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Version 1.1 by Drunk Monkey on 2020-11-20 16:36
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3 ICT: Okay guys, welcome to the sixth
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7 installment the it CT sniper series and
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11 we're going to be looking at few things
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15 in this topic, this is probably going to
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19 be one of the most brief out of the
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23 series, but I promise you, we're gonna
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27 have a gangbusters the last two episodes
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31 in the series. This one's kind of
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35 important because it really focuses on
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39 the risk aspect of trading and the
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43 element of reducing risk and controlling
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47 risk. While we essentially can't remove
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51 entirely every aspect of the risk, we
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55 can do our best to try to control it as
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59 best we can and or mitigate the effects
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63 of risk over a period of time. In this
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67 episode, we're going to obviously look
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71 at every view of the previous episodes
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75 assignment, projecting swing targets and
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79 we'll be looking at some examples and
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83 projections and illustrate form that
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87 we're going to be giving you a Euro USD
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91 bullish example a Euro USD bearish
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95 example controlling risk and effective
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99 stop loss placement. Okay, we're gonna
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101 26
102 00:02:16,830 ~-~-> 00:02:18,450
103 be looking at the concept of limiting
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107 your trading to a defined risk percent
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111 of equity what is the industry standard?
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115 What is ideal for most speculators and
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119 when you're hot, how high is high? We're
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123 gonna be looking at stoploss concepts
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126 00:02:41,100 ~-~-> 00:02:44,190
127 and how many pips per risk per trade. I
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131 get this a lot in email and how to
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135 remove risk and open positions trailing
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138 00:02:51,210 ~-~-> 00:02:55,590
139 your stop loss and watching your six.
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142 00:02:56,130 ~-~-> 00:02:57,570
143 Okay, we're gonna be looking at risk
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147 reduction versus bail. And we'll have
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151 another homework assignment. We're going
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153 39
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155 to be studying the average number of
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159 pips intraday.
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161 41
162 00:03:13,860 ~-~-> 00:03:15,300
163 Okay folks real quick just give you a
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165 42
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167 quick example for a bullish upside
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171 objective. So in projection, we have
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173 44
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175 this high here, done that is low you see
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177 45
178 00:03:25,290 ~-~-> 00:03:27,510
179 how we have this price swing here now
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181 46
182 00:03:27,510 ~-~-> 00:03:29,760
183 it's comprised of smaller price swings,
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185 47
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187 this is a daily chart, but the overall
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189 48
190 00:03:33,000 ~-~-> 00:03:36,240
191 swing is from this high down to this low
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193 49
194 00:03:37,440 ~-~-> 00:03:39,960
195 and 200 extension which we didn't give
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197 50
198 00:03:40,440 ~-~-> 00:03:42,960
199 the actual level on our fib in this
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201 51
202 00:03:42,960 ~-~-> 00:03:45,450
203 series, but we did talk about the 200
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205 52
206 00:03:45,450 ~-~-> 00:03:47,910
207 being the pretty much the maximum level
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209 53
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211 that we like to see, which is a
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213 54
214 00:03:50,040 ~-~-> 00:03:53,010
215 basically a measured move, type of price
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217 55
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219 phenomenon from this high to this low.
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221 56
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223 That same range is same thing from the
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225 57
226 00:03:58,380 ~-~-> 00:04:01,620
227 high up to this Third Level, you can see
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229 58
230 00:04:01,620 ~-~-> 00:04:07,290
231 it pretty much nailed the high. If we
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233 59
234 00:04:07,290 ~-~-> 00:04:13,020
235 break this down, we can go down into a
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237 60
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239 four hour chart. Okay, and we're going
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241 61
242 00:04:18,480 ~-~-> 00:04:24,330
243 to look at here is that market moving
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245 62
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247 lower here, we have this swing up, okay,
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249 63
250 00:04:28,020 ~-~-> 00:04:29,820
251 so there's going to be a fulcrum point
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253 64
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255 right here. Okay, and I'm going to give
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257 65
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259 you sib projection right here and the
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261 66
262 00:04:40,020 ~-~-> 00:04:42,120
263 200 levels down here. Now we did wick
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265 67
266 00:04:42,120 ~-~-> 00:04:44,190
267 through it a couple times, getting a
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269 68
270 00:04:44,190 ~-~-> 00:04:48,120
271 small little reaction here now but this
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273 69
274 00:04:48,120 ~-~-> 00:04:51,540
275 is the overall price swing and it broke
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277 70
278 00:04:51,540 ~-~-> 00:04:55,980
279 down here is the 127 easily reached 162
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281 71
282 00:04:56,100 ~-~-> 00:04:58,650
283 easily reach and then went down below
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285 72
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287 these markets. Structure loads are here.
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289 73
290 00:05:02,610 ~-~-> 00:05:04,320
291 Okay, so you can see the complete
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293 74
294 00:05:04,650 ~-~-> 00:05:07,890
295 fruition of the market maker sell model.
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297 75
298 00:05:08,670 ~-~-> 00:05:10,440
299 Here we have the consolidation, the
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301 76
302 00:05:10,440 ~-~-> 00:05:13,260
303 breakout of it, the first little pause
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305 77
306 00:05:13,260 ~-~-> 00:05:17,490
307 in here and rally up, failure swing, and
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309 78
310 00:05:17,490 ~-~-> 00:05:19,560
311 then subsequent optimal trade entries,
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313 79
314 00:05:19,590 ~-~-> 00:05:22,440
315 which we call this event right here on
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317 80
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319 Twitter and slammed it down. Okay, we
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321 81
322 00:05:25,830 ~-~-> 00:05:29,190
323 were calling in advance this level here,
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325 82
326 00:05:29,580 ~-~-> 00:05:32,910
327 in this level in here as well. You can
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331 find that on Twitter. Again, it's all
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334 00:05:34,710 ~-~-> 00:05:41,010
335 time and date stamped. Now, you could
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337 85
338 00:05:41,580 ~-~-> 00:05:43,650
339 take this even further and go down to a
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341 86
342 00:05:43,650 ~-~-> 00:05:48,810
343 15 minute time frame. Okay, and just
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345 87
346 00:05:48,810 ~-~-> 00:05:50,850
347 simply looking at the fifth of the
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351 member. You can see that we have this
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353 89
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355 swing here, when it breaks this low
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357 90
358 00:05:58,620 ~-~-> 00:06:00,990
359 here, okay. It's going fulcrum point
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361 91
362 00:06:00,990 ~-~-> 00:06:03,150
363 right there. So anything moving down in
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365 92
366 00:06:03,150 ~-~-> 00:06:08,280
367 price will most likely be a third level
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369 93
370 00:06:10,590 ~-~-> 00:06:11,880
371 for downside objectives
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373 94
374 00:06:19,019 ~-~-> 00:06:22,109
375 Okay, here's the 127 extension from this
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377 95
378 00:06:22,109 ~-~-> 00:06:26,189
379 low to high. It's 127 and 162. And then
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381 96
382 00:06:26,189 ~-~-> 00:06:29,459
383 200 extension here. And as a result
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385 97
386 00:06:29,459 ~-~-> 00:06:37,049
387 prices up here, okay? You can see take
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389 98
390 00:06:37,049 ~-~-> 00:06:39,869
391 the seller fibs off, starting to blend.
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393 99
394 00:06:42,149 ~-~-> 00:06:44,429
395 While price is moving lower, you see
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397 100
398 00:06:44,429 ~-~-> 00:06:47,129
399 this rally up. Once it takes the low
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401 101
402 00:06:47,129 ~-~-> 00:06:48,599
403 that we're anchoring the fed from out.
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405 102
406 00:06:50,339 ~-~-> 00:06:52,859
407 Okay, this being the fulcrum point, if
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409 103
410 00:06:52,859 ~-~-> 00:06:56,249
411 you're 127 you're 162 and just fell
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413 104
414 00:06:56,249 ~-~-> 00:06:58,379
415 short of the 200 extension here and
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417 105
418 00:06:58,379 ~-~-> 00:06:59,879
419 again, that's the reason why I don't
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421 106
422 00:06:59,879 ~-~-> 00:07:02,189
423 really Marry, the idea that the 200
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425 107
426 00:07:02,219 ~-~-> 00:07:03,569
427 always going to get hit. I really liked
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429 108
430 00:07:03,569 ~-~-> 00:07:06,239
431 the 162. And I like going 127 obviously,
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433 109
434 00:07:07,169 ~-~-> 00:07:10,379
435 but we'll break it down further in the
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437 110
438 00:07:10,379 ~-~-> 00:07:13,109
439 next video as to the other targets and
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441 111
442 00:07:13,139 ~-~-> 00:07:16,709
443 other means of looking for additional
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445 112
446 00:07:16,709 ~-~-> 00:07:19,559
447 targets and multiple targeting. And
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449 113
450 00:07:19,559 ~-~-> 00:07:23,369
451 that'll be in Part Seven. And I know
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453 114
454 00:07:23,369 ~-~-> 00:07:25,349
455 we've been dealing or at least
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457 115
458 00:07:25,349 ~-~-> 00:07:27,749
459 attempting to move exclusively with the
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461 116
462 00:07:27,749 ~-~-> 00:07:30,269
463 Euro USD pair for this teaching series.
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465 117
466 00:07:30,809 ~-~-> 00:07:34,409
467 But just for the sake of argument, let's
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469 118
470 00:07:34,409 ~-~-> 00:07:36,359
471 take a look at two other pairs. We'll
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473 119
474 00:07:36,359 ~-~-> 00:07:42,869
475 look at the Canadian dollar Okay, here's
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477 120
478 00:07:42,869 ~-~-> 00:07:45,749
479 the Canadian dollar and let's go down to
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481 121
482 00:07:45,779 ~-~-> 00:07:54,779
483 a hourly chart. Okay, and zoom out a
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485 122
486 00:07:54,779 ~-~-> 00:07:58,799
487 little bit. right we have the market,
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489 123
490 00:07:58,829 ~-~-> 00:08:04,109
491 trading lower to a level of support,
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493 124
494 00:08:04,109 ~-~-> 00:08:06,929
495 which I'm not going to outline here, but
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497 125
498 00:08:06,929 ~-~-> 00:08:08,429
499 if you got to your higher timeframes you
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501 126
502 00:08:08,429 ~-~-> 00:08:10,169
503 can find the order block or this reacted
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505 127
506 00:08:10,169 ~-~-> 00:08:14,519
507 to, but if you use this high here,
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509 128
510 00:08:15,269 ~-~-> 00:08:18,899
511 market structure shifts right there. So
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513 129
514 00:08:18,899 ~-~-> 00:08:21,509
515 this becomes a fulcrum point right
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517 130
518 00:08:21,569 ~-~-> 00:08:23,939
519 there. trades kings by comes right back
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521 131
522 00:08:23,939 ~-~-> 00:08:26,039
523 down find support that same level, if
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525 132
526 00:08:26,039 ~-~-> 00:08:27,659
527 you pour from that point down to the
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529 133
530 00:08:27,659 ~-~-> 00:08:31,229
531 lowest low Okay, you have your 127
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533 134
534 00:08:31,259 ~-~-> 00:08:35,099
535 easily reached 162 easily reached and
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537 135
538 00:08:35,099 ~-~-> 00:08:41,639
539 then 200 very easily reached, okay. If
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541 136
542 00:08:42,389 ~-~-> 00:08:44,429
543 you take your fib level
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545 137
546 00:08:49,680 ~-~-> 00:08:52,560
547 here's the 50% level or fulcrum or
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549 138
550 00:08:52,560 ~-~-> 00:08:55,290
551 equilibrium. Okay, you see the 100 level
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553 139
554 00:08:55,290 ~-~-> 00:08:56,400
555 here, which is basically what you're
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557 140
558 00:08:56,400 ~-~-> 00:08:59,490
559 getting with a 200% fair level. Okay,
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561 141
562 00:08:59,490 ~-~-> 00:09:02,310
563 but I'm trying to teach you everything
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565 142
566 00:09:02,340 ~-~-> 00:09:05,370
567 is based on like a 50% basis. Okay, so
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569 143
570 00:09:05,370 ~-~-> 00:09:07,680
571 it's like a 50% rule. If it moves down
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573 144
574 00:09:07,680 ~-~-> 00:09:09,450
575 this many pips once it breaks that high,
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577 145
578 00:09:09,450 ~-~-> 00:09:10,680
579 it should at least try to move this
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581 146
582 00:09:10,890 ~-~-> 00:09:13,080
583 number of pips up, okay? And then when
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585 147
586 00:09:13,080 ~-~-> 00:09:15,540
587 it does that we have, it's referred to
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589 148
590 00:09:15,540 ~-~-> 00:09:18,150
591 as market symmetry and trading patterns
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593 149
594 00:09:18,150 ~-~-> 00:09:23,070
595 and setups become very, very clean and
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597 150
598 00:09:23,070 ~-~-> 00:09:25,410
599 very high probability when that occurs.
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601 151
602 00:09:26,160 ~-~-> 00:09:28,170
603 Okay, since we taken out this low, I'm
604
605 152
606 00:09:28,170 ~-~-> 00:09:31,140
607 sorry, this high rather here. Okay, one
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609 153
610 00:09:31,140 ~-~-> 00:09:38,370
611 could do this on high down this low. You
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613 154
614 00:09:38,370 ~-~-> 00:09:40,650
615 have 127 up here, and you want to show
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617 155
618 00:09:40,650 ~-~-> 00:09:42,330
619 up here, which incidentally is an old
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621 156
622 00:09:42,330 ~-~-> 00:09:48,390
623 high back here, you zoom out. See that
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625 157
626 00:09:48,480 ~-~-> 00:09:51,180
627 is the case and we're here. Again, it's
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629 158
630 00:09:51,180 ~-~-> 00:09:52,560
631 assuming we do have traction and
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633 159
634 00:09:52,560 ~-~-> 00:09:54,750
635 continue to move higher. The next pair
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637 160
638 00:09:54,750 ~-~-> 00:09:56,250
639 we're going to look at is the British
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641 161
642 00:09:56,250 ~-~-> 00:10:01,080
643 Pound USD and Here you go is a nice
644
645 162
646 00:10:02,370 ~-~-> 00:10:04,770
647 order block and then reaction of it.
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649 163
650 00:10:04,980 ~-~-> 00:10:08,070
651 This was put on the chart in advance and
652
653 164
654 00:10:08,280 ~-~-> 00:10:10,590
655 you can see the reaction of price
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657 165
658 00:10:10,590 ~-~-> 00:10:14,100
659 afterwards. But we're going to look at
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661 166
662 00:10:15,780 ~-~-> 00:10:20,010
663 taking this fit off and we'll take the
664
665 167
666 00:10:20,010 ~-~-> 00:10:28,680
667 rectangle off. zoom a little bit. Okay,
668
669 168
670 00:10:29,700 ~-~-> 00:10:32,130
671 now we have the same scenario here. We
672
673 169
674 00:10:32,130 ~-~-> 00:10:35,190
675 have price moving down, nice price leg
676
677 170
678 00:10:35,190 ~-~-> 00:10:38,850
679 here, comes in rejects this low. Okay,
680
681 171
682 00:10:38,880 ~-~-> 00:10:41,040
683 there's several of them in here and you
684
685 172
686 00:10:41,040 ~-~-> 00:10:43,500
687 can use obviously, we'll use this one
688
689 173
690 00:10:43,500 ~-~-> 00:10:46,050
691 here, this swing when this high here,
692
693 174
694 00:10:46,050 ~-~-> 00:10:49,350
695 rancor and it's broke to the upside. You
696
697 175
698 00:10:49,350 ~-~-> 00:10:52,530
699 see the Fibonacci levels come into play.
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701 176
702 00:10:52,530 ~-~-> 00:10:56,490
703 Here's the 127 easily reached 162 and
704
705 177
706 00:10:56,490 ~-~-> 00:10:59,160
707 then 200 extension here. Okay, going
708
709 178
710 00:10:59,160 ~-~-> 00:11:00,630
711 back to this higher market structure
712
713 179
714 00:11:00,630 ~-~-> 00:11:02,730
715 high here using that same reference low
716
717 180
718 00:11:06,060 ~-~-> 00:11:09,810
719 This is how you trade within a markets
720
721 181
722 00:11:10,110 ~-~-> 00:11:14,280
723 structure. So once this highest violated
724
725 182
726 00:11:14,490 ~-~-> 00:11:16,530
727 right here, we would be looking for
728
729 183
730 00:11:16,530 ~-~-> 00:11:19,680
731 upside objectives 127 easily reached
732
733 184
734 00:11:20,310 ~-~-> 00:11:22,860
735 once you can easily reached 200 level
736
737 185
738 00:11:23,160 ~-~-> 00:11:27,420
739 easily reached. Okay. Let's go out to an
740
741 186
742 00:11:27,420 ~-~-> 00:11:33,450
743 hourly chart, same pair. Okay, let's
744
745 187
746 00:11:33,510 ~-~-> 00:11:34,530
747 scroll up a little bit.
748
749 188
750 00:11:35,760 ~-~-> 00:11:36,450
751 And now
752
753 189
754 00:11:42,750 ~-~-> 00:11:48,960
755 since I can get this fib Okay, we'll use
756
757 190
758 00:11:48,960 ~-~-> 00:11:51,840
759 this high here. And price just reached
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761 191
762 00:11:51,840 ~-~-> 00:11:54,060
763 the 127 extension here and the upside
764
765 192
766 00:11:54,060 ~-~-> 00:12:00,000
767 would be 162. And if you use this hi
768
769 193
770 00:12:00,000 ~-~-> 00:12:01,860
771 Here, all we're doing is moving out to
772
773 194
774 00:12:01,860 ~-~-> 00:12:06,060
775 the next successive market. Hi. So each
776
777 195
778 00:12:06,060 ~-~-> 00:12:07,440
779 one of these is a price swing, you have
780
781 196
782 00:12:07,440 ~-~-> 00:12:09,780
783 a high down to that low, you have a high
784
785 197
786 00:12:09,780 ~-~-> 00:12:11,580
787 down that that same low, okay, these are
788
789 198
790 00:12:12,390 ~-~-> 00:12:15,180
791 all reference points for reactions.
792
793 199
794 00:12:15,420 ~-~-> 00:12:21,900
795 Okay, you have 127 now here and you have
796
797 200
798 00:12:21,900 ~-~-> 00:12:27,630
799 this one here is a lot of liquidity
800
801 201
802 00:12:27,630 ~-~-> 00:12:28,860
803 sitting right above that these are all
804
805 202
806 00:12:28,860 ~-~-> 00:12:30,960
807 hourly candles, unable to make a higher
808
809 203
810 00:12:30,960 ~-~-> 00:12:32,970
811 high in here. And now we're about to
812
813 204
814 00:12:32,970 ~-~-> 00:12:34,380
815 blow that out right now while I'm
816
817 205
818 00:12:34,380 ~-~-> 00:12:38,790
819 recording. And then the 127 resides up
820
821 206
822 00:12:38,790 ~-~-> 00:12:42,270
823 there. Now, with these levels in mind,
824
825 207
826 00:12:42,690 ~-~-> 00:12:49,800
827 okay. We're going to highlight that 162
828
829 208
830 00:12:54,480 ~-~-> 00:13:04,320
831 to 127 and Now what I'm gonna do is I'm
832
833 209
834 00:13:04,320 ~-~-> 00:13:09,420
835 gonna reference this larger price swing.
836
837 210
838 00:13:10,860 ~-~-> 00:13:12,330
839 Because remember markets are fractal,
840
841 211
842 00:13:12,660 ~-~-> 00:13:16,020
843 okay? And the high down to lowest low.
844
845 212
846 00:13:16,950 ~-~-> 00:13:19,200
847 You see what resides over here. Here's
848
849 213
850 00:13:19,200 ~-~-> 00:13:22,290
851 the 62% sweet spot in southern lights
852
853 214
854 00:13:22,290 ~-~-> 00:13:24,420
855 and chasing a level there's a high
856
857 215
858 00:13:24,420 ~-~-> 00:13:26,460
859 probability to cable or reach out to
860
861 216
862 00:13:26,460 ~-~-> 00:13:27,420
863 these levels in here.
864
865 217
866 00:13:32,640 ~-~-> 00:13:38,520
867 Okay, and you can just note that read in
868
869 218
870 00:13:38,520 ~-~-> 00:13:43,170
871 there. Okay? And that would be a good
872
873 219
874 00:13:43,170 ~-~-> 00:13:47,070
875 area to have some scenarios. We have an
876
877 220
878 00:13:47,070 ~-~-> 00:13:50,460
879 order block in here. That can be a
880
881 221
882 00:13:50,460 ~-~-> 00:13:53,130
883 factor if we get through this area in
884
885 222
886 00:13:53,130 ~-~-> 00:13:55,920
887 here, because this is a nice support
888
889 223
890 00:13:55,920 ~-~-> 00:13:59,160
891 level. Never been retested. So we may
892
893 224
894 00:13:59,160 ~-~-> 00:14:01,440
895 come up to sec two retracing, however,
896
897 225
898 00:14:01,440 ~-~-> 00:14:07,830
899 on that 161 25 level 161 32 we could tap
900
901 226
902 00:14:07,830 ~-~-> 00:14:12,750
903 into that. But any uncommon blending
904
905 227
906 00:14:12,870 ~-~-> 00:14:15,060
907 couple things here, but the Fibonacci
908
909 228
910 00:14:15,870 ~-~-> 00:14:18,180
911 price projections, but hopefully you got
912
913 229
914 00:14:18,630 ~-~-> 00:14:20,160
915 a few examples here you can see how
916
917 230
918 00:14:20,760 ~-~-> 00:14:22,770
919 useful they are and from the time we did
920
921 231
922 00:14:22,770 ~-~-> 00:14:28,920
923 our recording the last time let's just
924
925 232
926 00:14:28,920 ~-~-> 00:14:30,900
927 give a sell scenario. And we had this
928
929 233
930 00:14:30,900 ~-~-> 00:14:33,120
931 price rally up, when this low is
932
933 234
934 00:14:33,120 ~-~-> 00:14:36,120
935 violated as it is here. This low becomes
936
937 235
938 00:14:36,120 ~-~-> 00:14:39,450
939 a fulcrum point in any price action from
940
941 236
942 00:14:39,450 ~-~-> 00:14:43,020
943 that point from that low up here. Once
944
945 237
946 00:14:43,020 ~-~-> 00:14:45,450
947 it's finally lower. Here's the 127
948
949 238
950 00:14:45,450 ~-~-> 00:14:48,840
951 easily met 162 easily met 200% extension
952
953 239
954 00:14:49,320 ~-~-> 00:14:58,020
955 easily met. Okay. And you'd probably see
956
957 240
958 00:14:58,020 ~-~-> 00:14:59,220
959 Kayla actually do that while I'm
960
961 241
962 00:14:59,640 ~-~-> 00:15:03,150
963 recording This kind of tend to relate to
964
965 242
966 00:15:03,150 ~-~-> 00:15:06,240
967 keep it on SR cheat what it does but
968
969 243
970 00:15:06,240 ~-~-> 00:15:08,520
971 anyway, you just watch it on your charts
972
973 244
974 00:15:08,520 ~-~-> 00:15:12,810
975 in retrospect but you can see obviously
976
977 245
978 00:15:12,810 ~-~-> 00:15:14,940
979 you know the fibs when you have it in
980
981 246
982 00:15:15,120 ~-~-> 00:15:17,760
983 the right direction. They're very strong
984
985 247
986 00:15:17,820 ~-~-> 00:15:20,550
987 in terms of looking for high level,
988
989 248
990 00:15:21,180 ~-~-> 00:15:23,010
991 upside and downside objectives. We have
992
993 249
994 00:15:23,010 ~-~-> 00:15:26,460
995 this low made here from this high. I'll
996
997 250
998 00:15:26,460 ~-~-> 00:15:28,380
999 just give you a bullish scenario on the
1000
1001 251
1002 00:15:28,380 ~-~-> 00:15:32,430
1003 cable. I'm dragging and as you can see
1004
1005 252
1006 00:15:32,430 ~-~-> 00:15:34,980
1007 the levels and the reactions to the high
1008
1009 253
1010 00:15:34,980 ~-~-> 00:15:38,370
1011 say is high down to that low 127 easily
1012
1013 254
1014 00:15:38,370 ~-~-> 00:15:41,520
1015 met 162 easily met 200 extension bang
1016
1017 255
1018 00:15:42,180 ~-~-> 00:15:44,160
1019 swept through it a few times and here
1020
1021 256
1022 00:15:44,190 ~-~-> 00:15:46,710
1023 again this is why we do not try to get
1024
1025 257
1026 00:15:46,710 ~-~-> 00:15:48,840
1027 all that we don't care that it does this
1028
1029 258
1030 00:15:48,930 ~-~-> 00:15:53,610
1031 okay. If one is able to just get a PC
1032
1033 259
1034 00:15:53,610 ~-~-> 00:15:58,800
1035 got it in here, not to the 160 to 210
1036
1037 260
1038 00:15:58,800 ~-~-> 00:16:00,990
1039 pips nothing wrong Who cares about the
1040
1041 261
1042 00:16:00,990 ~-~-> 00:16:04,860
1043 remaining portion? Okay? Let the club z.
1044
1045 262
1046 00:16:06,690 ~-~-> 00:16:08,070
1047 Alright, so hopefully it's been
1048
1049 263
1050 00:16:08,070 ~-~-> 00:16:09,000
1051 insightful to you guys.
1052
1053 264
1054 00:16:16,080 ~-~-> 00:16:18,570
1055 Okay guys, we're going to be looking at
1056
1057 265
1058 00:16:19,050 ~-~-> 00:16:22,950
1059 how stop loss pain placement is utilized
1060
1061 266
1062 00:16:22,980 ~-~-> 00:16:25,200
1063 in your trading. We're gonna be looking
1064
1065 267
1066 00:16:25,200 ~-~-> 00:16:28,620
1067 at how risk percentage is an important
1068
1069 268
1070 00:16:28,620 ~-~-> 00:16:31,410
1071 factor to your trading. But before we
1072
1073 269
1074 00:16:31,410 ~-~-> 00:16:32,580
1075 get into all that we're gonna be looking
1076
1077 270
1078 00:16:32,580 ~-~-> 00:16:35,160
1079 at how, obviously looking at a bullish
1080
1081 271
1082 00:16:35,160 ~-~-> 00:16:36,870
1083 scenario here, everything we talked
1084
1085 272
1086 00:16:36,870 ~-~-> 00:16:40,890
1087 about in this example can be flipped 180
1088
1089 273
1090 00:16:40,890 ~-~-> 00:16:42,720
1091 degrees, okay? And you'll see the
1092
1093 274
1094 00:16:42,720 ~-~-> 00:16:45,180
1095 opposite for selling scenarios. Okay, so
1096
1097 275
1098 00:16:45,180 ~-~-> 00:16:46,920
1099 every row you see here, just reverse it,
1100
1101 276
1102 00:16:47,400 ~-~-> 00:16:50,190
1103 and you'll get the understanding for
1104
1105 277
1106 00:16:50,190 ~-~-> 00:16:52,560
1107 selling short in the market and how to
1108
1109 278
1110 00:16:52,560 ~-~-> 00:16:56,220
1111 control your stops and such. Okay, we're
1112
1113 279
1114 00:16:56,220 ~-~-> 00:16:58,230
1115 going to assume that we have a key level
1116
1117 280
1118 00:16:58,230 ~-~-> 00:17:00,270
1119 and or institutional order Lock
1120
1121 281
1122 00:17:00,270 ~-~-> 00:17:02,220
1123 identified on our charts. And again,
1124
1125 282
1126 00:17:02,220 ~-~-> 00:17:03,450
1127 we're gonna be looking at a daily chart
1128
1129 283
1130 00:17:03,450 ~-~-> 00:17:06,660
1131 for this example. And the market has
1132
1133 284
1134 00:17:06,690 ~-~-> 00:17:08,700
1135 been showing in this crude example in
1136
1137 285
1138 00:17:08,700 ~-~-> 00:17:11,970
1139 hypothetical terms, that price would be
1140
1141 286
1142 00:17:12,330 ~-~-> 00:17:15,720
1143 more or less trading down to our line
1144
1145 287
1146 00:17:15,720 ~-~-> 00:17:20,820
1147 here of anticipation. And as price
1148
1149 288
1150 00:17:20,820 ~-~-> 00:17:23,670
1151 starts to move aggressively down to that
1152
1153 289
1154 00:17:23,670 ~-~-> 00:17:26,760
1155 level, we would be, hopefully if we're
1156
1157 290
1158 00:17:26,760 ~-~-> 00:17:27,840
1159 not in front of our charts, who would
1160
1161 291
1162 00:17:27,840 ~-~-> 00:17:30,960
1163 have our platform for trading, alert us
1164
1165 292
1166 00:17:31,020 ~-~-> 00:17:33,480
1167 to the fact that price is getting to our
1168
1169 293
1170 00:17:33,480 ~-~-> 00:17:35,430
1171 specific higher timeframe price level,
1172
1173 294
1174 00:17:36,300 ~-~-> 00:17:38,820
1175 as price trades to that level, again,
1176
1177 295
1178 00:17:38,820 ~-~-> 00:17:41,250
1179 because we are flexible, we are not
1180
1181 296
1182 00:17:41,550 ~-~-> 00:17:44,370
1183 limiting our perspective simply to one
1184
1185 297
1186 00:17:44,370 ~-~-> 00:17:46,170
1187 line, therefore, it has to stop on that
1188
1189 298
1190 00:17:46,170 ~-~-> 00:17:49,050
1191 line turn on a dime. Okay, there is a
1192
1193 299
1194 00:17:49,050 ~-~-> 00:17:51,060
1195 gray area in trading that we I
1196
1197 300
1198 00:17:51,120 ~-~-> 00:17:53,190
1199 identified earlier in the series, and
1200
1201 301
1202 00:17:53,190 ~-~-> 00:17:56,460
1203 we've come to hopefully by now, terms
1204
1205 302
1206 00:17:56,460 ~-~-> 00:17:58,890
1207 with the fact that we can't get
1208
1209 303
1210 00:17:59,010 ~-~-> 00:18:00,570
1211 perfection in the market. To place in
1212
1213 304
1214 00:18:00,570 ~-~-> 00:18:03,000
1215 terms of turning points, okay, we have
1216
1217 305
1218 00:18:03,150 ~-~-> 00:18:06,630
1219 rough ideas where price should turn, but
1220
1221 306
1222 00:18:06,660 ~-~-> 00:18:08,970
1223 even the highest level key levels and
1224
1225 307
1226 00:18:08,970 ~-~-> 00:18:10,980
1227 support levels and institutional order
1228
1229 308
1230 00:18:10,980 ~-~-> 00:18:15,600
1231 blocks have a little bit of gray areas
1232
1233 309
1234 00:18:15,600 ~-~-> 00:18:16,920
1235 where it could deviate just a little
1236
1237 310
1238 00:18:16,920 ~-~-> 00:18:19,680
1239 bit. But more specifically, we're gonna
1240
1241 311
1242 00:18:19,680 ~-~-> 00:18:21,180
1243 be highlighting, obviously, all of our
1244
1245 312
1246 00:18:21,180 ~-~-> 00:18:23,760
1247 trades around key levels around numbers,
1248
1249 313
1250 00:18:23,760 ~-~-> 00:18:26,730
1251 institutional levels, and a confluence
1252
1253 314
1254 00:18:26,760 ~-~-> 00:18:30,090
1255 of support and resistance factors with
1256
1257 315
1258 00:18:30,210 ~-~-> 00:18:32,100
1259 time of day. Okay, so you haven't time
1260
1261 316
1262 00:18:32,100 ~-~-> 00:18:35,370
1263 and price theory combined. So as price
1264
1265 317
1266 00:18:35,370 ~-~-> 00:18:38,340
1267 goes down into this level, that's when
1268
1269 318
1270 00:18:38,340 ~-~-> 00:18:42,540
1271 we are on the prowl for a buy scenario,
1272
1273 319
1274 00:18:42,570 ~-~-> 00:18:44,460
1275 okay, we're trying to buy during that
1276
1277 320
1278 00:18:44,460 ~-~-> 00:18:46,620
1279 event. We don't want to be buying after
1280
1281 321
1282 00:18:46,620 ~-~-> 00:18:48,360
1283 the move has already turned around and
1284
1285 322
1286 00:18:48,360 ~-~-> 00:18:50,160
1287 everybody sees that it's a swing low and
1288
1289 323
1290 00:18:50,160 ~-~-> 00:18:51,930
1291 it's moved up for three or four days. We
1292
1293 324
1294 00:18:51,930 ~-~-> 00:18:55,320
1295 want to be buying in a suppressed market
1296
1297 325
1298 00:18:55,320 ~-~-> 00:18:56,490
1299 environment. We're going to be looking
1300
1301 326
1302 00:18:56,490 ~-~-> 00:18:58,980
1303 at bargain prices, okay? We don't want
1304
1305 327
1306 00:18:58,980 ~-~-> 00:19:00,960
1307 to be buying at retail prices, we
1308
1309 328
1310 00:19:00,960 ~-~-> 00:19:02,940
1311 wouldn't be buying wholesale. Okay, so
1312
1313 329
1314 00:19:03,480 ~-~-> 00:19:05,370
1315 assuming that we use the information we
1316
1317 330
1318 00:19:05,370 ~-~-> 00:19:07,860
1319 talked about earlier in this series, in
1320
1321 331
1322 00:19:07,860 ~-~-> 00:19:11,760
1323 terms of framing a reactionary level to
1324
1325 332
1326 00:19:11,760 ~-~-> 00:19:14,970
1327 a trade, we're going to assume that we
1328
1329 333
1330 00:19:14,970 ~-~-> 00:19:17,010
1331 anticipated at that key level, the
1332
1333 334
1334 00:19:17,010 ~-~-> 00:19:18,930
1335 market had turned. Okay, and maybe
1336
1337 335
1338 00:19:18,930 ~-~-> 00:19:21,090
1339 retesting gave us an optimal trade entry
1340
1341 336
1342 00:19:21,090 ~-~-> 00:19:22,950
1343 on a lower timeframe. Now, we're going
1344
1345 337
1346 00:19:22,950 ~-~-> 00:19:25,020
1347 to assume for this example, that we were
1348
1349 338
1350 00:19:25,050 ~-~-> 00:19:26,970
1351 fortunate enough to catch a long
1352
1353 339
1354 00:19:26,970 ~-~-> 00:19:30,540
1355 position at that key level, okay? And
1356
1357 340
1358 00:19:30,540 ~-~-> 00:19:32,970
1359 it's not important that we have a
1360
1361 341
1362 00:19:33,480 ~-~-> 00:19:35,790
1363 specific price level in this example.
1364
1365 342
1366 00:19:36,660 ~-~-> 00:19:38,490
1367 Because really, what we're going to be
1368
1369 343
1370 00:19:38,490 ~-~-> 00:19:41,970
1371 looking at is how traders are always in
1372
1373 344
1374 00:19:41,970 ~-~-> 00:19:44,220
1375 my experience, okay, even when I was an
1376
1377 345
1378 00:19:44,220 ~-~-> 00:19:46,650
1379 early developing trader, I felt the need
1380
1381 346
1382 00:19:46,650 ~-~-> 00:19:49,080
1383 to want to exit the trade immediately.
1384
1385 347
1386 00:19:49,290 ~-~-> 00:19:52,140
1387 As soon as I saw some gains, I had this
1388
1389 348
1390 00:19:52,140 ~-~-> 00:19:54,030
1391 overwhelming feeling that I had to hurry
1392
1393 349
1394 00:19:54,030 ~-~-> 00:19:56,040
1395 up and get out and close the trade. If I
1396
1397 350
1398 00:19:56,040 ~-~-> 00:19:58,170
1399 was several hundred dollars, I would
1400
1401 351
1402 00:19:58,470 ~-~-> 00:20:00,750
1403 think wow, this is good, you know? I've
1404
1405 352
1406 00:20:00,810 ~-~-> 00:20:03,750
1407 taken losses in a series of losses, this
1408
1409 353
1410 00:20:03,750 ~-~-> 00:20:05,700
1411 feels good. And I just would rather not
1412
1413 354
1414 00:20:05,700 ~-~-> 00:20:07,800
1415 leave the market with another loss after
1416
1417 355
1418 00:20:07,800 ~-~-> 00:20:11,520
1419 seeing these gains when you have a sound
1420
1421 356
1422 00:20:11,580 ~-~-> 00:20:15,360
1423 entry, many times, those are the
1424
1425 357
1426 00:20:15,360 ~-~-> 00:20:17,940
1427 scariest trades to hold on to. Okay?
1428
1429 358
1430 00:20:18,180 ~-~-> 00:20:21,450
1431 Because the good trades don't spend
1432
1433 359
1434 00:20:21,600 ~-~-> 00:20:24,570
1435 their time very long. at wholesale
1436
1437 360
1438 00:20:24,570 ~-~-> 00:20:26,640
1439 prices, they immediately start to move
1440
1441 361
1442 00:20:26,640 ~-~-> 00:20:29,340
1443 to retail level pricing, okay. In other
1444
1445 362
1446 00:20:29,340 ~-~-> 00:20:31,860
1447 words, if you're able to catch a very
1448
1449 363
1450 00:20:31,860 ~-~-> 00:20:34,710
1451 low price point, and you're long in the
1452
1453 364
1454 00:20:34,710 ~-~-> 00:20:37,320
1455 marketplace, you anticipated
1456
1457 365
1458 00:20:37,320 ~-~-> 00:20:40,470
1459 professional trader prices moving rather
1460
1461 366
1462 00:20:41,400 ~-~-> 00:20:43,590
1463 aggressively away from that level. Okay.
1464
1465 367
1466 00:20:43,740 ~-~-> 00:20:45,150
1467 And that's what we talked about earlier
1468
1469 368
1470 00:20:45,180 ~-~-> 00:20:48,660
1471 in our series that the more conviction
1472
1473 369
1474 00:20:48,660 ~-~-> 00:20:50,460
1475 that we see behind price moving away
1476
1477 370
1478 00:20:50,460 ~-~-> 00:20:52,080
1479 from from a specific level that we
1480
1481 371
1482 00:20:52,110 ~-~-> 00:20:55,080
1483 hopefully predetermined in advance, that
1484
1485 372
1486 00:20:55,170 ~-~-> 00:20:58,410
1487 is what we would anticipate seeing in
1488
1489 373
1490 00:20:58,410 ~-~-> 00:20:59,970
1491 our trades once we've entered it. We
1492
1493 374
1494 00:21:00,000 ~-~-> 00:21:02,490
1495 Don't want to see the market dragon its
1496
1497 375
1498 00:21:02,490 ~-~-> 00:21:04,590
1499 heels and, and lethargic Lee moving
1500
1501 376
1502 00:21:04,590 ~-~-> 00:21:07,440
1503 around because we're going to be
1504
1505 377
1506 00:21:07,440 ~-~-> 00:21:10,650
1507 mentioning time stops in this in this
1508
1509 378
1510 00:21:10,650 ~-~-> 00:21:12,150
1511 episode too. I'm not going to beat it to
1512
1513 379
1514 00:21:12,150 ~-~-> 00:21:14,010
1515 death but I do use a time stop and
1516
1517 380
1518 00:21:14,010 ~-~-> 00:21:15,210
1519 I'll explain that as we get to that
1520
1521 381
1522 00:21:15,210 ~-~-> 00:21:17,760
1523 point. But as the market starts to move
1524
1525 382
1526 00:21:17,760 ~-~-> 00:21:20,310
1527 in our favor Okay, we will be reaching
1528
1529 383
1530 00:21:20,310 ~-~-> 00:21:23,040
1531 for our predetermined price points like
1532
1533 384
1534 00:21:23,040 ~-~-> 00:21:25,950
1535 we discussed in part five of the series
1536
1537 385
1538 00:21:25,950 ~-~-> 00:21:27,540
1539 where we looked at a fib to give the
1540
1541 386
1542 00:21:27,540 ~-~-> 00:21:30,900
1543 127 162 extensions as possible upside
1544
1545 387
1546 00:21:30,900 ~-~-> 00:21:33,240
1547 objectives. Now again, those with
1548
1549 388
1550 00:21:33,240 ~-~-> 00:21:35,730
1551 confluence of supporting factors with
1552
1553 389
1554 00:21:35,760 ~-~-> 00:21:37,410
1555 support resistance, maybe even pivot
1556
1557 390
1558 00:21:37,410 ~-~-> 00:21:40,620
1559 points, something like an old higher low
1560
1561 391
1562 00:21:40,890 ~-~-> 00:21:44,490
1563 to to frame those upper level
1564
1565 392
1566 00:21:44,490 ~-~-> 00:21:46,230
1567 objectives. Not simply because the fib
1568
1569 393
1570 00:21:46,230 ~-~-> 00:21:47,610
1571 calls that level, we want to be looking
1572
1573 394
1574 00:21:47,610 ~-~-> 00:21:49,350
1575 for other things as well. Again,
1576
1577 395
1578 00:21:49,740 ~-~-> 00:21:51,990
1579 factoring the time and day of week
1580
1581 396
1582 00:21:52,020 ~-~-> 00:21:55,320
1583 phenomenon as well. Now again, getting
1584
1585 397
1586 00:21:55,320 ~-~-> 00:21:56,940
1587 back to this crude example as we have
1588
1589 398
1590 00:21:56,940 ~-~-> 00:21:59,460
1591 here, when the market is now moving away
1592
1593 399
1594 00:21:59,460 ~-~-> 00:22:01,590
1595 from your entry Point. Okay, one of the
1596
1597 400
1598 00:22:02,430 ~-~-> 00:22:07,140
1599 closest things to insanity is when you
1600
1601 401
1602 00:22:07,140 ~-~-> 00:22:10,740
1603 have this environment unfolding for you
1604
1605 402
1606 00:22:11,040 ~-~-> 00:22:14,610
1607 profitably, okay? It's amazing how
1608
1609 403
1610 00:22:14,730 ~-~-> 00:22:17,730
1611 traders and I knew this firsthand. Okay,
1612
1613 404
1614 00:22:17,970 ~-~-> 00:22:20,670
1615 when I first began trading, I would hold
1616
1617 405
1618 00:22:20,670 ~-~-> 00:22:25,050
1619 a losing trade for ever and for forever
1620
1621 406
1622 00:22:25,620 ~-~-> 00:22:29,280
1623 and forever. And I'm sure you probably
1624
1625 407
1626 00:22:29,280 ~-~-> 00:22:30,780
1627 felt that same thing too when you're
1628
1629 408
1630 00:22:30,780 ~-~-> 00:22:32,880
1631 trading because you really want to see a
1632
1633 409
1634 00:22:32,880 ~-~-> 00:22:36,450
1635 turnaround and hope springs eternal. Not
1636
1637 410
1638 00:22:36,450 ~-~-> 00:22:39,000
1639 in forex, not in speculation and
1640
1641 411
1642 00:22:39,000 ~-~-> 00:22:41,430
1643 certainly not in trading. Okay, so the
1644
1645 412
1646 00:22:41,430 ~-~-> 00:22:42,630
1647 market doesn't have to go back to your
1648
1649 413
1650 00:22:42,630 ~-~-> 00:22:44,400
1651 price point. Okay, if you look at the
1652
1653 414
1654 00:22:44,400 ~-~-> 00:22:46,950
1655 Dow just look at anything from seven
1656
1657 415
1658 00:22:46,950 ~-~-> 00:22:48,840
1659 months ago. It's been a losses as
1660
1661 416
1662 00:22:48,840 ~-~-> 00:22:51,210
1663 impacted as levels. Okay. So if you've
1664
1665 417
1666 00:22:51,210 ~-~-> 00:22:53,370
1667 been waiting for the market to get back
1668
1669 418
1670 00:22:53,370 ~-~-> 00:22:56,340
1671 to those levels, man, you're going to
1672
1673 419
1674 00:22:56,340 ~-~-> 00:22:59,220
1675 grind these pieces, okay? So don't do
1676
1677 420
1678 00:22:59,220 ~-~-> 00:23:00,840
1679 that. Have a great day. determind area
1680
1681 421
1682 00:23:00,870 ~-~-> 00:23:02,670
1683 where you would expect to cut your
1684
1685 422
1686 00:23:02,670 ~-~-> 00:23:06,720
1687 losses short. Okay? What is the industry
1688
1689 423
1690 00:23:06,720 ~-~-> 00:23:09,540
1691 standard for risk? Okay, you commonly
1692
1693 424
1694 00:23:09,540 ~-~-> 00:23:12,090
1695 hear and I hear myself say all the time
1696
1697 425
1698 00:23:12,090 ~-~-> 00:23:14,040
1699 in these videos, because I want to more
1700
1701 426
1702 00:23:14,040 ~-~-> 00:23:20,580
1703 or less segue into the majority of
1704
1705 427
1706 00:23:20,580 ~-~-> 00:23:23,310
1707 everyone's expectations analysis. But
1708
1709 428
1710 00:23:23,310 ~-~-> 00:23:25,350
1711 really what I try to do is say, Okay,
1712
1713 429
1714 00:23:25,350 ~-~-> 00:23:27,900
1715 look, everybody says 2% of your equity
1716
1717 430
1718 00:23:27,930 ~-~-> 00:23:30,210
1719 portrayed. Okay? And if you're really,
1720
1721 431
1722 00:23:30,210 ~-~-> 00:23:31,620
1723 really solid trader, there's nothing
1724
1725 432
1726 00:23:31,620 ~-~-> 00:23:34,740
1727 wrong with that. Okay? Now I suggest
1728
1729 433
1730 00:23:34,740 ~-~-> 00:23:36,780
1731 that traders should work within the
1732
1733 434
1734 00:23:36,780 ~-~-> 00:23:40,050
1735 realm of 1% of their equity portrayed.
1736
1737 435
1738 00:23:41,370 ~-~-> 00:23:43,050
1739 Now, the reason for that is assuming
1740
1741 436
1742 00:23:43,050 ~-~-> 00:23:45,300
1743 that you had a $10,000 trading account,
1744
1745 437
1746 00:23:45,570 ~-~-> 00:23:47,790
1747 and you were risking 1%, how much money
1748
1749 438
1750 00:23:47,790 ~-~-> 00:23:52,650
1751 would be at risk portrayed $100 against
1752
1753 439
1754 00:23:52,980 ~-~-> 00:23:56,010
1755 the standard 2%, which would be $200 per
1756
1757 440
1758 00:23:56,370 ~-~-> 00:23:58,920
1759 trade total risk, the way you determine
1760
1761 441
1762 00:23:58,950 ~-~-> 00:24:01,830
1763 your PIP sizes, you take that $200, if
1764
1765 442
1766 00:24:01,830 ~-~-> 00:24:05,970
1767 it's 2%, or 1%, at $100 total risk of
1768
1769 443
1770 00:24:06,360 ~-~-> 00:24:08,250
1771 assuming that you have a $10,000 trading
1772
1773 444
1774 00:24:08,250 ~-~-> 00:24:11,580
1775 account. If it's a $1,000 trading
1776
1777 445
1778 00:24:11,580 ~-~-> 00:24:14,700
1779 account, then it would be a $10 for 1%
1780
1781 446
1782 00:24:15,570 ~-~-> 00:24:21,030
1783 or $20 for 2%, total equity risk per
1784
1785 447
1786 00:24:21,030 ~-~-> 00:24:23,400
1787 trade, whatever that dollar amount is
1788
1789 448
1790 00:24:23,400 ~-~-> 00:24:26,040
1791 percentage wise, whether it be 1% or 2%,
1792
1793 449
1794 00:24:26,070 ~-~-> 00:24:29,370
1795 ideally 1% or less. Okay, and then I
1796
1797 450
1798 00:24:29,370 ~-~-> 00:24:31,020
1799 know that probably sounds like wait, and
1800
1801 451
1802 00:24:31,020 ~-~-> 00:24:32,160
1803 I can make a lot of money with that.
1804
1805 452
1806 00:24:32,700 ~-~-> 00:24:33,990
1807 That's right. Because if you're just
1808
1809 453
1810 00:24:33,990 ~-~-> 00:24:35,340
1811 starting out, you need to forget about
1812
1813 454
1814 00:24:35,340 ~-~-> 00:24:36,600
1815 making a whole lot of money because
1816
1817 455
1818 00:24:36,600 ~-~-> 00:24:37,410
1819 you're gonna have a whole lot of
1820
1821 456
1822 00:24:37,410 ~-~-> 00:24:39,990
1823 learning to do. So assuming that you did
1824
1825 457
1826 00:24:39,990 ~-~-> 00:24:43,500
1827 have a $10,000 account, okay, and you've
1828
1829 458
1830 00:24:43,530 ~-~-> 00:24:45,090
1831 worked with smaller accounts, you've
1832
1833 459
1834 00:24:45,120 ~-~-> 00:24:47,940
1835 proven to yourself that you could be
1836
1837 460
1838 00:24:48,090 ~-~-> 00:24:51,240
1839 disciplined. You have a track record of
1840
1841 461
1842 00:24:51,240 ~-~-> 00:24:53,820
1843 being consistent. You control your risk,
1844
1845 462
1846 00:24:54,240 ~-~-> 00:24:55,830
1847 you limit your losses, you let your
1848
1849 463
1850 00:24:55,830 ~-~-> 00:24:58,440
1851 profits run, and your target started
1852
1853 464
1854 00:24:58,440 ~-~-> 00:25:02,790
1855 getting hit on more consistent basis you
1856
1857 465
1858 00:25:02,790 ~-~-> 00:25:06,750
1859 have a risk of $100 per trade, which is
1860
1861 466
1862 00:25:06,750 ~-~-> 00:25:11,070
1863 1% of $10,000. You take that $100 and
1864
1865 467
1866 00:25:11,070 ~-~-> 00:25:16,170
1867 you divide that by the total pips. Okay
1868
1869 468
1870 00:25:16,200 ~-~-> 00:25:19,350
1871 needed to justify your trade. Okay, and,
1872
1873 469
1874 00:25:19,770 ~-~-> 00:25:21,330
1875 but the assumption that this is a daily
1876
1877 470
1878 00:25:21,330 ~-~-> 00:25:24,030
1879 chart here, it could be very easily in
1880
1881 471
1882 00:25:24,030 ~-~-> 00:25:27,060
1883 the realm of 100 pips or more, okay,
1884
1885 472
1886 00:25:27,060 ~-~-> 00:25:28,920
1887 which would put you at very, very low
1888
1889 473
1890 00:25:30,240 ~-~-> 00:25:32,190
1891 leverage for the trade, which really in
1892
1893 474
1894 00:25:32,190 ~-~-> 00:25:35,490
1895 a way isn't that bad, but I know a lot
1896
1897 475
1898 00:25:35,490 ~-~-> 00:25:36,840
1899 of you folks watching this really want
1900
1901 476
1902 00:25:36,840 ~-~-> 00:25:38,040
1903 to have a little bit more bang for your
1904
1905 477
1906 00:25:38,040 ~-~-> 00:25:41,400
1907 buck. So using the concepts we used in
1908
1909 478
1910 00:25:41,760 ~-~-> 00:25:44,190
1911 earlier videos, if you move down to a
1912
1913 479
1914 00:25:44,190 ~-~-> 00:25:46,830
1915 lower timeframe, you can reduce and
1916
1917 480
1918 00:25:46,860 ~-~-> 00:25:50,010
1919 reduce your risk to less than 50 pips
1920
1921 481
1922 00:25:50,280 ~-~-> 00:25:54,960
1923 anywhere between 3040 is about ideal, in
1924
1925 482
1926 00:25:54,960 ~-~-> 00:25:56,550
1927 my opinion, because it allows the
1928
1929 483
1930 00:25:56,550 ~-~-> 00:25:57,870
1931 developing trader to have a little bit
1932
1933 484
1934 00:25:57,870 ~-~-> 00:26:00,450
1935 of a fudge factor where they They're not
1936
1937 485
1938 00:26:00,450 ~-~-> 00:26:03,090
1939 expected to be so precise with their
1940
1941 486
1942 00:26:03,090 ~-~-> 00:26:04,650
1943 stops, okay, and gives you a little bit
1944
1945 487
1946 00:26:04,650 ~-~-> 00:26:07,920
1947 of flexibility because I know inherently
1948
1949 488
1950 00:26:07,920 ~-~-> 00:26:11,400
1951 that traders will rush to entry. Or they
1952
1953 489
1954 00:26:11,400 ~-~-> 00:26:13,500
1955 will look for confirmation in their eyes
1956
1957 490
1958 00:26:13,500 ~-~-> 00:26:15,540
1959 quote unquote confirmation by letting
1960
1961 491
1962 00:26:15,540 ~-~-> 00:26:16,980
1963 the trade start to move a little bit in
1964
1965 492
1966 00:26:16,980 ~-~-> 00:26:18,720
1967 their favorite and then chase it but
1968
1969 493
1970 00:26:18,720 ~-~-> 00:26:20,550
1971 very close to their entry price, but
1972
1973 494
1974 00:26:20,550 ~-~-> 00:26:23,340
1975 still within the risk parameters as
1976
1977 495
1978 00:26:23,340 ~-~-> 00:26:25,680
1979 permitted by their method or this
1980
1981 496
1982 00:26:25,800 ~-~-> 00:26:31,470
1983 concept. So if you had that in mind,
1984
1985 497
1986 00:26:31,830 ~-~-> 00:26:36,480
1987 okay, you could have basically $3 and 30
1988
1989 498
1990 00:26:36,480 ~-~-> 00:26:39,510
1991 cents roughly, per PIP if you're trading
1992
1993 499
1994 00:26:39,780 ~-~-> 00:26:42,330
1995 a $10,000 account with 1% risk using a
1996
1997 500
1998 00:26:42,330 ~-~-> 00:26:50,280
1999 30. Pip stop, okay? The reason why the
2000
2001 501
2002 00:26:50,490 ~-~-> 00:26:52,860
2003 industry standard is 2%. Sometimes you
2004
2005 502
2006 00:26:52,860 ~-~-> 00:26:56,490
2007 hear in certain circles, you could risk
2008
2009 503
2010 00:26:56,520 ~-~-> 00:26:59,130
2011 more than 2%. Okay, because that's what
2012
2013 504
2014 00:26:59,130 ~-~-> 00:27:00,330
2015 the real traders And the real
2016
2017 505
2018 00:27:00,330 ~-~-> 00:27:02,580
2019 professionals are doing, I can tell you,
2020
2021 506
2022 00:27:02,580 ~-~-> 00:27:04,110
2023 the real professional traders aren't
2024
2025 507
2026 00:27:04,110 ~-~-> 00:27:06,150
2027 doing that. Okay, they're not risking a
2028
2029 508
2030 00:27:06,150 ~-~-> 00:27:09,060
2031 whole lot of their money. For disclosure
2032
2033 509
2034 00:27:09,060 ~-~-> 00:27:11,820
2035 sake, I do risk as much as much as three
2036
2037 510
2038 00:27:11,820 ~-~-> 00:27:13,860
2039 and a half percent. That means I'm
2040
2041 511
2042 00:27:13,860 ~-~-> 00:27:16,290
2043 trading with the higher timeframe,
2044
2045 512
2046 00:27:16,560 ~-~-> 00:27:19,470
2047 weekly, daily and four hour all in the
2048
2049 513
2050 00:27:19,470 ~-~-> 00:27:21,630
2051 same direction. everything's lined up
2052
2053 514
2054 00:27:21,630 ~-~-> 00:27:25,170
2055 with those three timeframes, and I have
2056
2057 515
2058 00:27:25,230 ~-~-> 00:27:28,320
2059 a weekly bias that's in the same
2060
2061 516
2062 00:27:28,830 ~-~-> 00:27:32,430
2063 direction. And that will allow me based
2064
2065 517
2066 00:27:32,430 ~-~-> 00:27:36,750
2067 on my abilities and experience trading,
2068
2069 518
2070 00:27:37,080 ~-~-> 00:27:39,510
2071 I will risk up to and it's not a whole
2072
2073 519
2074 00:27:39,510 ~-~-> 00:27:41,550
2075 lot that it happens but up to three and
2076
2077 520
2078 00:27:41,550 ~-~-> 00:27:44,370
2079 a half percent of my equity for one
2080
2081 521
2082 00:27:44,370 ~-~-> 00:27:47,580
2083 trade. Typically, it'll be anywhere
2084
2085 522
2086 00:27:47,580 ~-~-> 00:27:49,860
2087 between one and one and a half percent.
2088
2089 523
2090 00:27:50,550 ~-~-> 00:27:53,880
2091 Because the timeframes aren't always
2092
2093 524
2094 00:27:53,880 ~-~-> 00:27:55,920
2095 lined up like that you'll have a counter
2096
2097 525
2098 00:27:55,920 ~-~-> 00:27:57,750
2099 trend move going against one of the
2100
2101 526
2102 00:27:57,750 ~-~-> 00:28:01,770
2103 primary higher timeframe timezone not
2104
2105 527
2106 00:28:01,770 ~-~-> 00:28:04,680
2107 time zones, the timeframe, the weekly,
2108
2109 528
2110 00:28:04,710 ~-~-> 00:28:08,040
2111 daily and four hour. So if I'm trading
2112
2113 529
2114 00:28:08,040 ~-~-> 00:28:10,140
2115 against that on a lower timeframe,
2116
2117 530
2118 00:28:10,470 ~-~-> 00:28:13,140
2119 obviously one, one and a half percent is
2120
2121 531
2122 00:28:13,140 ~-~-> 00:28:18,000
2123 a maximum. For sure. If I'm trading with
2124
2125 532
2126 00:28:18,000 ~-~-> 00:28:20,100
2127 a daily and for our in the same
2128
2129 533
2130 00:28:20,100 ~-~-> 00:28:25,290
2131 direction, I can be as much as 2% risk.
2132
2133 534
2134 00:28:26,940 ~-~-> 00:28:31,380
2135 Now, how high is high? Okay? I think if
2136
2137 535
2138 00:28:31,380 ~-~-> 00:28:34,440
2139 anybody's risking more than, you know,
2140
2141 536
2142 00:28:34,590 ~-~-> 00:28:36,990
2143 obviously 3% unless you're really really
2144
2145 537
2146 00:28:36,990 ~-~-> 00:28:38,250
2147 proficient, you really know what you're
2148
2149 538
2150 00:28:38,250 ~-~-> 00:28:41,550
2151 doing. And you know how to turn your
2152
2153 539
2154 00:28:41,550 ~-~-> 00:28:45,060
2155 equity losing string around. Because
2156
2157 540
2158 00:28:45,060 ~-~-> 00:28:46,590
2159 it's not just one trade that you lose on
2160
2161 541
2162 00:28:46,590 ~-~-> 00:28:47,940
2163 guy sometimes you get a couple of them
2164
2165 542
2166 00:28:47,940 ~-~-> 00:28:50,730
2167 in a row. And even the best traders out
2168
2169 543
2170 00:28:50,730 ~-~-> 00:28:53,340
2171 there will suffer that and have suffered
2172
2173 544
2174 00:28:53,340 ~-~-> 00:28:54,780
2175 that regardless of what they tell you.
2176
2177 545
2178 00:28:55,620 ~-~-> 00:28:58,710
2179 So assuming that's the case for you, and
2180
2181 546
2182 00:28:58,710 ~-~-> 00:29:01,110
2183 you're human like everyone else You have
2184
2185 547
2186 00:29:01,110 ~-~-> 00:29:02,790
2187 to have an idea of how to control that.
2188
2189 548
2190 00:29:03,180 ~-~-> 00:29:06,060
2191 And the best way to do it is reducing
2192
2193 549
2194 00:29:06,060 ~-~-> 00:29:07,770
2195 your overall exposure as you take
2196
2197 550
2198 00:29:07,770 ~-~-> 00:29:10,440
2199 losses. Okay? And I'll give an example.
2200
2201 551
2202 00:29:10,440 ~-~-> 00:29:11,850
2203 Let's assume for a moment you settled in
2204
2205 552
2206 00:29:11,880 ~-~-> 00:29:14,850
2207 on the idea of taking 2% portrayed. If
2208
2209 553
2210 00:29:14,850 ~-~-> 00:29:17,280
2211 you take a loss, you've lost 2% of
2212
2213 554
2214 00:29:17,280 ~-~-> 00:29:20,190
2215 equity. Okay, now, if you'd risk 2% of
2216
2217 555
2218 00:29:20,190 ~-~-> 00:29:21,990
2219 the next trade again, thinking that
2220
2221 556
2222 00:29:21,990 ~-~-> 00:29:23,340
2223 well, if I make the same amount of money
2224
2225 557
2226 00:29:23,340 ~-~-> 00:29:25,350
2227 I lost on my previous trade, I'll get
2228
2229 558
2230 00:29:25,350 ~-~-> 00:29:28,380
2231 back to even that's where the cycle
2232
2233 559
2234 00:29:28,380 ~-~-> 00:29:32,820
2235 begins. Okay. You want to get back to
2236
2237 560
2238 00:29:32,820 ~-~-> 00:29:35,880
2239 that previous equity level that
2240
2241 561
2242 00:29:35,880 ~-~-> 00:29:37,740
2243 milestone that marker, okay, that
2244
2245 562
2246 00:29:37,740 ~-~-> 00:29:41,190
2247 comfort zone, internally as a trader,
2248
2249 563
2250 00:29:41,610 ~-~-> 00:29:44,910
2251 and that's not a good game to play.
2252
2253 564
2254 00:29:45,180 ~-~-> 00:29:46,890
2255 Okay. And what happens is, is you're
2256
2257 565
2258 00:29:46,890 ~-~-> 00:29:48,990
2259 actually inviting more emotional
2260
2261 566
2262 00:29:49,050 ~-~-> 00:29:51,870
2263 response and triggers into your trading
2264
2265 567
2266 00:29:51,930 ~-~-> 00:29:56,040
2267 than you should have. Okay? And by
2268
2269 568
2270 00:29:56,550 ~-~-> 00:29:58,860
2271 systematically methodically reducing
2272
2273 569
2274 00:29:58,860 ~-~-> 00:30:01,260
2275 your risk in half Okay, for instance, if
2276
2277 570
2278 00:30:01,260 ~-~-> 00:30:04,380
2279 you take a loss at 2%, you only risk 1%.
2280
2281 571
2282 00:30:04,410 ~-~-> 00:30:07,140
2283 Next trade, it may take you two or three
2284
2285 572
2286 00:30:07,140 ~-~-> 00:30:08,670
2287 trades to get back to that previous mile
2288
2289 573
2290 00:30:08,670 ~-~-> 00:30:11,580
2291 marker. But guess what it's doing. It's
2292
2293 574
2294 00:30:11,580 ~-~-> 00:30:13,830
2295 removing the rush factor to get back to
2296
2297 575
2298 00:30:13,830 ~-~-> 00:30:15,690
2299 that point. And it's honing your
2300
2301 576
2302 00:30:15,690 ~-~-> 00:30:19,170
2303 patience with the added benefit of
2304
2305 577
2306 00:30:19,260 ~-~-> 00:30:21,450
2307 lowering your overall exposure exposure
2308
2309 578
2310 00:30:21,450 ~-~-> 00:30:23,340
2311 to the marketplace. Now think about
2312
2313 579
2314 00:30:23,430 ~-~-> 00:30:25,200
2315 you're in a losing
2316
2317 580
2318 00:30:27,660 ~-~-> 00:30:29,880
2319 environment where you've had suffered a
2320
2321 581
2322 00:30:29,880 ~-~-> 00:30:32,550
2323 loss for a developing trader that is
2324
2325 582
2326 00:30:32,550 ~-~-> 00:30:35,520
2327 very, very hard to swallow, regardless
2328
2329 583
2330 00:30:35,520 ~-~-> 00:30:36,960
2331 if it's a demo account or not, because
2332
2333 584
2334 00:30:37,290 ~-~-> 00:30:39,420
2335 you are still working within the realm
2336
2337 585
2338 00:30:39,420 ~-~-> 00:30:41,580
2339 of psychological and emotional barriers
2340
2341 586
2342 00:30:41,580 ~-~-> 00:30:43,410
2343 that you simply don't understand until
2344
2345 587
2346 00:30:43,710 ~-~-> 00:30:45,420
2347 you've traded through it or you've
2348
2349 588
2350 00:30:45,420 ~-~-> 00:30:47,040
2351 experienced it and said, This isn't for
2352
2353 589
2354 00:30:47,040 ~-~-> 00:30:48,990
2355 me and I, you know, leave the market all
2356
2357 590
2358 00:30:48,990 ~-~-> 00:30:51,030
2359 together. And there's nothing wrong with
2360
2361 591
2362 00:30:51,030 ~-~-> 00:30:52,200
2363 that because trading is not for
2364
2365 592
2366 00:30:52,200 ~-~-> 00:30:55,260
2367 everyone. And it would be irresponsible
2368
2369 593
2370 00:30:55,260 ~-~-> 00:30:57,660
2371 of me as a mentor. To not at least
2372
2373 594
2374 00:30:57,660 ~-~-> 00:31:00,570
2375 suggest that to some of you because If
2376
2377 595
2378 00:31:01,440 ~-~-> 00:31:03,690
2379 you can't wrap your mind around doing
2380
2381 596
2382 00:31:03,690 ~-~-> 00:31:05,940
2383 this and assuming some level of risk,
2384
2385 597
2386 00:31:06,390 ~-~-> 00:31:09,930
2387 this is absolutely not your cup of tea.
2388
2389 598
2390 00:31:10,170 ~-~-> 00:31:12,420
2391 Okay? And that's one thing you can
2392
2393 599
2394 00:31:12,450 ~-~-> 00:31:15,060
2395 guarantee coming from me as you the
2396
2397 600
2398 00:31:15,060 ~-~-> 00:31:18,630
2399 gospel. Not everyone on the planet is
2400
2401 601
2402 00:31:18,630 ~-~-> 00:31:21,120
2403 meant to do this. And it takes a certain
2404
2405 602
2406 00:31:21,120 ~-~-> 00:31:24,300
2407 level of commitment and tenacity to
2408
2409 603
2410 00:31:24,300 ~-~-> 00:31:27,480
2411 stick within a realm of rules. And
2412
2413 604
2414 00:31:27,780 ~-~-> 00:31:30,270
2415 humans are typically very good Rule
2416
2417 605
2418 00:31:30,270 ~-~-> 00:31:32,040
2419 Breakers we don't like to you know,
2420
2421 606
2422 00:31:32,040 ~-~-> 00:31:34,590
2423 follow the rules. And just think about
2424
2425 607
2426 00:31:34,590 ~-~-> 00:31:36,000
2427 if you walk down the street in a well
2428
2429 608
2430 00:31:36,000 ~-~-> 00:31:37,230
2431 groomed neighborhood and you see a
2432
2433 609
2434 00:31:37,230 ~-~-> 00:31:38,610
2435 science says don't step on the grass
2436
2437 610
2438 00:31:38,610 ~-~-> 00:31:39,870
2439 what's the first thing you want to do?
2440
2441 611
2442 00:31:40,560 ~-~-> 00:31:43,080
2443 Step on the grass. Just look at a kid
2444
2445 612
2446 00:31:43,080 ~-~-> 00:31:44,430
2447 that's what they're gonna do. You know,
2448
2449 613
2450 00:31:44,790 ~-~-> 00:31:47,820
2451 I made so many jokes as my children were
2452
2453 614
2454 00:31:47,820 ~-~-> 00:31:49,800
2455 growing up that they were like heat
2456
2457 615
2458 00:31:49,800 ~-~-> 00:31:51,450
2459 seeking missiles, okay, we we get new
2460
2461 616
2462 00:31:51,450 ~-~-> 00:31:54,420
2463 carpet in the home. And you know a wife
2464
2465 617
2466 00:31:54,420 ~-~-> 00:31:55,680
2467 or a guest would come over and
2468
2469 618
2470 00:31:55,680 ~-~-> 00:31:57,750
2471 invariably have their their drink with
2472
2473 619
2474 00:31:57,750 ~-~-> 00:32:00,330
2475 them and in our dining area, or or
2476
2477 620
2478 00:32:00,450 ~-~-> 00:32:03,210
2479 losing room or family room, and our
2480
2481 621
2482 00:32:03,210 ~-~-> 00:32:04,980
2483 children would come in and being kids,
2484
2485 622
2486 00:32:04,980 ~-~-> 00:32:06,330
2487 they would rough house, you know, just
2488
2489 623
2490 00:32:06,330 ~-~-> 00:32:10,230
2491 for a second and they won't fall away
2492
2493 624
2494 00:32:10,230 ~-~-> 00:32:12,720
2495 from tables or fall away from the
2496
2497 625
2498 00:32:12,900 ~-~-> 00:32:14,760
2499 person, the only person in the room with
2500
2501 626
2502 00:32:14,760 ~-~-> 00:32:17,340
2503 the drink, they fall and land either on
2504
2505 627
2506 00:32:17,340 ~-~-> 00:32:19,020
2507 the drink or into the person that drops
2508
2509 628
2510 00:32:19,020 ~-~-> 00:32:21,690
2511 and goes all over the white carpet or at
2512
2513 629
2514 00:32:21,690 ~-~-> 00:32:23,460
2515 the time, you know, we have a very light
2516
2517 630
2518 00:32:23,460 ~-~-> 00:32:27,240
2519 colored tan carpet and they drink, you
2520
2521 631
2522 00:32:27,900 ~-~-> 00:32:29,700
2523 cause havoc on it, we had to get it
2524
2525 632
2526 00:32:29,700 ~-~-> 00:32:32,010
2527 cleaned. So those things are going to
2528
2529 633
2530 00:32:32,010 ~-~-> 00:32:34,110
2531 happen. So you have to prepare for it.
2532
2533 634
2534 00:32:35,070 ~-~-> 00:32:37,560
2535 So you're going to have that in your
2536
2537 635
2538 00:32:37,560 ~-~-> 00:32:40,320
2539 trading with wanting to do something you
2540
2541 636
2542 00:32:40,350 ~-~-> 00:32:42,720
2543 shouldn't do. And you're going to have
2544
2545 637
2546 00:32:43,050 ~-~-> 00:32:45,150
2547 that Murphy's Law scenario as well. What
2548
2549 638
2550 00:32:45,180 ~-~-> 00:32:47,460
2551 can go wrong, probably will go wrong.
2552
2553 639
2554 00:32:47,610 ~-~-> 00:32:49,830
2555 Okay. So you have to have that that
2556
2557 640
2558 00:32:49,830 ~-~-> 00:32:51,660
2559 shield up in your defense and that's
2560
2561 641
2562 00:32:51,690 ~-~-> 00:32:53,310
2563 only going to come in the form of you
2564
2565 642
2566 00:32:53,610 ~-~-> 00:32:55,710
2567 controlling your equity. Okay, and if
2568
2569 643
2570 00:32:55,710 ~-~-> 00:32:58,440
2571 you take a loss, don't be afraid to cut
2572
2573 644
2574 00:32:58,440 ~-~-> 00:33:00,480
2575 your risk on the next trade. And if you
2576
2577 645
2578 00:33:00,480 ~-~-> 00:33:02,640
2579 had to do that continuously down to a
2580
2581 646
2582 00:33:02,640 ~-~-> 00:33:05,550
2583 half percent total risk of your equity,
2584
2585 647
2586 00:33:06,150 ~-~-> 00:33:07,470
2587 that's fine. There's nothing wrong with
2588
2589 648
2590 00:33:07,470 ~-~-> 00:33:11,730
2591 that. Okay? Remove from your mind right
2592
2593 649
2594 00:33:11,730 ~-~-> 00:33:13,170
2595 now that you want to make millions of
2596
2597 650
2598 00:33:13,170 ~-~-> 00:33:16,080
2599 dollars right now, okay? Because that is
2600
2601 651
2602 00:33:16,080 ~-~-> 00:33:18,090
2603 the wrong perspective going in. There's
2604
2605 652
2606 00:33:18,090 ~-~-> 00:33:19,620
2607 nothing wrong with having goals of doing
2608
2609 653
2610 00:33:19,620 ~-~-> 00:33:22,380
2611 that. But initially, you have to take
2612
2613 654
2614 00:33:22,380 ~-~-> 00:33:25,080
2615 the bite first, okay, and chew the
2616
2617 655
2618 00:33:25,080 ~-~-> 00:33:27,030
2619 elephant, one bite at a time. You just
2620
2621 656
2622 00:33:27,030 ~-~-> 00:33:28,350
2623 can't go in and try to swallow it all at
2624
2625 657
2626 00:33:28,350 ~-~-> 00:33:31,770
2627 once because you'll choke. So with that
2628
2629 658
2630 00:33:31,770 ~-~-> 00:33:34,350
2631 in mind, okay, once these moves start to
2632
2633 659
2634 00:33:34,350 ~-~-> 00:33:37,590
2635 move in your favor, okay, you obviously
2636
2637 660
2638 00:33:37,590 ~-~-> 00:33:40,380
2639 want to be able to remove the risk,
2640
2641 661
2642 00:33:40,710 ~-~-> 00:33:45,660
2643 okay? And, at least during the move in
2644
2645 662
2646 00:33:45,660 ~-~-> 00:33:47,310
2647 trading in your favor, you want to be
2648
2649 663
2650 00:33:47,310 ~-~-> 00:33:49,560
2651 removing a little bit of the risk
2652
2653 664
2654 00:33:49,830 ~-~-> 00:33:51,210
2655 methodically until you get to the point
2656
2657 665
2658 00:33:51,210 ~-~-> 00:33:53,490
2659 where you have zero risk or, quote
2660
2661 666
2662 00:33:53,490 ~-~-> 00:33:55,770
2663 unquote, no risk exposure. Okay,
2664
2665 667
2666 00:33:55,770 ~-~-> 00:33:56,850
2667 obviously anything can happen in
2668
2669 668
2670 00:33:56,850 ~-~-> 00:33:58,500
2671 marketplace. You know, something can
2672
2673 669
2674 00:33:58,500 ~-~-> 00:34:01,230
2675 happen in markets. gap because of, you
2676
2677 670
2678 00:34:01,230 ~-~-> 00:34:03,210
2679 know, terrorist event or something
2680
2681 671
2682 00:34:03,240 ~-~-> 00:34:05,580
2683 unexpected in, in the Fed or whatever.
2684
2685 672
2686 00:34:05,820 ~-~-> 00:34:07,320
2687 And there'll be a massive movement and
2688
2689 673
2690 00:34:07,320 ~-~-> 00:34:09,720
2691 your your stop loss experiences
2692
2693 674
2694 00:34:09,720 ~-~-> 00:34:12,240
2695 slippage. These are all things we
2696
2697 675
2698 00:34:12,240 ~-~-> 00:34:13,650
2699 understood when we signed up for this
2700
2701 676
2702 00:34:13,650 ~-~-> 00:34:16,020
2703 game. So, bottom line is, is it can
2704
2705 677
2706 00:34:16,020 ~-~-> 00:34:17,760
2707 happen, prepare yourself for it because
2708
2709 678
2710 00:34:17,760 ~-~-> 00:34:19,380
2711 you're going to take losses. And if you
2712
2713 679
2714 00:34:19,380 ~-~-> 00:34:20,580
2715 trade of any length of time, you're
2716
2717 680
2718 00:34:20,580 ~-~-> 00:34:23,130
2719 gonna have a lot of losses, okay? And
2720
2721 681
2722 00:34:23,130 ~-~-> 00:34:24,360
2723 there's certainly nothing wrong with it.
2724
2725 682
2726 00:34:24,420 ~-~-> 00:34:27,570
2727 It's a cost of doing business. Every
2728
2729 683
2730 00:34:27,570 ~-~-> 00:34:29,130
2731 successful business out there takes a
2732
2733 684
2734 00:34:29,130 ~-~-> 00:34:31,710
2735 loss of some sort, but you don't see
2736
2737 685
2738 00:34:31,710 ~-~-> 00:34:34,080
2739 those businesses collectively going out
2740
2741 686
2742 00:34:34,080 ~-~-> 00:34:37,290
2743 of business. Okay, they, they, they
2744
2745 687
2746 00:34:37,290 ~-~-> 00:34:40,410
2747 trim, they put things you know, up for
2748
2749 688
2750 00:34:40,410 ~-~-> 00:34:41,760
2751 sale, just to get rid of inventories
2752
2753 689
2754 00:34:41,760 ~-~-> 00:34:43,470
2755 ain't moving real fast, and they bring
2756
2757 690
2758 00:34:43,470 ~-~-> 00:34:45,120
2759 in you the better movers, okay. And
2760
2761 691
2762 00:34:45,120 ~-~-> 00:34:46,710
2763 that's what you do for your trading. If
2764
2765 692
2766 00:34:46,710 ~-~-> 00:34:48,270
2767 your trades aren't really panning out,
2768
2769 693
2770 00:34:48,330 ~-~-> 00:34:52,170
2771 yeah. Cut the losses short, okay, or the
2772
2773 694
2774 00:34:52,200 ~-~-> 00:34:53,880
2775 meals that aren't really moving. You
2776
2777 695
2778 00:34:53,880 ~-~-> 00:34:56,400
2779 just get rid of them. And then you keep
2780
2781 696
2782 00:34:56,400 ~-~-> 00:34:57,690
2783 your powder dry waiting for the next
2784
2785 697
2786 00:34:57,690 ~-~-> 00:35:01,290
2787 setup. If you do that Okay, if you do
2788
2789 698
2790 00:35:01,290 ~-~-> 00:35:03,660
2791 that, I think you'll see a more
2792
2793 699
2794 00:35:03,660 ~-~-> 00:35:07,320
2795 streamlined increase in your equity. And
2796
2797 700
2798 00:35:07,320 ~-~-> 00:35:09,120
2799 I think you'll remove a lot of that
2800
2801 701
2802 00:35:09,120 ~-~-> 00:35:12,150
2803 whipsaw you possibly have been seeing in
2804
2805 702
2806 00:35:12,150 ~-~-> 00:35:14,700
2807 your equity curve on your beginning
2808
2809 703
2810 00:35:14,700 ~-~-> 00:35:15,900
2811 balance and where you're at now.
2812
2813 704
2814 00:35:18,210 ~-~-> 00:35:23,340
2815 time stops, okay, I have a premise that
2816
2817 705
2818 00:35:23,370 ~-~-> 00:35:25,950
2819 if the move doesn't start, if I'm if I'm
2820
2821 706
2822 00:35:25,950 ~-~-> 00:35:27,960
2823 trading off of a daily timeframe, and it
2824
2825 707
2826 00:35:27,960 ~-~-> 00:35:29,550
2827 really doesn't start to move in my favor
2828
2829 708
2830 00:35:29,550 ~-~-> 00:35:33,510
2831 after three days, okay? I'm aggressively
2832
2833 709
2834 00:35:33,510 ~-~-> 00:35:36,840
2835 either removing the risk if possible, or
2836
2837 710
2838 00:35:37,050 ~-~-> 00:35:39,390
2839 I'm taking half the position off, okay,
2840
2841 711
2842 00:35:39,390 ~-~-> 00:35:41,760
2843 and I'm watching my six. The military
2844
2845 712
2846 00:35:41,760 ~-~-> 00:35:43,080
2847 has an expression that you know,
2848
2849 713
2850 00:35:43,080 ~-~-> 00:35:44,520
2851 wherever you're pointing your rifle,
2852
2853 714
2854 00:35:44,700 ~-~-> 00:35:46,320
2855 okay, or a firearm in front of you.
2856
2857 715
2858 00:35:46,650 ~-~-> 00:35:49,230
2859 That's 12 o'clock. Your six is behind
2860
2861 716
2862 00:35:49,230 ~-~-> 00:35:52,320
2863 you. Okay, or watch your ass. Okay. What
2864
2865 717
2866 00:35:52,320 ~-~-> 00:35:54,060
2867 you're looking at in the marketplace.
2868
2869 718
2870 00:35:54,060 ~-~-> 00:35:57,090
2871 When you see a trade, it isn't moving in
2872
2873 719
2874 00:35:57,090 ~-~-> 00:35:59,670
2875 your favor. Right away. And I think
2876
2877 720
2878 00:35:59,670 ~-~-> 00:36:01,890
2879 three days is enough time, if it's still
2880
2881 721
2882 00:36:01,890 ~-~-> 00:36:03,480
2883 consolidating or still him hauling
2884
2885 722
2886 00:36:03,480 ~-~-> 00:36:06,180
2887 around not really moving, I'm looking to
2888
2889 723
2890 00:36:06,180 ~-~-> 00:36:07,740
2891 either take half the position off and
2892
2893 724
2894 00:36:07,740 ~-~-> 00:36:10,260
2895 move my main position to either
2896
2897 725
2898 00:36:10,260 ~-~-> 00:36:13,230
2899 breakeven or aggressively take it to
2900
2901 726
2902 00:36:13,230 ~-~-> 00:36:15,330
2903 half the initial risk, or even a quarter
2904
2905 727
2906 00:36:15,330 ~-~-> 00:36:18,450
2907 of the initial risk. Okay, so maybe like
2908
2909 728
2910 00:36:18,450 ~-~-> 00:36:20,220
2911 the overall setup that still might be
2912
2913 729
2914 00:36:20,220 ~-~-> 00:36:22,440
2915 there, but it could be iffy, you just
2916
2917 730
2918 00:36:22,440 ~-~-> 00:36:24,720
2919 watch your six, take your position and
2920
2921 731
2922 00:36:24,720 ~-~-> 00:36:27,270
2923 cut it in half, remove aggressively half
2924
2925 732
2926 00:36:27,270 ~-~-> 00:36:29,490
2927 the initial risk, if possible, or at
2928
2929 733
2930 00:36:29,490 ~-~-> 00:36:32,130
2931 least reduce it down to a quarter of the
2932
2933 734
2934 00:36:32,130 ~-~-> 00:36:33,990
2935 initial risk on the remaining half
2936
2937 735
2938 00:36:33,990 ~-~-> 00:36:38,700
2939 positions you leave on or simply bail
2940
2941 736
2942 00:36:38,700 ~-~-> 00:36:41,310
2943 out. Just collapse the trade. Okay, and
2944
2945 737
2946 00:36:41,310 ~-~-> 00:36:42,900
2947 if you're underwater just by you know, a
2948
2949 738
2950 00:36:42,900 ~-~-> 00:36:45,540
2951 few pips So what, you know, if you're
2952
2953 739
2954 00:36:45,540 ~-~-> 00:36:47,670
2955 risking 30 and you're down 19 and you
2956
2957 740
2958 00:36:47,670 ~-~-> 00:36:49,770
2959 just see that it's really not moving.
2960
2961 741
2962 00:36:50,100 ~-~-> 00:36:53,130
2963 And you go on until Friday, perhaps as
2964
2965 742
2966 00:36:53,130 ~-~-> 00:36:54,510
2967 the worst scenario for me, I will
2968
2969 743
2970 00:36:54,510 ~-~-> 00:36:56,490
2971 collapse it and just take whatever that
2972
2973 744
2974 00:36:56,490 ~-~-> 00:37:01,290
2975 is, as a you know, some modest loss No,
2976
2977 745
2978 00:37:01,290 ~-~-> 00:37:02,970
2979 you didn't get stopped out? No, you
2980
2981 746
2982 00:37:02,970 ~-~-> 00:37:04,410
2983 didn't get any of your targets, but
2984
2985 747
2986 00:37:04,440 ~-~-> 00:37:06,480
2987 you're getting rid of getting rid of the
2988
2989 748
2990 00:37:06,480 ~-~-> 00:37:09,810
2991 dog or you getting rid of the slow
2992
2993 749
2994 00:37:09,810 ~-~-> 00:37:11,340
2995 moving inventory and you want to get
2996
2997 750
2998 00:37:11,340 ~-~-> 00:37:14,850
2999 another, hopefully more opportune setup
3000
3001 751
3002 00:37:15,420 ~-~-> 00:37:17,160
3003 with your equity behind it. So that way
3004
3005 752
3006 00:37:17,160 ~-~-> 00:37:18,810
3007 you can recoup that. And if you do that,
3008
3009 753
3010 00:37:18,900 ~-~-> 00:37:21,690
3011 you systematically find that all those
3012
3013 754
3014 00:37:21,690 ~-~-> 00:37:24,510
3015 little tiny scratches immediately get
3016
3017 755
3018 00:37:24,510 ~-~-> 00:37:27,030
3019 smoothed out quickly with you move in my
3020
3021 756
3022 00:37:27,030 ~-~-> 00:37:31,560
3023 equity into a better more sound setup.
3024
3025 757
3026 00:37:32,850 ~-~-> 00:37:35,070
3027 So timestamps is something that you to
3028
3029 758
3030 00:37:35,070 ~-~-> 00:37:37,020
3031 me, I think, is beneficial. It's a
3032
3033 759
3034 00:37:37,020 ~-~-> 00:37:39,300
3035 little bit of an art to it. But I break
3036
3037 760
3038 00:37:39,300 ~-~-> 00:37:40,830
3039 it down like this. If it's going to be a
3040
3041 761
3042 00:37:40,830 ~-~-> 00:37:42,810
3043 trade it's based off with daily setup. I
3044
3045 762
3046 00:37:42,810 ~-~-> 00:37:45,390
3047 give it about three days. And if I'm
3048
3049 763
3050 00:37:45,390 ~-~-> 00:37:48,090
3051 trading off of a four hour, I'm really
3052
3053 764
3054 00:37:48,150 ~-~-> 00:37:51,660
3055 giving it about one day, and one hour
3056
3057 765
3058 00:37:51,660 ~-~-> 00:37:55,110
3059 chart is I'm giving it two sessions
3060
3061 766
3062 00:37:55,110 ~-~-> 00:37:57,480
3063 tops, okay. Ideally either the London or
3064
3065 767
3066 00:37:57,810 ~-~-> 00:37:59,220
3067 New York session if it hasn't moved by
3068
3069 768
3070 00:37:59,220 ~-~-> 00:38:01,740
3071 then you know it on an hourly basis, I'm
3072
3073 769
3074 00:38:01,740 ~-~-> 00:38:04,230
3075 really looking to reduce the risk and or
3076
3077 770
3078 00:38:04,440 ~-~-> 00:38:07,320
3079 collapse it. And anything less than
3080
3081 771
3082 00:38:07,320 ~-~-> 00:38:09,210
3083 that. I really don't have a timestamp
3084
3085 772
3086 00:38:09,210 ~-~-> 00:38:11,190
3087 for on outside of the intraday
3088
3089 773
3090 00:38:11,190 ~-~-> 00:38:13,740
3091 timeframes of London to London close
3092
3093 774
3094 00:38:13,860 ~-~-> 00:38:17,550
3095 when open to London close rather. So
3096
3097 775
3098 00:38:17,580 ~-~-> 00:38:19,290
3099 assuming obviously that we have our
3100
3101 776
3102 00:38:19,350 ~-~-> 00:38:21,060
3103 scenario that unfolded here,
3104
3105 777
3106 00:38:21,450 ~-~-> 00:38:24,780
3107 hypothetically, and we suggesting a we
3108
3109 778
3110 00:38:24,930 ~-~-> 00:38:27,750
3111 bought long in this market, whatever
3112
3113 779
3114 00:38:27,750 ~-~-> 00:38:29,940
3115 that market may be, we'll just say this
3116
3117 780
3118 00:38:29,940 ~-~-> 00:38:33,270
3119 is the euro. And the market starts to
3120
3121 781
3122 00:38:33,270 ~-~-> 00:38:35,130
3123 move in our favor. So we have some some
3124
3125 782
3126 00:38:35,130 ~-~-> 00:38:37,770
3127 paper profits right now. Our stops are
3128
3129 783
3130 00:38:37,770 ~-~-> 00:38:40,500
3131 still at initial 30% I'm sorry, 30 pips.
3132
3133 784
3134 00:38:41,760 ~-~-> 00:38:44,820
3135 And we have not yet made our first
3136
3137 785
3138 00:38:46,110 ~-~-> 00:38:48,540
3139 profit objective. So what do we do?
3140
3141 786
3142 00:38:48,780 ~-~-> 00:38:51,090
3143 Well, you want to be systematically
3144
3145 787
3146 00:38:51,090 ~-~-> 00:38:53,460
3147 reducing your risk. If you started with
3148
3149 788
3150 00:38:53,550 ~-~-> 00:38:56,040
3151 a 30 PIP stop, move it down to only 20
3152
3153 789
3154 00:38:56,040 ~-~-> 00:38:58,350
3155 pips, and as the market moves and takes
3156
3157 790
3158 00:38:58,350 ~-~-> 00:39:01,440
3159 out your first target Take your stop
3160
3161 791
3162 00:39:01,440 ~-~-> 00:39:04,680
3163 loss, move it to only 10% risk. Okay?
3164
3165 792
3166 00:39:04,920 ~-~-> 00:39:06,450
3167 And as it moves, it starts approaching
3168
3169 793
3170 00:39:06,450 ~-~-> 00:39:09,030
3171 your second target. That's when you go
3172
3173 794
3174 00:39:09,030 ~-~-> 00:39:13,170
3175 to break even. Okay? You do not rush
3176
3177 795
3178 00:39:13,200 ~-~-> 00:39:15,390
3179 your stop trailing. Okay, this is one of
3180
3181 796
3182 00:39:15,390 ~-~-> 00:39:17,460
3183 the biggest mistakes traders make.
3184
3185 797
3186 00:39:17,970 ~-~-> 00:39:20,640
3187 Because of the natural volatility in the
3188
3189 798
3190 00:39:20,640 ~-~-> 00:39:23,970
3191 Forex market. It's so easy for just
3192
3193 799
3194 00:39:23,970 ~-~-> 00:39:27,960
3195 common volatility. Nothing behind it new
3196
3197 800
3198 00:39:27,960 ~-~-> 00:39:30,420
3199 market maker sneaking to get you. It's
3200
3201 801
3202 00:39:30,720 ~-~-> 00:39:33,030
3203 normal volatility. Okay, illiquid
3204
3205 802
3206 00:39:33,030 ~-~-> 00:39:35,220
3207 volatility. Okay, where markets come
3208
3209 803
3210 00:39:35,220 ~-~-> 00:39:38,040
3211 down. Phil Phil's market inefficiencies
3212
3213 804
3214 00:39:38,040 ~-~-> 00:39:39,750
3215 and they take the market down to a
3216
3217 805
3218 00:39:39,750 ~-~-> 00:39:42,480
3219 specific level to gather up any orders
3220
3221 806
3222 00:39:42,480 ~-~-> 00:39:43,770
3223 and then go the other way. Okay, we're
3224
3225 807
3226 00:39:43,770 ~-~-> 00:39:45,360
3227 not talking about stop raters looking
3228
3229 808
3230 00:39:45,360 ~-~-> 00:39:47,760
3231 for common little intraday retracements.
3232
3233 809
3234 00:39:47,820 ~-~-> 00:39:51,600
3235 Okay. If you rapidly move your stop loss
3236
3237 810
3238 00:39:51,630 ~-~-> 00:39:56,070
3239 up behind market pricing, you're asking
3240
3241 811
3242 00:39:56,070 ~-~-> 00:39:57,810
3243 to get taken out of a trade before it
3244
3245 812
3246 00:39:57,810 ~-~-> 00:40:00,690
3247 comes to fruition. Okay. Once you have
3248
3249 813
3250 00:40:00,690 ~-~-> 00:40:02,670
3251 the setup, what you're doing is you're
3252
3253 814
3254 00:40:02,670 ~-~-> 00:40:05,370
3255 anticipating the market to start to move
3256
3257 815
3258 00:40:05,580 ~-~-> 00:40:07,920
3259 in your favor. But this is a gray area
3260
3261 816
3262 00:40:07,920 ~-~-> 00:40:10,380
3263 because you don't know for sure it's
3264
3265 817
3266 00:40:10,380 ~-~-> 00:40:13,650
3267 going to do that. Okay? Yes, the market
3268
3269 818
3270 00:40:13,680 ~-~-> 00:40:15,570
3271 could potentially can continue to move
3272
3273 819
3274 00:40:15,570 ~-~-> 00:40:17,670
3275 in your favor. Or it could turn around
3276
3277 820
3278 00:40:17,670 ~-~-> 00:40:20,220
3279 and stop you out. Or could stay in this
3280
3281 821
3282 00:40:20,250 ~-~-> 00:40:23,340
3283 small little consolidation area for days
3284
3285 822
3286 00:40:23,610 ~-~-> 00:40:25,680
3287 and make new money for you but a small
3288
3289 823
3290 00:40:25,680 ~-~-> 00:40:27,840
3291 profit, but you'll hold on to it
3292
3293 824
3294 00:40:27,840 ~-~-> 00:40:29,340
3295 thinking it's going to go to the moon, I
3296
3297 825
3298 00:40:29,340 ~-~-> 00:40:31,170
3299 know you because everybody's the same
3300
3301 826
3302 00:40:31,170 ~-~-> 00:40:32,880
3303 way when they're developing. We all
3304
3305 827
3306 00:40:32,880 ~-~-> 00:40:34,440
3307 think the markets are gonna go like a
3308
3309 828
3310 00:40:34,440 ~-~-> 00:40:37,890
3311 rocket either up or crash down. Okay, to
3312
3313 829
3314 00:40:37,890 ~-~-> 00:40:39,660
3315 the ground like a, you know, a meteor
3316
3317 830
3318 00:40:39,660 ~-~-> 00:40:41,880
3319 just plummeting to the earth. It's, they
3320
3321 831
3322 00:40:41,880 ~-~-> 00:40:43,260
3323 don't move in straight lines, guys.
3324
3325 832
3326 00:40:43,380 ~-~-> 00:40:45,120
3327 Okay, so while we would anticipate,
3328
3329 833
3330 00:40:45,240 ~-~-> 00:40:48,000
3331 okay, higher prices, and we expect that
3332
3333 834
3334 00:40:48,000 ~-~-> 00:40:50,490
3335 hopefully, okay, hopefully that we see
3336
3337 835
3338 00:40:50,490 ~-~-> 00:40:52,440
3339 that, again, keeping in mind that's a
3340
3341 836
3342 00:40:52,440 ~-~-> 00:40:55,650
3343 gray area. We're expecting those price
3344
3345 837
3346 00:40:55,650 ~-~-> 00:40:57,690
3347 levels be reached on the upper side, but
3348
3349 838
3350 00:40:57,690 ~-~-> 00:41:00,870
3351 they're not promised. Okay? So inside of
3352
3353 839
3354 00:41:00,870 ~-~-> 00:41:03,570
3355 that, that, that gray area of
3356
3357 840
3358 00:41:03,570 ~-~-> 00:41:07,020
3359 anticipation, we have an expected
3360
3361 841
3362 00:41:07,110 ~-~-> 00:41:10,200
3363 outcome in price action, but we can
3364
3365 842
3366 00:41:10,230 ~-~-> 00:41:13,560
3367 effectively manage our stops within that
3368
3369 843
3370 00:41:13,560 ~-~-> 00:41:16,650
3371 move. Okay, and there's a way that I do
3372
3373 844
3374 00:41:16,650 ~-~-> 00:41:19,740
3375 it. But once you have your setup, the
3376
3377 845
3378 00:41:19,740 ~-~-> 00:41:22,710
3379 way I manage my stop losses, is I use a
3380
3381 846
3382 00:41:22,710 ~-~-> 00:41:26,730
3383 15 minute timeframe. Okay, and the 15
3384
3385 847
3386 00:41:26,730 ~-~-> 00:41:30,060
3387 minute because this setup in this whole
3388
3389 848
3390 00:41:30,090 ~-~-> 00:41:31,650
3391 series have been really developed on
3392
3393 849
3394 00:41:31,890 ~-~-> 00:41:34,530
3395 finding one solid weekly setup where you
3396
3397 850
3398 00:41:34,530 ~-~-> 00:41:36,690
3399 can take a really good setup for a
3400
3401 851
3402 00:41:36,690 ~-~-> 00:41:39,690
3403 weekly opportunity to make a consistent
3404
3405 852
3406 00:41:39,720 ~-~-> 00:41:42,870
3407 realm of pips anywhere between 30 to 60
3408
3409 853
3410 00:41:42,870 ~-~-> 00:41:45,270
3411 pips i think is an ideal scenario for
3412
3413 854
3414 00:41:45,270 ~-~-> 00:41:47,400
3415 someone to try to carve out a consistent
3416
3417 855
3418 00:41:47,430 ~-~-> 00:41:50,280
3419 living. And if you are consistently
3420
3421 856
3422 00:41:50,280 ~-~-> 00:41:51,870
3423 doing that, there's certainly no reason
3424
3425 857
3426 00:41:51,870 ~-~-> 00:41:54,900
3427 why you can't take a very handsome
3428
3429 858
3430 00:41:55,110 ~-~-> 00:41:56,970
3431 living out of this this marketplace and
3432
3433 859
3434 00:41:56,970 ~-~-> 00:41:58,260
3435 not tried a whole lot of peers either.
3436
3437 860
3438 00:41:58,620 ~-~-> 00:42:03,480
3439 So Why don't use a 15 minute timeframe?
3440
3441 861
3442 00:42:03,810 ~-~-> 00:42:07,920
3443 Well, there is very clear, discernible
3444
3445 862
3446 00:42:07,920 ~-~-> 00:42:09,780
3447 dealing ranges and support resistance
3448
3449 863
3450 00:42:09,780 ~-~-> 00:42:12,660
3451 levels, okay, that are clearly
3452
3453 864
3454 00:42:12,660 ~-~-> 00:42:15,450
3455 discernible on that timeframe, and
3456
3457 865
3458 00:42:15,480 ~-~-> 00:42:17,160
3459 allows you to look at a whole weekly
3460
3461 866
3462 00:42:17,160 ~-~-> 00:42:20,790
3463 perspective perspective, from Sunday to
3464
3465 867
3466 00:42:20,790 ~-~-> 00:42:25,020
3467 Friday's close. Perfect example, pick
3468
3469 868
3470 00:42:25,020 ~-~-> 00:42:27,360
3471 any pair of your choosing, load up a 15
3472
3473 869
3474 00:42:27,360 ~-~-> 00:42:29,010
3475 minute chart, condense your chart, so it
3476
3477 870
3478 00:42:29,010 ~-~-> 00:42:31,650
3479 shows Sunday to Friday's close. And
3480
3481 871
3482 00:42:31,650 ~-~-> 00:42:34,140
3483 you'll see how that timeframe gives you
3484
3485 872
3486 00:42:34,320 ~-~-> 00:42:37,260
3487 all of this session highs and lows. It
3488
3489 873
3490 00:42:37,260 ~-~-> 00:42:40,200
3491 even gives you a very clear snapshot of
3492
3493 874
3494 00:42:40,260 ~-~-> 00:42:43,140
3495 all of the volatility for those
3496
3497 875
3498 00:42:43,140 ~-~-> 00:42:45,840
3499 particular sessions London, New York,
3500
3501 876
3502 00:42:46,200 ~-~-> 00:42:48,360
3503 Asia and you can actually see where the
3504
3505 877
3506 00:42:48,360 ~-~-> 00:42:50,070
3507 range highs and lows are very clearly.
3508
3509 878
3510 00:42:50,310 ~-~-> 00:42:51,480
3511 And then you can see the small little
3512
3513 879
3514 00:42:51,480 ~-~-> 00:42:53,580
3515 quiet points in the marketplace in
3516
3517 880
3518 00:42:53,580 ~-~-> 00:42:58,980
3519 between those sessions. Also, the notion
3520
3521 881
3522 00:42:58,980 ~-~-> 00:43:01,740
3523 of find that we Hi by Tuesday are no
3524
3525 882
3526 00:43:01,740 ~-~-> 00:43:03,180
3527 later than Wednesday is London open
3528
3529 883
3530 00:43:03,900 ~-~-> 00:43:07,080
3531 having that in mind okay expecting a
3532
3533 884
3534 00:43:07,080 ~-~-> 00:43:09,060
3535 specific outcome based on hard timeframe
3536
3537 885
3538 00:43:09,060 ~-~-> 00:43:11,190
3539 direction on premise but that assumption
3540
3541 886
3542 00:43:11,190 ~-~-> 00:43:13,110
3543 here being bullish, we will be looking
3544
3545 887
3546 00:43:13,110 ~-~-> 00:43:14,880
3547 for the monday tuesday or wednesday
3548
3549 888
3550 00:43:14,880 ~-~-> 00:43:19,440
3551 London open session low making it for
3552
3553 889
3554 00:43:19,440 ~-~-> 00:43:21,720
3555 the weekly low by that time okay no
3556
3557 890
3558 00:43:21,720 ~-~-> 00:43:22,980
3559 respond Wednesdays London open at the
3560
3561 891
3562 00:43:22,980 ~-~-> 00:43:25,500
3563 very least typically you get about 70%
3564
3565 892
3566 00:43:26,550 ~-~-> 00:43:28,860
3567 likelihood that the lows usually formed
3568
3569 893
3570 00:43:28,860 ~-~-> 00:43:30,060
3571 by Tuesday's long and open
3572
3573 894
3574 00:43:31,320 ~-~-> 00:43:32,760
3575 just reverse that obviously for bearish
3576
3577 895
3578 00:43:32,760 ~-~-> 00:43:35,910
3579 conditions but you know, the way I
3580
3581 896
3582 00:43:35,910 ~-~-> 00:43:37,680
3583 manage my stops once they've moved to
3584
3585 897
3586 00:43:37,680 ~-~-> 00:43:41,640
3587 break even, I use a 15 minute timeframe.
3588
3589 898
3590 00:43:42,720 ~-~-> 00:43:44,700
3591 And I find the most recent swing low on
3592
3593 899
3594 00:43:44,700 ~-~-> 00:43:48,600
3595 a 15 minute basis and note that one and
3596
3597 900
3598 00:43:48,600 ~-~-> 00:43:50,790
3599 then I go back to the previous swing low
3600
3601 901
3602 00:43:50,790 ~-~-> 00:43:53,970
3603 prior to that one that swing lows where
3604
3605 902
3606 00:43:53,970 ~-~-> 00:43:56,490
3607 I take my stop and I just place it just
3608
3609 903
3610 00:43:56,520 ~-~-> 00:43:59,010
3611 on in bullish environments just beneath
3612
3613 904
3614 00:43:59,010 ~-~-> 00:44:02,280
3615 it by 10 to 15 15 pips okay 10 to 15
3616
3617 905
3618 00:44:02,280 ~-~-> 00:44:05,820
3619 pips below this second most recent swing
3620
3621 906
3622 00:44:05,820 ~-~-> 00:44:09,270
3623 low on a 15 minute timeframe and I trail
3624
3625 907
3626 00:44:09,270 ~-~-> 00:44:10,860
3627 the market like that I'm getting my
3628
3629 908
3630 00:44:10,920 ~-~-> 00:44:13,020
3631 market, a little bit of opportunity,
3632
3633 909
3634 00:44:13,380 ~-~-> 00:44:16,110
3635 okay to retrace but not Kamali back
3636
3637 910
3638 00:44:16,110 ~-~-> 00:44:17,460
3639 down. If it comes back down that far.
3640
3641 911
3642 00:44:17,940 ~-~-> 00:44:19,410
3643 I'm accepting the fact that, you know,
3644
3645 912
3646 00:44:19,500 ~-~-> 00:44:21,150
3647 the move is probably done, I missed an
3648
3649 913
3650 00:44:21,150 ~-~-> 00:44:23,760
3651 ideal opportunity to get out. Or the
3652
3653 914
3654 00:44:23,760 ~-~-> 00:44:25,680
3655 markets reverse and my analysis was
3656
3657 915
3658 00:44:25,680 ~-~-> 00:44:26,760
3659 wrong and there's certainly nothing
3660
3661 916
3662 00:44:26,760 ~-~-> 00:44:29,970
3663 wrong with admitting that but by using
3664
3665 917
3666 00:44:29,970 ~-~-> 00:44:34,350
3667 the previous two swing lows, okay, what
3668
3669 918
3670 00:44:34,350 ~-~-> 00:44:38,010
3671 it's doing is it's allowing successive
3672
3673 919
3674 00:44:38,940 ~-~-> 00:44:42,150
3675 79% retracement levels, okay, and when
3676
3677 920
3678 00:44:42,150 ~-~-> 00:44:43,350
3679 we look at an examples, you'll see what
3680
3681 921
3682 00:44:43,350 ~-~-> 00:44:46,080
3683 I mean by that, but it just it builds in
3684
3685 922
3686 00:44:46,080 ~-~-> 00:44:48,150
3687 a allowance for market structure to
3688
3689 923
3690 00:44:48,180 ~-~-> 00:44:49,920
3691 continue to make higher highs and higher
3692
3693 924
3694 00:44:49,920 ~-~-> 00:44:53,910
3695 lows. Okay. Plus, it keeps it away from
3696
3697 925
3698 00:44:53,910 ~-~-> 00:44:56,640
3699 just pure static volatility coming down
3700
3701 926
3702 00:44:56,640 ~-~-> 00:45:00,810
3703 and tagging you okay? That's the reason
3704
3705 927
3706 00:45:00,810 ~-~-> 00:45:03,390
3707 why you want to be taking some profits.
3708
3709 928
3710 00:45:03,510 ~-~-> 00:45:06,120
3711 Okay initially, okay, it may be 20 pips,
3712
3713 929
3714 00:45:06,120 ~-~-> 00:45:07,770
3715 maybe 30 pips, you may be getting one
3716
3717 930
3718 00:45:07,770 ~-~-> 00:45:09,720
3719 for one and let the remaining portion of
3720
3721 931
3722 00:45:09,720 ~-~-> 00:45:12,000
3723 your trade unwind, okay and reach for
3724
3725 932
3726 00:45:12,000 ~-~-> 00:45:13,590
3727 higher objectives. There's nothing wrong
3728
3729 933
3730 00:45:13,590 ~-~-> 00:45:14,910
3731 with that. But there's going to be a
3732
3733 934
3734 00:45:14,910 ~-~-> 00:45:16,740
3735 camp out there that listens to this and
3736
3737 935
3738 00:45:16,740 ~-~-> 00:45:19,320
3739 says, Well, you know, you're risking 30
3740
3741 936
3742 00:45:19,320 ~-~-> 00:45:21,210
3743 pips. But then when you cut the position
3744
3745 937
3746 00:45:21,210 ~-~-> 00:45:24,060
3747 in half at 20 or 30 pips, you're really
3748
3749 938
3750 00:45:24,060 ~-~-> 00:45:27,120
3751 not making any headway with donut. Well,
3752
3753 939
3754 00:45:27,120 ~-~-> 00:45:29,790
3755 I beg to differ. Okay? If you have
3756
3757 940
3758 00:45:29,790 ~-~-> 00:45:32,370
3759 consistency on your side, you are
3760
3761 941
3762 00:45:32,370 ~-~-> 00:45:34,080
3763 shielding yourself from the inevitable
3764
3765 942
3766 00:45:34,080 ~-~-> 00:45:35,580
3767 market turnaround while you're in the
3768
3769 943
3770 00:45:35,580 ~-~-> 00:45:37,230
3771 trade where it does have a small profit,
3772
3773 944
3774 00:45:37,560 ~-~-> 00:45:39,270
3775 okay? And there's nothing guaranteed
3776
3777 945
3778 00:45:39,270 ~-~-> 00:45:40,800
3779 it's going to get to your first target
3780
3781 946
3782 00:45:40,800 ~-~-> 00:45:43,560
3783 objective or second, or move in your
3784
3785 947
3786 00:45:43,560 ~-~-> 00:45:46,560
3787 favor at all. Okay, that camp that
3788
3789 948
3790 00:45:46,560 ~-~-> 00:45:48,270
3791 believes that taking some partial
3792
3793 949
3794 00:45:48,270 ~-~-> 00:45:52,020
3795 profits, has fixation that thinking that
3796
3797 950
3798 00:45:52,020 ~-~-> 00:45:53,190
3799 they're always going to be right so
3800
3801 951
3802 00:45:53,190 ~-~-> 00:45:55,320
3803 therefore, their trade should hold on to
3804
3805 952
3806 00:45:55,320 ~-~-> 00:45:58,410
3807 the maximum lots that were assumed at
3808
3809 953
3810 00:45:58,410 ~-~-> 00:46:00,000
3811 the beginning of trade for the floor.
3812
3813 954
3814 00:46:00,000 ~-~-> 00:46:02,070
3815 duration of the trade with the
3816
3817 955
3818 00:46:02,070 ~-~-> 00:46:05,340
3819 expectation of making maximum profit. My
3820
3821 956
3822 00:46:05,340 ~-~-> 00:46:06,870
3823 goal was a professional trader and it
3824
3825 957
3826 00:46:06,870 ~-~-> 00:46:09,750
3827 should be yours as well. Your goal is to
3828
3829 958
3830 00:46:09,750 ~-~-> 00:46:12,720
3831 have the maximum protection from losing
3832
3833 959
3834 00:46:12,720 ~-~-> 00:46:14,820
3835 your money. Because the likelihood of
3836
3837 960
3838 00:46:14,820 ~-~-> 00:46:17,100
3839 you doing that is almost guaranteed
3840
3841 961
3842 00:46:17,400 ~-~-> 00:46:19,260
3843 versus the likelihood of you making
3844
3845 962
3846 00:46:19,260 ~-~-> 00:46:21,750
3847 money consistently. Okay, think about
3848
3849 963
3850 00:46:21,750 ~-~-> 00:46:23,940
3851 that for a moment. If you didn't listen
3852
3853 964
3854 00:46:23,940 ~-~-> 00:46:26,070
3855 to it closely, rewind this video for a
3856
3857 965
3858 00:46:26,070 ~-~-> 00:46:27,480
3859 second couple minutes and then go back
3860
3861 966
3862 00:46:27,480 ~-~-> 00:46:29,730
3863 and listen that portion. Again, because
3864
3865 967
3866 00:46:30,240 ~-~-> 00:46:34,830
3867 it is worth its weight in gold. It's so
3868
3869 968
3870 00:46:34,830 ~-~-> 00:46:36,840
3871 easy for us to think that we're going to
3872
3873 969
3874 00:46:36,840 ~-~-> 00:46:41,490
3875 make more money. If we hold more reach
3876
3877 970
3878 00:46:41,490 ~-~-> 00:46:43,290
3879 for higher price objectives or lower
3880
3881 971
3882 00:46:43,290 ~-~-> 00:46:44,490
3883 price objections. If we're short.
3884
3885 972
3886 00:46:45,300 ~-~-> 00:46:47,010
3887 There's no guarantee it's getting there.
3888
3889 973
3890 00:46:47,610 ~-~-> 00:46:49,530
3891 No guarantee and there's been so many
3892
3893 974
3894 00:46:49,530 ~-~-> 00:46:52,320
3895 times where I've been so close to the
3896
3897 975
3898 00:46:52,320 ~-~-> 00:46:54,060
3899 actual highs and lows of the particular
3900
3901 976
3902 00:46:54,060 ~-~-> 00:46:55,680
3903 market was trading, okay, and I'm
3904
3905 977
3906 00:46:55,680 ~-~-> 00:46:57,870
3907 talking weekly highs where the market
3908
3909 978
3910 00:46:57,870 ~-~-> 00:46:59,370
3911 turned around and then went months the
3912
3913 979
3914 00:46:59,370 ~-~-> 00:47:02,430
3915 other direction Okay, I have been so
3916
3917 980
3918 00:47:02,430 ~-~-> 00:47:05,010
3919 close where I've just been a partial, I
3920
3921 981
3922 00:47:05,010 ~-~-> 00:47:07,200
3923 mean a piece of a pip not even a full
3924
3925 982
3926 00:47:07,200 ~-~-> 00:47:11,520
3927 Pip. And I didn't get my exit. Okay, and
3928
3929 983
3930 00:47:12,510 ~-~-> 00:47:15,480
3931 to me, I hate that feeling. A lot of
3932
3933 984
3934 00:47:15,480 ~-~-> 00:47:17,070
3935 folks would say me that's that's cool.
3936
3937 985
3938 00:47:17,070 ~-~-> 00:47:19,020
3939 That's crazy accuracy Yeah, but I didn't
3940
3941 986
3942 00:47:19,020 ~-~-> 00:47:21,420
3943 get out of that point. So how accurate
3944
3945 987
3946 00:47:21,420 ~-~-> 00:47:23,670
3947 is it just because I said it was going
3948
3949 988
3950 00:47:23,670 ~-~-> 00:47:25,650
3951 to go there I had an order to get out
3952
3953 989
3954 00:47:25,650 ~-~-> 00:47:27,390
3955 and it only trades a half a pip to that
3956
3957 990
3958 00:47:27,390 ~-~-> 00:47:29,040
3959 point. It doesn't activate you in the
3960
3961 991
3962 00:47:29,040 ~-~-> 00:47:31,740
3963 order. That doesn't make me smart. It
3964
3965 992
3966 00:47:31,740 ~-~-> 00:47:33,150
3967 doesn't make me an excellent trader. It
3968
3969 993
3970 00:47:33,150 ~-~-> 00:47:36,240
3971 makes me a person that missed that move.
3972
3973 994
3974 00:47:36,600 ~-~-> 00:47:38,760
3975 Okay, I didn't get my trade off like I
3976
3977 995
3978 00:47:38,760 ~-~-> 00:47:41,400
3979 wanted to. And initially as a commodity
3980
3981 996
3982 00:47:41,400 ~-~-> 00:47:43,050
3983 trader, I you know, I would make that
3984
3985 997
3986 00:47:43,050 ~-~-> 00:47:46,380
3987 mistake and it would, it would get close
3988
3989 998
3990 00:47:46,380 ~-~-> 00:47:49,530
3991 to my orders. And I'm saying this when I
3992
3993 999
3994 00:47:49,770 ~-~-> 00:47:50,910
3995 started getting consistent not when I
3996
3997 1000
3998 00:47:50,910 ~-~-> 00:47:51,930
3999 first started because I wasn't that
4000
4001 1001
4002 00:47:51,930 ~-~-> 00:47:53,760
4003 accurate. I didn't know anything. I was
4004
4005 1002
4006 00:47:53,760 ~-~-> 00:47:54,930
4007 just fine. You know, flying by the seat
4008
4009 1003
4010 00:47:54,930 ~-~-> 00:47:59,970
4011 of my pants. The the notion of how
4012
4013 1004
4014 00:48:00,000 ~-~-> 00:48:03,030
4015 Holding on to a moose to get the last
4016
4017 1005
4018 00:48:03,030 ~-~-> 00:48:05,670
4019 piece of the pie is, you know, it's a
4020
4021 1006
4022 00:48:05,670 ~-~-> 00:48:07,200
4023 losers mentality. You don't want to do
4024
4025 1007
4026 00:48:07,200 ~-~-> 00:48:09,750
4027 that. You just need a big portion of the
4028
4029 1008
4030 00:48:09,750 ~-~-> 00:48:12,090
4031 move. And I just think like a line, you
4032
4033 1009
4034 00:48:12,090 ~-~-> 00:48:14,070
4035 know, to me, I think he's, you know,
4036
4037 1010
4038 00:48:14,160 ~-~-> 00:48:21,360
4039 he's it on the on the terrain of the
4040
4041 1011
4042 00:48:21,360 ~-~-> 00:48:24,390
4043 outback or you know, the outback, I
4044
4045 1012
4046 00:48:24,390 ~-~-> 00:48:26,250
4047 guess the Africa's playing, I guess as
4048
4049 1013
4050 00:48:26,250 ~-~-> 00:48:28,170
4051 well thinking Oh, but you
4052
4053 1014
4054 00:48:28,380 ~-~-> 00:48:31,350
4055 when they, when they eat, okay?
4056
4057 1015
4058 00:48:31,860 ~-~-> 00:48:32,940
4059 They eat
4060
4061 1016
4062 00:48:33,390 ~-~-> 00:48:36,270
4063 a large portion of whatever was taken
4064
4065 1017
4066 00:48:36,270 ~-~-> 00:48:39,900
4067 down by Linus, okay? But they're not
4068
4069 1018
4070 00:48:39,900 ~-~-> 00:48:43,140
4071 consuming everything and knows what line
4072
4073 1019
4074 00:48:43,140 ~-~-> 00:48:46,620
4075 does, okay? He lets the lionesses do the
4076
4077 1020
4078 00:48:46,620 ~-~-> 00:48:48,660
4079 work. They chase down the prey, they
4080
4081 1021
4082 00:48:48,660 ~-~-> 00:48:50,640
4083 take it down, they kill it. Okay, they
4084
4085 1022
4086 00:48:50,640 ~-~-> 00:48:52,080
4087 may be getting a nibble or two, okay?
4088
4089 1023
4090 00:48:52,080 ~-~-> 00:48:53,580
4091 But he comes over and says okay, look,
4092
4093 1024
4094 00:48:53,790 ~-~-> 00:48:55,680
4095 it's obvious things did I'm not wasting
4096
4097 1025
4098 00:48:55,680 ~-~-> 00:48:57,720
4099 any effort. Okay. Don't go over there
4100
4101 1026
4102 00:48:57,720 ~-~-> 00:49:00,000
4103 and run them off, down to eat whatever.
4104
4105 1027
4106 00:49:00,000 ~-~-> 00:49:01,800
4107 Want, and I ain't going to consume it
4108
4109 1028
4110 00:49:01,800 ~-~-> 00:49:04,500
4111 all. I'll leave, you know, a portion for
4112
4113 1029
4114 00:49:04,500 ~-~-> 00:49:06,420
4115 them to eat too. But he's getting the
4116
4117 1030
4118 00:49:06,420 ~-~-> 00:49:10,470
4119 lion's share. Every move has a lion's
4120
4121 1031
4122 00:49:10,500 ~-~-> 00:49:12,570
4123 share, all you need is a portion of
4124
4125 1032
4126 00:49:12,570 ~-~-> 00:49:16,200
4127 that. Or the Linus is starving? No. Are
4128
4129 1033
4130 00:49:16,200 ~-~-> 00:49:19,080
4131 the Cubs starving? No, everybody's gonna
4132
4133 1034
4134 00:49:19,080 ~-~-> 00:49:21,570
4135 get their piece of the pie. But you
4136
4137 1035
4138 00:49:21,570 ~-~-> 00:49:24,450
4139 don't have to rush in here trying to get
4140
4141 1036
4142 00:49:24,450 ~-~-> 00:49:25,860
4143 the very, very low and get the very,
4144
4145 1037
4146 00:49:25,860 ~-~-> 00:49:27,090
4147 very high. In other words, you don't
4148
4149 1038
4150 00:49:27,090 ~-~-> 00:49:29,160
4151 need to make the kill. And that turns
4152
4153 1039
4154 00:49:29,160 ~-~-> 00:49:31,290
4155 the market around. And you don't have to
4156
4157 1040
4158 00:49:31,290 ~-~-> 00:49:34,710
4159 make the apex, you know, high. Okay, you
4160
4161 1041
4162 00:49:34,710 ~-~-> 00:49:37,380
4163 don't have to find the very lowest point
4164
4165 1042
4166 00:49:37,410 ~-~-> 00:49:40,440
4167 of the low. Okay, you leave a little bit
4168
4169 1043
4170 00:49:40,440 ~-~-> 00:49:42,630
4171 on there. Okay, let those other traders
4172
4173 1044
4174 00:49:42,630 ~-~-> 00:49:44,610
4175 try to chase all that stuff. You don't
4176
4177 1045
4178 00:49:44,610 ~-~-> 00:49:46,470
4179 need that. And the same thing applies.
4180
4181 1046
4182 00:49:46,470 ~-~-> 00:49:49,020
4183 it's applicable to your stops, give it
4184
4185 1047
4186 00:49:49,020 ~-~-> 00:49:51,390
4187 some room. Don't be afraid to have a
4188
4189 1048
4190 00:49:51,390 ~-~-> 00:49:53,370
4191 market come back against you. And some
4192
4193 1049
4194 00:49:53,370 ~-~-> 00:49:54,870
4195 of the exercises that you need to be
4196
4197 1050
4198 00:49:54,870 ~-~-> 00:49:57,540
4199 doing is have a demo account and put
4200
4201 1051
4202 00:49:57,540 ~-~-> 00:50:01,170
4203 your trades on and let them Come all the
4204
4205 1052
4206 00:50:01,170 ~-~-> 00:50:03,420
4207 way down to your stop. Okay? Don't think
4208
4209 1053
4210 00:50:03,420 ~-~-> 00:50:05,100
4211 about targets. Just think okay, I'm
4212
4213 1054
4214 00:50:05,100 ~-~-> 00:50:06,900
4215 going to be buying today at, you know,
4216
4217 1055
4218 00:50:07,800 ~-~-> 00:50:10,350
4219 eight GMT, regardless of wherever prices
4220
4221 1056
4222 00:50:10,500 ~-~-> 00:50:12,510
4223 are going up a 30 PIP stop on and just
4224
4225 1057
4226 00:50:12,510 ~-~-> 00:50:15,960
4227 watch what price does, okay? And just
4228
4229 1058
4230 00:50:15,960 ~-~-> 00:50:19,050
4231 assume what you'd be feeling. If you
4232
4233 1059
4234 00:50:19,050 ~-~-> 00:50:21,780
4235 were in the marketplace at that time how
4236
4237 1060
4238 00:50:21,780 ~-~-> 00:50:23,970
4239 the market trades down to your stop what
4240
4241 1061
4242 00:50:23,970 ~-~-> 00:50:27,390
4243 it does after it hits it, okay? And then
4244
4245 1062
4246 00:50:27,420 ~-~-> 00:50:29,970
4247 start applying it with your tools that
4248
4249 1063
4250 00:50:29,970 ~-~-> 00:50:31,830
4251 we learned in these videos. Okay
4252
4253 1064
4254 00:50:31,830 ~-~-> 00:50:33,810
4255 applying the price action study, then
4256
4257 1065
4258 00:50:33,810 ~-~-> 00:50:36,240
4259 using a 30 PIP stop below the entry
4260
4261 1066
4262 00:50:36,240 ~-~-> 00:50:38,070
4263 point that where you enter that, okay
4264
4265 1067
4266 00:50:38,070 ~-~-> 00:50:40,230
4267 and watch the market move once it takes
4268
4269 1068
4270 00:50:40,230 ~-~-> 00:50:42,810
4271 the first profit target then we could
4272
4273 1069
4274 00:50:42,810 ~-~-> 00:50:45,960
4275 discuss the 127 extension or an old high
4276
4277 1070
4278 00:50:45,960 ~-~-> 00:50:48,480
4279 that you pull your own fib from when you
4280
4281 1071
4282 00:50:48,630 ~-~-> 00:50:51,780
4283 see that first target hit. Don't move
4284
4285 1072
4286 00:50:51,780 ~-~-> 00:50:54,930
4287 your stop up. Okay? Do a couple trades
4288
4289 1073
4290 00:50:54,930 ~-~-> 00:50:57,810
4291 like I do about 20 trades or so. Like
4292
4293 1074
4294 00:50:57,810 ~-~-> 00:50:59,130
4295 that we just go to break even once the
4296
4297 1075
4298 00:50:59,130 ~-~-> 00:51:00,990
4299 first targets hit Then wait for the
4300
4301 1076
4302 00:51:00,990 ~-~-> 00:51:03,540
4303 second target to be fulfilled, do not
4304
4305 1077
4306 00:51:03,540 ~-~-> 00:51:04,980
4307 move the stop either you get to second
4308
4309 1078
4310 00:51:04,980 ~-~-> 00:51:06,810
4311 target or you get stopped out. Do that
4312
4313 1079
4314 00:51:06,810 ~-~-> 00:51:09,900
4315 for 20 trades, okay? And it's obviously
4316
4317 1080
4318 00:51:09,900 ~-~-> 00:51:11,580
4319 easier and faster to do it on an
4320
4321 1081
4322 00:51:11,700 ~-~-> 00:51:13,470
4323 intraday basis. Like Don't you know,
4324
4325 1082
4326 00:51:13,470 ~-~-> 00:51:16,890
4327 five minutes 15 minutes setups, but some
4328
4329 1083
4330 00:51:16,890 ~-~-> 00:51:18,630
4331 of you traders can't do that because
4332
4333 1084
4334 00:51:18,630 ~-~-> 00:51:20,130
4335 you're you have jobs or whatever but
4336
4337 1085
4338 00:51:20,130 ~-~-> 00:51:22,590
4339 that's fine. But then eventually then
4340
4341 1086
4342 00:51:22,620 ~-~-> 00:51:25,710
4343 graduate to moving your stop loss in the
4344
4345 1087
4346 00:51:25,710 ~-~-> 00:51:27,090
4347 form that we just discussed now by
4348
4349 1088
4350 00:51:27,090 ~-~-> 00:51:29,070
4351 having a 15 minute time frame using the
4352
4353 1089
4354 00:51:29,070 ~-~-> 00:51:31,200
4355 most recent swing lows for bullish
4356
4357 1090
4358 00:51:31,200 ~-~-> 00:51:33,240
4359 scenarios. 10 to 15 pips below the
4360
4361 1091
4362 00:51:33,630 ~-~-> 00:51:36,420
4363 lowest of the most recent two swing
4364
4365 1092
4366 00:51:36,420 ~-~-> 00:51:39,000
4367 lows. Okay. And obviously just for
4368
4369 1093
4370 00:51:39,000 ~-~-> 00:51:40,410
4371 clarity for those that are selling
4372
4373 1094
4374 00:51:40,410 ~-~-> 00:51:44,190
4375 short, using your demo account. Yeah, I
4376
4377 1095
4378 00:51:44,190 ~-~-> 00:51:45,780
4379 got that in here. I'm not trying to tell
4380
4381 1096
4382 00:51:45,780 ~-~-> 00:51:47,220
4383 you do anything with real money guys.
4384
4385 1097
4386 00:51:47,220 ~-~-> 00:51:48,930
4387 I'm not licensed to do that. These are
4388
4389 1098
4390 00:51:48,930 ~-~-> 00:51:51,840
4391 just ideas to stimulate you. Your
4392
4393 1099
4394 00:51:51,840 ~-~-> 00:51:55,980
4395 decision making the selling scenario,
4396
4397 1100
4398 00:51:56,010 ~-~-> 00:51:57,840
4399 you would just use the 15 minute most
4400
4401 1101
4402 00:51:57,840 ~-~-> 00:52:00,630
4403 recent to swing highs and highest of the
4404
4405 1102
4406 00:52:00,630 ~-~-> 00:52:02,880
4407 two you would use your stop loss of 10
4408
4409 1103
4410 00:52:02,880 ~-~-> 00:52:05,160
4411 to 15 pips above it. And you would trail
4412
4413 1104
4414 00:52:05,160 ~-~-> 00:52:06,600
4415 that accordingly until it hits your
4416
4417 1105
4418 00:52:06,630 ~-~-> 00:52:11,130
4419 ultimate target. That's really the
4420
4421 1106
4422 00:52:11,130 ~-~-> 00:52:14,370
4423 essential element to having stop loss
4424
4425 1107
4426 00:52:14,370 ~-~-> 00:52:18,090
4427 management. There's nothing new, much
4428
4429 1108
4430 00:52:18,090 ~-~-> 00:52:19,650
4431 deeper than that. It's very simple. I
4432
4433 1109
4434 00:52:19,650 ~-~-> 00:52:22,350
4435 try not to complicate it. I used to have
4436
4437 1110
4438 00:52:22,350 ~-~-> 00:52:24,000
4439 all kinds of intricate ways of doing
4440
4441 1111
4442 00:52:24,000 ~-~-> 00:52:26,310
4443 this and doing that. And I found it just
4444
4445 1112
4446 00:52:26,310 ~-~-> 00:52:28,290
4447 simply by taking a 15 minute chart use
4448
4449 1113
4450 00:52:28,290 ~-~-> 00:52:30,240
4451 the most recent swing lows and highs
4452
4453 1114
4454 00:52:31,050 ~-~-> 00:52:32,850
4455 wherever to wherever those two or
4456
4457 1115
4458 00:52:32,850 ~-~-> 00:52:34,650
4459 whatever the lowest one is. That's where
4460
4461 1116
4462 00:52:34,650 ~-~-> 00:52:37,470
4463 I'm going to have my stop in the
4464
4465 1117
4466 00:52:37,470 ~-~-> 00:52:38,940
4467 relationship to where prices now.
4468
4469 1118
4470 00:52:55,140 ~-~-> 00:52:58,830
4471 Okay guys, in Episode Seven, we're gonna
4472
4473 1119
4474 00:52:58,830 ~-~-> 00:53:00,690
4475 be looking at selecting multiple
4476
4477 1120
4478 00:53:00,690 ~-~-> 00:53:04,530
4479 targets. We talking about setting a
4480
4481 1121
4482 00:53:04,530 ~-~-> 00:53:06,570
4483 limit orders at logical price levels for
4484
4485 1122
4486 00:53:06,570 ~-~-> 00:53:09,720
4487 exits. And we're gonna be talking about
4488
4489 1123
4490 00:53:09,720 ~-~-> 00:53:14,460
4491 the ICT split gains ratio, leaving some
4492
4493 1124
4494 00:53:15,300 ~-~-> 00:53:19,170
4495 for the just in case scenario principles
4496
4497 1125
4498 00:53:19,170 ~-~-> 00:53:23,550
4499 for multiple timeframe trading. And
4500
4501 1126
4502 00:53:23,550 ~-~-> 00:53:25,680
4503 we'll have the foundation to success
4504
4505 1127
4506 00:53:26,280 ~-~-> 00:53:28,200
4507 that will be given to you in blueprint
4508
4509 1128
4510 00:53:28,380 ~-~-> 00:53:32,310
4511 format in the final episode in this
4512
4513 1129
4514 00:53:32,310 ~-~-> 00:53:35,670
4515 series, Part Eight. And I think you'll
4516
4517 1130
4518 00:53:36,000 ~-~-> 00:53:38,010
4519 have a pretty good idea of what should
4520
4521 1131
4522 00:53:38,010 ~-~-> 00:53:40,260
4523 be done from beginning to end stages.
4524
4525 1132
4526 00:53:40,770 ~-~-> 00:53:45,030
4527 And I'm using in a flowchart format for
4528
4529 1133
4530 00:53:45,030 ~-~-> 00:53:48,540
4531 the part eight series where you know, if
4532
4533 1134
4534 00:53:48,540 ~-~-> 00:53:51,870
4535 a specific condition is x, then you go
4536
4537 1135
4538 00:53:51,870 ~-~-> 00:53:55,620
4539 to this next condition. Once that
4540
4541 1136
4542 00:53:55,620 ~-~-> 00:53:58,590
4543 condition is met, you go to next. So I'm
4544
4545 1137
4546 00:53:58,590 ~-~-> 00:54:02,820
4547 a I'm a computer programmer. And guess
4548
4549 1138
4550 00:54:02,820 ~-~-> 00:54:05,370
4551 anyone that has a computer programming
4552
4553 1139
4554 00:54:05,520 ~-~-> 00:54:07,740
4555 experience, you would understand that
4556
4557 1140
4558 00:54:07,740 ~-~-> 00:54:12,720
4559 it's if then scenarios that we learned
4560
4561 1141
4562 00:54:12,720 ~-~-> 00:54:13,890
4563 in computer programming.
4564
4565 1142
4566 00:54:14,670 ~-~-> 00:54:15,240
4567 If,
4568
4569 1143
4570 00:54:16,320 ~-~-> 00:54:19,920
4571 if you can't really build a mindset of
4572
4573 1144
4574 00:54:19,950 ~-~-> 00:54:23,490
4575 trading after Part Eight, I'm going to
4576
4577 1145
4578 00:54:23,580 ~-~-> 00:54:28,020
4579 readily admit it failed in, in sharing
4580
4581 1146
4582 00:54:28,020 ~-~-> 00:54:29,760
4583 some insight on how you could become a
4584
4585 1147
4586 00:54:29,760 ~-~-> 00:54:32,760
4587 more consistent trader, I put a lot of
4588
4589 1148
4590 00:54:32,760 ~-~-> 00:54:35,040
4591 work. And it may seem like there's been
4592
4593 1149
4594 00:54:35,040 ~-~-> 00:54:37,800
4595 a lot of time between these individual
4596
4597 1150
4598 00:54:37,800 ~-~-> 00:54:39,180
4599 videos, but it's actually been a whole
4600
4601 1151
4602 00:54:39,180 ~-~-> 00:54:41,640
4603 lot of work on that last one. Because
4604
4605 1152
4606 00:54:41,670 ~-~-> 00:54:44,820
4607 I've tried to give the blanket scenarios
4608
4609 1153
4610 00:54:44,820 ~-~-> 00:54:48,150
4611 for into common setups that we see you
4612
4613 1154
4614 00:54:48,330 ~-~-> 00:54:49,350
4615 over and over and over again, that's
4616
4617 1155
4618 00:54:49,350 ~-~-> 00:54:51,990
4619 very generic in the marketplace. And it
4620
4621 1156
4622 00:54:51,990 ~-~-> 00:54:54,450
4623 won't catch every single move guys and
4624
4625 1157
4626 00:54:54,450 ~-~-> 00:54:57,060
4627 don't expect that of anything. But I
4628
4629 1158
4630 00:54:57,060 ~-~-> 00:54:59,070
4631 think you'll be pleasantly surprised how
4632
4633 1159
4634 00:54:59,310 ~-~-> 00:55:01,290
4635 many times opportunities it will give
4636
4637 1160
4638 00:55:01,290 ~-~-> 00:55:04,050
4639 you an what to do and why. And once you
4640
4641 1161
4642 00:55:04,050 ~-~-> 00:55:06,150
4643 do it for a few months, you won't need
4644
4645 1162
4646 00:55:06,150 ~-~-> 00:55:09,150
4647 the flow chart format you'll just simply
4648
4649 1163
4650 00:55:09,150 ~-~-> 00:55:11,760
4651 know by habit what you should be doing
4652
4653 1164
4654 00:55:11,760 ~-~-> 00:55:14,610
4655 next and and what to do you know while
4656
4657 1165
4658 00:55:14,610 ~-~-> 00:55:17,580
4659 the setups are, you know, you developing
4660
4661 1166
4662 00:55:18,090 ~-~-> 00:55:20,640
4663 so hopefully this has been insightful to
4664
4665 1167
4666 00:55:20,640 ~-~-> 00:55:22,530
4667 you guys and until the next time wish
4668
4669 1168
4670 00:55:22,530 ~-~-> 00:55:23,340
4671 good luck and good trading