --> 01:15:25	for a range that affords you 20 points or 20 handles, from where you think it's
807	01:15:25 --> 01:15:29	going to react to, where it's going to draw to. So if you get 20 handles out of
808	01:15:29 --> 01:15:33	it, it's reasonable to anticipate being able to capture 15. That's my personal
809	01:15:34 --> 01:15:38	filter. Like, if I can, if I can see 20, I know I got a good chance of getting 10
810	01:15:38 --> 01:15:46	minimum or 15, which is like a typical second partial, and then if you can run
811	01:15:46 --> 01:15:50	the 20, great. If it doesn't, I don't care, because there's always some kind
812	01:15:50 --> 01:15:53	of an opportunity where the stop loss can be moved to where it's not a losing
813	01:15:53 --> 01:15:57	trade, per se. It covers cost, covers commissions, and gives me pizza money or
814	01:15:57 --> 01:16:02	whatever. But you need to have a threshold of what you're looking for, so
815	01:16:02 --> 01:16:10	don't demand also that it is a setup that has to pan out to the target,
816	01:16:10 --> 01:16:14	meaning this where we are watching this fair value gap, and this right here,
817	01:16:14 --> 01:16:17	that candle, though, the institutional referring to drill. Why? Because it just
818	01:16:17 --> 01:16:21	goes below these candles here, but doesn't close that gap in so that would
819	01:16:21 --> 01:16:25	be your marker to start it. And if it can go run 10 handles, boom, you're out.
820	01:16:25 --> 01:16:29	And it need not trade above the relative equal highs, which would have been the
821	01:16:29 --> 01:16:35	draw to see if we can get that type of run. We did another one in here. We
822	01:16:35 --> 01:16:38	watched and see, did it go above the New Deal and get in touch? It didn't do
823	01:16:38 --> 01:16:42	that. We went above it with a spike, with that wick, but has not created a
824	01:16:43 --> 01:16:46	candle that come back down to touch it. So the second one that we're
825	01:16:46 --> 01:16:50	anticipating and studying has not came to fruition. Here. We have a fair value
826	01:16:50 --> 01:16:55	gap there, and now we have this inversion fair value gap. So you want to
827	01:16:55 --> 01:17:01	study, does this fair value gap get taken to the upside? If it does, if it
828	01:17:01 --> 01:17:04	comes back down, touches again, we can treat that as inversion fair value gap,
829	01:17:04 --> 01:17:09	like it did here, there, then sent it higher. So this gap in here, study that
830	01:17:09 --> 01:17:13	to see if it acts as an inversion fair value gap, or does it respect it here to
831	01:17:13 --> 01:17:19	drop back down into that gap again. You're not trying to be right. You're
832	01:17:19 --> 01:17:24	trying to recognize a pattern that makes sense, because there's all kinds of ways
833	01:17:24 --> 01:17:30	to trade. You can be a perpetual bull, like I was when I first started, or you
834	01:17:30 --> 01:17:33	can be someone that's going to be flexible, that you can say, I can be a
835	01:17:33 --> 01:17:37	buyer and a seller, but you also don't know what you're comfortable with. You
836	01:17:37 --> 01:17:40	don't know if you're trying to capture a continuation trade. You don't know if
837	01:17:40 --> 01:17:44	you're trying to capture a reversal, and I'm trying not to push that on you,
838	01:17:46 --> 01:17:49	because if I push that on you, that means I'm pushing you into a mold, and
839	01:17:49 --> 01:17:53	it's going to cause you to take a whole lot more time trying to live up to that
840	01:17:53 --> 01:17:56	mold, versus you organically, trying to learn How to Read price on Your on your
841	01:17:56 --> 01:17:57	own. You
842	01:18:38 --> 01:18:44	you watch the wick right here. Watch and see if it can touch that. Does it react
843	01:18:44 --> 01:18:51	off that and drip drop right into here? We have two, two gaps in here. We have
844	01:18:51 --> 01:18:56	this one which is trading up into here, and then we have this one here. This is
845	01:18:56 --> 01:19:02	a normal fair value gap, bearish fair value gap. This is an inversion fair
846	01:19:02 --> 01:19:05	Vega, where it's going below it. Now, let me draw it out.
847	01:19:12 --> 01:19:13	That's it. And
848	01:19:20 --> 01:19:23	then we have inside that one had the small one there, which is just a
849	01:19:23 --> 01:19:25	standard bear spray bag that's
850	01:19:43 --> 01:19:50	it. And if you look right here, I was taking attention to this wick
851	01:19:52 --> 01:19:55	trading up into that we want to see those that have an ability to trade down
852	01:19:55 --> 01:19:57	into this old gap here. I.
853	01:20:13 --> 01:20:21	Okay, so you would screenshot that right there. So what we had is inversion fair
854	01:20:21 --> 01:20:26	value gap here and then a bearish fair value gap. That is a very, very nice
855	01:20:26 --> 01:20:35	model. When you have a directional bias that leads to that directional run, we
856	01:20:35 --> 01:20:40	have a bearish order block that candle here because it had the highest up close
857	01:20:40 --> 01:20:43	versus this one. Don't look at this and think that that's the bearish order
858	01:20:44 --> 01:20:49	block. It's this one. It's inside of the fairway gap here, and it also traded
859	01:20:49 --> 01:20:54	into the inversion fairway gap there. The key is watching this wick trade up
860	01:20:54 --> 01:21:00	into it here. If it's bearish, what would it do? More specifically, what
861	01:21:00 --> 01:21:08	would it not do? It would not touch the midpoint of that gap or wick, which is
862	01:21:08 --> 01:21:08	what we have right here.
863	01:21:17 --> 01:21:17	See that
864	01:21:19 --> 01:21:22	trades up but doesn't touch the midpoint. So is that weak or strong?
865	01:21:23 --> 01:21:29	Weak to next candle, you can open, put trades up volume of balance. That could
866	01:21:29 --> 01:21:35	be an entry to here. See that? So all these little observations, these are all
867	01:21:35 --> 01:21:39	this is what you're doing while you're watching price you you probably have
868	01:21:39 --> 01:21:42	been if you're the other people that it's not my son I'm referring to now
869	01:21:42 --> 01:21:47	other students or casual viewers, or people that listen to say, you know, I
870	01:21:47 --> 01:21:51	guess tape read. What is tape reading? This is tape reading. These are the
871	01:21:51 --> 01:21:54	things that you do while you're watching price. You should not be watching live
872	01:21:54 --> 01:21:58	streamers. If you don't have a trade, if you're not a trade, then sure, you know,
873	01:21:58 --> 01:22:03	watch them and enjoy watching it, but you're literally wasting your time. If
874	01:22:03 --> 01:22:07	you're not watching my videos to learn these types of things a bit, you want to
875	01:22:07 --> 01:22:12	put them to work yourself that you're wasting your time. You're not going to
876	01:22:12 --> 01:22:16	learn it by watching my videos. Okay, I promise you, I don't care how many times
877	01:22:16 --> 01:22:20	you watch them, you're not going to know how to do it because you don't know what
878	01:22:20 --> 01:22:25	you're doing because you haven't done any lab work. You haven't gone in there
879	01:22:25 --> 01:22:29	and and put yourself in front of the charts and tested the things and looked
880	01:22:29 --> 01:22:32	for it because you don't want to see it fail, or you're afraid it's going to
881	01:22:32 --> 01:22:37	fail, so you don't even bother bother to do it. It's like you let everything else
882	01:22:37 --> 01:22:41	around you influence you, and it keeps you from doing the very work. And this
883	01:22:41 --> 01:22:46	is the work. This is the stuff that you're supposed to be doing. This is
884	01:22:46 --> 01:22:48	probably more money than you ever made in a trade, if you would have took it
885	01:22:48 --> 01:22:53	with real money. And it's because it's something that you you don't want to do
886	01:22:53 --> 01:22:58	it. That's all. It's just laziness. You believe other, other people's opinions
887	01:22:58 --> 01:23:01	about me, or whatever I teach. Well that then, why are you watching the videos?
888	01:23:02 --> 01:23:08	Why bother? Because you're waiting for something to make it real easy. That's
889	01:23:08 --> 01:23:12	why. And this is the part that makes it easy. You got to be in the charts. Gotta
890	01:23:12 --> 01:23:18	be in there doing it. Trade down into this inefficiency here, getting reaction
891	01:23:18 --> 01:23:23	back up. And if we overtake this inversion fair value gap, this could
892	01:23:23 --> 01:23:27	become a reclaimed, bullish fair value gap, but it would have to trade above
893	01:23:27 --> 01:23:32	it, come back down and touch it, and then we can look for here and here, but
894	01:23:34 --> 01:23:40	then you're waiting. Okay, so it's it's a matter of simply looking for certain
895	01:23:40 --> 01:23:46	things that could you don't need them to. You don't demand that they do, but
896	01:23:46 --> 01:23:53	they could deliver a certain response in price that can be reasonably expected.
897	01:23:53 --> 01:23:57	But you want to start with the lowest threshold of what you're aiming for,
898	01:23:57 --> 01:24:02	what you're trying to do. Well, this candle into that wick right there to
899	01:24:02 --> 01:24:09	here that that's 10 handles, and it's a real easy, low threshold observe,
900	01:24:09 --> 01:24:14	observation. And then what you do is, when you see this Caleb, you say, Okay,
901	01:24:14 --> 01:24:18	now if this would have been a trade that you would have trusted, because it
902	01:24:18 --> 01:24:22	becomes part of your model, because something that you have seen enough
903	01:24:22 --> 01:24:26	examples of that I know that it could potentially trade at these levels here.
904	01:24:26 --> 01:24:31	But what happens if I'm on side and it gives me just a little bit more juice
905	01:24:31 --> 01:24:35	out of that lemon? Well, then you use this as a partial, and you aim for
906	01:24:35 --> 01:24:43	something in this price run over here, I was talking about this. I don't know if
907	01:24:43 --> 01:24:46	it was yesterday now, but I was talking about the market maker buy and sell
908	01:24:46 --> 01:24:50	models. And when you're trading inside the range, you look for all the short
909	01:24:50 --> 01:24:55	term lows in here, anything singular or relatively equal and or any
910	01:24:55 --> 01:24:59	inefficiency, and that's what you have here. And the market trades down into
911	01:24:59 --> 01:25:06	it. On that run. So you can take this, and that would be a terminus for you,
912	01:25:08 --> 01:25:14	any one of these levels, top consequence or the low. Which one's the easiest one
913	01:25:14 --> 01:25:19	to get to the high? So that's the one you use. Caleb. You don't demand that.
914	01:25:19 --> 01:25:21	It goes halfway. You don't demand that. It goes all the way to the low. You
915	01:25:21 --> 01:25:26	don't demand that it trades through it. You simply just look for the easiest
916	01:25:27 --> 01:25:34	threshold of being profitable, if it were a trade that you were in. And if
917	01:25:34 --> 01:25:37	you start like that, and you just let it build up and build up and build up, that
918	01:25:37 --> 01:25:44	response right off the bottom of that with the bodies that's pretty the it's
919	01:25:44 --> 01:25:48	also, again, tapping into that, that gap in here, let me draw it with the line So
920	01:25:48 --> 01:25:52	it stays visual. You
921	01:26:20 --> 01:26:30	it. That's the wrong color. I apologize if that's throwing off. I just wanted to
922	01:26:30 --> 01:26:40	highlight it because that was a gap. I'll just keep it so now we're below
923	01:26:41 --> 01:26:46	that old gap member this one over here. Here, let's see if it wants to touch
924	01:26:46 --> 01:26:51	that one more time. And does it react off that and make an attempt to go below
925	01:26:51 --> 01:26:55	this low, or does it trade back above it and treat it as support and then rally
926	01:26:55 --> 01:27:00	back and engage this area as well? I'm uh,
927	01:27:07 --> 01:27:12	now if it, if you haven't already thought about this, and since we're
928	01:27:12 --> 01:27:17	watching a one minute chart, there will be a time in the future that you'll be
929	01:27:17 --> 01:27:22	able to sit down in this time frame and capture 10 or 15 handles going up, 10 or
930	01:27:22 --> 01:27:28	15 handles going down, 10 or 15 handles going up, maybe lose on one or two
931	01:27:28 --> 01:27:32	catch. 10 or 15 handles going down, maybe lose one more. 10 or 15 handles
932	01:27:32 --> 01:27:37	up, 10 or 15 handles up, 10 or 15 handles loss. 10 or 15 handles lost, not
933	01:27:37 --> 01:27:48	that you lose that much, but you, you have the ability to trade 568, maybe 10
934	01:27:48 --> 01:27:52	times in a day, and on a one minute time frame. That's not over trading, because
935	01:27:52 --> 01:27:56	there's so many opportunities that you can trade, and then you can be making
936	01:27:56 --> 01:28:04	100.1 100 handles in a single day, even if the range doesn't move 100 handles
937	01:28:04 --> 01:28:10	from the high sign the lowest low. And you want confidence, that's confidence,
938	01:28:10 --> 01:28:15	because if you can do something like that any any given time where you sit
939	01:28:15 --> 01:28:18	down and say, Okay, I don't care about what the volatility is going to be
940	01:28:18 --> 01:28:22	today, it might not be a very large range day. So I'm just going to go in
941	01:28:22 --> 01:28:25	and I'm going to scout. So I'll look for little, tiny, little setups that give me
942	01:28:26 --> 01:28:30	fluctuations in price that are reasonable. Put a limit order in at 10
943	01:28:30 --> 01:28:34	or 15 handles based on the things that we're looking for, and then bang, take
944	01:28:34 --> 01:28:39	it. Then when it's done, move to the sidelines, relax and wait for another
945	01:28:39 --> 01:28:45	one. It's very fun, but if you look at it like, I have to do it, or I want to
946	01:28:45 --> 01:28:50	do lots more than what's reasonable for my skill level, you're inviting all
947	01:28:50 --> 01:28:55	these external stimuli in here. And because the natural progression of going
948	01:28:55 --> 01:28:58	through these things, they're not always immediate feedback. That's positive and
949	01:28:58 --> 01:29:01	it tickles you. It doesn't make you always feel good, because sometimes it's
950	01:29:01 --> 01:29:05	like, okay, I thought I saw something and it wasn't there. So what do I do
951	01:29:05 --> 01:29:10	now? You go to the next one, you go to the next one, you go to the next one,
952	01:29:10 --> 01:29:14	and you're, you're completely desensitizing yourself to the outcome.
953	01:29:17 --> 01:29:21	If you're afraid, if you're afraid to lose, you have to go out and you have to
954	01:29:21 --> 01:29:24	lose you have to do it wrong, and you don't want to do that with a live
955	01:29:24 --> 01:29:30	account, not even with $100 account, not even with a $250 account. I had to learn
956	01:29:30 --> 01:29:35	with the real account. Okay, you learned all the wrong lessons, and now they're
957	01:29:35 --> 01:29:40	going to be problematic to you. And you can lie and tell the public that follow
958	01:29:40 --> 01:29:43	you on your social media account and say, Oh, I don't have those problems.
959	01:29:44 --> 01:29:48	Trade live. Do it in front of everybody, and you'll show everybody that you do
960	01:29:48 --> 01:29:53	have those problems. Okay, so to avoid all that stuff is don't have it in the
961	01:29:53 --> 01:29:59	beginning. Don't hold yourself to a standard that you have to have high
962	01:29:59 --> 01:30:03	strike. Rate if you just started learning, or if you just now became
963	01:30:03 --> 01:30:06	serious, let's say it that way. If you just started learning how to become
964	01:30:06 --> 01:30:11	serious about studying price and you were using me as a means of helping you
965	01:30:11 --> 01:30:16	do that, then remind yourself that you don't have to have a high strike rate.
966	01:30:17 --> 01:30:21	That's a hallmark for someone that's been doing a long, long time doing what
967	01:30:21 --> 01:30:26	that are, one model that they trust the most that they can they they can see it
968	01:30:26 --> 01:30:32	forming every day. What is a model that can form every single day? Like what it
969	01:30:32 --> 01:30:35	what is a trade setup for life? What would something like that look like?
970	01:30:35 --> 01:30:40	Well, when the market has made a very obvious run to a key level you were
971	01:30:40 --> 01:30:45	anticipating, and then it starts to break down, and there's a very clear
972	01:30:45 --> 01:30:51	inefficiency, or relatively equally low, that's in play. And there's time in the
973	01:30:51 --> 01:30:58	day that affords the market to perform and deliver on that basis, that that
974	01:30:58 --> 01:31:03	setup, that criteria, is there every single day, and you can find it on a one
975	01:31:03 --> 01:31:07	minute chart. You can find it on a 32nd chart. You can find it on a 15 second
976	01:31:07 --> 01:31:15	chart. So there, there is an opportunity for you when you know your model to
977	01:31:15 --> 01:31:19	trade every single day, but it's a mistake, and anyone that pretends to be
978	01:31:19 --> 01:31:23	a mentor that tells you that you should be trying to make money every single
979	01:31:23 --> 01:31:29	day, wrong? That's not a lesson that a new traders should be given, that you're
980	01:31:29 --> 01:31:33	not trying to make money. You don't even know what the hell you're doing. You
981	01:31:33 --> 01:31:38	don't know what you're expecting to see. You have no idea, no idea, and you don't
982	01:31:38 --> 01:31:41	know what the person that's pretending to be a mentor is really trying to
983	01:31:41 --> 01:31:46	communicate. They'll talk about it afterwards. They'll point out the
984	01:31:46 --> 01:31:51	salient points afterwards. It sounds scientific, it sounds intellectual, but
985	01:31:51 --> 01:31:58	it wasn't given beforehand. So is it really foresight? Is it real knowledge,
986	01:31:58 --> 01:32:06	or is it just sounding smart after it's obvious in the chart. Think about,
987	01:32:07 --> 01:32:12	there's a, there's a TED talk that I gotta find it now. It just came to mind,
988	01:32:12 --> 01:32:18	just now, is a, it's an awesome TED Talk. It is a guy that young guy, he
989	01:32:18 --> 01:32:22	comes out there and he's, he's wearing his glasses, and typical nerdy little
990	01:32:22 --> 01:32:28	guy, and he starts talking about nothing really, but it sounds like he's talking
991	01:32:28 --> 01:32:33	about something really engaging in his mannerisms and his delivery and his tone
992	01:32:33 --> 01:32:39	and his pauses. And then he over accentuates certain aspects of the
993	01:32:39 --> 01:32:43	things he's referring to. And then he goes. Now, what I just was doing, I was
994	01:32:43 --> 01:32:49	talking, and I really said nothing, and then, but you seem like you're learning
995	01:32:49 --> 01:32:52	something from me because of what I'm saying, how I'm saying it in the
996	01:32:52 --> 01:32:55	delivery, and I'm wearing these glasses, and they're not even, they don't have
997	01:32:55 --> 01:32:59	any glasses in it, like he puts his fingers to it. It's a really amazing
998	01:32:59 --> 01:33:03	presentation, because it starts off like, Wow, what's this young man going
999	01:33:03 --> 01:33:07	to talk about? And it's engaging. And he walks around, he carries himself, his
1000	01:33:07 --> 01:33:11	body language, everything, and that's basically what an infomercial does. And
1001	01:33:12 --> 01:33:16	the only thing that's, it's important that you notice is the product that
1002	01:33:16 --> 01:33:19	they're standing next to, but they're talking and they're blue, being about a
1003	01:33:19 --> 01:33:23	lot of stuff, and they're really not doing anything, they're not saying
1004	01:33:23 --> 01:33:29	anything. And I've seen that a lot with people that live stream. I've seen that
1005	01:33:29 --> 01:33:33	with people that pretend to know what they're doing and teaching, and they
1006	01:33:33 --> 01:33:37	don't really teach. They're not really teaching, and you can hear what they're
1007	01:33:37 --> 01:33:41	teaching is absolutely backwards, because they'll say, you have to trade
1008	01:33:41 --> 01:33:46	every day. They'll say every day is a winning day. Every day is a opportunity
1009	01:33:46 --> 01:33:49	to trade with real money. Or you can't learn how to trade unless you trade with
1010	01:33:49 --> 01:33:53	real money. You have to have skin in the race. Well, you know what you've done.
1011	01:33:54 --> 01:34:02	By doing that, you have further multiplied the level of certainty that
1012	01:34:02 --> 01:34:07	it will be harder to learn it, because now you've made a painful response,
1013	01:34:08 --> 01:34:13	absolutely the outcome. Because you're going to trade with real money, no
1014	01:34:13 --> 01:34:17	matter how much it is, if it's low or not, and you're going to have an outcome
1015	01:34:17 --> 01:34:21	that's going to be unfavorable, and then you're going to have the regret of I
1016	01:34:21 --> 01:34:24	wish I never would have did with live money, because now that small, little
1017	01:34:24 --> 01:34:29	$25 loss, while it's insignificant, it costs probably more for you to go to eat
1018	01:34:29 --> 01:34:34	poison from McDonald's at a drive thru, then take that $25 loss. But that $25
1019	01:34:35 --> 01:34:38	loss is going to be like a piece of meat between your teeth. You're going to find
1020	01:34:38 --> 01:34:40	your tongue. Keep going back to it. You wish you had one of those little dental
1021	01:34:40 --> 01:34:44	floss things to get it out. It's going to plague you all day long. And what are
1022	01:34:44 --> 01:34:47	you going to want to do about it? Don't want to fix it, right? So how do you do
1023	01:34:48 --> 01:34:53	it? Taking up, taking on the trade, and now that 50 loss on the day is there.
1024	01:34:54 --> 01:34:58	Now you're angry. I wish I never would have started with a real account. I wish
1025	01:34:58 --> 01:35:01	I would have known what it was. I. Trying to do that way. I was bored. I
1026	01:35:01 --> 01:35:06	see it forming. If it's obvious in a chart, I'll see it. And then you try to
1027	01:35:06 --> 01:35:12	fix it again. And now that $150 account that you want to start with real money
1028	01:35:14 --> 01:35:23	has 50 bucks in it, not counting commissions. But hey, it's 11 o'clock in
1029	01:35:23 --> 01:35:27	the morning. There's plenty of time to get it back. Let's go in there. It's
1030	01:35:27 --> 01:35:31	only, it's only $100 $100 who cares about losing? I can just, I can just
1031	01:35:31 --> 01:35:36	replenish it. That's the wrong mentality. That's the wrong mentality.
1032	01:35:37 --> 01:35:42	But that's what goes on. That's what keeps repeating. That's what mentors out
1033	01:35:42 --> 01:35:48	there that should not be mentoring foster those mindsets. They enable you
1034	01:35:48 --> 01:35:56	to have those same viewpoints. And people pay them. People pay them for
1035	01:35:56 --> 01:36:03	that flawed logic. So we have had multiple attempts in here at that old
1036	01:36:03 --> 01:36:12	pier Vega, right there, inside it, with the bodies. The only thing we've done is
1037	01:36:12 --> 01:36:17	worked into a retracement of all this choppy range bound price action. So if
1038	01:36:17 --> 01:36:24	we measure that from here, this uh, there we traded right down into that,
1039	01:36:24 --> 01:36:31	which is equilibrium. So we have had this gap traded to, didn't quite come
1040	01:36:31 --> 01:36:34	down to, I was, I was watching to see if it would touch that didn't do it. But
1041	01:36:34 --> 01:36:38	now we're above that old gap here. Let's see if we can touch it on the downside.
1042	01:36:38 --> 01:36:41	Let me get this fit out of the way, because give it a level that I don't
1043	01:36:41 --> 01:36:45	want you focus on going to this. This is what I want you to see. So we have this
1044	01:36:45 --> 01:36:51	wick midpoint of that. I like to see it go over that little bit and touch this
1045	01:36:51 --> 01:36:58	gap and then respond a little bit higher. There's nothing in here for
1046	01:36:58 --> 01:37:04	inefficiency. So where we're at, it's indicating that it could use this old
1047	01:37:04 --> 01:37:06	reference point over here.
1048	01:37:08 --> 01:37:11	Keep the body inside of it. It keeps the little tail in here. That's fine.
1049	01:37:21 --> 01:37:24	I should have grabbed that full water when I brought myself down here, came in
1050	01:37:24 --> 01:37:25	here, but I have a bottle of water.
1051	01:37:41 --> 01:37:46	I would have liked to seen that candle have a body inside of that gap. That
1052	01:37:46 --> 01:37:49	would have been a little bit more obvious than what it did here. I
1053	01:38:20 --> 01:38:33	measures. Now I want you to think about actually take a screenshot of this price
1054	01:38:33 --> 01:38:42	action as it is right here. Let me make it a little bit better, like that. Okay,
1055	01:38:43 --> 01:38:52	now be honest. Looking at this, do you see very clear, impulsive legs going up,
1056	01:38:53 --> 01:38:58	leaving one sing, singular inefficiency in it, like a fair value got maybe one
1057	01:38:58 --> 01:39:03	singular short term low, and then it runs up to an obvious level, and then
1058	01:39:03 --> 01:39:08	drops down with a nice retracement price swing that has only one singular fair
1059	01:39:08 --> 01:39:13	value gap, and then runs away quickly, lower to an obvious level. They react
1060	01:39:13 --> 01:39:18	off of and trade higher. If you don't see that, that's the indication that
1061	01:39:18 --> 01:39:22	this is not a day that you keep pushing really hard. And it's also a day that
1062	01:39:22 --> 01:39:29	you demand a lot more convictions behind what you're trying to engage even if,
1063	01:39:30 --> 01:39:36	even if you don't have your model yet being flexible with it. I like that
1064	01:39:36 --> 01:39:41	right there. Watch this candle halfway here. I want to see? Does it want to run
1065	01:39:41 --> 01:39:44	up? Take out that high? If it runs out and takes this high, I would want to see
1066	01:39:44 --> 01:39:48	speed take us into this gap. It's the red right there. I.
1067	01:40:10 --> 01:40:11	So this high,
1068	01:40:17 --> 01:40:22	it's been taken out. Next reference point is here, which is the old gap, and
1069	01:40:22 --> 01:40:26	then we have the liquidity resting rate above that high right there. So I'm not
1070	01:40:26 --> 01:40:30	going to keep these lines here. I'm just going to use that line there to annotate
1071	01:40:30 --> 01:40:32	a very short term buy side.
1072	01:40:34 --> 01:40:38	I'll take this off. Send this out. I'm
1073	01:40:55 --> 01:40:57	you're not trading it, you're watching it. You
1074	01:41:06 --> 01:41:10	I don't know how my wife sits in this stupid chair. It looked great in the
1075	01:41:10 --> 01:41:20	store. It's a, what is it? It's called a love sack. We didn't do anything on it,
1076	01:41:21 --> 01:41:27	but I don't love it. I'm literally sliding, like sliding like, slinking
1077	01:41:27 --> 01:41:31	down in it. It's really not that comfortable. The stuff that's on it's
1078	01:41:31 --> 01:41:37	comfortable. It's real soft, but it's actually not comfortable at all. Okay,
1079	01:41:37 --> 01:41:42	so one more time, wick traveling inside of the old gap over here I'm
1080	01:42:31 --> 01:42:36	a lot of back and forth, but not real movement. I mean, there's movement,
1081	01:42:36 --> 01:42:41	yeah, but nothing to be terribly excited about. So think about like this. It's
1082	01:42:41 --> 01:42:46	like, it's it fam its way up to here, but it's a lot of back and forth, lot of
1083	01:42:46 --> 01:42:50	back and forth, lot of back and forth. Can it be traded? Yes, but it's very,
1084	01:42:50 --> 01:42:54	very difficult. It's not going to be something that you're going to want to
1085	01:42:54 --> 01:42:59	do as your this is your model. This isn't your choice ideal day or type of
1086	01:42:59 --> 01:43:03	environment you want, something that's really nice and clean, it runs higher,
1087	01:43:03 --> 01:43:07	goes to a real clear, obvious level, pulls away from it. And you're not
1088	01:43:07 --> 01:43:09	seeing that here. There are inefficiencies here, there are short
1089	01:43:09 --> 01:43:14	term highs and lows here, but you don't have that clear, obvious it wants to go
1090	01:43:14 --> 01:43:19	one side or the other. And by having like, if you take a picture, I was say
1091	01:43:19 --> 01:43:23	that earlier. I didn't finish my statement. Take a picture of that just
1092	01:43:23 --> 01:43:29	like it is right here. And this is not a clean market. It's not a clean market.
1093	01:43:29 --> 01:43:35	It's a level of difficulty for someone that doesn't have a lot of tools or
1094	01:43:35 --> 01:43:39	experience. You can get chopped up. This is usually the type of day where you'll
1095	01:43:39 --> 01:43:45	see live streamers or people that are in their chat, they'll say, I got chopped
1096	01:43:45 --> 01:43:49	up really bad, or the market just chopped me up, or I just got beat up
1097	01:43:49 --> 01:43:53	today. It just was crap. Market conditions, that type of thing. This is
1098	01:43:53 --> 01:43:58	usually indicative of what they're referring to, versus days where it's
1099	01:43:58 --> 01:44:00	just really, really clear, really, really obvious.
1100	01:44:10 --> 01:44:17	All right, so now we had inversion, fair value gap traded to here. That gap that
1101	01:44:17 --> 01:44:21	we annotated earlier worked inside that as well. One more time we touched it
1102	01:44:22 --> 01:44:27	traded lower. We have sell side resting right below this low high was taken
1103	01:44:27 --> 01:44:32	here. So there's nothing in here that I like, except for the singular one candle
1104	01:44:33 --> 01:44:37	that's balanced with here. So always have this to there. So we have this
1105	01:44:37 --> 01:44:41	closing price to that high price is going back and forth multiple times
1106	01:44:41 --> 01:44:45	there. So that's why you get that stop. I want to, that's why I want to see it
1107	01:44:45 --> 01:44:48	expand through I want speed through that because this is a balanced price range.
1108	01:44:48 --> 01:44:54	There's no speed. We drifted back lower. Now we've shown the bodies respecting
1109	01:44:54 --> 01:45:00	that old gap, which is over here. So the next one you can start to monitor. Is,
1110	01:45:00 --> 01:45:07	do we use the wick retin here in the low of that old gap To make an attempt to
1111	01:45:07 --> 01:45:08	run below that low? I'm
1112	01:45:51 --> 01:45:58	it's Friday. We've already had a 20% retracement on the week, and we're
1113	01:45:58 --> 01:46:05	seeing lethargic price action. Got 15 minutes till the morning session ends,
1114	01:46:05 --> 01:46:08	and then we will be entering the lunchtime macro.
1115	01:46:17 --> 01:46:21	See how it's going back and forth, back and forth, aimlessly. It's not trying to
1116	01:46:21 --> 01:46:25	do anything. Just use chop back and forth, back and forth by having that
1117	01:46:25 --> 01:46:30	skill, that screenshot like this, and identifying how this market looks by
1118	01:46:30 --> 01:46:35	contrast, when the market has not yesterday, yesterday is in completely
1119	01:46:35 --> 01:46:39	different market environment, where it's just one sided, like a railroad train,
1120	01:46:39 --> 01:46:44	like a train that's going one direction. You really can't navigate back and
1121	01:46:44 --> 01:46:48	forth, up down, up down, up down. All day long. In that type of environment,
1122	01:46:48 --> 01:46:52	it's just get out of the way. Be you on the right side, hold it and be out of
1123	01:46:52 --> 01:46:59	the way. That's the better approach to trading that type of day. So if you
1124	01:46:59 --> 01:47:04	didn't get in before it starts moving, don't bother doing it at all. And you
1125	01:47:04 --> 01:47:07	see it by how it just keeps pressing, higher, higher, higher, higher, with no
1126	01:47:07 --> 01:47:13	real retracements. And the trap is for you to chase it. And you'll find by
1127	01:47:13 --> 01:47:17	doing that you end up getting beat up, you get scared out of it, and then it
1128	01:47:17 --> 01:47:23	won't it won't pan out for you. Want a day that has really nice volatility
1129	01:47:23 --> 01:47:27	doesn't have to be extreme volatility, but it has to move and separate where
1130	01:47:27 --> 01:47:32	we've had back and forth price action. Look how it's done this here we went
1131	01:47:32 --> 01:47:36	above this high here, consolidated again, traded back down into the
1132	01:47:36 --> 01:47:41	midpoint of this consolidation. Then we try trade it up and then back down.
1133	01:47:42 --> 01:47:48	Trade it back up. Trade it back down. All of this is a it's indicative of a
1134	01:47:48 --> 01:47:52	day that is not going to be easy, if you're new, to see where the market is
1135	01:47:52 --> 01:47:56	going to go to where it should be safe not to expect it to trade back to a
1136	01:47:56 --> 01:48:02	specific level, and how to frame multiple setups, because it's part of a
1137	01:48:02 --> 01:48:08	very like the word escapes me. I know when I when I close the stream later
1138	01:48:08 --> 01:48:13	today, I'll probably be in a drive somewhere, and it'll be like, That's
1139	01:48:13 --> 01:48:16	what I should have said. I should have said this. This is what the the real
1140	01:48:16 --> 01:48:20	crux of what I'm trying to emphasize. It just means that we're seeing a lot of
1141	01:48:20 --> 01:48:26	back and forth. It's indecisive. There it is. It's indecisive. It's not in a
1142	01:48:26 --> 01:48:30	hurry to get anywhere. And you don't want to be trading, especially with a
1143	01:48:30 --> 01:48:35	great deal of frequency in a day like today. Not that you can't make money,
1144	01:48:35 --> 01:48:40	not that you can't find setups, not you can't you be profitable doing it. You
1145	01:48:40 --> 01:48:47	just once you do it, you want to be done with it when you get there. Minor, cell
1146	01:48:47 --> 01:48:48	side,
1147	01:49:06 --> 01:49:12	okay, so we had the bodies on this price leg run up. Body stayed inside. They
1148	01:49:12 --> 01:49:18	didn't close above that old gap. We didn't pierce that high. We have it low
1149	01:49:18 --> 01:49:22	taken out here. We have a low taken out here, and we pierced the rejection block
1150	01:49:22 --> 01:49:28	there, so we have the early indication of a fair value gap there. I would like
1151	01:49:28 --> 01:49:32	to see that stay open. If it can stay open and trade below this low, then I
1152	01:49:32 --> 01:49:43	think we can explore over here. It can touch it and trade into it, and still do
1153	01:49:43 --> 01:49:48	that if it wants to go lower. But for the sake of pattern recognition, Caleb
1154	01:49:48 --> 01:49:52	and looking for gaps that want to stay open, for the basis of seeing longer
1155	01:49:52 --> 01:49:57	runs, if it were to stay open, if this little area right in here, if it were
1156	01:49:57 --> 01:50:02	completely to close in, it's less. Less likely, but still probable, that if it
1157	01:50:02 --> 01:50:06	drops below this low, we could revisit this area down here, because that's the
1158	01:50:06 --> 01:50:09	low of the day. And there's a lot of liquidity on that. A lot of people that
1159	01:50:09 --> 01:50:12	have bought down here and all through here, they've been wanting this to go
1160	01:50:12 --> 01:50:18	higher. And every time it's doing all these types of things, it causes, you
1161	01:50:18 --> 01:50:27	know, disenchantment for them. And if it's going to go down there, if it takes
1162	01:50:27 --> 01:50:32	out this low, I would like to see it do it rather quickly, whereas any other
1163	01:50:32 --> 01:50:36	time this would be high resistance liquidity run. What does that mean?
1164	01:50:37 --> 01:50:42	Because we've had multiple times trading down, down, down, down, down, down, and
1165	01:50:42 --> 01:50:49	finally, sending it higher. Usually, this is a hard area to get down through
1166	01:50:49 --> 01:50:53	if it's going to sell off because of that very nature, because it's it's been
1167	01:50:53 --> 01:50:57	used lots of times, okay, and then you have the top of this little
1168	01:50:57 --> 01:51:01	consolidation. So it's a lot of order flow that took place in this old area.
1169	01:51:02 --> 01:51:06	But because we're entering a time of day where whatever has transpired in the
1170	01:51:07 --> 01:51:10	beginning of the day, so for instance, like seven o'clock in the morning to
1171	01:51:10 --> 01:51:16	1130 which is coming up in like 11 minutes or so, this is the the point of
1172	01:51:16 --> 01:51:23	liquidity that's framed on that first part of the session, or the the day,
1173	01:51:23 --> 01:51:27	similar words, the majority of the money is and been made on what being long in
1174	01:51:27 --> 01:51:33	the market or short. The longs they that's the longest profitable trade
1175	01:51:33 --> 01:51:38	that's been going in motion today. It's the Longs they are the ones that's been
1176	01:51:38 --> 01:51:46	holding the winning ticket longest for today. So if that's true, and the lunch
1177	01:51:46 --> 01:51:51	hour is going to make a run against what has already been in play, kind of like a
1178	01:51:51 --> 01:51:57	midday retracement. But these midday retracements sometimes can be midday
1179	01:51:57 --> 01:52:06	reversals for the whole day or the week. Okay? So what I'm stating is is because
1180	01:52:06 --> 01:52:13	that we're on a Friday, because it is seeing that, yeah, we did rally, but
1181	01:52:13 --> 01:52:18	it's had a real hard time finding its groove and and traction going up. Not to
1182	01:52:18 --> 01:52:21	say they can't start screaming higher rate from where it's at right now, just
1183	01:52:21 --> 01:52:25	go up and keep going up. That's always a given, that's a certainty, that is
1184	01:52:26 --> 01:52:29	always likely to pan out. And then that's why we have to have stop losses.
1185	01:52:30 --> 01:52:35	But if we can identify where the stop losses are at the beginning of the day,
1186	01:52:36 --> 01:52:43	as we went into lunch, because there's really no there's really no pretty lows
1187	01:52:43 --> 01:52:46	in here. Because if it's going to go here, in my mind, I'm thinking, if it
1188	01:52:46 --> 01:52:50	could trade below here, what would keep you from going here? I would like to see
1189	01:52:50 --> 01:52:54	it go there. If it trades below this low aggressively and speeds up and went
1190	01:52:54 --> 01:52:58	below that, while this is the nicer one, because it takes out everybody on the
1191	01:52:58 --> 01:53:06	day that that's the Maximum Carnage event. If it were to trade below this
1192	01:53:06 --> 01:53:10	low and have some speed on the downside, I wouldn't look at this area as a high
1193	01:53:10 --> 01:53:15	resistance liquidity run, because I would have the benefit of having it's
1194	01:53:15 --> 01:53:21	Friday. It's been a huge up week since last Monday. We've had two really big,
1195	01:53:22 --> 01:53:27	monstrous relief rallies that came into the marketplace, because the Middle East
1196	01:53:27 --> 01:53:34	didn't explode. And we have further further downside, like we could still
1197	01:53:34 --> 01:53:39	see a 30% retracement on the week, and that will not change the underlying
1198	01:53:39 --> 01:53:43	bullishness of what may be in motion. So it's not like, Oh, you're calling for
1199	01:53:43 --> 01:53:48	too deep of a retrace in an ICT. No, no. It's not, actually, it's very good. It
1200	01:53:48 --> 01:53:52	would be healthy to see a 30% retracement. There's nothing wrong with
1201	01:53:52 --> 01:53:56	that. It doesn't change the underlying direction in the marketplace. I'm not
1202	01:53:56 --> 01:54:04	trying to pick the top right. So look at the look at the just the back and forth
1203	01:54:04 --> 01:54:07	that's in here. Like we get down to here, we poke it by a tick, and then
1204	01:54:07 --> 01:54:12	there's just a back end. These candles that keep overlapping each other to keep
1205	01:54:12 --> 01:54:15	overlapping. It's like a picket fence. Everything's real close to the same
1206	01:54:15 --> 01:54:21	previous you pick it in the fence that the boards, they all pretty much are
1207	01:54:21 --> 01:54:26	close to the same length and height than the next one is that's a day that's an
1208	01:54:26 --> 01:54:32	indication that you're in a day that is very, very comfortable being at the
1209	01:54:32 --> 01:54:37	price it's at. What does that mean? It means that there really isn't any
1210	01:54:37 --> 01:54:44	imbalance or inefficiencies. That's notable to cause the market to want to
1211	01:54:44 --> 01:54:48	go anywhere in one direction rather quickly. So you have to wait for those
1212	01:54:48 --> 01:54:53	displacements. Once they occur in price action, then you have, well, now you
1213	01:54:53 --> 01:54:57	have something to measure. You have the inefficiency. It's either a gap higher,
1214	01:54:57 --> 01:55:01	it's a gap lower. And then you measure how. This price react to it once it
1215	01:55:01 --> 01:55:05	trades back into that inefficiency. And then it tips its hand. It tells you,
1216	01:55:05 --> 01:55:10	okay, I'm likely to keep going in the direction of that gap. No, I'm going up
1217	01:55:10 --> 01:55:16	into that gap just to fade it. And now I go the other direction. There's that gap
1218	01:55:16 --> 01:55:19	that I said I wanted this. I would like to see it stay open, get hammered around
1219	01:55:19 --> 01:55:22	in here, and now we're trading right up into it here. So what I'm watching is
1220	01:55:22 --> 01:55:27	I'm watching the body of that candle. Does it close inside or above this?
1221	01:55:27 --> 01:55:28	Candles low, I'm
1222	01:55:40 --> 01:55:50	I imagine you're trying to pat you got 250 bucks, 250 bucks, and then you've
1223	01:55:50 --> 01:55:54	passed your combine, you'll have a funded account. And today you're trying
1224	01:55:54 --> 01:56:02	to trade, you'll turn that I need to make $250 into I blew it, or now it's
1225	01:56:02 --> 01:56:06	$1,000 I gotta make $1,000 versus about this was set still and wait until Monday
1226	01:56:07 --> 01:56:10	or sometime next week, where it was a better market condition, where it's
1227	01:56:10 --> 01:56:14	easy, it's markets making really nice, right? Price runs, there's obviously,
1228	01:56:14 --> 01:56:19	you can see where it's reaching for that's what I'm trying to train you to
1229	01:56:19 --> 01:56:24	see. Caleb, you know you've seen me working in ranges and days that it's
1230	01:56:24 --> 01:56:28	just where I'm pointing out how fast the market runs and how far it's traveling,
1231	01:56:29 --> 01:56:33	and not again. Don't be confused by what I'm referring to here, and then think
1232	01:56:33 --> 01:56:36	that that's what that was yesterday. Yesterday was it's just one directional
1233	01:56:37 --> 01:56:44	like you can't you can't navigate up and down in that type of day. It's just get
1234	01:56:44 --> 01:56:48	out of the way. Or you have this type of day here where, yes, there's
1235	01:56:48 --> 01:56:54	fluctuations occurring. There's fluctuations occurring. I kind of like
1236	01:56:54 --> 01:56:58	reveal them beginning of the session. I prefer to trade lower. I'd like to see
1237	01:56:58 --> 01:57:07	that consequent encroachment on this over here. I can see it trade down here
1238	01:57:07 --> 01:57:12	today. I may not see it today. It might make a higher high. It might erase the
1239	01:57:12 --> 01:57:17	retracement on the weekly range just today. Or we could trade down below that
1240	01:57:17 --> 01:57:21	30% level and trade even deeper, or just stay in the range it's already formed,
1241	01:57:21 --> 01:57:27	already for today, that the last thing I just said, I wouldn't be surprised if it
1242	01:57:27 --> 01:57:34	did that, because of how it's trading. So there's been times where I've talked
1243	01:57:34 --> 01:57:41	about how I don't trade on Mondays. I try to demand a whole lot from the
1244	01:57:41 --> 01:57:44	market on Monday for the purpose of using it on Tuesday and the rest of the
1245	01:57:44 --> 01:57:50	week for for directional bias targets, draws on liquidity that, that type of
1246	01:57:50 --> 01:57:55	thing. There are times when I don't want to trade on Fridays, and a Friday that
1247	01:57:55 --> 01:58:03	has had a really big run up and on Thursday, say it completes the the 20 or
1248	01:58:03 --> 01:58:07	30% retracement on the weekly range, which it didn't. It didn't do that. It
1249	01:58:07 --> 01:58:13	did it this morning by trading here. So when it did that, retracing like that,
1250	01:58:13 --> 01:58:18	that's 20% of the weekly range, and you can test that out on your weekly chart.
1251	01:58:20 --> 01:58:25	If it were to do a 20% retracement on a Thursday, when do I avoid trading
1252	01:58:25 --> 01:58:30	Friday? When it does that, I don't care what what the market does on a Friday in
1253	01:58:30 --> 01:58:37	that in that instance, then, if I have a big weekly range, the candle has been
1254	01:58:37 --> 01:58:43	rather elongated, and it's larger than the normal weekly ranges have been. And
1255	01:58:45 --> 01:58:48	anybody looking at what the last two weeks they can say that they they have
1256	01:58:48 --> 01:58:53	their rather large weekly candles if that's true. And then on Thursday,
1257	01:58:53 --> 01:58:58	before Thursday's close, we had, at any time, a 20% of that weekly range
1258	01:58:58 --> 01:59:05	retrace. I will not trade on a Friday, because you'll get this type of day
1259	01:59:05 --> 01:59:09	here, whereas we did get the 20% retracement here, because we got that.
1260	01:59:10 --> 01:59:15	This is for your notes. When you have that, it tends to create these types of
1261	01:59:15 --> 01:59:21	days or sessions. And because it's Friday, and it did it in the morning
1262	01:59:21 --> 01:59:27	session of Friday. That means, after that 20% retracement, then the market
1263	01:59:27 --> 01:59:31	can can become very fickle. And I've used this term before in the past, and
1264	01:59:31 --> 01:59:35	people in another country, so like, What do you mean? Talk plainly. Talk, talk in
1265	01:59:35 --> 01:59:39	more simple terms, because they don't understand what I'm saying. It means
1266	01:59:39 --> 01:59:43	that it's back and forth, back and forth, back and forth, and it becomes
1267	01:59:44 --> 01:59:53	very problematic to see a very easy, sustained price run or a multiple, a
1268	01:59:53 --> 01:59:57	large number of of opportunities intraday, whereas a day that's not like
1269	01:59:57 --> 02:00:01	this, and not one sided, like yesterday. Okay, where you can trade both
1270	02:00:01 --> 02:00:06	directions. The one minute chart gives you a lot of freedom to navigate up and
1271	02:00:06 --> 02:00:10	down, and you can get multiple opportunities to to measure 10 or 1520,
1272	02:00:10 --> 02:00:16	minute, 20 point, or handle runs. And get a lot of experience and practice.
1273	02:00:16 --> 02:00:21	And that practice becomes your model, your repertoire. And then when you have
1274	02:00:21 --> 02:00:25	a funded account, or you're trading with real money, you'll know what you're
1275	02:00:25 --> 02:00:28	doing, because you can identify the market conditions. Oh, this is a market
1276	02:00:28 --> 02:00:32	that's going to give me some some movement today, also by learning what
1277	02:00:32 --> 02:00:36	I'm teaching you today is you'll know when to anticipate these crappy market
1278	02:00:36 --> 02:00:40	environments. Because these are some of the things I'm going to talk about in
1279	02:00:40 --> 02:00:43	two weeks. I just give you one here, because it's salient whatever we're
1280	02:00:43 --> 02:00:51	anticipating, TGIF. And TGIF can form at 1pm on Thursdays, New York time. Okay.
1281	02:00:51 --> 02:00:55	Why 1pm because you have to at least give that hour lunch, noon to one
1282	02:00:55 --> 02:01:04	o'clock to do whatever it's going to do, and then at 1pm on Thursday, throughout
1283	02:01:04 --> 02:01:10	Friday, till Friday's close, I'm always anticipating a 20 to 30% retracement. If
1284	02:01:10 --> 02:01:16	we have any elongated larger than the last few weeks, weekly range, if it's
1285	02:01:16 --> 02:01:21	up, then I'm expecting 20 to 30% retracement from the highest height it's
1286	02:01:21 --> 02:01:26	formed at Thursday, 1pm Eastern, standard time going into Friday's
1287	02:01:26 --> 02:01:37	trading if at any time, if at any time, the market has a 20% retracement. As
1288	02:01:37 --> 02:01:41	soon as it does that, and if I have not had a trade, I am not going to trade
1289	02:01:41 --> 02:01:46	anymore for the rest of that week. I'm done for the week, because it's
1290	02:01:46 --> 02:01:50	fulfilled its upside objectives, and then it's retraced. So think about it as
1291	02:01:50 --> 02:01:53	a daily range power three. It's already done its movement. So now what am I
1292	02:01:53 --> 02:01:57	going to be doing? I'm gonna be trading in the uncertainty of where is it going
1293	02:01:57 --> 02:02:01	to go? Is it going to close higher on the week? Is it going to have a deeper
1294	02:02:01 --> 02:02:07	retracement? Is it going to close an unchanged, no real event, taking us out
1295	02:02:07 --> 02:02:10	of the consolidation? It's going to just meander around. Think about how a daily
1296	02:02:10 --> 02:02:15	candle closes in the last few minutes, the last 15 or 30 minutes of a day.
1297	02:02:16 --> 02:02:20	There's little things that take off and cause markets to run, but they're not
1298	02:02:20 --> 02:02:24	running 100 handles. They're not, they're not doing a whole lot of, you
1299	02:02:24 --> 02:02:30	know, excited, excited, animated movement. They're doing what. They're
1300	02:02:30 --> 02:02:34	staying in a really small range, off the high, off the low, and they're not
1301	02:02:34 --> 02:02:37	trying to make new ground, and they're not trying to trade back to the middle
1302	02:02:37 --> 02:02:43	of daily range either. So that's why you're seeing this type of action here,
1303	02:02:44 --> 02:02:48	because it's already done this part here, the 20% retracement. So the weekly
1304	02:02:48 --> 02:02:52	range has already, in my opinion, has already done all the work that it needs
1305	02:02:52 --> 02:02:59	to do. Now everybody else is sitting in here trying to do something extra. When
1306	02:02:59 --> 02:03:03	power three applied to the weekly candlestick has already completed its
1307	02:03:03 --> 02:03:08	role, its function. On the weekly candlestick has done its job. Now. Does
1308	02:03:08 --> 02:03:12	that mean prices is going to go sideways and never change and just create a
1309	02:03:12 --> 02:03:16	straight line to the horizontal line? Of course not. There's going to be
1310	02:03:16 --> 02:03:20	fluctuations in price, but the fluctuations in price are going to be
1311	02:03:20 --> 02:03:24	rather annoying, because they're not going to give you a lot of run. There's
1312	02:03:24 --> 02:03:28	not going to be a lot of magnitude and not a distance closing in on something
1313	02:03:28 --> 02:03:34	that's obviously it's reaching for. Does it make sense and give you a graphic
1314	02:03:34 --> 02:03:38	depiction? Because I'm not, I'm not satisfied with what I just said. I know
1315	02:03:38 --> 02:03:42	what I'm trying to articulate, but I don't think it's been communicated very
1316	02:03:42 --> 02:03:44	well. So let me, let me try to just do this for you.
1317	02:03:49 --> 02:03:56	Let's say, for an argument, that this is a candle on the daily Okay, so this is
1318	02:03:56 --> 02:04:07	daily power three. This is the highest high, and this is the lowest low. And
1319	02:04:07 --> 02:04:10	let's say, for instance, that the market starts trading and
1320	02:04:24 --> 02:04:25	uh, right There,
1321	02:04:31 --> 02:04:33	okay, and then it trades higher.
1322	02:04:42 --> 02:04:46	And this is where it closes for the day.
1323	02:04:51 --> 02:04:57	All right, so what we have here is, this is a hypothetical daily range. Let's for
1324	02:04:57 --> 02:05:00	the sake of argument, say that you believed in advance. That it was going
1325	02:05:00 --> 02:05:06	to be an up close day, or a big bullish day, and then once it goes to a target
1326	02:05:08 --> 02:05:12	and then starts to retrace, if we measure
1327	02:05:19 --> 02:05:21	the high to the low that day,
1328	02:05:28 --> 02:05:41	20 to 30% if the market comes off the high that it forms Here after it does
1329	02:05:41 --> 02:05:47	that, and you anticipate the market doing what coming off the high. It's not
1330	02:05:47 --> 02:05:51	always going to close on the high. If it's bullish like this, usually the
1331	02:05:51 --> 02:05:57	close is going to be an upper third of the candlestick. So that means here's
1332	02:05:57 --> 02:06:02	your half. So if you do it in 1/3 second, third, upper third. The close is
1333	02:06:02 --> 02:06:06	going to be an upper third of the candle for the daily range. That's power three.
1334	02:06:06 --> 02:06:11	That's new information, by the way, if you didn't write that down, you missed
1335	02:06:11 --> 02:06:14	it. But generally, what you'll find is that when it creates its objective to
1336	02:06:14 --> 02:06:21	the upside, it'll retrace 20 to 30% on the day, not always. But now, if we
1337	02:06:21 --> 02:06:27	apply this same logic to a daily candlestick, do we anticipate the market
1338	02:06:27 --> 02:06:32	closing on the highs? No, but if it starts closing on the highs, then we're
1339	02:06:32 --> 02:06:35	probably going to have a nice retracement or short the following day.
1340	02:06:37 --> 02:06:43	But what does it mean for this day, once we hit our target and we start trading
1341	02:06:43 --> 02:06:50	down into 20 to 30% of the range, it means it's less likely that we're going
1342	02:06:50 --> 02:06:54	to come back to that candles high, because it's already retraced, and now
1343	02:06:54 --> 02:06:59	it's going to want to try to settle between 20 and 30% of the range, In the
1344	02:06:59 --> 02:07:07	upper 1/3 percentage of the whole daily range. Now, if we take a quantum leap
1345	02:07:07 --> 02:07:11	outside of the daily range perspective and apply that same logic to the weekly
1346	02:07:11 --> 02:07:16	candlestick, the the elements of TGIF are simply this, when the market trades
1347	02:07:16 --> 02:07:22	up for the week, once it's proven itself that it wants to come back and start
1348	02:07:22 --> 02:07:27	retracing, which is what it does today here, and it trades back down into 20%
1349	02:07:27 --> 02:07:34	of the range. That's the equivalent of this. I'm not comfortable because I've
1350	02:07:34 --> 02:07:38	I've chopped up my accounts. I've hurt myself and lost accounts, trading
1351	02:07:39 --> 02:07:42	commodities, doing these types of things, thinking it's going to go back
1352	02:07:42 --> 02:07:47	up here and make a higher hot once it's done this for the week I'm done because
1353	02:07:47 --> 02:07:52	what you're essentially trying to say is because we traded down to 20% and now
1354	02:07:52 --> 02:07:57	we're going to save this candle diagram that's being crudely drawn out here by
1355	02:07:57 --> 02:08:05	me, represents the weekly candle. Okay, because we had the high here and it
1356	02:08:05 --> 02:08:14	traded down 20% here. I'm not confident once it does this to ever try to trade,
1357	02:08:14 --> 02:08:21	to get a new higher high. The the conditions between the high and the 20%
1358	02:08:21 --> 02:08:28	of retracement after a big up week generally creates these very lackluster,
1359	02:08:28 --> 02:08:33	choppy, not real exciting type of days. Can it go up and take the high out and
1360	02:08:33 --> 02:08:39	trade higher? Yes, but it doesn't do it more times than it does this type of
1361	02:08:39 --> 02:08:44	stuff. So when can we anticipate choppy price action? When not to get too
1362	02:08:44 --> 02:08:49	excited? You want to take a day off as a live streamer, or take a session off if
1363	02:08:49 --> 02:08:53	you trade in front of people and you know you're doing it live, this is a
1364	02:08:53 --> 02:08:57	real good way of saying, You know what? I feel confident that I'm not willing to
1365	02:08:57 --> 02:09:03	worry about what I leave on the table. I'm not worried about how you, my
1366	02:09:03 --> 02:09:06	audience, may see me, because this is an environment that I'm not trying to work
1367	02:09:06 --> 02:09:10	within, not that you can't find setups, not that you're not a good trader, not
1368	02:09:10 --> 02:09:15	You're not a profitable trader. It just means that if you spend time identifying
1369	02:09:15 --> 02:09:20	periods in price action where it's just simply not sexy enough to get me
1370	02:09:20 --> 02:09:25	involved with it. It isn't clean enough. It isn't obvious. It doesn't give you
1371	02:09:25 --> 02:09:28	very clear levels of this is what it wants to do. This is what it probably
1372	02:09:28 --> 02:09:34	will not do. And everything's a 5050 Do you want to trade in those environments
1373	02:09:34 --> 02:09:39	where it's 5050 or do you want to be when the market still hasn't traded up
1374	02:09:39 --> 02:09:43	to this level yet, and the market could potentially trade up and still reach for
1375	02:09:43 --> 02:09:47	something and always focusing on this kind of race going long. And then once
1376	02:09:47 --> 02:09:52	it hits that, then you can expect that it might have a 20 to 30% retracement.
1377	02:09:52 --> 02:09:56	So therefore, when you do get those levels up here, take the largest portion
1378	02:09:56 --> 02:10:01	off, 80, 75% of your trade off, because you don't know covid. 1pm on Thursday,
1379	02:10:01 --> 02:10:06	when that 20, 30% retracement can materialize, and you give up a whole lot
1380	02:10:06 --> 02:10:10	of profit trying to just simply be greedy and hope for the biggest run.
1381	02:10:12 --> 02:10:16	What I just said to you was something that took a lot of time for me to trust
1382	02:10:17 --> 02:10:24	and learn and stick to because watching price action, it's easy to convince
1383	02:10:24 --> 02:10:28	yourself, wow, this is going to do this or that, and it doesn't, and it
1384	02:10:28 --> 02:10:29	frustrates you.
1385	02:10:38 --> 02:10:41	So how do you know when to avoid certain days? When you know when to look for
1386	02:10:41 --> 02:10:44	this. Now I'm giving you a lot of that stuff. It's very dry information. I'll
1387	02:10:44 --> 02:10:50	admit it is very dry, but it's things that help me say I'm not going to go out
1388	02:10:50 --> 02:10:53	on Twitter today and talk about what candles are going to go up and down when
1389	02:10:53 --> 02:10:58	I was doing all that stuff, if it was days that were more likely to create
1390	02:10:58 --> 02:11:03	these type of wishy, washy days, like, Man, I'm not interested. I would tell my
1391	02:11:03 --> 02:11:06	private students, yeah, I'm not going to trade today. I don't like, I don't like,
1392	02:11:06 --> 02:11:10	I don't see anything. I'm not interested. That's the way it worked.
1393	02:11:11 --> 02:11:14	Sometimes it was to be there would be a day where I wish I would have done it in
1394	02:11:14 --> 02:11:18	hindsight, thinking, wow, you know, I didn't see all of this coming. It came
1395	02:11:18 --> 02:11:23	and started really painting out good, and that's going to happen too. You
1396	02:11:23 --> 02:11:25	can't expect to be perfect. You
1397	02:11:40 --> 02:11:50	so, so far, we've had a 20% retracement on the week, and then we have been just
1398	02:11:50 --> 02:11:58	grinding between the 7am start and that 20% retracement in the upper quadrant of
1399	02:11:58 --> 02:11:59	yesterday's opening range. I
1400	02:12:16 --> 02:12:18	I'm watching how It behaves in here. I
1401	02:12:54 --> 02:13:03	I'm quite certain if Caleb wasn't wasn't used to seeing me do this stuff next to
1402	02:13:03 --> 02:13:06	him live and tell him what's going to happen and trade it and watch how it
1403	02:13:06 --> 02:13:11	pans out, whatnot. He would be thinking like there's no way I'm doing all this.
1404	02:13:13 --> 02:13:16	I wouldn't. I will not be doing all this stuff. I can't do it. I'm not
1405	02:13:16 --> 02:13:20	interested. It's too boring. It's dry. It won't I just don't see myself doing
1406	02:13:20 --> 02:13:26	it, so I understand how many of you, and I'm I'm sure there's a large number of
1407	02:13:26 --> 02:13:30	you that maybe started watching the stream, but then said, Yeah, I can't, I
1408	02:13:30 --> 02:13:34	can't, I can't watch this. But this is the part that you have to go through,
1409	02:13:34 --> 02:13:39	like you gotta look at price action. You have to do that because you don't know
1410	02:13:39 --> 02:13:42	what you're going to be choosing as a model, unless you're going to force
1411	02:13:42 --> 02:13:45	yourself into a model, which I've already produced, some of that stuff
1412	02:13:45 --> 02:13:50	already. And for some people, that doesn't work. For him, not because his
1413	02:13:50 --> 02:13:55	concepts don't work, but it doesn't fit them. Doesn't give them comfort knowing
1414	02:13:55 --> 02:13:58	that what they're doing makes sense to them. They can see it, why it should
1415	02:13:58 --> 02:14:06	behave way and trade at certain time of day. It's that's a reality to it, and
1416	02:14:06 --> 02:14:13	that's why I teach the way I do. I teach it where you'll see something that makes
1417	02:14:13 --> 02:14:17	sense for you, and you might have a very easy, low hanging fruit objective,
1418	02:14:17 --> 02:14:21	where, if I could just get eight handles, you know, it doesn't need to be
1419	02:14:21 --> 02:14:26	10. ICT. I just think if I got eight handles three times a week, that's
1420	02:14:26 --> 02:14:31	plenty enough for me. You know what? Some of you might hear that and think,
1421	02:14:31 --> 02:14:34	man, that's not enough. I wouldn't do that. And other people like, you know, I
1422	02:14:34 --> 02:14:41	never thought about that. That means I could take two days off. Yeah, like, but
1423	02:14:41 --> 02:14:47	you're thinking, I gotta be here every day. I gotta be here every session. I
1424	02:14:47 --> 02:14:51	gotta trade Forex, I gotta trade futures, I gotta trade crypto, I gotta
1425	02:14:51 --> 02:14:55	trade everything. And then when you start putting your hands in all of that,
1426	02:14:55 --> 02:14:59	you take a step back. What are you really accomplishing? You're gonna find
1427	02:14:59 --> 02:15:02	it the more. Or you try to do the less you actually achieve that.
1428	02:15:21 --> 02:15:25	So if it spikes through that fair value gap that's in orange, where can it spike
1429	02:15:25 --> 02:15:31	into New Day opening gap? And because we have those relative equal highs there,
1430	02:15:31 --> 02:15:39	we want to see, does it have the ability to trade above the end dog and maybe
1431	02:15:39 --> 02:15:43	spike through it and touch this again and then accelerate through here,
1432	02:15:43 --> 02:15:49	because otherwise there's no reason for it to have been here, for it to do all
1433	02:15:49 --> 02:15:52	this and not take that out at the minimum is foolishness.
1434	02:15:58 --> 02:16:05	If I was Phil, I would just simply run it here, spike it up onto Here
1435	02:16:06 --> 02:16:11	with three candles out there. That's just me. I
1436	02:16:42 --> 02:16:49	Now, think about like this, say, for instance, that we did not get this
1437	02:16:49 --> 02:16:54	retracement on the weekly range of 20% so it means the highest high and the
1438	02:16:54 --> 02:16:59	lowest low of this particular trading week. Okay, say we didn't get that 20%
1439	02:16:59 --> 02:17:06	retracement yet and where we're trading time wise, not price wise. Time wise, I
1440	02:17:06 --> 02:17:10	would expect the market to try to sell off, to try to explore that 20% but
1441	02:17:10 --> 02:17:17	because we have had this happen already here, right there, it's more likely that
1442	02:17:17 --> 02:17:27	it's going to create a lot of price action, that is, it's fuzzy, okay, like
1443	02:17:27 --> 02:17:30	it's it's real fuzzy, back and forth, back and forth, back and forth. It's
1444	02:17:30 --> 02:17:36	going certain places, yes, but it's not running like from here. Displacement,
1445	02:17:38 --> 02:17:43	inefficiency, displacement, inefficiency, displacement. You see that
1446	02:17:43 --> 02:17:52	contrast this with all this garbage. Okay, when does that come into the
1447	02:17:52 --> 02:17:56	marketplace? When is it? When is it visible in price after it's already
1448	02:17:56 --> 02:18:01	done, 20% retracement on the week? So now it's going to take something for
1449	02:18:01 --> 02:18:06	Well, let's say it this way. It's going to be a manual intervention for it to
1450	02:18:06 --> 02:18:12	create a higher high in the week. There you go. And I can anticipate sometimes
1451	02:18:12 --> 02:18:18	that occurring, but mostly I don't know when it's likely to occur, but usually
1452	02:18:18 --> 02:18:22	it's like FOMC. Obviously they're timed by the economic calendar. But when there
1453	02:18:22 --> 02:18:26	is nothing in the economic calendar, and the hand, if you will, comes into the
1454	02:18:26 --> 02:18:32	marketplace and starts manipulating and driving price to a specific price level,
1455	02:18:33 --> 02:18:38	they will come out of the woodwork at times when I don't expect it, but it
1456	02:18:38 --> 02:18:43	will take something like that after 20% or 30% has been met as a retracement in
1457	02:18:43 --> 02:18:47	the same week, and then if it goes and retraces and runs higher, that's always
1458	02:18:47 --> 02:18:52	absolutely 100% manual intervention. That means they are rigging it. They're
1459	02:18:52 --> 02:18:58	pricing it in there, the market makers, if you will. They're behind it, and you
1460	02:18:58 --> 02:19:02	will see very, very low volume, send it there. So that kind of like laughs in
1461	02:19:02 --> 02:19:07	the face of it's buying, selling perser, all right, so we're back in the new day,
1462	02:19:07 --> 02:19:12	opening gap. We found our way above it. Now we're inside of it in here. Now you
1463	02:19:12 --> 02:19:20	can touch this here and see how it reacts off of that. So here's a question
1464	02:19:20 --> 02:19:26	for you, is it something easier for the market to trade to the liquidity that's
1465	02:19:26 --> 02:19:31	resting right above these relative equal highs, or is it more likely to go not
1466	02:19:31 --> 02:19:37	here, but all the way back down here? Which one's easier to do? Which one's
1467	02:19:37 --> 02:19:38	more likely to occur? I
1468	02:19:59 --> 02:20:04	If it. Run these highs. Is it out of the question for it to go over here and
1469	02:20:04 --> 02:20:10	upset where it's smooth? Does it need to go all the way back up to here? No. Why
1470	02:20:10 --> 02:20:17	is this high is higher than that one this high is higher than the one to the
1471	02:20:17 --> 02:20:23	right. This high is higher than the one to the right. So which one's the valid
1472	02:20:23 --> 02:20:33	relative equal high, this one and this one is this relative equal low seen with
1473	02:20:33 --> 02:20:43	a lower or higher low here, it's lower on that One. So which one's more
1474	02:20:43 --> 02:20:46	probable? The buy side. I
1475	02:21:05 --> 02:21:11	now what would be neat, this is how I would really do it. I would pump it from
1476	02:21:11 --> 02:21:17	where it's at here, clear the nine, 590, level. I would sweep 601, on a
1477	02:21:17 --> 02:21:25	candlestick, wick, just a wick, no body. And then I would slam it down below and
1478	02:21:25 --> 02:21:32	take out the low of the day. That's how, that's how I would do it. And I would
1479	02:21:32 --> 02:21:36	keep the weekly high in check, not not take the weekly high out. It would take
1480	02:21:36 --> 02:21:42	out the high of day day session. That's here, the day, day session high is that
1481	02:21:42 --> 02:21:48	candlestick right there. So that way you can sweep that that's disturbed. This is
1482	02:21:48 --> 02:21:55	taken out, and we're still leaving the weekly range high in play. It. This
1483	02:21:55 --> 02:21:58	doesn't get take it doesn't get taken out. Doesn't get traded too and then run
1484	02:21:58 --> 02:22:02	it all the way lower and take out the people down here that have been trying
1485	02:22:02 --> 02:22:06	to make money all day, continuing the run that's been done for the last two
1486	02:22:06 --> 02:22:11	weeks, like two full weeks of up, up, up, up, up. But knock these individuals
1487	02:22:11 --> 02:22:16	out that are short, that would be positioned to be profitable, and knock
1488	02:22:16 --> 02:22:22	on anyone that has a stop loss there. So they rode this down. And then you have
1489	02:22:22 --> 02:22:29	this, they bump that and then it drops. But that drop would be fast. It would be
1490	02:22:29 --> 02:22:35	furious. It would be like sudden, not a drifting, fuzzy drop, like this stuff in
1491	02:22:35 --> 02:22:39	here, like all this stuff, and that's too fuzzy. You want to see it look like
1492	02:22:39 --> 02:22:42	this, where it's just Ride the Lightning.
1493	02:22:45 --> 02:22:50	It's a metallic reference for those, Oh man, play some metallic i
1494	02:23:20 --> 02:23:43	I was supposed to close this at 1130 this guy's a liar.
1495	02:23:49 --> 02:23:51	You get an extra you didn't have to pay for it. I
1496	02:24:07 --> 02:24:13	Okay, would you feel confident if you were long and if you were short? Would
1497	02:24:13 --> 02:24:16	you feel confident? Let's say your stop loss is right here,
1498	02:24:18 --> 02:24:18	and You're short,
1499	02:24:20 --> 02:24:21	would you feel comfortable right now?
1500	02:24:42 --> 02:24:46	Watch that orange range. See if we can get a single candle come in and tap it
1501	02:24:46 --> 02:24:55	again. Same thing for that end dog. Get above it. See if there's a single candle
1502	02:24:55 --> 02:25:00	that comes down and touches it. Then you study that one and see if it. Runs from
1503	02:25:00 --> 02:25:07	that. If you can either touch this or a touch, it's gotta leave it. It can't do
1504	02:25:07 --> 02:25:10	that. That's not what I'm referring to. It's gotta close a candle, come down and
1505	02:25:10 --> 02:25:14	start a new candle, and then touch it either the high, consequent
1506	02:25:14 --> 02:25:20	encouragement or the low. It can spike as low as this one here, and study and
1507	02:25:20 --> 02:25:24	see if it goes to these relative equal highs to bump the high of the day. And
1508	02:25:24 --> 02:25:29	if it can reach there, does it have the Moxie to reach up into and spike through
1509	02:25:30 --> 02:25:39	these clean levels right here? All right now, watch the next candle. We hit it.
1510	02:25:39 --> 02:25:39	You.
1511	02:25:49 --> 02:25:50	Right Here's where there's bicycle.
1512	02:26:02 --> 02:26:49	So I trade it up, open, trade down. Touched it rally. This is balanced. Like
1513	02:26:49 --> 02:26:53	To see this portion stay open. Tune that countless high neck and low. I
1514	02:27:05 --> 02:27:10	How many handles is this? From the new day, opening gap high
1515	02:27:12 --> 02:27:13	to the high here,
1516	02:27:16 --> 02:27:22	20 handles, right? So that's a that's a minimum for me, that's a minimum range
1517	02:27:22 --> 02:27:27	for targeting purposes. So if it's a setup that affords me the setup to
1518	02:27:29 --> 02:27:35	identify where price could reach, where it could start in the inception of the
1519	02:27:35 --> 02:27:39	price run. So in other words, I can frame something as a beginning point and
1520	02:27:39 --> 02:27:48	I can frame something as a terminus. If it's 20 handles for nq, that is a trade
1521	02:27:48 --> 02:27:53	that is, in my opinion, worth it. If it's less than I'm not interested in it.
1522	02:27:53 --> 02:27:57	Does that make sense visually? Now, regardless if it goes up here or not, it
1523	02:27:57 --> 02:28:02	has to have the range between where the trade could begin and where the trade
1524	02:28:02 --> 02:28:06	could draw to, because we have these relative equal highs up here. They may
1525	02:28:06 --> 02:28:11	bump the high of the day, which is this relative equal high? They could bump
1526	02:28:11 --> 02:28:15	that clear it, and how far can it clear it. We have those relative equal highs
1527	02:28:15 --> 02:28:15	to the left
1528	02:28:17 --> 02:28:23	over here. We're referring to all session. Okay, so
1529	02:28:31 --> 02:28:35	let's see we had this gap close in. It doesn't change. It just means that it's
1530	02:28:35 --> 02:28:36	better for it to stay open. We're
1531	02:28:48 --> 02:28:53	it would have to be below this volume and balance press stop for the ones that
1532	02:28:53 --> 02:28:58	aren't wondering what that would be. So your risk would be there, and deference
1533	02:28:58 --> 02:29:03	to that candle right there, that low plus up tick up, because it has to be if
1534	02:29:03 --> 02:29:06	you're trying to use a new day opening gap. High, that's the first barrier,
1535	02:29:06 --> 02:29:10	easiest low threshold for barrier of entry. That means you're picking the one
1536	02:29:10 --> 02:29:15	that's most likely easiest to fill. If you're trying to get consequence of the
1537	02:29:15 --> 02:29:18	new day opening gap, you would never gotten filled. If you're trying to use
1538	02:29:18 --> 02:29:22	the low of it, you never would have gotten filled. So the high plus one tick
1539	02:29:22 --> 02:29:26	your fill would be there. Your stop loss would be below. This candle is open.
1540	02:29:26 --> 02:29:27	That's the risk.
1541	02:29:30 --> 02:29:31	It's not much, but it
1542	02:29:37 --> 02:29:41	would have been better if it were left that cap open. Here. I would like to see
1543	02:29:41 --> 02:29:46	that stay open, but now we're gonna get a real example of what it looks like
1544	02:29:46 --> 02:29:54	when it does close it. How does it behave? See where we're trading at right
1545	02:29:54 --> 02:29:59	now. So first I'm.
1546	02:30:20 --> 02:30:36	I Costco encroachment on the wick, see where we're trading.
1547	02:30:37 --> 02:30:42	So we want to see if it can gravitate towards that high or these highs rather,
1548	02:30:47 --> 02:30:51	I promise you, on cleaner days, it's going to be a lot more fun, but you have
1549	02:30:51 --> 02:30:54	to go through these days because you're going to trade with these type days as
1550	02:30:55 --> 02:30:58	well. So it doesn't do you good. This is why I was trying to teach my students in
1551	02:30:58 --> 02:31:06	2016 when I would go through and point out certain things in price action to
1552	02:31:06 --> 02:31:12	start giving them a baseline to what to look for, what's important, what's not
1553	02:31:12 --> 02:31:16	all that important. What are going to be things that are be concerning for the
1554	02:31:16 --> 02:31:21	trade, for the idea for the price to be moving a specific level, or how it
1555	02:31:21 --> 02:31:29	should deliver. I had so many people quit the first two months because they
1556	02:31:29 --> 02:31:34	were not willing to sit and observe. Because you're How can you identify
1557	02:31:34 --> 02:31:41	something like, how can you, how can you identify it, if it doesn't pan out with
1558	02:31:41 --> 02:31:45	repetition, if you will. If you don't see it constantly, you know, panning
1559	02:31:45 --> 02:31:50	out. How can you identify it on your own? Because if it was easy and it was
1560	02:31:50 --> 02:31:53	something that everybody can do, everybody could write the same book,
1561	02:31:54 --> 02:31:58	reword it differently, but it's the same pattern or same thing that occurs in
1562	02:31:58 --> 02:32:04	price action, and then we wouldn't need to have people like educators and
1563	02:32:04 --> 02:32:07	mentors and stuff. They could just everybody does the same thing, because
1564	02:32:07 --> 02:32:11	we can see it one time and know what we're doing. Do you drop down in that
1565	02:32:11 --> 02:32:16	consequent question with an end dog? That's pretty sharp,
1566	02:32:21 --> 02:32:26	so you have to sit and watch, and by watching and forcing yourself in days
1567	02:32:26 --> 02:32:31	where it's going to be harder for you to do it, pretending that it's going to be
1568	02:32:31 --> 02:32:36	easy. And if I put my students in conditions where it's obvious, it's
1569	02:32:36 --> 02:32:40	easy, it's going to be really easy, fast runs to everything that we point out
1570	02:32:41 --> 02:32:45	that gives you a false sense of security. It makes it feel like, well,
1571	02:32:46 --> 02:32:49	I'm ready to go out there and trade with real money. But when you start watching
1572	02:32:49 --> 02:32:53	price action over more challenging conditions, which we are in challenging
1573	02:32:53 --> 02:33:01	conditions, anyone that has been trading longer than a couple years can tell you
1574	02:33:01 --> 02:33:07	that how we're trading now. These are very difficult market conditions prior
1575	02:33:07 --> 02:33:18	to, let's say, 2010 Okay, or 2007 totally different kind of market
1576	02:33:18 --> 02:33:23	conditions. They're they're a whole lot more volatile, which is fun, but that
1577	02:33:23 --> 02:33:25	volatility comes with it with a price,
1578	02:33:31 --> 02:33:34	and it causes a whole lot more opportunities for the market to be
1579	02:33:34 --> 02:33:42	challenging. So we have this market trade above this high there. So that
1580	02:33:42 --> 02:33:45	would be a opportunity for you. If you're going to be doing partials, you
1581	02:33:45 --> 02:33:49	have to entertain the idea that would be a partial because your first highs here
1582	02:33:50 --> 02:33:55	Terminus is here. Terminus is where you think the trade is going to go to. That
1583	02:33:55 --> 02:34:00	means it's going to book price to that price level. That's you frame it. So if
1584	02:34:00 --> 02:34:03	you think price is going to go to a particular level in your notations, and
1585	02:34:03 --> 02:34:07	you're annotating, that's Terminus. That kills the idea for you and you're
1586	02:34:07 --> 02:34:11	satisfied. It does not mean it can't go further. It just means that that's what
1587	02:34:11 --> 02:34:17	you're trying to frame for that move. And if it affords you in here, when it
1588	02:34:17 --> 02:34:21	touched here, and it arrived this high, when it retraced back down in and ran
1589	02:34:21 --> 02:34:25	out one more time soon as it takes out that high, this is called running down
1590	02:34:25 --> 02:34:29	equity. Okay, my private students know this. I don't know if I mentioned it in
1591	02:34:29 --> 02:34:35	any lectures. I don't know if I did that publicly, but all my private students
1592	02:34:35 --> 02:34:40	know this. And anytime you're in a trade and you're long, if you have a short
1593	02:34:40 --> 02:34:48	term high before the run gets to your target, but it has to be at least 50% of
1594	02:34:48 --> 02:34:52	the run. So I think it's halfway to where you think it's going to go. What
1595	02:34:52 --> 02:34:59	does that mean? This is where we were watching it start. So from here to here,
1596	02:34:59 --> 02:35:06	we're. It that highs above it, isn't it? So if it passes through it one time, you
1597	02:35:06 --> 02:35:09	have to take a partial there. So if you're learning how to take partials,
1598	02:35:09 --> 02:35:14	your partial will be taken there. That right there, that would have been
1599	02:35:14 --> 02:35:20	stopped. So you would have partial one stop on the balance. You log it. How
1600	02:35:20 --> 02:35:24	much time did it take entry on one candle? One minute, two, minute, three
1601	02:35:24 --> 02:35:28	minute, four minutes for partial five if your limit order was a little bit
1602	02:35:28 --> 02:35:32	higher, let's be real and say it's five minutes, five minutes. And then you got
1603	02:35:32 --> 02:35:38	stopped out on 6789, minutes. So nine minutes into the the setup, nine minutes
1604	02:35:38 --> 02:35:44	are stopped on the balance one partial, and you go to the next setup. So it
1605	02:35:44 --> 02:35:47	gives you data. It gives you how much time did it move? What was the distance
1606	02:35:47 --> 02:35:59	from the entry 70 to we'll just call it 1010, handles with spread, both in, both
1607	02:35:59 --> 02:36:07	in and out. So you can go in and start now, let me take this off. I promise it
1608	02:36:07 --> 02:36:12	doesn't feel fun, but this is all the stuff that you use to figure out how,
1609	02:36:12 --> 02:36:16	where to place a stop loss, where to take partials, when's the market gonna
1610	02:36:16 --> 02:36:23	be harder? How to how to frame the setup, where's the terminus, when,
1611	02:36:23 --> 02:36:26	what's the first threshold that you have to breach before you can even consider
1612	02:36:26 --> 02:36:29	taking a partial, not just as because you're in a trade, you got 500 bucks,
1613	02:36:29 --> 02:36:32	and you've never seen that before. Let me just take something off because I'm
1614	02:36:32 --> 02:36:36	afraid that's impulsive, that's emotional. So you have to have rules and
1615	02:36:36 --> 02:36:41	processes and protocols to follow, and over time, it'll give you more and more
1616	02:36:41 --> 02:36:45	experience, and you'll trust it. I'm watching how they're wicking in this all
1617	02:36:45 --> 02:36:49	here we traded back down into the volume imbalance, so that might be just an area
1618	02:36:49 --> 02:36:51	where they have re accumulated.
1619	02:36:57 --> 02:37:01	So I'm watching to see, can we maybe entertain the idea of getting back above
1620	02:37:01 --> 02:37:06	this here, if it touches it, we'll try to do another observation on that one.
1621	02:37:08 --> 02:37:12	So we traded once more here. I would have, if you remember, right back here I
1622	02:37:12 --> 02:37:16	said it could trade back down and touch this one more time. It did a little bit
1623	02:37:16 --> 02:37:19	too late for my liking. So now I would demand for it to trade above, get into
1624	02:37:19 --> 02:37:24	this one, and then treat that same fair value gap again, put a new candle. It's
1625	02:37:24 --> 02:37:29	got to go above it. New candle open, go down and trade into it. Then see if we
1626	02:37:29 --> 02:37:34	can start setting up here, and maybe challenge the high of the day. If we
1627	02:37:34 --> 02:37:39	lose this gap here, then I will, I will change my focus to weakness, going into
1628	02:37:39 --> 02:37:53	close. But right now my focus is here, and maybe as much as up here. But did
1629	02:37:53 --> 02:37:58	you see how we rallied? Gave a little bit of range, came back, dug in deep.
1630	02:37:59 --> 02:38:02	Now I know some of you are actually taking these trades, and you should not
1631	02:38:02 --> 02:38:05	be doing it. You should not be using where I said, this is where the stock
1632	02:38:05 --> 02:38:08	would be. Don't put their liquidity there, because there's so many people
1633	02:38:08 --> 02:38:14	following this live stream. By you doing that in the markets this close, you're
1634	02:38:14 --> 02:38:20	creating a very easy, very easy target for them to push a button, open the
1635	02:38:20 --> 02:38:25	spreads make it run and go right down there and fill it. You get stopped out,
1636	02:38:25 --> 02:38:31	and there you go. I'm teaching you how to read it, and when you read it, you're
1637	02:38:31 --> 02:38:36	not on the internet with 20,000 people telling them to put the same stop loss
1638	02:38:36 --> 02:38:44	where yours is at. I see it spiked above it there, but didn't give me the body. I
1639	02:38:45 --> 02:38:49	want to see it go above it, close above it, open a new candle, and then see what
1640	02:38:49 --> 02:38:56	we do by touching it. Then, if it does it, I think it's going to be real fast,
1641	02:38:56 --> 02:39:00	like it'll run real, real quick, if at all. If it's going to go up there and
1642	02:39:00 --> 02:39:07	take those relative equal hides out. It'll be a fast run, because we're real
1643	02:39:07 --> 02:39:11	close to high day liquidity, and they're not going to want to let them pull those
1644	02:39:11 --> 02:39:15	orders out. So how they overcome that? They do a real quick, fast, sudden run.
1645	02:39:15 --> 02:39:15	I
1646	02:39:37 --> 02:39:42	Okay, watch this candle here. I'm
1647	02:39:49 --> 02:39:54	six pence, None the Richer comes to mind. Song, kiss me. I want to see it.
1648	02:39:54 --> 02:39:57	Just touch that right there, but I'm looking at that wick, and it's just real
1649	02:39:57 --> 02:40:04	hard to get just the consequent career. Minute went into that all right now, go
1650	02:40:04 --> 02:40:10	back to that analogy. Your stop loss is here. You've been short all day. You've
1651	02:40:10 --> 02:40:16	been feeling sexy, you've been feeling smart. Do you feel good right now? Say
1652	02:40:16 --> 02:40:21	you've been smarter than those guys and you've had your stop up here. Do you
1653	02:40:21 --> 02:40:23	feel smart? Do you feel safe? I
1654	02:40:58 --> 02:41:00	the Next candle should Send us.
1655	02:41:22 --> 02:41:57	You I imagine your stop loss is sitting right there at 592 and you're thinking,
1656	02:41:58 --> 02:42:01	I really wish I would have listened to taking partials to ICT videos talks
1657	02:42:01 --> 02:42:07	about. So now for here, what's to say that we can't run up there and take that
1658	02:42:07 --> 02:42:15	601 50 level out, because it's too it's too smooth up there. Too smooth. Why
1659	02:42:15 --> 02:42:20	would they let them off the hook? Right? If you're so close to that, why not just
1660	02:42:20 --> 02:42:28	simply put a pairing of two orders on short and long, right at six, oh, 1.75
1661	02:42:31 --> 02:42:38	so all you gotta do is match up one market order short and sold and long and
1662	02:42:38 --> 02:42:42	short, basically, and then all of a sudden, the folks that have their stop
1663	02:42:42 --> 02:42:48	loss at that level or just above it, they get engaged, but there's no
1664	02:42:48 --> 02:42:49	honeymoon in afterwards
1665	02:42:51 --> 02:42:51	divorce. So you
1666	02:42:54 --> 02:43:01	want to screenshot that. Okay, so I've given you instances where you would read
1667	02:43:01 --> 02:43:06	it, you get a partial, you get stopped out, you look for it to give you a feel.
1668	02:43:07 --> 02:43:11	It just falls short of touching it. You wouldn't even feel there. But then it
1669	02:43:11 --> 02:43:15	runs. So in a real world, while you're learning, this is what it's going to
1670	02:43:15 --> 02:43:18	feel like when you're doing your observations, you're going to have a
1671	02:43:18 --> 02:43:22	good feel for what it's likely to do, you're gonna have a real good inkling
1672	02:43:22 --> 02:43:26	that it's going to go to a specific level. I think it's going to go there, I
1673	02:43:26 --> 02:43:29	think it's going to go here. And then you're going to look for certain things
1674	02:43:29 --> 02:43:35	in price that may or may not afford you an entry. And now you have you're met
1675	02:43:35 --> 02:43:38	with, either you're going to be frustrated, or you're going to say, You
1676	02:43:38 --> 02:43:45	know what I saw where it was going to go, and it went there. So now I feel
1677	02:43:45 --> 02:43:51	confident that I can stick to doing this next week. I'm going to study price
1678	02:43:51 --> 02:43:54	action, and I'm going to get better at this, because I see there's something
1679	02:43:54 --> 02:43:58	going on, but I can't quite put my finger on it yet, but I feel like I'm
1680	02:43:58 --> 02:44:02	getting closer to it. If you feel that way, you're in the right you're on the
1681	02:44:02 --> 02:44:07	right path. If you're here thinking there's no trade being taken, this is
1682	02:44:07 --> 02:44:10	dumb. Well, that's an indication that you need to go somewhere else, because
1683	02:44:11 --> 02:44:15	I'm teaching people how to do it on their own. And the ones that make money,
1684	02:44:15 --> 02:44:21	and you see them out there card carrying members of the ICT cult of winning, they
1685	02:44:21 --> 02:44:25	will tell you that they had to do stuff like this too, and it didn't happen
1686	02:44:25 --> 02:44:29	right away. It wasn't easy, it wasn't fast for them, and they had doubts, and
1687	02:44:29 --> 02:44:32	they had other people, and still people that are my students, that are making
1688	02:44:32 --> 02:44:36	money, they're still being trolled, because these people are miserable and
1689	02:44:36 --> 02:44:38	they're broke, and they're never going to make money, and they will never have
1690	02:44:38 --> 02:44:41	attention placed on them greater than the person they're trying to tell if
1691	02:44:41 --> 02:44:44	they give them the grace of saying anything about whatever they say about
1692	02:44:44 --> 02:44:50	them, that's the extent, or that's the pinnacle of their existence. So are you
1693	02:44:50 --> 02:44:55	going to let Would you let these people, anyone that's going to try to talk down
1694	02:44:55 --> 02:44:59	to you, if you are making money, and you start making money and you're profiting.
1695	02:45:00 --> 02:45:05	Okay, would you let their criticism have any impact on you when you're making
1696	02:45:05 --> 02:45:11	money? No, you wouldn't. It would have no, you wouldn't. It wouldn't bother
1697	02:45:11 --> 02:45:16	you. So why will you allow them to influence you while you're learning if
1698	02:45:16 --> 02:45:19	you already know other people are using this information and they're making
1699	02:45:19 --> 02:45:25	money with it, you already know that it works. You just need to know Will it
1700	02:45:25 --> 02:45:28	work in your hands? And the only way you're going to know that is if you
1701	02:45:28 --> 02:45:32	start, and this is what it looks like when you start. I'm trying to be as
1702	02:45:32 --> 02:45:37	practical. I'm trying to be as real, and I'm putting you in conditions that
1703	02:45:37 --> 02:45:43	you're going to be met with every single day, whatever the market throws at me, I
1704	02:45:43 --> 02:45:46	will engage it and tell you, this is what you should be looking at. This is
1705	02:45:46 --> 02:45:51	what may or may not happen. I don't like this. I do like that. I'm explaining it
1706	02:45:51 --> 02:45:56	where it's salient. That means where there's something to explain away, and
1707	02:45:56 --> 02:46:02	also how to ring in the retail like the traders that are trading a certain way,
1708	02:46:03 --> 02:46:09	how? How do they get bothered? How they get disturbed? How can they be taken out
1709	02:46:09 --> 02:46:16	of the market if they've been right, if they've been wrong? Now I would sink it
1710	02:46:16 --> 02:46:20	all the way down to the middle of the day, going into close. That's what I
1711	02:46:20 --> 02:46:23	would do. That doesn't mean it's what's going to happen, though, but that's
1712	02:46:23 --> 02:46:26	exactly what I would do, because that means anyone that was short, they're
1713	02:46:26 --> 02:46:31	out. Anyone that's long feels rich right now. And the way you do that is you do a
1714	02:46:31 --> 02:46:38	sudden crush and you just send it lower. But I think that's going to be it for
1715	02:46:38 --> 02:46:44	this week. I really had fun this week. I had a lot of fun. I wish I would not
1716	02:46:44 --> 02:46:48	have live streamed yesterday, simply because my attention was elsewhere, and
1717	02:46:48 --> 02:46:55	I'm probably going to have to start the stream sooner, simply because OBS is
1718	02:46:55 --> 02:47:00	mucking around with me and I don't know what I'm doing wrong. It keeps causing
1719	02:47:00 --> 02:47:03	me a problem where I can't load it up and I don't know what, and I don't know
1720	02:47:03 --> 02:47:09	any other streaming software that works with YouTube, and I don't want to
1721	02:47:09 --> 02:47:13	venture to try to learn anything new either. So it's kind of like I'm I want
1722	02:47:13 --> 02:47:18	to see this get resolved, so that way I can when I start a stream, it's starts
1723	02:47:18 --> 02:47:24	off without a hitch, because I'm obsessively compulsive, and you probably
1724	02:47:24 --> 02:47:29	picked that up over the years listening to me and when I get jerked out of gear,
1725	02:47:29 --> 02:47:34	it's it takes a minute or two for me to get my my bearings and try to forget
1726	02:47:34 --> 02:47:41	about something that's either upset me or or bothered me. But I hope you guys
1727	02:47:41 --> 02:47:48	are learning Okay, and these first couple weeks, they're boring. They're
1728	02:47:48 --> 02:47:53	really, really boring information, and it's important that Caleb is reminded
1729	02:47:53 --> 02:47:56	just as much as you, if you're trying to really make a good attempt at learning
1730	02:47:56 --> 02:48:02	all this stuff, you're only going to be as good as the market environments that
1731	02:48:02 --> 02:48:09	is presented to you. And Bob Ross as beautiful as a painting that he can
1732	02:48:09 --> 02:48:14	paint when he was alive and with us, and as cool as mellow as he was while he was
1733	02:48:14 --> 02:48:20	doing it, I'm quite certain that if we would ask him while he was alive, say,
1734	02:48:20 --> 02:48:28	Hey, listen, Bob, this brick wall. This brick wall is your canvas today, okay,
1735	02:48:28 --> 02:48:31	and I'm sorry I didn't bring any paint brushes, and you aren't allowed to use
1736	02:48:31 --> 02:48:35	any of yours, but I have these spray paint cans, okay? We have these spray
1737	02:48:35 --> 02:48:40	paint cans, and we have eight of them, eight different colors, and we want to
1738	02:48:40 --> 02:48:45	see you paint a snowy background with a little cabin with these happy little
1739	02:48:45 --> 02:48:50	trees, and we want some birds, and we want a little stream that has some some
1740	02:48:50 --> 02:48:54	ice on parts of it, but not entirely out. And we expect to see you do that in
1741	02:48:54 --> 02:49:00	30 minutes and keep us entertained with some mellow jazz coming out of these
1742	02:49:00 --> 02:49:05	book records. Well, I'm quite certain that Bob Ross is going to fail doing
1743	02:49:05 --> 02:49:10	that, because, number one, that's not his typical canvas, and it's also his
1744	02:49:10 --> 02:49:17	not. It's not his medium, his his paint brushes are not his tool. They're not
1745	02:49:17 --> 02:49:22	there. Rather, he's he's being asked to do something in a canvas with tools he's
1746	02:49:22 --> 02:49:27	not used to doing or using. Well, there's going to be times where your
1747	02:49:27 --> 02:49:35	tools will not be accessible to you, and it's going to be dictated by the market
1748	02:49:35 --> 02:49:40	environment, how the market behaves. If the market doesn't give you your price,
1749	02:49:40 --> 02:49:45	you can't do anything about it. I mean, you can get mad, and you get angry
1750	02:49:45 --> 02:49:49	because you just had one exposure to it trying to do it, and you think, well, it
1751	02:49:49 --> 02:49:53	didn't work this time, so it's probably never going to work in the future. And
1752	02:49:53 --> 02:49:57	that's not realistic anyone that is trying to educate and they're not
1753	02:49:57 --> 02:50:01	reminding the people they're trying to teach you. Probably without any real
1754	02:50:01 --> 02:50:07	skill, and they're not reminding them or showcasing or giving them the realities
1755	02:50:07 --> 02:50:11	that you can have all the things in the world that's going to afford you an
1756	02:50:11 --> 02:50:14	entry mechanism to get into the marketplace. But the market's going to
1757	02:50:14 --> 02:50:19	do what the market's going to do, and if you do it wrong, you have brought in the
1758	02:50:19 --> 02:50:25	element of humanity. I'm a human just like any one of you. I can feel much
1759	02:50:25 --> 02:50:29	more confident about setup than I should. I can feel less confident about
1760	02:50:29 --> 02:50:34	setup than I should, and I may not see a setup at all because it just jumps out
1761	02:50:34 --> 02:50:38	at me because I'm either distracted or just not. I'm just not paying enough
1762	02:50:38 --> 02:50:41	attention because I have something else on my mind. You're going to encounter
1763	02:50:41 --> 02:50:47	that as well, but you need to give yourself the opportunity to study price
1764	02:50:47 --> 02:50:51	action when you feel a little bit of anxiety, when you feel like you're
1765	02:50:51 --> 02:50:55	having a little bit of things in your personal life bothering you, measure
1766	02:50:55 --> 02:51:00	your response to what price is doing. In those instances, you're going to get
1767	02:51:00 --> 02:51:04	huge revelations in who you are, how you think and how you're going to react
1768	02:51:05 --> 02:51:11	afterwards, because if you have an adverse result, say, you spent hours in
1769	02:51:11 --> 02:51:14	front of the price action and you felt like you didn't come away with anything.
1770	02:51:14 --> 02:51:21	It felt like it was unproductive. How are you going to treat yourself the rest
1771	02:51:21 --> 02:51:25	of that day and the day after, on a day like Friday, how are you going to treat
1772	02:51:25 --> 02:51:28	yourself throughout the entirety of the weekend? Are you going to punish
1773	02:51:28 --> 02:51:32	yourself for not knowing enough, not being able to do it? Should have known
1774	02:51:32 --> 02:51:35	better. Should Know More by now. I should be making money with this. I'm
1775	02:51:35 --> 02:51:40	going to quit if it doesn't start showing me anything next week. How do
1776	02:51:40 --> 02:51:47	you think? Because if you start feeling toxic like that, and if you really want
1777	02:51:47 --> 02:51:51	to learn how to do this, you have to remind I'm here. I'm reminding you right
1778	02:51:51 --> 02:51:57	now, it is not going to be that fast for you. I have never had a student. Not one
1779	02:51:57 --> 02:52:00	student has ever come to me, and inside of a couple months figured it all out
1780	02:52:00 --> 02:52:03	and they're making money. It doesn't work like that. Folks, you work like
1781	02:52:03 --> 02:52:07	that, folks, because you have your own issues that you have to identify and
1782	02:52:07 --> 02:52:10	then build coping skills around them. If they're extremely toxic, that means
1783	02:52:10 --> 02:52:16	impatience, highly critical of yourself, of everyone else, unrealistic
1784	02:52:16 --> 02:52:19	expectations. You should be making money within a month. That's what you're
1785	02:52:19 --> 02:52:21	thinking. And that's not true.
1786	02:52:22 --> 02:52:27	That's not true my son, I want him to make as much money as he wants him more,
1787	02:52:27 --> 02:52:34	but I've already told him he will not see profitability. Shorter than six
1788	02:52:34 --> 02:52:39	months, it won't happen. And you get to watch it. You get to see it. You get to
1789	02:52:39 --> 02:52:44	see it unfold every step, every lecture, every lesson. I'm making it available to
1790	02:52:44 --> 02:52:48	you. I mean, look at me. I'm there. They're very long. They're not short
1791	02:52:48 --> 02:52:52	little five minute videos. They're not 30 minute videos. I'm going over live
1792	02:52:52 --> 02:52:56	price action, and I'm talking about what he's probably going to feel, what he's
1793	02:52:56 --> 02:53:01	probably is feeling when he's watching the price action. And I'm explaining the
1794	02:53:01 --> 02:53:07	do's and adults and why and where it's salient, why it shouldn't, what's
1795	02:53:07 --> 02:53:12	important to me right now, and why should it be important. You don't always
1796	02:53:12 --> 02:53:16	know what price is going to do next. You're not going to know that. Okay,
1797	02:53:16 --> 02:53:20	you're not going to know that. So you're going to have to subscribe to
1798	02:53:20 --> 02:53:26	uncertainty. And trading is embracing that uncertainty, but having enough
1799	02:53:26 --> 02:53:32	experience seeing certain things that you use as a catalyst, as the reason for
1800	02:53:32 --> 02:53:37	you to get involved or engage price action, these things will become
1801	02:53:37 --> 02:53:43	characteristics that you see repeating. They may not all be there, but if a
1802	02:53:43 --> 02:53:47	number of them are in play, and you see it in price action, that should bolster
1803	02:53:47 --> 02:53:52	your confidence to at least explore it and over time, how much time? I don't
1804	02:53:52 --> 02:53:56	know, for every one of you, you're all going to do it at a different pace. But
1805	02:53:56 --> 02:54:01	when you have a daily interaction with price action, whether it be hindsight or
1806	02:54:01 --> 02:54:07	real time, preferably real time. If you cannot watch price like I'm showing you
1807	02:54:07 --> 02:54:11	here, the best thing you do is watch the streams. Watch the recordings. If you
1808	02:54:11 --> 02:54:18	can't watch it live, watch them at the same pace. Do not speed them up. If you
1809	02:54:18 --> 02:54:21	speed them up, you're getting a skewed perspective. It's not the same as
1810	02:54:21 --> 02:54:25	watching it real time, doing it at two times the speed, because you want to get
1811	02:54:25 --> 02:54:29	through it because you got that much time, that's the wrong way of doing it,
1812	02:54:29 --> 02:54:32	because you can't speed up your understanding while you're watching live
1813	02:54:32 --> 02:54:38	price action. You can't do that part. Don't think of it as I'm getting through
1814	02:54:38 --> 02:54:43	it quicker and I'll be able to watch more videos, because more videos is not
1815	02:54:43 --> 02:54:48	it. I've already told you, you're not going to win in this progress by
1816	02:54:48 --> 02:54:53	watching more videos. You need to be watching price and then how you feel,
1817	02:54:54 --> 02:54:58	what you're thinking, what you're fearful of. When you get elated and feel
1818	02:54:58 --> 02:55:01	like, oh yeah, this is working out perfectly. And you need to make
1819	02:55:01 --> 02:55:04	annotations about when you feel that euphoric moment where it's perfect, I
1820	02:55:04 --> 02:55:07	know it's going to happen, and then when it doesn't, and it turns back on you,
1821	02:55:07 --> 02:55:12	what do you feel? You feel embarrassed. Do you feel like a failure? You feel
1822	02:55:12 --> 02:55:16	like, oh, it's never going to work for me. And you need to be honest with
1823	02:55:16 --> 02:55:20	yourself in this part of your development, the very, very early
1824	02:55:20 --> 02:55:25	stages, and then if you discover that you're very toxic to yourself, you need
1825	02:55:25 --> 02:55:29	to start replacing those toxic ideas and opinions of yourself and your efforts
1826	02:55:29 --> 02:55:33	while you're doing this, and reward yourself for the effort to keep doing
1827	02:55:33 --> 02:55:38	it. And say, You know what? This gives me opportunity to see. What did I miss?
1828	02:55:38 --> 02:55:42	What would I have done differently now that I've seen this, is there any
1829	02:55:43 --> 02:55:47	investment that I can make in myself by having this exposure that was adverse,
1830	02:55:47 --> 02:55:51	and you do it in a very disarming way, so that way you're not punishing
1831	02:55:51 --> 02:55:55	yourself. Self talk is absolutely critical in this, not just when you're
1832	02:55:55 --> 02:55:59	still learning how to trade, but when you are a trader, because you're going
1833	02:55:59 --> 02:56:02	to have losing days, you're going to know, and I'm saying this, and I'm
1834	02:56:02 --> 02:56:06	closing you're going to know when your model is there and when to engage it.
1835	02:56:06 --> 02:56:13	And there's going to be instances where you feel externally, you feel this
1836	02:56:13 --> 02:56:21	desire to compensate for something that's occurring or has occurred in your
1837	02:56:21 --> 02:56:26	personal life, some inadequacy, some kind of mistake you maybe said, maybe
1838	02:56:26 --> 02:56:29	you said something, maybe cause an argument. Maybe you're not feeling well,
1839	02:56:29 --> 02:56:33	or you missed an opportunity in the previous day. Maybe you lost your job,
1840	02:56:33 --> 02:56:36	or in the verge of being made redundant at your job, and they may get ready to
1841	02:56:36 --> 02:56:41	give you a pink slip and send you on your way. You feel something's looming.
1842	02:56:41 --> 02:56:47	So you go into the marketplace and you force something. You tell yourself,
1843	02:56:47 --> 02:56:50	yeah, it's there. I'm going to take the trade. I'm not going to wait for the
1844	02:56:50 --> 02:56:54	real setup, because I just need to be in there, because if it pans out, it'll
1845	02:56:54 --> 02:56:59	make me feel better than I feel right now. Because my real life outside these
1846	02:56:59 --> 02:57:03	charts, while I'm learning how to be a trader, I need a distraction from that,
1847	02:57:04 --> 02:57:09	and these candlesticks are not used for that purpose. If you treat them like a
1848	02:57:09 --> 02:57:19	siren, they'll call you to the rocks. If you invite them, if you invite them to
1849	02:57:19 --> 02:57:23	be that trick on the corner that you need to release from you might be able
1850	02:57:23 --> 02:57:29	to afford that real quick, friendly handshake with her or him, but you might
1851	02:57:29 --> 02:57:35	not like what you get on the other side of it, same thing with reading price
1852	02:57:35 --> 02:57:39	action. It's either there or it isn't, and the only way you recognize it is by
1853	02:57:39 --> 02:57:45	repetition. Seeing it. You'll watch me for weeks and months do this, and you're
1854	02:57:45 --> 02:57:49	going to start seeing the same things, and it's going to be boring. That's
1855	02:57:49 --> 02:57:52	exactly what your goal is. You want to be able to you want to be able to finish
1856	02:57:52 --> 02:57:58	my sentences or predict what I'm about to say based on what the candlesticks
1857	02:57:58 --> 02:58:05	are doing. Nothing pleases me more than seeing individuals show their trades,
1858	02:58:06 --> 02:58:12	recorded, annotate them with the same observations I would have, and many
1859	02:58:12 --> 02:58:18	times have, because that means you're on the same wavelength. You're seeing the
1860	02:58:18 --> 02:58:23	same thing. That means you have received what I put down. You received that
1861	02:58:23 --> 02:58:30	transmission that that download of intelligence left me and went into you.
1862	02:58:30 --> 02:58:34	And that's proof of concept, and it's also proof that if other people can do
1863	02:58:34 --> 02:58:40	it, women, young and old, men, young and old, different cultures, different race,
1864	02:58:40 --> 02:58:46	different backgrounds. Hey, if they can do it, why aren't you able to do it?
1865	02:58:48 --> 02:58:52	What's going to prevent you from doing it? I'm going to tell you what's going
1866	02:58:52 --> 02:58:57	to prevent you not subscribing to what I'm doing here daily, not doing those
1867	02:58:57 --> 02:59:01	things, doing it like this. You have the benefit of me doing it with you right
1868	02:59:01 --> 02:59:07	now. When this gets to the point where Caleb is now able to do on his own, I
1869	02:59:07 --> 02:59:13	won't be doing this, and you'll miss it. You won't have the the ability, the same
1870	02:59:13 --> 02:59:19	effects of watching it live, seeing when it's obvious when it's not obvious, when
1871	02:59:19 --> 02:59:24	things change gears, and it becomes much more clear. Oh, now, now it changes.
1872	02:59:24 --> 02:59:29	That's something you have to see. As it happens, it can't be communicated in a
1873	02:59:29 --> 02:59:35	book, a static picture, a paragraph, three, four pages of it isn't going to
1874	02:59:35 --> 02:59:38	give you the answer, because it's going to feel like, well, you know, he has the
1875	02:59:38 --> 02:59:43	benefit of having known at the time what the price is going to do, but I don't
1876	02:59:43 --> 02:59:47	have that safety net here in front of you and from with with real time price
1877	02:59:47 --> 02:59:53	action. So either the methodology holds up or it doesn't hold up. And if you
1878	02:59:53 --> 02:59:58	don't see these things you know repeating to a degree of repetition that
1879	02:59:58 --> 03:00:04	warrants your interest. Is to keep showing up and watching or studying. By
1880	03:00:04 --> 03:00:08	all means, please go watch someone else. You don't have to give me the middle
1881	03:00:08 --> 03:00:11	finger out the door as you go. You don't have to let the door hit you in an ass
1882	03:00:11 --> 03:00:16	either it just it wasn't your thing, and go chase something else that you think
1883	03:00:16 --> 03:00:20	is going to be better fit, and whatever it is, if it's not my stuff, if it works
1884	03:00:20 --> 03:00:24	and it makes you money, man, God bless you for that. Like I want all of that
1885	03:00:24 --> 03:00:30	for you. I don't want to hold anybody up, but I also am honest. I'm not going
1886	03:00:30 --> 03:00:36	to hold you up with useless things. I'm going to put you through the things that
1887	03:00:36 --> 03:00:41	you're going to have to do to really learn this, understanding why it's going
1888	03:00:41 --> 03:00:44	to take place, why it shouldn't take place when the odds are against a
1889	03:00:44 --> 03:00:50	certain thing, when the odds are still 5050, and you're going to see when I
1890	03:00:50 --> 03:00:54	talk about what this is a real this is a nice, clean market. That means you want
1891	03:00:54 --> 03:00:59	to record this. This today's recording, today's live stream, today's episode, or
1892	03:00:59 --> 03:01:05	whatnot. This is a day where you want to put it in your journal that day, August.
1893	03:01:05 --> 03:01:15	What are we on? 16th, 2024, was a very fickle day. Whenever I say it's, you
1894	03:01:15 --> 03:01:18	know, we're in a market, it's probably going to be fickle today, or it's being
1895	03:01:18 --> 03:01:21	fickle. What does that mean? You're going to have a whole lot of fuzzy price
1896	03:01:21 --> 03:01:24	action, where it's overlapping constantly, back and forth, back and
1897	03:01:24 --> 03:01:28	forth, back and forth, and it does these little sputtering like and then that's
1898	03:01:28 --> 03:01:34	it. Then back into fuzzy price action. And then when you get to lunch, whatever
1899	03:01:34 --> 03:01:39	has happened in the day, they'll make a run against that. And then then you have
1900	03:01:39 --> 03:01:46	the afternoon on a Friday, there's no telling what they're going to do. That's
1901	03:01:46 --> 03:01:51	why, in the afternoon, if I haven't made money in the morning on Fridays, I don't
1902	03:01:51 --> 03:01:55	go in the afternoon saying, Well, let me see if I can get I don't want to do
1903	03:01:55 --> 03:02:00	that. I have had losses on those days because I'm trying to fill in a void
1904	03:02:01 --> 03:02:06	where maybe I missed a move in the morning and I wanted to trade it. 32
1905	03:02:07 --> 03:02:12	years of plus doing this, I still feel human impulses to be more involved than
1906	03:02:12 --> 03:02:13	I should,
1907	03:02:14 --> 03:02:17	and I have seen that when I try to go in on a Friday, if I haven't done anything
1908	03:02:17 --> 03:02:23	all day, or maybe I missed it, or say I've had, there's an instance a few
1909	03:02:23 --> 03:02:26	times in my memory now I can remember where I was ill. I was physically sick,
1910	03:02:27 --> 03:02:30	and I wasn't able to trade all throughout the week. And I was like, You
1911	03:02:30 --> 03:02:33	know what? I got time? I'm going to go out there, and I only have, like, an
1912	03:02:33 --> 03:02:39	hour and a half left in the week. And it's it had a pretty good move for the
1913	03:02:39 --> 03:02:42	week, and it's obvious that I think it's going to do this or do that, and I go in
1914	03:02:42 --> 03:02:46	and I engage in it, and then it starts moving in my favor, and I start
1915	03:02:46 --> 03:02:53	pyramiding and pyramiding, and then I put a stop in where it's should be
1916	03:02:53 --> 03:02:57	protecting it, but it runs up and tags it. It eats away. And I didn't take any
1917	03:02:57 --> 03:03:02	partial so what I've done is I've committed too much to an idea, didn't
1918	03:03:02 --> 03:03:08	follow the rules of taking partials, and I'm building a position and left to stop
1919	03:03:08 --> 03:03:12	in a position where, if it takes me out, it's a losing trade. Is it losing a lot
1920	03:03:12 --> 03:03:18	of money? No, but I gave up all of what I built up, and now I have a loss
1921	03:03:18 --> 03:03:22	psychologically and emotionally, carrying it into the weekend, knowing
1922	03:03:22 --> 03:03:27	full well that I've told myself instances beforehand that I shouldn't do
1923	03:03:27 --> 03:03:33	that, and I did. So you're not going to discover where your pitfalls and snares
1924	03:03:33 --> 03:03:37	are until you start logging them. But nobody wants to do those things because
1925	03:03:37 --> 03:03:45	it encapsulates and makes a monument to frailty and failure. But as a trader,
1926	03:03:45 --> 03:03:50	you want to really identify what they are, because you'll never be able to fix
1927	03:03:50 --> 03:03:54	and address them and replace them with the right stuff unless you identify
1928	03:03:54 --> 03:03:58	them. But the young generation that wants to run around, be chairman and
1929	03:03:58 --> 03:04:05	mentors, okay and have a voice. They don't have the clout behind them to
1930	03:04:08 --> 03:04:13	promote the validity of having a voice. They're parroting their parenting me,
1931	03:04:13 --> 03:04:17	they're parenting other people. Anything that's written in a book, that's what
1932	03:04:17 --> 03:04:22	they're saying. They've memorized that script, and they just sound smart to
1933	03:04:22 --> 03:04:26	people that don't know anything about what they're talking about. And it's all
1934	03:04:26 --> 03:04:29	together something different. When you get out here and you're literally over a
1935	03:04:29 --> 03:04:33	live price action, and we're not talking about just following some indicators,
1936	03:04:33 --> 03:04:38	there has to be a logic explain what should take place. Why shouldn't it take
1937	03:04:38 --> 03:04:44	place? When and where it should and your audience, your your student base, if
1938	03:04:44 --> 03:04:49	they see something that they're pursuing, and they see the evidences of
1939	03:04:49 --> 03:04:52	it, if they see the things that are starting to pan out, and they start all
1940	03:04:52 --> 03:04:58	the dots are starting to connect, and that fuzzy image of what's the future
1941	03:04:58 --> 03:05:01	look like for them start. To come clearer and clearer and clearer. And
1942	03:05:01 --> 03:05:07	then they can start seeing, wow, I can be a trader that takes a trade that's a
1943	03:05:07 --> 03:05:16	breaker. Here, here, here, we're trading inside these last two up close candles
1944	03:05:16 --> 03:05:21	right in there. So if you're you're going to use that logic. What are you
1945	03:05:21 --> 03:05:25	going to use as a stop loss? If you have that PD array understood not just simply
1946	03:05:26 --> 03:05:30	annuity opening gap and a volume imbalance, your stop has to be down
1947	03:05:30 --> 03:05:30	here,
1948	03:05:32 --> 03:05:33	right below that low.
1949	03:05:34 --> 03:05:40	So while Caleb will be using fair value gaps as his entry model, he'll have to
1950	03:05:40 --> 03:05:46	grow out of that before he's allowed to get any more information from me. You
1951	03:05:47 --> 03:05:52	just like he is. He's learning other PD arrays that will compliment so I've had
1952	03:05:52 --> 03:05:57	students that come to me and say, I'm going to make the order block my entry
1953	03:05:57 --> 03:06:02	method. Okay, well, you now just made it harder, because there are all kinds of
1954	03:06:02 --> 03:06:06	order blocks. Which one are you going to use? What's the framework within that
1955	03:06:06 --> 03:06:12	order blocks use? What are you trading on? It's not just I'm going to buy a
1956	03:06:12 --> 03:06:15	down closed candle. I'm going to sell short of up close candle. There has to
1957	03:06:15 --> 03:06:20	be some kind of framework. And I gave you a challenge this week. I don't know
1958	03:06:20 --> 03:06:26	what day it was, but I know I mentioned it this week. I said, Can you frame what
1959	03:06:26 --> 03:06:30	your trade idea? Can you draw it out with a line like a draw? Draw it out
1960	03:06:30 --> 03:06:33	with a line depiction. Because if you can't draw it out on a napkin or a piece
1961	03:06:33 --> 03:06:38	of paper to explain someone what it is you're trying to do, you don't really
1962	03:06:38 --> 03:06:49	know what you're doing. That that is your first goal to know before you start
1963	03:06:49 --> 03:06:53	pressing a button with a demo account, okay, you need to be able to draw it.
1964	03:06:53 --> 03:06:58	You need to be able to draw a depiction of what it looks like as a buy, what it
1965	03:06:58 --> 03:07:03	looks like as a sell. Where's your initial stop loss? Where's your initial
1966	03:07:03 --> 03:07:09	partial How will you close the trade at Terminus? I'm not talking about how many
1967	03:07:09 --> 03:07:13	contracts and what your risk manager is going to be, but what is the framework
1968	03:07:13 --> 03:07:17	look like? Because if you can't do that, guess what you're indicating? You're
1969	03:07:17 --> 03:07:22	indicating that you did not walk the woods with daddy. You did not hear the
1970	03:07:22 --> 03:07:26	crunch of the snow under your boot as you were walking on snow, filing
1971	03:07:26 --> 03:07:31	footprints of a deer, an elk, a bear, whatever it is you're hunting, whatever
1972	03:07:31 --> 03:07:36	dad's trying to teach you that we're going to hunt today. You didn't go out
1973	03:07:36 --> 03:07:41	in the woods that day. You didn't follow dad into the woods. You didn't spend any
1974	03:07:41 --> 03:07:45	time trying to remember what these footprints look like, because if you
1975	03:07:45 --> 03:07:49	understood what those footprints look like, you can draw a crude depiction of
1976	03:07:49 --> 03:07:57	what a deer track looks like, a bear, Paul print, an elk, whatever it is
1977	03:07:57 --> 03:08:00	you're hunting, you'll know what it looks like because you've seen it enough
1978	03:08:00 --> 03:08:05	times. So how can you be mad at yourself if you can't recognize a setup because
1979	03:08:05 --> 03:08:08	you've never spent time studying what a setup looks like, the one you're
1980	03:08:08 --> 03:08:13	hunting, you don't know what you're going to hunt yet. So by watching live
1981	03:08:13 --> 03:08:18	price action, it will teach you what it is. It's going to be easiest for you to
1982	03:08:18 --> 03:08:25	see every hunter does not hunt everything. They go out and they hunt
1983	03:08:25 --> 03:08:30	deer. They go boar hunting, they go bear hunting, whatever it is they hunt. They
1984	03:08:30 --> 03:08:33	hunt turkey hunting, duck hunting. Now you might do duck and you might do deer,
1985	03:08:33 --> 03:08:38	but you're not hunting everything. You don't have enough time to do it. You
1986	03:08:38 --> 03:08:43	have job, you have family, have whatever you're doing. NASCAR, now we're talking
1987	03:08:43 --> 03:08:49	ICT. Ha, damn, we're talking some shit now anyway, but you have to be able to
1988	03:08:49 --> 03:08:55	be in here looking for your setup. So while we go through the coming weeks,
1989	03:08:55 --> 03:08:59	it's not necessary for you to do it yet. If you're brand new, if you're really
1990	03:08:59 --> 03:09:03	trying to make a serious attempt to do this stuff. It's not realistic for you
1991	03:09:03 --> 03:09:06	to know that yet, but just know that that's a homework assignment that every
1992	03:09:06 --> 03:09:13	single week that we spend together. You need to be thinking, how did this build
1993	03:09:13 --> 03:09:18	in any more understanding about what price is likely to do? That leads me to
1994	03:09:18 --> 03:09:24	a pattern and a framework that sets up a trade that has a beginning, where I buy
1995	03:09:24 --> 03:09:29	or sell, where I can place a stop loss that is finite. That means it's not it's
1996	03:09:29 --> 03:09:32	not imaginary. It means I'm literally going to put a stop loss there, and if I
1997	03:09:32 --> 03:09:37	get stopped out, I'm okay with it. Where would be the first partial formed? Or
1998	03:09:37 --> 03:09:42	what's the logic behind where the first partial would be taken. All of this can
1999	03:09:42 --> 03:09:45	be added. Some of you are going to be like, Well, you can't do that. ICT,
2000	03:09:45 --> 03:09:47	well, you don't know you're talking about, okay, that means you don't know
2001	03:09:47 --> 03:09:53	enough yet, but you will keep just stay with us, stay on the train. It's not
2002	03:09:53 --> 03:09:59	costing you any money, but I promise, because it's my son's end result, it's
2003	03:09:59 --> 03:10:04	in mind you. Remember, I'm not doing this to entertain you people. I'm doing
2004	03:10:04 --> 03:10:08	this to give him what works, and I'm giving him a framework to study. This is
2005	03:10:08 --> 03:10:12	how you do it. This is what it looks like. And because sometimes he's
2006	03:10:12 --> 03:10:18	working, he has to watch these live streams after the fact, just like you
2007	03:10:18 --> 03:10:22	that work, have job, have college. You're sleeping because you're not
2008	03:10:22 --> 03:10:26	watching this time of day. You want me to get up and trade Forex in London for
2009	03:10:26 --> 03:10:32	you? Okay, these same principles are going to be loose, same time frames and
2010	03:10:32 --> 03:10:36	other assets as well, but I'm not going to be I'm not interested in answering
2011	03:10:36 --> 03:10:42	everybody's request list. That's not why I'm here. I have a job to take care of,
2012	03:10:42 --> 03:10:46	which is teach my son the right way. It's the way he's going to have to learn
2013	03:10:46 --> 03:10:51	it. And this is the this is what I've preached to all of you, if you paid me
2014	03:10:51 --> 03:10:55	to learn how to do this, I said all these things before, and I was doing
2015	03:10:55 --> 03:10:59	these things in live stream every single day, in mentorship. The first year, I
2016	03:10:59 --> 03:11:04	literally did this every single day, and it was monotonous, it was boring. It
2017	03:11:04 --> 03:11:08	seemed like, Oh, it is not a trade, when you didn't realize I'm literally giving
2018	03:11:08 --> 03:11:11	you a baseline. You have to see these things. I know what I'm looking for. I'm
2019	03:11:11 --> 03:11:15	not looking at every one of these things today. I'm looking for one or two
2020	03:11:15 --> 03:11:21	things, and I'm done because I know what I want to trade on. But I have to give
2021	03:11:21 --> 03:11:26	you, as the student, and specifically my son, you have to bring your own
2022	03:11:27 --> 03:11:31	personality into this, and you have to grow at your own speed and your own
2023	03:11:31 --> 03:11:35	pace. And since it's my son, I'm okay with it, as long as I got breath in my
2024	03:11:35 --> 03:11:39	lungs and I can have my mental faculties, I will be here doing this
2025	03:11:40 --> 03:11:44	because I want him to succeed, and I want his brothers to have the same
2026	03:11:44 --> 03:11:47	reference material. Should they say, Well, you know, I'm going to go through
2027	03:11:47 --> 03:11:52	what you went through. They'll they'll have it. It's here. They can see it. But
2028	03:11:52 --> 03:11:56	none of them wanted to sit down and do this part. They all just want the money.
2029	03:11:57 --> 03:12:01	They all want it the easy way. So in that regard, for some of you, or all of
2030	03:12:01 --> 03:12:04	you, really, you all just want a real quick, short way of doing it. And you
2031	03:12:04 --> 03:12:09	think that I have that for my children, and I don't, this is what's essential.
2032	03:12:09 --> 03:12:15	They have to do this just like you. You will not understand Enigma unless you
2033	03:12:15 --> 03:12:21	have these baseline understandings. That's it. So for people that say they
2034	03:12:22 --> 03:12:25	they figured it out, they cracked a code, you're a lying piece of shit.
2035	03:12:26 --> 03:12:34	Period, okay, period. So I'm gonna leave you with that. I will wish you all very
2036	03:12:34 --> 03:12:38	pleasant weekend, a safe weekend. Try to relax. Don't spend too much time. If
2037	03:12:38 --> 03:12:42	you've been with me each day that you're live. Don't do too much on the weekend,
2038	03:12:42 --> 03:12:46	relax. Use that as your downtime, because you can burn yourself out really
2039	03:12:46 --> 03:12:50	fast. This is a lot of time being invested listening to me and you're not
2040	03:12:50 --> 03:12:54	really paying attention entirely. It's easy for you to just phase in and out,
2041	03:12:54 --> 03:13:01	but there are a large number of you that can't be here and you're complaining
2042	03:13:01 --> 03:13:06	about the length of these things, if I'm trying to teach you live price action
2043	03:13:07 --> 03:13:14	and it needs to be done over live data. How is it benefiting you? If I'm talking
2044	03:13:14 --> 03:13:19	less when you have to get a comprehensive understanding of what the
2045	03:13:19 --> 03:13:24	market's going to do over the spectrum of a whole trading session like that
2046	03:13:24 --> 03:13:29	just proves a myopic perspective. You don't even know what you're supposed to
2047	03:13:29 --> 03:13:33	know, to even ask the right questions. And that's not to be condescending to
2048	03:13:33 --> 03:13:37	you if you if that's how you feel, that's why I delete your comment or I
2049	03:13:37 --> 03:13:41	ban you when you're commenting stuff like that. You talk too much. I don't
2050	03:13:41 --> 03:13:44	ever want to hear from somebody like that, because you're telling me the
2051	03:13:44 --> 03:13:48	clearest way that I'm not here to learn properly, and I don't, I don't
2052	03:13:48 --> 03:13:52	appreciate your time and your effort, because I don't need to do this for you.
2053	03:13:53 --> 03:13:57	I'm doing it for my son, and I'm hoping it's going to inspire him enough to show
2054	03:13:57 --> 03:14:02	results to his brothers where they will get jealous. I'm trying to create
2055	03:14:02 --> 03:14:07	jealousy in them because they're bullies. And just like every other boy,
2056	03:14:07 --> 03:14:10	they want to pull out their dick and measure it against somebody else's and
2057	03:14:10 --> 03:14:14	say, I'm bigger than you, bub. And I know that that will make them want to do
2058	03:14:14 --> 03:14:19	it. If one of them's doing it, they all want to do it. When Cameron was making
2059	03:14:19 --> 03:14:26	money in top step my youngest son, Dad, can you teach me how to trade? But the
2060	03:14:26 --> 03:14:30	same tick tock mentality I sat down with him, I did one day with him like this,
2061	03:14:30 --> 03:14:33	and he was looking at his phone. I said, put the phone on the counter over there,
2062	03:14:33 --> 03:14:36	and he's staring off in the space, and he wasn't watching a chart. Attention
2063	03:14:36 --> 03:14:41	span is too small. Wants it right now, and that's the problem. Drive through
2064	03:14:41 --> 03:14:45	menu mentality. Give it to me right now. And the time I spent from driving my car
2065	03:14:45 --> 03:14:49	to one we need to go up there to receive the food from you, is too long,
2066	03:14:50 --> 03:14:56	and I can't tolerate that like I have no no tolerance for that type of shit. And
2067	03:14:56 --> 03:14:59	that's why I teach the way I do. I sound like a hard ass. I sound like a prick.
2068	03:14:59 --> 03:15:04	And. And I'm very, very direct, and I don't care about your feelings, because
2069	03:15:04 --> 03:15:08	the market doesn't care about your feelings. It doesn't care that it feels
2070	03:15:08 --> 03:15:12	harder for you to learn this. It doesn't care once you arrive and you get your
2071	03:15:12 --> 03:15:16	profitable model. It doesn't care that you have that profitable model. It's
2072	03:15:16 --> 03:15:19	going to do what it's going to do if you're in you make money. It doesn't
2073	03:15:19 --> 03:15:24	care. It's indifferent to you, but you're going to personify it like it's
2074	03:15:24 --> 03:15:29	hurting your feelings, because you have the wrong perspective. You have to be
2075	03:15:29 --> 03:15:35	100% responsible, and you don't know how you're going to react to determine the
2076	03:15:35 --> 03:15:40	level of responsibility you have, until you go through this stuff, you have to
2077	03:15:40 --> 03:15:44	put yourself through it. See it. I don't care who it is. People that like me
2078	03:15:44 --> 03:15:47	don't like me, if they have a model, if they have a software program they
2079	03:15:47 --> 03:15:52	designed, or they use, or they sell, whatever, they all did this shit. They
2080	03:15:52 --> 03:15:56	sat and they watched price action, and they had to get used to seeing these
2081	03:15:56 --> 03:15:58	things happen when you're trading. What do you think is going to happen
2082	03:15:58 --> 03:16:01	differently? You think that they're going to speed the fucking charts up for
2083	03:16:01 --> 03:16:04	you two times the speed you times the speed. Do you think that annotations are
2084	03:16:04 --> 03:16:07	going to pop up on your fucking chart? There's a trading view indicator, the
2085	03:16:07 --> 03:16:11	ICT, music intermusings of ICT, you're going to watch price action and
2086	03:16:11 --> 03:16:14	everything that I'm saying here, when price is ticking and where I think is
2087	03:16:14 --> 03:16:17	interesting, and what it should do, what it shouldn't do. There's an indicator is
2088	03:16:17 --> 03:16:20	going to pop up and populate all that stuff on your chart. You think that's
2089	03:16:20 --> 03:16:23	going to happen because it's not going to happen. Your chart is going to be
2090	03:16:23 --> 03:16:27	naked until you scribble whatever it is that you put on it, or if you leave it
2091	03:16:27 --> 03:16:31	open, whatever happens by your observation of watching price action,
2092	03:16:31 --> 03:16:35	that's what you're left with. That's the reality of trading. You don't know what
2093	03:16:35 --> 03:16:40	the next candle is going to do. You don't know that. You have no idea where
2094	03:16:40 --> 03:16:48	it's going to go, but we study to get a baseline on how we can predetermine the
2095	03:16:48 --> 03:16:53	most likely next draw on liquidity, and that's the that's the basis of
2096	03:16:53 --> 03:16:59	profitable trading, know where it's going, and then have a pattern that you
2097	03:16:59 --> 03:17:04	trust You've seen many times, over and over and again, pan out that leads to a
2098	03:17:04 --> 03:17:09	reason to be in that move and ride it to that draw on liquidity, where you think
2099	03:17:09 --> 03:17:15	it's going to go to. And there's lots of ways to get into a trade, but I don't
2100	03:17:15 --> 03:17:21	want to force you into a mold that says this is the best one for you. So as a
2101	03:17:21 --> 03:17:24	reminder, as I close it, this is another week behind us. Now, Caleb's being
2102	03:17:24 --> 03:17:29	forced into fair value gap. I promise you, I swear to Christ almighty. It's
2103	03:17:29 --> 03:17:34	not because the fair value gap is the best. It's just the one that's easily
2104	03:17:34 --> 03:17:40	visual. You can see it easily in a chart. It doesn't hide when there is a
2105	03:17:40 --> 03:17:45	obvious draw on liquidity. He will be using a fair value gap, and he will buy
2106	03:17:45 --> 03:17:51	one tick below the high of a discount fair value gap. He will sell short one
2107	03:17:51 --> 03:17:56	tick above the low of a bearish fair value gap. That's his entry technique.
2108	03:17:57 --> 03:18:01	I've already told you. Now, okay, I told you this yesterday. I told you, at the
2109	03:18:01 --> 03:18:05	beginning of the live streams last week how he's going to get in. If you're just
2110	03:18:05 --> 03:18:08	wondering what the model is that's going to get him in, you don't need to watch
2111	03:18:08 --> 03:18:12	my videos and stop bitching about it in my comments, because nobody sees them
2112	03:18:12 --> 03:18:16	but me, and I see him one time and I never see it again. You'll never be good
2113	03:18:16 --> 03:18:21	at this, if that's what your mentality is. But just knowing where a fair value
2114	03:18:21 --> 03:18:27	gap entry is doesn't mean shit. You have to know where the market's going to grow
2115	03:18:27 --> 03:18:32	up to or reduce down to. It's going to go up or it's going to go down, and it's
2116	03:18:32 --> 03:18:36	never going to be a straight line for you. It's not going to be like that, and
2117	03:18:36 --> 03:18:41	you're going to be met with, as I'm going to talk about a couple weeks, when
2118	03:18:41 --> 03:18:46	it's challenging, how to overcome holding on to an idea when it's not so
2119	03:18:46 --> 03:18:49	clear that it wants to keep doing it, how to hold on to a trade. I get that
2120	03:18:49 --> 03:18:54	all the time. I've given lots of responses to that this week. I've given
2121	03:18:54 --> 03:18:58	you things on how to frame a trade with stop loss placement. I've given you
2122	03:18:58 --> 03:19:02	things to think about if you get stopped out, how to revisit the same idea and
2123	03:19:02 --> 03:19:06	get back in I've given you instances where you could use that same criteria,
2124	03:19:06 --> 03:19:10	and it would be reasonable to anticipate a level B trade to and if you use that,
2125	03:19:10 --> 03:19:13	it would still run away without you, but go to where you thought, or I said it
2126	03:19:13 --> 03:19:18	was going to go. There's no shame in that. I'm teaching you how to disarm
2127	03:19:18 --> 03:19:22	yourself, because that's the stuff that all my students, that bitch and cried to
2128	03:19:22 --> 03:19:26	me in the beginning that finally found their way through it by doing this
2129	03:19:26 --> 03:19:30	stuff, by journaling correctly, not beating themselves up, not talking
2130	03:19:30 --> 03:19:34	themselves down, not inviting ass hats on the internet and their bullshit
2131	03:19:34 --> 03:19:40	commentaries and their insults and criticism to derail them. It's easy to
2132	03:19:40 --> 03:19:45	do you give the devil a seat at the table. He will come and dine with you.
2133	03:19:48 --> 03:19:55	Don't. Don't invite him. Don't invite him. Keep your business, your business.
2134	03:19:55 --> 03:19:58	Don't tell other people what you're doing. Don't give progress reports to
2135	03:19:58 --> 03:20:01	other people that you know that now. They know that you're going through this
2136	03:20:01 --> 03:20:05	because they're never going to encourage you that's not going to happen. That's
2137	03:20:05 --> 03:20:09	not going to happen. They're going to give you 15 reasons why you should not
2138	03:20:09 --> 03:20:13	waste any more time. And these same people talking to you don't make a
2139	03:20:13 --> 03:20:18	fucking Penny. They don't make a penny, and they probably work at fucking Jiffy
2140	03:20:18 --> 03:20:26	Lube, and they never had a job better than that one. So I'm closing it. You
2141	03:20:26 --> 03:20:31	have a lot of homework through this one this week, Caleb, lots and lots of nice
2142	03:20:31 --> 03:20:36	to go through, but we'll be back at it again on Monday. Lord willing. I will
2143	03:20:37 --> 03:20:43	see you then. Until then, enjoy your weekend. Be safe, and I think I
2144	03:20:43 --> 03:20:48	mentioned we're going to work on the foundations of entry next week. So we
2145	03:20:48 --> 03:20:54	we've given some basic rules for draw and liquidity that will be every single
2146	03:20:54 --> 03:20:59	time. So it's not like I'm done with that. Every single lecture will be
2147	03:20:59 --> 03:21:02	working around draws on liquidity, but now we're going to be working with
2148	03:21:02 --> 03:21:06	elements of entry, so that way we can start looking at it, put the perspective
2149	03:21:06 --> 03:21:11	of while tape reading, what should I be expecting to see? What should it do?
2150	03:21:11 --> 03:21:14	What shouldn't it do? So we're going to be using the fair value gap with that in
2151	03:21:14 --> 03:21:19	mind, framing the logic of what an entry would be hypothetically, not pushing a
2152	03:21:19 --> 03:21:23	demo button, not not entering a trade, but building that so that we can study
2153	03:21:23 --> 03:21:27	it, watch it over time, and then you have that skill set that in when I'm not
2154	03:21:27 --> 03:21:30	doing live streams, like, if you want to watch the london session, if you want to
2155	03:21:30 --> 03:21:36	watch Forex, if you want to watch, you know, the Asian session, you'll be able
2156	03:21:36 --> 03:21:41	to do that stuff and not require me to be doing it With you live, so it gives
2157	03:21:41 --> 03:21:47	you the resources and the practice, the privacy, the processes and protocols
2158	03:21:47 --> 03:21:50	that go through for you to be able to do it without me, because you got to be
2159	03:21:50 --> 03:21:56	involved in this even when I'm not doing it. Okay, so that's it. I'll talk to you
2160	03:21:56 --> 03:21:57	next time. Be safe. You.

ICT YT - 2024-08-16 - ICT 2024 Mentorship - Lecture 10

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