VIDEO
Transcript;
okay guys let's replay this day this is very similar what we do on the candle by candle Workshop that class three is
tomorrow if you want to join us and you'll get the recordings for the previous two but we're going to walk
through this day because this is really important first of all it starts out
with your am briefing today is a difficult Opex
Friday day plus Monday is a holiday and if you're looking a week ahead fomc is
in two trading days Friday rules are in place what are Friday rules Friday rules
are trade at half of your normal daily stop so if you can say hey on any given
day I'll lose a th000 bucks no problem well today is 500 or you take a percentage of your
weekly profits and you do 10 20 30 40 50% you decide how much am I willing to
give up of my weekly profits cuz the goal is to go into the week and a winner nothing sucks more than giving back your
week on Friday ask me how I know how did we come up with Friday
rules pain prediction yes
prediction pain that's how pain so you must go into today
knowing level 10 difficulty trade small if at
all so let's play The Day first of all this was a fantastic long that I took
here this was against the single prins and and yesterday's halfback and just had a fantastic reaction multiple
contracts multiple 10 pointers I was set up real nicely I knew after this trade I
would be trading small for the rest of the day I did this in what six accounts
for the rest of the day I'm trading One account at a time I am deleveraging
why it's Friday it's OPEC Friday it's the OPEC Friday before a holiday it's Opex Friday before a holiday in fomc
trade small if at all uh I was really excited to see it come here I felt this
is a fantastic place that price would defend and if I remember over here I'm
trying to remember bouncing off its halfback as
well I forget exactly but we had some Confluence on the higher time frames that's not what this is
about so let's get started let's go Candle by candle here um in the pre morning you have this
now you also have this eight-point candle what is The Prudent decision it needs to bounce off two newly created
levels so it bounced here or it could be newly created it can be anything but there was one bounce right here in my
opinion on the eight-point candle we should wait for two bounces yep I'm on a three minute
chart opening candles eight points so what do you do you stop you
wait till it balances twice why do why do we have that
rule pain pain like Mr T says
pain so am I interested in this long right here no sir I'm not I would love
for it to bounce I would consider that the first bounce so first Bounce has
occurred on the 3 minute chart what have we left behind we've left behind this
front side what about the breake level let's come here well this is a breake level this is a tested breake
level and let's go back and mark this as the front side you could do it as the wick or the base your
choice um do you have a backside here in a fair value Gap I don't think you
actually do I think that is the level let me zoom in
here let me put on this it's a backside a fair value Gap nope it's already
tested all right let's hit candle replay so first bounce second bounce you could
say hey I'm ready to trade wonderful let's see what happens now in our group
while we were doing Zoom here I said stay out of the way stay out of the way don't trade
don't trade let's see what happens here this is Opex Friday blah blah blah let's
watch what happens another eight-point candle I advise the group at this point
one two three this is a perfect time to stop trading especially if you took this
trade which a lot of people did and you're up you're done walk away from the
chart say no to the chart this is telling us to
stop you might want to say well I want to wait till there's three eight point candles in rth okay so what reset here I
need two more bounces I need two more bounces let's see what
happens oh there's your third eight-point candle you are done trading for the day congratulations Capital
preservation day you're done you're dismissed class over
but let's continue trading shall we what happens here what gets
reset two bounces you can choose to ignore that if you want but I came up
with that rule for a reason because it will save your bottom more times the KN
now what happened here also ah rth low that's yesterday's low
what are we looking for here I'm looking for a Breakin long
why because dominant trend is North we were so close to the all-time high today
we were looking for Longs I wasn't looking for shorts at all zero none if
you are on Zoom you can verify that so we are looking now for a
break-in trade we are looking for a break-in trade so what did we leave behind let's
look at this now I'm going to get rid of the single prints don't need it
this is yesterday's rth low okay you got this backside here this
is the backside range that's your backside range what's
your backup level this could be your backup level do you have a break level backup you do not have a backup level
now we are vomiting down vomiting down vomiting down if you wanted to take this
you certainly could but where's your backup level so let's do a little math here if you're
going to take this trade you got three points to here this is kind of something on a backup level three point three and
a half if you go two points above that to five and a half are you willing to take five and a half stop loss without a
real backup level well that's up to you or do you adjust your
leverage do you adjust your Leverage what if price down here dances around
and then starts lading up do you still want to take this short or do you want to take a short in a rapid move up there
that's how I would take this short if price rapidly moved up I would be interested in taking this short I did
not take this short however I did not take this short in the group why I'm
looking for Longs why we just did a liquidity grab on a on a daily
low I'm looking for it to go up now dominant trend is
up let's drop down to um drop to one minute
here now if you were interested in the first touch long that was it right there that would have been perfect entry for a
long at least to go to the backside right there would have been a perfect entry long I would have considered this
the first ladder I like the second and third ladders plus I know what we actually do have a backside here we got
to contend with that you'd still be in your long you'd
still be in your long that would be the optimal exit right there why because price is about to bounce back in your
face maybe a little bit higher but price is about to get bounced back in your face most
likely but once again I'm looking for the Breakin long that was the first ladder you could have taken
it there's the back side and there's the backside bounce beautiful beautiful now
this is gone and if you took that short awesome I know some uh one of the traders in our Zoom took it but now we
got to get rid of that because that's the break level that's the backside
range let's go back to a three minute chart because I want to see what we've
left behind what have we left behind here I got this front side here so most
likely what's going to happen happen cuz our levels do really really well what is most likely going to happen it's going
to bounce off here come down to this front side and bounce if you were on my zoom this morning tell me we did not say
that put it in the comments below for me did we say
that yeah we did let's see uh
candle went against you a little bit and then boom came back and it should bounce
right here if you were interested in a 3 minute minute first ladder that's your first
ladder you already had your one minute you would have taken your profit right there I would not have went short there
so what it bounced I love that it bounced I want every level to bounce even if I don't take the trade but right
here would have been your three minute long from the break-in trade of the liquidity
grab all right let's keep playing here so I can delete
that um none of this is anything none of this
is anything there's nothing there for me there's no levels there for
me okay almost a double tap if you manage that with your stop at
break even you're still in this trade what are we leaving behind at this
point um I've got this fair value Gap here I got a little something here Wick
base all right I want to know do I get two candle clearance or do I just want
to take a cotton entry long right here off this 30 I know I took that trade
what did I'm over here looking I took it at um let me look at the times here it's
after the opening I must have took it in a different account nope I took it at 32
is where I took the long so I took a long somewhere in here it doesn't matter let's just watch the
candles
um okay now what is it doing what is price doing leaving a fair value Gap
leaving a fair value Gap and obviously has this trend up from the liquidity
grab should you be looking for a short heck no no this thing just did a
liquidity grab off a daily time frame consider this High time frame where's 15 to 25 points I'm just curious okay
there's 25 points this is kind of getting out of the range now where that level could
bounce however this is a daily it's not a 30 minutes so it's probably a little bigger than that but I there's no way
I'm looking for a long here lading up string of fair value gaps it bounced off the backside it bounced off the front
side and when it bounced off this backside how big of a bounce was it pretty decent
but did we make new lows nope all right so right there would be
an entry for me that's why where I entered at 32 right there would be an entry for me I would consider this the
second ladder all right we're talking about
following our trade staying in our trade now if you took this short why why are
you taking that short do you have a backup level nope because this backup level is what
this back level is already tested you don't have a backup level so you could delete that level off your
chart and go I'm not taking it why I don't have a backup level if you're long where's an optimal exit right here at
this daily high or just before it or you could do it at that break level if you
wanted or you just keep following it and keep a lottery trade back see my video
from um around noon about the points I made this morning and staying in a
trade all right what did we leave behind well we're leaving behind this structure
now we're leaving behind this structure here candle replay all right there would have been
an optimal exit in my humble opinion we are now in a very parabolic type of move
would you agree should you be shorting on top of a parabolic move no
sir no no sir you don't and now what I want to turn
on I want to turn on my essentials up we're at my stop trading so you'd have been in your long and you're just
following your long now here okay you're following your long right here you're at 10 points I would put my stop at 10
points and I'd get and if it got me out great if it continued great but now we
are in the stop Trading Zone so you had stopped trading earlier by three-point
candles but if you're watching price action with us live you would have been looking for Longs you would have been in
a long we call two different entries both entries worked really really well so this is New York lunch this a no
trade zone it's still honoring that trend line still honoring it my stop would now
be here right underneath here if I didn't take my 10 points which actually is at 10 points so uh really
nice um what have we left behind well you've got this break level here
now this meets all of our definitions do you have a backup level
to take this long no but you certainly could you could cuz it's a break level
you just have a paper cut stop loss underneath it that's all just have a little paper cut stoploss
here okay now I'm pretty sure that's within three ticks you're either in the trade or now you have to mark this as
tested and you want to be
flat um nothing in a fair value Gap here on this kind of day you want to be super
picky if you were interested in a muddy front side this would be your front side
but do you have a backup level nope cuz the break is here so there's no short
there you have no backup level you got a muddy front side with a tested break no thank you and you're in New York lunch
no thank you it obviously worked but I'm still
not taking it it's already tested if anything you're still in your long from down here if you got into your long here
you really are following price and you're very excited you've done very well you had perfect
entry nice job okay first time we're taking out a brake level here we're in New York lch how excited am I to take
this trade right here we've got to talk about that how excited are you to take
this trade right here we just based up here all this time
we're now taking out a break level how excited am I to take this now it is against
vwap and I promise you that's where Pac was am I interested in taking that nope
why number one it's New York lunch number two are we now in a aggressive lading up sequence no we've
went up we've Consolidated we appear to be reversing what does es like to do it
likes to take out a high and takes out a low this is in the middle of the range right this is in the middle of the
range here let's just draw this
box come on box we'll draw this box here's the
middle of the range the middle of range a little a little bit lower but it's in the middle of the range all right am I interested in
taking this trade no way where's my backup level let's measure where is my
first backup level 6 and a half points away now there's lots of backup levels down here would I be interested in a
long down here very very possibly why I got lots of backup levels so my long
would be more closer to this 30 level not here let's see what it's going to
do okay so you were given the gift of Break Even it went through your level and
you're going crap it comes back up just get out what should price do touch and
go just get out I'd still be interested in a long here and you get to decide
where would you want your long here you get to pick that so all of those levels are
basically within seven points of each other um yeah yeah that's a total take
you take it here at this 31 level and you have all kind of backups and if it rips through and comes back you take the
gift of Break Even who cares okay didn't get there didn't get
there and this is where sometimes Traders will get themselves in trouble like see if I have just held on it made
money so what get out at break even and wait for the next high probability trade
you don't hope anymore did it touch and bounce no it did not take make the gift
to break even okay so this became a backside sorry I got to keep
up this became a backside this became a
backside um this is a backside and actually I took this trade
I went short at 44 now I shorted the backup level cuz I
actually went short 44 but if if you took this trade here you got the wick
right here it went straight against you you have a backup level what's what's
what is my plan here it went straight through this backside I honestly I I
would have hoped it would have bounced here and I went oh well I missed it I was being greedy but it came to my level
and I'm like okay cool I don't mind trading the backup level because it was it's a paper cut
stoploss it's a paper cut stop loss
right there you were given the gift of Break Even again you were given the gift of Break Even again and here is where I took my
gift of Break Even I was expecting a move it came back I'm
out I'm out now you're like George that was New
York lunch yeah I tend to come back about this 12:30 30 minutes before the Silver Bullet hour so it still is in the
red zone and the beautiful thing about the red zone is I know I should be trading small so I was up 87 points how
many contracts do you think I traded here one with a paper cut stop loss and I
traded the backup level does that make sense so you were given the gift to
break even did it bounce off the backside no all it had was a reaction am I interested in shorting
again no I have no levels I have no levels I have no backup
levels there's no backup levels you can say well this is a front side here well
I here's the backs side of that here's the front side here and I'd go yeah did the backside bounce no do I want to take
the front side no where's my backup level even if that's a front side where's my backup
level you do not have one there is no trade
here all right let's see what happens all right what got left
behind all right if you got a wick and you got a body um you don't really have
a front side back side it's a weird little setup here and you got vwap how well has vwap been respected today not
very much not very much I'd remove vwap it gives me zero confidence when vwap is
bouncing and being respected and it lines up with one of our levels I'm cool with that okay I had on the essentials
because it's my stop time I'm going to turn it back on for a second because it shows me my no trade zone that red box
is my no trade zone all right candle
candle candle we're almost at my start time 1 o00
here all right now we're at my we are at my uh beginning time so I come in here
and I'll look at this and I'll go okay what just happened we took out this RT H High what
do I expect to happen it to come back to pck is this a cool liquidity grab short
back to pck that's what I'm looking for at this very moment because I'm not in any trade
that's what I'd be looking for all right it's lading up it's lading
up it's lading up you're not getting the comeback here so what I'm looking for
now is a long I'm looking for a long off this and a long off here and I actually
took this long at 51 I believe is where I took
it um or was it 52 I think it was 51 right there was my entry at 51 so I went
long there targeting the all-time high okay so we pulled back halfway through the range fair value gapping out of here
come on give me this fair value gapping out of
here good place to be long it got me out at break even I didn't make anything on
it but I tried I tried
okay all right now it's coming back into the range now I'm like okay maybe this was a liquidity grab short can I
possibly find a way to get short to come back to Pac why it's Opex Friday and and a lot of times it just finishes around
Pock so that's what I would be looking for now these levels are
here they are here do you want to take them well and you actually have a break level right here as
well so think about what happened let's think about the reverse here it did a
liquidity grab come back in not as nice as a liquidity grab but
it definitely took the high come back in do I want to take the counter to that
trade as far as a long coming back into the middle of the range is that the
trade that you want to do is that in your trade plan does that excite you for it to make a new high it fails to ladder
up off the backside and it comes back in am I interested in that no probably not
if I did if I did um it would be small so tiny here and if it went
through and came back I'm out at the gift to break even if I wanted to or you could say you know what I'm going to be
greedier and let this thing come down here and then maybe I'm interested in along in the lower part of the
distribution of the range let me throw up this where's the lower part of the
distribution right down here in this green zone so I'd be more interested in this long
perhaps all right so this level did not develop really well kind of but it just didn't
balance it didn't it didn't keep going did it no it did not
okay um I'm going to turn off the Essentials now all right turning
around um oh those were backsides right
there and I took the wick okay so I I took this comeback Wick it's now tested
so this backside here this backside here it's already tested that's some kind of
middle backside with this little front and I'll tell you when I took this 51 I
knew I had that level and this level so this was sorry this was my backup
level to this long come on right here this was the backup level so this was my
entry this would have been in my backup level okay so if this level's here
where's your backup level you don't have one it's not an entry if you don't have a backup level don't count it as an
entry because it's not an entry why there's no backup level
okay okay boom eighto candle now I do want you to
note vomited through here and the reason why I have this drawn here is cu right here you got an eight-point candle it
went red immediately now this is Opex FR this is a freaking 18-point
candle okay sometimes it happens if you took this long here I'm okay with it because
you had a backup level just recognize you went long in the middle of the range
after it did a liquidity grab and come back in very interesting so you could have
took taken this and just suffered a loss it happens it happens welcome to trading
now this is the fourth three point I mean eight-point candle you should have quit way over
here so if you took that as a as a trade and you took a loss I get it but the
eight-point alert went off right here don't know if You' have had enough time to adjust but I wouldn't have had an
order setting there anyway I would want to go for a greed entry here so I if I was to go long I
would have taken this and suffered this and then when it got back to here what am I going to do
I'm gonna take the gift of break even and right there gave me the gift of
Break Even when it did that oh well I'm out what did it do it deleted this line deleted this line deleted this line
whoops deleted this line deleted this line this was on a one minute level
removed now there is no nothing to stop this thing from going and taking out
that low does that mean you know what I mean so
here you are now 10 minutes before Power Hour the final 30 minutes you had this
big candle on Friday OPEC Friday before holiday on Monday before fomc and two
trading days do you want to continue trading do you want to continue
trading you can I hope you're up really nicely and you're betting very small
let's say you only at Five Points on the day you're done be content move
on should you be trading funded accounts here
no if you don't have any evals you're
done okay let's press play
no level development but what's happening it left this behind it's not
going up there and getting it I'm targeting here now I'm looking
for a reason for this thing to come in and I can get short which I did by the way so that's why I know because that's
what I was looking for I'm was looking for a short here if we got a push down and it came
back to a level that was my requirement
okay we're getting a little push another push awesome now I'm starting to look at
my backside my backside level I love that it left this I love it I love it I
love it there's a little bit of a fair value Gap
here love it oh love it and I went short right here 23 I had two candle clearance
it came back up I FR ran it why I had two backup levels then my out was going to be there I'm up 87 points can I
suffer I forget was it Five Points yeah can I suffer Five Points
yeah I can do that on this why because I was targeting this low here I was hoping
it made it um I made five points on it is what I made on it that was my final
trade here let me screenshot
this so there there was my trade I went short 23 at 251 9 minutes before not a great
time to be trading eighto candle but luckily it goes in your direction right then that's it for the day I mean
it's it's it it's done and then it takes the liquidity at
the very very end so that's a replay of this day I hope that was helpful if you'd like to do this tomorrow morning
with me let me know and I'll give you the link to sign up for the price action Workshop you'll get the last two price
action workshops we did and we have two more to do live on Saturday mornings at 10:00 a.m. eastern Stay Green my friends
and to learn more about our group go to micr [Music]
trader.com
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