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Version 1.1 by Drunk Monkey on 2020-11-20 16:02
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3 ICT: Okay folks, welcome back. This teaching is coming
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7 specifically dealing with implementing the Asian range.
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11 All right,
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15 the Asian range. Notice it does not say ICT Asian range. I
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19 did not create this or author this concept. My first
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23 introduction to it was from another trader, which I'll
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27 mention later on in the presentation, but what ICT concepts
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31 we're going to use in this module we're gonna be introducing
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35 the Asian range. Let me defining what the Asian range is and
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39 charts and I'm going to teach you how to utilize it in both
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43 conditions and how to utilize it in bearish conditions.
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47 Alright, introducing the Asian range. Now, what is the Asian
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51 range? Well, the price action prior to the Frankfurt open,
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55 or London opening can be very indicative of the future
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59 intraday price movement. Now when we have a directional
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63 bias, you can use this Asian range to build or frame a
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67 context or storyline to the markets likely intentions.
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71 There's a stillness in price many times right before the
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75 intraday directional impulse
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79 price swing.
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83 You look at the chart here on the right, this is an Aussie
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87 dollar chart. You can see that there is a little shaded area
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91 right in here. And it's delineated with the gray shaded box.
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95 And I've labeled it not surprisingly, the Asian range. So
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99 this little piece of price action. Okay. I actually learned
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103 about this from Chris Laurie, and
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107 I'll show you
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111 what I was doing before I learned this. So You can see I
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115 already had a beat on what price should be doing. But when I
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119 first saw him refer to it in his free teachings, he has a
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123 website. Chris Laurie calm. It's changed and morphed a
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127 little bit over time. But folks that have gone through his
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131 material that know who I'm referring to, they would not in
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135 agreement that they would know what I'm saying is true. He
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139 taught about the Asian range many times in free teachings.
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143 So it's not like I'm taking anything away from him. In fact,
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147 if you're not happy with what you see in my content, but you
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151 do want to take some advice from someone that has seen a lot
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155 of things out there, Chris Laurie has a lot of good price
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159 action study and his methods.
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163 While
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167 they are not mind, there's some similarities to what Chris
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171 does, but I'm gonna show you what I took away from him. This
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175 is the only thing I really learned from Chris Laurie really,
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179 but and that's not to diminish his importance as a teacher
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183 what he knows On the saying that this is what I gleaned from
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187 his material, I liked it because I was already familiar with
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191 using consolidations in certain periods of trading 24 hour
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195 period. If you take certain ranges, you can do some magical
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199 things with them. And I teach you that in the mentorship.
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203 And it goes well beyond what I've done in YouTube videos
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207 over the past couple of years.
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211 So what I liked about it was,
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215 I seen a lot of context right away when I seen how that the
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219 range is applied to the chart. So I'll give you what I used
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223 to do, and how I used entry techniques to do it so that we
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227 have a little bit of a takeaway, not only just talking about
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231 the range itself, but what we can do with it. And then I'll
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235 show you what I've done with it to incorporate it. Now I'm
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239 not teaching you everything I know about this range, and
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243 what I've done with it over the last
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247 10 years or so, the
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251 implement of It, I think is useful for a developing trader.
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255 But there has to be some context behind it. The range itself
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259 doesn't produce anything magical. But if you have a
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263 storyline behind what price should be doing that particular
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267 day, it is unbelievably helpful. Okay, so let's define the
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271 Asian range. What is it that we can do on our charts to make
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275 it appear and draw our attention to it? Well, the range
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279 begins at 7pm New York time and ends at midnight, New York
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283 time now as a special inclusion here. Chris Laurie had his
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287 Asian range pushed beyond midnight. If my if memory serves
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291 me correct, I believe he had 12:30am. And to me, the
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295 financial markets really begin at midnight New York time, it
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299 probably sounds pretty arrogant of a gank like me, me In the
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303 States, but if you just study what I'm teaching you folks,
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307 you'll see right away what I'm telling you is the gospel as
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311 it relates to intraday price action only. Now everything
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315 else might be something different, but as far as intraday
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319 price action, I think have cornered the market in intraday
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323 price action. So the height of the range is the highest high
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327 between 7pm to midnight, New York time, to the lowest low
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331 between 7pm and midnight, New York time. The width of the
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335 range is obviously the duration of 7pm to midnight, New York
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339 time. So let's take a look at this chart here. And we'll go
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343 a little bit closer and zoom in on it. Okay, we'll cover
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347 some points here. Now, right away, when you see this, it
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351 probably still doesn't give you any kind of insight, and
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355 that's fine. But I'm going to build on it and show you how
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359 useful it is. But we're going to build the model with
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363 specific buy and sell conditions later on in this video, but
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367 for now, take a look What you see here, okay, and kind of
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371 like burness in your mind, your focus should every single
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375 day be zeroed in on 7pm, New York. And whatever that time is
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379 on your broker's platform, whatever your charting platform
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383 or package shows, find out what time it is at 7pm, New York
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387 time, and then find that same time on your charts. That's
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391 where you put a vertical line. And that begins the asian
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395 session. And then five hours later, it'll be midnight, New
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399 York time, put another vertical line in and there's your
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403 Asian range defined by the duration, the highest high in the
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407 lowest low is what we would use to frame out the range. Now,
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411 there's a lot of Voodoo that you can do with this range.
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415 Okay, and again, I'm not teaching you here, but believe me,
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419 it can take you to the highest and the lowest Tip of the
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423 Day. There's some things you have to incorporate in that and
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427 I teach that in the mentorship but for now, I teach you a
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431 very simple approach to it. Use this. And when you can
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435 filter out trades and not do anything that may end up taking
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439 a loss if you do otherwise. So let's take a closer look and
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443 remove all of the benefit of seeing the price action there.
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447 Okay, now we do have the benefit of hindsight. But
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451 nonetheless, I want to kind of build an understanding about
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455 what this range does, or at least my interpretation of it,
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459 and how I was able to see right away the importance of
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463 utilizing it in my view on price action. During this range,
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467 what's actually happening is there's orders that are coming
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471 in, in are stacking up above the market and below the market
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475 relative to that range. And it's also building up a market
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479 sentiment. Now this compression of market participation
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483 starts to build up closer and closer and closer until we get
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487 to midnight in New York. Soon as we cross over midnight time
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491 in New York. We are in fertile ground for price movement.
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495 We're going to assume that everyone in this listening
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499 audience is familiar with channels, okay, or trading ranges.
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503 The idea is above this range, there's going to be buy
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507 orders. Those buy orders are going to act as breakout
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511 artists, okay. In other words, they are not astute to know
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515 how to buy when it's a low price or technically oversold
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519 without the use of indicators. So they just want to be
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523 buying on strength. And there's really nothing inherently
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527 wrong about that if you know what you're looking for. But
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531 most traders don't know what you're looking for. And they
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535 just go in any willy nilly an entry based on breaking out
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539 above and behind, they'll buy that and be that a strength
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543 and that puts a stop loss right below the low which would be
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547 here. short sellers would do the opposite.
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551 They would have their sell orders below this range. So any
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555 movement Lower, would hopefully put them in a short position
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559 and they would take the other end of that range and put
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563 their protective buy stop. So buyers that want to break out
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567 above this consolidation are going to buy want to stop with
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571 a protective cell stop below the low. short sellers want to
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575 sell on a stop and use a protective buy stop above the high.
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579 Okay, so the storyline is, what are we going to do? After
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583 midnight, which is this vertical line here? What's the
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587 storyline? Where are we going to go? My whole entire career
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591 has been based on understanding this phenomena. And it's
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595 been a more or less a pursuit of excellence. So I want to
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599 know what the highest probability which side are they going
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603 to work on. Okay. And what I mean by that is, are they going
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607 to try to put a specific party of traders whether it be
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611 bullish or bearish traders in on the wrong side right before
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615 London creates
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619 what? The higher low of the day. So
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623 the key is, and this is the takeaway so far and this this is
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627 what should be in your notes right now is what you're
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631 looking for. What sets up the opportunity, if you will, for
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635 the particular trading day is if we have a very narrow
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639 consolidated range between 7pm and midnight, or will we be
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643 deemed as the Asian range. So if you have a very narrow
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647 consolidation there, that sets up a huge possibility of the
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651 algorithm going into a trending model. Okay, so in other
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655 words, without going into after teaching anything really
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659 about that the market will seek the liquidity above or below
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663 this range with a premise that it's going to put them in the
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667 wrong side. And then it'll go the other way for the
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671 remainder of the trading day.
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675 Okay, so let's take a look at how we can utilize it in a
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679 bullish condition. Now, the periods when prices bullish, we
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683 can extend the Asian range high and low into the future.
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687 When price returns back to the Asian range high, we can
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691 anticipate institutional buying. Let's take a look at that.
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695 As an example here. We're going to assume that we have an
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699 understanding or expectation, if you will, the Aussie dollar
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703 was bullish for this particular day. Now, if you want to
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707 know what would lend well to coming to that conclusion of
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711 being bullish, if you look at the daily chart, you'll see
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715 that there was a reason for the Aussie dollar reached up to
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719 a equal high. Okay, go down to a four hour or one hour
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723 chart. You'll see also that it's obvious you can see it so
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727 far what we've shown in the teachings in this series, it's
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731 been pretty obvious to know where the liquidity is. And
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735 that's what this whole day was reaching. To buy stocks above
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739 equal high. Now, again, I want to take off the Asian range
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743 and provide just a blank chart. Okay and assume for a
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747 moment, pre my exposure, okay to Asian range. This is what I
748
749 188
750 00:12:21,180 ~-~-> 00:12:24,210
751 used to do. Okay, this is how I actually traded. And I was
752
753 189
754 00:12:24,210 ~-~-> 00:12:26,880
755 doing this since 1994. So
756
757 190
758 00:12:28,140 ~-~-> 00:12:30,090
759 your appreciate, hopefully the
760
761 191
762 00:12:31,620 ~-~-> 00:12:32,460
763 evolution, if you
764
765 192
766 00:12:32,460 ~-~-> 00:12:36,750
767 will, of my understanding about how this whole buying below
768
769 193
770 00:12:36,870 ~-~-> 00:12:39,720
771 the open when it's bullish or selling above the open when
772
773 194
774 00:12:39,720 ~-~-> 00:12:46,050
775 it's bearish. All those ideas came from this individual
776
777 195
778 00:12:46,290 ~-~-> 00:12:49,710
779 specific element that I'm going to show you now. I would
780
781 196
782 00:12:49,710 ~-~-> 00:12:53,160
783 have on my chart, list of all kinds of indicators, okay, so
784
785 197
786 00:12:53,190 ~-~-> 00:12:56,100
787 I'm going to spare you all that. But if we just look at
788
789 198
790 00:12:56,100 ~-~-> 00:13:01,680
791 price actions as a naked form of open house, loan close, it
792
793 199
794 00:13:01,680 ~-~-> 00:13:04,290
795 can be rather
796
797 200
798 00:13:05,790 ~-~-> 00:13:06,480
799 confusing.
800
801 201
802 00:13:07,110 ~-~-> 00:13:10,380
803 But if you look for specific times of the day and specific
804
805 202
806 00:13:10,380 ~-~-> 00:13:14,730
807 generic concepts or characteristics that should manifest
808
809 203
810 00:13:14,730 ~-~-> 00:13:17,910
811 themselves, then there's a storyline that will start to
812
813 204
814 00:13:17,910 ~-~-> 00:13:22,260
815 develop and you get this over the years. Many times. It's
816
817 205
818 00:13:22,260 ~-~-> 00:13:25,140
819 referred to as tape reading many times it's referred to as
820
821 206
822 00:13:25,140 ~-~-> 00:13:28,350
823 gut feeling, or just triggers intuition or just laughs I
824
825 207
826 00:13:28,350 ~-~-> 00:13:33,570
827 call it intuition and experience if you will, once you know
828
829 208
830 00:13:33,870 ~-~-> 00:13:36,690
831 what you're looking for, you wait for that scenario to
832
833 209
834 00:13:36,690 ~-~-> 00:13:39,150
835 unfold. So this is what I would have done without the Asian
836
837 210
838 00:13:39,150 ~-~-> 00:13:42,750
839 range. This is how I always treated the SMP. The bond market
840
841 211
842 00:13:42,780 ~-~-> 00:13:48,000
843 and currency futures. We get the opening price at midnight.
844
845 212
846 00:13:48,480 ~-~-> 00:13:52,830
847 Okay, and that opening price is seen here. Right there. And
848
849 213
850 00:13:52,830 ~-~-> 00:13:56,250
851 all I do is draw that opening price out all the way out
852
853 214
854 00:13:56,490 ~-~-> 00:14:00,180
855 until 11 o'clock in the morning, New York time now The
856
857 215
858 00:14:00,180 ~-~-> 00:14:02,040
859 reason why I would draw it out till 11 o'clock in the
860
861 216
862 00:14:02,040 ~-~-> 00:14:05,640
863 morning New York time is because that would be the end of
864
865 217
866 00:14:05,640 ~-~-> 00:14:10,530
867 the morning trend for the s&p 500. Okay, so that there's a
868
869 218
870 00:14:10,530 ~-~-> 00:14:12,930
871 reason for that hour, it's not that I'm just pulling that
872
873 219
874 00:14:12,930 ~-~-> 00:14:17,490
875 number out of the air. It's also very close to what was
876
877 220
878 00:14:17,550 ~-~-> 00:14:21,150
879 taught in the previous teaching the London clothes. So
880
881 221
882 00:14:21,150 ~-~-> 00:14:24,540
883 that's what makes that London clothes scenario. It's the end
884
885 222
886 00:14:24,540 ~-~-> 00:14:28,530
887 of the trend on the stock market or equities market in the
888
889 223
890 00:14:28,530 ~-~-> 00:14:33,690
891 States. Also, it overlaps conveniently enough with the close
892
893 224
894 00:14:33,750 ~-~-> 00:14:37,500
895 of London trading, so there's a little bit of manipulation
896
897 225
898 00:14:37,500 ~-~-> 00:14:40,020
899 that goes on in there and some profit taking so it creates
900
901 226
902 00:14:40,020 ~-~-> 00:14:44,100
903 an opportunity, but for opening range concepts, I draw it
904
905 227
906 00:14:44,100 ~-~-> 00:14:50,100
907 out to 11 o'clock in the morning, New York time. Okay. So if
908
909 228
910 00:14:50,430 ~-~-> 00:14:54,840
911 we are looking for a bullish scenario, and I'm gonna just
912
913 229
914 00:14:54,840 ~-~-> 00:14:57,870
915 make the case that we would be expecting a higher Aussie
916
917 230
918 00:14:57,870 ~-~-> 00:15:02,730
919 dollar here. I want to See price initially dropped down
920
921 231
922 00:15:02,730 ~-~-> 00:15:05,940
923 below that opening price. Because I want to be buying below
924
925 232
926 00:15:05,940 ~-~-> 00:15:09,150
927 the opening price. The understanding is I want to figure out
928
929 233
930 00:15:09,330 ~-~-> 00:15:13,620
931 what Larry Williams said he couldn't do as a teacher. I took
932
933 234
934 00:15:13,620 ~-~-> 00:15:16,170
935 it as a challenge as a student. That's what I'm going to
936
937 235
938 00:15:16,170 ~-~-> 00:15:18,510
939 look for. I'm going to figure that out. And this is what my
940
941 236
942 00:15:18,510 ~-~-> 00:15:22,320
943 interpretation of how to do that very thing was seen in
944
945 237
946 00:15:22,320 ~-~-> 00:15:24,960
947 price action, I would use the opening price as it dropped
948
949 238
950 00:15:24,960 ~-~-> 00:15:29,670
951 down, I would buy right there. Now, if I either did not have
952
953 239
954 00:15:29,700 ~-~-> 00:15:33,090
955 the guts to do that, or I missed the opportunity, sometimes
956
957 240
958 00:15:33,090 ~-~-> 00:15:35,550
959 I would wait for a specific price. It wouldn't get there and
960
961 241
962 00:15:35,550 ~-~-> 00:15:40,710
963 then it would take off. If I saw a reversal, or potential
964
965 242
966 00:15:40,710 ~-~-> 00:15:45,090
967 reversal, I would look at the high right but right before
968
969 243
970 00:15:45,090 ~-~-> 00:15:48,780
971 the drop down in here, you can see there was a small little
972
973 244
974 00:15:48,780 ~-~-> 00:15:53,490
975 segment of price action. Right before that drop down. I
976
977 245
978 00:15:53,490 ~-~-> 00:15:57,630
979 would put a buy stop right there. Now as I graduated in my
980
981 246
982 00:15:57,630 ~-~-> 00:16:02,310
983 understanding, I would look to Get in as price was dropping
984
985 247
986 00:16:02,310 ~-~-> 00:16:08,850
987 down. But I also have this buy stock in place. Even if I was
988
989 248
990 00:16:08,880 ~-~-> 00:16:13,230
991 able to get in many times, price would sometimes snap me in
992
993 249
994 00:16:13,590 ~-~-> 00:16:16,350
995 and put me in on the buy stock and on my market order as
996
997 250
998 00:16:16,350 ~-~-> 00:16:18,540
999 price was dropping down. So in other words, what I was doing
1000
1001 251
1002 00:16:18,540 ~-~-> 00:16:21,420
1003 was, I was waiting for price to drop down below this
1004
1005 252
1006 00:16:21,420 ~-~-> 00:16:25,950
1007 horizontal line or trend line segment here. Okay, that's
1008
1009 253
1010 00:16:25,950 ~-~-> 00:16:29,070
1011 delineate nucleon price at midnight, New York time, the drop
1012
1013 254
1014 00:16:29,070 ~-~-> 00:16:33,030
1015 down below that I'm hopefully trying to buy that. Now, as it
1016
1017 255
1018 00:16:33,030 ~-~-> 00:16:36,750
1019 starts to drop. My eye goes right here, because now we're
1020
1021 256
1022 00:16:36,750 ~-~-> 00:16:40,260
1023 below the opening price. It may go lower and give me my
1024
1025 257
1026 00:16:40,260 ~-~-> 00:16:44,700
1027 ultimate price of entry, but it may not. So as soon as it
1028
1029 258
1030 00:16:44,700 ~-~-> 00:16:47,490
1031 starts to break down after midnight and it goes back back
1032
1033 259
1034 00:16:47,490 ~-~-> 00:16:50,730
1035 down below the opening price. I immediately add a buy stop
1036
1037 260
1038 00:16:50,730 ~-~-> 00:16:54,960
1039 to half the position I want to trade at this point here. So
1040
1041 261
1042 00:16:54,960 ~-~-> 00:16:57,000
1043 in other words, if my full position down here was say 10
1044
1045 262
1046 00:16:57,000 ~-~-> 00:17:01,440
1047 standard lots. I would go in with a BA Stop at five standard
1048
1049 263
1050 00:17:01,440 ~-~-> 00:17:04,800
1051 lots right here. So that way it worst case scenario, if I
1052
1053 264
1054 00:17:04,890 ~-~-> 00:17:08,370
1055 don't get my fill here and it reverses, if you will, and
1056
1057 265
1058 00:17:08,370 ~-~-> 00:17:12,240
1059 runs real quick for these ties, it'll put me at least half
1060
1061 266
1062 00:17:12,240 ~-~-> 00:17:14,850
1063 the position I wanted to get on down here. So half of
1064
1065 267
1066 00:17:14,880 ~-~-> 00:17:18,000
1067 something is better than nothing. If I were able to put on
1068
1069 268
1070 00:17:18,000 ~-~-> 00:17:23,310
1071 the full position down here, I would still try to take this
1072
1073 269
1074 00:17:23,310 ~-~-> 00:17:26,790
1075 stop off, if I get my full position on down here. Sometimes
1076
1077 270
1078 00:17:26,790 ~-~-> 00:17:30,330
1079 I wasn't able to do that. Now the problem is in your mind is
1080
1081 271
1082 00:17:30,330 ~-~-> 00:17:32,370
1083 okay, what happens if you put your poor position down here,
1084
1085 272
1086 00:17:32,730 ~-~-> 00:17:37,590
1087 and you're risking 2%? Well, I wasn't risking 2%. So I'm
1088
1089 273
1090 00:17:37,590 ~-~-> 00:17:41,370
1091 trading at 1%, one and a half percent. And then this
1092
1093 274
1094 00:17:41,370 ~-~-> 00:17:44,700
1095 position here, if it feels me I'm not over leveraged, or if
1096
1097 275
1098 00:17:44,700 ~-~-> 00:17:48,510
1099 I do get one and a half percent on here in this half here.
1100
1101 276
1102 00:17:48,660 ~-~-> 00:17:50,370
1103 It would technically put me over two and a half percent
1104
1105 277
1106 00:17:50,400 ~-~-> 00:17:54,210
1107 risk. But I'm going to be more aggressive about trailing my
1108
1109 278
1110 00:17:54,210 ~-~-> 00:17:57,030
1111 initial stop loss up to try to pare that down to 2%.
1112
1113 279
1114 00:17:57,210 ~-~-> 00:18:00,420
1115 Okay, and that's really what I was doing now. Now let's
1116
1117 280
1118 00:18:00,420 ~-~-> 00:18:06,210
1119 contrast what I just did here with the implementation of the
1120
1121 281
1122 00:18:06,210 ~-~-> 00:18:08,760
1123 Asian range and this is exactly where price would fill you.
1124
1125 282
1126 00:18:09,960 ~-~-> 00:18:13,260
1127 With that buy stop being tripped. So now I would be long
1128
1129 283
1130 00:18:13,260 ~-~-> 00:18:15,480
1131 here. If I didn't get filled down here below the opening
1132
1133 284
1134 00:18:15,480 ~-~-> 00:18:18,030
1135 price at midnight, this would be where my buy stop was
1136
1137 285
1138 00:18:18,030 ~-~-> 00:18:21,480
1139 filming in my stop loss would be below the low. You can see
1140
1141 286
1142 00:18:21,480 ~-~-> 00:18:24,690
1143 I'd have to weather this retracement here, and then
1144
1145 287
1146 00:18:24,810 ~-~-> 00:18:27,420
1147 eventually catch the move later on in the day. Now let's
1148
1149 288
1150 00:18:27,420 ~-~-> 00:18:30,810
1151 take this discussion back the implementation of the Asian
1152
1153 289
1154 00:18:30,810 ~-~-> 00:18:35,760
1155 range. And I'll show you how I evolved and seen a much
1156
1157 290
1158 00:18:35,760 ~-~-> 00:18:39,540
1159 clearer view on price action using the range as I define it
1160
1161 291
1162 00:18:39,540 ~-~-> 00:18:43,950
1163 here. Seven o'clock pm, New York time to midnight 00 level
1164
1165 292
1166 00:18:43,950 ~-~-> 00:18:47,040
1167 not like 1230 or one o'clock in the morning on that stuff.
1168
1169 293
1170 00:18:47,310 ~-~-> 00:18:52,350
1171 Exactly. At midnight. Okay? Because what we're banking on is
1172
1173 294
1174 00:18:52,410 ~-~-> 00:18:57,030
1175 the midnight opening price. That's what sets the algorithm.
1176
1177 295
1178 00:18:57,570 ~-~-> 00:19:01,440
1179 It goes through a it goes to a reset If you if you want to
1180
1181 296
1182 00:19:01,440 ~-~-> 00:19:04,530
1183 think of it like that. So if we're bullish, it's going to go
1184
1185 297
1186 00:19:04,530 ~-~-> 00:19:09,450
1187 below the opening price to seek liquidity, and then go
1188
1189 298
1190 00:19:09,450 ~-~-> 00:19:12,570
1191 higher and spend the rest of the day going higher. When it's
1192
1193 299
1194 00:19:12,570 ~-~-> 00:19:15,750
1195 bearish, it'll go above the opening price at midnight, to
1196
1197 300
1198 00:19:15,750 ~-~-> 00:19:19,470
1199 reach for liquidity, and then move lower for several hours
1200
1201 301
1202 00:19:19,470 ~-~-> 00:19:20,910
1203 going into London close or
1204
1205 302
1206 00:19:21,300 ~-~-> 00:19:23,400
1207 New York open. So
1208
1209 303
1210 00:19:24,660 ~-~-> 00:19:27,780
1211 now let's take a look at what's actually going on with the
1212
1213 304
1214 00:19:27,810 ~-~-> 00:19:30,750
1215 implementation of the Asian range. Now we have a tight Asian
1216
1217 305
1218 00:19:30,750 ~-~-> 00:19:31,410
1219 range in here.
1220
1221 306
1222 00:19:31,950 ~-~-> 00:19:32,520
1223 Okay,
1224
1225 307
1226 00:19:32,610 ~-~-> 00:19:36,180
1227 and again, buyers are above the range sellers are below the
1228
1229 308
1230 00:19:36,180 ~-~-> 00:19:42,060
1231 range. Price right after midnight does what goes up and taps
1232
1233 309
1234 00:19:42,120 ~-~-> 00:19:45,300
1235 the Asian range high. Now you're saying okay, well, it
1236
1237 310
1238 00:19:45,300 ~-~-> 00:19:49,590
1239 didn't go above it. Let your stop, be there. And I guarantee
1240
1241 311
1242 00:19:49,590 ~-~-> 00:19:53,010
1243 you that broker spread will open up wide enough to get that
1244
1245 312
1246 00:19:53,520 ~-~-> 00:19:56,730
1247 and you'll be in long as your stop loss which will be right
1248
1249 313
1250 00:19:56,730 ~-~-> 00:20:00,330
1251 at that low or just below it will be tagged right They're,
1252
1253 314
1254 00:20:01,620 ~-~-> 00:20:04,410
1255 even though it reflects here, your broker and this is what
1256
1257 315
1258 00:20:04,410 ~-~-> 00:20:07,650
1259 you sign up with. When you open up your account. You are
1260
1261 316
1262 00:20:07,800 ~-~-> 00:20:12,480
1263 giving them permission to open the spreads up on you.
1264
1265 317
1266 00:20:13,110 ~-~-> 00:20:15,570
1267 Everybody makes this big complaint about, Oh, well they did
1268
1269 318
1270 00:20:15,570 ~-~-> 00:20:19,860
1271 this they did that you sign it and you agree to it. So when
1272
1273 319
1274 00:20:19,860 ~-~-> 00:20:22,290
1275 you see people online saying that they trade with three pips
1276
1277 320
1278 00:20:22,290 ~-~-> 00:20:25,470
1279 stop losses. That's not true. It's not accurate and they are
1280
1281 321
1282 00:20:25,470 ~-~-> 00:20:28,740
1283 not doing it with live accounts because believe me, in house
1284
1285 322
1286 00:20:28,740 ~-~-> 00:20:31,740
1287 funny money gains with the brokers would eat them up
1288
1289 323
1290 00:20:31,800 ~-~-> 00:20:36,180
1291 immediately. It would not happen, okay. I think personally,
1292
1293 324
1294 00:20:36,270 ~-~-> 00:20:41,760
1295 with a stop loss of anything less than 10 pips is just
1296
1297 325
1298 00:20:41,760 ~-~-> 00:20:46,080
1299 ludicrous. It's stupid. Okay? Because Begley is from a
1300
1301 326
1302 00:20:46,110 ~-~-> 00:20:49,650
1303 retail broker standpoint, you're inviting them to take your
1304
1305 327
1306 00:20:49,650 ~-~-> 00:20:52,980
1307 stock. It's just the way it is. You can argue with me and
1308
1309 328
1310 00:20:52,980 ~-~-> 00:20:54,630
1311 give me all kinds of track history and say, Well, I'm
1312
1313 329
1314 00:20:54,630 ~-~-> 00:20:57,120
1315 trading with a five PIP stop here and there. That's fine. Do
1316
1317 330
1318 00:20:57,120 ~-~-> 00:21:00,450
1319 it 10 years and see how many times get burned the point is
1320
1321 331
1322 00:21:01,230 ~-~-> 00:21:05,310
1323 why offer yourself up on the altar for that sacrifice, when
1324
1325 332
1326 00:21:05,310 ~-~-> 00:21:09,360
1327 there's better ways of doing it. You don't have to have less
1328
1329 333
1330 00:21:09,360 ~-~-> 00:21:13,530
1331 than 10 pips stop losses to do very well. We have an Asian
1332
1333 334
1334 00:21:13,530 ~-~-> 00:21:15,810
1335 range in here with the understanding or in this model we're
1336
1337 335
1338 00:21:15,810 ~-~-> 00:21:20,580
1339 going to expect bullishness, okay, and price starts to go up
1340
1341 336
1342 00:21:20,730 ~-~-> 00:21:25,110
1343 initially, and comes back down and breaks the Asian range
1344
1345 337
1346 00:21:25,410 ~-~-> 00:21:30,300
1347 down here. So we take out the low on the Asian range that's
1348
1349 338
1350 00:21:30,300 ~-~-> 00:21:34,230
1351 been extended beyond midnight. That trips in sellers and it
1352
1353 339
1354 00:21:34,230 ~-~-> 00:21:36,570
1355 also knocks out individuals that would have been pulled in
1356
1357 340
1358 00:21:36,930 ~-~-> 00:21:40,950
1359 on a buy stop right at this level. So long holders are in
1360
1361 341
1362 00:21:41,460 ~-~-> 00:21:45,540
1363 and now they're out. shareholders are in now and their stop
1364
1365 342
1366 00:21:45,540 ~-~-> 00:21:49,770
1367 losses above here or here. So they're taking both sides of
1368
1369 343
1370 00:21:49,770 ~-~-> 00:21:53,790
1371 the marketplace in now. And then the market takes off goes
1372
1373 344
1374 00:21:53,790 ~-~-> 00:21:58,770
1375 higher. What we look for is this little movement right here.
1376
1377 345
1378 00:22:00,240 ~-~-> 00:22:01,200
1379 That movement
1380
1381 346
1382 00:22:01,470 ~-~-> 00:22:04,350
1383 is what sets the tone when we're bullish, we wouldn't be
1384
1385 347
1386 00:22:04,350 ~-~-> 00:22:08,160
1387 buying there. Or we can do what I showed earlier. You could
1388
1389 348
1390 00:22:08,160 ~-~-> 00:22:13,770
1391 put a buy stop right here, it gets filled, a contingent
1392
1393 349
1394 00:22:13,770 ~-~-> 00:22:17,550
1395 order that would be if I'm filled with your broker, or
1396
1397 350
1398 00:22:17,550 ~-~-> 00:22:21,330
1399 cancel order, basically, if we have a parent contingent
1400
1401 351
1402 00:22:21,330 ~-~-> 00:22:25,200
1403 order, suggesting they who buy on the stock, if that stock
1404
1405 352
1406 00:22:25,200 ~-~-> 00:22:28,830
1407 gets filled, if it happens, then we would place a sell stop
1408
1409 353
1410 00:22:28,830 ~-~-> 00:22:33,000
1411 below this low at some specific price level. And you could
1412
1413 354
1414 00:22:33,000 ~-~-> 00:22:35,760
1415 leave that in the marketplace and go to sleep. And don't
1416
1417 355
1418 00:22:35,760 ~-~-> 00:22:38,370
1419 even worry about watching all this stuff. Okay, there's one
1420
1421 356
1422 00:22:38,370 ~-~-> 00:22:43,590
1423 way you can apply a day traders model and or enter with a
1424
1425 357
1426 00:22:43,590 ~-~-> 00:22:46,590
1427 long term model but using a day traders approach to trading
1428
1429 358
1430 00:22:46,710 ~-~-> 00:22:47,430
1431 that whole
1432
1433 359
1434 00:22:47,640 ~-~-> 00:22:48,090
1435 entry.
1436
1437 360
1438 00:22:49,890 ~-~-> 00:22:53,220
1439 If you've missed this one, okay, and price starts to rally
1440
1441 361
1442 00:22:53,220 ~-~-> 00:22:56,730
1443 away. We have to have the storyline behind this example of
1444
1445 362
1446 00:22:56,730 ~-~-> 00:23:01,500
1447 being bullish. Otherwise, this could be an easy Sell, as
1448
1449 363
1450 00:23:01,500 ~-~-> 00:23:03,090
1451 you'll see when we talk about when the conditions are
1452
1453 364
1454 00:23:03,090 ~-~-> 00:23:07,080
1455 bearish. But knowing where the market is most likely trying
1456
1457 365
1458 00:23:07,080 ~-~-> 00:23:11,880
1459 to go from a higher timeframe standpoint, is significant and
1460
1461 366
1462 00:23:11,880 ~-~-> 00:23:14,790
1463 crucial in utilization of the Asian range. Otherwise, you're
1464
1465 367
1466 00:23:14,790 ~-~-> 00:23:17,130
1467 just going to do things that aren't going to be profitable.
1468
1469 368
1470 00:23:17,250 ~-~-> 00:23:21,240
1471 So if we're bullish, we, we'd like to see this element here.
1472
1473 369
1474 00:23:21,660 ~-~-> 00:23:25,320
1475 And then this year, no problem. We don't need to get that
1476
1477 370
1478 00:23:25,470 ~-~-> 00:23:27,570
1479 and we don't need to be a part of this move here. Okay, we
1480
1481 371
1482 00:23:27,570 ~-~-> 00:23:31,110
1483 want to wait for price to come back down and touch the Asian
1484
1485 372
1486 00:23:31,110 ~-~-> 00:23:34,860
1487 range high. Now it does. So here that's a little early. And
1488
1489 373
1490 00:23:34,860 ~-~-> 00:23:39,210
1491 then we do it again in the New York open. So New York open
1492
1493 374
1494 00:23:39,240 ~-~-> 00:23:42,870
1495 we see price trading back to the Asian range high. Right
1496
1497 375
1498 00:23:42,870 ~-~-> 00:23:46,230
1499 there is where institutional buying is gonna step in. Why
1500
1501 376
1502 00:23:46,230 ~-~-> 00:23:49,500
1503 are they doing that? Because the initial range that was set
1504
1505 377
1506 00:23:49,500 ~-~-> 00:23:53,760
1507 between 7pm and midnight, midnight is when into the
1508
1509 378
1510 00:23:53,760 ~-~-> 00:23:58,740
1511 interbank price delivery algorithm resets and then it
1512
1513 379
1514 00:23:59,220 ~-~-> 00:24:03,570
1515 attacks Open liquidity for the open float, which would be
1516
1517 380
1518 00:24:03,570 ~-~-> 00:24:06,000
1519 the orders above the Asian range and below the Asian range.
1520
1521 381
1522 00:24:06,270 ~-~-> 00:24:09,030
1523 All right, you know, you're gonna know 15 different people
1524
1525 382
1526 00:24:09,090 ~-~-> 00:24:11,700
1527 that work at a bank or they know somebody they smoke cigars
1528
1529 383
1530 00:24:11,700 ~-~-> 00:24:13,980
1531 with on the weekends, and they are a market maker, they're
1532
1533 384
1534 00:24:13,980 ~-~-> 00:24:16,770
1535 gonna say what I just said to you is nonsense. But I'm
1536
1537 385
1538 00:24:16,770 ~-~-> 00:24:19,920
1539 telling you, they don't know what you're talking about,
1540
1541 386
1542 00:24:19,920 ~-~-> 00:24:23,670
1543 because I'm doing this daily to the PIP, week after week,
1544
1545 387
1546 00:24:23,670 ~-~-> 00:24:26,880
1547 day after day. And I'm telling you, it's not based on
1548
1549 388
1550 00:24:26,880 ~-~-> 00:24:30,060
1551 anything else, except for what I learned. Okay, and some of
1552
1553 389
1554 00:24:30,060 ~-~-> 00:24:34,020
1555 the things are going to go in the category of tinfoil hat.
1556
1557 390
1558 00:24:34,320 ~-~-> 00:24:36,630
1559 And I'll just let you wrestle with that. I don't really care
1560
1561 391
1562 00:24:36,630 ~-~-> 00:24:39,660
1563 about your opinion. Just know that what I'm suggesting to
1564
1565 392
1566 00:24:39,660 ~-~-> 00:24:43,260
1567 you here, if you look at it in price action, it's there. So
1568
1569 393
1570 00:24:43,500 ~-~-> 00:24:47,250
1571 we can see the optimal trade entry. From this low to this
1572
1573 394
1574 00:24:47,250 ~-~-> 00:24:51,420
1575 high retrace back down New York open overlap with the Asian
1576
1577 395
1578 00:24:51,420 ~-~-> 00:24:54,570
1579 range high with the storyline is that we're bullish on the
1580
1581 396
1582 00:24:54,570 ~-~-> 00:24:58,890
1583 higher timeframe. Beautiful illustration of a Asian range
1584
1585 397
1586 00:24:58,890 ~-~-> 00:25:01,740
1587 application in bowls can be And then off to the races we go.
1588
1589 398
1590 00:25:03,840 ~-~-> 00:25:07,830
1591 So we have two opportunities in here in the New York open,
1592
1593 399
1594 00:25:08,250 ~-~-> 00:25:10,680
1595 and we have one set up here that gives us a really, really
1596
1597 400
1598 00:25:10,680 ~-~-> 00:25:17,370
1599 low end entry point with very little risk in terms of our
1600
1601 401
1602 00:25:17,370 ~-~-> 00:25:21,660
1603 entry and then the subsequent move higher. The other portion
1604
1605 402
1606 00:25:21,690 ~-~-> 00:25:25,350
1607 would be entering on a stop here about the Asian range, but
1608
1609 403
1610 00:25:25,350 ~-~-> 00:25:29,400
1611 you wait you have to sit up and you have to wait for price
1612
1613 404
1614 00:25:29,400 ~-~-> 00:25:32,580
1615 to drop down below the Asian range, then you buy want to
1616
1617 405
1618 00:25:32,580 ~-~-> 00:25:34,800
1619 break above the Asian range high, but the conditions have to
1620
1621 406
1622 00:25:34,800 ~-~-> 00:25:38,850
1623 be bullish. And we have to first see Asian range low break
1624
1625 407
1626 00:25:39,030 ~-~-> 00:25:41,490
1627 than a buy stock can be placed at the Asian range high. If
1628
1629 408
1630 00:25:41,490 ~-~-> 00:25:45,750
1631 you do this before. The Asian range low is taken, you will
1632
1633 409
1634 00:25:45,750 ~-~-> 00:25:48,870
1635 get burned, you will get stopped out. You will send an email
1636
1637 410
1638 00:25:48,870 ~-~-> 00:25:52,290
1639 saying doesn't work. I'm telling you, there's rules here and
1640
1641 411
1642 00:25:52,290 ~-~-> 00:25:55,110
1643 it is given to you. rewind the video and read listen to it
1644
1645 412
1646 00:25:55,110 ~-~-> 00:25:56,400
1647 again. It's very clear
1648
1649 413
1650 00:26:01,949 ~-~-> 00:26:04,769
1651 Alright, so utilization of the Asian range in bearish
1652
1653 414
1654 00:26:04,769 ~-~-> 00:26:07,319
1655 conditions. Okay, again, like we said, but when it's
1656
1657 415
1658 00:26:07,319 ~-~-> 00:26:09,539
1659 bullish, there's a period it's quiet
1660
1661 416
1662 00:26:09,929 ~-~-> 00:26:11,849
1663 right before the Frankfurt, London open.
1664
1665 417
1666 00:26:12,689 ~-~-> 00:26:14,519
1667 And we begin focusing on that. And when it's in a tight
1668
1669 418
1670 00:26:14,519 ~-~-> 00:26:17,939
1671 narrow consolidation, we're going to be looking for some
1672
1673 419
1674 00:26:17,939 ~-~-> 00:26:21,869
1675 measure of manipulation, if you will, on price action. So
1676
1677 420
1678 00:26:22,589 ~-~-> 00:26:24,959
1679 what we're gonna be doing is waiting for a break in the
1680
1681 421
1682 00:26:24,959 ~-~-> 00:26:27,689
1683 Asian range low and then when price trades back up to it,
1684
1685 422
1686 00:26:27,839 ~-~-> 00:26:31,049
1687 we're gonna be anticipating institutional selling. So let's
1688
1689 423
1690 00:26:31,049 ~-~-> 00:26:34,919
1691 take a closer look at this example here. zoom in here, some
1692
1693 424
1694 00:26:34,919 ~-~-> 00:26:42,089
1695 more detail. Now this image burning for a minute. Okay. And
1696
1697 425
1698 00:26:42,089 ~-~-> 00:26:46,649
1699 now we're going to take it off and go to an element of naked
1700
1701 426
1702 00:26:46,649 ~-~-> 00:26:51,089
1703 price action. And I'm going to show you what I was doing
1704
1705 427
1706 00:26:51,329 ~-~-> 00:26:56,579
1707 prior to learning about the Asian range. There's the opening
1708
1709 428
1710 00:26:56,579 ~-~-> 00:26:57,209
1711 price again.
1712
1713 429
1714 00:26:58,710 ~-~-> 00:26:59,400
1715 This candle
1716
1717 430
1718 00:27:00,780 ~-~-> 00:27:04,680
1719 I would be looking for bearish price movement. And if we're
1720
1721 431
1722 00:27:04,680 ~-~-> 00:27:07,740
1723 going to just suspend your disbelief whether or not I was
1724
1725 432
1726 00:27:08,190 ~-~-> 00:27:10,980
1727 actually bearish before this day or not, trust me and go
1728
1729 433
1730 00:27:10,980 ~-~-> 00:27:13,680
1731 through my Twitter, you'll see all kinds of examples of me
1732
1733 434
1734 00:27:13,680 ~-~-> 00:27:17,760
1735 doing this very thing. But nonetheless, we're gonna assume
1736
1737 435
1738 00:27:17,760 ~-~-> 00:27:21,270
1739 for sake of argument that we're bearish on this particular
1740
1741 436
1742 00:27:21,270 ~-~-> 00:27:24,450
1743 currency, that thing, okay, we're going to be looking for
1744
1745 437
1746 00:27:24,540 ~-~-> 00:27:27,180
1747 price movement above the opening price. That's what I'm
1748
1749 438
1750 00:27:27,180 ~-~-> 00:27:30,960
1751 looking for here. Okay. Now, I learned early on that these
1752
1753 439
1754 00:27:30,960 ~-~-> 00:27:36,030
1755 levels, these double tops, they were fake outs. And that's
1756
1757 440
1758 00:27:36,030 ~-~-> 00:27:39,720
1759 why I loved the turtle soup trading pattern that I learned
1760
1761 441
1762 00:27:39,750 ~-~-> 00:27:42,240
1763 in a book called street smarts. And if you don't have it,
1764
1765 442
1766 00:27:42,240 ~-~-> 00:27:44,730
1767 you should buy it. It's a very, very good book. But that
1768
1769 443
1770 00:27:44,730 ~-~-> 00:27:46,980
1771 pattern in there resonated with me because I was already
1772
1773 444
1774 00:27:46,980 ~-~-> 00:27:47,790
1775 doing things
1776
1777 445
1778 00:27:48,060 ~-~-> 00:27:48,960
1779 similar to that.
1780
1781 446
1782 00:27:50,070 ~-~-> 00:27:52,410
1783 And I would just look for those equal highs and equal lows,
1784
1785 447
1786 00:27:52,560 ~-~-> 00:27:54,630
1787 which I've already taught you in this series. And right
1788
1789 448
1790 00:27:54,630 ~-~-> 00:27:57,480
1791 away, there's a large number of you in our community that
1792
1793 449
1794 00:27:57,480 ~-~-> 00:27:59,610
1795 are just going through the roof right now with excitement
1796
1797 450
1798 00:27:59,610 ~-~-> 00:28:03,180
1799 cuz now you see something that's always been there. But now
1800
1801 451
1802 00:28:03,180 ~-~-> 00:28:06,060
1803 you see it. And it's useful to you, you can see where prices
1804
1805 452
1806 00:28:06,060 ~-~-> 00:28:09,360
1807 are drawn to. Well, if we see this time of day, and this is
1808
1809 453
1810 00:28:09,360 ~-~-> 00:28:12,690
1811 midnight, and we're bearish, we have equal highs in here.
1812
1813 454
1814 00:28:12,990 ~-~-> 00:28:15,990
1815 Right away, I want to know there's going to be a rally above
1816
1817 455
1818 00:28:15,990 ~-~-> 00:28:19,080
1819 the opening price. And I extend that out in time, about one
1820
1821 456
1822 00:28:19,080 ~-~-> 00:28:22,500
1823 o'clock in the morning, New York time. And anytime price
1824
1825 457
1826 00:28:22,530 ~-~-> 00:28:25,440
1827 trades above that opening price, and it's inside of a kill
1828
1829 458
1830 00:28:25,440 ~-~-> 00:28:33,120
1831 zone, that means the London or New York open kill zone. If
1832
1833 459
1834 00:28:33,120 ~-~-> 00:28:35,610
1835 it trades above that opening price, I will look to go short.
1836
1837 460
1838 00:28:36,390 ~-~-> 00:28:41,340
1839 Now, if we go above it, and this is what I was doing, before
1840
1841 461
1842 00:28:41,340 ~-~-> 00:28:43,830
1843 I started incorporating the Asian range concept. I would
1844
1845 462
1846 00:28:43,830 ~-~-> 00:28:46,620
1847 just simply look for this rally above. If I got this
1848
1849 463
1850 00:28:46,620 ~-~-> 00:28:49,590
1851 scenario here, I was selling right there. I would sell
1852
1853 464
1854 00:28:49,590 ~-~-> 00:28:53,340
1855 short, the SMP, I would sell short Deutschmark. I would sell
1856
1857 465
1858 00:28:53,340 ~-~-> 00:28:57,210
1859 short the Swiss franc, I would swell, the yen, all those
1860
1861 466
1862 00:28:57,420 ~-~-> 00:29:00,300
1863 commodity futures contracts. That's what that was. As my
1864
1865 467
1866 00:29:00,300 ~-~-> 00:29:03,090
1867 entry technique right there, and then I would go to sleep
1868
1869 468
1870 00:29:03,270 ~-~-> 00:29:05,370
1871 and wake up around five o'clock and mourn, hopefully I get
1872
1873 469
1874 00:29:05,370 ~-~-> 00:29:08,400
1875 some profit. And I would take something off, try my stop
1876
1877 470
1878 00:29:08,400 ~-~-> 00:29:10,470
1879 loss really, really tight sometimes get stopped out other
1880
1881 471
1882 00:29:10,470 ~-~-> 00:29:15,690
1883 times, it would carry over into globex into open outcry in
1884
1885 472
1886 00:29:15,720 ~-~-> 00:29:19,080
1887 the pits. And then I'd get some more follow through in the
1888
1889 473
1890 00:29:19,080 ~-~-> 00:29:25,800
1891 day session hours in the New York session. But if that's my
1892
1893 474
1894 00:29:25,800 ~-~-> 00:29:30,420
1895 entry point there, just like anybody else, life may get in
1896
1897 475
1898 00:29:30,420 ~-~-> 00:29:35,250
1899 the way. I may get sick. My kids may be complaining about
1900
1901 476
1902 00:29:35,250 ~-~-> 00:29:37,560
1903 growing pains and I can't be in front of my charts. You
1904
1905 477
1906 00:29:37,560 ~-~-> 00:29:41,070
1907 know, this happens. You know, I'm a dad, I'm a husband. I'm
1908
1909 478
1910 00:29:41,070 ~-~-> 00:29:45,660
1911 to have a pet parent and two boxers, and anything can
1912
1913 479
1914 00:29:45,660 ~-~-> 00:29:48,480
1915 happen. Okay, that distract me from actually getting in
1916
1917 480
1918 00:29:48,480 ~-~-> 00:29:51,000
1919 where I want to get in it. I don't always use limit orders.
1920
1921 481
1922 00:29:51,240 ~-~-> 00:29:53,070
1923 There are certain conditions where I want to use a limit
1924
1925 482
1926 00:29:53,070 ~-~-> 00:29:56,970
1927 order. But mainly, I want to be executing right when the
1928
1929 483
1930 00:29:56,970 ~-~-> 00:29:59,790
1931 markets happening to be trading against my directional
1932
1933 484
1934 00:30:00,900 ~-~-> 00:30:01,740
1935 buys for the day.
1936
1937 485
1938 00:30:02,130 ~-~-> 00:30:04,770
1939 I don't mind market orders to folks that say you shouldn't
1940
1941 486
1942 00:30:04,770 ~-~-> 00:30:06,930
1943 be using market orders, you know, they should be using limit
1944
1945 487
1946 00:30:06,930 ~-~-> 00:30:10,560
1947 orders. Again, that goes along with not knowing what I do.
1948
1949 488
1950 00:30:10,680 ~-~-> 00:30:14,220
1951 I'm actually trading aggressively rate as the markets
1952
1953 489
1954 00:30:14,220 ~-~-> 00:30:17,550
1955 screaming higher. I go marketing selling short right then
1956
1957 490
1958 00:30:17,550 ~-~-> 00:30:19,680
1959 and there and you see my examples I'm getting in there right
1960
1961 491
1962 00:30:19,680 ~-~-> 00:30:22,560
1963 at the highs and or the very lows, so I don't care what
1964
1965 492
1966 00:30:22,560 ~-~-> 00:30:25,080
1967 anybody else's opinion is, I can do it over and over again.
1968
1969 493
1970 00:30:25,320 ~-~-> 00:30:29,910
1971 And I've repeatedly shown it week after week. If you are up
1972
1973 494
1974 00:30:29,940 ~-~-> 00:30:33,780
1975 in a week looking at London, you can use market orders. But
1976
1977 495
1978 00:30:34,050 ~-~-> 00:30:37,620
1979 if I am not going to be awake, I will put a limit order in
1980
1981 496
1982 00:30:38,250 ~-~-> 00:30:41,280
1983 about two pips above these equal highs. My limit order would
1984
1985 497
1986 00:30:41,280 ~-~-> 00:30:44,910
1987 be about bear and my stop loss would be about 35 to 40 pips
1988
1989 498
1990 00:30:45,270 ~-~-> 00:30:47,730
1991 and I would go to sleep and be comfortable with that. Okay.
1992
1993 499
1994 00:30:48,750 ~-~-> 00:30:52,470
1995 I would have an 80 PIP take profit on the full position that
1996
1997 500
1998 00:30:52,470 ~-~-> 00:30:56,940
1999 way if I did wake up, and it moved in accelerated pace and
2000
2001 501
2002 00:30:56,970 ~-~-> 00:31:00,000
2003 moved 80 pips that would be five pips over my week.
2004
2005 502
2006 00:31:00,000 ~-~-> 00:31:04,110
2007 Objective which is 75 pips, I always aiming for 5075 pips
2008
2009 503
2010 00:31:04,110 ~-~-> 00:31:06,390
2011 only for a weekly objective. Once I do that I'm done
2012
2013 504
2014 00:31:06,390 ~-~-> 00:31:09,960
2015 trading, I don't do anything else. But I leave myself the
2016
2017 505
2018 00:31:09,960 ~-~-> 00:31:13,140
2019 opportunity to catch a tiger by the tail. If I wake up and
2020
2021 506
2022 00:31:13,140 ~-~-> 00:31:15,960
2023 the markets already moved 80 pips, I'm done for the week.
2024
2025 507
2026 00:31:16,050 ~-~-> 00:31:19,710
2027 And I didn't do anything but sleeping the whole process. But
2028
2029 508
2030 00:31:21,060 ~-~-> 00:31:25,440
2031 if I miss this opportunity, okay, if I miss it, my eyes go
2032
2033 509
2034 00:31:25,440 ~-~-> 00:31:29,940
2035 right to the low that form prior to that run above the
2036
2037 510
2038 00:31:29,940 ~-~-> 00:31:32,910
2039 opening price when I'm bearish. So I'm going to place a sell
2040
2041 511
2042 00:31:32,910 ~-~-> 00:31:37,020
2043 stop to get me in. Now sell stops, generally you understand
2044
2045 512
2046 00:31:37,020 ~-~-> 00:31:41,760
2047 them as a protective basis or mechanism to protect your long
2048
2049 513
2050 00:31:41,760 ~-~-> 00:31:45,090
2051 position. If there is no long position and you place a sell
2052
2053 514
2054 00:31:45,090 ~-~-> 00:31:48,720
2055 stop, it's going to put you in short, and that's what I'd be
2056
2057 515
2058 00:31:48,810 ~-~-> 00:31:52,170
2059 expecting to see happen here. So when price drops down, I
2060
2061 516
2062 00:31:52,170 ~-~-> 00:31:55,410
2063 could be short there and my stop loss would be above the
2064
2065 517
2066 00:31:55,410 ~-~-> 00:31:58,170
2067 high of the day. So let's assume for a moment that I missed
2068
2069 518
2070 00:31:58,170 ~-~-> 00:32:02,610
2071 this opportunity here and I just can't stay up something
2072
2073 519
2074 00:32:02,610 ~-~-> 00:32:06,930
2075 happens you My wife is getting ready have a baby this has
2076
2077 520
2078 00:32:06,930 ~-~-> 00:32:12,540
2079 happened I had to take a trade so I mean I have to trade
2080
2081 521
2082 00:32:12,540 ~-~-> 00:32:15,180
2083 folks okay it is what it is okay and I had to hear about it
2084
2085 522
2086 00:32:15,180 ~-~-> 00:32:19,500
2087 on the way to the hospital that day but nonetheless I'm you
2088
2089 523
2090 00:32:19,500 ~-~-> 00:32:22,710
2091 know, this is this is real life stuff here folks. So if I
2092
2093 524
2094 00:32:22,710 ~-~-> 00:32:26,280
2095 missed the opportunity get in okay and and the Swiss franc
2096
2097 525
2098 00:32:26,280 ~-~-> 00:32:29,310
2099 is looking to go lower. I'm going to place a sell stop below
2100
2101 526
2102 00:32:29,310 ~-~-> 00:32:32,460
2103 the swing low right before the rally above the opening price
2104
2105 527
2106 00:32:32,760 ~-~-> 00:32:35,940
2107 with the expectation that if this order fails, it will place
2108
2109 528
2110 00:32:35,970 ~-~-> 00:32:40,140
2111 a protective buy stop above the high plus three pips. And
2112
2113 529
2114 00:32:40,140 ~-~-> 00:32:43,770
2115 then again, same scenario, I would have a take profit of 50
2116
2117 530
2118 00:32:43,770 ~-~-> 00:32:46,620
2119 pips which is a low one of my main weekly objective, and
2120
2121 531
2122 00:32:46,620 ~-~-> 00:32:50,610
2123 that's it I don't trail my stop. I do not trail stops I do
2124
2125 532
2126 00:32:50,610 ~-~-> 00:32:54,120
2127 not have a mechanism that trails my stop loss lower because
2128
2129 533
2130 00:32:54,120 ~-~-> 00:32:57,150
2131 I don't think it should be done. Okay. I teach taking
2132
2133 534
2134 00:32:57,150 ~-~-> 00:32:59,970
2135 partials is the better way of go and leave your stop loss.
2136
2137 535
2138 00:33:00,000 ~-~-> 00:33:02,730
2139 Where you initially put it, manage the risk from taking
2140
2141 536
2142 00:33:02,730 ~-~-> 00:33:06,060
2143 partials and then slowly move it down after New York trading
2144
2145 537
2146 00:33:06,060 ~-~-> 00:33:09,210
2147 starts, because if you're going to get a big range day like
2148
2149 538
2150 00:33:09,210 ~-~-> 00:33:12,750
2151 we see here, you want to trail the stop loss after New York
2152
2153 539
2154 00:33:12,750 ~-~-> 00:33:16,080
2155 has done its retracement, if we take the conversation back
2156
2157 540
2158 00:33:16,110 ~-~-> 00:33:19,290
2159 to the utilization of the Asian range, we can see here
2160
2161 541
2162 00:33:19,920 ~-~-> 00:33:21,960
2163 what's actually happening is we have a tight narrow
2164
2165 542
2166 00:33:21,960 ~-~-> 00:33:25,620
2167 consolidation. And we're bearish now I think we have folks
2168
2169 543
2170 00:33:25,800 ~-~-> 00:33:28,800
2171 that want to buy on the breakout, they get tripped in with
2172
2173 544
2174 00:33:28,800 ~-~-> 00:33:31,410
2175 the move above the Asian range high here. So now what are
2176
2177 545
2178 00:33:31,410 ~-~-> 00:33:33,780
2179 they they're long, where's their stop loss going to be at
2180
2181 546
2182 00:33:33,810 ~-~-> 00:33:36,810
2183 right below that low. Mark goes right down below there to
2184
2185 547
2186 00:33:36,810 ~-~-> 00:33:39,210
2187 take their stuff. Notice it doesn't just go a little bit, it
2188
2189 548
2190 00:33:39,210 ~-~-> 00:33:43,170
2191 goes conveniently 10 pips below it. It's gonna sweep out
2192
2193 549
2194 00:33:43,200 ~-~-> 00:33:46,560
2195 anybody that has a stoploss at or just below that low. And
2196
2197 550
2198 00:33:47,160 ~-~-> 00:33:49,440
2199 using that little tail over here, they think that they're
2200
2201 551
2202 00:33:49,440 ~-~-> 00:33:54,180
2203 safe. They're not. The real move is running above the Asian
2204
2205 552
2206 00:33:54,180 ~-~-> 00:33:58,380
2207 range high after the buyers have been put in, then taken
2208
2209 553
2210 00:33:58,380 ~-~-> 00:34:01,860
2211 out, driven back up again. Why, because short sellers that
2212
2213 554
2214 00:34:01,860 ~-~-> 00:34:04,620
2215 were lucky enough to try to sell short at the top of this
2216
2217 555
2218 00:34:04,620 ~-~-> 00:34:08,040
2219 channel or trading range, they're making money here, they're
2220
2221 556
2222 00:34:08,040 ~-~-> 00:34:11,370
2223 not going to be allowed to be profitable. They run on their
2224
2225 557
2226 00:34:11,370 ~-~-> 00:34:14,250
2227 stops, which would be a buy stop run above these highs.
2228
2229 558
2230 00:34:14,580 ~-~-> 00:34:17,820
2231 That's where you're looking to be a seller. This is the
2232
2233 559
2234 00:34:17,820 ~-~-> 00:34:22,830
2235 lowest risk, high probability entry for using the Asian
2236
2237 560
2238 00:34:22,830 ~-~-> 00:34:29,670
2239 range. If we wait for the Asian range low to be broken, and
2240
2241 561
2242 00:34:29,670 ~-~-> 00:34:32,760
2243 then retrace back up to it. That's the other entry point
2244
2245 562
2246 00:34:32,790 ~-~-> 00:34:35,430
2247 using the Asian range. So you can see there's two ways of
2248
2249 563
2250 00:34:35,430 ~-~-> 00:34:39,270
2251 using this range. Selling above the Asian range high when
2252
2253 564
2254 00:34:39,270 ~-~-> 00:34:42,240
2255 we're bearish. best scenario, especially if you have the
2256
2257 565
2258 00:34:42,240 ~-~-> 00:34:43,860
2259 scenario that's been outlined here.
2260
2261 566
2262 00:34:45,090 ~-~-> 00:34:49,170
2263 Understand the storyline. You have to have a bias on the day
2264
2265 567
2266 00:34:49,950 ~-~-> 00:34:53,910
2267 and do not change gears. Based on all this little movement
2268
2269 568
2270 00:34:53,910 ~-~-> 00:34:57,630
2271 here. You have to stick to what your analysis is calling
2272
2273 569
2274 00:34:57,630 ~-~-> 00:35:00,720
2275 for. Our timeframe is going to go lower So we want to be
2276
2277 570
2278 00:35:00,720 ~-~-> 00:35:05,130
2279 looking for the market to take out the Asian range high. If
2280
2281 571
2282 00:35:05,130 ~-~-> 00:35:09,240
2283 that happens, we could sell short there. Or the low risk
2284
2285 572
2286 00:35:09,240 ~-~-> 00:35:12,300
2287 confirmation trade is wait for the Asian range low to break
2288
2289 573
2290 00:35:12,660 ~-~-> 00:35:15,000
2291 and then trade back up to it and then we can sell there.
2292
2293 574
2294 00:35:15,840 ~-~-> 00:35:18,630
2295 Okay, and if it happens to occur during an ICT kills in
2296
2297 575
2298 00:35:19,080 ~-~-> 00:35:22,680
2299 London open or New York open, the probabilities go through
2300
2301 576
2302 00:35:22,680 ~-~-> 00:35:28,320
2303 the roof in terms of being accurate. And then you can see
2304
2305 577
2306 00:35:28,320 ~-~-> 00:35:31,470
2307 that unfolding your charts if you go through the charts with
2308
2309 578
2310 00:35:31,950 ~-~-> 00:35:37,740
2311 this in mind, okay, just put the Asian range on and paint
2312
2313 579
2314 00:35:37,740 ~-~-> 00:35:41,670
2315 them manually. I know you all want indicators and pop this
2316
2317 580
2318 00:35:41,670 ~-~-> 00:35:45,810
2319 up and empty for this and empty for that. Physically draw
2320
2321 581
2322 00:35:45,810 ~-~-> 00:35:48,990
2323 them in, spend some time in the charts get intimate with
2324
2325 582
2326 00:35:48,990 ~-~-> 00:35:51,420
2327 price action, because it's going to teach you a lot more I
2328
2329 583
2330 00:35:51,420 ~-~-> 00:35:55,590
2331 had to do this stuff with charts that were you know, Drew
2332
2333 584
2334 00:35:55,590 ~-~-> 00:35:56,640
2335 handdrawn like I
2336
2337 585
2338 00:35:56,790 ~-~-> 00:35:57,360
2339 I had
2340
2341 586
2342 00:35:58,530 ~-~-> 00:36:01,710
2343 well obsession with Printed charts. So I would print out
2344
2345 587
2346 00:36:01,710 ~-~-> 00:36:04,560
2347 charts and I would do all these things by hand and a ruler
2348
2349 588
2350 00:36:04,560 ~-~-> 00:36:07,050
2351 and a magic marker and highlighter. That's the stuff I used
2352
2353 589
2354 00:36:07,050 ~-~-> 00:36:10,260
2355 to do. And I'm convinced that's what made me good at it.
2356
2357 590
2358 00:36:11,520 ~-~-> 00:36:14,880
2359 being lazy about this, okay, what you're really saying is,
2360
2361 591
2362 00:36:14,880 ~-~-> 00:36:17,640
2363 is I don't really have time to really study it, just give me
2364
2365 592
2366 00:36:17,640 ~-~-> 00:36:20,460
2367 the lipstick on the chart and then there it is, you will not
2368
2369 593
2370 00:36:20,490 ~-~-> 00:36:25,980
2371 get the same level of appreciation or understanding. If you
2372
2373 594
2374 00:36:25,980 ~-~-> 00:36:30,690
2375 shortcut it, draw the levels on as I taught. So by taking
2376
2377 595
2378 00:36:30,690 ~-~-> 00:36:34,290
2379 the time to draw this out manually and reminding yourself
2380
2381 596
2382 00:36:34,620 ~-~-> 00:36:38,340
2383 okay, maybe then be worth taking the time to type out a
2384
2385 597
2386 00:36:38,340 ~-~-> 00:36:45,090
2387 notation. Yeah, in this in this area here to not focus on
2388
2389 598
2390 00:36:45,090 ~-~-> 00:36:49,530
2391 the movements below the Asian range. Okay, focus primarily
2392
2393 599
2394 00:36:49,560 ~-~-> 00:36:56,760
2395 on a move above the Asian range high when we're bearish and
2396
2397 600
2398 00:36:56,790 ~-~-> 00:37:01,080
2399 or if we break below the Asian range after midnight. Wait
2400
2401 601
2402 00:37:01,080 ~-~-> 00:37:07,080
2403 for a retest in the form of resistance. Now, think about
2404
2405 602
2406 00:37:07,080 ~-~-> 00:37:10,740
2407 what you're seeing here. If we look at price action like
2408
2409 603
2410 00:37:10,740 ~-~-> 00:37:14,220
2411 this, if What if we don't use the Asian range concept here?
2412
2413 604
2414 00:37:14,340 ~-~-> 00:37:19,950
2415 As I'm outlining? The question is, why would this be a
2416
2417 605
2418 00:37:20,040 ~-~-> 00:37:24,630
2419 selling point? I mean, granted, you know, you can go back to
2420
2421 606
2422 00:37:24,630 ~-~-> 00:37:27,480
2423 this low here and say, well, that's probably a reason for
2424
2425 607
2426 00:37:27,480 ~-~-> 00:37:30,930
2427 it. But would you really look at that, after seeing this,
2428
2429 608
2430 00:37:31,320 ~-~-> 00:37:34,410
2431 and in this movement through, you know, without this
2432
2433 609
2434 00:37:34,410 ~-~-> 00:37:36,960
2435 insight, chances are, you're probably not going to see this
2436
2437 610
2438 00:37:37,050 ~-~-> 00:37:39,750
2439 actual scenario. And that's the difference between
2440
2441 611
2442 00:37:39,750 ~-~-> 00:37:43,440
2443 understanding tape reading, and building context behind
2444
2445 612
2446 00:37:43,440 ~-~-> 00:37:47,250
2447 price and also sticking with a bias. It's important to know
2448
2449 613
2450 00:37:47,250 ~-~-> 00:37:50,550
2451 what a trading bias is for any given day. And anyone who
2452
2453 614
2454 00:37:50,550 ~-~-> 00:37:53,370
2455 tells you don't trade with a bias, they're the ones that are
2456
2457 615
2458 00:37:53,370 ~-~-> 00:37:55,590
2459 telling you that because they don't know how to do it. I've
2460
2461 616
2462 00:37:55,590 ~-~-> 00:37:58,530
2463 given them many examples on how you can arrive at a daily
2464
2465 617
2466 00:37:58,530 ~-~-> 00:38:00,930
2467 bias and you're not gonna get a deal. bias accurate every
2468
2469 618
2470 00:38:00,930 ~-~-> 00:38:03,600
2471 single day. So don't let me paint that picture for you. But
2472
2473 619
2474 00:38:04,680 ~-~-> 00:38:07,980
2475 I can be in the Upper 90s in terms of my probabilities and
2476
2477 620
2478 00:38:07,980 ~-~-> 00:38:13,410
2479 directional bias. If you can get just 65 to 70% accuracy
2480
2481 621
2482 00:38:13,770 ~-~-> 00:38:16,380
2483 with your with your bias and then wait for conditions like
2484
2485 622
2486 00:38:16,380 ~-~-> 00:38:20,850
2487 I'm showing you here, adding time of day, kill zones, daily
2488
2489 623
2490 00:38:20,850 ~-~-> 00:38:26,040
2491 bias, focusing with the Asian range. We've already looked at
2492
2493 624
2494 00:38:26,040 ~-~-> 00:38:30,900
2495 power three, it builds the entire model for the daily range.
2496
2497 625
2498 00:38:31,290 ~-~-> 00:38:33,840
2499 And you are not surprised when certain things happen. In
2500
2501 626
2502 00:38:33,840 ~-~-> 00:38:36,660
2503 fact, you're anticipating them before they happen. And by
2504
2505 627
2506 00:38:36,660 ~-~-> 00:38:41,250
2507 seeing day after day after day of doing this, you become
2508
2509 628
2510 00:38:41,370 ~-~-> 00:38:41,850
2511 much
2512
2513 629
2514 00:38:41,850 ~-~-> 00:38:42,570
2515 better at
2516
2517 630
2518 00:38:43,080 ~-~-> 00:38:46,830
2519 well and terpening price action and forecasting, which is a
2520
2521 631
2522 00:38:46,830 ~-~-> 00:38:49,440
2523 skill set that you cannot learn from reading books or
2524
2525 632
2526 00:38:49,440 ~-~-> 00:38:52,470
2527 watching my videos. You have to spend time in the charts.
2528
2529 633
2530 00:38:52,740 ~-~-> 00:38:56,400
2531 And if you do that, I promise you, you will glean more from
2532
2533 634
2534 00:38:56,400 ~-~-> 00:39:02,820
2535 that than anything else that you would ever study. Hope you
2536
2537 635
2538 00:39:02,820 ~-~-> 00:39:05,730
2539 enjoyed this presentation. If you did, you can find more at
2540
2541 636
2542 00:39:05,760 ~-~-> 00:39:07,470
2543 the inner circle trader.com