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Last modified by Drunk Monkey on 2022-12-28 09:56
From version 17.1
edited by Drunk Monkey
on 2020-09-09 22:07
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To version 16.1
edited by Drunk Monkey
on 2020-09-09 20:39
Change comment: Uploaded new attachment "02-hwis-03b.png", version {1}

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94 94  11. Monthly Highs & Lows
95 95  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.
96 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"]]
97 +[[image:02-hwis-01.png||alt="Screenshot 2020-08-07 at 02.54.45.png"]]
98 +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
98 98  11*. Mark out the monthlies and extend it out into the future.
99 99  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.
103 103  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.
105 105  11*. 4 hour chart with the weekly and the monthly highs and lows marked out.
106 -[[image:02-hwis-02.png||alt="Screenshot 2020-08-07 at 03.22.01.jpg"]]
103 +[[image:Screenshot 2020-08-07 at 03.22.01.jpg]]
104 +we are umore comments here
107 107  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
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
106 +11*. placeholder
111 111  11. Daily Highs & Lows 
112 112  11*. 60M chart
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.
109 +11*. asdf
116 116  11. Session Highs & Lows
117 -[[image:02-hwis-03b.png]]
118 118  11. Notes:
119 119  11*. Look at this chart here, 60m time frame, lows where the arrow is
120 120  [[image:Screenshot 2020-08-07 at 03.50.09.jpg]]
121 121  11*.
122 -1. key points
123 -11. breaking of old high/lows at key levels (old monthly/weekly/daily/session high/lows) to help determine the bias as described in this teaching
124 -11. time of day for NY OTE entry
125 -11. proper setup of price action from the london timezone
115 +11.
116 +1. sdfgsdgf
126 126  
127 127  == {{id name="Part3"/}}Part 3 - How Would I Practice ==
128 128  
129 -most important - for the NY OTE entry, need to declare the rules as they are defined in the OTE videos
120 +* blah
130 130  
131 -- directional bias determination for the day/week
132 -
133 -- where do we draw the fib from?  which low, high?  candle sticks or the body? 
134 -
135 -- definition of the TP targets - when to take profit?
136 -
137 -- define the SL target
138 -
139 -* trading view demo platform
140 -* treat the demo account as real to build good habits - not overtrading, not overleveraging, using proper risk management
141 -* back test by walking through the old data and look for the setups, then test the result
142 -
143 -
144 144  == {{id name="Part4"/}}Part 4 - How Would I ... ==
145 145  
146 146  * blah