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Last modified by Drunk Monkey on 2023-01-14 05:38
From version 28.1
edited by Drunk Monkey
on 2020-07-06 17:49
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To version 15.1
edited by Drunk Monkey
on 2020-06-28 20:24
Change comment: Uploaded new attachment "Screenshot 2020-06-29 at 04.23.52.png", version {1}

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40 40  \\- daily view
41 41  [[image:Screenshot 2020-06-29 at 03.14.02.png]]
42 42  \\- 15m view[[image:Screenshot 2020-06-29 at 03.06.46.png]]
43 -
44 44  * Note the following:
45 45  ** institutional levels
46 46  ** old monthly high at 1.1720 (1.17137 rounded)
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48 48  ** the new STH makes for a more likely trade opportunity. (market maker model) and opens up the chance for an OTE.
49 49  ** also, a high, with two lower highs on either side makes that high more significant.  when this high is broken, it's a more convincing move than breaking the other shorter term highs, thus giving us the opportunity to find a likely OTE.
50 50  ** at the fib, we see price rockets away from a STL
51 -
52 52  * when old highs/lows are broken, trades will tend to reach back to those old positions (retail calls it "support")
53 53  
54 54  == {{id name="Intro"/}}Introduction ==
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55 55  
56 56  * how to annotate the charts to look for specific price patterns
57 57  * study for the patterns for a month, and it'll start to become more easily recognizable as you train your brain to recognize it, then see if you can see it live
58 -* the pattern should appear every day, but not necessarily on the same pairs
59 -* daily chart - audusd, 20-apr-2020 contains two down candles, showing orderblock
60 -[[image:Screenshot 2020-06-29 at 04.21.46.png]]
61 -
62 -* the two equal lows in May are sensitive to prices in that order block
63 -[[image:Screenshot 2020-06-29 at 04.23.52.png]]
64 -
65 -* we are primarily looking for reactions to the previous days range. (last visible green candle in the picture above)
66 -* can we determine whether the price is going to be able to break the previous days high or low?
67 -[[image:Screenshot 2020-06-29 at 04.50.28.png]]
68 -We can see that the recent lows pushed slightly into the order block, but returned indicating that prices doesn't currently want to run lower.
69 -
70 -* AUDUSD 5M example[[image:Screenshot 2020-06-29 at 04.58.02.png]]
71 -Mark out the previous days high and low.
72 -\\The black line (6450) represents the closest institutional or key level near the previous days high.  The blue lines above and below are a 10 pip spread.
73 -
74 -* The OTE pattern occurs during the 8:30 to 11:00am NY session.  That's when the major news and reports tends to come out. 
75 -[[image:Screenshot 2020-06-29 at 05.02.49.png||queryString="width=385&height=579" height="579" width="385"]]
76 -The green box represents the 62 to 79% Fib retracement levels in the OTE pattern
77 -
78 -* The Fib box is drawn from the low to high when the previous days high has been broken.
79 -* Trade
80 -** lot size that allows taking the partials (0.04, take a bit off each time? 
81 -** SL will be set below the 100 level.
82 -** Profit taking
83 -*** take at 1st scaling at -0.5 or 15 pips or more
84 -*** take next at -1.0 or 15 pips or more (or slightly before - round down to the nearest 10 level)
85 -*** take a scaling at 100 pips regardless of where you are
86 -*** take next at -1.5
87 -*** take next at -2.0
88 -*** once price moves beyond the 1st scaling, move the SL up (just beyond BE)
89 -*** 2nd scaling - move SL above SL.
90 -*** other scalings - watch the trades, then set SL beyond BE, not to close so there is room for the trade to run.
91 -*** get out by the last scaling
92 -* Fib settings for Trading View:
93 -[[image:Screenshot 2020-06-29 at 05.10.27.png||queryString="width=363&height=533" height="533" width="363"]]
94 -We could also at -1.5 level
95 -
96 -* key things learned
97 -** when to move a stop
98 -** what entry price to look for
99 -** where stop loss should be
100 -** where do you take partials
101 -** what you avoid doing to your revised stops (choking them out)
56 +*
102 102  
103 -== {{id name="Ex02"/}}Example 2 - USDJPY ==
58 +== {{id name="Ex01"/}}Example 1 ==
104 104  
105 -* Daily Chart
106 -[[image:Screenshot 2020-07-07 at 01.38.28.png]]
107 -\\fib drawn from the swing low, to the swing high
108 -
109 -* previous days high (2nd last candle) broke the high from the day before that.  This means we could potentially see a turn, or an expansion to the upside
110 -[[image:Screenshot 2020-07-07 at 01.40.40.png]]
111 -\\Our high is 106.65(7)
112 -
113 -* Dropping into the 5m chart:
114 -[[image:Screenshot 2020-07-07 at 01.43.50.png]]
115 -\\Where do you think the OTE is going to be?  Look before scrolling further.  Remember the magic hours of 08:30 - 11:00 NY time. 
116 -
117 -* Fib added from the previous low at point 1, to the last recent high at point 2
118 -[[image:Screenshot 2020-07-07 at 01.47.47.png]]
60 +* example
119 119  
62 +== {{id name="Ex02"/}}Example 2 ==
63 +
64 +* example
65 +
120 120  == {{id name="Ex03"/}}Example 3 ==
121 121  
122 122  * example
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