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Last modified by Drunk Monkey on 2022-12-28 09:56
From version 9.1
edited by Drunk Monkey
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To version 18.1
edited by Drunk Monkey
on 2022-12-28 09:56
Change comment: There is no comment for this version

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1 -Forex.The Inner Circle Trader.WebHome
1 +Forex.The-Inner-Circle-Trader.WebHome
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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:image-20221228175525-1.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
95 -11*. 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
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]]
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:image-20221228175607-3.png]]
104 104  11. Notes:
105 -1. sdfgsdgf
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
106 106  
107 107  == {{id name="Part3"/}}Part 3 - How Would I Practice ==
108 108  
109 -* blah
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
110 110  
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 +
111 111  == {{id name="Part4"/}}Part 4 - How Would I ... ==
112 112  
113 113  * blah
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