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Version 2.1 by Drunk Monkey on 2020-11-20 11:22
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3 ICT: Okay, folks, welcome back. This is
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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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83 different asset classes. But I'm
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87 covering a simplistic approach to how
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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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99 platforms. Okay, so whenever you open up
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103 an account with a broker, generally they
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107 offer you a trial version of their
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111 platform. So you can test your
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115 strategies or whatever it is that you're
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119 utilizing for your framework for your
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123 setups. You can test drive it on a demo
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127 account. forex has the ability to offer
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131 demo accounts that for some brokers
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135 don't expire. And it's not a big deal.
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139 If it does expire. He just started
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143 another one. But you don't want to treat
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147 the demo account like Monopoly money.
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151 You want to sit down with it and say,
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155 Okay, how much of this hypothetical
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159 pretend money would I be utilizing, if I
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163 was trading, it wouldn't have been
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167 $50,000 to start with, and working with
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171 a demo with a sober mind about what
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175 you're doing, and building good habits
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179 and removing the opportunity to fall
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183 into bad habits. That means overtrading
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187 looking for setups even after you've
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191 made a correct decision, and the market
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195 shows you that you would have been
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199 profitable. It's not an invitation to go
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203 right back in the same day, to try to
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207 get something else because it felt good.
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211 You're going to fall victim to that
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215 early on. So to avoid all that, don't
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219 have it in your mindset. You have to
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223 take a lot of trades every single day.
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227 You're gonna lose a lot of money. You
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231 don't know it yet, but you're going to
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235 lose a lot of money, trying to do that.
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239 And third party apps like for tester and
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243 you can go to forex tester calm. And
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247 they have a medium where you can go back
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251 and back test strategies and such. And
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255 finally trading view calm today, which
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259 doesn't exist at the time of you coming
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263 up now Michael, the tradingview.com
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267 website offers pretty much everything
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271 that was available when you started,
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275 meta stock, super charts TradeStation
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279 all those things and bells and whistles
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283 that you're liking right now aren't
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287 really that important. You're going to
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291 focus primarily on the open the high,
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295 the low and the close. It doesn't feel
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299 like that that's where you're going to
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303 be heading. But eventually, you're going
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307 to strip all the indicators off your
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311 chart, Michael, and you're not even
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315 going to consider any of it. It doesn't
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319 make sense to you right now, but trust
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323 me everything becomes clear by not
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327 having anything on your charts. You
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331 don't have to have any overlays of your
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335 platform indicators you'd like
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339 stochastic right now, it's not going to
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343 ever appear on your chart anymore. You
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347 like MACD, it's never going to appear on
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351 your chart anymore. Michael. You want to
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355 strip the chart down and focus on the
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359 four price levels that is the most
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363 paramount. It's the open the high, the
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367 low and the close and looking at
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371 different intervals. The previous day's
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375 highs and lows, previous week's highs
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379 and lows in previous months highs and
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383 lows will offer a plethora of setups. It
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387 doesn't feel like that makes sense to
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391 you right now. But it will absolutely
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395 unlock all of the understanding that
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399 you'll need to carve out consistent
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403 steady setups. So let's go into trading
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407 view and look at how we can practice.
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411 Alright, so here is the trading view
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415 platform and I have the charts up With
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419 the euro dollar currency pair, on the
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423 left hand side, it is a 15 minute time
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427 frame. And on the right hand side, it's
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431 a daily chart. And the assumption is
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435 that we're focusing on the optimal trade
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439 entry on a higher time frame until it
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443 delivers to a key level. I'm going to
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447 show you right now what that would look
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451 like. Here we have a high that would be
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455 targeted. In here, as the price was
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459 rallying up, we can see before we got to
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463 this high back testing these types of
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467 setups is what you'd be doing. We're
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471 going to show a Fibonacci on this swing
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475 low. With this candles higher low and
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479 this candles higher low, surrounding
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483 this one particular candle. That's why
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487 I'm anchoring it to that. I'm dragging
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491 it all the way up to this candle is
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495 high, because it's as it's making higher
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499 highs. I'm going to overlay the fib On
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503 every successive higher high, because
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507 that's going to be the range in which
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511 any retracement comes it'll be within
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515 that range. And it'll be apparent when
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519 you see it here. So we draw this up. So
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523 that Okay, so you can see the Fibonacci
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527 that's anchored from this low up to this
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531 high. It captures this retracement of
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535 this candle right here is the 10th of
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539 July 2020. Here's the 10th. On the 15
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543 minute time frame, you can see how the
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547 15 minute time frame drops down into the
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551 optimal trade entry. Which is the 60 to
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555 70 retracement level and 70.5 sweetspot.
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559 This level is going to be one of the
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563 levels you're going to like a lot but
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567 you'll save yourself a lot of
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571 frustration if you just use the 62%
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575 retracement level Michael. Most of the
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579 trades that you're hunting in these next
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583 couple years are going to be unwilling
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587 to trade at a 70.5 or even 79%
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591 retracement level but he would just
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595 simply use the 62% retracement level and
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599 defer The insatiable desire for you to
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603 find the perfect entry all the time
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607 later on in your 40s you're going to
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611 feel real comfortable with not having
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615 the absolute best entry and the absolute
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619 best exit. There's lots and lots of
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623 opportunity in between. So 62%
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627 retracement level on here is ideal and
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631 we can actually see a key reaction off
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635 of that 62% retracement level price
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639 starts to move higher. Now, your focus
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643 is to imagine every daily candle moving
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647 higher. Open, near the low of the day,
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651 close near the high the day. Up close is
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655 the mode of delivery. We're expecting
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659 until we get to this high. So when we
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663 get up to it and through it. Okay,
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667 remember that slogan to it and through
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671 it to it and through it. That's how
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675 you're going to find the easiest bread
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679 and butter setups. There is In every
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683 market asset class, the idea is the
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687 framework is this optimal trade entry is
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691 going to keep delivering until we get to
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695 this high and slightly above it. Here is
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699 one half a standard deviation, and it's
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703 calling for 114 46 and two puppets.
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707 Okay? The actual high of this price
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711 when, as of the time of this discussion,
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715 the high comes in at 114 52. And one bit
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719 that so it goes a little bit above that,
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723 but that's a good idea as a target, if
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727 not just simply at the old high. Now,
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731 we're going to take our concentration
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735 away from the daily chart because we can
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739 clearly see with the benefit of
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743 hindsight here that we had a series of
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747 up close candles, and each day you'd be
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751 hunting a New York setup. Now this is
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755 going to be the easiest framework,
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759 Michael, if you just submit to it early
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763 on, stop trying to find trades outside
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767 of this timeframe. focus in here and
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771 you're gonna To find everything that you
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775 would ever need. So all of our attention
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779 is going to go over to this chart here.
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783 So scrubbing forward a little bit, you
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787 can see the daily dividers. And what
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791 you're going to do is you're going to
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795 take a line segment, you use a rectangle
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799 if you want. And you're going to
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803 delineate on the chart each day 830 to
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807 11 o'clock in the morning, New York
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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