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2 |1 |00:00:10,950 ~-~-> 00:00:16,860 |ICT: Hey folks, welcome back. This teaching is going to be specifically dealing with the weekly bias excellence in short term trading.
3 |2 |00:00:23,580 ~-~-> 00:00:33,690 |Okay, the weekly bias and short term trading points of focus in this module we'll be mapping bullish weekly profiles, went to anticipate weekly lows to form
4 |3 |00:00:35,010 ~-~-> 00:00:48,990 |and mapping bearish weekly profiles when to anticipate weekly highs to form. Okay, so the weekly Smart Money view as you can see here, this is a chart
5 |4 |00:00:48,990 ~-~-> 00:00:59,820 |depicting one week's worth of trading. And I want you to take a look at how the market gyrates from day to day Monday, Tuesday, Wednesday, Thursday and Friday,
6 |5 |00:01:00,150 ~-~-> 00:01:12,960 |and this would be in a bullish scenario. Okay, this is for bullish conditions. What we're looking for is the weekly low to form between Sunday's opening and
7 |6 |00:01:12,960 ~-~-> 00:01:27,900 |Wednesday. There are high odds for the weekly load form before Wednesday's, New York open, or what would be otherwise 7am New York time. The odds further
8 |7 |00:01:27,900 ~-~-> 00:01:45,240 |increase between Tuesday and Wednesday, focusing on Tuesday's London to Wednesday's New York open. So let's flesh out some more ideas about this. What
9 |8 |00:01:45,240 ~-~-> 00:01:53,910 |you're gonna be looking for is a hard timeframe directional bias. And that's it. couple different ways you can do that. And I teach those in the mentorship. But
10 |9 |00:01:54,210 ~-~-> 00:02:03,390 |if you'd like looking at higher timeframe charts like monthly and weekly charts, they will aid you and assist you in determining that. But this is a hourly and
11 |10 |00:02:03,390 ~-~-> 00:02:13,770 |or 30 minute time frame, dealing the weekly perspective so that we can see the entire daily range over the spectrum of the entire Sundays open to Friday's
12 |11 |00:02:13,770 ~-~-> 00:02:26,490 |close. What we want to be focusing on is the opening price on Sunday. Now some of you may not have a Sunday candle in your platform, and that's fine, it's
13 |12 |00:02:26,490 ~-~-> 00:02:35,760 |still beneficial for you to seek out whatever the Sunday opening price is. So you can use things like websites that follow the foreign exchange markets and
14 |13 |00:02:35,760 ~-~-> 00:02:45,960 |get an opening price because sometimes these are being prices will create gaps from Friday's close. those gaps are very indicative of sentiment. And sometimes
15 |14 |00:02:45,960 ~-~-> 00:02:56,250 |they could be exhaustive, or they could be insightful in the form that it's showing underlying strength. If it gaps up, it may not feel it may not trade
16 |15 |00:02:56,250 ~-~-> 00:03:10,020 |back down and fill that gap and trade higher. It may just straight away you go north right from the Empire opening on Sunday open. What we're looking for is on
17 |16 |00:03:10,020 ~-~-> 00:03:21,360 |Sunday's opening, we want to see that opening price and extend that all the way to Friday. Keeping that in mind. And I'll explain why that's important in a
18 |17 |00:03:21,360 ~-~-> 00:03:34,860 |couple minutes. But what we're primarily looking for is a power of three formation on the weekly range. But from a 30 minute chart, which is all shown
19 |18 |00:03:34,860 ~-~-> 00:03:48,840 |here. This is gonna give us the intraday reference points and it'll show you how the market moves and gyrates with this. And now, if you choose not to use
20 |19 |00:03:50,130 ~-~-> 00:04:02,070 |Sunday's data, which I think is a little myopic glamour, at least talking about the relationships of the opening price, or the weekly range, because they have
21 |20 |00:04:02,070 ~-~-> 00:04:10,320 |to understand that that still is there in terms of trading just because your platform may or may not have a Sunday's candle, the market did in fact, open
22 |21 |00:04:10,380 ~-~-> 00:04:21,180 |many times hours before you would expect it to have shown price on your Monday candle. So it's beneficial for you to go through and research and find out the
23 |22 |00:04:21,180 ~-~-> 00:04:25,050 |opening prices on your respective forex pair. That's what you're using.
24 |23 |00:04:26,940 ~-~-> 00:04:35,370 |You can elect to go with the opening price on Mondays trading, but your data is going to be slightly skewed. Okay, so wherever your first opening price is on
25 |24 |00:04:35,370 ~-~-> 00:04:47,940 |Monday, you can use that price and draw that across. Okay, but if it's an instance where the market starts at a lower price level on Sunday, we may not
26 |25 |00:04:47,940 ~-~-> 00:04:58,920 |get the opportunity on Monday's opening price to dip down below at one we're bullish or wanting to be a buyer at the opening price or below it. Okay, so I
27 |26 |00:04:58,920 ~-~-> 00:05:07,050 |used to Sunday's opening price to teach new traders because it teaches them number one sentiment. It teaches them overbought, oversold without the use of
28 |27 |00:05:07,050 ~-~-> 00:05:14,610 |indicators. Okay, and also teaches you to trust the higher timeframe premise, what's the monthly and weekly charts suggesting? Are they implying that we're
29 |28 |00:05:14,610 ~-~-> 00:05:26,010 |gonna be moving higher or are we living lower? This example here is going to be framed on the basis that we elected by a way of analysis that the higher
30 |29 |00:05:26,010 ~-~-> 00:05:37,800 |timeframe charts are looking for higher prices. So that means the price is going to expand on the open on Sunday, or shortly thereafter. And having a higher
31 |30 |00:05:37,800 ~-~-> 00:05:50,430 |close or at least expanding throughout the week, to make a higher price level where we can hopefully find an opportunity to harvest some pips. In terms of
32 |31 |00:05:50,430 ~-~-> 00:06:03,240 |power three, what we're seeing here is the relationship day by day and what price has done with that opening price. But in terms of a weekly range, if
33 |32 |00:06:03,240 ~-~-> 00:06:12,990 |you're a short term trader, you can use this insight and not have to worry about day trading at all. Once you know the opening price, you got to be anticipating
34 |33 |00:06:12,990 ~-~-> 00:06:20,490 |that move down below the opening Christ. Now what level you choose to buy it down there, there's lots of different ways you can do it. And I teach a lot of
35 |34 |00:06:20,490 ~-~-> 00:06:32,850 |them. And it's not important for me to share with you any one particular setup, because I've learned over the years teaching that some of my concepts don't
36 |35 |00:06:32,850 ~-~-> 00:06:44,340 |always gel, or more or less work for certain individuals is not because the patterns are they're not favorable in terms of how to use them in the price
37 |36 |00:06:44,340 ~-~-> 00:06:56,820 |action. It's because of personality. Give me an example, to be a buyer, when the market creates a new low, that is sometimes scary for certain traders. And they
38 |37 |00:06:56,820 ~-~-> 00:07:07,260 |won't want to do that. Other traders that see that and they say what makes perfect sense, they will gravitate towards that type of pattern. The ones that
39 |38 |00:07:07,260 ~-~-> 00:07:17,700 |don't want to be buying below lows, that trader will probably do very well, when they do optimal trade entry buys, where it's proven, it's gone up a little bit
40 |39 |00:07:17,700 ~-~-> 00:07:27,660 |and then it retraces it makes more sense for them to do that. So that's why in the free content, I'm avoiding that whole way of teaching because it gives the
41 |40 |00:07:27,690 ~-~-> 00:07:37,080 |impression to the students or the first time readers or viewers of my content that I'm trying to promote you to follow a specific mode, okay, or, or press you
42 |41 |00:07:37,080 ~-~-> 00:07:45,810 |into a specific mode, which, as a teacher and a traitor. I know that doesn't work, you can't work, okay, it might work for some of you. But I don't want to
43 |42 |00:07:45,810 ~-~-> 00:07:58,320 |make my success as a mentor, be based on just a handful of my students, I have a way of teaching where the content is there for you to plug and play for your own
44 |43 |00:07:58,320 ~-~-> 00:08:05,850 |personality. And I do a lot of that stuff in the mentorship. But for free content, this is all you need to work with. And you'll find all the setups
45 |44 |00:08:05,850 ~-~-> 00:08:15,360 |you'll ever look for. Now we can fine tune this principle and actually give you specific levels on what you would be buying at below the opening price, both in
46 |45 |00:08:15,360 ~-~-> 00:08:24,990 |a day traders perspective and or a short term trader. So as a short term trader, if you've watched my content, and you've been well impressed with the ability to
47 |46 |00:08:24,990 ~-~-> 00:08:35,280 |have that precise of an understanding, you can still use these same concepts by way of using the opening price and trading the weekly candle. So the weekly
48 |47 |00:08:35,280 ~-~-> 00:08:42,630 |range or weekly candle. They're synonymous terms, okay, but I use them in a chain interchangeably. But for the sake of weekly range, that's exactly what I'm
49 |48 |00:08:42,630 ~-~-> 00:08:46,740 |talking about. Okay, so what we're forming here is this particular week's
50 |49 |00:08:47,550 ~-~-> 00:08:58,200 |entire data from the low of the week to the high that week. This opening price is representative of the Sunday's opening price. We would be already bullish on
51 |50 |00:08:58,200 ~-~-> 00:09:07,380 |the weak. We would anticipate this movement from the open and down, we would not be interested in anything from the open to trade up first, we would look at that
52 |51 |00:09:07,380 ~-~-> 00:09:18,540 |as not interesting. We would wait for it to drop down into an oversold condition. What makes it oversold because it's opening price is value. Okay,
53 |52 |00:09:18,750 ~-~-> 00:09:29,970 |that's fair value at the time of new trading. At some point in the future, we would anticipate the market dropping down Okay, that drop down from the opening
54 |53 |00:09:29,970 ~-~-> 00:09:40,290 |price is going to make price in terms of overbought, oversold oversold because the context or premise behind it would already be bullish relative to the
55 |54 |00:09:40,290 ~-~-> 00:09:47,820 |monthly and weekly chart. So if we're expecting them weekly chart to continue higher. The new week we would expect to see the opening price drop down which is
56 |55 |00:09:47,820 ~-~-> 00:09:57,870 |the Judas sling. This engineered move is to knock individuales or they're already out long or drive individuals that are not in the marketplace that want
57 |56 |00:09:57,870 ~-~-> 00:10:07,260 |to sell short to entice them to do so. any pending orders that would sell in a breakout, it would be filled down on this movement here. So you as a short term
58 |57 |00:10:07,260 ~-~-> 00:10:17,070 |trader, you can elect to buy at one of these levels below the opening price that Mike tutorials teach some of. But we go into great detail with that in the
59 |58 |00:10:17,070 ~-~-> 00:10:28,650 |mentorship so you can frame all types of entry techniques and concepts. they reside below the opening price. Okay. Wait, we use this information from the
60 |59 |00:10:28,650 ~-~-> 00:10:37,770 |free tutorial standpoint is if we know that the low of the week, from the opening price on Sunday, making a low of the week on this weekly range, it's
61 |60 |00:10:37,770 ~-~-> 00:10:49,710 |going to form between Sunday's opening and Wednesdays New York open. The odds favor a greater chance of the low forming when you're bullish between the London
62 |61 |00:10:49,710 ~-~-> 00:11:01,830 |setup. And the New York set up of Wednesday. So Tuesday's London setup to Wednesday's New York setup between these two time periods, I'm going to
63 |62 |00:11:02,010 ~-~-> 00:11:10,380 |encourage you to go through your charts, it's really, really easy to go through hindsight data. And you'll see what I just told you is like the elephant in the
64 |63 |00:11:10,380 ~-~-> 00:11:21,150 |room, retail traders until I taught this stuff publicly on my YouTube channel. And in my tutorials, nobody was talking about this. Nobody was mentioning it, no
65 |64 |00:11:21,150 ~-~-> 00:11:27,870 |one was using it. And the folks that tried to say they were always aware of it. They showed examples in their trades. And it never wasn't there. They were doing
66 |65 |00:11:27,870 ~-~-> 00:11:37,200 |the things that were opposite that what this teaching teaches. I've been doing this for two decades, okay, and only a few handful of individuals around the
67 |66 |00:11:37,200 ~-~-> 00:11:49,620 |world had opportunity to learn from me, you could read about 18 years ago or so. And that small little circle individuals, they and myself have the only ones
68 |67 |00:11:49,620 ~-~-> 00:11:58,560 |have been really been aware of this type of phenomenon. Now, since I made my tutorials, there's been educators and stuff they've linked on to what I teach,
69 |68 |00:11:58,560 ~-~-> 00:12:06,090 |and he rename it, okay, they call it a weekly strategy. They call it, you know, whatever else they might come up with, and they add some kind of a twist in the
70 |69 |00:12:06,090 ~-~-> 00:12:15,660 |title. But once you see what they're doing, it's what I've taught here, and what I've taught in my previous teaching how to capture explosive price moves, which
71 |70 |00:12:15,660 ~-~-> 00:12:23,790 |is a free tutorial, which I didn't like the presentation. But if you watch that video, or look at it, the first couple minutes of that video is actually what
72 |71 |00:12:23,790 ~-~-> 00:12:34,890 |I'm showing you here. So once that was produced and shared on baby pips, and that crowd watched it all there to it caught fire. Problem is, most traders
73 |72 |00:12:35,460 ~-~-> 00:12:45,840 |don't know what to do with it below the opening price when we're bullish. So which level Do you buy, in this instance, is going to teach the classic market
74 |73 |00:12:45,840 ~-~-> 00:12:56,760 |structure bullish optimal trade entry. Okay. So you're gonna anticipate Tuesday to Wednesday's, low forming. Now, sometimes it's going to form on Monday, but
75 |74 |00:12:56,760 ~-~-> 00:13:04,950 |you can still get a continuation move on Tuesday or Wednesday. But primarily, I want you to be thinking how Tuesday to Wednesday, in that time period, that's
76 |75 |00:13:04,950 ~-~-> 00:13:14,460 |when the weekly load is going to form. Many times, it's going to be Tuesday's long and open. Okay? Now, if that's gone over your head, I want you to stop and
77 |76 |00:13:14,460 ~-~-> 00:13:27,210 |think about what I just told you. The weekly low most likely forms on Tuesdays on an open when we're bullish. If we are bullish, and it does not form on
78 |77 |00:13:27,210 ~-~-> 00:13:38,250 |Tuesday, and we drop down on Wednesday, Wednesday will probably be the low of the week. If we go lower than the low formed on Wednesdays, New York open,
79 |78 |00:13:39,539 ~-~-> 00:13:47,249 |you have to Nix the trade and go to the sidelines on the day, especially if you took an opportunity on Tuesday or Wednesday and they were losing trades, you
80 |79 |00:13:47,249 ~-~-> 00:13:57,509 |have to stop and just submit to the fact that you're wrong. Even if Thursday or Friday, it goes higher. And that's a very hard lesson to learn. Because you are
81 |80 |00:13:57,539 ~-~-> 00:14:07,949 |bullish on the weak, but you get stopped out and it still ends up going there. And you missed out on it. That's going to happen. It's happened to me many, many
82 |81 |00:14:07,979 ~-~-> 00:14:18,389 |times. And it does not undo the effectiveness or the validity behind the setup. There's going to be an imperfection in your trading. So you have to permit that.
83 |82 |00:14:18,419 ~-~-> 00:14:28,229 |Okay. But if we're looking for the low the forum on Tuesday or Wednesday, what we're simply looking for is a new low on the week, preferably on Tuesdays on an
84 |83 |00:14:28,229 ~-~-> 00:14:39,599 |open or Wednesdays New York open, okay, between these two reference points. Should that occur? Okay, gentlemen, we have a lower low and a weak formed, we
85 |84 |00:14:39,599 ~-~-> 00:14:50,219 |find the short term high prior to that new low forming in this case, it's this here. Okay, so when that occurs, that's our trigger point. So for individuals
86 |85 |00:14:50,219 ~-~-> 00:15:00,419 |that want to buy on retracements with optimal trade entry, we're going to wait for price to break above this short term high which it does here. From point
87 |86 |00:15:00,419 ~-~-> 00:15:14,789 |here, you're going to be looking for the low the form prior to this run up. Now, classic said people will go from this low to this high, sometimes that'll work.
88 |87 |00:15:15,269 ~-~-> 00:15:25,469 |Sometimes it won't. But I want you to look at is, we have the most dynamic price movement often this low. So you're gonna anchor your fib on the lowest close or
89 |88 |00:15:25,469 ~-~-> 00:15:35,429 |open in that swing low, drag it all the way up to this body here. Now, I don't have that in here cuz I want to do presentations be clean, because my watermark
90 |89 |00:15:35,459 ~-~-> 00:15:45,839 |on top of the chart and my references that I'm showing you here, I want you to go through and look at this for yourself, go through your own data, the November
91 |90 |00:15:45,839 ~-~-> 00:15:58,139 |21, and 22nd of 2017. Use the 30 minute chart. And you'll be able to see pulling that fib that low to this high, you get an optimal trade entry beautifully lined
92 |91 |00:15:58,169 ~-~-> 00:16:10,619 |up right there. And there's a continuation by and here's the thing, you're buying it below the weekly open one Sunday, you're buying below that weekly open
93 |92 |00:16:10,739 ~-~-> 00:16:20,939 |trying to do power three, one a week, this gives us the best advantage, okay to be in before the expansion that takes place on the weekly range. Because we're
94 |93 |00:16:20,939 ~-~-> 00:16:32,219 |buying below evaluation that would deemed as fair. And that drops down to an oversold condition. So while everyone else would look at these movements
95 |94 |00:16:32,219 ~-~-> 00:16:41,519 |dropping down here and dropping down here, as momentum on the downside, our perspective is like of the smart money, we're looking at that as it going down
96 |95 |00:16:41,519 ~-~-> 00:16:54,869 |to an area of really, really cheap price. So if you're terribly afraid to step in their rate, when it breaks below to a new low, I understand that but over
97 |96 |00:16:54,869 ~-~-> 00:17:03,719 |time, you're gonna have to encounter that and just move past it or just elect to go with optimal trade entry as your your pattern. And there's certainly nothing
98 |97 |00:17:03,719 ~-~-> 00:17:10,889 |wrong with it. But if you're wanting to buy up here, and you're always going to wrestle with the idea, I wish I would have bought down there, this is only going
99 |98 |00:17:10,889 ~-~-> 00:17:20,939 |to occur if you buy at new lows at a time when it should be creating the low the weak. And like I said, it's hard to do that without getting in there and
100 |99 |00:17:21,269 ~-~-> 00:17:28,919 |desensitizing yourself by practicing practicing in a demo account, and doing it live with a demo over and over and over again, to the point where you just don't
101 |100 |00:17:28,919 ~-~-> 00:17:36,779 |care if the outcome is going to be profitable or not. Because that's what it takes to be consistent, you're not worrying about the end result, you just trust
102 |101 |00:17:36,779 ~-~-> 00:17:45,749 |the process of what you're doing. Eventually, over time, the sample sizes are more weighted on the positive side of what you're expecting to see than that of
103 |102 |00:17:45,749 ~-~-> 00:17:57,479 |the temporary and sometimes, you know, unwanted negative results, that is missing the trade or getting stopped out. So this would be the optimal trade
104 |103 |00:17:57,479 ~-~-> 00:18:04,919 |entry here. And again, it's on a day that we would look forward to form on Wednesday. And price starts to expand we get about above the opening price.
105 |104 |00:18:06,450 ~-~-> 00:18:15,420 |Preferably, we want to see price show a willingness to want to expand away from the opening price and not want to come back down to it. Now, there are some
106 |105 |00:18:15,420 ~-~-> 00:18:24,930 |certain caveats to this. And I'll add this to you just to give me a little bit more spice on this. If we make the Whoa, for the week on Monday. How do we know
107 |106 |00:18:24,930 ~-~-> 00:18:35,100 |that it trades back above the opening price? Okay, on Monday and expands a little bit more. Okay, this right here, we dropped down and went back above the
108 |107 |00:18:35,100 ~-~-> 00:18:46,620 |opening price. I don't trust this because it's Monday, and I like to see the Mondays range. Okay, I want to see what the Monday's entire daily ranges. So I
109 |108 |00:18:46,620 ~-~-> 00:18:56,970 |don't I don't get the weekly loads many times capacity as is be fair about about 90% of the time. If the week makes it slow on Monday, I'm missing that because I
110 |109 |00:18:56,970 ~-~-> 00:19:05,940 |elect to sit many times on the sidelines because I want to use the range of Monday to give me insights. So on Tuesday, I like to get hopefully a lower low
111 |110 |00:19:05,940 ~-~-> 00:19:14,850 |when I'm bullish. And then I'll buy in here. Okay, based on some pattern or some kind of a key level I teach. And then I'll ride that out and hopefully get back
112 |111 |00:19:14,850 ~-~-> 00:19:26,220 |above the opening price. Now if we trade above the opening price on say Tuesday, I will permit Wednesday the same retracement back down to the opening price,
113 |112 |00:19:26,220 ~-~-> 00:19:34,740 |find some support and then rally back away on Wednesday. If we're breaking above the opening price on Wednesday, it cannot and should not come back the opening
114 |113 |00:19:34,740 ~-~-> 00:19:45,090 |price. Now, again in simple terms. Wednesday is the line in the sand. If it trades above the opening price one more bullish, we do not permit it to come
115 |114 |00:19:45,090 ~-~-> 00:19:54,420 |back down to the opening price. It can happen if we go above the opening price when a new low on Tuesday. We could still see it come back down and retest the
116 |115 |00:19:54,420 ~-~-> 00:20:06,120 |opening price on Wednesday. The algorithm will want to expand away from this opening price After Wednesday, because it only has New York opens time period to
117 |116 |00:20:06,120 ~-~-> 00:20:14,820 |Friday's close. And that's why you see this acceleration in the movement on the weekly range immediately after Wednesday breaks above the opening price. Now
118 |117 |00:20:14,850 ~-~-> 00:20:23,370 |you're gonna look at this, and I'm gonna be criticized by folks that don't like what I'm teaching, because they're sold on indicators or whatever else they're
119 |118 |00:20:23,370 ~-~-> 00:20:32,850 |doing. Or they don't like the fact that I'm right. They're going to say this has been cherry picked in a hindsight capacity. Well, granted, I am hand picking
120 |119 |00:20:32,850 ~-~-> 00:20:39,840 |this in hindsight to show you because it's already happened. Anyone teaching you anything, there's going to be some level of hindsight, I'm telling you to go
121 |120 |00:20:39,840 ~-~-> 00:20:46,680 |through your charts, and you will see this yourself as many as examples and you're going to find you're going to see quickly, what I'm telling you is the
122 |121 |00:20:46,680 ~-~-> 00:20:54,120 |gospel, okay, it's just the way it is. You can argue and wrestle with this. But if you trade against this premise, you're not gonna understand why you're losing
123 |122 |00:20:54,120 ~-~-> 00:21:07,500 |money. Okay. So once we get through the opening price on Wednesday, and or on Tuesday or Monday, Monday, I personally will never get the low on Monday, the
124 |123 |00:21:07,500 ~-~-> 00:21:18,060 |weekly low, I won't get that on Monday, you can try to test that theory and buy down here. And you might get something like this. And this could have kept on
125 |124 |00:21:18,060 ~-~-> 00:21:29,160 |going. If you're going to trade on Monday, if it trades back to the opening price, my opinion is to take some profits there and leave a stop in. So that
126 |125 |00:21:29,160 ~-~-> 00:21:39,540 |way, if it does not yet it protects any open profits. But leave it in there because you might have caught the tiger by the tail. Statistically studying all
127 |126 |00:21:39,540 ~-~-> 00:21:49,530 |the possible scenarios and weekly protocols that I teach, I elected to simply wait till Tuesday. In essence, the way I do it, obviously, I'm not encouraging
128 |127 |00:21:49,530 ~-~-> 00:21:57,270 |you to follow me step by step, but I'm dealing in telling you this because I want to be open about how I do it.
129 |128 |00:21:58,650 ~-~-> 00:22:07,560 |Tuesday, I'm really actively looking at London open. Okay, that's really what I'm looking for. So between London open on Tuesday, and Sunday is opening, I'm
130 |129 |00:22:07,560 ~-~-> 00:22:17,070 |really not doing much at all, just relaxing and spending family time, glanced at the charts, but I'm not really trying to actively pursue anything until around
131 |130 |00:22:17,070 ~-~-> 00:22:25,470 |London open on Tuesday. And if you look at the weekly ranges on the foreign currency pairs, you'll see that many times when we are in the bullish or
132 |131 |00:22:25,470 ~-~-> 00:22:34,230 |bearish, these turning points will form on Tuesdays on an open. But for this example, here we're bullish, and we're looking into opening price on Sunday, we
133 |132 |00:22:34,230 ~-~-> 00:22:43,110 |want to see a drop down, it trades down to a level we wait for it to break a swing high. Okay, and this could have easily formed on Monday. And the
134 |133 |00:22:43,110 ~-~-> 00:22:49,410 |retracement could have been occurring on Tuesday like it is here on Wednesday, and then Tuesday could have traded to the opening price. And we could still
135 |134 |00:22:49,410 ~-~-> 00:22:57,300 |permit it to come back down to that Wednesday retest of the weekly open. But after that it's not allowed to do it again. If it ever starts to gravitate back
136 |135 |00:22:57,300 ~-~-> 00:23:04,530 |down to that opening price after Wednesday trading through it, it's probably made a reversal or it's gonna consolidate for the rest of the week. Either one's
137 |136 |00:23:04,530 ~-~-> 00:23:12,900 |not good for a weekly expansion. Now there's gonna be times where we'll trade above the opening price on a weekly range and not go very far and just gravitate
138 |137 |00:23:12,900 ~-~-> 00:23:21,840 |right back the opening price and it's going to be a quiet mixed week. If it still bores the following week would still use the same criteria. Okay, but the
139 |138 |00:23:21,840 ~-~-> 00:23:32,910 |next stage would be we expecting that expansion here. Now this portion of the weekly range is going to be what you're holding for an event saying so Friday's
140 |139 |00:23:32,910 ~-~-> 00:23:44,520 |close your mindset should be not trying to find 10 pips or give me 20 pips. Okay, I start my week off looking for scenarios that get me in down below the
141 |140 |00:23:44,520 ~-~-> 00:23:53,700 |opening price because I understand that below the opening price is the ideal entry point for all my day trades and my short term trading as a short term to
142 |141 |00:23:53,700 ~-~-> 00:24:02,640 |swing trader you can use that insight using the weekly ranges and not require yourself to be anywhere near an hourly or four hour chart or anything less than
143 |142 |00:24:02,640 ~-~-> 00:24:10,080 |that. So there's no reason for folks that watch my my my videos and I'll say well you know I'm not a day trader I can't use this information it's interesting
144 |143 |00:24:10,080 ~-~-> 00:24:21,150 |ICT but I can't do that you have no excuse because of this gave you a bazooka. Okay. And it gave you the ability to go in here and short term or swing trade
145 |144 |00:24:21,390 ~-~-> 00:24:29,970 |using the opening price on Sunday. Okay, wait for it to drop down and simply go on and handle it. Now. I will toss this out there and you guys can test this
146 |145 |00:24:29,970 ~-~-> 00:24:42,420 |theory on your own. Okay. If at any time you are bullish on a weekly range, if the opening price and we drop down, say 30 pips, okay, if we drop 30 pips from
147 |146 |00:24:42,420 ~-~-> 00:24:53,790 |the opening price on Sunday, test this theory out if you're bullish by 30 pips below the opening price on Sunday, and use 150 pips stop. This is for swing
148 |147 |00:24:53,790 ~-~-> 00:25:05,580 |traders, not short term traders. Okay, and let that go and see if you don't get 150 to 300 pips test that theory and give me your feedback through Twitter. We
149 |148 |00:25:05,580 ~-~-> 00:25:14,340 |try this on any pair, really any kind of market really but for forex, I'm going to give you that suggestion. Now it does not mean that you won't see it drop
150 |149 |00:25:14,340 ~-~-> 00:25:26,670 |down sometimes 50 to 75 pips, okay, but generally, your stop loss of 150 pips after buying below the opening by 30 pips, what you're really doing is you're
151 |150 |00:25:26,670 ~-~-> 00:25:35,730 |saying, I don't believe it's gonna go down 180 pips from the opening price. If it's truly bullish, it won't spend a whole lot of time below the opening price.
152 |151 |00:25:36,210 ~-~-> 00:25:45,030 |And it won't go that far down below it unless we are changing long term in a reversal from a bearish market to a bullish market. And then we can see some
153 |152 |00:25:45,060 ~-~-> 00:25:53,340 |really wild reaches below the opening price which I don't look for those anyway, I want to be looking at a marketplace It's already in position to be moving. It
154 |153 |00:25:53,340 ~-~-> 00:26:03,030 |has been moving for a while longer term. And I'm just getting in positioning myself in a logical area where the next upside is clearly an expansion for
155 |154 |00:26:03,030 ~-~-> 00:26:16,920 |bullish up close for Friday. Okay, the weekly Smart Money view for bearish conditions. Okay, you can see here, we have the same thing just reversed. We're
156 |155 |00:26:16,920 ~-~-> 00:26:27,510 |looking for the weekly high to form between Sunday and Wednesday. High odds between Wednesday's New York open 7am from Sunday's opening, that's what we're
157 |156 |00:26:27,510 ~-~-> 00:26:38,460 |looking for. But the odds further increase again between Tuesdays and Wednesdays trading specifically focusing on Tuesdays London open to Wednesday's New York
158 |157 |00:26:38,460 ~-~-> 00:26:52,230 |open. Okay, so we're looking at the weekly range here for this particular currency. This happens to be $1 CAD. And you can see how price did in fact, have
159 |158 |00:26:52,260 ~-~-> 00:26:58,470 |a up movement on Monday. And then we had another movement up on Tuesday, creating the high the week
160 |159 |00:26:58,950 ~-~-> 00:27:13,680 |during the London session, or what we were looking for for the scenario overall. We're anticipating bearish week ahead of the open once that opening price is
161 |160 |00:27:13,680 ~-~-> 00:27:27,150 |derived on Sunday, we extend that through the entire week until Friday's close movements above the opening price, we anticipate that we want to see price go to
162 |161 |00:27:27,150 ~-~-> 00:27:38,970 |a level that would push price into a technically overbought condition. There is no overbought indicator on my chart. I'm reading price action, the fact that
163 |162 |00:27:38,970 ~-~-> 00:27:48,630 |we're trading above the opening price in a market environment that's bearish longer term. That's what frames my idea of high of The Week forms on Tuesday,
164 |163 |00:27:48,870 ~-~-> 00:27:57,390 |Wednesday, we barely have any type of movement whatsoever, we still have a little blip on the radar, as price runs back above that opening price. And then
165 |164 |00:27:57,390 ~-~-> 00:28:09,150 |quickly rejects notice that once it leaves that opening price on Wednesday, it doesn't try to go back to it now does retrace here, but it's not getting close
166 |165 |00:28:09,150 ~-~-> 00:28:19,950 |to it. If it does, it's going to be next week. We don't want to be a part of that. Okay. Yeah, ultimately, price comes down, fails at this old low. And then
167 |166 |00:28:19,950 ~-~-> 00:28:30,120 |we see a reversal that's outside the scope of the focus. The point we're looking for is we want to be when we're bearish, we're looking to sell short one, or at
168 |167 |00:28:30,120 ~-~-> 00:28:43,380 |very close to the weekly high in writing that down to some measure of expansion below that weekly opening price. So in terms of the weekly range, or weekly
169 |168 |00:28:43,380 ~-~-> 00:28:54,690 |candle, what we're looking at is the opening price here. Then we're seeing the Judas swing. This is the portion of price action that we're anticipating. We
170 |169 |00:28:54,690 ~-~-> 00:29:04,650 |anticipate this type of price action. And we want to have a level in mind before it starts to even trade up where we're wanting to sell short. In this example, a
171 |170 |00:29:04,650 ~-~-> 00:29:13,920 |real good example would be we have a high here and Monday's high. So we have relatively equal highs. Price stabs above this. You could be a seller here and I
172 |171 |00:29:13,920 ~-~-> 00:29:23,850 |did in fact take this trade and I shared it on Twitter. You guys can see that go through my Twitter feed. Look at the date for around November 21 22nd. I would
173 |172 |00:29:23,850 ~-~-> 00:29:34,980 |have shown the example and I my entry points and everything's in there. sell short with the expectation that there's going to be a sell off on the dollar CAD
174 |173 |00:29:35,430 ~-~-> 00:29:50,700 |price sells off goes below the opening price. Now remember what I said. As long as it is before Wednesday's New York open, it's permissible to see price trade
175 |174 |00:29:50,700 ~-~-> 00:30:00,300 |back to in this case above European price because on Wednesday, that's when it should leave the gate. Once it starts leaving that opening price is He's going
176 |175 |00:30:00,300 ~-~-> 00:30:09,060 |to expand to reach for some measure of price action that creates the movement below the opening price. So the range expansion portion of the weekly range,
177 |176 |00:30:09,090 ~-~-> 00:30:18,390 |that's what you're holding for, but you want to be positioned up here, while price is going up. When it's long term bearish, it feels scary, it feels odd, it
178 |177 |00:30:18,390 ~-~-> 00:30:28,050 |feels out of place. Because you're watching price shoot up like this. And every retail minded trader out there, and every person that's on Twitter and Facebook,
179 |178 |00:30:28,230 ~-~-> 00:30:36,120 |they're gonna be looking at this thing saying it's going to the moon. And it's not, it's a southbound train. Once this thing leaves the station, which is the
180 |179 |00:30:36,120 ~-~-> 00:30:46,200 |opening price on Wednesdays New York open, draw that line on your chart. Once that occurs, it should always try to expand a way for an opening price, you
181 |180 |00:30:46,200 ~-~-> 00:30:55,770 |should have a pre determined level where you're going to be getting out at inside of this expansion. Okay. In this case, we have relatively equal lows here
182 |181 |00:30:55,770 ~-~-> 00:31:07,590 |we have a low here, we have a low here. So if we go about 10 to 20 cuts below that, that would give us around 2695 and that's 2695 right here. That gets us to
183 |182 |00:31:07,590 ~-~-> 00:31:16,080 |this price point here it goes a little bit lower, but then ultimately comes back with a deep retracement and encloses ended a week, giving us the weekly candle
184 |183 |00:31:16,110 ~-~-> 00:31:29,580 |or range profile like this. The ideal scenario is to look for a sell above the opening price. As a day trader, you could be focusing in on that and or as a
185 |184 |00:31:29,580 ~-~-> 00:31:39,600 |short term trader or swing trader. You can use the weekly candle or weekly range to trade entirely off of that and not even look at an intraday chart, not even a
186 |185 |00:31:39,600 ~-~-> 00:31:50,700 |daily chart. You can take these types of trades and again, look for that same scenario. Wait for the trade about 30 pips above the opening price. Okay, in
187 |186 |00:31:50,700 ~-~-> 00:31:56,880 |this case here we opened around here, we can go up 10 2030 pips, so you could be a seller
188 |187 |00:31:57,089 ~-~-> 00:32:13,859 |around 2005 and a stop loss of 150 points more pips. Okay, and try to get 150 to 300 pips profit from that by selling at 128 or five or thereabouts. price goes
189 |188 |00:32:13,859 ~-~-> 00:32:27,329 |all the way down to a low of approximately 2675 I gave you this example to see and show you how even using the objective of 150 pips to 300 pips, you may not
190 |189 |00:32:27,329 ~-~-> 00:32:39,059 |get that actually in your profit, which is why I teach to take partial profits. So if we sold short hypothetically at 120 805 or whatever 30 pips would be above
191 |190 |00:32:39,059 ~-~-> 00:32:49,259 |that opening price if we sold there with the expectation that we're gonna try to capture 150 pips or more soon as you made 100 pips, why wouldn't you want a bank
192 |191 |00:32:49,259 ~-~-> 00:33:00,119 |they're seeing that we're probably only gonna make about 130 pips on this move 100 PIP movement, anytime your moves, ever trade at 100 PIP intervals, you have
193 |192 |00:33:00,119 ~-~-> 00:33:09,659 |to take something off, learn to do that, if you do not do that, I promise you you will look back and regret not having done so. So as a day trader, you know,
194 |193 |00:33:10,199 ~-~-> 00:33:16,409 |obviously if it was on our pips, you certainly wouldn't be backing 80% of your position. And if you're short term trader, you want to be at least half your
195 |194 |00:33:16,409 ~-~-> 00:33:26,759 |position out because the weekly can change gears midweek. For instance, it could have went down to this low here in Adobe back up and taken out the Tuesday high,
196 |195 |00:33:27,089 ~-~-> 00:33:37,259 |those occurrences can happen. So if it's offered up 100 pips, take something off at 100 pips, regardless of what style or what type of interval of trader you
197 |196 |00:33:37,259 ~-~-> 00:33:48,479 |are, if it gives you 100 pips, pay yourself on those 100 pips, even if it's 1/10 of your position overall, do it, because number one, it'll feel good to do. So.
198 |197 |00:33:49,079 ~-~-> 00:34:00,839 |it'll pay you for your time, and the risk that you put in, and it teaches you the value of doing overtime. The folks that say that partial profits are stupid,
199 |198 |00:34:00,839 ~-~-> 00:34:07,829 |they're idiotic, you shouldn't do it, because the fall risk was what it was the beginning, the risk is going to change. Preferably, it's going to reduce over
200 |199 |00:34:07,829 ~-~-> 00:34:19,289 |the life of the trade anyway. But that same initial risk does not guarantee for profit, the assumptions that you did just because you put a specific number of
201 |200 |00:34:19,769 ~-~-> 00:34:27,359 |risk percentage on at the beginning of trade, and it's stupid to take partial profits because you risk this much, but you don't How many times have your
202 |201 |00:34:27,359 ~-~-> 00:34:36,719 |trades gone to full profit? How many times have you failed to take something off if you just want to take in something before it turned back on you. That's what
203 |202 |00:34:36,929 ~-~-> 00:34:48,149 |I've been doing for 25 years, folks. Okay, 25 years. I've seen enough of this to know, partial pays. Okay, it pays. You have to give yourself the ability to take
204 |203 |00:34:48,149 ~-~-> 00:34:55,319 |something out because the market is not going to do it for you. You have to take it out. So if you're gonna be a short term or swing trader, you want to use the
205 |204 |00:34:55,319 ~-~-> 00:35:05,369 |weekly range like this. If we expand 100 pips, we're looking for 150 Two to 300 pips for the week, you're not always going to get 300 pips. but preferably if
206 |205 |00:35:05,369 ~-~-> 00:35:16,079 |we're bearish in this case, we want to see hopefully a big weekly range. Remember this small range big range bound on what we're starting to see small
207 |206 |00:35:16,079 ~-~-> 00:35:26,009 |weekly ranges right ahead of this, and we still bearish. If we get this scenario here, we can do very, very well. You can see those big 300 sometimes even 500
208 |207 |00:35:26,009 ~-~-> 00:35:35,939 |PIP ranges on a weekly. So let's see if there's gonna be a lot of news, a lot of things that are happening, you know, economic calendar, it can be extremely
209 |208 |00:35:36,059 ~-~-> 00:35:47,069 |volatile, and it creates a large range on the weekly. So the model is we look for if you're a short term swing trader that can't be in the intraday stuff. You
210 |209 |00:35:47,069 ~-~-> 00:35:53,999 |can sell short above the opening price about 30 pips now you can fancy dance that you can say, Well, I want to be a seller at 40 pips above the opening price
211 |210 |00:35:53,999 ~-~-> 00:36:03,329 |or aka, I think trades up 50 pips above the opening price. I could be a seller there, okay, and look for 150 pips to 300 pips, again with the expectation and
212 |211 |00:36:03,329 ~-~-> 00:36:11,309 |you're not always going to get 300 pips, but it allows you to make 100 pips when you take your first partial off, and then put your stop at breakeven, you're in
213 |212 |00:36:11,309 ~-~-> 00:36:20,849 |a beautiful position, because if you take say, half your position off at 100 pips, put your stop at breakeven, and then see if it gives you any more movement
214 |213 |00:36:21,209 ~-~-> 00:36:32,189 |for the rest of the week. Once the examples come by looking at hindsight data and seeing what's available, you will quickly see whether this is for you or
215 |214 |00:36:32,189 ~-~-> 00:36:41,129 |not. I'm not trying to twist your arm I'm just giving those individuals that don't have the ability to sit in here every single day watching intraday price
216 |215 |00:36:41,129 ~-~-> 00:36:53,819 |action, a way they use this information on a higher timeframe and allow them to participate. Now if you are able to look at the market Tuesday or Wednesday, and
217 |216 |00:36:53,819 ~-~-> 00:36:57,479 |you only have to do it on those days around Tuesdays,
218 |217 |00:36:58,860 ~-~-> 00:37:09,150 |London open and Wednesdays London open. If you watch those specific time points, you can look at specific levels in price action that I teach in my tutorials and
219 |218 |00:37:09,180 ~-~-> 00:37:20,280 |go into great detail with mentorship. You can sell at a more favorable entry point. And you won't have to say okay, well here's the opening price on Sunday.
220 |219 |00:37:20,400 ~-~-> 00:37:27,600 |I'm going to take a set number of pips above the opening price all the time and sell short there when I'm bearish. You can avoid that okay, and you can say
221 |220 |00:37:27,600 ~-~-> 00:37:34,380 |okay, what are the opening here? Okay, I'm going to watch and see what Monday does Monday is dilly dallying around creates a Monday high here and we start
222 |221 |00:37:34,380 ~-~-> 00:37:43,230 |trading here. We start to drop down ahead of one we're not interested in that. We're looking for this high in this high here. Double tops. Okay, what's gonna
223 |222 |00:37:43,230 ~-~-> 00:37:53,610 |be rescue above that bizstats so if you know that, going ahead of Tuesday's I'm an open you could just simply do a sell limit order right above the high on
224 |223 |00:37:53,610 ~-~-> 00:38:05,760 |Friday or a high on Monday and then you can really reduce the amount of exposure you have it and still have that same 150 pips profit objective. Hopefully the
225 |224 |00:38:05,760 ~-~-> 00:38:13,050 |enjoyed this presentation. If you'd like these lessons, you want to find out more, you can visit my website at the inner circle trader.com