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Welcome back folks, daily
recap for February 21st, 2017.
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Okay.
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The dollar index on the left,
we have the daily chart.
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Uh, we did go through our rejection
block that we were talking about
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potentially being as an upside objective.
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It traded through that
fell short of the old high.
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We do have a weekly bullish order
block at this level here, as you
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probably are aware, as we outlined
it today in the live session.
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We have the likelihood of price
may be coming back down in here.
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Again, if we do we'll maybe see a run up
into the levels indicated here, if we lose
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this level and we come back down below
this low here, I think we've probably
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made a failure swing on the dollar index.
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And then maybe this is a
short term, intermediate term.
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That would lead to a
lower run on a dollar.
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I don't know if that's the case
yet, but, uh, given the fact that we
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haven't seen the range still break
or come out of this trading range,
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we're still in that range defined as
we outlined a couple of weeks ago.
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Um, it hasn't really moved.
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So we'll be looking for signs tonight
in London, going into New York to
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see if we have dollar strength to
continue up into the fair value gap.
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Outlined over here and as
well from the four hour.
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So if we get that upside objective,
that may be enough to turn the tide
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and make things go longer, term
bullish for the dollar index and bit
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until we get above this short-term
high here or come back down into this
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level here for essential by, uh, I'm
not, I'm not bullish on value yet.
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It still has to give me
something convincing and.
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It's just not there yet.
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You're a dollar.
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Okay.
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We had a 1 0 5, 10 south side
liquidity identify with this old low.
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So we mentioned, uh, the
railroad tracks in here and the.
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So we had very nice mitigation on the
part of longs that were used to drive
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price up above the short-term high.
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It did take those lungs
off, mitigated them.
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And now we add apparently new shorts,
uh, south side, the quarterly rest.
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It's still below here and below that
we start going back to the bodies
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of these candles for our rejection.
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Okay.
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So we see continuation on
this pair on the lower side.
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That's the objective.
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We're trying to get back down
here to the 1 0 3 90 to 103 80
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level, uh, for downside objective.
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Um, we said that this pair was probably
going to drive Euro pound lower,
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and this one has been able to trade
lower almost in a trending fashion.
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If we can get below this low.
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That will help it even more drive
Euro pounds lower because of the next
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pair we're talking about is cable.
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And I'm sure it probably today,
you looking at this pair thinking.
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There's Adam trendline guys that
were looking at that trend line.
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It's probably going to keep going down.
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ICT was wrong there.
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Uh, well it came all the way down and
didn't break the range that I gave you.
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It didn't do that at all.
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It's so right off at a touch on the trend
line and it gave you an intraday move.
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But look at the range,
come all the way back.
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You think these bears are
excited to see this, and that's
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what I'm trying to tell you.
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I mentioned this.
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The last couple of times when we get
together re referring to pound dollar,
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this pair is stuck and unless you're day
trading and then getting in and getting
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out real quick, get off of this pair.
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It's going to beat you.
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And you can see it here.
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You know, the trend line still, if you
guys like to follow that stuff and have
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faith in it, that we're probably going
to be seeing it breach and it'll reach
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for the buy-side liquidity up in here.
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It had every reason to go lower today
and really break and come down below
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the bodies of these candles in here.
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Couldn't do it.
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Okay.
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So while this pair is being held
in consolidation and going back
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to Euro Euro being permitted
to trade lower, we know that.
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The trade's going to be in
your opinion, that means your
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appeal is going to go lower.
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Let's take a look at that pair.
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Your European did.
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In fact break its low after
trading into a spiritual block.
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As we mentioned last week alive,
this was completed now and we could
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potentially see a trade lower and
I'm still liking that level 83 40.
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So unless we reject this and really
start to turn north, we're looking
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for 83 40 still for European.
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That means town.
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Dollar's going to stay in
consolidation and still potentially
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make a run higher dollar CAD.
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I'm still pressing a little bit higher.
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I'd like to see it, get above this
level here before I get bullish on it.
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00:05:03,645 --> 00:05:06,885
And it's going to have to
be in concert with a dollar
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index, um, a bull run as well.
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So they have to be an agreement, but
this pair has to get above these highs
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for me to be bullish on dollar K.
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So nothing's changed for those
parents still in the consolidation
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until we break above this high.
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00:05:23,160 --> 00:05:27,270
And then we can be looking for a long
if dollar index is still bullish,
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all the dollar came down, mean
threshold, trade through it today,
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intraday, and then quickly rejected.
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Uh, you can see a nicer reaction here.
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Also.
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I want a four hour basis.
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So we're looking for a potential run
still in the cards for 77 45 to 77.
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So those levels are still possible.
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00:05:47,474 --> 00:05:52,965
Um, if we lose the main threshold on
a closing basis on a daily chart, then
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we're going to be looking for a run
below these lows for our cell stops.
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Okay.
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And then have the rejection block here
noted based on these candles bodies.
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00:06:00,885 --> 00:06:04,844
And if we get down to this level
here and leave the 77 45 7 7 50 level
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untouched, that will be the objective.
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00:06:07,455 --> 00:06:11,055
Once we get down to here, we can
look for a long to go here to here.
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00:06:12,210 --> 00:06:17,550
Just like cable came down into a Bullhorn
block relative to the four-hour chart
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over here, came down rejected, and
then we're back up as still think.
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00:06:24,240 --> 00:06:28,760
I really liked that 1250 level
until we break down in, in
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the real convincing fashion.
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This metal, it's probably
going to hit that 1250 level
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that this won't let it drop.
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And this is just in my opinion,
more reasons to expect it to be
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range expansion on the upside.
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We've got this buy-side liquidity
pool, equal highs up in here.
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It's a lot going for it to want to go up
here, even if it just goes up above these,
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these highs here and doesn't get to 12.
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I'll take that as a
moral victory who cares?
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I mean, it's been a nice bounce off
of this level we call beforehand.
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So if I can get that to unfold again,
that's going to be a favorable outcome
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for experience for you folks, as
mentorship members, silver, still playing.
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Reluctant to get to that 1820 level.
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Uh, it's just, if this metal is being
brutal to those that want to see it move
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higher, uh, I still expect 1820, unless we
get a really ferocious breakdown in here.
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Uh, we traded it down below the
body of this candle here, which
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is a rejection block, traded down
rejected price, as you would expect.
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And we're back up here again.
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Was that taking cell stops out?
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Well, we'll see, probably tomorrow.
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Um, but in here, I like the fact that we
come off the lows aggressively and it was
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on a lower, low that it tried to do it.
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So we had a low with a wick.
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We had a low and it
came off fellows again.
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00:07:54,615 --> 00:07:59,685
So they may be just accumulating in
here in a larger little consolidation
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and still looking for the 1822.
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But very, very difficult metal, uh,
trade outside the futures market.
138
00:08:07,109 --> 00:08:13,049
So again, just for study purposes, 1820,
still the objective until we give up this
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level here, 1775, that's it for today.
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Folks, we will have another live
session tomorrow at 9:00 AM.
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So until then I wish you
good luck in the tree.
12204
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