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from forex traders daily this is your daily analysis Ross Mullins live from Richmond Virginia hello everyone this is today's video analysis for July thirteenth 2016 in just a moment we'll be taking a look at the EU RUSD the euro versus the US dollar for today's trade analysis but first a recap of a couple of the trades we have been taking over the past few days starting here with the usdchf we were looking for a by scenario a by scenario on the breakout of what was resistance as it pushed began to push higher towards the next resistance level actually if we take it down here to the four hour time frame it's really going to give us a much better outlook here we were looking at this area in the in between the purple in the orange shaded area here the x is on the dips into the 9810 level were what we were looking for and the rally back to the blue shaded area we knew what the risk was the risk was a break underneath the orange shaded area so we took a bye into the orange zone as it pushed into the purple zone we closed profit yesterday during the trade room we've moved the stop loss in to break even or better into profit so can't lose on the trade we've closed something most of the Prophet we've closed we've moved the stop loss in the profit can't lose on the trade but the main focus was buying on the dips to support the orange zone rallying towards the berbils then the next thing we're of course looking for here for the franc is the breakout above the purple zone if it's going to continue the trend Direction a break of the purple zone will call that 98-85 and the continuation higher for the US Frank a couple of the things we were looking at yesterday was the cell on the aud/usd in the nzdusd new zealand dollar and the Australian dollar here on the aud/usd we saw the market turn into the green shaded area 76 40 or so we went ahead and took a short there we knew the last time it was here at found resistance we were in a pretty significant resistance high into the mid 7600 took the cell there the market went all the way down to the pink shaded area seeing a decent amount of profit all the way down into the pink zone about 50 pips or so of profit as it pushed down there into the upper 75 hundreds now it's come back up closing us out at our locked in profit we did you have a chance to lock in some profit here it's taken us out of the trade so out of this one at the current moment but it was a profitable trade to sell from the Green Zone down to the pink zone here on the Australian dollar similar situation over here on the nzdusd New Zealand dollar US dollar we've been studying the resistance I really just take a look at your two ovals up here the red circles at the very top of the chart resistance here resistance here we've been selling this currency pair yesterday had an opportunity to go short on the new zealand dollar had profit all the way back down from the pink shaded area all the way down to the Green Zone 45 50 pips of profit moving stop losses in the Prophet was a good idea it came back up took us out and now we're having another opportunity as it pushes towards to pick zone and the 70-300 level I've jumped in this once again I know during the treasure room yesterday I mentioned the fact that I might not look for an opportunity to get back in this on even on another rally to the pink zone but it's just too hard to resist the significant resistance we're seeing right around that 70 300 level so I've jumped back in right at 7300 looking for the market turned back down towards the Green Zone I know what the risk is the risk is a break back above the pink zone so I'm going to be quick to get out of it if it breaks through the pink shaded area here I don't want to stay in it too long so holding inside our pink zone or underneath it is the idea for the day today looking forward to head on back down towards the Green Zone 7250 or lower on the way back down and potential reversal here for the New Zealand dollar and anything above will call it really 7330 which is the top of our pink shaded area if it gets above 7330 probably don't want to stay in it too long I only have about a 45 pip stop loss on it so not a lot of risk oh and here on this current trade alright moving on over to the euro dollar I've been studying opportunities to look for going short here on the Eurodollar going short on rallies in the resistance I've been looking at this as somewhat of a consolidation pattern or even a development of a triangle pattern you can see the falling highs here along this black trend line you can see the the rising blows along this black trend line so you can see somewhat of a triangle pattern developing after the Briggs eighth candle of course we've seen this consolidation type pattern going on so with that type of pattern the best times to l or go short within that pattern in agreement with the the previous momentum would be on rallies into the top of the pattern the top black trend line and the resistance levels within the top of that pattern so that's what i'm looking for the Green Zone specifically 1 11 to 1 11 25 is where I am looking for those opportunities to go short let's take it on down to the four hour time frame again we could see that same similar pattern the two black trend lines here on the four hour time frame and again we're coming up towards the green shaded area today as close as possible to 111 would be our opportunity to go short we know what the risk is at that point the risk is would be a break above the green zone above 1125 we wouldn't want to stay in it too long likely heading on back up here towards 112 if it gets through the green shaded area so if it gets through there we'd want to get out of it so let me just pull that pink shaded area over a little bit as well that becomes our next resistance level and that's not to our see that's what happened back here so underneath the green zone will be our short opportunity here for the Eurodollar today targeting back towards 1050 1060 that's the yellow zone even down towards the blue zone which is one on 110 and if we can break underneath the triangle pattern underneath the blue zone i think we're looking for a challenge and test all the way down to the multi or multi-month lows down here into the 109 level the orange shaded area break underneath there we could even look for further movement lower so a significant pattern set up here the trade setup here is selling resistance the risk of course is the break above that resistance you know here's your risk breakout above the Green Zone that little line there represents a potential stop-loss let's change it to red just so it looks more stop like so a red that red line there representing your stop-loss somewhere above the one 1125 level how high above it depends on your own personal risk parameters but selling as close as possible to 111 looking for the market to turn lower once again for the euro dollar today from forex traders daily this has been your daily analysis with Ross Mullins if you would like to get Ross's announced on all the currency pairs he's watching in all the trades he takes today join him in his live trade room by clicking on the link below please leave any comments you have about today's video in the comment section below

[Music] [Music] [Music] hey traders Akhil here and welcome back to another edition of the forex market preview lately in these videos I've been really concentrating on one trading opportunity and walking you through it that way not to overwhelm you we have a lot of newer traders that come in and stumble across this YouTube channel and the last thing I want to do is make trading seem over over complicated meaning give them so much that their brain explodes they start to feel discouraged like there's no way I can do this so I feel it's best to concentrate on one specific opportunity that way you get a little bit about information you have time to digest it throughout the week and you can come back the next week and do the same thing however today I'm going to try something a little bit different I'm going to take you on a much longer stroll around the markets kind of giving you an example of what I do in my I guess my pre week analysis you see the weekend is the time where I really start to formulate all of my ideas about the market I look at look at how the previous week has closed I really take a bird's eye view of the different pairs that I watch and I start generating ideas of what I need to look for for the upcoming week and what type of predictions I need to make for you guys that are familiar with our IP de process identify predicted side execute this is essentially the identification and the prediction part of the process then as the week goes on and price starts to move now I can work on the decision point how if I can get involved and of course the execution and if you guys aren't familiar with that IP de process well I don't know if I'm supposed to tell you this or not but there let's just say this Jason Stapleton may be putting out a training on and I'm not sure if this is going to happen I think it will I'm not sure when but you don't want to miss it so make sure you're on our email list that way you get updated whenever it is training is released just head over to WWE and power com click the learn the trade tab at the top of the screen there should be a little popup box that comes in allowing you to enter the email enter your email address and then take the time to check out all the free workshops that we have on our website as well so I'm going to take you around a stroll of the markets this is actually my first time looking at these charts though it's kind of a live look at how I do my analysis and for my perspective I'm not going to I'll chop it up somewhat I don't want to make this video an hour long but let me know what you guys think let me know if you come like this bigger picture analysis of doing more pears but maybe not going into as much detail or if you like the way that we've been doing where I'm focused on one opportunity and and that being kind of the the only the the main goal of the video so sit back relax get your notebook out and now let's start this journey alright so on a daily chart for the pound dollar and you can see we had a very bearish move to end our week this Friday was actually we caught a great move in the live trading room not on this pair but on a pound yen trade where Jason Stapleton has actually had actually called a big breakout on a higher time frame couldn't meet my rules for getting involved but we were able to go down to the range bar chart and catch a pretty decent trend continuation opportunity but here's what recently happened in this trade you can see price action had rallied up here and then we put in sort of a rising channel you'll hear me refer to this as a rising wedge as well technically this one doesn't really wedge but it's a rising channel and you can see that as our price action was rising we actually had some diversions we showed some bearish diversions on the RSI as well and typically when you see this pattern it comes after the market has been made a pretty high momentum move and then it comes just starts to lose momentum lose momentum you can see the the buying pressure starts to slow down as the I guess the the angle does there's a much better word for it but be the angle of our movement starts to slow down and then we usually fall off as we just did what I'm looking for now is where would be the next opportunity to buy slope that's the word I was looking for slope that's the college word but where would be the next opportunity to buy and I look at a level right in here if you pardon me I'm going to put my crosshairs back on its things when I'm doing this for video but it really helps me with my analysis using the crosshairs that way I can kind of just look left and see where structures at and if I take a look at our previous structure low right here and I draw a straight line out you're going to see price action just came down to a point where we had a little bit of consolidation right here that will make more sense on the lower timeframe I promise you but we also had previous structure looking left here as well this is basically the the top of the the channel that we came in or now we have we've been in since last last September so if I go down to the lower timeframe this is going to be a pretty decent area to look for a buying opportunity look for an area where to market where to selling maybe dried up we can see more buyers get involved and get a little bit of a push back up now I'm not expecting a push back up to retest previous structure highs anything like that nothing has nothing on the chart has a given me reason to predict that but I certainly think we can get a push back up into say a level like this right you can see our previous level of structure support in here we had resistance resistance resistance resistance go and get these on here for you resistance resistance resistance resistance resistance resistance was broken right it then became support support support support so wouldn't surprise you try stacking came to retest that level and understand this when you're looking for counter trend trading opportunities where you know I like using the cookie jar reference on we're not looking to reach our hand in the cookie jar and steel each and every single cookie in there why because that's that's how you get caught right you get caught going for the entire move right a lot of rookie traders will try to catch the entire move the ultimate bottom to the ultimate top and most of the time they'll get burnt maybe look maybe there will be that one time where it actually pays off and then they think they're a super trader and that gives them confidence to lose more money in the market but eventually you typically go broke doing that so for a counter trend trading style we're just looking for a little piece of the pie we're looking to kind of sneak into the cookie jar grab a little corner piece and sneak out and get our bite and we're looking to do that over and over again in the market and it's you know it's not glorious you don't get to upload your chart to the the trading forms or Facebook or whatever and say hey does a million pip winner but you can easily put together a consistently profitable plan doing that and you know last in these markets instead of falling into the pack of traders that you know ninety percent of traders lose 90 percent of their money in 90 days so a retest of this level isn't sexy but there isn't it's a it's a there's 40 pips of available profit in here and you can see here that my are aside at the the black line down here my RSI has gone oversold right we're below 220 I have my RSI set to 20 and 80 on the traditional is 70 and 30 so I want those real extreme levels of overbought and oversold the RSI has been exhausted I mean when it's a project we saw a little bit of relief and if I head over to my hourly chart here right you can see right here's our DSR level dynamic support and resistance that green box that basically shows me it gives me a visual representation of where support and where resistance is that it's even pretty cool because as you can see here this red box which is green this means this was a previous level of support once it was broken it has now turned to resistance and you can do some cool things on here how even though what I have it's settling but you can set it towards different time frames right now it's set to the 240 so these boxes are essentially showing me support and resistance levels off of my four hour time frame if I want to do it for my trading time frame I'm just putting a different one if I want to do it for my trading time frame where are you at there you go too many indicators I can just set it to the 60 minute time frame and that will give me a look at support and resistance levels based on the time frame I'm actually looking on so let's just put it here and boom you can see the smaller level well so you can see price action made its way down into this resistance level the RSI is overextended even more so here on the hourly we came all the way down to about seven and what I'll be looking for is a retest of previous structure retest of our our reversal right here our little V bottom so far and this would give us a double bottom right this would give us a retest of structure and essentially this means price action came down right you can see the Bears tried to push push push push push got rejected with a very nice pin bar right here a Bardot has a long shadow to the downside and closes almost all the way toward the top that's a very strong bullish candle we then rallied up and we get three bullish candles after that now if we were to this can easily just go back up first and foremost but if you're looking for a more conservative reason to get involved you wait for a double tops you wait for a price action to push back down into that level you see if that level will hold once again so if you were to visualize it you you essentially look at the Bears making one more push the bull's boom smacking them in the face and rejecting them once again maybe you get some diversions here on the RSI light we looked at on the higher time frame and that's going to be a very conservative enter reason to look for a move back up to that previous level of support which was right let's just call it right in here right let's say 28 40s right probably a little bit higher but 28 40 just for our quick view today and again it doesn't seem very very sexy but a move like that can easily gain you about what 50 something pips so that's what I'll be looking for on pound dollar to start the week a nice simple structure based trade nice simple conservative counter trend trading opportunity so we're here now on the euro yen again starting on the daily I'm always going to start on a daily I'm going to go daily for our 60 that's the the routine the the ritual that I've follow from my top down analysis and this has been an interesting pair here we've gotten above our previous level of resistance right here there's a little bit of consolidation looking left but I thought once we got above this level once we kind of broke out this little consolidation we'd see a spike up a little bit higher to maybe a 128 level and so far we've just consolidated and bounced back and forth we kind of we got above then we retraced and we came back up and we retraced again and then you know it's when you're dealing with the yen whacky things always happen especially with it being kind of the battling back and forth with the dollar to be the safe haven pair but there's been some very interesting movement on this pair so far and we go down to 240 chart necks you can see that our most recent move was this again we had our consolidation right in here we then broke out of that we retested this level and I thought we would see a trend continuation opportunity here we were actually I remember this was about what two weeks ago I think we're looking a live room this is one of the syndicate as well one of the trades I had on my radar for a trend continuation buy and we got a tricky day with the yen and we held this level but never got any type of entry reason so we came down and we came all the way back up the retest previous structure highs and now we're coming right back down again to about the halfway point of this level and this is interesting because if we head over to our hourly chart I'm actually gonna get rid of our smaller DSR I like a cleaner chart kind of old-school so let's get rid of this the traders I work with they love to do SOG ever the wrong ones they love the DSR s4 I just got rid of something else they love the DSR s for training purposes I like a clean chart but here's what we had you can see we retested our DSR level price actually spiked all the way up to our previous dynamic resistance level up here RSI went over extended right we went overbought right here beautiful counter trend trading opportunity trading in a retest previous structure highs and ran right off of that DSR held perfect now we're retracing and the RSI went from this is something we've been working on in our strategy lab we went from an overbought condition up here to directly into an oversold position down here we've been calling this the RSI swap and it's a it's a technique we've been working on define trading opportunities and what's interesting about this level again if I just draw my horizontal line now and for you guys that are new I'm very visual like I like clean charts as far as I don't like a lot of indicators and and whatnot and stuff like that but I like drawing outlines and not real I'm not really big into trend lines like drawing out horizontal lines it allows me to look left and really get kind of a visual look at where price action came to and if we take a look at the area in which price action is at right now you can see that this area was tested a few times its previous structure support and looking left you can see tested even more times as previous structure resistance this also looks to be about the halfway point of our move here look at that right on a 50 percent Fibonacci level so if I take my Fibonacci tool out it's always fun doing this for the first time it's pretty cool so I think my Fibonacci tool out you see we came right to a 50% Seba nachi retracement level and 50% isn't technically a Fibonacci number but it is a psychological number to halfway point halves quarters thirds those are all psychological numbers numbers that we like is traders and we may not know it but we subconsciously look for those levels and feel comfortable with those levels when looking on a chart so we have a few things happening here we have price actually coming into that midway point we have a previous structure swap level so a level where price was a support found support and resistance in the past and now we're consolidate we're consolidating with some divergence on the RSI so you can see the RSI here is pointing upwards you price action is essentially going sideways so this is a sign and it doesn't mean buy it but this is a clue that could be used for a potential buying opportunity so actually be a pretty if you can find a reason for entry here it would be a pretty low-risk opportunity you're looking at let's say stops below this level right here and these these are the these are the type of trades I like I'm not a high percentage winning trader I'm not a 70 percent winning trader I'm about a 50 percent trader historically I was 55 and getting a little bit worse I'm coming more profitable but I'm getting worse it's just weird how that happens but I'll take it PLT and today is the most important thing but you look at a potential risk of about that much with a reward of about this much and you can see that's easily about looks like a two and a half to one risk reward so it's not a bad trading opportunity that you can look for if you can find that reason for entry about a two to one two and a half to one risk reward there so and of course you can shoot for extended targets if you're a trend following trader or you know you can take the full thing off you do whatever you want at that level but the first initial stopping point I would look for is a retest of our red DSR zone up here so pretty cool opportunity on euro yen setting up and it's a little against the grain because when you look at this your traditional you know consolidation pattern traders your flag pattern traders and it's a the screams breakout to the downside and it does but that's why you want to have a full perspective of what's going on in the market all right dollar yen you see some of my notes on from our live room we were tearing this trade apart this has been a this has been a fantastic pair for man for the last couple weeks we started off with this bad boy right here we just click my history and watch what's going to show up yep look at that started off with this cipher this is the constellation tool by the way this is a pattern recognition tool we have on some that helps our traders just see pattern formations in the market but also helps with the back testing process and the identification process in training to ride to see advanced pattern formations I always stress to them you don't want to use it as a as a crutch I'm really highly against that meaning you just don't want to flick the tool on put it on live and just trade everything it shows you but you do want to use it for confirmation and confidence meaning you attempt to identify the potential advance pattern formation on your own and then maybe you go back and click constellation and say oh the constellation agrees with me and that just gives you confidence and that also may show you advanced pattern formations that you missed which help train your eyes but you see we had a beautiful to target winner on a cypher formation here we had an X to a A to B B to C C to D last week came down or two weeks ago came down this was about a 400 tip winter for our traders I believe in total let me just check here had about yet 200 pips to target one and another one other one for another 400 the target – oh another 350 the target – so 550 pip trade we're going crazy over this in the live room and it was relatively pain-free it's a little bit difficult because it did take a couple days to form that's what's going to happen when you're on a higher time frame but it really aside from an initial maybe you know 40 pip move against us it rolled right over and then afterwards check this out this is what we also had we came down to the hourly this was last week and we actually caught we actually caught a bat formation as well we had this going on we had an X right here boom X to a A to B B to C and a CD completion down here basically at 111 even came up to hit target 1 still looking for a move the target twos a little bit higher so yen has been a good pair too tricky pair for many a lot of our of a few traders I work with that absolutely hate despair because it's typically a trendy pair and it's not always the best for advanced pattern formation trading but it's put in a nice little streak here but anyway back to the analysis here's what's interesting about yen is this is a pair that's been hard to get a read on again dollar yen has been a tricky pair because it's basically been called the Trump trade it's when when people when people fears a dollar become about the dollar they take their money from the dollar and they've been putting it in the yen and in vice versa when people feel confident about the dollar they take their money out the end they move it into the dollar these are both kind of safe haven pairs and essentially it's been on economic news we've been having but it's more so it's been on Trump if you know anything about our president Trump it's like you know you never it's a roll of the dice you never know what to expect from him and any day can be a controversy and it's been an interesting pair but here's what I'm looking at on this pair the recent move has been actually a reversal type of move you see price action has been in a shorter downtrend here shorter bearish trend we then have come up and we put in a higher high higher close above this level of structure right here we've come down to retest this level and this is what is called a Head and Shoulders pattern right you have a left shoulder there a right shoulder there for the head down now I should say a right shoulder up here and you're going to have a slanted neckline I prefer a horizontal neckline when that goes straight across but the markets aren't always perfect but typically or traditionally this is a reversal pattern when the market is going from one trend to another so if this is indeed going to play out as a head and shoulders and we don't know yet we never notice is why we just make predictions if anyone tells you it will then they're just lying to you I hate when I see that from traders Gale price action will go here the market will do this alright the market will take all your money and you will go broke if you have that mindset that's where we can't put ourselves humble you got to be humble right Kendrick Lamar said it best right be humble you got to be humble and just you know accept that we don't know what the markets going to do and we can't control what the markets going to do our job is to participate and our job is to make the best prediction as possible make predictions that give us an edge in the markets and then make sure we do our job in executing that edge and exploding that edge as many times as we can for profit but if this is going to be a head and shoulders formation then the next move is going to be a retest of our shoulder up here so a move all the way basically to 114 even's so that's when I'm keeping in mind this is a bigger perspective I don't know how it's going to get there if it's going to get there but I know right this will be the next level I'd be looking for a move to and this means that I can either look for shorting opportunities at this level or buying opportunities in advance of this level so if I take a line here let's just draw a sideways line again we see that structure swap we see support support we see resistance we see resistance if we can break past this level right then I'll be looking for a trend continuation trade in the direction to that level we just pointed out now again we go down to lower timeframes as of now I have no idea if this is going to happen I have no idea when it's going to happen but again this is this is my my weekend analysis it's simply a bigger perspective I write down this is what I'm looking for then or that way if the market does put in that move throughout the week right I can easily come back update our syndicate members and say hey guys price action has finally given us that higher higher clothes time to follow up on that trade idea we talked about I'm not caught off a caught off guard or caught by surprise and then off the panic or hesitate I know exactly what I'm waiting for and then it's all left to the market on whether it wants to you know follow through with my prediction or not I'll tell you what majority of the time guys in trading this is what happens right you you spend hours maybe doing analysis on your charts and then you come back a day later and the market has done exactly the opposite of what you thought you hit this right button you go to drawing tools if you're on ninjatrader here you said remove drawing tools boom and then you start over from scratch if it over and over again but every once in a while every once in a while the market follows through that idea and then it's and that's where we want to take advantage of it so if you like what you've seen up to this point or even if you if you're getting a little bit overwhelmed that the concepts and maybe the verbage then I'm using a here's what I recommend doing I recommend checking out our syndicate program guys it's the absolute cheapest way to get involved with us here at trade empowered to $1 for the first 30 days and what you get is essentially analysis like this each and every day through a handful of ways you have our morning war room meeting that Jason runs where he comes in at 8:30 and takes you on a live look of what's on his radar in the markets and also maybe some of the highlights of his London live room trading you also have the Train floor where both Jason Graystone and myself shoot in trade ideas on a daily basis and I try to pop in and give you guys one – two videos per week looking at longer-term opportunities on my radar we also keep you up to date with any big potential news events that you need to be aware so check it out it's $1 for the first 30 days I say that if you join and you hate it and you unsubscribe after the first or before the first 30 days are up all you've wasted is a dollar but I think you'll like it and I think you'll find it worth it so again if you're feeling overwhelmed a little bit don't worry that's natural it's a lot of information coming in to you at once put yourself in a position where you can get reps in the market you can hear this and see this each and every day and I guaranteed that's going to shorten up the learning curve by a drastic amount all right let's get back to some more charts so next pair we're going to look at is Dollar Canada I don't really have much to talk about in dollar Canada but I just want to give you guys an update this is a trade that I've had on my radar probably for about a month or so and a bigger picture if you go out to the weekly you'll see it as well bigger picture we broke out of our consolidation area higher high higher close up here and I'm just waiting for a retest of structure in a chance to attempt the trade this thing all the way up to a dollar 40 I just think we can go a little bit higher all the way up to 146 ultimately but I don't want to be greedy so I'm just sitting and waiting waiting for it waiting for our pullback waiting for the right opportunity to get involved and potentially take this as a very longer-term trade so nothing has changed this week so far but again just reviewing reviewing the ideas that that are and making sure they they stay fresh in my head so all the dollars interesting pair you can see that here's a box we had drawn on from last week I'm not too big on supply and demand I know it exists in for you guys that are technical nerds out there which is a great thing by the way I know you're always missing hundreds of killed is a big difference between supply and demand and support resistance levels as an educator I've found it easier over times to kind of group them together since the majority of the zones are similar and again I'm going to offend a lot of people by saying that but this was a level that I was watching like a hawk for a short opportunity on and looking for some type of reaction and you can see that we got it now we actually did find a way to get involved here I'll show you what we go down to our lower timeframe but overall I'm not too sold on I'm not too sold on all the dollar either way I'm still kind of in a neutral territory you can see we've been in consolidation essentially since March so there's nothing on the chart right now that that tells me there's a better likelihood that we're going to test these previous structure lows before we test these previous structure highs and then trading that's what it's all about gods when you make a prediction it's not necessarily about where the market is going to go to it's about trying to find the path of least resistance is about trying to find the market is more likely to go here before it goes there and that before it goes there level is typically where your stop-loss is at so I've been very cautious with this pair because of that but we did have a pretty decent opportunity down on the hourly chart we had advanced pattern formation during the week let's see if spring on our constellation history right away nope not gonna give it to me oh there you go took a little time probably comes with the weekend we see with a nice bat formation up here x2a A to B B to C C to D so although I didn't have a chance to enter on that first touch of that zone again that zone on the higher time frame is going to be right in here didn't have a chance to get involved on the first touch of it I was able to get involved using the advanced pattern formation on a second chance venture on the top here that's kind of the cool part about having different tools in your arsenal now I always advise that when trading the start simple start with one technique but as you evolve you know add different techniques add different strategies that you can use and it doesn't necessarily mean that you're not necessarily doing it to find more trading opportunities right more is not always better but you're using it to give yourself different options so if you can't get involved in way number a number a way way letter a right you can be patient and wait for a second chance to get involved and that's what our traders were able to do here with our bearish vat formation and you see it roll they rolled over pretty darn nicely but what's on the table for this week if we erase this is a potential a third opportunity potential 26:18 so you can see we did double top up here right price action broken closed below kind of the valley of our double bottom or double top excuse me and as a 2618 trader what you're doing is you're taking your Fibonacci retracement tool from our swing high to swing low right here and you're looking for a move back up into this zone right here you can be aggressive and just trade it at the six one eight if you like or you can identify this kill zone and then look for your reason for entry inside this zone and that's going to be your next opportunity to third strike opportunity at involving yourself in a short trade if you guys are unfamiliar with the 26:18 opportunity or trading technique strategy whatever you want to call it I've got some good news for you if you head over to our website trading power com right over here you can see guess what one of our free trainings one of our free trainings so literally all you have to do is sign up click say start the free training now it's going to take you to this page we got a cool little video of this handsome fella and you can get instant access and learn how to trade this it's a very simple technique a very easy way to get started in the markets so 2618 opportunity on all the dollar that that's going to be something that you can look for this week in the markets I'm just seeing something real quick all right New Zealand dollar this is an interesting pair as well just really have a broad perspective on it you can see I got stopped out of a trade last week on my only losing trade last week is on New Zealand dollar and as we're coming into an interesting level we're coming to a interesting level here because we have two levels of support or two levels of resistance we had a lower level right here we had a higher level right here and if you guys have spent any time with me I really hate these type of levels these are kind of trapped levels where you have a lower level of resistance and a higher level of resistance right above it and I did take a cautious approach to this tray and I did get skunked out which happened so I don't regret it was still a good trade but you know never never fun to lose money in the market especially when you when you're on an undefeated week but what I'm looking for now the second opportunity that's what we talked about if the first opportunity fails we have to be willing to reload and look for a second opportunity to short because we're still at previous structure resistance if we go down to the 240 right we have a very similar setup to what we saw on the pound dollar remember I was one of the first pairs that we looked at where we have a big momentum move right market makes a basically a straight move up from 68 80s all the way to about 70 50s right and then we start to see the buying pressure right kind of dry up the slope right changes as we go from a very very sharp angle to kind of a more we're still buying but not as aggressively as before and we look for that to come up to our our higher structure level and then start looking for a trading opportunity as we get closer to the 71 even handle so as of right now there's no type of trade on here but again this is the higher time for in perspective all I'm trying to do is kind of generate ideas on whether I'm looking for long opportunities short opportunities and where price action is likely to go euro Aussie is next we're here on the daily chart as we're starting on a daily chart and we see price action is at a previous level of structure resistance right look left structure leaves clue Joe a nice little line in there you can see we're consolidating right right at this structure level we're starting to put in a little sideways channel right at previous structure now we go down to a lower timeframe let's see what we have here looks like a false breakout to the upside let's go down to a 60-minute charge here we break and close looks like a false breakout to the upside and again this is a these situations are always funny because you know you have traders that trade breakout so it will see stuff like this they'll see price action putting in what they call a flag pattern right where you have a flagpole and go sideways and they'll automatically assume this has to break to the upside but what they fail to do is they fail to take in the bigger perspective of the market they fail to look left and see that well there's probably less of an opportunity to break to the upside because we're sitting right at structure versus a flag formation that says comes in a you know the middle of a trend something like this where there's not a lot of resistance to going higher so go down to the 240 chart looks like I've got some notes on here already what do we see here I still looked at in advance we had an advanced pattern here as well look at that we last week was a brilliant week for for advanced pattern formations we had let me see if I remember correctly right here x2 a cup a 2 B B to C and we got a CD completion up what did I do I'll just do it manually I remember we we had one I think we had one yeah right to 796 yeah look at that we had an X Day a 2-bit is going to be a Gartley formation XA A to B B to C C to D right here again gave a little bit of pain and then easily came back down we actually have a cypher formation setting up as well if my eyes don't lie let's check it out here if I take this is my X lay down here 1/4 9:38 look at that are we going to hit it are we going to hit it mmm we do look at that so potential cipher formation is here as well then at 149 75 I probably have this in my notes from last week but I like to refresh I keep notes in all my trades in a journal whatnot I like to start with a clean slate each and every week I have uh I just have these conversations with a good trading friend of mine uh Roy great guy man he was with me from kind of my beginning stages of going from horrible struggling stinky trader to consistently profitable trader and eventually trading coach and we had a lot of back-and-forth because we were going through the same journey at the same time we still a lot of dumb stuff together but one of the things that we talked about was starting fresh each week we kind of made a pact to know instead of just keeping your notes on there and kind of getting kind of getting bored and not staying sharp that each week you erase all your charts you erase all your notes and you start over and if if you're doing your analysis the right way well then your analysis should be the same you should be seeing the same opportunities and that's something that has stuck with me man for a long time to help of consistency of analysis so potential cipher formation here if you didn't get filled already looking at 149 75 but here's what here's what I'm paying attention to there's gonna be another 26 18 opportunity now we had a what is looking to be a false breakout right so we had a break out of our consolidation here you can see we got above our DSR level right red exterior green interior which means this was once resistance this one's a red box as well now it is a green box representing support and we have come back down past the 50% level now typically I haven't done any testing on this but typically right if you're looking for a false breakout from these type of pattern formation this was a this was a I think was Linda Linda Raschke that taught me this if you come past the 50% level of your consolidation pattern definitely percent level dashing to be right here that's the sign of a false breakup meaning that there's a less likelihood of seeing that continuation to the high side which is what we would look at if you're a conservative breakout trader a break-in and a retest so you want to keep that in mind again I haven't tested it I've been doing some visual tests on it but Linda asked is is when the all-time great traitors so you know if someone like that is going to say that you you pay attention to it doesn't mean you change your rules but you just you you you become on notice and you can see we've gotten past the 50% mark of this consolidation pattern so this may indeed be a bearish breakout or a false breakout and if we are going to see some continuation short look at this look at this we're going to here's our double top I want that here's our double top I still have my constellation on here's my double top right up here just like with what Aussie dollar we looked at if we take our Fibonacci retracement from swing high to swing low we could have a potential 2618 opportunity starting at 150 60s and going towards our previous structure high but wait there's more right can you guys see it anybody this can also be check this out what does this look like what does it look like potential heads will double head up here if you want potential head and shoulders formation at that same level so that 2618 level is the the starting point that 2618 level will come in right at your previous left shoulder as well so that could be a head and shoulders formation which means you have to reversal patterns at once you have a head and shoulders formation which is a reversal pattern you have a 2618 which that reversal not a bad area to look for for a short trade opportunity and the risk reward will make sense as with 26 18s you're depending on where you get filled at you're looking at maybe at least the 1 to 1 course you can measure out your risk however your rules are based so not a bad opportunity here on euro awesome Pound augie on the daily against some more notes from our strategy lab here trace all of this found out with you on a daily we stole the potential advance pattern formation setting up let's just go down to the 240 I'll show you that first we have a potential bat formation setting up here on the pound all of these we're looking at an X right down here at 170 69 swing low to swing high is going to be our X to a our a to be coming right down here our B to C I'm looking for a CD completion or a d completion I should say right down at about 170 135 s here and if we go back up to our daily chart let's just put in the line right in here let's do that put in line right in there if we go to our daily chart this is going to come out a pretty decent level as well again look left structure least clued we just bounced off of previous resistance up here we're coming back down refining a level of previous well previous resistance I should now act as support you can see here that we have resistance resistance resistance resistance resistance about 5 touches in that level add one more touch right here at this red arrow and then we kind of get above it and then resistance turns to support we bounce back off of it and then we continue higher and now we're putting in another test of that level so again on the 240 chart this can easily be a structure based trade as well but you can also look at this as in advanced pattern formation too and use that as a reason for entry again I don't expect a full continuation with this type of trade again we're not in any type of continuation pattern higher time frame but a decent pattern formation in itself alright so real quick before I forget I want to give you guys a big thank you a trader actually hit me on Twitter and told me that I finally passed the 30,000 subscriber mark on my personal YouTube page that was a goal that I've been shooting for and I think since last year and we finally got it so just want to say a big thank you for you guys that uh watch my videos I've been doing a trading blog video this year which has gotten a remarkable response it's not necessarily looking at charts like we do here in the forex market preview but it's more of kind of like a like a diary trying to teach a lesson each day and then those ideas come from the different traders that I work with on a daily basis and and you guys have just given it a phenomenal response you loved it and I appreciate you guys showing your support by getting the name out there and sharing it and telling friends how you need to check this out and because of that you've allowed me to hit the 30,000 subscriber mark so that's pretty darn cool I'm very appreciative of that the next goal is going to be 50,000 and I just want to take a quick second to say thank you so much for helping me achieve that goal on the end here on the daily Russian go straight to because he turned daily we have we have two potential advanced pattern information setting let's go down to the 240 I'll give me a clearer look I bet you know to advance patter information setting up here on the Aussie yen again if we look at our first one starting our X leg right up here right we're looking at a potential X to a A to B B to C and a potential C D completion right up here for a potential bearish Gartley formation at 85 39 if we zoom in a little bit and look at this most recent move we're also setting up a smaller potential advanced pattern formation right in here this one our X leg is going to start at 80 for 50 and we're going to be X to a A to B B to C d as you can see this is going to be a very deep Gartley completion or potential Gartley completion meaning it completes high at a higher retest of our impulse leg our ex leg right here and what I did was I just changed our constellation to show us the risk/reward I love drawing out these boxes it gives me a nice visualization of what I have to risk in order to what I have to reward or what I can look for as far as reward and I told you guys earlier I'm really big on drawing stuff on my charts and you can see the risk reward is that the risk is very very small here the reward to target one that's just a green area that's a very very big and it looks to be about target one a three point eight to one risk reward and target two is a six point two to one risk reward so a very very decent trading opportunity here and then there's the even bigger one here this one is not going to have as great as a risk reward because it's a more shallower pattern but two potential bearish trading opportunities here Gartley on the Aussie yen gold here on the dailies another interesting one this is one I was looking for a Head & Shoulders pattern a couple weeks ago I'll just go ahead and draw that out if you're here on trading view it should be one of my archived ideas you can you can look at it just find out where it's at we're looking for a Head and Shoulders pattern like this right we had our left shoulder our head we're looking for a retest down here originally somewhere in this area for a retest of the neckline and then putting a right shoulder up here you can see that happen for the most part we didn't get a we got a slanted line for our our neckline here I prefer again I prefer a horizontal one but having a slanted line also tells me something out something else about this this setup you can see that because our line doesn't test our neckline here we're continuing our series of putting in higher lows right starting down here you can see we have a higher high we have initial high and we have a low and we have a higher high and a higher low and a higher high and a higher low you guys familiar with how to read a price chart this means what what does this show us what type of trend right this shows us a bullish trend and if we're going to continue in this bullish trend right well the next place we're likely to hit is a retest of our previous structure high right here and what happened is as we approached this shoulder it looks like this shoulder is not going to hold and that's the we talked about head and shoulders patterns and different ways to trade you could be very aggressive and trade the right shoulder but the traditional way to trade it as a chart is right the traditional way to trade is by trading it essentially like a trend continue Asian trade where you wait for the breaking close of structure and then trade the retest and this is one of the reasons it can be very dangerous because although it looks like it couldn't be a head and shoulders formation it could easily be a trend continuation trade or another extension up and we just don't know so waiting for that confirmation is key in my opinion well you can see we had a breakout here price action gave us right this ascending triangle where we came up da-da-da-da-da-da eventually we broke up to the upside and again well I would expect as a retest of our previous structure highs up here where as it's at about a 1292 is that area and we can certainly look for a retest of structure right and move back down into our ascending triangle and a trend continuation opportunity on the way up for gold so that's what's going to be on my radar this week as well now news wise this is an interesting week here and we scroll to this for the first time here we're looking at Tuesday or Monday which is a bank holiday here in the US so that means thinner markets and center markets combined with big announcements is usually a pretty bad combination for any of you guys that have ever traded or seen the explosions that happened during the the Asia session when new zealand news comes out it's not fun because the markets are our center so we're I'm expecting thin Marcus tomorrow we do have ECB president mario draghi speaking I don't know if he's doing QA testify about the economy yet looks like you'll probably do a Q&A afterwards so this can be very dangerous the QA is typically where the market gets a little bit funky right the speech everyone knows the speech and nobody's going to say you know these guys do a great job at saying nothing the QA that's where they can get caught off-guard by some of the questions and if they hesitate or they something like that you know the market starts to form to his opinion so we want to be careful of tomorrow at 9:00 a.m. when Draghi speaks heading over into our week we also have some Kiwi news consumer confidence that's that's going to be Tuesday see Wednesday Canadian GDP this is going to be interesting for the Aussie here on Wednesday 9:30 and then Thursday when we start getting to the fun stuff we have a manufacturing PMI for the pound coming out we have our ADP non-farm employment change this is the the precursor to our Friday jobs number right our Friday jobs number we have more is M coming out oil news coming out later for the dollar as well so Thursday's gloomy interesting day in the market and that's going to be right leading up to Friday's news events which is the big one construction PMI for the pound we also have trade bounds for Canada in red but hourly average your average hourly earnings non-farm employment change and then the unemployment rate all of the fun jobs numbers that come out for a dollar on the first Friday of each month so a pretty decent fundamental week as well coming towards the end of the week now again we don't trade off of fundamentals here at trade empowered I'm a Chartist a technician so I trade what I see on the charts but I do think it's important to be aware of what news events are on the radar especially those which can kind of cause the funky moves where the market acts out of its norm for short periods of time you want to avoid notes you'll want to take any unnecessary losses so syndicate members I'll keep you guys updated during the week on what news events are there any other that I look at and that should be avoided or you should pay attention to I've had time to research or dig into it that's kind of a last priority but I'll shoot it through the trade floor I'll show you in a video this week for you guys in the syndicate program alright so I know that was a lot but thanks to technology you can go back and watch this as many times as you want for it to make sense but leave me uh leave me some feedback in the comment box below let me know what you think let me know if you kind of like the less is more approach like we've been doing more recently where we're concentrating on maybe one or two opportunities in the market or if you like the kind of the more is more approach where I'm taking a not going into as much detail but taking a broad look at everything that's on my radar for the week you guys know I kind of gear this video to what you get the most from so I do read each and every comment so if you have an opinion leave it in there if you just are like hey Akhil I like either way I just like seeing the videos feel free to type that in as well but I will see you guys next week remember Monday as a Memorial Day so no strategy lab we've been kicking behind in that strategy lab so a little upset that we're missing it this week but we'll be back next week or next Monday before our strategy lab talking about that testing and crunching the numbers and optimizing your trading plan and it's going to be a fun session the rest of you guys I'll see you in the live room I'll see you in the syndicate and until then plan your trade trade your plan take care if you like what you see make sure you hit that like button make sure you hit that subscribe button and you guys have a great holiday weekend all right traders so I hope you enjoyed today's video and if you did please show us by hitting that like button and subscribing by clicking the button right below if you're looking for more educational content feel free to head over to our trade Empowered dot-com website or also take a look and you'll see more videos available for you have a good one

Forex Trading: Trade Empowered War Room Meeting (8.31.2015)

Forex Trading Video: The Kiss of Death Trading Technique

hey traders in today's video we're going to be doing some technical analysis on the euro dollar as well as talking about how to actively manage a position while the trade is in progress hey traders kills folks here chief currency analyst and head trading coach at trade empower calm and welcome back to another one of my weekly forex trading videos we're gonna jump right into things this week and let's go take a look at the euro dollar now later on in this video I'm gonna show you guys some video recordings of the trade that we took in our live trading room and some recordings afterwards of me actively managing the trade but first I want to let you know why we decided to take this trade now if you guys master if I did this on a YouTube video or not but I know definitely in our syndicate program and in the live trading room you're gonna remember this because this is an opportunity that we had on our radar for a long time ever since price action broke out of this sideways channel we've been looking for reasons to get long the euro and our initial thought process if I head down here to the hourly was to look for a level right here you can see price action broken closed above our new structure highs we put in a consolidation pattern and then we put in a higher high higher closed so after price action did this we were looking for the opportunity to catch a retracement outside return pullback whatever you want to call it and get long now you can see price action did exactly that however I did not get the chance to get long so instead of throwing the trade away instead of kicking the cat we just patiently waited patiently waited price action abdun flowed up retesting previous structure highs here and then we put in another new structure high and all we did was repeat the same analysis after a new structure high we should expect trend continuation if we're gonna get trained continuation to the upside and I'll show you a little bit more about the bigger prediction later if we're gonna get a move to the upside or if we're predicting a move to the upside the next question is how are we likely to get there we're either gonna go straight up or we're gonna retest structure first and our thought process going going into today was if price action put in outside retesting previous structure Lowe's then I look for an opportunity to get long and that's exactly what we did now if this is a little confusing to you guys I want you to do this head over to our website trade in power com see if I can bring this over for you there we go click on to learn the trade tab up here at the top that should take you to a page it will take you to a page of lots of free education there's articles ebooks quick-hit training videos Fibonacci's but scroll all the way down and make sure you watch this into the great trading session this is gonna teach you about how to read a price chart and really the same tools the same simple tools and thought process that we use to execute this trade many of the traders in my live room many of the traders that I work with in the 12 week transformation say this was the video that kind of shifted their mindset into how they should be thinking about trading versus how to use to think about trading so make sure you watch this but let me show you a video recording from Moe's at Wednesday's live room session of us breaking down two euro dollar and taking the trade and then following that I'm going to show you some videos of me actively Manning to managing the trade while it was working its way towards target profits oops did I spoil it anyway sit back and relax and I'll see you guys in a little bit over here alright so look at that DSR is primed and ready for looking for a retracement back in the previous structure you guys can already see you guys can already see where we're looking for price action to come time why candles are so fat you need to lose weight but we're looking for price action to return into our kill zone not technically our kill zone is from right up here one 1243 to right down here if we used a little trick we just talked about what's another zone that we can identify what would you guys say yeah and em I'm sorry I wish we can spend a whole chunk of time training on this type of stuff but again this just isn't the place for it so we do have to get the trading in here I'm sorry we have Monday sessions reserved for that where we take an hour out and just no trading just training but during our live room sessions we've got to look around the markets yeah big green candle so again look at the big green candle right here and you can say well here's his own and of course this is when you go down to the lower timeframes yep gotta meet that money here is it here's a zone yeah involve yourself from the 12v transformation course and get some training yeah it's the best way to do it I'm a little biased but deservingly here's definitely here's certainly a place we can look but our kill zone is this big blue box and now we have to do our best job to break down this kill zone and try to find the optimal and tree or entries that can come in this area so let's go down one more time frame to the 60 I'll be looking inside this zone now in this zone I also have an even handle number 112 even we know what power even handled numbers have in the market so we want to identify those we also have our one six one eight inversion and we have our 786 extension in that area too so we have a little bit of a fibonacci cluster now you want on the 15 the 15 gives us another clear a clear picture so if you're doing analysis on the 15 you can take this move right here and you can start drawing off harmonics and you can start doing something like that what a coincidence hits our same level now you can do a Fibonacci extension swing high to swing low because we do have that pullback and that's gonna give you that one four one four right in there let me know when war room starts guys but now you can start adding them fluence if you're doing analysis on a 15 it's gonna be the the most things I can see you're hungry you're hungry to learn you want to learn and that's a good thing but we have something called the CTS system the combined technical score system and what that does is it gives you basically a checklist of things to look at in the market and that checklist contains everything from RSI to structure to ABCD patterns the Fibonacci's to advanced patterns and what the the purpose of the CTS system is it's a it's a scoring system where each time you get something in the market you would add up that score which allows you to consistently execute trades that have enough for you but the real gem of that system is making sure you analyze the markets the same way each time so if you know that you need if you know that your seat cts system requires you to look at ABCD structure Fibonacci RSI each time you enter the market you're looking at those same things and that's what's gonna allow you to have consistent analysis an example of the CTS will be right here we have an ABCD pattern right here we've got Fibonacci influence we can say higher time from confirmation so that would give you a CTS score of four then it's up to you to kind of figure out hey how much do I need what is the minimum requirement do I want to adjust my position size based off the score meaning does a very low score trade which should be a lower probability trade do i trade a half a position size there where if we have a everything qualified cts score of 13 no now I've now I enter a double position size because that's the best of the best and allows you to play around with that but the main thing is just looking at a again looking at the market consistently timing in time out that's the real gem all right we can just keep drawing fibs on here forever it's not gonna do anything I'm looking for 112 flat alright we've got my Fibonacci zone down here already we got my 786 in my one six one eight inversion down here we've got my ABCD pattern completion I'll be looking for one twelve flat for an opportunity to buy the euro so anywhere between one twelve flat and really one eleven 60s looking for this trend continuation opportunity any questions about euro before we move on to the next pair alright so we're back here on the euro dollar this with the trade we took this morning in our live room and well its expanded pretty well it's it came down to our potential reversal zone and we're getting a shot back up now we covered a topic a lot this was a topic we did on Monday in our 12-week transformation live training session about trailing trailing stops and kind of locking in profit and once you learn how to trade really trade management becomes the next crucial step that you can take to become more efficient as a trader you're not necessarily going to increase your win percentage by that much it will get better as you go on as you get used to different situations in the market but the key is to lock in as much profit as you can while also leaving yourself exposed to the least amount of risk but not doing it in such a way that you're not giving the trade enough room to breathe and this is where I like for for day trading especially this is where I like going down to the range bar charts you can see here on the 15-minute let me get that we don't want to look at price let's get this off here you can see on the 15-minute chart even under five we essentially had a straight move we came down to our potential reversal zone and we had one two three four five six seven out of the last eight candles we're bullish but this doesn't really give me any way to manage to trade now if I were to go down to a range bar chart you can see I get a a really a more in-depth look at the market where price action gives me the different herbs and flows that I would need to manage the trade so this is one of the reasons I like looking at range bar charts again it gives me a different perspective on the market and in this particular scenario it gives me a chance to reduce my risk on the trade locking in some profit even if we don't make it to that that full profit area that we talked about so if I have time I'll keep you guys updated on this trade I think it's cool to kind of see how it evolves over time how we went from our initial analysis to entering the trade to now managing the trade all right gang we're back it's about a little bit before 2:30 New York time and just want to keep you guys updated on the euro dollar trade I did one more video before this or I'm not sure if I recorded or not will when I get to editing but essentially we're just tracking the euro from resistance level to resistance level he got involved at the bottom as you remember and we're just going from decision point to decision point and this is where it's key to know how to read a try a price chart know how to determine significant levels of support and resistance so you can mentally prepare for the battle that's going to take place at this level again the ultimate goal here is to shoot for that 113 even handle a move really back into our resistance zone up here but yeah you don't want to be too greedy with initial target so we look for a nice psychological number here but at the same time we're just continuing to lock in profits and this is something I've been managing on the range bar chart and as the market continues to ebb and flow ebb and flow I'm just rolling my stop-loss or see if you see it here you have just rolling my stop-loss further and further up locking more and more profits so this started off as a trade that had about what maybe 20 30 pips of risk I don't remember but the point is right now the worst case scenario is a 50 pip winner and that's a good place to be and that just helps you stay mentally mentally focused throughout the trading it kind of obviously takes the the fear away from being stopped out knowing that you cannot lose money but it also takes the kind of fear away of of taking those profits early because a lot of the times people don't take profits early because they're greedy they take profits early because they're afraid that price action is gonna reverse direction and stop them out for a loss so having profit banked in knowing that the worst-case scenario in this trade is that I make money is it's kind of like playing with house money at the casino you know you've made yours no matter what now you can you can finish the game out probably a bad analysis I've had analogy seeing how we always want to separate trading from gambling but I hope you guys get the point you want to put yourself in a position where you're you're mentally stable that way you don't make trading mistakes because we know if you make trading mistakes that's a very easy way to sabotage your trading sabotage your account and really sabotage your future in trading hey hey hey just came back guys and sawed News Eurodollar did roll up to our 113 level or right below it you guys know we front and run orders so was able to get out now for about 110 pips on the trade now in the syndicate we do one in one out so which means we're only taking one target buy know from my personal account I'll actually be trailing this a little bit longer after all we are still in that that trend continuation phase here on euro dollar I'm just bringing up on a daily where we're expecting the market to continue up a little more to our potential either structure level up here or a bat pattern completion up at 113 85 so maybe I'll do some more analysis for you tomorrow if anything cool happens in the live room but a good trade you guys got to kind of see the thought process and the management process of how I go through it and well we're able to make some pips off it as well so that's always a plus so see you guys next time looking at the euro dollar real time I'm back on the daily chart now you can see the breakout that we had of that consolidation area and at quick glance it really looks like the market isn't really doing much we have swing highs over here we have swing lows over here consolidation in the middle and the market really hasn't made up its mind on which way it wants to go now hidden within this mess is actually a very high probability trading pattern trading strategy and it's gonna be called a bat pattern if I go ahead to my indicator list if I bring on my constellation pattern recognition software you're gonna see that we have a bearish bat pattern completing right at 113 83 so I'm recording this set what is it it's Thursday about 12:30 12:45 is right now there's a good chance that this will be filled by tomorrow so if you are an advanced pattern trader if you trade on the daily timeframe this is the next opportunity that awaits you now I'm going to be holding the remainder of my position we did one in one out went out on the syndicate but in my personal account I'll I will be remain uh I will be holding there we go the remainder of my position to see if we can retest the top of our ex leg up here at 114 77 aside from that I don't really have any real reason to think that price action will go higher before getting some sort of retracement so I'll look to take maybe not the remainder of my position off but the bulk of my position off at that level if we can get there and then see what price action does at that decision point but again advanced pattern traders back pattern traders daily timeframe traders you have a bearish bat pattern completion looking at 113 83 that will be the next opportunity to get short on the Eurodollar so I hope you guys enjoyed this if you do give it a like give it a share on social media again I'm still trying to reach 25,000 subscribers for the year I'm a little behind pace on doing that but if you guys step it up if you keep showing energy and sharing and subscribing and encouraging other traders to check out this video I have no doubt that we'll be able to accomplish that goal but until next time plan your trade trade your plan live remembers no live room tomorrow syndicate members either you won't see me active on the trade floor tomorrow I'll be in the Big Apple all day New York City but I'll be back next week and until then plan your trade trade your plan best of luck in the markets as we close out this week yeah yeah we got we got orders on for uh for pound dollar previous resistance comes into support so this was a level that was resistance right boom hit rejected boom hit rejected boom hit rejected boom broken right we can anticipate what that the same thing we always see right the same thing we always see a move back in the structure and a continuation I mean look you guys remember this right here give me yes if you remember to analysis on this level right here look look same thing retracement extension doesn't mean you're always gonna get a chance to enter it and that's that's the the big thing will people get upset like oh whoa well hell you know didn't get involved so it doesn't work well not that's not the point that the key is that you're working on your analysis you'll always be able to fine tune your trading and find a way to get a get in there it's got to become more aggressive if you want to catch every move but the key is defined tune your analysis I would put more I would reward yourself more guys for making a right prediction than actually being in the trade I know that sounds crazy the Internet is gonna hammer me if I post this live I'll have to edit it out for my own safety I will have to edit this out for my own safety but I believe that there you can get more especially for the level of traders that you guys are right now for the majority of you you can get more out of being right in these predictions than actually making money because guess what if you're writing these predictions what are you going to start doing you're gonna start getting confidence in yourself right if you see this and you predicted and it happens you're gaining confidence you're believing oh well maybe this stuff is right maybe this outside return magic is it works and then when you do trade live guess what you have you have that confidence you're not making those emotional mistakes you have that confidence you're not moving stops back and taking targets early because now you feel comfortable you know you know that if you get fouled with two seconds left on the shot or in the game you're gonna go to that foul line and sync that shot and in the long run that's what matters no one thinks about the long game we're tuned to one instant gratification instant gratification last a little little bit of time right we want longevity you want to be consistently profitable over time toward us in the hair guys so that little rant aside I'd be looking for a retest er structure we are back and yeah yeah yeah I'm pretty great pretty awesome but not seriously that is the cool thing if you noticed um I'm not sure how many of you have been in The Syndicate for how long but it really is like that and that's kind of the beauty of it's one of the beauties of trading different strategies I always talk about you guys should start off with a single strategy and match that one strategy that's that's true but I think as you go on you should light it like any investment you should diversify your portfolio and one of the beauties that we're seeing in the syndicate is Jason and I do have different styles now obviously you know Jason was my mentor is my mentor was my coach so I trade very similar philosophy to his but we are slightly different traders and what you'll notice is that I was having a hard time to start off the year and he was on just a brutally vicious run he was just destroying the markets just beating it to death each and every weekend over the last week or so he's cooled down some which is expected you know we don't just win forever ma'am yeah I'm not gonna sell you a dream it's I'm sorry it doesn't work like that but the beauty is when I was cold he was hot now he's a little bit cold and I'm having a pretty good decent run over the last few weeks and it balances each other out and what you don't get from that is you don't see the massive returns maybe over only a few weeks a year you see like you know 10% weeks or anything like that but you don't you don't see that on a regular basis but you also don't see the massive drawdown you just see a slow consistent boring Drive right a boring Drive in the right direction and it scares a lot of traders off because many traders they want the big returns they they see the the the stories of glory on the internet about 20 percent weeks and turning 500 dollar accounts into a million dollars and you know we don't you're not gonna get that with us I'm sorry we're yeah you're not gonna get that with us what you are gonna get is gonna wait you're going to get a way to make consistent profits over time and if you implement a good money management strategy with that you know you're just gonna increase your returns as your account increases but I'd say what that's the key to longevity in this industry because those traders that take their account from $500 to a million dollars in a year they usually don't last more than a few years just being Iced with you so long term results right long term results guys we need a we need plan we call all you see this is all emotional because I lost to this morning so you're gonna skip a winner huh what if you lost to this morning this rallies up it does exactly what you expected it to do all of the hard work all the analysis that you did to the market and it does exactly what you expected it to do but you're on the sidelines because you were scared you could have made up for those two losses and some but you didn't take it because you were scared guys you see why traders why so many traders fails it's stuff like this it's not the inability to do analysis it's not the inability to do analysis you guys can analyze the market you guys can read a price chart it's those stupid emotions that get in the way you sabotage yourself by either not having a plan and when you don't have a plan you make emotional decisions when you make emotional decisions you're not consistent when you're not consistent you don't consistently make profit you're just gambling how do you turn off your emotions easy you develop a 100% belief in what you're doing we talked about back-testing a lot it takes a long time to develop rules of engagement back test those rules of engagement tweak those rules of engagement back tests those rules of engagement again forward test those rules of engagement before trading it but if you do it the right way if you go through the process of learning how to trade the right way you should have a 100% belief in what you're doing now those emotions are still gonna get involved right I'm not saying you're gonna be emotionless right I still have trades where I'm like that was it the pound um I won on a pound dollar trade last night on us about a cipher that I did not want to take I'm looking at him like uh I think this pound is gonna go south but I took the tray so those emotions are still gonna be there but if you have that belief in your system if you have that belief that if you consistently execute your system over time right it's gonna help avoid those emotions but you need concise rules because if you don't have clear concise rules then those emotions are gonna get involved and when I'm seeing you tell me like this you don't you don't have rules to trade this you're like well if this happens I'll do this but sometimes if this happens I'll do that well maybe it needs this but no but this isn't big enough but that's too small and you're giving me all these excuses why because you don't want to be in the Train you don't want to be in the trade because you're scared so you're making them any reason possible not to get involved am i right did I nail it yeah Gazza I've worked with thousands of clients hundreds of countries there aren't too many differences in struggling traders they typically all the flaws typically lie in the same area you guys aren't alone