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edited by Drunk Monkey
on 2021-05-25 08:40
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3 -ICT: Okay, folks, welcome back. This is
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2 +|1 |00:00:10,559 ~-~-> 00:00:19,169 |ICT: Okay, folks, welcome back. This is part three of a continuing series of four videos, if I could go back and tell myself what I knew Now, again, this is
3 +|2 |00:00:19,169 ~-~-> 00:00:31,619 |a hypothetical conversation with my younger self. Purely fiction. Just to give you a perspective on if I tell myself what to focus on, when I first started, he
4 +|3 |00:00:31,619 ~-~-> 00:00:38,639 |would hopefully have avoided majority of the painful lessons and losses that I had to incur.
5 +|4 |00:00:45,150 ~-~-> 00:00:58,200 |How would I practice? Where do you back test daily setups? Now, before I get into this, this whole series is really linked to the optimal trade entry pattern
6 +|5 |00:00:58,200 ~-~-> 00:01:07,860 |that I've that I've made public on my YouTube channel. I've also included 20 videos of daily setups, so that we kind of give you familiarity to what this
7 +|6 |00:01:07,860 ~-~-> 00:01:19,290 |pattern looks like across a wide array of different asset classes. But I'm covering a simplistic approach to how you should be practicing. First and
8 +|7 |00:01:19,290 ~-~-> 00:01:31,020 |foremost, everyone knows, broker demo platforms. Okay. So whenever you open up an account with a broker, generally they offer you a trial version of their
9 +|8 |00:01:31,020 ~-~-> 00:01:40,800 |platform. So you can test your strategies or whatever it is that you're utilizing for your framework for your setups. You can test drive it on a demo
10 +|9 |00:01:40,800 ~-~-> 00:01:54,120 |account. forex has the ability to offer demo accounts that for some brokers don't expire. And it's not a big deal. If it does expire, he just started
11 +|10 |00:01:54,120 ~-~-> 00:02:05,430 |another one. But you don't want to treat the demo account like Monopoly money, you want to sit down with it and say, Okay, how much of this hypothetical
12 +|11 |00:02:05,730 ~-~-> 00:02:17,850 |pretend money would I be utilizing, if I was trading, it wouldn't have been $50,000. To start with. And working with a demo with a sober mind about what
13 +|12 |00:02:17,850 ~-~-> 00:02:29,430 |you're doing, and building good habits and removing the opportunity to fall into bad habits. That means overtrading, looking for setups, even after you've made a
14 +|13 |00:02:29,460 ~-~-> 00:02:38,400 |correct decision in the market shows you that you would have been profitable, it's not an invitation to go right back in the same day, to try to get something
15 +|14 |00:02:38,400 ~-~-> 00:02:48,900 |else because it felt good. You're going to fall victim to that early on. So to avoid all that, don't have it in your mindset, you have to take a lot of trades
16 +|15 |00:02:48,900 ~-~-> 00:02:59,490 |every single day, you're gonna lose a lot of money, you don't know it yet, but you're gonna lose a lot of money trying to do that. And third party apps like
17 +|16 |00:02:59,580 ~-~-> 00:03:13,260 |forex tester, you can go to forex tester COMM And they have a medium where you can go back and back test strategies and such. And finally, tradingview.com
18 +|17 |00:03:13,290 ~-~-> 00:03:25,770 |today, which doesn't exist at the time of you coming up now, Michael, the tradingview.com website offers pretty much everything that was available when
19 +|18 |00:03:26,250 ~-~-> 00:03:41,040 |you started, meta stock, super charts TradeStation. All those things, and bells and whistles that you're liking right now aren't really that important. You're
20 +|19 |00:03:41,040 ~-~-> 00:03:50,460 |going to focus primarily on the open the high, the low and the close. It doesn't feel like that that's where you're going to be heading. But eventually, you're
21 +|20 |00:03:50,460 ~-~-> 00:03:58,410 |going to strip all the indicators off your chart, Michael. And you're not even going to consider any of that. It doesn't make sense to you right now. But trust
22 +|21 |00:03:58,410 ~-~-> 00:04:11,370 |me, everything becomes clear by not having anything on your charts. You're not have any overlays of your platform indicators you like stochastic right now.
23 +|22 |00:04:12,300 ~-~-> 00:04:21,960 |It's not going to ever appear on your chart anymore. You like MACD, it's never gonna appear on your chart anymore. Michael. You want to strip the chart down
24 +|23 |00:04:21,990 ~-~-> 00:04:33,960 |and focus on the four price levels that is the most paramount. It's the open the high, the low and the close. And looking at different intervals. The previous
25 +|24 |00:04:33,960 ~-~-> 00:04:43,380 |day's highs and lows, previous week's highs and lows and previous months highs and lows will offer a plethora of setups. He doesn't feel like that makes sense
26 +|25 |00:04:43,380 ~-~-> 00:04:53,040 |to you right now. But it will absolutely unlock all of the understanding that you'll need to carve out consistent steady setups. So let's go into trading view
27 +|26 |00:04:53,610 ~-~-> 00:05:03,480 |and look at how we can practice. Alright, so here is the trading view platform and I have the charts. With the euro dollar currency pair, on the left hand
28 +|27 |00:05:03,480 ~-~-> 00:05:13,560 |side, it is a 15 minute time frame. And on the right hand side, it's a daily chart. And the assumption is that we're focusing on the optimal trade entry on a
29 +|28 |00:05:13,560 ~-~-> 00:05:26,520 |higher time frame until it delivers to a key level. I'm going to show you right now what that would look like. Here we have a high that would be targeted. In
30 +|29 |00:05:26,520 ~-~-> 00:05:40,680 |here, as the price was rallying up, we can see before we got to this high back testing these types of setups is what you'd be doing. We're going to show a
31 +|30 |00:05:40,680 ~-~-> 00:05:41,460 |Fibonacci
32 +|31 |00:05:43,350 ~-~-> 00:05:52,950 |on this swing low. With this candles higher low in this candles higher low, surrounding this one particular candle. That's why I'm anchoring it to that. And
33 +|32 |00:05:52,950 ~-~-> 00:06:03,330 |I'm dragging it all the way up to this candles high. Because it's as it's making higher highs, I'm going to overlay the fib on every successive higher high,
34 +|33 |00:06:03,690 ~-~-> 00:06:12,330 |because that's going to be the range in which any retracement comes, it'll be within that range. And it'll be apparent when you see it here. So we draw this
35 +|34 |00:06:12,330 ~-~-> 00:06:23,220 |up for that. Okay, so you can see the Fibonacci that's anchored from this low up to this high. It captures this retracement of this candle right here is the 10th
36 +|35 |00:06:23,700 ~-~-> 00:06:32,520 |of July 2020. Here's the 10th on the 15 minute time frame, you can see how the 15 minute time frame drops down into the optimal trade entry. Which is the six
37 +|36 |00:06:32,520 ~-~-> 00:06:42,900 |to seven times adjacent level and 70.5. Sweet Spot. This level is going to be one of the levels you're gonna like a lot but you'll save yourself a lot of
38 +|37 |00:06:42,900 ~-~-> 00:06:52,890 |frustration if you just use the 62% retracement level Michael. Most of the trades that you're hunting in these next couple years are going to be unwilling
39 +|38 |00:06:52,890 ~-~-> 00:07:02,580 |to trade to the 70.5 or even 79% retracement level, but he would just simply use the 62% retracement level and defer the insatiable desire for you to find the
40 +|39 |00:07:02,580 ~-~-> 00:07:13,620 |perfect entry all the time. Later on in your 40s you're going to feel real comfortable with not having the absolute best entry and the absolute best exit.
41 +|40 |00:07:14,040 ~-~-> 00:07:24,510 |There's lots and lots of opportunities in between. So 60% retracement level one here is ideal. And we actually see a key reaction off of that 62% retracement
42 +|41 |00:07:24,510 ~-~-> 00:07:38,220 |level, price starts to move higher. Now, your focus is to imagine every daily candle moving higher, open, near the low of the day, close near the high the
43 +|42 |00:07:38,220 ~-~-> 00:07:51,150 |day, up close is the mode of delivery. And we're expecting until we get to this high. So when we get up to it and through it. Okay, remember that slogan to it,
44 +|43 |00:07:51,570 ~-~-> 00:08:03,720 |and through it to it. And through it. That's how you're going to find the easiest bread and butter setups there is in every market asset class. The idea
45 +|44 |00:08:03,720 ~-~-> 00:08:13,830 |is the framework is this optimal trade entry is going to keep delivering until we get to this high and slightly above it. Here is one half a standard deviation
46 +|45 |00:08:13,890 ~-~-> 00:08:28,290 |and it's calling for 114 46 and two pipettes. Okay, the actual high of this price when as of the time of this discussion, the high comes in at 114 52. And
47 +|46 |00:08:28,290 ~-~-> 00:08:37,500 |one bit bit, so it goes a little bit above it. But that's a good idea as a target, if not just simply at the old high. Now we're going to take our
48 +|47 |00:08:37,500 ~-~-> 00:08:46,320 |concentration away from the daily chart, because we can clearly see with the benefit of hindsight here that we had a series of up close candles. And each day
49 +|48 |00:08:46,350 ~-~-> 00:08:55,890 |you'd be hunting a New York setup. Now this is going to be the easiest framework, Michael, if you just submit to it early on, stop trying to find
50 +|49 |00:08:55,890 ~-~-> 00:09:05,220 |trades outside of this timeframe. focus in here, and you're going to find everything that you would ever need. So all of our attention is going to go over
51 +|50 |00:09:05,220 ~-~-> 00:09:16,380 |to this chart here. Scrubbing forward a little bit, you can see the daily dividers. And what you're going to do is you're going to take a line segment and
52 +|51 |00:09:16,380 ~-~-> 00:09:27,060 |you use the rectangle if you want. And you're going to delineate on the chart each day 830 to 11 o'clock in the morning New York time. So when you've studied
53 +|52 |00:09:27,060 ~-~-> 00:09:35,850 |this time, you're going to be able to see a retracement lower, because remember the framework is every day the daily candles are going to go higher. That is
54 +|53 |00:09:35,850 ~-~-> 00:09:48,900 |what you'll litter dope as the power three. This high is going to be attacked, but each day is going to be accumulation manipulation and distribution. The
55 +|54 |00:09:48,900 ~-~-> 00:09:57,570 |accumulation is going to be near the low of the day there are killing long positions. You're going to see that movement up going into New York, New York
56 +|55 |00:09:57,570 ~-~-> 00:10:07,830 |session is 830 to 11 o'clock. And as the market retraces lower in there, inside that consolidation and retracement, you're going to find a five minute optimal
57 +|56 |00:10:07,830 ~-~-> 00:10:18,960 |trade entry. That means a low swing high down in that doesn't take out the previous swing low trades to the 62% retracement level, your stop would be below
58 +|57 |00:10:19,560 ~-~-> 00:10:32,310 |the low that creates the optimal trade entry. You would go long at 62 plus spread and reach for previous day's high or a combination of that and the
59 +|58 |00:10:32,310 ~-~-> 00:10:35,190 |standard deviations on the Fibonacci. That being
60 +|59 |00:10:37,710 ~-~-> 00:10:48,120 |like this is one standard deviation. This is one half a standard deviation, and so on. So each day you can start to see and back test how many pips that using
61 +|60 |00:10:48,120 ~-~-> 00:10:56,970 |the 62% retracement level would give you plus the spread for your entry that you would have risked to get that trade on and how many pips it delivered, how long
62 +|61 |00:10:57,270 ~-~-> 00:11:11,550 |the trade took from entry to delivery to your target. How much of a drawdown did each setup take? You want to consider that because if you have a large sample
63 +|62 |00:11:11,550 ~-~-> 00:11:20,220 |set of data, not every trade is going to start and turn right at the 62% retracement level, you might have to incur some drawdown. And don't make a big
64 +|63 |00:11:20,220 ~-~-> 00:11:29,460 |deal of it, Michael, because you're going to have a lot of trades. And they're not always going to be reacting as soon as you get in many times. The fact that
65 +|64 |00:11:29,460 ~-~-> 00:11:38,640 |they don't react right away is indicative of you being of you being offside, and it's probably better for you to just kill the trade altogether. But that's
66 +|65 |00:11:38,640 ~-~-> 00:11:51,930 |another lesson all the time. The next day, again, 830 to 11, you're going to look for the price structure, that one then creates a run and then a retracement
67 +|66 |00:11:51,960 ~-~-> 00:12:03,030 |down into between 830 and 11. There's your optimal trade entry. And when you see that, again, six to a certain tracing level, aiming for a previous day's high
68 +|67 |00:12:03,210 ~-~-> 00:12:13,380 |previous day's highs here. So you're gonna aim for a run through that and then add your standard deviations on your Fibonacci tool for targets. same premise.
69 +|68 |00:12:14,100 ~-~-> 00:12:22,680 |How long did it take you to get to profitability and cover the dealer spread? How many pips Did you incur in drawdown? How much time did it take to get to
70 +|69 |00:12:22,680 ~-~-> 00:12:39,480 |target all of that is building up a sample set of backlogs. This backlog is what you go back through and study for a hindsight derived experience. And by doing
71 +|70 |00:12:39,480 ~-~-> 00:12:51,240 |this, it will program your expectations to not perfect, but it will also show like we're showing here an instance where an optimal trade entry doesn't really
72 +|71 |00:12:51,240 ~-~-> 00:13:01,260 |necessarily form. Even if you use this one and down in getting in long. Your stop below this would have been tagged so you would have a loss. So how much
73 +|72 |00:13:01,260 ~-~-> 00:13:10,110 |time did you take? Before getting stopped out? How many pips did it move against you from your initial entry and how it traded for the day. All of these ideas,
74 +|73 |00:13:10,500 ~-~-> 00:13:20,790 |give you again, perspective, if you would have held on to this trade, and didn't use a stop loss, or kept moving your stop loss down as you will have done
75 +|74 |00:13:21,600 ~-~-> 00:13:27,810 |because you've made those mistakes early on already. And you're going to make those mistakes for another year and a half, because you're gonna wrestle with
76 +|75 |00:13:27,810 ~-~-> 00:13:38,130 |the idea of being right. It's not about being right, Michael, it's about being consistent and flexible. When you can see the signals that are indicating you're
77 +|76 |00:13:38,130 ~-~-> 00:13:47,760 |wrong or offside. You have to kill it. Don't arm wrestle it, there's so many opportunities. If you try to blow your account on one particular trading day,
78 +|77 |00:13:47,760 ~-~-> 00:13:56,400 |because you can't accept the fact that you were wrong. You can't accept that you're human, then you're going to struggle more than you have to. And that's
79 +|78 |00:13:56,400 ~-~-> 00:14:06,810 |why I'm talking to you right now. I don't want you to go through all that. Because at 47 turning 48 soon, these problems that you're going to encounter, if
80 +|79 |00:14:06,810 ~-~-> 00:14:21,180 |you don't listen to me, are still going to be painful to relive or remember how much information do you use from this bad example? In terms of profitability,
81 +|80 |00:14:21,180 ~-~-> 00:14:30,450 |but good example for learning. You don't want to torture yourself and say, Well, I was stupid because it was really, really screaming against me or I should have
82 +|81 |00:14:30,450 ~-~-> 00:14:38,760 |saw these multiple attempts to go higher in and break down. I just picked a really bad trade and I was foolish for doing it. Don't do those types of things.
83 +|82 |00:14:38,760 ~-~-> 00:14:48,810 |Michael, don't fill your journal up. with toxic thinking. You're going to fill up the first three years of journals with a lot of things that are going to be
84 +|83 |00:14:50,400 ~-~-> 00:14:58,440 |linked to your subconscious. And you're going to look at the markets and you can remember and this looks like that time I lost X amount of money and didn't use a
85 +|84 |00:14:58,440 ~-~-> 00:15:06,990 |stop or didn't Get out when I should have gotten out and you're reliving all those painful moments that you journaled. You're going to use your journal to
86 +|85 |00:15:06,990 ~-~-> 00:15:13,920 |have positive, constructive, not negative criticism, but positive criticisms, it's
87 +|86 |00:15:15,330 ~-~-> 00:15:25,740 |important for you to frame your annotations in your journal in such a way that there's no emotions whatsoever. None. But you still want to pull out the
88 +|87 |00:15:25,740 ~-~-> 00:15:35,370 |information that's salient to the lesson. Because when you're wrong, you need to study what led to you being wrong. So that way, eventually, you're going to key
89 +|88 |00:15:35,370 ~-~-> 00:15:43,350 |up on the things that you're doing that are problematic, and you're falling victim to over and over again. But until you study them with a sober mind, and
90 +|89 |00:15:43,350 ~-~-> 00:15:49,980 |objectively, you're going to keep falling victim to it, and you're not gonna understand why it's happening. Not only will you lose a lot of money, but you're
91 +|90 |00:15:49,980 ~-~-> 00:16:02,100 |going to have a lot of frustration that's completely avoidable if you just do that this gave you right now. The next day, same thing we're not looking for
92 +|91 |00:16:03,150 ~-~-> 00:16:12,480 |every single day to be a winner, we're expecting it's going to be a trade there may not pan out. But we're staying with the same narrative we're looking for
93 +|92 |00:16:12,570 ~-~-> 00:16:24,240 |this day, here's a 16th. And that is on the daily, right here, that's this day here. Now that's a down closed candle. When you see this, okay, you're gonna see
94 +|93 |00:16:24,240 ~-~-> 00:16:33,840 |this high, and the next candle has a lower high, that swing high is gonna make you think early on that it's creating a top and there's no more buy signals to
95 +|94 |00:16:33,840 ~-~-> 00:16:42,240 |take. Don't believe that. Just because it's making a swing high doesn't mean it's not going to likely give you another buying opportunity. Even on that
96 +|95 |00:16:42,240 ~-~-> 00:16:50,670 |particular day. It gives us an optimal trade entry here. And you want to study again, 62% retracement level, how much time did it take to cover the dealing
97 +|96 |00:16:50,670 ~-~-> 00:16:59,760 |spread and move the target? How many pips did it offer. And even though it didn't get to the previous day's high, by taking out scaled profits, you don't
98 +|97 |00:16:59,760 ~-~-> 00:17:09,750 |have to be right about the next trade running to the previous day's high when you're bullish. Short term highs in here as it runs up, you want to take profits
99 +|98 |00:17:09,780 ~-~-> 00:17:18,000 |off there. And when you back test and practice, you would be doing the same thing. Assuming that if you were in a trade, you would take something off here.
100 +|99 |00:17:18,180 ~-~-> 00:17:25,890 |And you'll take something off here. And as it goes up into this area here. You may have been expecting it to trade above here. But in this case, it turns
101 +|100 |00:17:25,890 ~-~-> 00:17:37,800 |around. How much time did you stay in the trade? While I was drop dropping down here? How long would you expect to hold on to that trade before you realize that
102 +|101 |00:17:37,800 ~-~-> 00:17:48,600 |you were wrong? and be honest about it. Because what you pour into your back testing and practicing. While it's hindsight, if you are not honest with
103 +|102 |00:17:48,600 ~-~-> 00:17:59,430 |yourself, if you put in poor expectations, you're going to get ridiculously backwards results, you're going to expect certain things that aren't realistic
104 +|103 |00:17:59,430 ~-~-> 00:18:10,080 |to see in terms of outcome. And you're going to be at the mercy of your emotions. And you're going to be pulled around by a psychological tug of war
105 +|104 |00:18:10,290 ~-~-> 00:18:18,780 |about being right or wrong if you don't do these things. The next day, even though we had a losing day here in this trade while it was profitable, it didn't
106 +|105 |00:18:18,780 ~-~-> 00:18:29,340 |deliver to the previous day's high. It's fine. You stick with the narrative. Next trading day. Here it is 830 to 11 optimal trade entry it's dropping down.
107 +|106 |00:18:29,490 ~-~-> 00:18:38,250 |And it gives us two opportunities. It drops into it here and it gives us another one here and then takes out the previous day's high here. So we have now
108 +|107 |00:18:38,250 ~-~-> 00:18:49,140 |delivered a setup that takes out the previous day's high. And this is Friday, so you can't trade the next day. It's a Saturday. But how many pips did it take
109 +|108 |00:18:49,590 ~-~-> 00:19:00,810 |from entry to scaling at your previous day's high? How many pips was that? How much time did it take? How many pips did you have in drawdown? All of those
110 +|109 |00:19:00,810 ~-~-> 00:19:11,370 |ideas, you build a backlog of and then on the weekends, you want to study how each one of these work together to complement one another. In other words, how
111 +|110 |00:19:11,370 ~-~-> 00:19:21,630 |did the previous day's trading setup the situation he saw on the next day and look at it from a hourly perspective, a daily perspective. And you'll help you
112 +|111 |00:19:21,630 ~-~-> 00:19:33,540 |frame out the institutional order flow that you'll become known for in the Forex division. So in this case, following this criteria, and practicing every single
113 +|112 |00:19:33,540 ~-~-> 00:19:40,950 |day, just keeping a backlog of it. You're going to not only train yourself to see the setup, but you're going to grow in your understanding about how the
114 +|113 |00:19:40,950 ~-~-> 00:19:51,690 |characteristics repeat over and over and over again and staying with just one currency. But framing all the ideas on a higher time frame basis. That leads to
115 +|114 |00:19:51,720 ~-~-> 00:20:03,120 |high consistency without having to need perfection. So hope you found this one insightful, I will be back again Next week with the final portion of the series,
116 +|115 |00:20:03,450 ~-~-> 00:20:08,370 |how to transition into practice into live funds. Until then, I wish good luck and good trading.
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7 -part three of a continuing series of
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11 -four videos. If I could go back and tell
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15 -myself what I know now, again, this is a
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19 -hypothetical conversation with my
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23 -younger self. Purely fiction. Just to
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27 -give you a perspective on if I tell
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31 -myself what to focus on, when I first
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35 -started, it would hopefully have avoided
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39 -majority of the painful lessons and
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43 -losses I had to incur How would I
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47 -practice? Where do you back test daily
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51 -setups? And I'll before I get into this,
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55 -this whole series is really linked to
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59 -the optimal trade entry pattern that
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63 -I've that I've made public on my YouTube
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67 -Channel, I've also included 20 videos of
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71 -daily setups. So that way kind of gives
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75 -you familiarity to what this pattern
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79 -looks like across a wide array of
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91 -you should be practicing. First and
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95 -foremost, everyone knows, broker demo
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98 -00:01:21,959 ~-~-> 00:01:24,959
99 -platforms. Okay, so whenever you open up
100 -
101 -26
102 -00:01:24,959 ~-~-> 00:01:28,199
103 -an account with a broker, generally they
104 -
105 -27
106 -00:01:28,199 ~-~-> 00:01:31,019
107 -offer you a trial version of their
108 -
109 -28
110 -00:01:31,019 ~-~-> 00:01:33,659
111 -platform. So you can test your
112 -
113 -29
114 -00:01:33,869 ~-~-> 00:01:35,909
115 -strategies or whatever it is that you're
116 -
117 -30
118 -00:01:36,149 ~-~-> 00:01:37,619
119 -utilizing for your framework for your
120 -
121 -31
122 -00:01:37,619 ~-~-> 00:01:40,799
123 -setups. You can test drive it on a demo
124 -
125 -32
126 -00:01:40,799 ~-~-> 00:01:45,989
127 -account. forex has the ability to offer
128 -
129 -33
130 -00:01:46,019 ~-~-> 00:01:48,479
131 -demo accounts that for some brokers
132 -
133 -34
134 -00:01:48,479 ~-~-> 00:01:52,169
135 -don't expire. And it's not a big deal.
136 -
137 -35
138 -00:01:52,169 ~-~-> 00:01:54,089
139 -If it does expire. He just started
140 -
141 -36
142 -00:01:54,089 ~-~-> 00:01:57,329
143 -another one. But you don't want to treat
144 -
145 -37
146 -00:01:57,389 ~-~-> 00:01:59,969
147 -the demo account like Monopoly money.
148 -
149 -38
150 -00:01:59,999 ~-~-> 00:02:02,609
151 -You want to sit down with it and say,
152 -
153 -39
154 -00:02:02,609 ~-~-> 00:02:05,459
155 -Okay, how much of this hypothetical
156 -
157 -40
158 -00:02:05,729 ~-~-> 00:02:08,069
159 -pretend money would I be utilizing, if I
160 -
161 -41
162 -00:02:08,069 ~-~-> 00:02:10,289
163 -was trading, it wouldn't have been
164 -
165 -42
166 -00:02:10,289 ~-~-> 00:02:14,969
167 -$50,000 to start with, and working with
168 -
169 -43
170 -00:02:14,969 ~-~-> 00:02:17,849
171 -a demo with a sober mind about what
172 -
173 -44
174 -00:02:17,849 ~-~-> 00:02:20,249
175 -you're doing, and building good habits
176 -
177 -45
178 -00:02:20,279 ~-~-> 00:02:23,759
179 -and removing the opportunity to fall
180 -
181 -46
182 -00:02:23,759 ~-~-> 00:02:26,639
183 -into bad habits. That means overtrading
184 -
185 -47
186 -00:02:26,969 ~-~-> 00:02:28,739
187 -looking for setups even after you've
188 -
189 -48
190 -00:02:28,739 ~-~-> 00:02:31,109
191 -made a correct decision, and the market
192 -
193 -49
194 -00:02:31,109 ~-~-> 00:02:33,119
195 -shows you that you would have been
196 -
197 -50
198 -00:02:33,119 ~-~-> 00:02:35,639
199 -profitable. It's not an invitation to go
200 -
201 -51
202 -00:02:35,639 ~-~-> 00:02:37,829
203 -right back in the same day, to try to
204 -
205 -52
206 -00:02:37,829 ~-~-> 00:02:39,599
207 -get something else because it felt good.
208 -
209 -53
210 -00:02:40,439 ~-~-> 00:02:41,999
211 -You're going to fall victim to that
212 -
213 -54
214 -00:02:41,999 ~-~-> 00:02:46,139
215 -early on. So to avoid all that, don't
216 -
217 -55
218 -00:02:46,529 ~-~-> 00:02:48,179
219 -have it in your mindset. You have to
220 -
221 -56
222 -00:02:48,179 ~-~-> 00:02:49,499
223 -take a lot of trades every single day.
224 -
225 -57
226 -00:02:50,159 ~-~-> 00:02:51,779
227 -You're gonna lose a lot of money. You
228 -
229 -58
230 -00:02:51,779 ~-~-> 00:02:53,249
231 -don't know it yet, but you're going to
232 -
233 -59
234 -00:02:53,249 ~-~-> 00:02:55,379
235 -lose a lot of money, trying to do that.
236 -
237 -60
238 -00:02:57,839 ~-~-> 00:03:00,809
239 -And third party apps like for tester and
240 -
241 -61
242 -00:03:00,809 ~-~-> 00:03:03,659
243 -you can go to forex tester calm. And
244 -
245 -62
246 -00:03:03,749 ~-~-> 00:03:06,629
247 -they have a medium where you can go back
248 -
249 -63
250 -00:03:06,629 ~-~-> 00:03:11,489
251 -and back test strategies and such. And
252 -
253 -64
254 -00:03:11,489 ~-~-> 00:03:14,489
255 -finally trading view calm today, which
256 -
257 -65
258 -00:03:14,489 ~-~-> 00:03:16,679
259 -doesn't exist at the time of you coming
260 -
261 -66
262 -00:03:16,679 ~-~-> 00:03:19,589
263 -up now Michael, the tradingview.com
264 -
265 -67
266 -00:03:19,589 ~-~-> 00:03:22,889
267 -website offers pretty much everything
268 -
269 -68
270 -00:03:23,489 ~-~-> 00:03:27,089
271 -that was available when you started,
272 -
273 -69
274 -00:03:28,079 ~-~-> 00:03:32,339
275 -meta stock, super charts TradeStation
276 -
277 -70
278 -00:03:32,879 ~-~-> 00:03:35,699
279 -all those things and bells and whistles
280 -
281 -71
282 -00:03:35,729 ~-~-> 00:03:39,029
283 -that you're liking right now aren't
284 -
285 -72
286 -00:03:39,029 ~-~-> 00:03:41,249
287 -really that important. You're going to
288 -
289 -73
290 -00:03:41,249 ~-~-> 00:03:43,319
291 -focus primarily on the open the high,
292 -
293 -74
294 -00:03:43,319 ~-~-> 00:03:45,989
295 -the low and the close. It doesn't feel
296 -
297 -75
298 -00:03:45,989 ~-~-> 00:03:47,369
299 -like that that's where you're going to
300 -
301 -76
302 -00:03:47,369 ~-~-> 00:03:50,579
303 -be heading. But eventually, you're going
304 -
305 -77
306 -00:03:50,579 ~-~-> 00:03:52,109
307 -to strip all the indicators off your
308 -
309 -78
310 -00:03:52,109 ~-~-> 00:03:53,819
311 -chart, Michael, and you're not even
312 -
313 -79
314 -00:03:53,819 ~-~-> 00:03:56,489
315 -going to consider any of it. It doesn't
316 -
317 -80
318 -00:03:56,489 ~-~-> 00:03:58,379
319 -make sense to you right now, but trust
320 -
321 -81
322 -00:03:58,379 ~-~-> 00:04:01,979
323 -me everything becomes clear by not
324 -
325 -82
326 -00:04:01,979 ~-~-> 00:04:04,169
327 -having anything on your charts. You
328 -
329 -83
330 -00:04:04,169 ~-~-> 00:04:06,029
331 -don't have to have any overlays of your
332 -
333 -84
334 -00:04:06,779 ~-~-> 00:04:09,299
335 -platform indicators you'd like
336 -
337 -85
338 -00:04:10,049 ~-~-> 00:04:12,869
339 -stochastic right now, it's not going to
340 -
341 -86
342 -00:04:12,869 ~-~-> 00:04:15,809
343 -ever appear on your chart anymore. You
344 -
345 -87
346 -00:04:15,809 ~-~-> 00:04:18,269
347 -like MACD, it's never going to appear on
348 -
349 -88
350 -00:04:18,269 ~-~-> 00:04:21,029
351 -your chart anymore. Michael. You want to
352 -
353 -89
354 -00:04:21,029 ~-~-> 00:04:24,239
355 -strip the chart down and focus on the
356 -
357 -90
358 -00:04:24,239 ~-~-> 00:04:26,429
359 -four price levels that is the most
360 -
361 -91
362 -00:04:26,429 ~-~-> 00:04:28,529
363 -paramount. It's the open the high, the
364 -
365 -92
366 -00:04:28,529 ~-~-> 00:04:30,839
367 -low and the close and looking at
368 -
369 -93
370 -00:04:30,839 ~-~-> 00:04:34,199
371 -different intervals. The previous day's
372 -
373 -94
374 -00:04:34,199 ~-~-> 00:04:36,089
375 -highs and lows, previous week's highs
376 -
377 -95
378 -00:04:36,089 ~-~-> 00:04:37,649
379 -and lows in previous months highs and
380 -
381 -96
382 -00:04:37,649 ~-~-> 00:04:41,669
383 -lows will offer a plethora of setups. It
384 -
385 -97
386 -00:04:41,669 ~-~-> 00:04:43,469
387 -doesn't feel like that makes sense to
388 -
389 -98
390 -00:04:43,469 ~-~-> 00:04:45,719
391 -you right now. But it will absolutely
392 -
393 -99
394 -00:04:45,719 ~-~-> 00:04:47,579
395 -unlock all of the understanding that
396 -
397 -100
398 -00:04:47,579 ~-~-> 00:04:49,889
399 -you'll need to carve out consistent
400 -
401 -101
402 -00:04:49,889 ~-~-> 00:04:52,769
403 -steady setups. So let's go into trading
404 -
405 -102
406 -00:04:52,769 ~-~-> 00:04:54,899
407 -view and look at how we can practice.
408 -
409 -103
410 -00:04:55,199 ~-~-> 00:04:57,179
411 -Alright, so here is the trading view
412 -
413 -104
414 -00:04:57,179 ~-~-> 00:05:00,539
415 -platform and I have the charts up With
416 -
417 -105
418 -00:05:00,569 ~-~-> 00:05:03,059
419 -the euro dollar currency pair, on the
420 -
421 -106
422 -00:05:03,059 ~-~-> 00:05:05,549
423 -left hand side, it is a 15 minute time
424 -
425 -107
426 -00:05:05,549 ~-~-> 00:05:07,409
427 -frame. And on the right hand side, it's
428 -
429 -108
430 -00:05:07,409 ~-~-> 00:05:10,739
431 -a daily chart. And the assumption is
432 -
433 -109
434 -00:05:11,010 ~-~-> 00:05:13,110
435 -that we're focusing on the optimal trade
436 -
437 -110
438 -00:05:13,110 ~-~-> 00:05:15,570
439 -entry on a higher time frame until it
440 -
441 -111
442 -00:05:15,570 ~-~-> 00:05:20,070
443 -delivers to a key level. I'm going to
444 -
445 -112
446 -00:05:20,070 ~-~-> 00:05:21,450
447 -show you right now what that would look
448 -
449 -113
450 -00:05:21,450 ~-~-> 00:05:24,330
451 -like. Here we have a high that would be
452 -
453 -114
454 -00:05:24,330 ~-~-> 00:05:28,110
455 -targeted. In here, as the price was
456 -
457 -115
458 -00:05:28,110 ~-~-> 00:05:30,510
459 -rallying up, we can see before we got to
460 -
461 -116
462 -00:05:30,510 ~-~-> 00:05:34,920
463 -this high back testing these types of
464 -
465 -117
466 -00:05:34,980 ~-~-> 00:05:38,250
467 -setups is what you'd be doing. We're
468 -
469 -118
470 -00:05:38,250 ~-~-> 00:05:44,070
471 -going to show a Fibonacci on this swing
472 -
473 -119
474 -00:05:44,070 ~-~-> 00:05:47,340
475 -low. With this candles higher low and
476 -
477 -120
478 -00:05:47,340 ~-~-> 00:05:49,170
479 -this candles higher low, surrounding
480 -
481 -121
482 -00:05:49,170 ~-~-> 00:05:50,550
483 -this one particular candle. That's why
484 -
485 -122
486 -00:05:50,550 ~-~-> 00:05:53,520
487 -I'm anchoring it to that. I'm dragging
488 -
489 -123
490 -00:05:53,520 ~-~-> 00:05:55,470
491 -it all the way up to this candle is
492 -
493 -124
494 -00:05:55,470 ~-~-> 00:05:58,110
495 -high, because it's as it's making higher
496 -
497 -125
498 -00:05:58,110 ~-~-> 00:06:00,660
499 -highs. I'm going to overlay the fib On
500 -
501 -126
502 -00:06:00,660 ~-~-> 00:06:04,080
503 -every successive higher high, because
504 -
505 -127
506 -00:06:04,080 ~-~-> 00:06:05,460
507 -that's going to be the range in which
508 -
509 -128
510 -00:06:05,730 ~-~-> 00:06:07,920
511 -any retracement comes it'll be within
512 -
513 -129
514 -00:06:07,920 ~-~-> 00:06:10,350
515 -that range. And it'll be apparent when
516 -
517 -130
518 -00:06:10,350 ~-~-> 00:06:13,740
519 -you see it here. So we draw this up. So
520 -
521 -131
522 -00:06:13,740 ~-~-> 00:06:15,570
523 -that Okay, so you can see the Fibonacci
524 -
525 -132
526 -00:06:15,570 ~-~-> 00:06:17,580
527 -that's anchored from this low up to this
528 -
529 -133
530 -00:06:17,580 ~-~-> 00:06:20,070
531 -high. It captures this retracement of
532 -
533 -134
534 -00:06:20,070 ~-~-> 00:06:24,060
535 -this candle right here is the 10th of
536 -
537 -135
538 -00:06:24,060 ~-~-> 00:06:27,450
539 -July 2020. Here's the 10th. On the 15
540 -
541 -136
542 -00:06:27,450 ~-~-> 00:06:28,500
543 -minute time frame, you can see how the
544 -
545 -137
546 -00:06:28,500 ~-~-> 00:06:29,880
547 -15 minute time frame drops down into the
548 -
549 -138
550 -00:06:29,880 ~-~-> 00:06:32,940
551 -optimal trade entry. Which is the 60 to
552 -
553 -139
554 -00:06:33,270 ~-~-> 00:06:36,390
555 -70 retracement level and 70.5 sweetspot.
556 -
557 -140
558 -00:06:37,560 ~-~-> 00:06:39,750
559 -This level is going to be one of the
560 -
561 -141
562 -00:06:39,750 ~-~-> 00:06:41,730
563 -levels you're going to like a lot but
564 -
565 -142
566 -00:06:41,730 ~-~-> 00:06:42,870
567 -you'll save yourself a lot of
568 -
569 -143
570 -00:06:42,870 ~-~-> 00:06:44,970
571 -frustration if you just use the 62%
572 -
573 -144
574 -00:06:44,970 ~-~-> 00:06:47,160
575 -retracement level Michael. Most of the
576 -
577 -145
578 -00:06:47,160 ~-~-> 00:06:49,800
579 -trades that you're hunting in these next
580 -
581 -146
582 -00:06:49,800 ~-~-> 00:06:52,890
583 -couple years are going to be unwilling
584 -
585 -147
586 -00:06:52,890 ~-~-> 00:06:55,020
587 -to trade at a 70.5 or even 79%
588 -
589 -148
590 -00:06:55,020 ~-~-> 00:06:56,160
591 -retracement level but he would just
592 -
593 -149
594 -00:06:56,160 ~-~-> 00:06:58,950
595 -simply use the 62% retracement level and
596 -
597 -150
598 -00:06:59,160 ~-~-> 00:07:01,920
599 -defer The insatiable desire for you to
600 -
601 -151
602 -00:07:01,920 ~-~-> 00:07:03,990
603 -find the perfect entry all the time
604 -
605 -152
606 -00:07:05,070 ~-~-> 00:07:07,830
607 -later on in your 40s you're going to
608 -
609 -153
610 -00:07:07,830 ~-~-> 00:07:10,470
611 -feel real comfortable with not having
612 -
613 -154
614 -00:07:10,680 ~-~-> 00:07:12,750
615 -the absolute best entry and the absolute
616 -
617 -155
618 -00:07:12,750 ~-~-> 00:07:15,360
619 -best exit. There's lots and lots of
620 -
621 -156
622 -00:07:15,360 ~-~-> 00:07:18,690
623 -opportunity in between. So 62%
624 -
625 -157
626 -00:07:18,690 ~-~-> 00:07:20,940
627 -retracement level on here is ideal and
628 -
629 -158
630 -00:07:20,940 ~-~-> 00:07:23,250
631 -we can actually see a key reaction off
632 -
633 -159
634 -00:07:23,250 ~-~-> 00:07:26,340
635 -of that 62% retracement level price
636 -
637 -160
638 -00:07:26,340 ~-~-> 00:07:29,100
639 -starts to move higher. Now, your focus
640 -
641 -161
642 -00:07:29,280 ~-~-> 00:07:33,030
643 -is to imagine every daily candle moving
644 -
645 -162
646 -00:07:33,030 ~-~-> 00:07:37,140
647 -higher. Open, near the low of the day,
648 -
649 -163
650 -00:07:37,230 ~-~-> 00:07:39,780
651 -close near the high the day. Up close is
652 -
653 -164
654 -00:07:39,780 ~-~-> 00:07:43,170
655 -the mode of delivery. We're expecting
656 -
657 -165
658 -00:07:43,230 ~-~-> 00:07:46,770
659 -until we get to this high. So when we
660 -
661 -166
662 -00:07:46,770 ~-~-> 00:07:48,960
663 -get up to it and through it. Okay,
664 -
665 -167
666 -00:07:48,960 ~-~-> 00:07:52,170
667 -remember that slogan to it and through
668 -
669 -168
670 -00:07:52,170 ~-~-> 00:07:56,760
671 -it to it and through it. That's how
672 -
673 -169
674 -00:07:56,760 ~-~-> 00:07:58,860
675 -you're going to find the easiest bread
676 -
677 -170
678 -00:07:58,860 ~-~-> 00:08:00,600
679 -and butter setups. There is In every
680 -
681 -171
682 -00:08:00,600 ~-~-> 00:08:04,050
683 -market asset class, the idea is the
684 -
685 -172
686 -00:08:04,050 ~-~-> 00:08:06,660
687 -framework is this optimal trade entry is
688 -
689 -173
690 -00:08:06,660 ~-~-> 00:08:08,880
691 -going to keep delivering until we get to
692 -
693 -174
694 -00:08:08,880 ~-~-> 00:08:12,030
695 -this high and slightly above it. Here is
696 -
697 -175
698 -00:08:12,390 ~-~-> 00:08:14,130
699 -one half a standard deviation, and it's
700 -
701 -176
702 -00:08:14,130 ~-~-> 00:08:18,180
703 -calling for 114 46 and two puppets.
704 -
705 -177
706 -00:08:18,870 ~-~-> 00:08:21,480
707 -Okay? The actual high of this price
708 -
709 -178
710 -00:08:21,480 ~-~-> 00:08:23,880
711 -when, as of the time of this discussion,
712 -
713 -179
714 -00:08:24,780 ~-~-> 00:08:28,680
715 -the high comes in at 114 52. And one bit
716 -
717 -180
718 -00:08:28,680 ~-~-> 00:08:30,360
719 -that so it goes a little bit above that,
720 -
721 -181
722 -00:08:30,360 ~-~-> 00:08:33,600
723 -but that's a good idea as a target, if
724 -
725 -182
726 -00:08:33,600 ~-~-> 00:08:36,570
727 -not just simply at the old high. Now,
728 -
729 -183
730 -00:08:36,600 ~-~-> 00:08:38,220
731 -we're going to take our concentration
732 -
733 -184
734 -00:08:38,250 ~-~-> 00:08:39,810
735 -away from the daily chart because we can
736 -
737 -185
738 -00:08:39,810 ~-~-> 00:08:40,830
739 -clearly see with the benefit of
740 -
741 -186
742 -00:08:40,830 ~-~-> 00:08:43,530
743 -hindsight here that we had a series of
744 -
745 -187
746 -00:08:43,590 ~-~-> 00:08:46,800
747 -up close candles, and each day you'd be
748 -
749 -188
750 -00:08:46,800 ~-~-> 00:08:49,650
751 -hunting a New York setup. Now this is
752 -
753 -189
754 -00:08:49,650 ~-~-> 00:08:51,660
755 -going to be the easiest framework,
756 -
757 -190
758 -00:08:51,660 ~-~-> 00:08:53,640
759 -Michael, if you just submit to it early
760 -
761 -191
762 -00:08:53,640 ~-~-> 00:08:56,940
763 -on, stop trying to find trades outside
764 -
765 -192
766 -00:08:56,940 ~-~-> 00:08:59,790
767 -of this timeframe. focus in here and
768 -
769 -193
770 -00:08:59,790 ~-~-> 00:09:01,800
771 -you're gonna To find everything that you
772 -
773 -194
774 -00:09:01,800 ~-~-> 00:09:04,680
775 -would ever need. So all of our attention
776 -
777 -195
778 -00:09:04,680 ~-~-> 00:09:06,450
779 -is going to go over to this chart here.
780 -
781 -196
782 -00:09:07,470 ~-~-> 00:09:09,540
783 -So scrubbing forward a little bit, you
784 -
785 -197
786 -00:09:09,540 ~-~-> 00:09:12,900
787 -can see the daily dividers. And what
788 -
789 -198
790 -00:09:12,900 ~-~-> 00:09:13,770
791 -you're going to do is you're going to
792 -
793 -199
794 -00:09:13,770 ~-~-> 00:09:17,400
795 -take a line segment, you use a rectangle
796 -
797 -200
798 -00:09:17,400 ~-~-> 00:09:19,110
799 -if you want. And you're going to
800 -
801 -201
802 -00:09:19,110 ~-~-> 00:09:22,800
803 -delineate on the chart each day 830 to
804 -
805 -202
806 -00:09:22,800 ~-~-> 00:09:24,240
807 -11 o'clock in the morning, New York
808 -
809 -203
810 -00:09:24,240 ~-~-> 00:09:27,600
811 -time. So when you study this time,
812 -
813 -204
814 -00:09:27,630 ~-~-> 00:09:28,860
815 -you're going to be able to see a
816 -
817 -205
818 -00:09:28,860 ~-~-> 00:09:31,650
819 -retracement lower, because remember the
820 -
821 -206
822 -00:09:31,680 ~-~-> 00:09:33,720
823 -framework is every day the daily candles
824 -
825 -207
826 -00:09:33,720 ~-~-> 00:09:36,000
827 -are going to go higher. That is what
828 -
829 -208
830 -00:09:36,000 ~-~-> 00:09:38,760
831 -your job as the power three.
832 -
833 -209
834 -00:09:40,289 ~-~-> 00:09:43,859
835 -This high is going to be attacked, but
836 -
837 -210
838 -00:09:43,889 ~-~-> 00:09:45,929
839 -each day is going to be accumulation,
840 -
841 -211
842 -00:09:45,959 ~-~-> 00:09:48,899
843 -manipulation and distribution. The
844 -
845 -212
846 -00:09:48,899 ~-~-> 00:09:50,519
847 -accumulation is going to be near the low
848 -
849 -213
850 -00:09:50,519 ~-~-> 00:09:52,019
851 -the day they're accumulating long
852 -
853 -214
854 -00:09:52,019 ~-~-> 00:09:54,359
855 -positions. You're going to see that
856 -
857 -215
858 -00:09:54,359 ~-~-> 00:09:57,239
859 -movement up going into New York, New
860 -
861 -216
862 -00:09:57,239 ~-~-> 00:10:00,449
863 -York session is 830 to 11 o'clock. As
864 -
865 -217
866 -00:10:00,479 ~-~-> 00:10:02,969
867 -the market retraces lower in there,
868 -
869 -218
870 -00:10:03,359 ~-~-> 00:10:05,219
871 -inside that consolidation and
872 -
873 -219
874 -00:10:05,219 ~-~-> 00:10:07,169
875 -retracement you're going to find a five
876 -
877 -220
878 -00:10:07,169 ~-~-> 00:10:10,079
879 -minute optimal trade entry. That means a
880 -
881 -221
882 -00:10:10,079 ~-~-> 00:10:13,349
883 -low swing high down in that doesn't take
884 -
885 -222
886 -00:10:13,349 ~-~-> 00:10:15,749
887 -out the previous swing low trades to the
888 -
889 -223
890 -00:10:15,749 ~-~-> 00:10:18,179
891 -62% retracement level, your stop would
892 -
893 -224
894 -00:10:18,179 ~-~-> 00:10:21,269
895 -be below the low that creates the
896 -
897 -225
898 -00:10:21,269 ~-~-> 00:10:24,659
899 -optimal trade entry. You'd go long at 62
900 -
901 -226
902 -00:10:24,659 ~-~-> 00:10:28,139
903 -plus spread and reach for previous day's
904 -
905 -227
906 -00:10:28,139 ~-~-> 00:10:32,279
907 -high or a combination of that and the
908 -
909 -228
910 -00:10:32,279 ~-~-> 00:10:33,809
911 -standard deviations on the Fibonacci
912 -
913 -229
914 -00:10:34,469 ~-~-> 00:10:38,699
915 -that mean like this is one standard
916 -
917 -230
918 -00:10:38,699 ~-~-> 00:10:40,349
919 -deviation. This is one half a standard
920 -
921 -231
922 -00:10:40,349 ~-~-> 00:10:43,559
923 -deviation and so on. So each day you can
924 -
925 -232
926 -00:10:43,559 ~-~-> 00:10:46,199
927 -start to see and back test how many pips
928 -
929 -233
930 -00:10:47,099 ~-~-> 00:10:49,349
931 -that using the 62% retracement level
932 -
933 -234
934 -00:10:49,349 ~-~-> 00:10:51,119
935 -would give you plus the spread for your
936 -
937 -235
938 -00:10:51,119 ~-~-> 00:10:53,099
939 -entry that you would have risked to get
940 -
941 -236
942 -00:10:53,099 ~-~-> 00:10:54,659
943 -that trade on and how many pips it
944 -
945 -237
946 -00:10:54,659 ~-~-> 00:10:58,889
947 -delivered how long the trade took from
948 -
949 -238
950 -00:10:58,889 ~-~-> 00:11:03,749
951 -entry. To delivery to your target. How
952 -
953 -239
954 -00:11:03,749 ~-~-> 00:11:06,779
955 -much of a drop down did each setup take?
956 -
957 -240
958 -00:11:07,979 ~-~-> 00:11:09,749
959 -You want to consider that because if you
960 -
961 -241
962 -00:11:09,749 ~-~-> 00:11:13,169
963 -have a large sample set of data, not
964 -
965 -242
966 -00:11:13,169 ~-~-> 00:11:14,759
967 -every trade is going to start and turn
968 -
969 -243
970 -00:11:14,759 ~-~-> 00:11:17,189
971 -right at the 62% retracement level, you
972 -
973 -244
974 -00:11:17,189 ~-~-> 00:11:19,529
975 -might have to incur some drawdown. And
976 -
977 -245
978 -00:11:19,529 ~-~-> 00:11:20,999
979 -don't make a big deal of it, Michael,
980 -
981 -246
982 -00:11:21,029 ~-~-> 00:11:22,739
983 -because you're going to have a lot of
984 -
985 -247
986 -00:11:22,739 ~-~-> 00:11:24,659
987 -trades. And they're not always going to
988 -
989 -248
990 -00:11:24,659 ~-~-> 00:11:27,779
991 -be reacting as soon as you get in many
992 -
993 -249
994 -00:11:27,779 ~-~-> 00:11:30,209
995 -times. The fact that they don't react
996 -
997 -250
998 -00:11:30,209 ~-~-> 00:11:32,939
999 -right away is indicative of you being of
1000 -
1001 -251
1002 -00:11:33,029 ~-~-> 00:11:35,429
1003 -you being offside and it's probably
1004 -
1005 -252
1006 -00:11:35,459 ~-~-> 00:11:36,779
1007 -better for you to just kill the trade
1008 -
1009 -253
1010 -00:11:36,779 ~-~-> 00:11:39,179
1011 -all together. But that's another lesson
1012 -
1013 -254
1014 -00:11:39,179 ~-~-> 00:11:45,689
1015 -the whole time. The next day, again, 830
1016 -
1017 -255
1018 -00:11:45,689 ~-~-> 00:11:47,429
1019 -to 11. You're going to look for the
1020 -
1021 -256
1022 -00:11:47,429 ~-~-> 00:11:49,469
1023 -price structure that London creates a
1024 -
1025 -257
1026 -00:11:49,469 ~-~-> 00:11:52,829
1027 -run and then a retracement down into
1028 -
1029 -258
1030 -00:11:52,829 ~-~-> 00:11:56,669
1031 -between 830 and 11. This is your optimal
1032 -
1033 -259
1034 -00:11:56,669 ~-~-> 00:11:58,769
1035 -trade entry. And when you see that
1036 -
1037 -260
1038 -00:11:59,549 ~-~-> 00:12:01,139
1039 -against you Students are chasing a level
1040 -
1041 -261
1042 -00:12:01,529 ~-~-> 00:12:03,029
1043 -aiming for a previous day's high
1044 -
1045 -262
1046 -00:12:03,209 ~-~-> 00:12:04,889
1047 -previous day's highs here. So you're
1048 -
1049 -263
1050 -00:12:04,889 ~-~-> 00:12:06,749
1051 -gonna aim for a run through that and
1052 -
1053 -264
1054 -00:12:06,749 ~-~-> 00:12:08,699
1055 -then add your standard deviations on
1056 -
1057 -265
1058 -00:12:08,699 ~-~-> 00:12:12,869
1059 -your Fibonacci tool for targets. same
1060 -
1061 -266
1062 -00:12:12,869 ~-~-> 00:12:15,239
1063 -premise. How long did it take you to get
1064 -
1065 -267
1066 -00:12:15,239 ~-~-> 00:12:18,029
1067 -to profitability and cover the dealer
1068 -
1069 -268
1070 -00:12:18,029 ~-~-> 00:12:20,339
1071 -spread? How many pips Did you encourage
1072 -
1073 -269
1074 -00:12:20,339 ~-~-> 00:12:22,409
1075 -draw down? How much time did it take to
1076 -
1077 -270
1078 -00:12:22,409 ~-~-> 00:12:25,649
1079 -get to target all of that is building up
1080 -
1081 -271
1082 -00:12:25,679 ~-~-> 00:12:29,519
1083 -a sample set of backlogs. This backlog
1084 -
1085 -272
1086 -00:12:29,549 ~-~-> 00:12:32,369
1087 -is what you go back through and study
1088 -
1089 -273
1090 -00:12:32,369 ~-~-> 00:12:38,879
1091 -for a hindsight derived experience. And
1092 -
1093 -274
1094 -00:12:38,879 ~-~-> 00:12:41,879
1095 -by doing this, it will program your
1096 -
1097 -275
1098 -00:12:41,879 ~-~-> 00:12:45,719
1099 -expectations to not perfect but it will
1100 -
1101 -276
1102 -00:12:45,719 ~-~-> 00:12:48,389
1103 -also show like we're showing here an
1104 -
1105 -277
1106 -00:12:48,389 ~-~-> 00:12:50,609
1107 -instance where an optimal trade entry
1108 -
1109 -278
1110 -00:12:50,639 ~-~-> 00:12:52,559
1111 -doesn't really necessarily form and even
1112 -
1113 -279
1114 -00:12:52,559 ~-~-> 00:12:55,829
1115 -if you use this one and down in getting
1116 -
1117 -280
1118 -00:12:55,829 ~-~-> 00:12:58,859
1119 -in long, your stop below this would have
1120 -
1121 -281
1122 -00:12:58,859 ~-~-> 00:13:00,449
1123 -been tagged. So you would have a loss.
1124 -
1125 -282
1126 -00:13:00,719 ~-~-> 00:13:02,939
1127 -So how much time did you take? Before
1128 -
1129 -283
1130 -00:13:02,939 ~-~-> 00:13:04,409
1131 -getting stopped out? How many pips did
1132 -
1133 -284
1134 -00:13:04,409 ~-~-> 00:13:06,209
1135 -it move against you from your initial
1136 -
1137 -285
1138 -00:13:06,209 ~-~-> 00:13:08,969
1139 -entry and how it traded for the day. All
1140 -
1141 -286
1142 -00:13:08,969 ~-~-> 00:13:11,819
1143 -of these ideas, give you again,
1144 -
1145 -287
1146 -00:13:11,969 ~-~-> 00:13:14,819
1147 -perspective. If you would have held on
1148 -
1149 -288
1150 -00:13:14,819 ~-~-> 00:13:17,279
1151 -to this trade, and didn't use a stop
1152 -
1153 -289
1154 -00:13:17,279 ~-~-> 00:13:19,199
1155 -loss, or kept moving your stop loss down
1156 -
1157 -290
1158 -00:13:19,229 ~-~-> 00:13:22,199
1159 -as you will have done, because you've
1160 -
1161 -291
1162 -00:13:22,199 ~-~-> 00:13:24,089
1163 -made those mistakes early on already.
1164 -
1165 -292
1166 -00:13:24,479 ~-~-> 00:13:25,739
1167 -And you're going to make those mistakes
1168 -
1169 -293
1170 -00:13:25,739 ~-~-> 00:13:26,939
1171 -for another year and a half, because
1172 -
1173 -294
1174 -00:13:26,939 ~-~-> 00:13:28,349
1175 -you're going to wrestle with the idea of
1176 -
1177 -295
1178 -00:13:28,349 ~-~-> 00:13:30,959
1179 -being right. It's not about being right,
1180 -
1181 -296
1182 -00:13:30,959 ~-~-> 00:13:34,409
1183 -Michael, it's about being consistent and
1184 -
1185 -297
1186 -00:13:34,409 ~-~-> 00:13:36,569
1187 -flexible. When you can see the signals
1188 -
1189 -298
1190 -00:13:36,569 ~-~-> 00:13:38,639
1191 -that are indicating you're wrong or
1192 -
1193 -299
1194 -00:13:38,639 ~-~-> 00:13:41,999
1195 -offside. You have to kill it. Don't arm
1196 -
1197 -300
1198 -00:13:41,999 ~-~-> 00:13:43,139
1199 -wrestle it. There's so many
1200 -
1201 -301
1202 -00:13:43,139 ~-~-> 00:13:45,599
1203 -opportunities. If you try to blow your
1204 -
1205 -302
1206 -00:13:45,599 ~-~-> 00:13:47,789
1207 -account on one particular trading day
1208 -
1209 -303
1210 -00:13:47,789 ~-~-> 00:13:50,069
1211 -because you can't accept the fact that
1212 -
1213 -304
1214 -00:13:50,069 ~-~-> 00:13:51,839
1215 -you were wrong. You can't accept it,
1216 -
1217 -305
1218 -00:13:51,839 ~-~-> 00:13:54,089
1219 -you're human. And you're going to
1220 -
1221 -306
1222 -00:13:54,179 ~-~-> 00:13:56,549
1223 -struggle more you have to and that's why
1224 -
1225 -307
1226 -00:13:56,549 ~-~-> 00:13:58,559
1227 -I'm talking to you right now. I don't
1228 -
1229 -308
1230 -00:13:58,559 ~-~-> 00:13:59,999
1231 -want you to go through all that because
1232 -
1233 -309
1234 -00:14:00,449 ~-~-> 00:14:05,429
1235 -At 47 turning 48 soon these problems
1236 -
1237 -310
1238 -00:14:05,489 ~-~-> 00:14:06,899
1239 -that you're going to encounter if you
1240 -
1241 -311
1242 -00:14:06,899 ~-~-> 00:14:09,599
1243 -don't listen to me are still going to be
1244 -
1245 -312
1246 -00:14:10,049 ~-~-> 00:14:12,299
1247 -painful to relive or remember
1248 -
1249 -313
1250 -00:14:14,399 ~-~-> 00:14:17,549
1251 -how much information do you use from
1252 -
1253 -314
1254 -00:14:17,549 ~-~-> 00:14:20,459
1255 -this bad example? In terms of
1256 -
1257 -315
1258 -00:14:20,459 ~-~-> 00:14:22,199
1259 -profitability, but good example for
1260 -
1261 -316
1262 -00:14:22,199 ~-~-> 00:14:24,449
1263 -learning. You don't want to torture
1264 -
1265 -317
1266 -00:14:24,449 ~-~-> 00:14:26,639
1267 -yourself and say, Well, I was stupid
1268 -
1269 -318
1270 -00:14:26,639 ~-~-> 00:14:29,309
1271 -because it was really screaming against
1272 -
1273 -319
1274 -00:14:29,309 ~-~-> 00:14:31,589
1275 -me or I should have saw these multiple
1276 -
1277 -320
1278 -00:14:31,919 ~-~-> 00:14:33,209
1279 -attempts to go higher and and break
1280 -
1281 -321
1282 -00:14:33,209 ~-~-> 00:14:35,999
1283 -down. I just picked a really bad trade
1284 -
1285 -322
1286 -00:14:35,999 ~-~-> 00:14:37,889
1287 -and I was foolish, resilient, don't do
1288 -
1289 -323
1290 -00:14:37,889 ~-~-> 00:14:40,499
1291 -those types of things. Michael, don't
1292 -
1293 -324
1294 -00:14:40,589 ~-~-> 00:14:43,139
1295 -fill your journal up. with toxic
1296 -
1297 -325
1298 -00:14:43,139 ~-~-> 00:14:45,209
1299 -thinking. You're going to fill up the
1300 -
1301 -326
1302 -00:14:45,209 ~-~-> 00:14:47,279
1303 -first three years of journals with a lot
1304 -
1305 -327
1306 -00:14:47,309 ~-~-> 00:14:51,389
1307 -of things that are going to be linked to
1308 -
1309 -328
1310 -00:14:51,389 ~-~-> 00:14:53,249
1311 -your subconscious. And you're going to
1312 -
1313 -329
1314 -00:14:53,249 ~-~-> 00:14:54,149
1315 -look at the markets and you're gonna
1316 -
1317 -330
1318 -00:14:54,149 ~-~-> 00:14:55,979
1319 -remember, and this looks like that time
1320 -
1321 -331
1322 -00:14:56,009 ~-~-> 00:14:58,379
1323 -I lost X amount of money and didn't use
1324 -
1325 -332
1326 -00:14:58,379 ~-~-> 00:15:00,689
1327 -a stop or I didn't Get out when I should
1328 -
1329 -333
1330 -00:15:00,689 ~-~-> 00:15:02,579
1331 -have gotten out and you're reliving all
1332 -
1333 -334
1334 -00:15:02,579 ~-~-> 00:15:03,809
1335 -those painful moments that you've
1336 -
1337 -335
1338 -00:15:03,809 ~-~-> 00:15:06,449
1339 -journaled. You're going to use your
1340 -
1341 -336
1342 -00:15:06,449 ~-~-> 00:15:09,179
1343 -journal to have positive, constructive,
1344 -
1345 -337
1346 -00:15:09,779 ~-~-> 00:15:12,629
1347 -not negative criticism, but positive
1348 -
1349 -338
1350 -00:15:12,629 ~-~-> 00:15:16,409
1351 -criticisms. It's important for you to
1352 -
1353 -339
1354 -00:15:16,469 ~-~-> 00:15:19,379
1355 -frame your annotations in your journal
1356 -
1357 -340
1358 -00:15:20,159 ~-~-> 00:15:21,809
1359 -in such a way that there's no emotions
1360 -
1361 -341
1362 -00:15:21,809 ~-~-> 00:15:24,869
1363 -whatsoever. None. But you still want to
1364 -
1365 -342
1366 -00:15:24,899 ~-~-> 00:15:27,209
1367 -pull out the information that's salient
1368 -
1369 -343
1370 -00:15:27,209 ~-~-> 00:15:29,969
1371 -to the lesson because when you're wrong,
1372 -
1373 -344
1374 -00:15:30,029 ~-~-> 00:15:32,729
1375 -you need to study what led to you being
1376 -
1377 -345
1378 -00:15:32,729 ~-~-> 00:15:34,649
1379 -wrong. So that way, eventually, you're
1380 -
1381 -346
1382 -00:15:34,649 ~-~-> 00:15:36,539
1383 -going to key up on the things that
1384 -
1385 -347
1386 -00:15:36,539 ~-~-> 00:15:38,909
1387 -you're doing that are problematic, and
1388 -
1389 -348
1390 -00:15:38,909 ~-~-> 00:15:40,289
1391 -you're falling victim to over and over
1392 -
1393 -349
1394 -00:15:40,289 ~-~-> 00:15:42,179
1395 -again. But until you study them with a
1396 -
1397 -350
1398 -00:15:42,179 ~-~-> 00:15:44,459
1399 -sober mind, and objectively, you're
1400 -
1401 -351
1402 -00:15:44,459 ~-~-> 00:15:45,899
1403 -going to keep falling victim to it and
1404 -
1405 -352
1406 -00:15:45,899 ~-~-> 00:15:47,009
1407 -you're not gonna understand why it's
1408 -
1409 -353
1410 -00:15:47,009 ~-~-> 00:15:48,959
1411 -happening. Not only will you lose a lot
1412 -
1413 -354
1414 -00:15:48,959 ~-~-> 00:15:50,819
1415 -of money, but you're going to have a lot
1416 -
1417 -355
1418 -00:15:50,819 ~-~-> 00:15:52,619
1419 -of frustration that's completely
1420 -
1421 -356
1422 -00:15:52,619 ~-~-> 00:15:54,479
1423 -avoidable if you just do that this gave
1424 -
1425 -357
1426 -00:15:54,479 ~-~-> 00:15:58,919
1427 -you right now. The next day, same thing,
1428 -
1429 -358
1430 -00:15:58,949 ~-~-> 00:16:04,049
1431 -we're not looking For every single day
1432 -
1433 -359
1434 -00:16:04,049 ~-~-> 00:16:05,399
1435 -to be a winner, we're expecting it's
1436 -
1437 -360
1438 -00:16:05,399 ~-~-> 00:16:07,649
1439 -going to be a trade there may not pan
1440 -
1441 -361
1442 -00:16:07,649 ~-~-> 00:16:10,289
1443 -out. But we're staying with the same
1444 -
1445 -362
1446 -00:16:10,289 ~-~-> 00:16:12,989
1447 -narrative we're looking for this day.
1448 -
1449 -363
1450 -00:16:12,989 ~-~-> 00:16:16,139
1451 -Here's a 16th. And that is on the daily,
1452 -
1453 -364
1454 -00:16:16,919 ~-~-> 00:16:19,319
1455 -right here, that's this day here. Now
1456 -
1457 -365
1458 -00:16:19,319 ~-~-> 00:16:21,899
1459 -that's a down close candle. When you see
1460 -
1461 -366
1462 -00:16:21,899 ~-~-> 00:16:24,419
1463 -this, okay, you're going to see this
1464 -
1465 -367
1466 -00:16:24,419 ~-~-> 00:16:26,069
1467 -high and the next candle has a lower
1468 -
1469 -368
1470 -00:16:26,069 ~-~-> 00:16:28,949
1471 -high, that swing high is gonna make you
1472 -
1473 -369
1474 -00:16:28,949 ~-~-> 00:16:32,219
1475 -think early on that it's creating a top
1476 -
1477 -370
1478 -00:16:32,399 ~-~-> 00:16:34,199
1479 -and there's no more buy signals to take.
1480 -
1481 -371
1482 -00:16:34,499 ~-~-> 00:16:37,049
1483 -Don't believe that. Just because it's
1484 -
1485 -372
1486 -00:16:37,049 ~-~-> 00:16:38,309
1487 -making a swing high doesn't mean it's
1488 -
1489 -373
1490 -00:16:38,309 ~-~-> 00:16:40,259
1491 -not going to likely give you another
1492 -
1493 -374
1494 -00:16:40,259 ~-~-> 00:16:42,239
1495 -buying opportunity. Even on that
1496 -
1497 -375
1498 -00:16:42,239 ~-~-> 00:16:44,009
1499 -particular day, it gives us an optimal
1500 -
1501 -376
1502 -00:16:44,009 ~-~-> 00:16:46,829
1503 -trade entry here. And you want to study
1504 -
1505 -377
1506 -00:16:46,829 ~-~-> 00:16:49,559
1507 -again 62% retracement level. How much
1508 -
1509 -378
1510 -00:16:49,559 ~-~-> 00:16:50,669
1511 -time did it take to cover the long
1512 -
1513 -379
1514 -00:16:50,669 ~-~-> 00:16:53,219
1515 -spread and move to target? How many pips
1516 -
1517 -380
1518 -00:16:53,219 ~-~-> 00:16:55,769
1519 -to offer. And even though it didn't get
1520 -
1521 -381
1522 -00:16:55,769 ~-~-> 00:16:58,049
1523 -to the previous day's high by taking out
1524 -
1525 -382
1526 -00:16:58,049 ~-~-> 00:17:00,749
1527 -scaled profits, you don't have To be
1528 -
1529 -383
1530 -00:17:00,899 ~-~-> 00:17:03,479
1531 -right about the next trade running to
1532 -
1533 -384
1534 -00:17:03,479 ~-~-> 00:17:04,439
1535 -the previous day's high when you're
1536 -
1537 -385
1538 -00:17:04,439 ~-~-> 00:17:07,589
1539 -bullish, short term highs in here as it
1540 -
1541 -386
1542 -00:17:07,589 ~-~-> 00:17:10,019
1543 -runs up, you want to take profits off
1544 -
1545 -387
1546 -00:17:10,049 ~-~-> 00:17:12,449
1547 -there. And when you back test and
1548 -
1549 -388
1550 -00:17:12,479 ~-~-> 00:17:14,369
1551 -practice, you would be doing the same
1552 -
1553 -389
1554 -00:17:14,369 ~-~-> 00:17:16,349
1555 -thing. Assuming that if you were in a
1556 -
1557 -390
1558 -00:17:16,349 ~-~-> 00:17:17,609
1559 -trade, you would take something off
1560 -
1561 -391
1562 -00:17:17,609 ~-~-> 00:17:19,079
1563 -here, and you'll take something off
1564 -
1565 -392
1566 -00:17:19,079 ~-~-> 00:17:21,329
1567 -here. And as it goes up into this area
1568 -
1569 -393
1570 -00:17:21,329 ~-~-> 00:17:23,729
1571 -over here, you may have been expecting
1572 -
1573 -394
1574 -00:17:23,729 ~-~-> 00:17:25,289
1575 -it to trade above here, but in this
1576 -
1577 -395
1578 -00:17:25,289 ~-~-> 00:17:29,249
1579 -case, it turns around. How much time did
1580 -
1581 -396
1582 -00:17:29,249 ~-~-> 00:17:32,069
1583 -you stay in the trade? While it was
1584 -
1585 -397
1586 -00:17:32,069 ~-~-> 00:17:35,099
1587 -dropped, dropping down here? How long
1588 -
1589 -398
1590 -00:17:35,099 ~-~-> 00:17:36,569
1591 -would you expect to hold on to that
1592 -
1593 -399
1594 -00:17:36,569 ~-~-> 00:17:37,979
1595 -trade before you realize that you were
1596 -
1597 -400
1598 -00:17:37,979 ~-~-> 00:17:42,119
1599 -wrong? and be honest about it, because
1600 -
1601 -401
1602 -00:17:42,149 ~-~-> 00:17:44,429
1603 -what you pour into your back testing and
1604 -
1605 -402
1606 -00:17:44,429 ~-~-> 00:17:47,549
1607 -practicing, while it's hindsight, if you
1608 -
1609 -403
1610 -00:17:47,549 ~-~-> 00:17:50,039
1611 -are not honest with yourself, if you put
1612 -
1613 -404
1614 -00:17:50,039 ~-~-> 00:17:53,219
1615 -in poor expectations, you're going to
1616 -
1617 -405
1618 -00:17:53,219 ~-~-> 00:17:56,969
1619 -get ridiculously backwards results.
1620 -
1621 -406
1622 -00:17:57,029 ~-~-> 00:17:58,499
1623 -You're going to expect certain things
1624 -
1625 -407
1626 -00:17:58,499 ~-~-> 00:18:00,689
1627 -that aren't realistic to see in terms of
1628 -
1629 -408
1630 -00:18:01,289 ~-~-> 00:18:04,319
1631 -outcome. And you're going to be at the
1632 -
1633 -409
1634 -00:18:04,319 ~-~-> 00:18:07,499
1635 -mercy of your emotions. And you're going
1636 -
1637 -410
1638 -00:18:07,499 ~-~-> 00:18:09,419
1639 -to be pulled around by a psychological
1640 -
1641 -411
1642 -00:18:09,419 ~-~-> 00:18:11,369
1643 -tug of war about being right or wrong if
1644 -
1645 -412
1646 -00:18:11,369 ~-~-> 00:18:14,339
1647 -you don't do these things. So next day
1648 -
1649 -413
1650 -00:18:14,339 ~-~-> 00:18:16,679
1651 -even though we had a losing day here in
1652 -
1653 -414
1654 -00:18:16,679 ~-~-> 00:18:18,539
1655 -this trade while it was profitable, it
1656 -
1657 -415
1658 -00:18:18,539 ~-~-> 00:18:19,919
1659 -didn't deliver to the previous day's
1660 -
1661 -416
1662 -00:18:19,919 ~-~-> 00:18:22,439
1663 -high, it's fine. You stick with the
1664 -
1665 -417
1666 -00:18:22,439 ~-~-> 00:18:26,189
1667 -narrative. Next trading day. Here it is
1668 -
1669 -418
1670 -00:18:26,219 ~-~-> 00:18:28,559
1671 -830 to 11 optimal trade entry, it's
1672 -
1673 -419
1674 -00:18:28,559 ~-~-> 00:18:30,149
1675 -dropping down, and it gets us to
1676 -
1677 -420
1678 -00:18:30,149 ~-~-> 00:18:32,309
1679 -opportunities it drops into it here and
1680 -
1681 -421
1682 -00:18:32,309 ~-~-> 00:18:34,049
1683 -gives us another one here, and then
1684 -
1685 -422
1686 -00:18:34,049 ~-~-> 00:18:36,269
1687 -takes out the previous day's high here.
1688 -
1689 -423
1690 -00:18:37,289 ~-~-> 00:18:42,209
1691 -So we have now delivered a setup that
1692 -
1693 -424
1694 -00:18:42,209 ~-~-> 00:18:44,399
1695 -takes out the previous day's high. And
1696 -
1697 -425
1698 -00:18:44,429 ~-~-> 00:18:46,019
1699 -this is Friday, so you can't trade the
1700 -
1701 -426
1702 -00:18:46,019 ~-~-> 00:18:48,119
1703 -next day. It's a Saturday, but how many
1704 -
1705 -427
1706 -00:18:48,119 ~-~-> 00:18:52,259
1707 -pips did it take from entry to scaling
1708 -
1709 -428
1710 -00:18:52,469 ~-~-> 00:18:54,209
1711 -at your previous day's high how many
1712 -
1713 -429
1714 -00:18:54,209 ~-~-> 00:18:56,099
1715 -pips was that? How much time did it
1716 -
1717 -430
1718 -00:18:56,099 ~-~-> 00:18:58,289
1719 -take? How many pips did you have in draw
1720 -
1721 -431
1722 -00:18:58,289 ~-~-> 00:19:02,519
1723 -down? All of those ideas, you build a
1724 -
1725 -432
1726 -00:19:02,519 ~-~-> 00:19:05,129
1727 -backlog of, and then on the weekends,
1728 -
1729 -433
1730 -00:19:05,459 ~-~-> 00:19:08,129
1731 -you want to study how each one of these
1732 -
1733 -434
1734 -00:19:08,219 ~-~-> 00:19:10,229
1735 -work together to complement one another.
1736 -
1737 -435
1738 -00:19:10,229 ~-~-> 00:19:10,739
1739 -In other words,
1740 -
1741 -436
1742 -00:19:11,010 ~-~-> 00:19:12,930
1743 -how did the previous day's trading set
1744 -
1745 -437
1746 -00:19:12,930 ~-~-> 00:19:15,300
1747 -up the situation you saw on the next
1748 -
1749 -438
1750 -00:19:15,300 ~-~-> 00:19:18,330
1751 -day, and look at it from a hourly
1752 -
1753 -439
1754 -00:19:18,330 ~-~-> 00:19:21,060
1755 -perspective, a daily perspective, and
1756 -
1757 -440
1758 -00:19:21,060 ~-~-> 00:19:22,980
1759 -it'll help you frame out the
1760 -
1761 -441
1762 -00:19:23,010 ~-~-> 00:19:24,480
1763 -institutional order flow that you'll
1764 -
1765 -442
1766 -00:19:24,480 ~-~-> 00:19:27,270
1767 -become known for in the Forex division.
1768 -
1769 -443
1770 -00:19:28,110 ~-~-> 00:19:31,230
1771 -So in this case, following this
1772 -
1773 -444
1774 -00:19:31,230 ~-~-> 00:19:33,540
1775 -criteria, and practicing every single
1776 -
1777 -445
1778 -00:19:33,540 ~-~-> 00:19:35,250
1779 -day, just keeping a backlog of it,
1780 -
1781 -446
1782 -00:19:35,730 ~-~-> 00:19:37,620
1783 -you're going to not only train yourself
1784 -
1785 -447
1786 -00:19:37,620 ~-~-> 00:19:39,270
1787 -to see the setup, but you're going to
1788 -
1789 -448
1790 -00:19:39,270 ~-~-> 00:19:40,950
1791 -grow in your understanding about how the
1792 -
1793 -449
1794 -00:19:40,950 ~-~-> 00:19:43,620
1795 -characteristics repeat over and over and
1796 -
1797 -450
1798 -00:19:43,620 ~-~-> 00:19:45,690
1799 -over again, and staying with just one
1800 -
1801 -451
1802 -00:19:45,690 ~-~-> 00:19:48,840
1803 -currency, but framing all the ideas on a
1804 -
1805 -452
1806 -00:19:48,840 ~-~-> 00:19:51,690
1807 -higher timeframe basis. That leads to
1808 -
1809 -453
1810 -00:19:51,720 ~-~-> 00:19:54,180
1811 -high consistency without having to need
1812 -
1813 -454
1814 -00:19:54,360 ~-~-> 00:19:58,620
1815 -perfection. So hope you found this one
1816 -
1817 -455
1818 -00:19:58,620 ~-~-> 00:20:00,450
1819 -insightful, I will be back again Next
1820 -
1821 -456
1822 -00:20:00,450 ~-~-> 00:20:02,610
1823 -week with the final portion of the
1824 -
1825 -457
1826 -00:20:02,610 ~-~-> 00:20:05,190
1827 -series, how to transition into practice
1828 -
1829 -458
1830 -00:20:05,190 ~-~-> 00:20:07,320
1831 -into live funds. Until then, I wish you
1832 -
1833 -459
1834 -00:20:07,320 ~-~-> 00:20:08,370
1835 -good luck and good trading.
1836 -
1837 -