ICT - Sniper Course - 06 - First Aid module - Swing Projection.srt
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ICT: Okay guys, welcome to the sixth
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installment the it CT sniper series and
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we're going to be looking at few things
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in this topic, this is probably going to
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be one of the most brief out of the
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series, but I promise you, we're gonna
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have a gangbusters the last two episodes
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in the series. This one's kind of
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important because it really focuses on
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the risk aspect of trading and the
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element of reducing risk and controlling
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risk. While we essentially can't remove
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entirely every aspect of the risk, we
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can do our best to try to control it as
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best we can and or mitigate the effects
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of risk over a period of time. In this
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episode, we're going to obviously look
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at every view of the previous episodes
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assignment, projecting swing targets and
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we'll be looking at some examples and
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projections and illustrate form that
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we're going to be giving you a Euro USD
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bullish example a Euro USD bearish
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example controlling risk and effective
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stop loss placement. Okay, we're gonna
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be looking at the concept of limiting
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your trading to a defined risk percent
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of equity what is the industry standard?
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What is ideal for most speculators and
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when you're hot, how high is high? We're
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gonna be looking at stoploss concepts
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and how many pips per risk per trade. I
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get this a lot in email and how to
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remove risk and open positions trailing
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your stop loss and watching your six.
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Okay, we're gonna be looking at risk
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reduction versus bail. And we'll have
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another homework assignment. We're going
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to be studying the average number of
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pips intraday.
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Okay folks real quick just give you a
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quick example for a bullish upside
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objective. So in projection, we have
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this high here, done that is low you see
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how we have this price swing here now
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it's comprised of smaller price swings,
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this is a daily chart, but the overall
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swing is from this high down to this low
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and 200 extension which we didn't give
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the actual level on our fib in this
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series, but we did talk about the 200
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being the pretty much the maximum level
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that we like to see, which is a
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basically a measured move, type of price
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phenomenon from this high to this low.
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That same range is same thing from the
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high up to this Third Level, you can see
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it pretty much nailed the high. If we
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break this down, we can go down into a
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four hour chart. Okay, and we're going
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to look at here is that market moving
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lower here, we have this swing up, okay,
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so there's going to be a fulcrum point
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right here. Okay, and I'm going to give
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you sib projection right here and the
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200 levels down here. Now we did wick
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through it a couple times, getting a
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small little reaction here now but this
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is the overall price swing and it broke
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down here is the 127 easily reached 162
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easily reach and then went down below
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these markets. Structure loads are here.
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Okay, so you can see the complete
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fruition of the market maker sell model.
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Here we have the consolidation, the
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breakout of it, the first little pause
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in here and rally up, failure swing, and
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then subsequent optimal trade entries,
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which we call this event right here on
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Twitter and slammed it down. Okay, we
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were calling in advance this level here,
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in this level in here as well. You can
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find that on Twitter. Again, it's all
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time and date stamped. Now, you could
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take this even further and go down to a
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15 minute time frame. Okay, and just
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simply looking at the fifth of the
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member. You can see that we have this
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swing here, when it breaks this low
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here, okay. It's going fulcrum point
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right there. So anything moving down in
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price will most likely be a third level
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for downside objectives
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Okay, here's the 127 extension from this
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low to high. It's 127 and 162. And then
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200 extension here. And as a result
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prices up here, okay? You can see take
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the seller fibs off, starting to blend.
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While price is moving lower, you see
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this rally up. Once it takes the low
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that we're anchoring the fed from out.
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Okay, this being the fulcrum point, if
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you're 127 you're 162 and just fell
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short of the 200 extension here and
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again, that's the reason why I don't
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really Marry, the idea that the 200
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always going to get hit. I really liked
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the 162. And I like going 127 obviously,
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but we'll break it down further in the
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next video as to the other targets and
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other means of looking for additional
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targets and multiple targeting. And
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that'll be in Part Seven. And I know
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we've been dealing or at least
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attempting to move exclusively with the
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Euro USD pair for this teaching series.
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But just for the sake of argument, let's
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take a look at two other pairs. We'll
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look at the Canadian dollar Okay, here's
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the Canadian dollar and let's go down to
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a hourly chart. Okay, and zoom out a
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little bit. right we have the market,
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trading lower to a level of support,
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which I'm not going to outline here, but
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if you got to your higher timeframes you
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can find the order block or this reacted
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to, but if you use this high here,
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market structure shifts right there. So
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this becomes a fulcrum point right
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there. trades kings by comes right back
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down find support that same level, if
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you pour from that point down to the
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lowest low Okay, you have your 127
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easily reached 162 easily reached and
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then 200 very easily reached, okay. If
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you take your fib level
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here's the 50% level or fulcrum or
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equilibrium. Okay, you see the 100 level
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here, which is basically what you're
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getting with a 200% fair level. Okay,
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but I'm trying to teach you everything
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is based on like a 50% basis. Okay, so
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it's like a 50% rule. If it moves down
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this many pips once it breaks that high,
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it should at least try to move this
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number of pips up, okay? And then when
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it does that we have, it's referred to
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as market symmetry and trading patterns
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and setups become very, very clean and
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very high probability when that occurs.
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Okay, since we taken out this low, I'm
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sorry, this high rather here. Okay, one
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could do this on high down this low. You
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have 127 up here, and you want to show
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up here, which incidentally is an old
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high back here, you zoom out. See that
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is the case and we're here. Again, it's
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assuming we do have traction and
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continue to move higher. The next pair
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we're going to look at is the British
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Pound USD and Here you go is a nice
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order block and then reaction of it.
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This was put on the chart in advance and
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you can see the reaction of price
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afterwards. But we're going to look at
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taking this fit off and we'll take the
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rectangle off. zoom a little bit. Okay,
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now we have the same scenario here. We
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have price moving down, nice price leg
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here, comes in rejects this low. Okay,
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there's several of them in here and you
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can use obviously, we'll use this one
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here, this swing when this high here,
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rancor and it's broke to the upside. You
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see the Fibonacci levels come into play.
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Here's the 127 easily reached 162 and
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then 200 extension here. Okay, going
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back to this higher market structure
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high here using that same reference low
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This is how you trade within a markets
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structure. So once this highest violated
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right here, we would be looking for
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upside objectives 127 easily reached
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once you can easily reached 200 level
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easily reached. Okay. Let's go out to an
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hourly chart, same pair. Okay, let's
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scroll up a little bit.
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And now
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since I can get this fib Okay, we'll use
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this high here. And price just reached
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the 127 extension here and the upside
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would be 162. And if you use this hi
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Here, all we're doing is moving out to
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the next successive market. Hi. So each
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one of these is a price swing, you have
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a high down to that low, you have a high
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down that that same low, okay, these are
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all reference points for reactions.
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Okay, you have 127 now here and you have
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this one here is a lot of liquidity
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sitting right above that these are all
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hourly candles, unable to make a higher
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high in here. And now we're about to
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blow that out right now while I'm
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recording. And then the 127 resides up
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there. Now, with these levels in mind,
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okay. We're going to highlight that 162
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to 127 and Now what I'm gonna do is I'm
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gonna reference this larger price swing.
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Because remember markets are fractal,
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okay? And the high down to lowest low.
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You see what resides over here. Here's
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the 62% sweet spot in southern lights
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and chasing a level there's a high
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probability to cable or reach out to
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these levels in here.
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Okay, and you can just note that read in
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there. Okay? And that would be a good
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area to have some scenarios. We have an
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order block in here. That can be a
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factor if we get through this area in
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here, because this is a nice support
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level. Never been retested. So we may
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come up to sec two retracing, however,
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on that 161 25 level 161 32 we could tap
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into that. But any uncommon blending
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couple things here, but the Fibonacci
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price projections, but hopefully you got
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a few examples here you can see how
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useful they are and from the time we did
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our recording the last time let's just
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give a sell scenario. And we had this
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price rally up, when this low is
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violated as it is here. This low becomes
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a fulcrum point in any price action from
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that point from that low up here. Once
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it's finally lower. Here's the 127
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easily met 162 easily met 200% extension
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easily met. Okay. And you'd probably see
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Kayla actually do that while I'm
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recording This kind of tend to relate to
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keep it on SR cheat what it does but
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anyway, you just watch it on your charts
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in retrospect but you can see obviously
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you know the fibs when you have it in
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the right direction. They're very strong
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in terms of looking for high level,
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upside and downside objectives. We have
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this low made here from this high. I'll
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just give you a bullish scenario on the
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cable. I'm dragging and as you can see
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the levels and the reactions to the high
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say is high down to that low 127 easily
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met 162 easily met 200 extension bang
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swept through it a few times and here
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again this is why we do not try to get
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all that we don't care that it does this
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okay. If one is able to just get a PC
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got it in here, not to the 160 to 210
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pips nothing wrong Who cares about the
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remaining portion? Okay? Let the club z.
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Alright, so hopefully it's been
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insightful to you guys.
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Okay guys, we're going to be looking at
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how stop loss pain placement is utilized
266
00:16:22,980 --> 00:16:25,200
in your trading. We're gonna be looking
267
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at how risk percentage is an important
268
00:16:28,620 --> 00:16:31,410
factor to your trading. But before we
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get into all that we're gonna be looking
270
00:16:32,580 --> 00:16:35,160
at how, obviously looking at a bullish
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scenario here, everything we talked
272
00:16:36,870 --> 00:16:40,890
about in this example can be flipped 180
273
00:16:40,890 --> 00:16:42,720
degrees, okay? And you'll see the
274
00:16:42,720 --> 00:16:45,180
opposite for selling scenarios. Okay, so
275
00:16:45,180 --> 00:16:46,920
every row you see here, just reverse it,
276
00:16:47,400 --> 00:16:50,190
and you'll get the understanding for
277
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selling short in the market and how to
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control your stops and such. Okay, we're
279
00:16:56,220 --> 00:16:58,230
going to assume that we have a key level
280
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and or institutional order Lock
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identified on our charts. And again,
282
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we're gonna be looking at a daily chart
283
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for this example. And the market has
284
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been showing in this crude example in
285
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hypothetical terms, that price would be
286
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more or less trading down to our line
287
00:17:15,720 --> 00:17:20,820
here of anticipation. And as price
288
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starts to move aggressively down to that
289
00:17:23,670 --> 00:17:26,760
level, we would be, hopefully if we're
290
00:17:26,760 --> 00:17:27,840
not in front of our charts, who would
291
00:17:27,840 --> 00:17:30,960
have our platform for trading, alert us
292
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to the fact that price is getting to our
293
00:17:33,480 --> 00:17:35,430
specific higher timeframe price level,
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as price trades to that level, again,
295
00:17:38,820 --> 00:17:41,250
because we are flexible, we are not
296
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limiting our perspective simply to one
297
00:17:44,370 --> 00:17:46,170
line, therefore, it has to stop on that
298
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line turn on a dime. Okay, there is a
299
00:17:49,050 --> 00:17:51,060
gray area in trading that we I
300
00:17:51,120 --> 00:17:53,190
identified earlier in the series, and
301
00:17:53,190 --> 00:17:56,460
we've come to hopefully by now, terms
302
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with the fact that we can't get
303
00:17:59,010 --> 00:18:00,570
perfection in the market. To place in
304
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terms of turning points, okay, we have
305
00:18:03,150 --> 00:18:06,630
rough ideas where price should turn, but
306
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even the highest level key levels and
307
00:18:08,970 --> 00:18:10,980
support levels and institutional order
308
00:18:10,980 --> 00:18:15,600
blocks have a little bit of gray areas
309
00:18:15,600 --> 00:18:16,920
where it could deviate just a little
310
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bit. But more specifically, we're gonna
311
00:18:19,680 --> 00:18:21,180
be highlighting, obviously, all of our
312
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trades around key levels around numbers,
313
00:18:23,760 --> 00:18:26,730
institutional levels, and a confluence
314
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of support and resistance factors with
315
00:18:30,210 --> 00:18:32,100
time of day. Okay, so you haven't time
316
00:18:32,100 --> 00:18:35,370
and price theory combined. So as price
317
00:18:35,370 --> 00:18:38,340
goes down into this level, that's when
318
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we are on the prowl for a buy scenario,
319
00:18:42,570 --> 00:18:44,460
okay, we're trying to buy during that
320
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event. We don't want to be buying after
321
00:18:46,620 --> 00:18:48,360
the move has already turned around and
322
00:18:48,360 --> 00:18:50,160
everybody sees that it's a swing low and
323
00:18:50,160 --> 00:18:51,930
it's moved up for three or four days. We
324
00:18:51,930 --> 00:18:55,320
want to be buying in a suppressed market
325
00:18:55,320 --> 00:18:56,490
environment. We're going to be looking
326
00:18:56,490 --> 00:18:58,980
at bargain prices, okay? We don't want
327
00:18:58,980 --> 00:19:00,960
to be buying at retail prices, we
328
00:19:00,960 --> 00:19:02,940
wouldn't be buying wholesale. Okay, so
329
00:19:03,480 --> 00:19:05,370
assuming that we use the information we
330
00:19:05,370 --> 00:19:07,860
talked about earlier in this series, in
331
00:19:07,860 --> 00:19:11,760
terms of framing a reactionary level to
332
00:19:11,760 --> 00:19:14,970
a trade, we're going to assume that we
333
00:19:14,970 --> 00:19:17,010
anticipated at that key level, the
334
00:19:17,010 --> 00:19:18,930
market had turned. Okay, and maybe
335
00:19:18,930 --> 00:19:21,090
retesting gave us an optimal trade entry
336
00:19:21,090 --> 00:19:22,950
on a lower timeframe. Now, we're going
337
00:19:22,950 --> 00:19:25,020
to assume for this example, that we were
338
00:19:25,050 --> 00:19:26,970
fortunate enough to catch a long
339
00:19:26,970 --> 00:19:30,540
position at that key level, okay? And
340
00:19:30,540 --> 00:19:32,970
it's not important that we have a
341
00:19:33,480 --> 00:19:35,790
specific price level in this example.
342
00:19:36,660 --> 00:19:38,490
Because really, what we're going to be
343
00:19:38,490 --> 00:19:41,970
looking at is how traders are always in
344
00:19:41,970 --> 00:19:44,220
my experience, okay, even when I was an
345
00:19:44,220 --> 00:19:46,650
early developing trader, I felt the need
346
00:19:46,650 --> 00:19:49,080
to want to exit the trade immediately.
347
00:19:49,290 --> 00:19:52,140
As soon as I saw some gains, I had this
348
00:19:52,140 --> 00:19:54,030
overwhelming feeling that I had to hurry
349
00:19:54,030 --> 00:19:56,040
up and get out and close the trade. If I
350
00:19:56,040 --> 00:19:58,170
was several hundred dollars, I would
351
00:19:58,470 --> 00:20:00,750
think wow, this is good, you know? I've
352
00:20:00,810 --> 00:20:03,750
taken losses in a series of losses, this
353
00:20:03,750 --> 00:20:05,700
feels good. And I just would rather not
354
00:20:05,700 --> 00:20:07,800
leave the market with another loss after
355
00:20:07,800 --> 00:20:11,520
seeing these gains when you have a sound
356
00:20:11,580 --> 00:20:15,360
entry, many times, those are the
357
00:20:15,360 --> 00:20:17,940
scariest trades to hold on to. Okay?
358
00:20:18,180 --> 00:20:21,450
Because the good trades don't spend
359
00:20:21,600 --> 00:20:24,570
their time very long. at wholesale
360
00:20:24,570 --> 00:20:26,640
prices, they immediately start to move
361
00:20:26,640 --> 00:20:29,340
to retail level pricing, okay. In other
362
00:20:29,340 --> 00:20:31,860
words, if you're able to catch a very
363
00:20:31,860 --> 00:20:34,710
low price point, and you're long in the
364
00:20:34,710 --> 00:20:37,320
marketplace, you anticipated
365
00:20:37,320 --> 00:20:40,470
professional trader prices moving rather
366
00:20:41,400 --> 00:20:43,590
aggressively away from that level. Okay.
367
00:20:43,740 --> 00:20:45,150
And that's what we talked about earlier
368
00:20:45,180 --> 00:20:48,660
in our series that the more conviction
369
00:20:48,660 --> 00:20:50,460
that we see behind price moving away
370
00:20:50,460 --> 00:20:52,080
from from a specific level that we
371
00:20:52,110 --> 00:20:55,080
hopefully predetermined in advance, that
372
00:20:55,170 --> 00:20:58,410
is what we would anticipate seeing in
373
00:20:58,410 --> 00:20:59,970
our trades once we've entered it. We
374
00:21:00,000 --> 00:21:02,490
Don't want to see the market dragon its
375
00:21:02,490 --> 00:21:04,590
heels and, and lethargic Lee moving
376
00:21:04,590 --> 00:21:07,440
around because we're going to be
377
00:21:07,440 --> 00:21:10,650
mentioning time stops in this in this
378
00:21:10,650 --> 00:21:12,150
episode too. I'm not going to beat it to
379
00:21:12,150 --> 00:21:14,010
death but I do use a time stop and
380
00:21:14,010 --> 00:21:15,210
I'll explain that as we get to that
381
00:21:15,210 --> 00:21:17,760
point. But as the market starts to move
382
00:21:17,760 --> 00:21:20,310
in our favor Okay, we will be reaching
383
00:21:20,310 --> 00:21:23,040
for our predetermined price points like
384
00:21:23,040 --> 00:21:25,950
we discussed in part five of the series
385
00:21:25,950 --> 00:21:27,540
where we looked at a fib to give the
386
00:21:27,540 --> 00:21:30,900
127 162 extensions as possible upside
387
00:21:30,900 --> 00:21:33,240
objectives. Now again, those with
388
00:21:33,240 --> 00:21:35,730
confluence of supporting factors with
389
00:21:35,760 --> 00:21:37,410
support resistance, maybe even pivot
390
00:21:37,410 --> 00:21:40,620
points, something like an old higher low
391
00:21:40,890 --> 00:21:44,490
to to frame those upper level
392
00:21:44,490 --> 00:21:46,230
objectives. Not simply because the fib
393
00:21:46,230 --> 00:21:47,610
calls that level, we want to be looking
394
00:21:47,610 --> 00:21:49,350
for other things as well. Again,
395
00:21:49,740 --> 00:21:51,990
factoring the time and day of week
396
00:21:52,020 --> 00:21:55,320
phenomenon as well. Now again, getting
397
00:21:55,320 --> 00:21:56,940
back to this crude example as we have
398
00:21:56,940 --> 00:21:59,460
here, when the market is now moving away
399
00:21:59,460 --> 00:22:01,590
from your entry Point. Okay, one of the
400
00:22:02,430 --> 00:22:07,140
closest things to insanity is when you
401
00:22:07,140 --> 00:22:10,740
have this environment unfolding for you
402
00:22:11,040 --> 00:22:14,610
profitably, okay? It's amazing how
403
00:22:14,730 --> 00:22:17,730
traders and I knew this firsthand. Okay,
404
00:22:17,970 --> 00:22:20,670
when I first began trading, I would hold
405
00:22:20,670 --> 00:22:25,050
a losing trade for ever and for forever
406
00:22:25,620 --> 00:22:29,280
and forever. And I'm sure you probably
407
00:22:29,280 --> 00:22:30,780
felt that same thing too when you're
408
00:22:30,780 --> 00:22:32,880
trading because you really want to see a
409
00:22:32,880 --> 00:22:36,450
turnaround and hope springs eternal. Not
410
00:22:36,450 --> 00:22:39,000
in forex, not in speculation and
411
00:22:39,000 --> 00:22:41,430
certainly not in trading. Okay, so the
412
00:22:41,430 --> 00:22:42,630
market doesn't have to go back to your
413
00:22:42,630 --> 00:22:44,400
price point. Okay, if you look at the
414
00:22:44,400 --> 00:22:46,950
Dow just look at anything from seven
415
00:22:46,950 --> 00:22:48,840
months ago. It's been a losses as
416
00:22:48,840 --> 00:22:51,210
impacted as levels. Okay. So if you've
417
00:22:51,210 --> 00:22:53,370
been waiting for the market to get back
418
00:22:53,370 --> 00:22:56,340
to those levels, man, you're going to
419
00:22:56,340 --> 00:22:59,220
grind these pieces, okay? So don't do
420
00:22:59,220 --> 00:23:00,840
that. Have a great day. determind area
421
00:23:00,870 --> 00:23:02,670
where you would expect to cut your
422
00:23:02,670 --> 00:23:06,720
losses short. Okay? What is the industry
423
00:23:06,720 --> 00:23:09,540
standard for risk? Okay, you commonly
424
00:23:09,540 --> 00:23:12,090
hear and I hear myself say all the time
425
00:23:12,090 --> 00:23:14,040
in these videos, because I want to more
426
00:23:14,040 --> 00:23:20,580
or less segue into the majority of
427
00:23:20,580 --> 00:23:23,310
everyone's expectations analysis. But
428
00:23:23,310 --> 00:23:25,350
really what I try to do is say, Okay,
429
00:23:25,350 --> 00:23:27,900
look, everybody says 2% of your equity
430
00:23:27,930 --> 00:23:30,210
portrayed. Okay? And if you're really,
431
00:23:30,210 --> 00:23:31,620
really solid trader, there's nothing
432
00:23:31,620 --> 00:23:34,740
wrong with that. Okay? Now I suggest
433
00:23:34,740 --> 00:23:36,780
that traders should work within the
434
00:23:36,780 --> 00:23:40,050
realm of 1% of their equity portrayed.
435
00:23:41,370 --> 00:23:43,050
Now, the reason for that is assuming
436
00:23:43,050 --> 00:23:45,300
that you had a $10,000 trading account,
437
00:23:45,570 --> 00:23:47,790
and you were risking 1%, how much money
438
00:23:47,790 --> 00:23:52,650
would be at risk portrayed $100 against
439
00:23:52,980 --> 00:23:56,010
the standard 2%, which would be $200 per
440
00:23:56,370 --> 00:23:58,920
trade total risk, the way you determine
441
00:23:58,950 --> 00:24:01,830
your PIP sizes, you take that $200, if
442
00:24:01,830 --> 00:24:05,970
it's 2%, or 1%, at $100 total risk of
443
00:24:06,360 --> 00:24:08,250
assuming that you have a $10,000 trading
444
00:24:08,250 --> 00:24:11,580
account. If it's a $1,000 trading
445
00:24:11,580 --> 00:24:14,700
account, then it would be a $10 for 1%
446
00:24:15,570 --> 00:24:21,030
or $20 for 2%, total equity risk per
447
00:24:21,030 --> 00:24:23,400
trade, whatever that dollar amount is
448
00:24:23,400 --> 00:24:26,040
percentage wise, whether it be 1% or 2%,
449
00:24:26,070 --> 00:24:29,370
ideally 1% or less. Okay, and then I
450
00:24:29,370 --> 00:24:31,020
know that probably sounds like wait, and
451
00:24:31,020 --> 00:24:32,160
I can make a lot of money with that.
452
00:24:32,700 --> 00:24:33,990
That's right. Because if you're just
453
00:24:33,990 --> 00:24:35,340
starting out, you need to forget about
454
00:24:35,340 --> 00:24:36,600
making a whole lot of money because
455
00:24:36,600 --> 00:24:37,410
you're gonna have a whole lot of
456
00:24:37,410 --> 00:24:39,990
learning to do. So assuming that you did
457
00:24:39,990 --> 00:24:43,500
have a $10,000 account, okay, and you've
458
00:24:43,530 --> 00:24:45,090
worked with smaller accounts, you've
459
00:24:45,120 --> 00:24:47,940
proven to yourself that you could be
460
00:24:48,090 --> 00:24:51,240
disciplined. You have a track record of
461
00:24:51,240 --> 00:24:53,820
being consistent. You control your risk,
462
00:24:54,240 --> 00:24:55,830
you limit your losses, you let your
463
00:24:55,830 --> 00:24:58,440
profits run, and your target started
464
00:24:58,440 --> 00:25:02,790
getting hit on more consistent basis you
465
00:25:02,790 --> 00:25:06,750
have a risk of $100 per trade, which is
466
00:25:06,750 --> 00:25:11,070
1% of $10,000. You take that $100 and
467
00:25:11,070 --> 00:25:16,170
you divide that by the total pips. Okay
468
00:25:16,200 --> 00:25:19,350
needed to justify your trade. Okay, and,
469
00:25:19,770 --> 00:25:21,330
but the assumption that this is a daily
470
00:25:21,330 --> 00:25:24,030
chart here, it could be very easily in
471
00:25:24,030 --> 00:25:27,060
the realm of 100 pips or more, okay,
472
00:25:27,060 --> 00:25:28,920
which would put you at very, very low
473
00:25:30,240 --> 00:25:32,190
leverage for the trade, which really in
474
00:25:32,190 --> 00:25:35,490
a way isn't that bad, but I know a lot
475
00:25:35,490 --> 00:25:36,840
of you folks watching this really want
476
00:25:36,840 --> 00:25:38,040
to have a little bit more bang for your
477
00:25:38,040 --> 00:25:41,400
buck. So using the concepts we used in
478
00:25:41,760 --> 00:25:44,190
earlier videos, if you move down to a
479
00:25:44,190 --> 00:25:46,830
lower timeframe, you can reduce and
480
00:25:46,860 --> 00:25:50,010
reduce your risk to less than 50 pips
481
00:25:50,280 --> 00:25:54,960
anywhere between 3040 is about ideal, in
482
00:25:54,960 --> 00:25:56,550
my opinion, because it allows the
483
00:25:56,550 --> 00:25:57,870
developing trader to have a little bit
484
00:25:57,870 --> 00:26:00,450
of a fudge factor where they They're not
485
00:26:00,450 --> 00:26:03,090
expected to be so precise with their
486
00:26:03,090 --> 00:26:04,650
stops, okay, and gives you a little bit
487
00:26:04,650 --> 00:26:07,920
of flexibility because I know inherently
488
00:26:07,920 --> 00:26:11,400
that traders will rush to entry. Or they
489
00:26:11,400 --> 00:26:13,500
will look for confirmation in their eyes
490
00:26:13,500 --> 00:26:15,540
quote unquote confirmation by letting
491
00:26:15,540 --> 00:26:16,980
the trade start to move a little bit in
492
00:26:16,980 --> 00:26:18,720
their favorite and then chase it but
493
00:26:18,720 --> 00:26:20,550
very close to their entry price, but
494
00:26:20,550 --> 00:26:23,340
still within the risk parameters as
495
00:26:23,340 --> 00:26:25,680
permitted by their method or this
496
00:26:25,800 --> 00:26:31,470
concept. So if you had that in mind,
497
00:26:31,830 --> 00:26:36,480
okay, you could have basically $3 and 30
498
00:26:36,480 --> 00:26:39,510
cents roughly, per PIP if you're trading
499
00:26:39,780 --> 00:26:42,330
a $10,000 account with 1% risk using a
500
00:26:42,330 --> 00:26:50,280
30. Pip stop, okay? The reason why the
501
00:26:50,490 --> 00:26:52,860
industry standard is 2%. Sometimes you
502
00:26:52,860 --> 00:26:56,490
hear in certain circles, you could risk
503
00:26:56,520 --> 00:26:59,130
more than 2%. Okay, because that's what
504
00:26:59,130 --> 00:27:00,330
the real traders And the real
505
00:27:00,330 --> 00:27:02,580
professionals are doing, I can tell you,
506
00:27:02,580 --> 00:27:04,110
the real professional traders aren't
507
00:27:04,110 --> 00:27:06,150
doing that. Okay, they're not risking a
508
00:27:06,150 --> 00:27:09,060
whole lot of their money. For disclosure
509
00:27:09,060 --> 00:27:11,820
sake, I do risk as much as much as three
510
00:27:11,820 --> 00:27:13,860
and a half percent. That means I'm
511
00:27:13,860 --> 00:27:16,290
trading with the higher timeframe,
512
00:27:16,560 --> 00:27:19,470
weekly, daily and four hour all in the
513
00:27:19,470 --> 00:27:21,630
same direction. everything's lined up
514
00:27:21,630 --> 00:27:25,170
with those three timeframes, and I have
515
00:27:25,230 --> 00:27:28,320
a weekly bias that's in the same
516
00:27:28,830 --> 00:27:32,430
direction. And that will allow me based
517
00:27:32,430 --> 00:27:36,750
on my abilities and experience trading,
518
00:27:37,080 --> 00:27:39,510
I will risk up to and it's not a whole
519
00:27:39,510 --> 00:27:41,550
lot that it happens but up to three and
520
00:27:41,550 --> 00:27:44,370
a half percent of my equity for one
521
00:27:44,370 --> 00:27:47,580
trade. Typically, it'll be anywhere
522
00:27:47,580 --> 00:27:49,860
between one and one and a half percent.
523
00:27:50,550 --> 00:27:53,880
Because the timeframes aren't always
524
00:27:53,880 --> 00:27:55,920
lined up like that you'll have a counter
525
00:27:55,920 --> 00:27:57,750
trend move going against one of the
526
00:27:57,750 --> 00:28:01,770
primary higher timeframe timezone not
527
00:28:01,770 --> 00:28:04,680
time zones, the timeframe, the weekly,
528
00:28:04,710 --> 00:28:08,040
daily and four hour. So if I'm trading
529
00:28:08,040 --> 00:28:10,140
against that on a lower timeframe,
530
00:28:10,470 --> 00:28:13,140
obviously one, one and a half percent is
531
00:28:13,140 --> 00:28:18,000
a maximum. For sure. If I'm trading with
532
00:28:18,000 --> 00:28:20,100
a daily and for our in the same
533
00:28:20,100 --> 00:28:25,290
direction, I can be as much as 2% risk.
534
00:28:26,940 --> 00:28:31,380
Now, how high is high? Okay? I think if
535
00:28:31,380 --> 00:28:34,440
anybody's risking more than, you know,
536
00:28:34,590 --> 00:28:36,990
obviously 3% unless you're really really
537
00:28:36,990 --> 00:28:38,250
proficient, you really know what you're
538
00:28:38,250 --> 00:28:41,550
doing. And you know how to turn your
539
00:28:41,550 --> 00:28:45,060
equity losing string around. Because
540
00:28:45,060 --> 00:28:46,590
it's not just one trade that you lose on
541
00:28:46,590 --> 00:28:47,940
guy sometimes you get a couple of them
542
00:28:47,940 --> 00:28:50,730
in a row. And even the best traders out
543
00:28:50,730 --> 00:28:53,340
there will suffer that and have suffered
544
00:28:53,340 --> 00:28:54,780
that regardless of what they tell you.
545
00:28:55,620 --> 00:28:58,710
So assuming that's the case for you, and
546
00:28:58,710 --> 00:29:01,110
you're human like everyone else You have
547
00:29:01,110 --> 00:29:02,790
to have an idea of how to control that.
548
00:29:03,180 --> 00:29:06,060
And the best way to do it is reducing
549
00:29:06,060 --> 00:29:07,770
your overall exposure as you take
550
00:29:07,770 --> 00:29:10,440
losses. Okay? And I'll give an example.
551
00:29:10,440 --> 00:29:11,850
Let's assume for a moment you settled in
552
00:29:11,880 --> 00:29:14,850
on the idea of taking 2% portrayed. If
553
00:29:14,850 --> 00:29:17,280
you take a loss, you've lost 2% of
554
00:29:17,280 --> 00:29:20,190
equity. Okay, now, if you'd risk 2% of
555
00:29:20,190 --> 00:29:21,990
the next trade again, thinking that
556
00:29:21,990 --> 00:29:23,340
well, if I make the same amount of money
557
00:29:23,340 --> 00:29:25,350
I lost on my previous trade, I'll get
558
00:29:25,350 --> 00:29:28,380
back to even that's where the cycle
559
00:29:28,380 --> 00:29:32,820
begins. Okay. You want to get back to
560
00:29:32,820 --> 00:29:35,880
that previous equity level that
561
00:29:35,880 --> 00:29:37,740
milestone that marker, okay, that
562
00:29:37,740 --> 00:29:41,190
comfort zone, internally as a trader,
563
00:29:41,610 --> 00:29:44,910
and that's not a good game to play.
564
00:29:45,180 --> 00:29:46,890
Okay. And what happens is, is you're
565
00:29:46,890 --> 00:29:48,990
actually inviting more emotional
566
00:29:49,050 --> 00:29:51,870
response and triggers into your trading
567
00:29:51,930 --> 00:29:56,040
than you should have. Okay? And by
568
00:29:56,550 --> 00:29:58,860
systematically methodically reducing
569
00:29:58,860 --> 00:30:01,260
your risk in half Okay, for instance, if
570
00:30:01,260 --> 00:30:04,380
you take a loss at 2%, you only risk 1%.
571
00:30:04,410 --> 00:30:07,140
Next trade, it may take you two or three
572
00:30:07,140 --> 00:30:08,670
trades to get back to that previous mile
573
00:30:08,670 --> 00:30:11,580
marker. But guess what it's doing. It's
574
00:30:11,580 --> 00:30:13,830
removing the rush factor to get back to
575
00:30:13,830 --> 00:30:15,690
that point. And it's honing your
576
00:30:15,690 --> 00:30:19,170
patience with the added benefit of
577
00:30:19,260 --> 00:30:21,450
lowering your overall exposure exposure
578
00:30:21,450 --> 00:30:23,340
to the marketplace. Now think about
579
00:30:23,430 --> 00:30:25,200
you're in a losing
580
00:30:27,660 --> 00:30:29,880
environment where you've had suffered a
581
00:30:29,880 --> 00:30:32,550
loss for a developing trader that is
582
00:30:32,550 --> 00:30:35,520
very, very hard to swallow, regardless
583
00:30:35,520 --> 00:30:36,960
if it's a demo account or not, because
584
00:30:37,290 --> 00:30:39,420
you are still working within the realm
585
00:30:39,420 --> 00:30:41,580
of psychological and emotional barriers
586
00:30:41,580 --> 00:30:43,410
that you simply don't understand until
587
00:30:43,710 --> 00:30:45,420
you've traded through it or you've
588
00:30:45,420 --> 00:30:47,040
experienced it and said, This isn't for
589
00:30:47,040 --> 00:30:48,990
me and I, you know, leave the market all
590
00:30:48,990 --> 00:30:51,030
together. And there's nothing wrong with
591
00:30:51,030 --> 00:30:52,200
that because trading is not for
592
00:30:52,200 --> 00:30:55,260
everyone. And it would be irresponsible
593
00:30:55,260 --> 00:30:57,660
of me as a mentor. To not at least
594
00:30:57,660 --> 00:31:00,570
suggest that to some of you because If
595
00:31:01,440 --> 00:31:03,690
you can't wrap your mind around doing
596
00:31:03,690 --> 00:31:05,940
this and assuming some level of risk,
597
00:31:06,390 --> 00:31:09,930
this is absolutely not your cup of tea.
598
00:31:10,170 --> 00:31:12,420
Okay? And that's one thing you can
599
00:31:12,450 --> 00:31:15,060
guarantee coming from me as you the
600
00:31:15,060 --> 00:31:18,630
gospel. Not everyone on the planet is
601
00:31:18,630 --> 00:31:21,120
meant to do this. And it takes a certain
602
00:31:21,120 --> 00:31:24,300
level of commitment and tenacity to
603
00:31:24,300 --> 00:31:27,480
stick within a realm of rules. And
604
00:31:27,780 --> 00:31:30,270
humans are typically very good Rule
605
00:31:30,270 --> 00:31:32,040
Breakers we don't like to you know,
606
00:31:32,040 --> 00:31:34,590
follow the rules. And just think about
607
00:31:34,590 --> 00:31:36,000
if you walk down the street in a well
608
00:31:36,000 --> 00:31:37,230
groomed neighborhood and you see a
609
00:31:37,230 --> 00:31:38,610
science says don't step on the grass
610
00:31:38,610 --> 00:31:39,870
what's the first thing you want to do?
611
00:31:40,560 --> 00:31:43,080
Step on the grass. Just look at a kid
612
00:31:43,080 --> 00:31:44,430
that's what they're gonna do. You know,
613
00:31:44,790 --> 00:31:47,820
I made so many jokes as my children were
614
00:31:47,820 --> 00:31:49,800
growing up that they were like heat
615
00:31:49,800 --> 00:31:51,450
seeking missiles, okay, we we get new
616
00:31:51,450 --> 00:31:54,420
carpet in the home. And you know a wife
617
00:31:54,420 --> 00:31:55,680
or a guest would come over and
618
00:31:55,680 --> 00:31:57,750
invariably have their their drink with
619
00:31:57,750 --> 00:32:00,330
them and in our dining area, or or
620
00:32:00,450 --> 00:32:03,210
losing room or family room, and our
621
00:32:03,210 --> 00:32:04,980
children would come in and being kids,
622
00:32:04,980 --> 00:32:06,330
they would rough house, you know, just
623
00:32:06,330 --> 00:32:10,230
for a second and they won't fall away
624
00:32:10,230 --> 00:32:12,720
from tables or fall away from the
625
00:32:12,900 --> 00:32:14,760
person, the only person in the room with
626
00:32:14,760 --> 00:32:17,340
the drink, they fall and land either on
627
00:32:17,340 --> 00:32:19,020
the drink or into the person that drops
628
00:32:19,020 --> 00:32:21,690
and goes all over the white carpet or at
629
00:32:21,690 --> 00:32:23,460
the time, you know, we have a very light
630
00:32:23,460 --> 00:32:27,240
colored tan carpet and they drink, you
631
00:32:27,900 --> 00:32:29,700
cause havoc on it, we had to get it
632
00:32:29,700 --> 00:32:32,010
cleaned. So those things are going to
633
00:32:32,010 --> 00:32:34,110
happen. So you have to prepare for it.
634
00:32:35,070 --> 00:32:37,560
So you're going to have that in your
635
00:32:37,560 --> 00:32:40,320
trading with wanting to do something you
636
00:32:40,350 --> 00:32:42,720
shouldn't do. And you're going to have
637
00:32:43,050 --> 00:32:45,150
that Murphy's Law scenario as well. What
638
00:32:45,180 --> 00:32:47,460
can go wrong, probably will go wrong.
639
00:32:47,610 --> 00:32:49,830
Okay. So you have to have that that
640
00:32:49,830 --> 00:32:51,660
shield up in your defense and that's
641
00:32:51,690 --> 00:32:53,310
only going to come in the form of you
642
00:32:53,610 --> 00:32:55,710
controlling your equity. Okay, and if
643
00:32:55,710 --> 00:32:58,440
you take a loss, don't be afraid to cut
644
00:32:58,440 --> 00:33:00,480
your risk on the next trade. And if you
645
00:33:00,480 --> 00:33:02,640
had to do that continuously down to a
646
00:33:02,640 --> 00:33:05,550
half percent total risk of your equity,
647
00:33:06,150 --> 00:33:07,470
that's fine. There's nothing wrong with
648
00:33:07,470 --> 00:33:11,730
that. Okay? Remove from your mind right
649
00:33:11,730 --> 00:33:13,170
now that you want to make millions of
650
00:33:13,170 --> 00:33:16,080
dollars right now, okay? Because that is
651
00:33:16,080 --> 00:33:18,090
the wrong perspective going in. There's
652
00:33:18,090 --> 00:33:19,620
nothing wrong with having goals of doing
653
00:33:19,620 --> 00:33:22,380
that. But initially, you have to take
654
00:33:22,380 --> 00:33:25,080
the bite first, okay, and chew the
655
00:33:25,080 --> 00:33:27,030
elephant, one bite at a time. You just
656
00:33:27,030 --> 00:33:28,350
can't go in and try to swallow it all at
657
00:33:28,350 --> 00:33:31,770
once because you'll choke. So with that
658
00:33:31,770 --> 00:33:34,350
in mind, okay, once these moves start to
659
00:33:34,350 --> 00:33:37,590
move in your favor, okay, you obviously
660
00:33:37,590 --> 00:33:40,380
want to be able to remove the risk,
661
00:33:40,710 --> 00:33:45,660
okay? And, at least during the move in
662
00:33:45,660 --> 00:33:47,310
trading in your favor, you want to be
663
00:33:47,310 --> 00:33:49,560
removing a little bit of the risk
664
00:33:49,830 --> 00:33:51,210
methodically until you get to the point
665
00:33:51,210 --> 00:33:53,490
where you have zero risk or, quote
666
00:33:53,490 --> 00:33:55,770
unquote, no risk exposure. Okay,
667
00:33:55,770 --> 00:33:56,850
obviously anything can happen in
668
00:33:56,850 --> 00:33:58,500
marketplace. You know, something can
669
00:33:58,500 --> 00:34:01,230
happen in markets. gap because of, you
670
00:34:01,230 --> 00:34:03,210
know, terrorist event or something
671
00:34:03,240 --> 00:34:05,580
unexpected in, in the Fed or whatever.
672
00:34:05,820 --> 00:34:07,320
And there'll be a massive movement and
673
00:34:07,320 --> 00:34:09,720
your your stop loss experiences
674
00:34:09,720 --> 00:34:12,240
slippage. These are all things we
675
00:34:12,240 --> 00:34:13,650
understood when we signed up for this
676
00:34:13,650 --> 00:34:16,020
game. So, bottom line is, is it can
677
00:34:16,020 --> 00:34:17,760
happen, prepare yourself for it because
678
00:34:17,760 --> 00:34:19,380
you're going to take losses. And if you
679
00:34:19,380 --> 00:34:20,580
trade of any length of time, you're
680
00:34:20,580 --> 00:34:23,130
gonna have a lot of losses, okay? And
681
00:34:23,130 --> 00:34:24,360
there's certainly nothing wrong with it.
682
00:34:24,420 --> 00:34:27,570
It's a cost of doing business. Every
683
00:34:27,570 --> 00:34:29,130
successful business out there takes a
684
00:34:29,130 --> 00:34:31,710
loss of some sort, but you don't see
685
00:34:31,710 --> 00:34:34,080
those businesses collectively going out
686
00:34:34,080 --> 00:34:37,290
of business. Okay, they, they, they
687
00:34:37,290 --> 00:34:40,410
trim, they put things you know, up for
688
00:34:40,410 --> 00:34:41,760
sale, just to get rid of inventories
689
00:34:41,760 --> 00:34:43,470
ain't moving real fast, and they bring
690
00:34:43,470 --> 00:34:45,120
in you the better movers, okay. And
691
00:34:45,120 --> 00:34:46,710
that's what you do for your trading. If
692
00:34:46,710 --> 00:34:48,270
your trades aren't really panning out,
693
00:34:48,330 --> 00:34:52,170
yeah. Cut the losses short, okay, or the
694
00:34:52,200 --> 00:34:53,880
meals that aren't really moving. You
695
00:34:53,880 --> 00:34:56,400
just get rid of them. And then you keep
696
00:34:56,400 --> 00:34:57,690
your powder dry waiting for the next
697
00:34:57,690 --> 00:35:01,290
setup. If you do that Okay, if you do
698
00:35:01,290 --> 00:35:03,660
that, I think you'll see a more
699
00:35:03,660 --> 00:35:07,320
streamlined increase in your equity. And
700
00:35:07,320 --> 00:35:09,120
I think you'll remove a lot of that
701
00:35:09,120 --> 00:35:12,150
whipsaw you possibly have been seeing in
702
00:35:12,150 --> 00:35:14,700
your equity curve on your beginning
703
00:35:14,700 --> 00:35:15,900
balance and where you're at now.
704
00:35:18,210 --> 00:35:23,340
time stops, okay, I have a premise that
705
00:35:23,370 --> 00:35:25,950
if the move doesn't start, if I'm if I'm
706
00:35:25,950 --> 00:35:27,960
trading off of a daily timeframe, and it
707
00:35:27,960 --> 00:35:29,550
really doesn't start to move in my favor
708
00:35:29,550 --> 00:35:33,510
after three days, okay? I'm aggressively
709
00:35:33,510 --> 00:35:36,840
either removing the risk if possible, or
710
00:35:37,050 --> 00:35:39,390
I'm taking half the position off, okay,
711
00:35:39,390 --> 00:35:41,760
and I'm watching my six. The military
712
00:35:41,760 --> 00:35:43,080
has an expression that you know,
713
00:35:43,080 --> 00:35:44,520
wherever you're pointing your rifle,
714
00:35:44,700 --> 00:35:46,320
okay, or a firearm in front of you.
715
00:35:46,650 --> 00:35:49,230
That's 12 o'clock. Your six is behind
716
00:35:49,230 --> 00:35:52,320
you. Okay, or watch your ass. Okay. What
717
00:35:52,320 --> 00:35:54,060
you're looking at in the marketplace.
718
00:35:54,060 --> 00:35:57,090
When you see a trade, it isn't moving in
719
00:35:57,090 --> 00:35:59,670
your favor. Right away. And I think
720
00:35:59,670 --> 00:36:01,890
three days is enough time, if it's still
721
00:36:01,890 --> 00:36:03,480
consolidating or still him hauling
722
00:36:03,480 --> 00:36:06,180
around not really moving, I'm looking to
723
00:36:06,180 --> 00:36:07,740
either take half the position off and
724
00:36:07,740 --> 00:36:10,260
move my main position to either
725
00:36:10,260 --> 00:36:13,230
breakeven or aggressively take it to
726
00:36:13,230 --> 00:36:15,330
half the initial risk, or even a quarter
727
00:36:15,330 --> 00:36:18,450
of the initial risk. Okay, so maybe like
728
00:36:18,450 --> 00:36:20,220
the overall setup that still might be
729
00:36:20,220 --> 00:36:22,440
there, but it could be iffy, you just
730
00:36:22,440 --> 00:36:24,720
watch your six, take your position and
731
00:36:24,720 --> 00:36:27,270
cut it in half, remove aggressively half
732
00:36:27,270 --> 00:36:29,490
the initial risk, if possible, or at
733
00:36:29,490 --> 00:36:32,130
least reduce it down to a quarter of the
734
00:36:32,130 --> 00:36:33,990
initial risk on the remaining half
735
00:36:33,990 --> 00:36:38,700
positions you leave on or simply bail
736
00:36:38,700 --> 00:36:41,310
out. Just collapse the trade. Okay, and
737
00:36:41,310 --> 00:36:42,900
if you're underwater just by you know, a
738
00:36:42,900 --> 00:36:45,540
few pips So what, you know, if you're
739
00:36:45,540 --> 00:36:47,670
risking 30 and you're down 19 and you
740
00:36:47,670 --> 00:36:49,770
just see that it's really not moving.
741
00:36:50,100 --> 00:36:53,130
And you go on until Friday, perhaps as
742
00:36:53,130 --> 00:36:54,510
the worst scenario for me, I will
743
00:36:54,510 --> 00:36:56,490
collapse it and just take whatever that
744
00:36:56,490 --> 00:37:01,290
is, as a you know, some modest loss No,
745
00:37:01,290 --> 00:37:02,970
you didn't get stopped out? No, you
746
00:37:02,970 --> 00:37:04,410
didn't get any of your targets, but
747
00:37:04,440 --> 00:37:06,480
you're getting rid of getting rid of the
748
00:37:06,480 --> 00:37:09,810
dog or you getting rid of the slow
749
00:37:09,810 --> 00:37:11,340
moving inventory and you want to get
750
00:37:11,340 --> 00:37:14,850
another, hopefully more opportune setup
751
00:37:15,420 --> 00:37:17,160
with your equity behind it. So that way
752
00:37:17,160 --> 00:37:18,810
you can recoup that. And if you do that,
753
00:37:18,900 --> 00:37:21,690
you systematically find that all those
754
00:37:21,690 --> 00:37:24,510
little tiny scratches immediately get
755
00:37:24,510 --> 00:37:27,030
smoothed out quickly with you move in my
756
00:37:27,030 --> 00:37:31,560
equity into a better more sound setup.
757
00:37:32,850 --> 00:37:35,070
So timestamps is something that you to
758
00:37:35,070 --> 00:37:37,020
me, I think, is beneficial. It's a
759
00:37:37,020 --> 00:37:39,300
little bit of an art to it. But I break
760
00:37:39,300 --> 00:37:40,830
it down like this. If it's going to be a
761
00:37:40,830 --> 00:37:42,810
trade it's based off with daily setup. I
762
00:37:42,810 --> 00:37:45,390
give it about three days. And if I'm
763
00:37:45,390 --> 00:37:48,090
trading off of a four hour, I'm really
764
00:37:48,150 --> 00:37:51,660
giving it about one day, and one hour
765
00:37:51,660 --> 00:37:55,110
chart is I'm giving it two sessions
766
00:37:55,110 --> 00:37:57,480
tops, okay. Ideally either the London or
767
00:37:57,810 --> 00:37:59,220
New York session if it hasn't moved by
768
00:37:59,220 --> 00:38:01,740
then you know it on an hourly basis, I'm
769
00:38:01,740 --> 00:38:04,230
really looking to reduce the risk and or
770
00:38:04,440 --> 00:38:07,320
collapse it. And anything less than
771
00:38:07,320 --> 00:38:09,210
that. I really don't have a timestamp
772
00:38:09,210 --> 00:38:11,190
for on outside of the intraday
773
00:38:11,190 --> 00:38:13,740
timeframes of London to London close
774
00:38:13,860 --> 00:38:17,550
when open to London close rather. So
775
00:38:17,580 --> 00:38:19,290
assuming obviously that we have our
776
00:38:19,350 --> 00:38:21,060
scenario that unfolded here,
777
00:38:21,450 --> 00:38:24,780
hypothetically, and we suggesting a we
778
00:38:24,930 --> 00:38:27,750
bought long in this market, whatever
779
00:38:27,750 --> 00:38:29,940
that market may be, we'll just say this
780
00:38:29,940 --> 00:38:33,270
is the euro. And the market starts to
781
00:38:33,270 --> 00:38:35,130
move in our favor. So we have some some
782
00:38:35,130 --> 00:38:37,770
paper profits right now. Our stops are
783
00:38:37,770 --> 00:38:40,500
still at initial 30% I'm sorry, 30 pips.
784
00:38:41,760 --> 00:38:44,820
And we have not yet made our first
785
00:38:46,110 --> 00:38:48,540
profit objective. So what do we do?
786
00:38:48,780 --> 00:38:51,090
Well, you want to be systematically
787
00:38:51,090 --> 00:38:53,460
reducing your risk. If you started with
788
00:38:53,550 --> 00:38:56,040
a 30 PIP stop, move it down to only 20
789
00:38:56,040 --> 00:38:58,350
pips, and as the market moves and takes
790
00:38:58,350 --> 00:39:01,440
out your first target Take your stop
791
00:39:01,440 --> 00:39:04,680
loss, move it to only 10% risk. Okay?
792
00:39:04,920 --> 00:39:06,450
And as it moves, it starts approaching
793
00:39:06,450 --> 00:39:09,030
your second target. That's when you go
794
00:39:09,030 --> 00:39:13,170
to break even. Okay? You do not rush
795
00:39:13,200 --> 00:39:15,390
your stop trailing. Okay, this is one of
796
00:39:15,390 --> 00:39:17,460
the biggest mistakes traders make.
797
00:39:17,970 --> 00:39:20,640
Because of the natural volatility in the
798
00:39:20,640 --> 00:39:23,970
Forex market. It's so easy for just
799
00:39:23,970 --> 00:39:27,960
common volatility. Nothing behind it new
800
00:39:27,960 --> 00:39:30,420
market maker sneaking to get you. It's
801
00:39:30,720 --> 00:39:33,030
normal volatility. Okay, illiquid
802
00:39:33,030 --> 00:39:35,220
volatility. Okay, where markets come
803
00:39:35,220 --> 00:39:38,040
down. Phil Phil's market inefficiencies
804
00:39:38,040 --> 00:39:39,750
and they take the market down to a
805
00:39:39,750 --> 00:39:42,480
specific level to gather up any orders
806
00:39:42,480 --> 00:39:43,770
and then go the other way. Okay, we're
807
00:39:43,770 --> 00:39:45,360
not talking about stop raters looking
808
00:39:45,360 --> 00:39:47,760
for common little intraday retracements.
809
00:39:47,820 --> 00:39:51,600
Okay. If you rapidly move your stop loss
810
00:39:51,630 --> 00:39:56,070
up behind market pricing, you're asking
811
00:39:56,070 --> 00:39:57,810
to get taken out of a trade before it
812
00:39:57,810 --> 00:40:00,690
comes to fruition. Okay. Once you have
813
00:40:00,690 --> 00:40:02,670
the setup, what you're doing is you're
814
00:40:02,670 --> 00:40:05,370
anticipating the market to start to move
815
00:40:05,580 --> 00:40:07,920
in your favor. But this is a gray area
816
00:40:07,920 --> 00:40:10,380
because you don't know for sure it's
817
00:40:10,380 --> 00:40:13,650
going to do that. Okay? Yes, the market
818
00:40:13,680 --> 00:40:15,570
could potentially can continue to move
819
00:40:15,570 --> 00:40:17,670
in your favor. Or it could turn around
820
00:40:17,670 --> 00:40:20,220
and stop you out. Or could stay in this
821
00:40:20,250 --> 00:40:23,340
small little consolidation area for days
822
00:40:23,610 --> 00:40:25,680
and make new money for you but a small
823
00:40:25,680 --> 00:40:27,840
profit, but you'll hold on to it
824
00:40:27,840 --> 00:40:29,340
thinking it's going to go to the moon, I
825
00:40:29,340 --> 00:40:31,170
know you because everybody's the same
826
00:40:31,170 --> 00:40:32,880
way when they're developing. We all
827
00:40:32,880 --> 00:40:34,440
think the markets are gonna go like a
828
00:40:34,440 --> 00:40:37,890
rocket either up or crash down. Okay, to
829
00:40:37,890 --> 00:40:39,660
the ground like a, you know, a meteor
830
00:40:39,660 --> 00:40:41,880
just plummeting to the earth. It's, they
831
00:40:41,880 --> 00:40:43,260
don't move in straight lines, guys.
832
00:40:43,380 --> 00:40:45,120
Okay, so while we would anticipate,
833
00:40:45,240 --> 00:40:48,000
okay, higher prices, and we expect that
834
00:40:48,000 --> 00:40:50,490
hopefully, okay, hopefully that we see
835
00:40:50,490 --> 00:40:52,440
that, again, keeping in mind that's a
836
00:40:52,440 --> 00:40:55,650
gray area. We're expecting those price
837
00:40:55,650 --> 00:40:57,690
levels be reached on the upper side, but
838
00:40:57,690 --> 00:41:00,870
they're not promised. Okay? So inside of
839
00:41:00,870 --> 00:41:03,570
that, that, that gray area of
840
00:41:03,570 --> 00:41:07,020
anticipation, we have an expected
841
00:41:07,110 --> 00:41:10,200
outcome in price action, but we can
842
00:41:10,230 --> 00:41:13,560
effectively manage our stops within that
843
00:41:13,560 --> 00:41:16,650
move. Okay, and there's a way that I do
844
00:41:16,650 --> 00:41:19,740
it. But once you have your setup, the
845
00:41:19,740 --> 00:41:22,710
way I manage my stop losses, is I use a
846
00:41:22,710 --> 00:41:26,730
15 minute timeframe. Okay, and the 15
847
00:41:26,730 --> 00:41:30,060
minute because this setup in this whole
848
00:41:30,090 --> 00:41:31,650
series have been really developed on
849
00:41:31,890 --> 00:41:34,530
finding one solid weekly setup where you
850
00:41:34,530 --> 00:41:36,690
can take a really good setup for a
851
00:41:36,690 --> 00:41:39,690
weekly opportunity to make a consistent
852
00:41:39,720 --> 00:41:42,870
realm of pips anywhere between 30 to 60
853
00:41:42,870 --> 00:41:45,270
pips i think is an ideal scenario for
854
00:41:45,270 --> 00:41:47,400
someone to try to carve out a consistent
855
00:41:47,430 --> 00:41:50,280
living. And if you are consistently
856
00:41:50,280 --> 00:41:51,870
doing that, there's certainly no reason
857
00:41:51,870 --> 00:41:54,900
why you can't take a very handsome
858
00:41:55,110 --> 00:41:56,970
living out of this this marketplace and
859
00:41:56,970 --> 00:41:58,260
not tried a whole lot of peers either.
860
00:41:58,620 --> 00:42:03,480
So Why don't use a 15 minute timeframe?
861
00:42:03,810 --> 00:42:07,920
Well, there is very clear, discernible
862
00:42:07,920 --> 00:42:09,780
dealing ranges and support resistance
863
00:42:09,780 --> 00:42:12,660
levels, okay, that are clearly
864
00:42:12,660 --> 00:42:15,450
discernible on that timeframe, and
865
00:42:15,480 --> 00:42:17,160
allows you to look at a whole weekly
866
00:42:17,160 --> 00:42:20,790
perspective perspective, from Sunday to
867
00:42:20,790 --> 00:42:25,020
Friday's close. Perfect example, pick
868
00:42:25,020 --> 00:42:27,360
any pair of your choosing, load up a 15
869
00:42:27,360 --> 00:42:29,010
minute chart, condense your chart, so it
870
00:42:29,010 --> 00:42:31,650
shows Sunday to Friday's close. And
871
00:42:31,650 --> 00:42:34,140
you'll see how that timeframe gives you
872
00:42:34,320 --> 00:42:37,260
all of this session highs and lows. It
873
00:42:37,260 --> 00:42:40,200
even gives you a very clear snapshot of
874
00:42:40,260 --> 00:42:43,140
all of the volatility for those
875
00:42:43,140 --> 00:42:45,840
particular sessions London, New York,
876
00:42:46,200 --> 00:42:48,360
Asia and you can actually see where the
877
00:42:48,360 --> 00:42:50,070
range highs and lows are very clearly.
878
00:42:50,310 --> 00:42:51,480
And then you can see the small little
879
00:42:51,480 --> 00:42:53,580
quiet points in the marketplace in
880
00:42:53,580 --> 00:42:58,980
between those sessions. Also, the notion
881
00:42:58,980 --> 00:43:01,740
of find that we Hi by Tuesday are no
882
00:43:01,740 --> 00:43:03,180
later than Wednesday is London open
883
00:43:03,900 --> 00:43:07,080
having that in mind okay expecting a
884
00:43:07,080 --> 00:43:09,060
specific outcome based on hard timeframe
885
00:43:09,060 --> 00:43:11,190
direction on premise but that assumption
886
00:43:11,190 --> 00:43:13,110
here being bullish, we will be looking
887
00:43:13,110 --> 00:43:14,880
for the monday tuesday or wednesday
888
00:43:14,880 --> 00:43:19,440
London open session low making it for
889
00:43:19,440 --> 00:43:21,720
the weekly low by that time okay no
890
00:43:21,720 --> 00:43:22,980
respond Wednesdays London open at the
891
00:43:22,980 --> 00:43:25,500
very least typically you get about 70%
892
00:43:26,550 --> 00:43:28,860
likelihood that the lows usually formed
893
00:43:28,860 --> 00:43:30,060
by Tuesday's long and open
894
00:43:31,320 --> 00:43:32,760
just reverse that obviously for bearish
895
00:43:32,760 --> 00:43:35,910
conditions but you know, the way I
896
00:43:35,910 --> 00:43:37,680
manage my stops once they've moved to
897
00:43:37,680 --> 00:43:41,640
break even, I use a 15 minute timeframe.
898
00:43:42,720 --> 00:43:44,700
And I find the most recent swing low on
899
00:43:44,700 --> 00:43:48,600
a 15 minute basis and note that one and
900
00:43:48,600 --> 00:43:50,790
then I go back to the previous swing low
901
00:43:50,790 --> 00:43:53,970
prior to that one that swing lows where
902
00:43:53,970 --> 00:43:56,490
I take my stop and I just place it just
903
00:43:56,520 --> 00:43:59,010
on in bullish environments just beneath
904
00:43:59,010 --> 00:44:02,280
it by 10 to 15 15 pips okay 10 to 15
905
00:44:02,280 --> 00:44:05,820
pips below this second most recent swing
906
00:44:05,820 --> 00:44:09,270
low on a 15 minute timeframe and I trail
907
00:44:09,270 --> 00:44:10,860
the market like that I'm getting my
908
00:44:10,920 --> 00:44:13,020
market, a little bit of opportunity,
909
00:44:13,380 --> 00:44:16,110
okay to retrace but not Kamali back
910
00:44:16,110 --> 00:44:17,460
down. If it comes back down that far.
911
00:44:17,940 --> 00:44:19,410
I'm accepting the fact that, you know,
912
00:44:19,500 --> 00:44:21,150
the move is probably done, I missed an
913
00:44:21,150 --> 00:44:23,760
ideal opportunity to get out. Or the
914
00:44:23,760 --> 00:44:25,680
markets reverse and my analysis was
915
00:44:25,680 --> 00:44:26,760
wrong and there's certainly nothing
916
00:44:26,760 --> 00:44:29,970
wrong with admitting that but by using
917
00:44:29,970 --> 00:44:34,350
the previous two swing lows, okay, what
918
00:44:34,350 --> 00:44:38,010
it's doing is it's allowing successive
919
00:44:38,940 --> 00:44:42,150
79% retracement levels, okay, and when
920
00:44:42,150 --> 00:44:43,350
we look at an examples, you'll see what
921
00:44:43,350 --> 00:44:46,080
I mean by that, but it just it builds in
922
00:44:46,080 --> 00:44:48,150
a allowance for market structure to
923
00:44:48,180 --> 00:44:49,920
continue to make higher highs and higher
924
00:44:49,920 --> 00:44:53,910
lows. Okay. Plus, it keeps it away from
925
00:44:53,910 --> 00:44:56,640
just pure static volatility coming down
926
00:44:56,640 --> 00:45:00,810
and tagging you okay? That's the reason
927
00:45:00,810 --> 00:45:03,390
why you want to be taking some profits.
928
00:45:03,510 --> 00:45:06,120
Okay initially, okay, it may be 20 pips,
929
00:45:06,120 --> 00:45:07,770
maybe 30 pips, you may be getting one
930
00:45:07,770 --> 00:45:09,720
for one and let the remaining portion of
931
00:45:09,720 --> 00:45:12,000
your trade unwind, okay and reach for
932
00:45:12,000 --> 00:45:13,590
higher objectives. There's nothing wrong
933
00:45:13,590 --> 00:45:14,910
with that. But there's going to be a
934
00:45:14,910 --> 00:45:16,740
camp out there that listens to this and
935
00:45:16,740 --> 00:45:19,320
says, Well, you know, you're risking 30
936
00:45:19,320 --> 00:45:21,210
pips. But then when you cut the position
937
00:45:21,210 --> 00:45:24,060
in half at 20 or 30 pips, you're really
938
00:45:24,060 --> 00:45:27,120
not making any headway with donut. Well,
939
00:45:27,120 --> 00:45:29,790
I beg to differ. Okay? If you have
940
00:45:29,790 --> 00:45:32,370
consistency on your side, you are
941
00:45:32,370 --> 00:45:34,080
shielding yourself from the inevitable
942
00:45:34,080 --> 00:45:35,580
market turnaround while you're in the
943
00:45:35,580 --> 00:45:37,230
trade where it does have a small profit,
944
00:45:37,560 --> 00:45:39,270
okay? And there's nothing guaranteed
945
00:45:39,270 --> 00:45:40,800
it's going to get to your first target
946
00:45:40,800 --> 00:45:43,560
objective or second, or move in your
947
00:45:43,560 --> 00:45:46,560
favor at all. Okay, that camp that
948
00:45:46,560 --> 00:45:48,270
believes that taking some partial
949
00:45:48,270 --> 00:45:52,020
profits, has fixation that thinking that
950
00:45:52,020 --> 00:45:53,190
they're always going to be right so
951
00:45:53,190 --> 00:45:55,320
therefore, their trade should hold on to
952
00:45:55,320 --> 00:45:58,410
the maximum lots that were assumed at
953
00:45:58,410 --> 00:46:00,000
the beginning of trade for the floor.
954
00:46:00,000 --> 00:46:02,070
duration of the trade with the
955
00:46:02,070 --> 00:46:05,340
expectation of making maximum profit. My
956
00:46:05,340 --> 00:46:06,870
goal was a professional trader and it
957
00:46:06,870 --> 00:46:09,750
should be yours as well. Your goal is to
958
00:46:09,750 --> 00:46:12,720
have the maximum protection from losing
959
00:46:12,720 --> 00:46:14,820
your money. Because the likelihood of
960
00:46:14,820 --> 00:46:17,100
you doing that is almost guaranteed
961
00:46:17,400 --> 00:46:19,260
versus the likelihood of you making
962
00:46:19,260 --> 00:46:21,750
money consistently. Okay, think about
963
00:46:21,750 --> 00:46:23,940
that for a moment. If you didn't listen
964
00:46:23,940 --> 00:46:26,070
to it closely, rewind this video for a
965
00:46:26,070 --> 00:46:27,480
second couple minutes and then go back
966
00:46:27,480 --> 00:46:29,730
and listen that portion. Again, because
967
00:46:30,240 --> 00:46:34,830
it is worth its weight in gold. It's so
968
00:46:34,830 --> 00:46:36,840
easy for us to think that we're going to
969
00:46:36,840 --> 00:46:41,490
make more money. If we hold more reach
970
00:46:41,490 --> 00:46:43,290
for higher price objectives or lower
971
00:46:43,290 --> 00:46:44,490
price objections. If we're short.
972
00:46:45,300 --> 00:46:47,010
There's no guarantee it's getting there.
973
00:46:47,610 --> 00:46:49,530
No guarantee and there's been so many
974
00:46:49,530 --> 00:46:52,320
times where I've been so close to the
975
00:46:52,320 --> 00:46:54,060
actual highs and lows of the particular
976
00:46:54,060 --> 00:46:55,680
market was trading, okay, and I'm
977
00:46:55,680 --> 00:46:57,870
talking weekly highs where the market
978
00:46:57,870 --> 00:46:59,370
turned around and then went months the
979
00:46:59,370 --> 00:47:02,430
other direction Okay, I have been so
980
00:47:02,430 --> 00:47:05,010
close where I've just been a partial, I
981
00:47:05,010 --> 00:47:07,200
mean a piece of a pip not even a full
982
00:47:07,200 --> 00:47:11,520
Pip. And I didn't get my exit. Okay, and
983
00:47:12,510 --> 00:47:15,480
to me, I hate that feeling. A lot of
984
00:47:15,480 --> 00:47:17,070
folks would say me that's that's cool.
985
00:47:17,070 --> 00:47:19,020
That's crazy accuracy Yeah, but I didn't
986
00:47:19,020 --> 00:47:21,420
get out of that point. So how accurate
987
00:47:21,420 --> 00:47:23,670
is it just because I said it was going
988
00:47:23,670 --> 00:47:25,650
to go there I had an order to get out
989
00:47:25,650 --> 00:47:27,390
and it only trades a half a pip to that
990
00:47:27,390 --> 00:47:29,040
point. It doesn't activate you in the
991
00:47:29,040 --> 00:47:31,740
order. That doesn't make me smart. It
992
00:47:31,740 --> 00:47:33,150
doesn't make me an excellent trader. It
993
00:47:33,150 --> 00:47:36,240
makes me a person that missed that move.
994
00:47:36,600 --> 00:47:38,760
Okay, I didn't get my trade off like I
995
00:47:38,760 --> 00:47:41,400
wanted to. And initially as a commodity
996
00:47:41,400 --> 00:47:43,050
trader, I you know, I would make that
997
00:47:43,050 --> 00:47:46,380
mistake and it would, it would get close
998
00:47:46,380 --> 00:47:49,530
to my orders. And I'm saying this when I
999
00:47:49,770 --> 00:47:50,910
started getting consistent not when I
1000
00:47:50,910 --> 00:47:51,930
first started because I wasn't that
1001
00:47:51,930 --> 00:47:53,760
accurate. I didn't know anything. I was
1002
00:47:53,760 --> 00:47:54,930
just fine. You know, flying by the seat
1003
00:47:54,930 --> 00:47:59,970
of my pants. The the notion of how
1004
00:48:00,000 --> 00:48:03,030
Holding on to a moose to get the last
1005
00:48:03,030 --> 00:48:05,670
piece of the pie is, you know, it's a
1006
00:48:05,670 --> 00:48:07,200
losers mentality. You don't want to do
1007
00:48:07,200 --> 00:48:09,750
that. You just need a big portion of the
1008
00:48:09,750 --> 00:48:12,090
move. And I just think like a line, you
1009
00:48:12,090 --> 00:48:14,070
know, to me, I think he's, you know,
1010
00:48:14,160 --> 00:48:21,360
he's it on the on the terrain of the
1011
00:48:21,360 --> 00:48:24,390
outback or you know, the outback, I
1012
00:48:24,390 --> 00:48:26,250
guess the Africa's playing, I guess as
1013
00:48:26,250 --> 00:48:28,170
well thinking Oh, but you
1014
00:48:28,380 --> 00:48:31,350
when they, when they eat, okay?
1015
00:48:31,860 --> 00:48:32,940
They eat
1016
00:48:33,390 --> 00:48:36,270
a large portion of whatever was taken
1017
00:48:36,270 --> 00:48:39,900
down by Linus, okay? But they're not
1018
00:48:39,900 --> 00:48:43,140
consuming everything and knows what line
1019
00:48:43,140 --> 00:48:46,620
does, okay? He lets the lionesses do the
1020
00:48:46,620 --> 00:48:48,660
work. They chase down the prey, they
1021
00:48:48,660 --> 00:48:50,640
take it down, they kill it. Okay, they
1022
00:48:50,640 --> 00:48:52,080
may be getting a nibble or two, okay?
1023
00:48:52,080 --> 00:48:53,580
But he comes over and says okay, look,
1024
00:48:53,790 --> 00:48:55,680
it's obvious things did I'm not wasting
1025
00:48:55,680 --> 00:48:57,720
any effort. Okay. Don't go over there
1026
00:48:57,720 --> 00:49:00,000
and run them off, down to eat whatever.
1027
00:49:00,000 --> 00:49:01,800
Want, and I ain't going to consume it
1028
00:49:01,800 --> 00:49:04,500
all. I'll leave, you know, a portion for
1029
00:49:04,500 --> 00:49:06,420
them to eat too. But he's getting the
1030
00:49:06,420 --> 00:49:10,470
lion's share. Every move has a lion's
1031
00:49:10,500 --> 00:49:12,570
share, all you need is a portion of
1032
00:49:12,570 --> 00:49:16,200
that. Or the Linus is starving? No. Are
1033
00:49:16,200 --> 00:49:19,080
the Cubs starving? No, everybody's gonna
1034
00:49:19,080 --> 00:49:21,570
get their piece of the pie. But you
1035
00:49:21,570 --> 00:49:24,450
don't have to rush in here trying to get
1036
00:49:24,450 --> 00:49:25,860
the very, very low and get the very,
1037
00:49:25,860 --> 00:49:27,090
very high. In other words, you don't
1038
00:49:27,090 --> 00:49:29,160
need to make the kill. And that turns
1039
00:49:29,160 --> 00:49:31,290
the market around. And you don't have to
1040
00:49:31,290 --> 00:49:34,710
make the apex, you know, high. Okay, you
1041
00:49:34,710 --> 00:49:37,380
don't have to find the very lowest point
1042
00:49:37,410 --> 00:49:40,440
of the low. Okay, you leave a little bit
1043
00:49:40,440 --> 00:49:42,630
on there. Okay, let those other traders
1044
00:49:42,630 --> 00:49:44,610
try to chase all that stuff. You don't
1045
00:49:44,610 --> 00:49:46,470
need that. And the same thing applies.
1046
00:49:46,470 --> 00:49:49,020
it's applicable to your stops, give it
1047
00:49:49,020 --> 00:49:51,390
some room. Don't be afraid to have a
1048
00:49:51,390 --> 00:49:53,370
market come back against you. And some
1049
00:49:53,370 --> 00:49:54,870
of the exercises that you need to be
1050
00:49:54,870 --> 00:49:57,540
doing is have a demo account and put
1051
00:49:57,540 --> 00:50:01,170
your trades on and let them Come all the
1052
00:50:01,170 --> 00:50:03,420
way down to your stop. Okay? Don't think
1053
00:50:03,420 --> 00:50:05,100
about targets. Just think okay, I'm
1054
00:50:05,100 --> 00:50:06,900
going to be buying today at, you know,
1055
00:50:07,800 --> 00:50:10,350
eight GMT, regardless of wherever prices
1056
00:50:10,500 --> 00:50:12,510
are going up a 30 PIP stop on and just
1057
00:50:12,510 --> 00:50:15,960
watch what price does, okay? And just
1058
00:50:15,960 --> 00:50:19,050
assume what you'd be feeling. If you
1059
00:50:19,050 --> 00:50:21,780
were in the marketplace at that time how
1060
00:50:21,780 --> 00:50:23,970
the market trades down to your stop what
1061
00:50:23,970 --> 00:50:27,390
it does after it hits it, okay? And then
1062
00:50:27,420 --> 00:50:29,970
start applying it with your tools that
1063
00:50:29,970 --> 00:50:31,830
we learned in these videos. Okay
1064
00:50:31,830 --> 00:50:33,810
applying the price action study, then
1065
00:50:33,810 --> 00:50:36,240
using a 30 PIP stop below the entry
1066
00:50:36,240 --> 00:50:38,070
point that where you enter that, okay
1067
00:50:38,070 --> 00:50:40,230
and watch the market move once it takes
1068
00:50:40,230 --> 00:50:42,810
the first profit target then we could
1069
00:50:42,810 --> 00:50:45,960
discuss the 127 extension or an old high
1070
00:50:45,960 --> 00:50:48,480
that you pull your own fib from when you
1071
00:50:48,630 --> 00:50:51,780
see that first target hit. Don't move
1072
00:50:51,780 --> 00:50:54,930
your stop up. Okay? Do a couple trades
1073
00:50:54,930 --> 00:50:57,810
like I do about 20 trades or so. Like
1074
00:50:57,810 --> 00:50:59,130
that we just go to break even once the
1075
00:50:59,130 --> 00:51:00,990
first targets hit Then wait for the
1076
00:51:00,990 --> 00:51:03,540
second target to be fulfilled, do not
1077
00:51:03,540 --> 00:51:04,980
move the stop either you get to second
1078
00:51:04,980 --> 00:51:06,810
target or you get stopped out. Do that
1079
00:51:06,810 --> 00:51:09,900
for 20 trades, okay? And it's obviously
1080
00:51:09,900 --> 00:51:11,580
easier and faster to do it on an
1081
00:51:11,700 --> 00:51:13,470
intraday basis. Like Don't you know,
1082
00:51:13,470 --> 00:51:16,890
five minutes 15 minutes setups, but some
1083
00:51:16,890 --> 00:51:18,630
of you traders can't do that because
1084
00:51:18,630 --> 00:51:20,130
you're you have jobs or whatever but
1085
00:51:20,130 --> 00:51:22,590
that's fine. But then eventually then
1086
00:51:22,620 --> 00:51:25,710
graduate to moving your stop loss in the
1087
00:51:25,710 --> 00:51:27,090
form that we just discussed now by
1088
00:51:27,090 --> 00:51:29,070
having a 15 minute time frame using the
1089
00:51:29,070 --> 00:51:31,200
most recent swing lows for bullish
1090
00:51:31,200 --> 00:51:33,240
scenarios. 10 to 15 pips below the
1091
00:51:33,630 --> 00:51:36,420
lowest of the most recent two swing
1092
00:51:36,420 --> 00:51:39,000
lows. Okay. And obviously just for
1093
00:51:39,000 --> 00:51:40,410
clarity for those that are selling
1094
00:51:40,410 --> 00:51:44,190
short, using your demo account. Yeah, I
1095
00:51:44,190 --> 00:51:45,780
got that in here. I'm not trying to tell
1096
00:51:45,780 --> 00:51:47,220
you do anything with real money guys.
1097
00:51:47,220 --> 00:51:48,930
I'm not licensed to do that. These are
1098
00:51:48,930 --> 00:51:51,840
just ideas to stimulate you. Your
1099
00:51:51,840 --> 00:51:55,980
decision making the selling scenario,
1100
00:51:56,010 --> 00:51:57,840
you would just use the 15 minute most
1101
00:51:57,840 --> 00:52:00,630
recent to swing highs and highest of the
1102
00:52:00,630 --> 00:52:02,880
two you would use your stop loss of 10
1103
00:52:02,880 --> 00:52:05,160
to 15 pips above it. And you would trail
1104
00:52:05,160 --> 00:52:06,600
that accordingly until it hits your
1105
00:52:06,630 --> 00:52:11,130
ultimate target. That's really the
1106
00:52:11,130 --> 00:52:14,370
essential element to having stop loss
1107
00:52:14,370 --> 00:52:18,090
management. There's nothing new, much
1108
00:52:18,090 --> 00:52:19,650
deeper than that. It's very simple. I
1109
00:52:19,650 --> 00:52:22,350
try not to complicate it. I used to have
1110
00:52:22,350 --> 00:52:24,000
all kinds of intricate ways of doing
1111
00:52:24,000 --> 00:52:26,310
this and doing that. And I found it just
1112
00:52:26,310 --> 00:52:28,290
simply by taking a 15 minute chart use
1113
00:52:28,290 --> 00:52:30,240
the most recent swing lows and highs
1114
00:52:31,050 --> 00:52:32,850
wherever to wherever those two or
1115
00:52:32,850 --> 00:52:34,650
whatever the lowest one is. That's where
1116
00:52:34,650 --> 00:52:37,470
I'm going to have my stop in the
1117
00:52:37,470 --> 00:52:38,940
relationship to where prices now.
1118
00:52:55,140 --> 00:52:58,830
Okay guys, in Episode Seven, we're gonna
1119
00:52:58,830 --> 00:53:00,690
be looking at selecting multiple
1120
00:53:00,690 --> 00:53:04,530
targets. We talking about setting a
1121
00:53:04,530 --> 00:53:06,570
limit orders at logical price levels for
1122
00:53:06,570 --> 00:53:09,720
exits. And we're gonna be talking about
1123
00:53:09,720 --> 00:53:14,460
the ICT split gains ratio, leaving some
1124
00:53:15,300 --> 00:53:19,170
for the just in case scenario principles
1125
00:53:19,170 --> 00:53:23,550
for multiple timeframe trading. And
1126
00:53:23,550 --> 00:53:25,680
we'll have the foundation to success
1127
00:53:26,280 --> 00:53:28,200
that will be given to you in blueprint
1128
00:53:28,380 --> 00:53:32,310
format in the final episode in this
1129
00:53:32,310 --> 00:53:35,670
series, Part Eight. And I think you'll
1130
00:53:36,000 --> 00:53:38,010
have a pretty good idea of what should
1131
00:53:38,010 --> 00:53:40,260
be done from beginning to end stages.
1132
00:53:40,770 --> 00:53:45,030
And I'm using in a flowchart format for
1133
00:53:45,030 --> 00:53:48,540
the part eight series where you know, if
1134
00:53:48,540 --> 00:53:51,870
a specific condition is x, then you go
1135
00:53:51,870 --> 00:53:55,620
to this next condition. Once that
1136
00:53:55,620 --> 00:53:58,590
condition is met, you go to next. So I'm
1137
00:53:58,590 --> 00:54:02,820
a I'm a computer programmer. And guess
1138
00:54:02,820 --> 00:54:05,370
anyone that has a computer programming
1139
00:54:05,520 --> 00:54:07,740
experience, you would understand that
1140
00:54:07,740 --> 00:54:12,720
it's if then scenarios that we learned
1141
00:54:12,720 --> 00:54:13,890
in computer programming.
1142
00:54:14,670 --> 00:54:15,240
If,
1143
00:54:16,320 --> 00:54:19,920
if you can't really build a mindset of
1144
00:54:19,950 --> 00:54:23,490
trading after Part Eight, I'm going to
1145
00:54:23,580 --> 00:54:28,020
readily admit it failed in, in sharing
1146
00:54:28,020 --> 00:54:29,760
some insight on how you could become a
1147
00:54:29,760 --> 00:54:32,760
more consistent trader, I put a lot of
1148
00:54:32,760 --> 00:54:35,040
work. And it may seem like there's been
1149
00:54:35,040 --> 00:54:37,800
a lot of time between these individual
1150
00:54:37,800 --> 00:54:39,180
videos, but it's actually been a whole
1151
00:54:39,180 --> 00:54:41,640
lot of work on that last one. Because
1152
00:54:41,670 --> 00:54:44,820
I've tried to give the blanket scenarios
1153
00:54:44,820 --> 00:54:48,150
for into common setups that we see you
1154
00:54:48,330 --> 00:54:49,350
over and over and over again, that's
1155
00:54:49,350 --> 00:54:51,990
very generic in the marketplace. And it
1156
00:54:51,990 --> 00:54:54,450
won't catch every single move guys and
1157
00:54:54,450 --> 00:54:57,060
don't expect that of anything. But I
1158
00:54:57,060 --> 00:54:59,070
think you'll be pleasantly surprised how
1159
00:54:59,310 --> 00:55:01,290
many times opportunities it will give
1160
00:55:01,290 --> 00:55:04,050
you an what to do and why. And once you
1161
00:55:04,050 --> 00:55:06,150
do it for a few months, you won't need
1162
00:55:06,150 --> 00:55:09,150
the flow chart format you'll just simply
1163
00:55:09,150 --> 00:55:11,760
know by habit what you should be doing
1164
00:55:11,760 --> 00:55:14,610
next and and what to do you know while
1165
00:55:14,610 --> 00:55:17,580
the setups are, you know, you developing
1166
00:55:18,090 --> 00:55:20,640
so hopefully this has been insightful to
1167
00:55:20,640 --> 00:55:22,530
you guys and until the next time wish
1168
00:55:22,530 --> 00:55:23,340
good luck and good trading