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on 2020-07-13 17:09
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1 -Forex.The-Inner-Circle-Trader.WebHome
1 +Forex.The Inner Circle Trader.WebHome
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34 34  - Retail logic is designed to make you fail, so why buy them?
35 35  11. Stop Wasting Money On Books
36 36  - They don't have the secret.  Good books? Consider (need to check all these references)
37 -111. For money management, everything from Ralph Vince and Ryan Jones, they do a lot of "optimal f and kelly criterion" (check, not sure what this is) - advanced topic
38 -111. //How I Made One Million Last Year Trading Commodities// (1973) by Larry Williams -  most of which is still relevant - teaches about smart money and how it influences the market.  Advanced techniques
39 -111. //Trading for a Living: Psychology, Trading Tactics, Money Management// (1993) by Alexander Elder
37 +111. For money management, everything from Ralph Vince and Ryan Jones, the do a lot of "optimal f and kelly criterion" (check, not sure what this is) - advanced topic
38 +111. "How Many Million Dollars Trading Commodities Last Year" a 70's book from Larry Williams, most of which is still relevant - teaches about smart money and how it influences the market
39 +111. Trading for A Living by Al * Elder
40 40  111. Market Wizards 1 and 2 just for inspiration
41 -111. //Street Smarts: High Probability Short-Term Trading Strategies// (1996) by Linda Bradford Raschke and Laurence A. Connors
42 -111. //Technical Analysis of the Financial Markets// (1999) by John J. Murphy - Retail Traders bible - do the opposite of this and you will find the charts more fun to watch because of the high degree of failing.
41 +111. Street Smarts by Linda ?Rash and Larry Conners
42 +111. Technical Analysis of Financial Markets - John Murphy - Retail Traders bible - do the opposite of this and you will find the charts more fun to watch because of the high degree of failing.
43 43  11. Avoid Looking for Hot Hand Gurus
44 44  - you won't make money doing this.  At best, you'll become codependent instead of a thinking trader
45 45  11. Become Your Own Signal Generator
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79 79  
80 80  == {{id name="Part2"/}}Part 2 - How Would I Study ==
81 81  
82 -(this video should be viewed multiple times)
82 +* blah
83 83  
84 -you will lose trades - doesn't matter.  Focus on the re-occurring setups
85 -
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:
88 -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
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 -11*. Example marked out - daily GBPUSD Apr 1 2020 to July 10 2020:
97 -[[image:image-20221228175525-1.png]]
98 -11*. Mark out the monthlies and extend it out into the future.
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 -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 -11*. 4 hour chart with the weekly and the monthly highs and lows marked out.
106 -[[image:image-20221228175546-2.png]]
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
111 -11. Daily Highs & Lows 
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.
116 -11. Session Highs & Lows
117 -[[image:image-20221228175607-3.png]]
118 -11. Notes:
119 -11*. Look at this chart here, 60m time frame, lows where the arrow is
120 -[[image:Screenshot 2020-08-07 at 03.50.09.jpg]]
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 {{glossaryReference glossaryId="Glossary" entryId="OTE"}}OTE{{/glossaryReference}} entry
125 -11. proper setup of price action from the london timezone
126 -
127 127  == {{id name="Part3"/}}Part 3 - How Would I Practice ==
128 128  
129 -most important - for the NY {{glossaryReference glossaryId="Glossary" entryId="OTE"}}OTE{{/glossaryReference}} entry, need to declare the rules as they are defined in the {{glossaryReference glossaryId="Glossary" entryId="OTE"}}OTE{{/glossaryReference}} videos
86 +* 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 -
143 143  == {{id name="Part4"/}}Part 4 - How Would I ... ==
144 144  
145 145  * blah
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