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ICT - Sniper Course - 01 - Enlisting module - Expectations and The Mark.srt

Last modified by Drunk Monkey on 2021-06-10 10:34
1 00:01:22,740 --> 00:01:33,840 ICT: Alright folks, we are looking at the scout sniper enlisting module for the ICT scout sniper Field Guide. Okay, what are we going to be covering in this
2 00:01:33,840 --> 00:01:47,670 presentation? Well, obviously it's designed for those individuals that are not familiar with my concepts. It's going to be a broad range comprehensive approach
3 00:01:47,670 --> 00:01:59,550 to using the concepts that are hands on in the in the trenches type of application. For years, I've been on the internet teaching conceptually, the
4 00:01:59,550 --> 00:02:13,530 things that I do. And the apps, the actual employment or step by step approach to utilizing the concepts has evaded most individuals, because simply, they
5 00:02:13,530 --> 00:02:27,030 didn't put in the work and the exercises that were meant by taking the concepts and implementing them modularly through teaching videos. And what do I mean by
6 00:02:27,030 --> 00:02:40,890 that? Well, for those participants that have been following my work on YouTube mon website, I had a blog years ago, and some threads that I put on some on
7 00:02:41,190 --> 00:02:57,960 forums. They failed to utilize the concepts in a demo account, and use the concepts on a daily basis to familiarize themselves with price action concepts
8 00:02:57,960 --> 00:03:12,480 that are rather generic. And each video, if used properly, in the library that I've presented over the last few years, they were meant really to focus your
9 00:03:12,480 --> 00:03:23,820 attention on one specific component to understanding price action, and the application of the ICT tools, we're going to have in this eight part series, and
10 00:03:23,820 --> 00:03:32,850 this is episode one, there's gonna be a whole lot of dry stuff in the beginning.  So prepare yourself for it, guys. It's like anything else, if you go, if you go
11 00:03:32,850 --> 00:03:42,870 to sniper school, you're gonna learn a lot of theory first, and you're gonna learn a lot of, you know, trajectory, wind, all those things that are gonna
12 00:03:42,870 --> 00:03:51,900 affect you taking a shot before you ever put yourself in front of a rifle and scope up your target. You got to learn a lot of the boring stuff, okay, but I
13 00:03:51,900 --> 00:03:58,920 promise we're gonna get to that good stuff. You're all looking forward charts, and get me and get me out types of situations that are going to be in this
14 00:03:59,040 --> 00:04:08,880 course. But again, you got to go through the boring stuff first guys. So we're going to, what are we gonna be covering? Let's look at that. Now. Obviously, you
15 00:04:08,880 --> 00:04:17,220 know, we're going to be looking at briefly, I'm going to be introducing you what trading platform that I use in my teachings and in the practice drills is going
16 00:04:17,220 --> 00:04:29,610 to be employing in this course. And I'm going to give you a general overview of the type quote unquote, of trades this approach specializes in and what you
17 00:04:29,610 --> 00:04:42,420 should adopt as realistic expectations. And want to introduce you to the mo and the usual targets. And I'll give you an assignment for homework and it's going
18 00:04:42,420 --> 00:04:43,800 to be the mark.
19 00:04:49,980 --> 00:05:01,770 Alright, what trading platform are we gonna be utilizing in these teachings? And what do I use for my own analysis in my video, Use that you see on YouTube and
20 00:05:01,800 --> 00:05:12,840 on the inner circle trader comm website. Well, I use forex.com, Ltd. Now it's very simple, you guys can go to Google, and Google that, just as you see here on
21 00:05:12,840 --> 00:05:27,840 the screen. And it will give you a opportunity to download the Mt. Four, that's letter M is and Michael T is and Tom for meta trader. platform, it'll be, it's a
22 00:05:27,990 --> 00:05:38,310 free download. Now before we get into all the debates as to what platforms useful, and you know, which one's better, blah, blah, blah, I'm not going to
23 00:05:38,310 --> 00:05:47,580 argue which one's better, okay, I'm more or less gathering everyone to one poll.  It's up to you whether you want to drink from it or not. Okay. So a lot of the
24 00:05:47,580 --> 00:05:57,150 tools that I shared that are for free, I don't sell anything. And also advice, give signals, right I got, I give resources, tools and concepts for you to
25 00:05:57,150 --> 00:06:06,630 employ and use in a demo account setting, I do not advocate you using live funds. So everything you learn here is just for your development. On a personal
26 00:06:06,630 --> 00:06:18,450 scale. I'm just going to hand and point in direction, and it's up to you to walk there and find it on your own. Okay. So now, with forex.com, Ltd. Again, it's
27 00:06:18,780 --> 00:06:30,540 simply for the utilization of their demo account. I do not trade live funds through forex.com, Ltd. Okay, I simply use it for a demo account only. And
28 00:06:30,540 --> 00:06:39,720 because it's a free resource, and allows me to share a universal medium that everyone can employ, you can trade through your own individual platform if you
29 00:06:39,720 --> 00:06:51,300 choose to. But for the concepts that we're gonna be covering here, the tools that I'm gonna be sharing, and the indicators that you will be using, or plug
30 00:06:51,300 --> 00:07:01,470 and play with mt four. Okay, so just so you know that you're not locked into using this, but there's gonna be some tools that are rather unique to the MT
31 00:07:01,470 --> 00:07:11,070 four platform. And it's just a plug and play type scenario. Now, I do not recommend new trade light, trade life funds with forex.com Ltd. Okay? Because
32 00:07:11,070 --> 00:07:20,610 I'm not an introducing broker, I'm not acting as an introducing broker and not a trade advisor. And I have no affiliation with forex.com Ltd, I have no
33 00:07:20,610 --> 00:07:28,350 affiliation really, with any brokerage firm whatsoever. So please don't ask me which one I recommend if you choose to trade live funds, I don't do that. It's
34 00:07:28,350 --> 00:07:38,760 up to you. There's plenty of resources out there that you can choose from. I advise the viewer to use a demo account for practice purposes. Okay. So, again,
35 00:07:38,880 --> 00:07:51,990 I can't stress it enough. forex.com Ltd, is simply being utilized in my capacity as a mentor in the demo account setting only. And ideally, you want to use a
36 00:07:51,990 --> 00:08:00,450 demo account balance when you open up your demo account with forex.com Ltd. Or if you choose to do something else outside of the tools that I share. For
37 00:08:00,450 --> 00:08:10,140 platform purposes, choose a account balance that you would be actually you realistically employing if you were to go to live trading.
38 00:08:16,200 --> 00:08:29,610 Alright, what trades are classified as sniper setups. Well, precision point entry prices that are applicable for use of limit order entry. Now, if you're
39 00:08:29,610 --> 00:08:37,350 not accustomed to what a limit order is, we're going to cover that in later modules. And we're going to actually give you live examples of when you would
40 00:08:37,350 --> 00:08:49,410 utilize that in your demo account. And how that works in favor of getting you the best possible entry price and limiting your your risk in terms of your stop
41 00:08:49,410 --> 00:08:59,280 loss. It's very useful in terms of controlling your overall risk and exposure to the market. But it doesn't completely eliminate the risk. It just helps you
42 00:08:59,640 --> 00:09:07,110 determine as precise as you possibly be in terms of your actual entry price versus what you may get if you did a market order and the slippage that comes
43 00:09:07,110 --> 00:09:19,860 along with that. utilization of specific time of day criteria. So we're gonna be talking about specific times of the day that the Forex market sets up rather
44 00:09:21,240 --> 00:09:32,580 routinely in terms of specific price swings and how we can utilize that. So by coupling precision point entry prices and utilizing time of day that between
45 00:09:32,580 --> 00:09:41,520 those two right there that really classifies it as a sniper setup because we know exactly what we're looking for in advance and we wait for that to unfold.
46 00:09:42,660 --> 00:09:54,480 Now, we also will have an advanced knowledge of target prices for positive exit points. In other words, we anticipate where price may be reaching to and based
47 00:09:54,480 --> 00:10:05,730 on that understanding what specific price levels we may be looking to exit at in our demo, trade. And the employment of strict risk management protocols. In
48 00:10:05,730 --> 00:10:18,480 other words, how much money are we risking? And how are we quickly removing the risk and controlling the risk throughout the trade and calm and focused
49 00:10:18,510 --> 00:10:28,650 disciplinary trading without emotions and impatience, that last one, right there is a doozy. It's very, very difficult for majority of traders out there to
50 00:10:28,830 --> 00:10:41,490 attain this level of trading. But I can assure you it comes with time. And it comes with a strict adherence to the process of trading. And that means finding
51 00:10:41,490 --> 00:10:53,190 what niche you're best suited for as a trader. And that may be a specific time frame, like you may be a good short term intraday scalper, you could be a swing
52 00:10:53,190 --> 00:11:00,690 trader, you could be a short term trader, you're in and out in a day or two, or you could be a position trader. Okay. We'll give you some tools and concepts to
53 00:11:00,690 --> 00:11:03,900 help discern what that is for you, on a personal level.
54 00:11:09,990 --> 00:11:20,490 Alright, what realistic expectations should you hold? Well, let's first start off with the realistic as you can get, you will lose money, live and or demo
55 00:11:20,490 --> 00:11:32,880 money with these concepts, I cannot guarantee 100% trading, no one can no one ever will. And just don't expect it. You will not profit on every setup. As much
56 00:11:32,910 --> 00:11:43,290 as the setup may look like textbook conditions, you're going to still lose eventually on what may be the best looking, cheery setup you can possibly have.
57 00:11:43,650 --> 00:11:53,160 And you still will see it fail, okay, because there's nothing perfect and trading. And you just can't obtain that level of trading, obviously. And you're
58 00:11:53,160 --> 00:12:03,720 obviously going to miss opportunities. So you may sleep during a particular time of day, or you may be taken away by either attention or physically away from the
59 00:12:03,720 --> 00:12:14,880 charts. So you can't take an opportunity, maybe you're stalking expecting it set up and you unfortunately missed it, you're going to have to expect that in all
60 00:12:14,880 --> 00:12:22,320 levels of your trading. I mean, I've been trading for almost 20 years, and there's a lot of setups that I see come in by this, I miss it by a number of
61 00:12:22,320 --> 00:12:30,450 things. And it's no reason for me to beat myself up over, I just know that that trade wasn't mine, the next one is going to come around, it's just like buses,
62 00:12:30,720 --> 00:12:40,200 they'll come by if you wait around long enough, you'll see the next one come. I promised no wealth or easy journey to riches. Now this is going to require you
63 00:12:40,200 --> 00:12:51,870 work. Okay, I'm going to give you some specific criteria. If you stick to it, I promise you, your understanding of the market will greatly increase and you'll
64 00:12:51,870 --> 00:13:04,050 be lightyears ahead of everyone else. Now, theoretically, the concepts will lead to a better understanding of trading for you. Every individual trader or
65 00:13:04,050 --> 00:13:15,900 developing trader that are watching this video series will not have identical results. Okay, so if you guys talk in chat rooms, or if you share forms, do not
66 00:13:15,900 --> 00:13:23,100 compare notes in such a way where, okay, how much money did you make on that demonstrate versus what I made, it's completely unique. And that's one of the
67 00:13:23,100 --> 00:13:33,150 beauty of trading because you don't have to limit yourself to what everyone else is doing. Just simply because the tools that I'm sharing right now are being
68 00:13:33,150 --> 00:13:46,290 universally shared, you may develop another level of understanding on a personal level with these tools, and you'll make them your own. And by subtly blending
69 00:13:47,040 --> 00:13:58,500 what you're comfortable with as a trader, someone that may be a 30 minute Chart Trader will make significantly far less than someone that is utilizing a four
70 00:13:58,500 --> 00:14:08,100 hour chart. And the setups that set up on that timeframe are going to be much larger in terms of magnitude. So it's very difficult for one to reasonably
71 00:14:08,160 --> 00:14:18,360 realistically expect your results to match everyone else doing it. Okay, so think about it. There's so many other guys and mentors and and teachers out
72 00:14:18,360 --> 00:14:26,610 there and authors of books, why aren't we all having the same results because it's a unique experience, okay, and that's what makes this so difficult because
73 00:14:26,610 --> 00:14:35,790 it's not a team effort. It's not a team sport, and you're not going to win by everybody else doing doing it with you. Okay, now that we can cultivate a
74 00:14:35,790 --> 00:14:45,660 learning environment like we're doing here and forums and such, but the actually getting in the trenches clicking the mouse and getting into trades and suffering
75 00:14:45,660 --> 00:14:55,620 the drawdown and or the riches that come with profitable execution. That's all on a personal level, and no one can share that it's completely and uniquely
76 00:14:55,650 --> 00:15:05,310 yours. And you got to more or less accept that. Okay, so Going into this, understand that you're leading yourself to a better understanding of trading,
77 00:15:05,460 --> 00:15:16,140 but you're always going to be theoretically a student of price. And always focus on success being measured in small incremental steps. And you're going to have
78 00:15:16,140 --> 00:15:27,840 to really submit the time. Because while these concepts were going to be really, really concentrated in later portions of this series, it doesn't take away the
79 00:15:27,840 --> 00:15:38,070 work portion and the time that's needed for you to warm up to the concepts.  Simply seeing it in one or two examples in video format is not gonna be enough,
80 00:15:38,070 --> 00:15:45,150 you're gonna have to be in the charts, hunting, looking at it, not studying in hindsight, and then anticipating it in the future. So you got to submit the
81 00:15:45,150 --> 00:15:54,780 time. Now realistically, what am I talking about in terms of time, if you're not willing to put six months into these concepts, turn it off, now you're wasting
82 00:15:54,930 --> 00:16:04,050 your time. And you're really, you're doing me no service at all, because I'm putting a lot of effort into this. So you should be doing the same thing invest
83 00:16:04,050 --> 00:16:07,500 the time is needed. And I'm talking minimum six months.
84 00:16:13,410 --> 00:16:25,230 Alright, what Anna will use and what targets? Well, the methodology that we're sharing here, is based on a principle I learned in 1994. Yes, I was trading way
85 00:16:25,230 --> 00:16:36,120 back then. Now, the principle is triple screen. And it's found in a book titled trading for a living. Now, this was one of those little gems that I was in
86 00:16:36,210 --> 00:16:47,130 Columbia, Maryland. And I reside in Baltimore, Maryland. It's in United States, in case you were wondering where that's at. And we had a traders library, it was
87 00:16:47,130 --> 00:16:58,740 a store that really was mainly mail order over the internet type deal, but it just happened to be in Maryland. So I was fortunate to be able to drive there
88 00:16:58,740 --> 00:17:09,810 and go through their bookshelves and find some really interesting books. But because I was a fledgling technical analysts didn't have a whole lot of money to
89 00:17:09,810 --> 00:17:20,850 start with. I was I was very shocked to see how much these books were being sold as and trading for a living. That title was exactly what I was looking for.
90 00:17:21,480 --> 00:17:28,920 Think about it, you know, if you want to be getting into this industry, as a trader, with no understanding whatsoever, except for the desire to want to make
91 00:17:28,920 --> 00:17:37,140 money and to sit home doing it, that you couldn't find a better title book than that you're trading for them. That's exactly that personifies what traders do
92 00:17:37,140 --> 00:17:47,700 this for, you know, they want to sustain themselves with just this as their means of income. So I purchased the book, and I'll be honest with you, when I
93 00:17:47,700 --> 00:17:55,380 first read, I was like, Man, this is ridiculous. I can't I can't get anything out of this. So I basically wasted like 40 hours. And at the time, I thought
94 00:17:55,380 --> 00:18:06,660 that and later on when I got a little bit more mature in terms of what I was expecting out of price charts and such. I found the latter chapters in his book,
95 00:18:06,660 --> 00:18:19,560 I think, if memory serves me its page, do you want an 85 or thereabouts? It's his concept of utilizing multiple timeframes. And I framed the concepts on
96 00:18:19,560 --> 00:18:28,620 Alexander elder, which is the author of trading for livings ideas, and made it made subtle changes, really. But if you really studied these concepts, you're
97 00:18:28,620 --> 00:18:43,230 going to find the fingerprint of elder all through this. Okay. And if one could claim authors of books as mentors, he obviously he was my, my first one, if you
98 00:18:43,230 --> 00:18:55,350 will, majority of my other work comes from Larry Williams. Now, the premise is really to determine the likely direction of the market and then enter in that
99 00:18:55,350 --> 00:19:05,460 direction only. Now, in case you're wondering if it was just that one chapter that was useful, I'm going to recommend to you now that read the entire book,
100 00:19:05,820 --> 00:19:19,080 because it was my first trading text, but it was my first Aha, manual, because there's so many gems tucked inside the texts. It's it's, it's really rich. Just
101 00:19:19,080 --> 00:19:29,190 the first few chapters dealing with Psychology, being a young guy and just impatient, and I have OCD and I have attention deficit disorder. And I have a
102 00:19:29,190 --> 00:19:39,990 very difficult time focusing, and a lot of that stuff because I grew up in an environment that when you read this, you understand I had a lot of similarities
103 00:19:40,380 --> 00:19:51,840 in the type of people that elder was describing as problematic. People in terms of trading and how they have to overcome adversities psychologically, and how
104 00:19:51,930 --> 00:20:00,600 more or less it's a losers mentality that they have and what you're going to have to do to get beyond that. And I think it's an excellent read. So don't Just
105 00:20:00,600 --> 00:20:13,140 take the chapter on triple screen as the only real nugget in that book. It's, it's, it's chock full of all kinds of wonderful insights. But really, the
106 00:20:13,140 --> 00:20:21,630 crowning jewel is the triple screen chapter and in obviously all the psychological. Right write up the does earlier in the book.
107 00:20:28,770 --> 00:20:41,790 Okay, we are going to give a homework assignment, okay, and it's going to be the mark. Now every sniper knows there is a target out there that he has to acquire,
108 00:20:42,150 --> 00:20:55,950 scope up and intake down. No, we're not going into a large list of technical things, but I'm going to give you an assignment for you to study. Now, I'm not
109 00:20:55,950 --> 00:21:05,760 going to limit you to any particular pair, you can use this assignment on any currency pair you want. But in this example, I'm going to share with you and
110 00:21:05,760 --> 00:21:09,510 we're going to be utilizing the fiber which is the Euro USD pair. Okay.
111 00:21:11,280 --> 00:21:12,120 Hello, folks,
112 00:21:12,540 --> 00:21:25,260 we are now looking at the MT four platform. And we're gonna open up a chart, we're going to use the Euro USD pair. And we're gonna double tap the header of
113 00:21:25,260 --> 00:21:37,800 the chart and it'll maximize it. And we're gonna change it to a candlestick chart. I removed the grid by hitting our right mouse button down the grid, where
114 00:21:37,800 --> 00:21:49,170 you can hold down Control button, hit G and remove your grid in the background.  And we're going to set this to a more friendly to the eye color scheme. And I
115 00:21:49,170 --> 00:21:59,580 right clicked on the mouse button. And it gives me this menu where I put the properties in. And now we're in this little toggle box. And we click on black on
116 00:21:59,580 --> 00:22:13,440 white and sets the chart to this our Ewing setting. And I hit this shift key here, which sends the chart back away from the right edge. Now I like to have a
117 00:22:13,440 --> 00:22:22,230 little bit of open space over here. The amount of open space that you may or may not want is up to you. But you can slide that little triangle here by clicking
118 00:22:22,230 --> 00:22:32,580 on it with your left mouse button. And just moving along where you want it.  Wherever you drop it. That's where the chart will end. Okay. So now what we're
119 00:22:32,580 --> 00:22:45,270 going to talk about here is I'm going to show you a 15 minute chart. And I'm going to ask you to look at this chart. Okay, and I want you to study it. And
120 00:22:45,270 --> 00:22:59,370 tell me what you see. After a period of time now I'm not asking you to send it obviously in the mirror like that, I want you to send it to the thread at FX
121 00:22:59,790 --> 00:23:14,070 gears, comms forum thread, and thread that's self titled, with this video series. Very easy to find. What we're looking at here is a specific price model
122 00:23:14,760 --> 00:23:25,110 that we're going to cover in great detail during this eight part video series.  And I promise when you're done studying this, you're going to have far greater
123 00:23:25,110 --> 00:23:36,630 understanding and price action than any other resource available on the internet or on book you're talking about something that is so generic, it's going to be
124 00:23:37,170 --> 00:23:51,570 always seen in the marketplace, in any timeframe. Okay. But for real world purposes, okay, for you to study, I want you to use this example here. Okay, and
125 00:23:51,870 --> 00:24:13,020 start with August 2013. And right now the time of this recording, it is August 14. Okay, and what I'm looking for is in terms of a repeating theme of what
126 00:24:13,020 --> 00:24:29,520 price is doing, and how it could be anticipated going into the future. And I also want you to note specific criteria that you see repeating in the way price
127 00:24:29,520 --> 00:24:37,950 is moving from one swing point to the next. Okay, and what is the swing point swing points are like this here, this low with higher lows on either side of it.
128 00:24:38,640 --> 00:24:49,830 Here's a low with higher lows on either side of it. Every turning point here, okay, these are all swing points. Now if you don't understand what a swing point
129 00:24:49,830 --> 00:25:01,620 is, and you're if it's going a little too fast for you. The easiest way for you to learn to see what the swing part swing points are rather on Mt four, if you
130 00:25:01,620 --> 00:25:13,920 go up to the little Insert tab, click on that, go to indicators. And go over to Bill Williams section and top of the list. It'll say fractals. Okay, if you
131 00:25:13,920 --> 00:25:23,340 click on that, it'll give you a little box, you're not going to keep it red. And if you use this over here, this will tell you how big you want these fractal
132 00:25:23,340 --> 00:25:35,190 arrow arrows to appear on your chart. I'm going to use this setting here. And I click OK. And what that's done is it creates all these little arrowheads. Okay,
133 00:25:35,460 --> 00:25:48,090 the arrowhead just delineates a point at which when one candle is surrounded by two higher load candles for a swing low, in this case, it would be here. And for
134 00:25:48,090 --> 00:25:56,760 swing high, it would be a candle that has two lower highs on either side of it.  Now I'll zoom in in a moment to give you a better view of what that looks like.
135 00:25:56,790 --> 00:26:08,070 For now. You're not going to utilize every single one of these obviously, okay, but what I want you to do is I want you to train your eye. Okay, and zoom in
136 00:26:08,130 --> 00:26:08,940 just for a little bit.
137 00:26:11,520 --> 00:26:22,260 Okay, and I'll give me an example of what this is delineating here, the fractal arrow. Let's take a toggle off, so it doesn't move around. As I'm talking, we'll
138 00:26:22,260 --> 00:26:35,220 use this one here. This fractal hi has a lower candle to the left of it. And to the left of that it's a lower candle. Okay. And then onwards, this candle here
139 00:26:35,220 --> 00:26:45,150 has a lower high candle, and a lower high candle. So both these candles on the right have highs that's lower than the high this candle. And these candles here
140 00:26:45,150 --> 00:26:58,770 on the left of it have lower highs and this candle high. So then the mp4 platform will mark this as a fractal high. Okay. Now, as we all learn in later
141 00:26:59,280 --> 00:27:10,290 video modules in this series, I do not require waiting until two candles after the highest form. Okay, it's Meantime, you'll see that you'll miss the optimal
142 00:27:10,680 --> 00:27:23,070 entry point in terms of taking the trade, okay. And vice versa. And looking at the low here, if you see a low with two higher load candles on the left of it,
143 00:27:23,400 --> 00:27:33,420 and two higher load candles on the right of it, that would be a marker for a fractal low or swing low. Now, look at this chart for a second before we take
144 00:27:33,420 --> 00:27:47,280 the fractal indicator off. And now we're just going to take this indicator off.  And now I want you to look at the chart again, can you see those same reference
145 00:27:47,280 --> 00:27:57,660 points without having that tool applied to the chart, because that's what you're going to have to learn to do. Okay, because you need to see these forming in
146 00:27:57,660 --> 00:28:10,050 real time. And right now I'll give you an example. We have one forming here.  This is a live price chart. It's not recorded, I'm not dwelling over something.
147 00:28:10,350 --> 00:28:24,030 In hindsight, this is really happening right now. And we have a low with a higher low here and a higher low here. That in itself is a swing low. So this
148 00:28:24,030 --> 00:28:33,150 could be a short term low that made see price move higher from now, we can't just base that simply on that alone, there's got to be other things and other
149 00:28:33,960 --> 00:28:43,890 criteria to add to it. But that's what you'd be looking for. As a potential turning point. If you look at every turning point, or swing in the marketplace,
150 00:28:44,730 --> 00:28:56,790 you can see that that pattern exists. It's very generic, it's there all the time, you have a high with two lower highs surrounding, okay. Every high and low
151 00:28:56,790 --> 00:29:09,000 swinging up down up down that natural ebb and flow in the marketplace is seen with this characteristic in price action. Now, let's go out to an hourly chart.
152 00:29:13,260 --> 00:29:28,770 And we're going to go and look at another sample size of price action. And we're going to look at the beginning of July. We're looking at the first week of July.
153 00:29:34,530 --> 00:29:49,560 Yeah, this is good right here. Okay. And I want you to study this sample size and data as well. Okay, so we're looking at july first, to uh, say July 9, okay.
154 00:29:50,190 --> 00:30:00,570 And let's hold down the Ctrl key on your mouse, I'm sorry, on your keyboard and hit the letter Y as in Word Yes. And that'll give you your vertical delineating
155 00:30:00,570 --> 00:30:10,380 bars. Okay, and what this is doing is the double wines, this is Sunday. This is Monday's trading. This is Tuesdays trading in between the two vertical lines is
156 00:30:10,380 --> 00:30:23,730 Wednesdays Thursday, and Fridays trading. And then we start a new week on Sunday. I want you to study June 1 to June 5, okay? In other words, this whole
157 00:30:23,730 --> 00:30:42,060 pocket of price action. This right here, okay. So when you have your platform downloaded and set up at the default settings, you want to change anything yet,
158 00:30:42,060 --> 00:30:49,470 we're going to talk about all these changes, and then all the little cool indicators along the way, as we go through each video, I promise you, this is
159 00:30:49,470 --> 00:30:58,830 going to be the most boring one. But if you put the work in Now, what I'm asking you look for here, my promise, when you look at the last video in this series,
160 00:30:59,700 --> 00:31:08,430 these two sample sizes of price data is going to be amazing, okay? And you're gonna be floored by what you'll understand by that point. Okay. So now looking
161 00:31:08,430 --> 00:31:23,100 at this sample size and data. Okay, the questions I want you to focus on in terms of study is I want you to look at every swing point in this sample size. I
162 00:31:23,100 --> 00:31:36,900 also want you to look at the time of day that those turning points occurred. And I want you to look at the direction of which made the most in terms of pips,
163 00:31:37,050 --> 00:31:49,350 obviously, you can see it's been a down move. But what characteristics were synonymous with just about every single one of these turning points, and a
164 00:31:49,350 --> 00:32:00,000 promise if you study it, not just simply on a one hour chart, but break it down into a 15 minute chart basis. And if you look at a five minute basis, that will
165 00:32:00,000 --> 00:32:12,900 also be more insightful to you as well. Don't be discouraged when we go to part two, and I show you some things that you should glean from the price action,
166 00:32:13,080 --> 00:32:23,610 with no understanding whatsoever about technical analysis, you should still understand time and price. Okay, notice what time of day did these particular
167 00:32:23,850 --> 00:32:36,780 swings take place. And empty forest generally set up is GMT platform. So that was all the time at the bottom of your chart here is this is all GMT time, okay,
168 00:32:36,810 --> 00:32:48,780 and I want you to take notes, write it down in a book, okay, and get yourself a little note Notepad, okay, and this is new, your your workbook for this whole
169 00:32:48,780 --> 00:32:56,730 video series, you're gonna have pages of notes, by the time we're done, I promise you, and the notes that you collect along the way, are going to be worth
170 00:32:57,240 --> 00:33:05,190 their weight in gold, okay, because this is insights that you just don't get anywhere else. And it's nearly two decades worth of insights that's coming to
171 00:33:05,190 --> 00:33:18,810 you for free. Okay. So I want you to appreciate that because it takes a lot for me to number one. put these together in terms of a teaching, and also be able to
172 00:33:19,020 --> 00:33:27,450 have a sense of continuity and hopefully get you to an end result that was in mind from the beginning, which is a greater understanding price action and you
173 00:33:27,450 --> 00:33:37,980 as a trader, and how to utilize that insight gleaned in your own demonstrating, and development as a trader. So now, again, key points are, what time of day,
174 00:33:38,250 --> 00:33:51,090 every turning point in this sample size and the one we showed before? And what price levels did they occur, okay, and it means you need to be marking up your
175 00:33:51,090 --> 00:34:00,540 chart, drawing lines, okay, and make scribbled up, okay. I mean, don't be afraid to put notations on your charts. I don't know why guys, you know, in the
176 00:34:00,540 --> 00:34:06,720 beginning of channel learn, to try to keep the charts clean, when you understand what you're looking for, then it's advisable I like to keep my charts very
177 00:34:06,720 --> 00:34:16,200 clean. But in the beginning, be messy. Okay, it make it fun, get in there and draw some notes on this stuff. And in fact, if you go to say you have this
178 00:34:16,200 --> 00:34:29,070 chart, and like you have it here, okay, go to file. Okay, and you want to save as picture and use quick, active work space. And I'll show you what happens when
179 00:34:29,070 --> 00:34:29,610 you do that.
180 00:34:31,050 --> 00:34:44,220 By doing that, MT four will generate a image file of your actual workspace. And by doing that, you'll be able to have a image file that will be in your web
181 00:34:44,220 --> 00:34:47,850 browser. And let's move over that now and take a look at what it's done.
182 00:34:54,270 --> 00:35:05,280 Okay, you can see it created an image file. Okay, and that's exactly what your chart showed an MT four platform known as zoom, elevate, you can see that it
183 00:35:05,280 --> 00:35:16,650 gives you all the detail and data here. And you scroll up, you can see everything here. Now, it's to me, I would advise you to take this image and
184 00:35:16,650 --> 00:35:27,540 print it out, print it out and draw your lines on it with your own hand with your pencil ruler, do it like that, okay, and get used to marking up the charts,
185 00:35:27,540 --> 00:35:37,650 putting lines in and support resistance levels and make notations at time price.  And then I promise you if you do this every single day for one pair, and it
186 00:35:37,650 --> 00:35:46,140 doesn't have to be the fiber, your USD pair, it could be the cable, Bridgetown, USD, it could be Japanese yen, it could be the kiwi, it could be the Australian
187 00:35:46,140 --> 00:35:59,760 dollar, it could be the beast, you know, your yen, British Pound yen, any any of any pair of your choosing, it's not important as to which one you're choosing,
188 00:36:00,060 --> 00:36:08,550 but get real close to price action by studying one pair, it could be the dollar index as well. But what you're going to be doing is is you're going to be
189 00:36:08,550 --> 00:36:22,050 building at least 30 days worth of sample size data, okay? You want a whole month's worth? Okay? That means you're going to have to explain actually spend a
190 00:36:22,050 --> 00:36:29,250 little bit more than actual one calendar month, okay? Because you don't have 30 trading days in a month. Okay. So now what you're going to be doing is you're
191 00:36:29,250 --> 00:36:40,380 going to be collecting at least 30 sample size of actual trading days, 30 trading days. And I want you to do that with a five minute chart. And I want you
192 00:36:40,380 --> 00:36:49,500 to do that with a 15 minute chart for every single day going forward for whatever particular period you'd like to trade. And I want you to mark off every
193 00:36:49,500 --> 00:36:58,920 single time the market turns intraday, it makes the higher low today, I want you to make a reference of what time it does it and what time it ends the opposite
194 00:36:58,950 --> 00:37:06,930 end of the range. In other words, what time did you make the high today? What time they make the low today, and you need to do this for 30 days. And I promise
195 00:37:06,930 --> 00:37:17,910 you by the time again we get that exercise you're going to have an immense new understanding of price action and what routinely happens in the financial
196 00:37:17,910 --> 00:37:18,540 markets.