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Last modified by Drunk Monkey on 2022-12-28 09:56
From version 12.4
edited by Drunk Monkey
on 2020-09-08 15:45
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edited by Drunk Monkey
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84 84  you will lose trades - doesn't matter.  Focus on the re-occurring setups
85 85  
86 86  1. Where do steady setups form?  Focus first on the following because everything else is a distraction.  If you understand how prices flow around these various areas, you will always be able to find setups that will lead to profitable trading.
87 +\\There are 4 areas that we need to examine:
87 87  11. Monthly Highs & Lows
89 +11. Weekly Highs & Lows
90 +11. Daily Highs & Lows
91 +11. Session Highs & Lows
92 +1. In detail:
93 +\\The open/high/low/close for a period needs to be focused on.  
94 +11. Monthly Highs & Lows
88 88  11*. Look at the last 3 months - mark out the high and the low and then study how the market reacts around it.  Ignore standard support and resistance crap because that will lead to loss.
89 -11*. Example marked out - daily GBPUSD Apr 7 2020 to July 27 2020:
90 -[[image:Screenshot 2020-08-07 at 02.54.45.png]]
91 -11*. What are you looking for?  Focus on price, the open, high, low and close of any interval.  The intervals are the monthly, weekly, daily, sessions
96 +11*. Example marked out - daily GBPUSD Apr 1 2020 to July 10 2020:
97 +[[image:02-hwis-01a.png||alt="Screenshot 2020-08-07 at 02.54.45.png"]]
92 92  11*. Mark out the monthlies and extend it out into the future.
93 93  11*. What's happening and is happening as it reacts around that price level?  Is price heading for an old monthly high?  Low?  Where is it aiming?  Has it recently gone below an old low? and rallying up? If so, it's probably just ran stops.  If it ran sell stops, then it'll probably run for the old monthly highs.
100 +\\If it's reaching for an old monthly high - then the algorithm is reaching for the liquidity resting above those old highs.
101 +\\If it's reaching for the old monthly lows - then it's reaching for the liquidity resting below those old monthly lows.
102 +\\"to and through" - important words and we shall see later.
94 94  11. Weekly Highs & Lows
104 +11*. We are going to find key levels defined by the weekly highs/lows and you can see how price sweeps below old monthly/weekly lows and then move gyrate to find other week]ly lows.
95 95  11*. 4 hour chart with the weekly and the monthly highs and lows marked out.
96 -[[image:Screenshot 2020-08-07 at 03.22.01.jpg]]
97 -we are umore comments here
106 +[[image:02-hwis-02.png||alt="Screenshot 2020-08-07 at 03.22.01.jpg"]]
98 98  11*. We are using different colors to mark the highs and lows. (blue, high, red, low) as well as using different widths to differentiate between the monthly and the weekly points of interest
99 -11*. placeholder
108 +11*. when price breaks above the blue levels (old monthly/weekly highs), is the market going higher?  or is it seeking liquidity and then rejection to go low?
109 +11*. if it is taking out multiple blues, then that's indicating a bullish narrative and would appear to be seeking a higher liquidity pool, not a weekly high, but an higher monthly high,  it's giving is an indication/xray of what the underlying market wants to do.
110 +11*. the same applies to the opposite direction?  multiple lows taken?  seeking lower liquidity pools
100 100  11. Daily Highs & Lows 
101 101  11*. 60M chart
102 -11*. asdf
113 +11*. you will see setups every day
114 +11*. be content to take profit early on in the week (tues-thur).  trades taken later in the week are riskier and are more likely to add to your losses at this stage of your development (maybe always?).
115 +11*. daily highs and lows offer the potential for liquidity draws, meaning the market will likely go above our daily highs to reach the buy stops, or go below the daily low to reach the sell stops.
103 103  11. Session Highs & Lows
117 +[[image:02-hwis-03b.png]]
104 104  11. Notes:
105 105  11*. Look at this chart here, 60m time frame, lows where the arrow is
106 106  [[image:Screenshot 2020-08-07 at 03.50.09.jpg]]
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