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hello everybody how is it going today
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so today we're going to be talking about
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how to read charts
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and welcome to lesson number eight
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we're going to be talking about how to
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read charts analyze candlesticks
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and reading price action so by the time
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you're done this class
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you should have a very firm grasp on
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what are all these charts what are
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what's all this information going on
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with all these charts
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what do these candles actually mean what
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is actually price action
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i'm sure that you guys have been very
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overwhelmed before
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if you have not been exposed to learning
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how to read charts before
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and these candlesticks guys they really
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do tell a story
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so let's recap everything that we've
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learned thus far from lessons one to
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seven very briefly
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so i hope you guys have had a fantastic
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day trading so far
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and i am so excited to be doing this new
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lesson number eight with you guys and
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thank you very much for tuning in
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so in the very first class you guys
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should be able to speak the lingo with
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me now right
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we've talked about the common
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terminologies in lesson number two
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we talked about how to deal with your
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emotions
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how to naturally progress by losing
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quite often
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what is risk management as well and how
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we try to make sure that we
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increase our probability so we can trade
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like a casino and we focus
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on taking high probability setups that
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yield
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high rewards with very little risk in
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lesson number three
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we talked about dollar cost averaging
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what is dollar cost averaging and what
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is laddering your buys
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laddering your buys is the process of
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slowly buying on the dips as it gets
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lower and lower
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this way you can average out the cost of
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your position
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this way you're not actually trapped in
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one particular situation
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only what is the level two that was
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lesson number four
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reading the level two is a crucial part
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of understanding
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quick and real-time momentum changes we
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have to understand what the bids are we
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have to understand what the asks are as
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well
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it's only until we know how to read the
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level 2 order book
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that's when we'll have a very firm grasp
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on what
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exactly is going on in the order book we
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also get a chance to spot
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walls whenever we see these walls some
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people call it manipulation
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a lot of people also call it strategy we
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have to keep in mind that trading is one
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big strategy game right and because it's
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a very big strategy game
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there's always people trying to block
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each other and then lesson number five
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we covered what is going long what is
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going short
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what is margin trading what is
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leveraging what are the risks
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associated with it now in lesson number
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six
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we talked about what is why do we need
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charts right why do we need charts and
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why is it
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important we talked about how to
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customize trading view as well
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and in lesson number seven which was
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just the previous lesson
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we talked about what are technical
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indicators what is a technical analyst
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how are they actually used how are these
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indicators used
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how do we differ from a technical
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analyst and a fundamental analyst
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what are some of the philosophies
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associated with being a technical
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analyst
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rather than investing from a fundamental
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level
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so guys let's get right into this okay
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i'm very excited to be talking to you
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guys about how to read charts
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we're going to learn how to analyze
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candlesticks we're going to learn how to
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read price action so thank you very much
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once again for joining me for this
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lesson
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number eight okay let's jump right into
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this tutorial
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as you guys have probably customized
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already this is how my screen
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normally looks like i've got six charts
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here on my large
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32 inch monitor it's not a 4k monitor
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because i don't need a 4k
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monitor right a 1080p monitor does the
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job perfectly fine
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and it's actually all that i need some
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people prefer to have a 4k monitor
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you guys have seen my setup before right
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i have two
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32-inch monitors and let me just show
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you guys my setup if you've never seen
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it before
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so this right here is the setup that i
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use on a day-to-day basis
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i've got two 32-inch monitors there i've
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got a really cool corsair
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mouse and keyboard combo lots of messy
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cables but it's actually all cleaned up
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now
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i've got a really cool monster rig here
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i really enjoy my
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my led displays that you guys see here
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right
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beautiful displays here with rgb
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lighting i've got a nice 1060 video card
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all water cooled as well yeah it's it's
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a cool setup it really is a really
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definitely a really cool setup here
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so that but the main thing to notice is
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that this is this is my monitor setup
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right here okay guys
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this screen that you guys are looking at
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is right here and this is where my web
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camera is
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i've got a steel series headset rgb
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lighting keyboard and mouse as well
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and this is the monitor that you guys
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always see but normally i actually have
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six
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setups on here so make sure that you
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guys are customizing your view as well
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to however you prefer them
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and i also have a tablet that i'm always
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keeping on my keyboard
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or buy my keyboard i've got a cell phone
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as well actually two cell phones both of
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them have my 2fa on it that don't touch
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the internet at all
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so yeah i just want to show you guys my
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quick setup make sure you guys are
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customizing
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your setup as well make sure you're
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investing
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in a really good chair because you're
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going to be sitting down on it all day
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right
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so let's talk about candlesticks guys
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let's talk about candlesticks and what
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this
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means so we're going to go over it from
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the very very
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very beginning i'm just going to assume
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that you guys don't know nothing at all
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okay so we have a candle that's like
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this
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right as you guys all know that is
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basically a candle okay
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this is what we call the body now you
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guys will always see
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stuff like this right the o the h
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the l and the c okay i'm just going to
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write it down this is the o
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which stands for open okay the h
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refers to the high the l
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refers to the low and the c refers to
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the close okay
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so what is the open so let's say
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that this is a green candle there are
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two different types of candles okay
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there's a green candle
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and there's basically a red candle right
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just like this over here
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and i'm going to draw this red so it
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makes it very familiar the reason why
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we need to make sure that we understand
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how to read
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these candles very well is because these
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candles
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tell a story they tell us throughout the
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day
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and it's called price action okay the
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price action
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will show us what is happening
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throughout the day
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and after it's happened already these
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candles will form
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now it's really important because they
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really do tell a story
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and once you learn how to read the story
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it really does become like a book
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and once you learn how to read this book
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it will actually increase your
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probability of leaning towards a
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specific way or another way
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and once you get these probabilities
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down guys you guys are going to be
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much much much more successful over time
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i guarantee it
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so make sure that you're putting a lot
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of emphasis in learning
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how to read these candles because i want
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to make sure that you guys are
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successful traders
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i really do want to ensure that you guys
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know how to read this properly
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because it will only add to the
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probability of having a higher success
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rate when you're actually trading okay
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so as you guys can see here
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we have the open so what the open refers
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to
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is this right here and i'm going to
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annotate it all for you guys
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the open is right here okay
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this is where the candle opened so just
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as an example i'll move this to the to
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the side actually so we can deal with
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the red candle in a little bit
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so this is the open let's say that this
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was
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ten dollars okay we're just gonna
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hypothetical
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okay this line right here that it's on
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right
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right there this specific line right
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here
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that is ten dollars right so now what
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would the clothes refer to what what do
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you guys think actually sorry
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this would be the open my mistake there
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guys okay this
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is actually the open right here i was
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thinking we were at a red candle
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so this is the open where it starts to
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open
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up the candle at ten dollars so what do
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you guys think the close would be
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let's just pretend here that this is
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eleven dollars okay
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right here is eleven dollars do you guys
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think that this would be the close
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yeah it would be the close okay so if
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that was ten dollars here
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we'll just pretend that this one here
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closed
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at 11 okay just like that
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so this is the open because we have to
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think about it from the ground
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up right we have to think about it from
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this particular
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way up right here okay it's going
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upwards like that right
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does that make sense so we think about
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it from the perspective
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of going down to up because
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it is green so let's take a look at this
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one right here okay let's take a look at
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the red one
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so because the red one is actually going
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from
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up to down we would actually think about
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00:09:05,760 --> 00:09:09,200
it from the
287
00:09:06,480 --> 00:09:10,160
other way okay let's just move this a
288
00:09:09,200 --> 00:09:12,160
little bit over
289
00:09:10,160 --> 00:09:13,839
so you guys can get a very clear picture
290
00:09:12,160 --> 00:09:15,519
of what's going on right now
291
00:09:13,839 --> 00:09:17,200
i don't want to constrain you guys with
292
00:09:15,519 --> 00:09:19,360
too little room here
293
00:09:17,200 --> 00:09:20,560
so i hope this makes sense where because
294
00:09:19,360 --> 00:09:23,360
it's green
295
00:09:20,560 --> 00:09:24,160
you're thinking about it from going down
296
00:09:23,360 --> 00:09:27,360
to up
297
00:09:24,160 --> 00:09:30,080
right now if we look at it from the
298
00:09:27,360 --> 00:09:31,200
other perspective of a red candle right
299
00:09:30,080 --> 00:09:33,279
we would think about it from the
300
00:09:31,200 --> 00:09:37,200
perspective of going up
301
00:09:33,279 --> 00:09:40,880
to down so the open would actually be
302
00:09:37,200 --> 00:09:42,959
up here okay this would be the open
303
00:09:40,880 --> 00:09:44,399
and this right here would be the close
304
00:09:42,959 --> 00:09:46,800
of the candle
305
00:09:44,399 --> 00:09:47,760
so this is an important concept because
306
00:09:46,800 --> 00:09:50,160
you guys will hear
307
00:09:47,760 --> 00:09:52,240
very often about about traders talking
308
00:09:50,160 --> 00:09:54,160
about okay what did the candle open at
309
00:09:52,240 --> 00:09:56,720
and a lot of the times if a candle
310
00:09:54,160 --> 00:09:59,040
actually ends up opening higher
311
00:09:56,720 --> 00:10:00,880
than the previous candle on a high time
312
00:09:59,040 --> 00:10:01,680
frame then it could indicate the
313
00:10:00,880 --> 00:10:04,000
momentum
314
00:10:01,680 --> 00:10:07,279
that's heading and where it's heading so
315
00:10:04,000 --> 00:10:11,120
if this one here was the open
316
00:10:07,279 --> 00:10:12,720
at 10 11 rather okay
317
00:10:11,120 --> 00:10:14,880
then where do you guys think the close
318
00:10:12,720 --> 00:10:18,240
would be
319
00:10:14,880 --> 00:10:23,920
yeah if you guys said this was the close
320
00:10:18,240 --> 00:10:25,680
close at at ten dollars right here okay
321
00:10:23,920 --> 00:10:26,959
so yeah this would be the close at ten
322
00:10:25,680 --> 00:10:30,480
dollars so once again
323
00:10:26,959 --> 00:10:32,320
when we have a candle right that opens
324
00:10:30,480 --> 00:10:34,800
at ten dollars
325
00:10:32,320 --> 00:10:36,959
and it closes at eleven dollars it's
326
00:10:34,800 --> 00:10:39,839
means that it went from the bottom
327
00:10:36,959 --> 00:10:40,959
to the top now if you have a candle that
328
00:10:39,839 --> 00:10:42,959
is red
329
00:10:40,959 --> 00:10:44,160
and it was actually down trending then
330
00:10:42,959 --> 00:10:48,480
you would see it
331
00:10:44,160 --> 00:10:51,200
the open at 11 and the close is at 10
332
00:10:48,480 --> 00:10:53,279
but because these candles have no wick
333
00:10:51,200 --> 00:10:56,959
what we're also going to say
334
00:10:53,279 --> 00:11:00,000
is that the high is also the same
335
00:10:56,959 --> 00:11:04,000
as the actual open okay so
336
00:11:00,000 --> 00:11:06,240
the high is also 11
337
00:11:04,000 --> 00:11:07,200
right that's the high the highest at
338
00:11:06,240 --> 00:11:10,240
this possible
339
00:11:07,200 --> 00:11:13,360
candle actually got okay now what do you
340
00:11:10,240 --> 00:11:14,959
guys think the low is
341
00:11:13,360 --> 00:11:16,560
yeah if you guys said the low was ten
342
00:11:14,959 --> 00:11:20,640
dollars you got it okay
343
00:11:16,560 --> 00:11:20,640
so the low is also ten dollars
344
00:11:20,720 --> 00:11:24,399
so for this one right here what do you
345
00:11:22,640 --> 00:11:27,040
guys think the high is
346
00:11:24,399 --> 00:11:27,040
take a guess
347
00:11:27,519 --> 00:11:31,360
yeah if you said the high was also
348
00:11:29,200 --> 00:11:34,480
eleven dollars you got it
349
00:11:31,360 --> 00:11:34,480
what do you think the low is
350
00:11:35,040 --> 00:11:38,640
if you guys said low was ten dollars you
351
00:11:37,200 --> 00:11:42,240
got it okay
352
00:11:38,640 --> 00:11:44,240
so pretty easy concepts right now okay
353
00:11:42,240 --> 00:11:46,240
so i've changed it over to a daily chart
354
00:11:44,240 --> 00:11:48,480
now and i just want to reiterate one
355
00:11:46,240 --> 00:11:51,600
more time to be very clear okay
356
00:11:48,480 --> 00:11:52,880
the it opened here because this was a
357
00:11:51,600 --> 00:11:56,720
green candle
358
00:11:52,880 --> 00:11:58,720
it goes from the bottom to the top right
359
00:11:56,720 --> 00:12:01,680
that makes sense goes from the bottom
360
00:11:58,720 --> 00:12:02,240
here to the top because we're going from
361
00:12:01,680 --> 00:12:06,240
low
362
00:12:02,240 --> 00:12:08,639
to high right so the low is ten dollars
363
00:12:06,240 --> 00:12:09,680
and it opened at each ten dollars as
364
00:12:08,639 --> 00:12:13,360
well okay
365
00:12:09,680 --> 00:12:13,839
now the high is 11 and it's also the
366
00:12:13,360 --> 00:12:17,040
same
367
00:12:13,839 --> 00:12:19,040
as the close as well right
368
00:12:17,040 --> 00:12:20,880
and then the other way around we're
369
00:12:19,040 --> 00:12:24,800
going from
370
00:12:20,880 --> 00:12:27,120
we're going from up to down because
371
00:12:24,800 --> 00:12:29,519
this is where we're starting the opening
372
00:12:27,120 --> 00:12:30,000
price so this is actually a downtrend
373
00:12:29,519 --> 00:12:32,079
right
374
00:12:30,000 --> 00:12:33,440
so for example this green candle is
375
00:12:32,079 --> 00:12:36,959
going from down
376
00:12:33,440 --> 00:12:40,160
to up and this candle is going from up
377
00:12:36,959 --> 00:12:43,360
to down right so then the open
378
00:12:40,160 --> 00:12:46,399
is at 11 and that was also the high
379
00:12:43,360 --> 00:12:48,240
of that candle and then the low is it
380
00:12:46,399 --> 00:12:52,079
reached to a low of 10
381
00:12:48,240 --> 00:12:54,720
right which also closed at 10 as well
382
00:12:52,079 --> 00:12:55,200
so now let's introduce this concept of a
383
00:12:54,720 --> 00:12:59,200
wick
384
00:12:55,200 --> 00:12:59,200
okay let's talk about wicks
385
00:13:01,839 --> 00:13:05,920
and i'm sure that you guys have seen
386
00:13:03,200 --> 00:13:06,480
wits before so you guys see these wicks
387
00:13:05,920 --> 00:13:09,360
right
388
00:13:06,480 --> 00:13:12,480
we always see wicks as you guys can see
389
00:13:09,360 --> 00:13:15,120
what does a wick refer to okay
390
00:13:12,480 --> 00:13:16,959
a wick refers to this right here i'm
391
00:13:15,120 --> 00:13:17,600
gonna show you guys let's actually draw
392
00:13:16,959 --> 00:13:20,399
in
393
00:13:17,600 --> 00:13:20,959
some wicks in here okay do you guys see
394
00:13:20,399 --> 00:13:22,880
the white
395
00:13:20,959 --> 00:13:24,399
right there that's a white wick all
396
00:13:22,880 --> 00:13:26,399
right
397
00:13:24,399 --> 00:13:28,320
let's actually clear out the background
398
00:13:26,399 --> 00:13:28,720
so you guys can see it a little bit
399
00:13:28,320 --> 00:13:31,360
better
400
00:13:28,720 --> 00:13:31,920
here okay let's uh take out the vertical
401
00:13:31,360 --> 00:13:34,399
lines
402
00:13:31,920 --> 00:13:35,760
i don't we don't really need them right
403
00:13:34,399 --> 00:13:38,320
we definitely don't need them
404
00:13:35,760 --> 00:13:39,600
whatsoever so let's just take that out
405
00:13:38,320 --> 00:13:41,680
here for a moment
406
00:13:39,600 --> 00:13:43,600
so you guys can see it a little bit more
407
00:13:41,680 --> 00:13:46,160
visible and let's also
408
00:13:43,600 --> 00:13:47,440
make a wick on the other side as well
409
00:13:46,160 --> 00:13:49,680
okay
410
00:13:47,440 --> 00:13:51,120
let's make a wick there let's also make
411
00:13:49,680 --> 00:13:53,360
a wick here
412
00:13:51,120 --> 00:13:56,240
and let's also make a wick right there
413
00:13:53,360 --> 00:13:59,839
to make it easy for you guys to see
414
00:13:56,240 --> 00:14:01,760
okay let's draw some nice candles in
415
00:13:59,839 --> 00:14:03,839
here as well
416
00:14:01,760 --> 00:14:05,279
that's pretty visible guys yeah it
417
00:14:03,839 --> 00:14:08,320
should be right okay
418
00:14:05,279 --> 00:14:10,240
so now we have the same concept
419
00:14:08,320 --> 00:14:11,360
right the exact same concept where we're
420
00:14:10,240 --> 00:14:14,720
going from down to
421
00:14:11,360 --> 00:14:17,760
up okay so once again this right here
422
00:14:14,720 --> 00:14:20,959
just refers to the body okay
423
00:14:17,760 --> 00:14:22,320
body of the candle known as just the
424
00:14:20,959 --> 00:14:24,320
body okay
425
00:14:22,320 --> 00:14:26,800
that's the body of the candle and this
426
00:14:24,320 --> 00:14:29,680
is just the body of the candle in here
427
00:14:26,800 --> 00:14:30,000
so the body does not actually refer to
428
00:14:29,680 --> 00:14:33,120
the
429
00:14:30,000 --> 00:14:35,199
wicks at all so what are these wicks and
430
00:14:33,120 --> 00:14:38,320
how can we talk about them okay
431
00:14:35,199 --> 00:14:41,440
so now we're still going from down to up
432
00:14:38,320 --> 00:14:42,399
but the only thing that changed was that
433
00:14:41,440 --> 00:14:45,519
there was a wick
434
00:14:42,399 --> 00:14:48,240
okay so let's just say for example
435
00:14:45,519 --> 00:14:50,000
that we say that it's still open at 10
436
00:14:48,240 --> 00:14:52,800
it's just to say there's no wick for now
437
00:14:50,000 --> 00:14:54,880
just as an example first of all okay
438
00:14:52,800 --> 00:14:56,480
there's only a wick up here at the top
439
00:14:54,880 --> 00:14:58,959
and not one at the bottom
440
00:14:56,480 --> 00:15:01,199
well the high where do you guys think
441
00:14:58,959 --> 00:15:03,519
the high is now that we have a wick
442
00:15:01,199 --> 00:15:04,880
well the high is actually up here now
443
00:15:03,519 --> 00:15:08,399
right
444
00:15:04,880 --> 00:15:11,440
so perhaps this high was of 12 right
445
00:15:08,399 --> 00:15:12,880
so the high is where the highest point
446
00:15:11,440 --> 00:15:15,600
of the wick actually
447
00:15:12,880 --> 00:15:16,720
where it got to so now this is the high
448
00:15:15,600 --> 00:15:18,480
of the candle
449
00:15:16,720 --> 00:15:20,399
because that's where the wick is right
450
00:15:18,480 --> 00:15:22,560
that makes sense guys
451
00:15:20,399 --> 00:15:23,920
so this top point right there is the
452
00:15:22,560 --> 00:15:26,639
high of the candle
453
00:15:23,920 --> 00:15:28,000
so we still see it as the exact same way
454
00:15:26,639 --> 00:15:31,279
where it opened
455
00:15:28,000 --> 00:15:34,240
at ten dollars right
456
00:15:31,279 --> 00:15:35,199
and then it got to a high of twelve
457
00:15:34,240 --> 00:15:37,680
dollars
458
00:15:35,199 --> 00:15:38,320
and then it closed over here eleven
459
00:15:37,680 --> 00:15:41,120
dollars
460
00:15:38,320 --> 00:15:41,680
now you might wonder what would cause a
461
00:15:41,120 --> 00:15:44,959
wick
462
00:15:41,680 --> 00:15:45,839
okay what would cause a wick so the body
463
00:15:44,959 --> 00:15:48,880
of the candle
464
00:15:45,839 --> 00:15:52,000
is only the solid part of the candle
465
00:15:48,880 --> 00:15:54,079
that people will start buying and if it
466
00:15:52,000 --> 00:15:56,480
closes with a body of a candle
467
00:15:54,079 --> 00:15:57,199
only that's where it officially closes
468
00:15:56,480 --> 00:16:00,240
people stop
469
00:15:57,199 --> 00:16:03,680
buying at that candle but what this wick
470
00:16:00,240 --> 00:16:05,519
actually refers to is that people bought
471
00:16:03,680 --> 00:16:07,519
they opened at ten dollars and people
472
00:16:05,519 --> 00:16:09,440
bought up to eleven dollars right
473
00:16:07,519 --> 00:16:11,440
and then they actually bought all the
474
00:16:09,440 --> 00:16:11,839
way up to twelve dollars okay they
475
00:16:11,440 --> 00:16:14,560
bought
476
00:16:11,839 --> 00:16:15,440
all the way up to twelve dollars right
477
00:16:14,560 --> 00:16:18,160
there
478
00:16:15,440 --> 00:16:18,959
but they actually couldn't sustain that
479
00:16:18,160 --> 00:16:21,759
price
480
00:16:18,959 --> 00:16:22,639
so if this actually pushed up to twelve
481
00:16:21,759 --> 00:16:25,120
dollars
482
00:16:22,639 --> 00:16:27,759
and it closed there then this one would
483
00:16:25,120 --> 00:16:31,279
have a close of twelve dollars as well
484
00:16:27,759 --> 00:16:32,399
okay but because people pushed it up to
485
00:16:31,279 --> 00:16:34,160
twelve dollars
486
00:16:32,399 --> 00:16:35,519
and then they could not sustain that
487
00:16:34,160 --> 00:16:38,639
price well people
488
00:16:35,519 --> 00:16:39,839
started selling off right because they
489
00:16:38,639 --> 00:16:42,000
started selling off
490
00:16:39,839 --> 00:16:43,600
selling off selling off selling off
491
00:16:42,000 --> 00:16:45,360
selling off selling off
492
00:16:43,600 --> 00:16:46,639
and then it came back to the price of
493
00:16:45,360 --> 00:16:49,680
eleven dollars
494
00:16:46,639 --> 00:16:52,560
right so so we what we see
495
00:16:49,680 --> 00:16:53,680
is that it got up to the high of this
496
00:16:52,560 --> 00:16:56,880
candle right here
497
00:16:53,680 --> 00:16:57,360
or the wick rather of 12 and then people
498
00:16:56,880 --> 00:16:59,600
started
499
00:16:57,360 --> 00:17:00,639
selling it down okay they started
500
00:16:59,600 --> 00:17:03,519
selling it down
501
00:17:00,639 --> 00:17:04,480
and instead of closing at 12 up there
502
00:17:03,519 --> 00:17:07,600
the close
503
00:17:04,480 --> 00:17:10,160
was actually at eleven dollars instead
504
00:17:07,600 --> 00:17:12,240
now let's introduce another concept of a
505
00:17:10,160 --> 00:17:14,079
wick down here okay
506
00:17:12,240 --> 00:17:15,760
and we see that often do you guys see
507
00:17:14,079 --> 00:17:18,480
this candle right here
508
00:17:15,760 --> 00:17:20,319
it has a wick on the downside right and
509
00:17:18,480 --> 00:17:22,799
it has a wick on the upside
510
00:17:20,319 --> 00:17:23,360
and it has a body of the candle right
511
00:17:22,799 --> 00:17:26,319
here
512
00:17:23,360 --> 00:17:26,959
as well right okay i'm sure you guys do
513
00:17:26,319 --> 00:17:28,960
see that
514
00:17:26,959 --> 00:17:30,080
so let's talk about what happened here
515
00:17:28,960 --> 00:17:33,200
so
516
00:17:30,080 --> 00:17:37,280
the open of the candle is always where
517
00:17:33,200 --> 00:17:38,000
the body begins okay and the high of the
518
00:17:37,280 --> 00:17:39,760
candle
519
00:17:38,000 --> 00:17:41,919
is always or sorry the close of the
520
00:17:39,760 --> 00:17:45,200
candle is always where the body
521
00:17:41,919 --> 00:17:47,679
ends right and the high of the candle
522
00:17:45,200 --> 00:17:48,320
and the whole thing refers to the how
523
00:17:47,679 --> 00:17:51,760
high
524
00:17:48,320 --> 00:17:54,799
that entire candle got including
525
00:17:51,760 --> 00:17:56,799
the wick and then the low will mean the
526
00:17:54,799 --> 00:18:00,160
exact same thing then right
527
00:17:56,799 --> 00:18:03,039
it'll mean that what is the lowest point
528
00:18:00,160 --> 00:18:04,080
of the candle that it actually got to of
529
00:18:03,039 --> 00:18:06,640
the whole thing
530
00:18:04,080 --> 00:18:07,760
including the wick well it's still
531
00:18:06,640 --> 00:18:11,280
opened here
532
00:18:07,760 --> 00:18:13,840
right let's see that we're that this
533
00:18:11,280 --> 00:18:14,640
low actually got to nine dollars instead
534
00:18:13,840 --> 00:18:17,039
okay
535
00:18:14,640 --> 00:18:18,559
so what could have happened right what
536
00:18:17,039 --> 00:18:21,120
could have happened to make
537
00:18:18,559 --> 00:18:22,720
the low right there the lowest point of
538
00:18:21,120 --> 00:18:25,760
the candle nine dollars
539
00:18:22,720 --> 00:18:27,360
where where it opens at ten dollars
540
00:18:25,760 --> 00:18:29,520
and it pushes up to there but it still
541
00:18:27,360 --> 00:18:30,799
closes 11. so let's think about that for
542
00:18:29,520 --> 00:18:32,720
a moment i'm going to give you guys a
543
00:18:30,799 --> 00:18:33,760
few seconds to think about what kind of
544
00:18:32,720 --> 00:18:36,799
scenarios
545
00:18:33,760 --> 00:18:43,840
do you think that would make a wick on
546
00:18:36,799 --> 00:18:43,840
the bottom end like this
547
00:18:44,799 --> 00:18:48,400
can you guys come up with any good ideas
548
00:18:46,720 --> 00:18:51,679
i can come up with a few good ideas i
549
00:18:48,400 --> 00:18:51,679
can share if that's for sure
550
00:18:52,080 --> 00:18:57,360
all right so what could happen here
551
00:18:55,440 --> 00:18:58,720
is this let me show you guys and tell
552
00:18:57,360 --> 00:19:01,039
you so let's see
553
00:18:58,720 --> 00:19:03,440
it opened at ten dollars right the
554
00:19:01,039 --> 00:19:06,240
candle in the next candle that formed
555
00:19:03,440 --> 00:19:08,000
this is where the first price and the
556
00:19:06,240 --> 00:19:10,000
people interacting with the market
557
00:19:08,000 --> 00:19:12,160
actually ended up buying it so they
558
00:19:10,000 --> 00:19:15,200
first bought it at ten dollars right
559
00:19:12,160 --> 00:19:18,160
but what it could actually mean is that
560
00:19:15,200 --> 00:19:18,400
people could have sold off okay it could
561
00:19:18,160 --> 00:19:21,440
have
562
00:19:18,400 --> 00:19:23,200
sold off to nine dollars first of all
563
00:19:21,440 --> 00:19:25,200
right people could have sold off to nine
564
00:19:23,200 --> 00:19:26,240
dollars if they did sell off to nine
565
00:19:25,200 --> 00:19:28,080
dollars first
566
00:19:26,240 --> 00:19:30,400
right this would actually look like a
567
00:19:28,080 --> 00:19:33,360
red candle like that down
568
00:19:30,400 --> 00:19:33,760
right so people sold off okay they sold
569
00:19:33,360 --> 00:19:35,520
off
570
00:19:33,760 --> 00:19:37,360
to nine dollars where it's actually
571
00:19:35,520 --> 00:19:38,000
gonna look red like this first and i'm
572
00:19:37,360 --> 00:19:39,520
actually going to go
573
00:19:38,000 --> 00:19:41,440
through all the motions to make sure you
574
00:19:39,520 --> 00:19:42,880
guys understand so it would have been
575
00:19:41,440 --> 00:19:44,720
red like that at first
576
00:19:42,880 --> 00:19:46,880
and it actually would have had no wick
577
00:19:44,720 --> 00:19:49,039
so it would have opened that ten dollars
578
00:19:46,880 --> 00:19:50,320
and reached a low of nine dollars but
579
00:19:49,039 --> 00:19:52,720
because
580
00:19:50,320 --> 00:19:53,600
it didn't actually sustain that price
581
00:19:52,720 --> 00:19:56,000
the market
582
00:19:53,600 --> 00:19:56,799
pushed it back up like this okay they
583
00:19:56,000 --> 00:19:59,440
pushed it back
584
00:19:56,799 --> 00:20:00,799
up back to the original opening and then
585
00:19:59,440 --> 00:20:03,120
instead of being red
586
00:20:00,799 --> 00:20:04,880
remember that if it's red it means that
587
00:20:03,120 --> 00:20:07,600
the price is going down
588
00:20:04,880 --> 00:20:08,960
if it's green the price is going up like
589
00:20:07,600 --> 00:20:12,080
that right
590
00:20:08,960 --> 00:20:14,240
so red will go down right
591
00:20:12,080 --> 00:20:15,440
green will go up so red right here for
592
00:20:14,240 --> 00:20:18,320
example right
593
00:20:15,440 --> 00:20:20,080
if it opened right here at 11 red will
594
00:20:18,320 --> 00:20:22,880
mean that it's pushing it down
595
00:20:20,080 --> 00:20:23,919
like that right to the close so it
596
00:20:22,880 --> 00:20:26,159
opened here
597
00:20:23,919 --> 00:20:27,039
and now it's about to close right there
598
00:20:26,159 --> 00:20:29,120
okay
599
00:20:27,039 --> 00:20:30,400
and then if it's going up this is where
600
00:20:29,120 --> 00:20:33,760
the open is
601
00:20:30,400 --> 00:20:35,520
and then we're going up up up up right
602
00:20:33,760 --> 00:20:37,440
people are buying it up but if it goes
603
00:20:35,520 --> 00:20:39,039
down the candle the price goes down
604
00:20:37,440 --> 00:20:41,919
it'll move down like that
605
00:20:39,039 --> 00:20:42,240
so what this refers to is that people
606
00:20:41,919 --> 00:20:44,320
are
607
00:20:42,240 --> 00:20:45,280
actually buying right there guys right
608
00:20:44,320 --> 00:20:47,440
they're buying it
609
00:20:45,280 --> 00:20:48,480
well first of all once again people were
610
00:20:47,440 --> 00:20:51,679
selling it off
611
00:20:48,480 --> 00:20:53,200
to nine dollars opened at ten dollars
612
00:20:51,679 --> 00:20:56,000
people sold it off to nine
613
00:20:53,200 --> 00:20:58,159
but the market defended and because they
614
00:20:56,000 --> 00:21:01,120
defended and they pushed it back up
615
00:20:58,159 --> 00:21:02,400
there's now a wick right there's now an
616
00:21:01,120 --> 00:21:05,360
actual wick
617
00:21:02,400 --> 00:21:06,000
so then the market pushes it up and up
618
00:21:05,360 --> 00:21:09,440
and up
619
00:21:06,000 --> 00:21:11,200
and up all the way to 12 right to 12
620
00:21:09,440 --> 00:21:13,039
that's where they're at but because the
621
00:21:11,200 --> 00:21:15,679
market could not sustain it
622
00:21:13,039 --> 00:21:16,240
at that particular price then what they
623
00:21:15,679 --> 00:21:18,960
do is
624
00:21:16,240 --> 00:21:20,159
the market pushes it back down like that
625
00:21:18,960 --> 00:21:23,120
and that's why
626
00:21:20,159 --> 00:21:25,120
we could actually have a wick okay so i
627
00:21:23,120 --> 00:21:27,120
hope that makes a lot of sense
628
00:21:25,120 --> 00:21:29,600
you guys are gonna hear me talk about it
629
00:21:27,120 --> 00:21:31,440
a lot in the next few videos right
630
00:21:29,600 --> 00:21:33,039
and i will be talking about the market
631
00:21:31,440 --> 00:21:35,280
psychology behind
632
00:21:33,039 --> 00:21:36,159
each candle as well because the
633
00:21:35,280 --> 00:21:38,720
psychology
634
00:21:36,159 --> 00:21:40,799
behind each candle is incredibly
635
00:21:38,720 --> 00:21:41,919
important since they actually tell a
636
00:21:40,799 --> 00:21:43,919
story right
637
00:21:41,919 --> 00:21:45,280
and because they tell a story i
638
00:21:43,919 --> 00:21:47,280
definitely can guarantee
639
00:21:45,280 --> 00:21:48,799
that that once you guys learn how to
640
00:21:47,280 --> 00:21:51,039
read these storied books
641
00:21:48,799 --> 00:21:53,520
it's going to increase the probability
642
00:21:51,039 --> 00:21:54,799
of you making a successful trade
643
00:21:53,520 --> 00:21:57,039
and if you actually increase the
644
00:21:54,799 --> 00:21:58,559
probability of making a successful trade
645
00:21:57,039 --> 00:22:00,480
well guess what guys you're gonna be
646
00:21:58,559 --> 00:22:02,159
profitable over time right and the money
647
00:22:00,480 --> 00:22:05,200
will actually start to roll in
648
00:22:02,159 --> 00:22:07,760
so now let's look at the red candle okay
649
00:22:05,200 --> 00:22:08,880
let's look at the red candle here right
650
00:22:07,760 --> 00:22:11,679
and let's just say
651
00:22:08,880 --> 00:22:13,919
that it opened at ten dollars so it
652
00:22:11,679 --> 00:22:16,000
first of all started right there okay
653
00:22:13,919 --> 00:22:18,159
started right there and then the market
654
00:22:16,000 --> 00:22:20,480
wanted and that's also the high
655
00:22:18,159 --> 00:22:21,200
right because this is the high at eleven
656
00:22:20,480 --> 00:22:23,919
dollars
657
00:22:21,200 --> 00:22:25,760
and it also opened at that price so then
658
00:22:23,919 --> 00:22:28,480
the market decides to sell down
659
00:22:25,760 --> 00:22:29,200
decide to sell it down sell it down sell
660
00:22:28,480 --> 00:22:32,480
it down
661
00:22:29,200 --> 00:22:36,320
sell it down sell it down right
662
00:22:32,480 --> 00:22:39,840
if it actually if it actually um
663
00:22:36,320 --> 00:22:40,559
oops my mistake if it actually closed
664
00:22:39,840 --> 00:22:42,960
right here
665
00:22:40,559 --> 00:22:44,799
right then we would say that the low is
666
00:22:42,960 --> 00:22:48,240
the same as the close
667
00:22:44,799 --> 00:22:49,280
right right there but let's just say for
668
00:22:48,240 --> 00:22:51,280
example
669
00:22:49,280 --> 00:22:52,559
that it actually got to nine dollars
670
00:22:51,280 --> 00:22:55,360
okay
671
00:22:52,559 --> 00:22:58,320
nine dollars right here all the way down
672
00:22:55,360 --> 00:22:58,320
to over here right
673
00:23:03,120 --> 00:23:07,440
all right so let's say that this low was
674
00:23:05,600 --> 00:23:08,240
actually nine dollars right down over
675
00:23:07,440 --> 00:23:10,320
here right
676
00:23:08,240 --> 00:23:11,520
so what would possess it to do so think
677
00:23:10,320 --> 00:23:12,880
of it like this with me okay
678
00:23:11,520 --> 00:23:14,720
i'm just gonna hold up my hand here to
679
00:23:12,880 --> 00:23:15,520
give you guys a good idea so we're gonna
680
00:23:14,720 --> 00:23:18,480
sell it down
681
00:23:15,520 --> 00:23:18,480
we're gonna sell it down
682
00:23:20,159 --> 00:23:25,440
whoops my mistake
683
00:23:23,600 --> 00:23:27,520
okay we're gonna keep selling it down
684
00:23:25,440 --> 00:23:30,480
okay it's gonna keep selling down
685
00:23:27,520 --> 00:23:31,120
selling down selling down selling down
686
00:23:30,480 --> 00:23:34,000
okay
687
00:23:31,120 --> 00:23:36,159
selling down i'm not sure why this is
688
00:23:34,000 --> 00:23:38,720
looking like that right now that's kind
689
00:23:36,159 --> 00:23:40,080
of kind of weird
690
00:23:38,720 --> 00:23:42,000
there that might be a little bit better
691
00:23:40,080 --> 00:23:44,320
now okay sorry about that guys
692
00:23:42,000 --> 00:23:45,600
so now we're selling it down selling it
693
00:23:44,320 --> 00:23:47,440
down selling it down
694
00:23:45,600 --> 00:23:49,279
selling it down and it actually got to
695
00:23:47,440 --> 00:23:52,320
nine dollars right here okay
696
00:23:49,279 --> 00:23:52,720
it got to nine dollars right here and
697
00:23:52,320 --> 00:23:56,000
now
698
00:23:52,720 --> 00:23:58,880
if it actually closed there right
699
00:23:56,000 --> 00:23:59,279
if it actually closed right here then
700
00:23:58,880 --> 00:24:02,559
the
701
00:23:59,279 --> 00:24:05,039
open or sorry the close and the low
702
00:24:02,559 --> 00:24:06,320
would actually be nine dollars right but
703
00:24:05,039 --> 00:24:08,559
because
704
00:24:06,320 --> 00:24:10,720
they actually could not sustain it right
705
00:24:08,559 --> 00:24:14,159
the market pushes it back up
706
00:24:10,720 --> 00:24:16,799
okay and as the market pushes it back up
707
00:24:14,159 --> 00:24:18,320
to ten dollars right here a wick
708
00:24:16,799 --> 00:24:21,039
actually ends up showing
709
00:24:18,320 --> 00:24:22,720
just like that right so instead of
710
00:24:21,039 --> 00:24:25,279
actually
711
00:24:22,720 --> 00:24:26,480
closing at nine dollars you now close at
712
00:24:25,279 --> 00:24:28,960
ten dollars
713
00:24:26,480 --> 00:24:30,720
so the psychology behind this candle as
714
00:24:28,960 --> 00:24:32,960
an example
715
00:24:30,720 --> 00:24:35,279
is that the market tried to push it
716
00:24:32,960 --> 00:24:39,120
really hard to nine dollars
717
00:24:35,279 --> 00:24:41,679
right and keep it there but the bulls
718
00:24:39,120 --> 00:24:42,400
actually ended up defending okay the
719
00:24:41,679 --> 00:24:44,240
bulls
720
00:24:42,400 --> 00:24:46,480
who are the people that actually want to
721
00:24:44,240 --> 00:24:46,880
profit by going long i'm always going to
722
00:24:46,480 --> 00:24:49,279
use
723
00:24:46,880 --> 00:24:51,440
bulls and bears quite often so make sure
724
00:24:49,279 --> 00:24:53,760
we're familiar with these terminologies
725
00:24:51,440 --> 00:24:55,600
remember that a bull attacks going
726
00:24:53,760 --> 00:24:56,880
upwards right they attack with their
727
00:24:55,600 --> 00:24:59,120
horns going up
728
00:24:56,880 --> 00:25:00,240
so they want the price to go up to make
729
00:24:59,120 --> 00:25:03,200
money but
730
00:25:00,240 --> 00:25:04,559
bears they want the price to go down
731
00:25:03,200 --> 00:25:07,039
because they either want to
732
00:25:04,559 --> 00:25:08,159
short the market or they want to buy
733
00:25:07,039 --> 00:25:10,720
back cheaper
734
00:25:08,159 --> 00:25:11,919
right so bears swipe with their claws
735
00:25:10,720 --> 00:25:14,159
coming down
736
00:25:11,919 --> 00:25:16,000
so we always think of the battles of the
737
00:25:14,159 --> 00:25:17,760
bulls versus the bears
738
00:25:16,000 --> 00:25:19,760
and they're constantly fighting
739
00:25:17,760 --> 00:25:22,480
constantly fighting each other
740
00:25:19,760 --> 00:25:23,200
back and forth back and forth so right
741
00:25:22,480 --> 00:25:26,320
here
742
00:25:23,200 --> 00:25:26,799
the bulls have defended and they pushed
743
00:25:26,320 --> 00:25:30,559
it back
744
00:25:26,799 --> 00:25:31,200
up right and then we actually see the
745
00:25:30,559 --> 00:25:34,480
wick
746
00:25:31,200 --> 00:25:37,520
so the low was now nine dollars right
747
00:25:34,480 --> 00:25:40,080
and now the close was ten dollars
748
00:25:37,520 --> 00:25:40,960
so let's also add another scenario like
749
00:25:40,080 --> 00:25:42,720
this okay
750
00:25:40,960 --> 00:25:44,720
we'll add this one right up there just
751
00:25:42,720 --> 00:25:47,200
as an example we have a wick
752
00:25:44,720 --> 00:25:48,960
so what would this possibly mean i'll
753
00:25:47,200 --> 00:25:51,520
give you guys a few seconds
754
00:25:48,960 --> 00:25:54,320
to think about what this scenario could
755
00:25:51,520 --> 00:25:56,000
actually mean okay
756
00:25:54,320 --> 00:25:57,919
so let's think about this together where
757
00:25:56,000 --> 00:26:00,960
we now have a high
758
00:25:57,919 --> 00:26:04,000
of twelve dollars okay and
759
00:26:00,960 --> 00:26:07,600
open of eleven dollars a
760
00:26:04,000 --> 00:26:09,600
close of ten dollars and a low
761
00:26:07,600 --> 00:26:11,760
of nine dollars i'll give you guys 30
762
00:26:09,600 --> 00:26:14,159
seconds
763
00:26:11,760 --> 00:26:16,960
while i have a sip of my peach mango
764
00:26:14,159 --> 00:26:16,960
drink right here
765
00:26:18,159 --> 00:26:22,159
to think about what circumstance could
766
00:26:20,960 --> 00:26:25,840
we actually have
767
00:26:22,159 --> 00:26:25,840
that right there
768
00:26:39,840 --> 00:26:43,279
all right let's get into this guys so
769
00:26:42,400 --> 00:26:46,480
let's say
770
00:26:43,279 --> 00:26:49,039
that we opened at 10 or so 11
771
00:26:46,480 --> 00:26:49,600
right here right so what could have
772
00:26:49,039 --> 00:26:52,960
happened
773
00:26:49,600 --> 00:26:54,240
in this candle is that the bowls okay we
774
00:26:52,960 --> 00:26:56,159
open right here
775
00:26:54,240 --> 00:26:58,080
and this would actually first of all it
776
00:26:56,159 --> 00:26:59,600
would have been a green candle right
777
00:26:58,080 --> 00:27:02,640
because we're going up
778
00:26:59,600 --> 00:27:04,080
so the open would have been 11 right if
779
00:27:02,640 --> 00:27:06,720
it had finished there
780
00:27:04,080 --> 00:27:07,520
then the close would have been 12 but
781
00:27:06,720 --> 00:27:10,400
because
782
00:27:07,520 --> 00:27:11,200
the bowls could not sustain it okay it
783
00:27:10,400 --> 00:27:13,360
gets green
784
00:27:11,200 --> 00:27:15,120
it gets green it gets green it's green
785
00:27:13,360 --> 00:27:17,360
it's green it's green it's green
786
00:27:15,120 --> 00:27:18,240
now the bears actually push it back down
787
00:27:17,360 --> 00:27:21,360
that when it gets
788
00:27:18,240 --> 00:27:23,279
past the point that it actually opened
789
00:27:21,360 --> 00:27:24,480
that is where the candle will actually
790
00:27:23,279 --> 00:27:26,640
start to turn red
791
00:27:24,480 --> 00:27:28,799
okay so that's what happened it was
792
00:27:26,640 --> 00:27:30,720
green green green at first right
793
00:27:28,799 --> 00:27:32,240
the bulls tried to push it up really
794
00:27:30,720 --> 00:27:34,640
high there
795
00:27:32,240 --> 00:27:35,919
but the bears actually pushed it all the
796
00:27:34,640 --> 00:27:39,360
way back down
797
00:27:35,919 --> 00:27:41,279
so anywhere there's a fight between the
798
00:27:39,360 --> 00:27:43,360
bulls and the bears
799
00:27:41,279 --> 00:27:44,559
that is where it is actually going to
800
00:27:43,360 --> 00:27:46,640
show a wick
801
00:27:44,559 --> 00:27:48,000
okay it's going to show a wick and then
802
00:27:46,640 --> 00:27:50,320
the bears end up pushing
803
00:27:48,000 --> 00:27:51,279
it down again pushing it down pushing it
804
00:27:50,320 --> 00:27:53,440
down right
805
00:27:51,279 --> 00:27:54,640
and they push it down all the way to
806
00:27:53,440 --> 00:27:56,399
over here right
807
00:27:54,640 --> 00:27:59,039
and because they push it down here but
808
00:27:56,399 --> 00:28:01,279
the bears could not hold their position
809
00:27:59,039 --> 00:28:02,720
then the bulls actually end up pushing
810
00:28:01,279 --> 00:28:05,279
it all the way back
811
00:28:02,720 --> 00:28:06,080
up like that okay they push it all the
812
00:28:05,279 --> 00:28:07,919
way back up
813
00:28:06,080 --> 00:28:09,760
just like that that makes a lot of sense
814
00:28:07,919 --> 00:28:12,720
i would imagine right guys
815
00:28:09,760 --> 00:28:13,039
so once again the bowls they are pushing
816
00:28:12,720 --> 00:28:15,360
it
817
00:28:13,039 --> 00:28:17,520
all the way up right right okay they
818
00:28:15,360 --> 00:28:19,520
push it all the way up just like that
819
00:28:17,520 --> 00:28:21,440
but they actually could not hold their
820
00:28:19,520 --> 00:28:22,320
ground and because they couldn't hold
821
00:28:21,440 --> 00:28:24,720
their ground
822
00:28:22,320 --> 00:28:26,640
the bears actually pushed it back down
823
00:28:24,720 --> 00:28:29,679
and that's why there's a long
824
00:28:26,640 --> 00:28:30,240
wick then the bears they keep driving it
825
00:28:29,679 --> 00:28:32,080
down
826
00:28:30,240 --> 00:28:34,000
the bears keep driving it down they
827
00:28:32,080 --> 00:28:34,960
drive it down more they drive it down
828
00:28:34,000 --> 00:28:36,880
even more
829
00:28:34,960 --> 00:28:38,399
right then they push it to all the way
830
00:28:36,880 --> 00:28:41,120
to nine dollars
831
00:28:38,399 --> 00:28:42,240
but the bulls actually end up defending
832
00:28:41,120 --> 00:28:45,120
and they push it back
833
00:28:42,240 --> 00:28:48,080
up that is why there's a wick so let me
834
00:28:45,120 --> 00:28:51,760
ask you guys this now okay
835
00:28:48,080 --> 00:28:55,200
what if okay what if
836
00:28:51,760 --> 00:28:56,960
this wick was really long okay let's say
837
00:28:55,200 --> 00:28:59,919
this wick was really long
838
00:28:56,960 --> 00:29:01,919
and this actually got all the way to
839
00:28:59,919 --> 00:29:04,320
seven dollars we'll say okay
840
00:29:01,919 --> 00:29:05,200
what do you guys think that this would
841
00:29:04,320 --> 00:29:08,399
mean
842
00:29:05,200 --> 00:29:09,200
if there was a really long wick at seven
843
00:29:08,399 --> 00:29:11,440
dollars
844
00:29:09,200 --> 00:29:12,799
okay what do you guys think that that
845
00:29:11,440 --> 00:29:15,120
means
846
00:29:12,799 --> 00:29:16,960
let's say we're on a downtrend okay
847
00:29:15,120 --> 00:29:19,600
we're on a downtrend
848
00:29:16,960 --> 00:29:21,279
and then we see this candle okay
849
00:29:19,600 --> 00:29:22,559
actually let me ask you guys two things
850
00:29:21,279 --> 00:29:25,600
okay
851
00:29:22,559 --> 00:29:29,200
let's say we're on a downtrend and and
852
00:29:25,600 --> 00:29:31,120
one candle was green like this okay
853
00:29:29,200 --> 00:29:32,240
right let's say one candle was green
854
00:29:31,120 --> 00:29:34,240
like this
855
00:29:32,240 --> 00:29:35,279
and they both got to seven dollars like
856
00:29:34,240 --> 00:29:37,600
that
857
00:29:35,279 --> 00:29:39,360
what do you think the difference between
858
00:29:37,600 --> 00:29:42,399
these two candles are
859
00:29:39,360 --> 00:29:46,880
where one is green and one is red
860
00:29:42,399 --> 00:29:46,880
but they both have a very long wick
861
00:29:50,880 --> 00:29:55,039
can anyone guess what it means i'll give
862
00:29:52,640 --> 00:29:55,760
you guys time really really think about
863
00:29:55,039 --> 00:29:58,159
this okay
864
00:29:55,760 --> 00:29:59,120
i want to give you guys a clue first of
865
00:29:58,159 --> 00:30:02,159
all
866
00:29:59,120 --> 00:30:03,120
you have to think of three dollars where
867
00:30:02,159 --> 00:30:06,080
the bulls
868
00:30:03,120 --> 00:30:08,399
ended up fighting back against the bears
869
00:30:06,080 --> 00:30:10,159
and defended their position so what do
870
00:30:08,399 --> 00:30:12,399
you guys think that this could actually
871
00:30:10,159 --> 00:30:12,399
mean
872
00:30:15,200 --> 00:30:18,720
okay let's get into it because i love
873
00:30:17,120 --> 00:30:21,039
talking about this okay
874
00:30:18,720 --> 00:30:22,000
what it means okay we'll talk about the
875
00:30:21,039 --> 00:30:26,640
red one first
876
00:30:22,000 --> 00:30:28,480
okay the red one opened here okay
877
00:30:26,640 --> 00:30:30,720
the red one open it could have it could
878
00:30:28,480 --> 00:30:32,399
mean many things first of all okay
879
00:30:30,720 --> 00:30:34,399
let's talk about all the different
880
00:30:32,399 --> 00:30:36,559
scenarios okay so
881
00:30:34,399 --> 00:30:37,760
it could it opened there for example
882
00:30:36,559 --> 00:30:39,919
right
883
00:30:37,760 --> 00:30:41,440
it opened there and the first thing that
884
00:30:39,919 --> 00:30:43,919
could have happened
885
00:30:41,440 --> 00:30:45,840
was this okay the first thing that could
886
00:30:43,919 --> 00:30:49,440
have happened
887
00:30:45,840 --> 00:30:50,880
is that it pushed all the way back up
888
00:30:49,440 --> 00:30:52,640
like we were talking about
889
00:30:50,880 --> 00:30:54,240
right it pushed all the way the bowls
890
00:30:52,640 --> 00:30:55,200
actually pushed all the way up here
891
00:30:54,240 --> 00:30:58,159
first right
892
00:30:55,200 --> 00:31:00,080
where this was green at first right but
893
00:30:58,159 --> 00:31:01,919
the bears ended up defending
894
00:31:00,080 --> 00:31:03,679
and they pushed it all the way down all
895
00:31:01,919 --> 00:31:05,919
the way down all the way down
896
00:31:03,679 --> 00:31:07,200
all the way down all the way down to
897
00:31:05,919 --> 00:31:09,360
seven dollars
898
00:31:07,200 --> 00:31:10,720
but now the bears and the people who are
899
00:31:09,360 --> 00:31:13,039
interested in the
900
00:31:10,720 --> 00:31:15,120
in the coin at this price they're like
901
00:31:13,039 --> 00:31:18,320
no at seven dollars
902
00:31:15,120 --> 00:31:20,559
we are actually going to hold our ground
903
00:31:18,320 --> 00:31:22,799
and we want to buy it back up we don't
904
00:31:20,559 --> 00:31:24,880
want to let it get past seven dollars
905
00:31:22,799 --> 00:31:26,799
so now the bulls step in and they're
906
00:31:24,880 --> 00:31:28,559
like okay we're pushing it up
907
00:31:26,799 --> 00:31:30,640
we're pushing it up we're pushing it up
908
00:31:28,559 --> 00:31:31,600
we're pushing it all the way back up to
909
00:31:30,640 --> 00:31:34,159
ten dollars
910
00:31:31,600 --> 00:31:34,720
okay so that's what it means it means
911
00:31:34,159 --> 00:31:37,200
that
912
00:31:34,720 --> 00:31:37,760
the range from seven dollars to ten
913
00:31:37,200 --> 00:31:40,480
dollars
914
00:31:37,760 --> 00:31:41,279
there was really strong support okay
915
00:31:40,480 --> 00:31:44,080
guys
916
00:31:41,279 --> 00:31:46,960
there was really really strong support
917
00:31:44,080 --> 00:31:49,600
that's what it basically means okay
918
00:31:46,960 --> 00:31:50,559
that it's not getting below that so we
919
00:31:49,600 --> 00:31:54,000
call this a
920
00:31:50,559 --> 00:31:57,200
bowl wick okay a bowl
921
00:31:54,000 --> 00:32:00,240
wick like b-u-l-l like the animal a
922
00:31:57,200 --> 00:32:03,679
bull wick because this refers to
923
00:32:00,240 --> 00:32:06,559
a really large price in rejection
924
00:32:03,679 --> 00:32:07,679
where the bears simply could not hold it
925
00:32:06,559 --> 00:32:10,159
at that price
926
00:32:07,679 --> 00:32:12,399
so the bulls actually end up defending
927
00:32:10,159 --> 00:32:13,039
that three dollar range with a really
928
00:32:12,399 --> 00:32:16,080
long
929
00:32:13,039 --> 00:32:16,559
wick and guys what we look for is we
930
00:32:16,080 --> 00:32:19,279
look for
931
00:32:16,559 --> 00:32:20,320
wicks okay we look for wicks because wix
932
00:32:19,279 --> 00:32:23,600
will give us the
933
00:32:20,320 --> 00:32:24,240
best indication of what we can actually
934
00:32:23,600 --> 00:32:26,960
do
935
00:32:24,240 --> 00:32:28,880
in terms of the ranges of defense and
936
00:32:26,960 --> 00:32:31,600
where these supports are
937
00:32:28,880 --> 00:32:33,279
so if we get a lot of support in these
938
00:32:31,600 --> 00:32:35,600
particular regions
939
00:32:33,279 --> 00:32:37,120
we're going to be able to find clues of
940
00:32:35,600 --> 00:32:40,000
where to actually go
941
00:32:37,120 --> 00:32:41,360
long okay so that's a very exciting
942
00:32:40,000 --> 00:32:44,720
concept
943
00:32:41,360 --> 00:32:45,279
okay so we call this a bulwick right
944
00:32:44,720 --> 00:32:47,919
guys
945
00:32:45,279 --> 00:32:48,559
a bowl of wick is what we want to hunt
946
00:32:47,919 --> 00:32:51,519
for
947
00:32:48,559 --> 00:32:52,399
okay now let's talk about the green
948
00:32:51,519 --> 00:32:55,039
candle
949
00:32:52,399 --> 00:32:56,159
versus the red candle okay every time i
950
00:32:55,039 --> 00:32:58,399
say candle
951
00:32:56,159 --> 00:32:59,679
it reminds me of my friend maria maria i
952
00:32:58,399 --> 00:33:00,399
miss talking to you if you're watching
953
00:32:59,679 --> 00:33:02,159
these videos
954
00:33:00,399 --> 00:33:04,399
you should really really get back in
955
00:33:02,159 --> 00:33:05,200
touch with me she got really too busy
956
00:33:04,399 --> 00:33:07,919
she got
957
00:33:05,200 --> 00:33:09,919
much much too busy um recently with
958
00:33:07,919 --> 00:33:10,559
school and everything so we kind of lost
959
00:33:09,919 --> 00:33:13,200
touch
960
00:33:10,559 --> 00:33:15,039
but every time i say the word candle it
961
00:33:13,200 --> 00:33:18,399
just reminds me of her accent
962
00:33:15,039 --> 00:33:20,000
it was kind of adorable so
963
00:33:18,399 --> 00:33:21,919
yeah anyways sorry sorry about the
964
00:33:20,000 --> 00:33:23,360
segway there in a little bit
965
00:33:21,919 --> 00:33:25,440
i hope you guys don't mind my small
966
00:33:23,360 --> 00:33:26,480
little anecdotes here and there and so
967
00:33:25,440 --> 00:33:28,320
on okay
968
00:33:26,480 --> 00:33:29,919
so let's talk about the difference
969
00:33:28,320 --> 00:33:33,039
between the red candle
970
00:33:29,919 --> 00:33:35,039
and the green candle okay so let's talk
971
00:33:33,039 --> 00:33:36,799
about this right now
972
00:33:35,039 --> 00:33:38,880
so the the actually we didn't even
973
00:33:36,799 --> 00:33:40,159
finish this one right so we talked about
974
00:33:38,880 --> 00:33:42,399
this first right here
975
00:33:40,159 --> 00:33:44,399
okay where we talked about it going high
976
00:33:42,399 --> 00:33:47,200
up and then the bears
977
00:33:44,399 --> 00:33:48,240
simply pushed it down down down down
978
00:33:47,200 --> 00:33:50,159
down here
979
00:33:48,240 --> 00:33:51,279
and then the bulls defended it to make
980
00:33:50,159 --> 00:33:53,600
it come back up
981
00:33:51,279 --> 00:33:55,679
so we have a red candle keep in mind
982
00:33:53,600 --> 00:33:56,720
right it's a red candle regardless of
983
00:33:55,679 --> 00:33:58,960
how you see it
984
00:33:56,720 --> 00:33:59,919
so the other way is it could actually
985
00:33:58,960 --> 00:34:02,080
have gone
986
00:33:59,919 --> 00:34:04,000
down first right it could have gone down
987
00:34:02,080 --> 00:34:06,640
first down first like that
988
00:34:04,000 --> 00:34:08,079
down first right and then the bulls
989
00:34:06,640 --> 00:34:10,320
actually defended it
990
00:34:08,079 --> 00:34:11,280
the bulls defended it pushed it all the
991
00:34:10,320 --> 00:34:13,520
way back up
992
00:34:11,280 --> 00:34:15,200
pushed it all the way back up like that
993
00:34:13,520 --> 00:34:17,359
right
994
00:34:15,200 --> 00:34:19,599
and then what ended up happening was the
995
00:34:17,359 --> 00:34:20,560
bears actually pushed it all the way
996
00:34:19,599 --> 00:34:23,919
back down
997
00:34:20,560 --> 00:34:26,560
so you can see more of a struggle
998
00:34:23,919 --> 00:34:27,359
when it actually comes to the red candle
999
00:34:26,560 --> 00:34:30,639
right
1000
00:34:27,359 --> 00:34:31,119
red candle it's super bearish compared
1001
00:34:30,639 --> 00:34:33,520
to
1002
00:34:31,119 --> 00:34:34,159
what we're just about to talk about here
1003
00:34:33,520 --> 00:34:36,399
okay
1004
00:34:34,159 --> 00:34:37,359
so let's say we talk take a look at this
1005
00:34:36,399 --> 00:34:39,119
one now right
1006
00:34:37,359 --> 00:34:40,480
so this one could have happened like
1007
00:34:39,119 --> 00:34:43,359
this right
1008
00:34:40,480 --> 00:34:45,040
now what we want to see is the the first
1009
00:34:43,359 --> 00:34:47,520
way first of all is that
1010
00:34:45,040 --> 00:34:48,399
the the bowls attempted to push it up
1011
00:34:47,520 --> 00:34:51,919
right
1012
00:34:48,399 --> 00:34:54,159
it opened up here at 11 right
1013
00:34:51,919 --> 00:34:55,280
or sorry sorry it opened here on the
1014
00:34:54,159 --> 00:34:57,280
bottom right
1015
00:34:55,280 --> 00:34:59,119
opened here and then what ended up
1016
00:34:57,280 --> 00:35:00,400
happening was it went it the bulls
1017
00:34:59,119 --> 00:35:02,240
pushed it up first
1018
00:35:00,400 --> 00:35:03,520
pushed it up pushed it up right pushed
1019
00:35:02,240 --> 00:35:06,079
it up like that
1020
00:35:03,520 --> 00:35:06,960
right they pushed it up like that but
1021
00:35:06,079 --> 00:35:09,760
then it came
1022
00:35:06,960 --> 00:35:10,560
all the way back down here first to a
1023
00:35:09,760 --> 00:35:13,680
low of seven
1024
00:35:10,560 --> 00:35:14,880
dollars right like that
1025
00:35:13,680 --> 00:35:16,320
actually i shouldn't i shouldn't be
1026
00:35:14,880 --> 00:35:17,920
talking about it from that perspective
1027
00:35:16,320 --> 00:35:19,200
my apologies okay
1028
00:35:17,920 --> 00:35:21,040
i should be talking about it from this
1029
00:35:19,200 --> 00:35:21,839
one right here let's backtrack just a
1030
00:35:21,040 --> 00:35:24,240
second
1031
00:35:21,839 --> 00:35:26,079
and now the it opened here and then the
1032
00:35:24,240 --> 00:35:27,920
bowls pushed it all the way up
1033
00:35:26,079 --> 00:35:30,000
pushed it all the way up pushed it all
1034
00:35:27,920 --> 00:35:31,839
the way up right
1035
00:35:30,000 --> 00:35:34,160
but they couldn't hold their ground
1036
00:35:31,839 --> 00:35:37,359
right so it ended up getting pushed
1037
00:35:34,160 --> 00:35:39,680
all the way back down to over here right
1038
00:35:37,359 --> 00:35:40,480
which created a massive bull wick so the
1039
00:35:39,680 --> 00:35:42,720
bears
1040
00:35:40,480 --> 00:35:44,079
are actually trying to push it down but
1041
00:35:42,720 --> 00:35:46,720
the bowls are simply
1042
00:35:44,079 --> 00:35:47,520
too strong in this candle right and then
1043
00:35:46,720 --> 00:35:50,640
they pushed it
1044
00:35:47,520 --> 00:35:52,960
all the way back up to right here so
1045
00:35:50,640 --> 00:35:53,920
you can see the difference between how
1046
00:35:52,960 --> 00:35:56,560
strong
1047
00:35:53,920 --> 00:35:58,800
this one is and now the other way is
1048
00:35:56,560 --> 00:36:00,160
that it opened here right it opened
1049
00:35:58,800 --> 00:36:02,800
right here
1050
00:36:00,160 --> 00:36:04,320
and then the bears tried to push it down
1051
00:36:02,800 --> 00:36:06,400
first okay
1052
00:36:04,320 --> 00:36:08,079
but the bulls are like nah we're not
1053
00:36:06,400 --> 00:36:10,160
having any of that right now
1054
00:36:08,079 --> 00:36:12,160
we're not having any of that so then the
1055
00:36:10,160 --> 00:36:14,079
bulls pushed it all the way back up
1056
00:36:12,160 --> 00:36:16,480
all the way back up all the way back up
1057
00:36:14,079 --> 00:36:18,240
to even where it's twelve dollars right
1058
00:36:16,480 --> 00:36:19,760
and then some of the bears they took
1059
00:36:18,240 --> 00:36:21,599
profit or whatever then they pushed it
1060
00:36:19,760 --> 00:36:24,480
down and it just steadied right there
1061
00:36:21,599 --> 00:36:25,440
so that's an even more powerful
1062
00:36:24,480 --> 00:36:27,280
indication
1063
00:36:25,440 --> 00:36:29,359
so we have to think of the differences
1064
00:36:27,280 --> 00:36:31,920
between these two candles right
1065
00:36:29,359 --> 00:36:32,800
the green one is obviously a lot more
1066
00:36:31,920 --> 00:36:35,359
bullish
1067
00:36:32,800 --> 00:36:36,560
and the red one is a lot more bearish
1068
00:36:35,359 --> 00:36:40,160
and what we want
1069
00:36:36,560 --> 00:36:43,280
on a downtrend is a really big
1070
00:36:40,160 --> 00:36:46,560
green candle right now a red one
1071
00:36:43,280 --> 00:36:47,040
can still be a bullish candle but of
1072
00:36:46,560 --> 00:36:49,839
course
1073
00:36:47,040 --> 00:36:51,920
a green one will give you a much better
1074
00:36:49,839 --> 00:36:54,480
of a bullish
1075
00:36:51,920 --> 00:36:55,839
better chances of it being seen as a
1076
00:36:54,480 --> 00:36:58,720
harder supporter
1077
00:36:55,839 --> 00:37:00,079
so i hope that this has cleared up a lot
1078
00:36:58,720 --> 00:37:03,440
of the definitions
1079
00:37:00,079 --> 00:37:06,560
between open high open close
1080
00:37:03,440 --> 00:37:08,720
high and low so now let's move into even
1081
00:37:06,560 --> 00:37:10,000
more formations and give you guys
1082
00:37:08,720 --> 00:37:13,040
crystal clear
1083
00:37:10,000 --> 00:37:16,720
examples of what we see on
1084
00:37:13,040 --> 00:37:18,720
a typical day all right all right guys
1085
00:37:16,720 --> 00:37:19,760
let's get into some candlestick
1086
00:37:18,720 --> 00:37:22,000
formations
1087
00:37:19,760 --> 00:37:24,079
and let's talk about a lot of these
1088
00:37:22,000 --> 00:37:24,720
different types of candles right here
1089
00:37:24,079 --> 00:37:27,520
okay
1090
00:37:24,720 --> 00:37:28,560
let's first of all talk about the hammer
1091
00:37:27,520 --> 00:37:30,720
candle okay
1092
00:37:28,560 --> 00:37:32,320
we're gonna go over every single one of
1093
00:37:30,720 --> 00:37:34,000
these candle formations and they're
1094
00:37:32,320 --> 00:37:36,560
gonna be in high detail
1095
00:37:34,000 --> 00:37:37,760
so let's talk about the hammer candle
1096
00:37:36,560 --> 00:37:40,880
right here okay
1097
00:37:37,760 --> 00:37:43,680
so a hammer candle is green like this
1098
00:37:40,880 --> 00:37:45,839
preferably better green than red as
1099
00:37:43,680 --> 00:37:48,800
we've talked about earlier before
1100
00:37:45,839 --> 00:37:49,280
so the hammer has a fairly decent sized
1101
00:37:48,800 --> 00:37:52,000
wick
1102
00:37:49,280 --> 00:37:52,800
just like that right so this is called a
1103
00:37:52,000 --> 00:37:55,440
hammer
1104
00:37:52,800 --> 00:37:57,599
candle and this chart right here guys is
1105
00:37:55,440 --> 00:37:59,440
available to download just look below
1106
00:37:57,599 --> 00:38:01,119
it's going to be a part of the resources
1107
00:37:59,440 --> 00:38:03,040
where you can access and make sure that
1108
00:38:01,119 --> 00:38:04,320
you guys are saving this particular
1109
00:38:03,040 --> 00:38:07,200
chart right here
1110
00:38:04,320 --> 00:38:08,640
so the hammer candle implies this okay
1111
00:38:07,200 --> 00:38:11,760
that the bears
1112
00:38:08,640 --> 00:38:14,960
attempted to push well below okay
1113
00:38:11,760 --> 00:38:17,119
well below but the bulls actually
1114
00:38:14,960 --> 00:38:18,320
defended it very successfully pushing it
1115
00:38:17,119 --> 00:38:20,400
all the way back up
1116
00:38:18,320 --> 00:38:22,560
so it opened right here and it closed
1117
00:38:20,400 --> 00:38:25,040
right there so at the beginning
1118
00:38:22,560 --> 00:38:25,599
what happened was the bears tried to
1119
00:38:25,040 --> 00:38:28,160
defend
1120
00:38:25,599 --> 00:38:30,079
or they tried to push it down but the
1121
00:38:28,160 --> 00:38:33,200
bulls defended it pushing it
1122
00:38:30,079 --> 00:38:34,160
all the way back up hence the hammer now
1123
00:38:33,200 --> 00:38:36,400
the next one
1124
00:38:34,160 --> 00:38:37,520
is called the inverted hammer candle
1125
00:38:36,400 --> 00:38:40,160
okay
1126
00:38:37,520 --> 00:38:40,800
the inverted hammer is the opposite like
1127
00:38:40,160 --> 00:38:42,960
that
1128
00:38:40,800 --> 00:38:44,400
where it's an upside down candle but
1129
00:38:42,960 --> 00:38:46,720
this is still a very
1130
00:38:44,400 --> 00:38:48,320
bullish candle and the reason why it's
1131
00:38:46,720 --> 00:38:50,480
bullish is because well
1132
00:38:48,320 --> 00:38:52,800
the bulls are actually attempting to
1133
00:38:50,480 --> 00:38:55,040
push it up regardless right
1134
00:38:52,800 --> 00:38:56,960
and because they didn't get it that high
1135
00:38:55,040 --> 00:38:57,760
but nevertheless it's still bullish
1136
00:38:56,960 --> 00:39:00,480
because
1137
00:38:57,760 --> 00:39:01,359
they are attempting to push it up now
1138
00:39:00,480 --> 00:39:04,000
this right here
1139
00:39:01,359 --> 00:39:05,040
is called a dragonfly doji this one
1140
00:39:04,000 --> 00:39:08,160
right here
1141
00:39:05,040 --> 00:39:09,440
this dragonfly doji has a very small
1142
00:39:08,160 --> 00:39:12,160
body okay
1143
00:39:09,440 --> 00:39:13,839
a super small body just like this now
1144
00:39:12,160 --> 00:39:14,880
this one here it could be even smaller
1145
00:39:13,839 --> 00:39:17,040
like that right
1146
00:39:14,880 --> 00:39:18,720
this one is pretty much the exact same
1147
00:39:17,040 --> 00:39:21,119
terminology where the bears
1148
00:39:18,720 --> 00:39:22,880
tried to push it down but the bolds
1149
00:39:21,119 --> 00:39:25,280
defended and they pushed it back
1150
00:39:22,880 --> 00:39:27,200
up so if you ever see these at the
1151
00:39:25,280 --> 00:39:29,520
bottom of the downtrend
1152
00:39:27,200 --> 00:39:31,440
these are very bullish candles and it
1153
00:39:29,520 --> 00:39:32,400
would actually imply that if there's a
1154
00:39:31,440 --> 00:39:34,160
good chance
1155
00:39:32,400 --> 00:39:35,599
that something is going to happen in
1156
00:39:34,160 --> 00:39:37,440
terms of the bulls
1157
00:39:35,599 --> 00:39:38,640
defending successfully and we should get
1158
00:39:37,440 --> 00:39:40,079
higher high
1159
00:39:38,640 --> 00:39:42,480
now the next one we're going to talk
1160
00:39:40,079 --> 00:39:47,280
about is the bullish spinning
1161
00:39:42,480 --> 00:39:49,680
top okay the bullish spinning top has
1162
00:39:47,280 --> 00:39:51,200
basically like that where the body of
1163
00:39:49,680 --> 00:39:53,599
the candle is pretty much
1164
00:39:51,200 --> 00:39:55,440
right in the middle just like that okay
1165
00:39:53,599 --> 00:39:58,640
it's got wicks on the upside
1166
00:39:55,440 --> 00:40:01,760
and it's got wicks on the downside so
1167
00:39:58,640 --> 00:40:02,320
these are incredibly powerful candles as
1168
00:40:01,760 --> 00:40:04,000
well
1169
00:40:02,320 --> 00:40:05,599
okay and then we also have i'm just
1170
00:40:04,000 --> 00:40:06,319
going to go over the very common ones
1171
00:40:05,599 --> 00:40:08,800
that i think
1172
00:40:06,319 --> 00:40:10,079
are very important to understand right
1173
00:40:08,800 --> 00:40:12,880
so let's say you had
1174
00:40:10,079 --> 00:40:13,680
a uh a red candle right where you're
1175
00:40:12,880 --> 00:40:15,280
coming down
1176
00:40:13,680 --> 00:40:18,560
okay let's see you got a red candle
1177
00:40:15,280 --> 00:40:18,560
coming down just like this
1178
00:40:21,280 --> 00:40:24,880
so you got like a series of red candles
1179
00:40:23,280 --> 00:40:26,480
like that right
1180
00:40:24,880 --> 00:40:28,319
let's just say you got like two candles
1181
00:40:26,480 --> 00:40:30,560
right and this one's a small one
1182
00:40:28,319 --> 00:40:31,839
and let's say the next one here is a
1183
00:40:30,560 --> 00:40:35,119
really large
1184
00:40:31,839 --> 00:40:36,400
candle okay a large green candle that's
1185
00:40:35,119 --> 00:40:39,359
much bigger
1186
00:40:36,400 --> 00:40:40,000
than the previous red candle this one is
1187
00:40:39,359 --> 00:40:42,960
called the
1188
00:40:40,000 --> 00:40:43,359
bullish engulfing candle and the reason
1189
00:40:42,960 --> 00:40:45,359
why
1190
00:40:43,359 --> 00:40:46,960
it's called an engulfing candle is
1191
00:40:45,359 --> 00:40:48,960
because it's eating up
1192
00:40:46,960 --> 00:40:50,400
the previous candle right think of it as
1193
00:40:48,960 --> 00:40:52,720
a much bigger candle
1194
00:40:50,400 --> 00:40:54,000
that's actually just devouring it so
1195
00:40:52,720 --> 00:40:55,920
that's how i see it
1196
00:40:54,000 --> 00:40:57,200
and then you got another combination of
1197
00:40:55,920 --> 00:41:00,560
a candle called
1198
00:40:57,200 --> 00:41:02,880
the tweezer bottoms okay tweezer bottoms
1199
00:41:00,560 --> 00:41:04,240
is exactly as the name implies it looks
1200
00:41:02,880 --> 00:41:06,240
like tweezers right
1201
00:41:04,240 --> 00:41:08,160
it's got two little wicks like that that
1202
00:41:06,240 --> 00:41:10,480
actually look like tweezers
1203
00:41:08,160 --> 00:41:12,160
and if you guys see these two little
1204
00:41:10,480 --> 00:41:14,640
wicks right here
1205
00:41:12,160 --> 00:41:16,400
right that will actually imply that the
1206
00:41:14,640 --> 00:41:18,800
tweezer bottom it's showing some sort of
1207
00:41:16,400 --> 00:41:21,280
rejection to the downside
1208
00:41:18,800 --> 00:41:23,520
and that's what i personally love to see
1209
00:41:21,280 --> 00:41:25,599
quite often okay
1210
00:41:23,520 --> 00:41:26,800
so if you guys ever see these kinds of
1211
00:41:25,599 --> 00:41:29,359
candles they're
1212
00:41:26,800 --> 00:41:30,880
incredibly important for you guys to
1213
00:41:29,359 --> 00:41:33,359
recognize the signs
1214
00:41:30,880 --> 00:41:34,000
of a possible reversal coming up very
1215
00:41:33,359 --> 00:41:36,079
soon
1216
00:41:34,000 --> 00:41:37,040
so let's talk about some bearish candles
1217
00:41:36,079 --> 00:41:38,480
now right
1218
00:41:37,040 --> 00:41:40,079
let's say we got like you know some
1219
00:41:38,480 --> 00:41:43,440
bearish candles like that where
1220
00:41:40,079 --> 00:41:43,920
it's just sorry we should make that
1221
00:41:43,440 --> 00:41:46,160
green
1222
00:41:43,920 --> 00:41:46,960
not not red okay let's make this uh
1223
00:41:46,160 --> 00:41:48,960
green
1224
00:41:46,960 --> 00:41:50,560
okay where we're just getting a series
1225
00:41:48,960 --> 00:41:52,800
of green candles like that
1226
00:41:50,560 --> 00:41:54,640
it's still on an uptrend well let's talk
1227
00:41:52,800 --> 00:41:56,079
about some of these candles like a
1228
00:41:54,640 --> 00:41:58,000
hanging man all right
1229
00:41:56,079 --> 00:41:59,520
this is a hanging man right there make
1230
00:41:58,000 --> 00:42:01,040
sure you guys are downloading this to
1231
00:41:59,520 --> 00:42:03,359
add to your learning
1232
00:42:01,040 --> 00:42:04,400
so let's say that you actually get a
1233
00:42:03,359 --> 00:42:07,680
candle like this
1234
00:42:04,400 --> 00:42:10,720
okay where this one is now red
1235
00:42:07,680 --> 00:42:13,280
or green one or the other regardless
1236
00:42:10,720 --> 00:42:14,640
it's still seen as very bearish now the
1237
00:42:13,280 --> 00:42:17,440
psychology behind it
1238
00:42:14,640 --> 00:42:18,160
is this right here okay the psychology
1239
00:42:17,440 --> 00:42:21,440
behind it
1240
00:42:18,160 --> 00:42:23,760
is that the uptrend is almost over
1241
00:42:21,440 --> 00:42:24,560
and the bulls are actually losing their
1242
00:42:23,760 --> 00:42:26,000
steam
1243
00:42:24,560 --> 00:42:28,400
and the reason they're losing their
1244
00:42:26,000 --> 00:42:29,599
steam is because the bears are starting
1245
00:42:28,400 --> 00:42:31,839
to take profit
1246
00:42:29,599 --> 00:42:33,440
they're trying to actually drive down
1247
00:42:31,839 --> 00:42:35,119
the price of the market
1248
00:42:33,440 --> 00:42:37,680
right that's why you're seeing this
1249
00:42:35,119 --> 00:42:40,000
really larger wick right here as well
1250
00:42:37,680 --> 00:42:41,520
and some other bearish candles is the
1251
00:42:40,000 --> 00:42:43,520
bear spinning top
1252
00:42:41,520 --> 00:42:45,440
it's kind of the opposite of the bullet
1253
00:42:43,520 --> 00:42:48,240
spinning top where you get
1254
00:42:45,440 --> 00:42:50,079
a body that's right in the center and
1255
00:42:48,240 --> 00:42:50,800
you have a wick that's equal length on
1256
00:42:50,079 --> 00:42:52,880
the top
1257
00:42:50,800 --> 00:42:54,480
and on the bottom right so that's called
1258
00:42:52,880 --> 00:42:56,560
a bearish spinning top it might look
1259
00:42:54,480 --> 00:42:58,400
something like that a little bit bigger
1260
00:42:56,560 --> 00:43:00,800
if you got something that's very small
1261
00:42:58,400 --> 00:43:03,599
right like this right here for example
1262
00:43:00,800 --> 00:43:04,640
this is called a doji right small little
1263
00:43:03,599 --> 00:43:06,880
wicks
1264
00:43:04,640 --> 00:43:08,079
small little body so this would be
1265
00:43:06,880 --> 00:43:10,560
called a
1266
00:43:08,079 --> 00:43:12,160
bearish or sorry a bearish doji candle
1267
00:43:10,560 --> 00:43:13,920
or just a doji in general
1268
00:43:12,160 --> 00:43:15,839
now this one right here is the most
1269
00:43:13,920 --> 00:43:17,520
powerful reversal candle that i'm just
1270
00:43:15,839 --> 00:43:18,800
about to show you guys so please
1271
00:43:17,520 --> 00:43:20,319
remember this one
1272
00:43:18,800 --> 00:43:22,000
this one right here is called the
1273
00:43:20,319 --> 00:43:24,000
shooting star okay
1274
00:43:22,000 --> 00:43:25,440
the shooting star looks something like
1275
00:43:24,000 --> 00:43:28,319
that right
1276
00:43:25,440 --> 00:43:28,800
a shooting star is a candle with a
1277
00:43:28,319 --> 00:43:31,760
really
1278
00:43:28,800 --> 00:43:33,680
long wick to the upside okay with a
1279
00:43:31,760 --> 00:43:36,720
really long wick to the upside
1280
00:43:33,680 --> 00:43:37,359
which is very implicative that the bulls
1281
00:43:36,720 --> 00:43:40,560
have tried
1282
00:43:37,359 --> 00:43:41,359
very hard to push it all the way up but
1283
00:43:40,560 --> 00:43:43,599
they actually
1284
00:43:41,359 --> 00:43:45,839
couldn't push it all the way up and
1285
00:43:43,599 --> 00:43:48,560
instead the bears ended up pushing it
1286
00:43:45,839 --> 00:43:50,240
all the way back down now another
1287
00:43:48,560 --> 00:43:52,880
combination of a candle
1288
00:43:50,240 --> 00:43:55,200
is for example a tweezer top so the
1289
00:43:52,880 --> 00:43:55,920
tweezer top is exactly like the tweezer
1290
00:43:55,200 --> 00:43:57,680
bottom
1291
00:43:55,920 --> 00:43:59,920
except now we're seeing it on the top
1292
00:43:57,680 --> 00:44:01,200
and reversed where we're seeing kind of
1293
00:43:59,920 --> 00:44:03,040
formations like that
1294
00:44:01,200 --> 00:44:05,200
and the best thing to do is just to
1295
00:44:03,040 --> 00:44:07,280
actually get right into the candles and
1296
00:44:05,200 --> 00:44:08,079
take a look at tons of examples that
1297
00:44:07,280 --> 00:44:10,400
we're going to find
1298
00:44:08,079 --> 00:44:11,200
in these charts together so let's
1299
00:44:10,400 --> 00:44:14,160
remember
1300
00:44:11,200 --> 00:44:16,319
the significance of these candles okay
1301
00:44:14,160 --> 00:44:18,880
the significance of these candles
1302
00:44:16,319 --> 00:44:19,760
is that when we find them in specific
1303
00:44:18,880 --> 00:44:22,800
places
1304
00:44:19,760 --> 00:44:23,680
in specific positions on a chart it
1305
00:44:22,800 --> 00:44:26,240
might actually
1306
00:44:23,680 --> 00:44:26,960
indicate the momentum of what is
1307
00:44:26,240 --> 00:44:28,960
happening
1308
00:44:26,960 --> 00:44:30,079
so if you see a lot of wicks going to
1309
00:44:28,960 --> 00:44:32,240
the downside
1310
00:44:30,079 --> 00:44:33,119
when you're already on the way down it
1311
00:44:32,240 --> 00:44:35,040
might indicate
1312
00:44:33,119 --> 00:44:37,119
supports because they're trying to push
1313
00:44:35,040 --> 00:44:38,480
it down but the bulls are actually
1314
00:44:37,119 --> 00:44:40,240
defending and push it up
1315
00:44:38,480 --> 00:44:42,240
let's say you're going on an uptrend
1316
00:44:40,240 --> 00:44:44,480
right if you see a lot of wicks
1317
00:44:42,240 --> 00:44:45,599
right on an uptrend a lot of wicks to
1318
00:44:44,480 --> 00:44:48,960
the upside
1319
00:44:45,599 --> 00:44:51,280
it might also indicate that hey it might
1320
00:44:48,960 --> 00:44:53,040
not actually be the best time to go long
1321
00:44:51,280 --> 00:44:56,160
because we're getting rejections
1322
00:44:53,040 --> 00:44:56,880
so just to give you guys a basic idea of
1323
00:44:56,160 --> 00:44:59,119
what
1324
00:44:56,880 --> 00:45:01,119
different time frames is is you have to
1325
00:44:59,119 --> 00:45:03,119
remember what time frames are okay guys
1326
00:45:01,119 --> 00:45:05,520
we're going to go over time frames
1327
00:45:03,119 --> 00:45:07,359
in the next chart in the next um lesson
1328
00:45:05,520 --> 00:45:10,240
actually in lesson number nine
1329
00:45:07,359 --> 00:45:10,880
how to read the how to interpret time
1330
00:45:10,240 --> 00:45:12,800
frames
1331
00:45:10,880 --> 00:45:14,720
by looking at the little picture and
1332
00:45:12,800 --> 00:45:16,160
also the big picture as well
1333
00:45:14,720 --> 00:45:18,079
but just to give you guys a quick
1334
00:45:16,160 --> 00:45:21,200
introduction right
1335
00:45:18,079 --> 00:45:22,000
if you take a look at the daily time
1336
00:45:21,200 --> 00:45:24,400
frame
1337
00:45:22,000 --> 00:45:25,040
and you also see four hour time frames
1338
00:45:24,400 --> 00:45:28,240
as well
1339
00:45:25,040 --> 00:45:31,520
well guess how many four hour candles
1340
00:45:28,240 --> 00:45:33,599
will actually make up a daily candle
1341
00:45:31,520 --> 00:45:36,000
it would be six right because it takes
1342
00:45:33,599 --> 00:45:39,280
six four hour candles
1343
00:45:36,000 --> 00:45:41,920
to make up a single daily candle
1344
00:45:39,280 --> 00:45:43,599
right that makes sense so the way that
1345
00:45:41,920 --> 00:45:46,000
we look at time frames is
1346
00:45:43,599 --> 00:45:48,160
it's a way for us to get a gauge of
1347
00:45:46,000 --> 00:45:50,640
what's happening in the big picture
1348
00:45:48,160 --> 00:45:51,599
and also in the little picture as well
1349
00:45:50,640 --> 00:45:53,440
and overall
1350
00:45:51,599 --> 00:45:55,680
we try to do this because we want to get
1351
00:45:53,440 --> 00:45:56,319
an overall picture of everything that's
1352
00:45:55,680 --> 00:45:59,200
happening
1353
00:45:56,319 --> 00:45:59,760
on a micro level and on a macro level as
1354
00:45:59,200 --> 00:46:02,800
well
1355
00:45:59,760 --> 00:46:03,599
so let's just go over some candles that
1356
00:46:02,800 --> 00:46:06,160
we see
1357
00:46:03,599 --> 00:46:06,880
that might indicate just as an example
1358
00:46:06,160 --> 00:46:08,960
okay
1359
00:46:06,880 --> 00:46:10,720
so if you guys see right here right this
1360
00:46:08,960 --> 00:46:12,560
right this is a downtrend
1361
00:46:10,720 --> 00:46:15,040
this is a downtrend this is the
1362
00:46:12,560 --> 00:46:15,760
downtrend so what people were waiting
1363
00:46:15,040 --> 00:46:18,880
for
1364
00:46:15,760 --> 00:46:19,359
was basically a candle that was going to
1365
00:46:18,880 --> 00:46:22,319
be
1366
00:46:19,359 --> 00:46:24,160
bullish and this end up ended up forming
1367
00:46:22,319 --> 00:46:27,200
on the daily candle right here
1368
00:46:24,160 --> 00:46:29,440
it ended up forming a bullish spinning
1369
00:46:27,200 --> 00:46:30,480
top think of a bullish spinning top like
1370
00:46:29,440 --> 00:46:34,000
a rolling pin
1371
00:46:30,480 --> 00:46:35,440
right a rolling pin so then that signal
1372
00:46:34,000 --> 00:46:37,520
to the market right there
1373
00:46:35,440 --> 00:46:38,720
that hey this might actually be the
1374
00:46:37,520 --> 00:46:41,520
bottom right there
1375
00:46:38,720 --> 00:46:42,000
so let's look at it on an uptrend right
1376
00:46:41,520 --> 00:46:44,960
these two
1377
00:46:42,000 --> 00:46:46,400
candles right here made a tweezer top
1378
00:46:44,960 --> 00:46:48,160
right take a look at it's got those two
1379
00:46:46,400 --> 00:46:48,640
little wicks that are poking to the top
1380
00:46:48,160 --> 00:46:50,800
there
1381
00:46:48,640 --> 00:46:52,079
and then you get this candle here called
1382
00:46:50,800 --> 00:46:55,839
the bearish
1383
00:46:52,079 --> 00:46:57,280
engulfing candle right so on an uptrend
1384
00:46:55,839 --> 00:46:59,520
when you get the bearish engulfing
1385
00:46:57,280 --> 00:47:01,119
candle it's very indicative and very
1386
00:46:59,520 --> 00:47:02,720
powerful that we're going to pretty much
1387
00:47:01,119 --> 00:47:04,640
be done the uptrend
1388
00:47:02,720 --> 00:47:06,000
so let's take a look at some of these
1389
00:47:04,640 --> 00:47:08,800
this one here we're getting
1390
00:47:06,000 --> 00:47:10,720
starting to get a lot of wicks right
1391
00:47:08,800 --> 00:47:13,119
tons of wicks to the upside
1392
00:47:10,720 --> 00:47:14,560
tons of wicks to the upside and because
1393
00:47:13,119 --> 00:47:16,000
we're seeing a lot oh sorry about that
1394
00:47:14,560 --> 00:47:17,119
because we're seeing a lot of wicks to
1395
00:47:16,000 --> 00:47:19,599
the upside
1396
00:47:17,119 --> 00:47:21,760
what ends up happening is it usually
1397
00:47:19,599 --> 00:47:24,000
signals to the market that hey
1398
00:47:21,760 --> 00:47:25,280
are we actually done this particular
1399
00:47:24,000 --> 00:47:27,040
uptrend right now
1400
00:47:25,280 --> 00:47:28,640
so it might actually be time for you
1401
00:47:27,040 --> 00:47:31,599
guys to take profit
1402
00:47:28,640 --> 00:47:32,160
so here are more so indecision candles
1403
00:47:31,599 --> 00:47:34,240
right
1404
00:47:32,160 --> 00:47:36,319
sometimes when we see large ranges like
1405
00:47:34,240 --> 00:47:38,480
this range in that one day went from
1406
00:47:36,319 --> 00:47:41,119
9000 all the way to 11
1407
00:47:38,480 --> 00:47:42,960
400. these are more so indecision
1408
00:47:41,119 --> 00:47:44,800
candles okay
1409
00:47:42,960 --> 00:47:46,800
now let's see we're looking at this
1410
00:47:44,800 --> 00:47:47,280
candle what we're seeing is a hanging
1411
00:47:46,800 --> 00:47:50,640
man
1412
00:47:47,280 --> 00:47:52,800
candle so the hanging man candle signals
1413
00:47:50,640 --> 00:47:53,920
too the next day that hey this is it
1414
00:47:52,800 --> 00:47:55,920
guys like this is
1415
00:47:53,920 --> 00:47:57,839
this is definitely it right here we're
1416
00:47:55,920 --> 00:47:59,359
not going to get any higher highs
1417
00:47:57,839 --> 00:48:01,520
we're most likely just going to end up
1418
00:47:59,359 --> 00:48:03,440
trending very much so downwards
1419
00:48:01,520 --> 00:48:04,800
and this candle right here guys this is
1420
00:48:03,440 --> 00:48:07,680
the shooting star
1421
00:48:04,800 --> 00:48:08,319
but it kind of looks like a a bearish
1422
00:48:07,680 --> 00:48:10,720
engulf
1423
00:48:08,319 --> 00:48:12,240
sorry a bearish spinning top and it kind
1424
00:48:10,720 --> 00:48:15,200
of also looks like
1425
00:48:12,240 --> 00:48:15,839
uh a doji candle right a bearish doji
1426
00:48:15,200 --> 00:48:18,400
candle
1427
00:48:15,839 --> 00:48:20,480
so when we saw this right here on
1428
00:48:18,400 --> 00:48:22,319
december the 17th it was actually
1429
00:48:20,480 --> 00:48:24,000
signaling to the market that there's no
1430
00:48:22,319 --> 00:48:24,800
way we're going to get any higher than
1431
00:48:24,000 --> 00:48:26,480
that right
1432
00:48:24,800 --> 00:48:29,040
that's why we ended up dropping almost
1433
00:48:26,480 --> 00:48:30,800
20 000 there in a few days which was
1434
00:48:29,040 --> 00:48:32,559
actually really scary
1435
00:48:30,800 --> 00:48:34,800
so then but and it was also really
1436
00:48:32,559 --> 00:48:37,520
indicative because the next day as well
1437
00:48:34,800 --> 00:48:40,000
you're getting a doji near the very top
1438
00:48:37,520 --> 00:48:42,240
so it signaled to the market hey
1439
00:48:40,000 --> 00:48:43,520
might actually end up coming down so on
1440
00:48:42,240 --> 00:48:45,440
the downside
1441
00:48:43,520 --> 00:48:47,599
we actually see a lot of wicks right
1442
00:48:45,440 --> 00:48:50,640
here right so because we're seeing
1443
00:48:47,599 --> 00:48:53,119
tons of wicks on the downside right here
1444
00:48:50,640 --> 00:48:54,400
it actually shows that it's rejecting to
1445
00:48:53,119 --> 00:48:56,000
the downside
1446
00:48:54,400 --> 00:48:57,920
and because it's rejecting to the
1447
00:48:56,000 --> 00:49:00,079
downside it eventually
1448
00:48:57,920 --> 00:49:02,240
went back up for a little bit right and
1449
00:49:00,079 --> 00:49:02,559
then we got this bearish spinning top
1450
00:49:02,240 --> 00:49:05,040
here
1451
00:49:02,559 --> 00:49:06,800
at the top and this bearish spinning top
1452
00:49:05,040 --> 00:49:08,640
signal to the market that hey
1453
00:49:06,800 --> 00:49:11,680
it's actually time for us to take some
1454
00:49:08,640 --> 00:49:14,160
profit these long wicks to the upside
1455
00:49:11,680 --> 00:49:15,280
is basically a battle between the bears
1456
00:49:14,160 --> 00:49:18,319
and the bulls
1457
00:49:15,280 --> 00:49:18,960
and clearly the bulls ended up losing so
1458
00:49:18,319 --> 00:49:21,520
the bulls
1459
00:49:18,960 --> 00:49:23,040
attempted to push it up very high but
1460
00:49:21,520 --> 00:49:24,800
they just couldn't hold it right
1461
00:49:23,040 --> 00:49:26,640
and because they couldn't hold it it
1462
00:49:24,800 --> 00:49:30,079
just ends up coming downwards
1463
00:49:26,640 --> 00:49:33,359
so what we try to do guys is we try to
1464
00:49:30,079 --> 00:49:37,119
find confluence right what confluence
1465
00:49:33,359 --> 00:49:40,240
lets you do is it lets you find reasons
1466
00:49:37,119 --> 00:49:42,319
from a price action analysis and you
1467
00:49:40,240 --> 00:49:45,680
combine it with other indicators
1468
00:49:42,319 --> 00:49:48,160
such as rsi such as macd such as
1469
00:49:45,680 --> 00:49:49,680
tons of other indicators that might give
1470
00:49:48,160 --> 00:49:51,839
us more of a reason
1471
00:49:49,680 --> 00:49:54,160
and a higher probability that it might
1472
00:49:51,839 --> 00:49:55,280
actually lean one way a lot more than
1473
00:49:54,160 --> 00:49:57,040
the other way
1474
00:49:55,280 --> 00:49:58,480
so that's what we that's why we're
1475
00:49:57,040 --> 00:50:01,680
trying to evaluate
1476
00:49:58,480 --> 00:50:04,000
these candlesticks right here right
1477
00:50:01,680 --> 00:50:04,960
so let's just keep going right let's
1478
00:50:04,000 --> 00:50:07,839
just keep going
1479
00:50:04,960 --> 00:50:10,000
for example february 6 right we got this
1480
00:50:07,839 --> 00:50:12,400
gigantic hammer candle
1481
00:50:10,000 --> 00:50:14,400
the hammer didn't really hold there
1482
00:50:12,400 --> 00:50:16,400
because it didn't have a lot of volume
1483
00:50:14,400 --> 00:50:18,000
so what you want to make sure that you
1484
00:50:16,400 --> 00:50:20,800
have a lot of as well
1485
00:50:18,000 --> 00:50:21,119
on a downtrend is a lot of volume guys
1486
00:50:20,800 --> 00:50:22,880
okay
1487
00:50:21,119 --> 00:50:25,200
it's really important to have a lot of
1488
00:50:22,880 --> 00:50:26,960
volume if you get a lot of volume
1489
00:50:25,200 --> 00:50:29,200
you're going to be able to confirm that
1490
00:50:26,960 --> 00:50:32,079
the market is generally
1491
00:50:29,200 --> 00:50:33,760
interested in sustaining it at that
1492
00:50:32,079 --> 00:50:36,480
price and supporting it
1493
00:50:33,760 --> 00:50:38,400
so after we got this candle for example
1494
00:50:36,480 --> 00:50:41,040
a hammer candle
1495
00:50:38,400 --> 00:50:41,839
when this daily candle formed it would
1496
00:50:41,040 --> 00:50:44,559
have been very
1497
00:50:41,839 --> 00:50:46,240
wise guys to enter a position and you
1498
00:50:44,559 --> 00:50:47,920
would have entered perhaps with this
1499
00:50:46,240 --> 00:50:48,319
candle closed right there it opened
1500
00:50:47,920 --> 00:50:50,559
there
1501
00:50:48,319 --> 00:50:52,240
it closed there the next day you would
1502
00:50:50,559 --> 00:50:54,559
have entered your position
1503
00:50:52,240 --> 00:50:56,480
you would have set your stop loss
1504
00:50:54,559 --> 00:50:58,640
slightly below okay
1505
00:50:56,480 --> 00:51:00,319
you set your stop loss slightly below
1506
00:50:58,640 --> 00:51:02,000
and then you target at least the
1507
00:51:00,319 --> 00:51:04,319
previous high roughly right
1508
00:51:02,000 --> 00:51:06,000
the interim high right up there so that
1509
00:51:04,319 --> 00:51:06,800
you would have had a beautiful risk to
1510
00:51:06,000 --> 00:51:09,359
reward
1511
00:51:06,800 --> 00:51:10,559
of about two point about 2.0 we can say
1512
00:51:09,359 --> 00:51:14,559
okay 2.0
1513
00:51:10,559 --> 00:51:16,720
for a possible 48 gain for a possible 23
1514
00:51:14,559 --> 00:51:17,920
loss that's definitely a very good risk
1515
00:51:16,720 --> 00:51:20,079
to reward
1516
00:51:17,920 --> 00:51:22,400
now keeping it to candlestick analysis
1517
00:51:20,079 --> 00:51:25,040
only if you guys actually take a look
1518
00:51:22,400 --> 00:51:26,559
at this massive candle that formed do
1519
00:51:25,040 --> 00:51:28,319
you guys remember the name of this
1520
00:51:26,559 --> 00:51:31,040
candle right here
1521
00:51:28,319 --> 00:51:33,119
look up look up tie to the skies and
1522
00:51:31,040 --> 00:51:36,400
what do you guys see
1523
00:51:33,119 --> 00:51:38,559
whenever you want to make a wish
1524
00:51:36,400 --> 00:51:39,920
yeah you see a shooting star right
1525
00:51:38,559 --> 00:51:40,800
whenever you see a shooting star you
1526
00:51:39,920 --> 00:51:43,920
make a wish
1527
00:51:40,800 --> 00:51:47,440
and here for shooting stars it implies
1528
00:51:43,920 --> 00:51:50,880
that the bulls tried very very very
1529
00:51:47,440 --> 00:51:53,040
very hard to push it super high upwards
1530
00:51:50,880 --> 00:51:54,960
but instead they got rejected and it
1531
00:51:53,040 --> 00:51:57,359
simply just got shot down
1532
00:51:54,960 --> 00:51:58,079
and because it got shot down the next
1533
00:51:57,359 --> 00:52:00,240
day
1534
00:51:58,079 --> 00:52:01,920
it implies that the market psychology
1535
00:52:00,240 --> 00:52:04,480
says hey the bulls tried
1536
00:52:01,920 --> 00:52:05,040
the bears have pretty much taken over so
1537
00:52:04,480 --> 00:52:06,480
now
1538
00:52:05,040 --> 00:52:08,960
we're going to make sure that it's going
1539
00:52:06,480 --> 00:52:10,160
to keep going downwards so it implies
1540
00:52:08,960 --> 00:52:12,800
that the momentum
1541
00:52:10,160 --> 00:52:14,480
is carried over from the previous day so
1542
00:52:12,800 --> 00:52:17,599
we keep looking at these
1543
00:52:14,480 --> 00:52:20,240
wicks to see what kind of pattern
1544
00:52:17,599 --> 00:52:20,960
we can get and we try to read the price
1545
00:52:20,240 --> 00:52:23,280
action
1546
00:52:20,960 --> 00:52:25,839
once we read these price action enough
1547
00:52:23,280 --> 00:52:28,240
they will tell a story guys okay
1548
00:52:25,839 --> 00:52:29,599
like here for example right we see a
1549
00:52:28,240 --> 00:52:31,760
story being told
1550
00:52:29,599 --> 00:52:33,520
where it's actually coming down we see a
1551
00:52:31,760 --> 00:52:35,760
little wick of a rejection so it's
1552
00:52:33,520 --> 00:52:37,760
almost close right with the volume
1553
00:52:35,760 --> 00:52:39,760
this one here we see a wick as well
1554
00:52:37,760 --> 00:52:40,960
right and this one here we finally get a
1555
00:52:39,760 --> 00:52:43,680
doji candle
1556
00:52:40,960 --> 00:52:44,480
and because we finally got a doji candle
1557
00:52:43,680 --> 00:52:47,200
it would have been a
1558
00:52:44,480 --> 00:52:49,359
very nice signal to go long actually
1559
00:52:47,200 --> 00:52:50,960
especially with these series of wicks
1560
00:52:49,359 --> 00:52:53,119
so if you went into a long position
1561
00:52:50,960 --> 00:52:54,960
there right you would have entered into
1562
00:52:53,119 --> 00:52:56,079
a long position with that candle formed
1563
00:52:54,960 --> 00:52:57,520
right around here
1564
00:52:56,079 --> 00:52:59,119
you would have set your stop loss
1565
00:52:57,520 --> 00:53:01,040
slightly below that candle
1566
00:52:59,119 --> 00:53:02,480
and you would have targeted roughly the
1567
00:53:01,040 --> 00:53:03,760
high of that candle
1568
00:53:02,480 --> 00:53:05,839
and you would have had yourself a
1569
00:53:03,760 --> 00:53:09,200
beautiful risk to reward ratio
1570
00:53:05,839 --> 00:53:10,720
of about 6.54 now take a look at this
1571
00:53:09,200 --> 00:53:13,200
series right here guys
1572
00:53:10,720 --> 00:53:14,000
this series right here you guys remember
1573
00:53:13,200 --> 00:53:18,000
what this looks
1574
00:53:14,000 --> 00:53:18,640
like it looks like a hanging man candle
1575
00:53:18,000 --> 00:53:20,800
right
1576
00:53:18,640 --> 00:53:21,680
it looks like a hanging man candle
1577
00:53:20,800 --> 00:53:24,640
because there
1578
00:53:21,680 --> 00:53:25,119
there's a bull trend bull trend bull up
1579
00:53:24,640 --> 00:53:28,000
up
1580
00:53:25,119 --> 00:53:29,680
up right but here we get a more sold
1581
00:53:28,000 --> 00:53:32,079
indecision candle
1582
00:53:29,680 --> 00:53:32,800
but i would see it as a hanging man it
1583
00:53:32,079 --> 00:53:35,119
would be more
1584
00:53:32,800 --> 00:53:35,839
bearish if it was actually red but
1585
00:53:35,119 --> 00:53:38,240
that's okay
1586
00:53:35,839 --> 00:53:39,839
a green can still be considered bearish
1587
00:53:38,240 --> 00:53:40,880
so make sure that you guys are not
1588
00:53:39,839 --> 00:53:42,800
thinking that oh
1589
00:53:40,880 --> 00:53:45,119
it's a green candle it's gonna be
1590
00:53:42,800 --> 00:53:46,480
bullish oh it's a red candle it's gonna
1591
00:53:45,119 --> 00:53:49,119
be a bearish candle
1592
00:53:46,480 --> 00:53:51,760
no guys it is not like that at all a
1593
00:53:49,119 --> 00:53:54,480
green candle can be very bearish
1594
00:53:51,760 --> 00:53:56,000
depending on the position that it's in
1595
00:53:54,480 --> 00:53:58,240
for example if you saw this
1596
00:53:56,000 --> 00:53:59,040
candle right here this green candle on a
1597
00:53:58,240 --> 00:54:00,319
downtrend
1598
00:53:59,040 --> 00:54:02,400
you would think that you would find
1599
00:54:00,319 --> 00:54:03,520
heavy support but if you find this
1600
00:54:02,400 --> 00:54:06,559
candle right here
1601
00:54:03,520 --> 00:54:08,720
on an uptrend that you can easily know
1602
00:54:06,559 --> 00:54:10,800
that because it's on an uptrend that the
1603
00:54:08,720 --> 00:54:11,839
bulls have given up almost right they're
1604
00:54:10,800 --> 00:54:14,400
starting to lose
1605
00:54:11,839 --> 00:54:15,359
their steam and that's what candlestick
1606
00:54:14,400 --> 00:54:18,240
and price action
1607
00:54:15,359 --> 00:54:19,839
analysis actually lets you do it gives
1608
00:54:18,240 --> 00:54:22,960
you a really good gauge
1609
00:54:19,839 --> 00:54:25,440
of just general sentiment in the market
1610
00:54:22,960 --> 00:54:27,440
at that specific time it doesn't always
1611
00:54:25,440 --> 00:54:29,760
mean that they're losing the battle
1612
00:54:27,440 --> 00:54:30,960
but it does mean that steam is actually
1613
00:54:29,760 --> 00:54:33,359
starting to get lost
1614
00:54:30,960 --> 00:54:34,079
right so this candle right here the
1615
00:54:33,359 --> 00:54:36,960
bulls
1616
00:54:34,079 --> 00:54:38,640
have lost almost because the bears have
1617
00:54:36,960 --> 00:54:39,200
tried to push it down they tried to push
1618
00:54:38,640 --> 00:54:41,520
it down
1619
00:54:39,200 --> 00:54:43,520
but they defend excuse me a hiccup there
1620
00:54:41,520 --> 00:54:44,160
they defended and the bulls pushed it
1621
00:54:43,520 --> 00:54:46,799
back up
1622
00:54:44,160 --> 00:54:47,520
but the next next candle right here what
1623
00:54:46,799 --> 00:54:49,280
we see
1624
00:54:47,520 --> 00:54:50,960
is we see like a shooting star type
1625
00:54:49,280 --> 00:54:53,599
candle right and because
1626
00:54:50,960 --> 00:54:56,000
we see these two candle formations where
1627
00:54:53,599 --> 00:54:59,040
the bulls were starting to lose steam
1628
00:54:56,000 --> 00:55:00,880
and then the bears actually are starting
1629
00:54:59,040 --> 00:55:01,760
to take over because the bulls tried to
1630
00:55:00,880 --> 00:55:04,880
push it up
1631
00:55:01,760 --> 00:55:06,400
we got this nasty red doji shooting star
1632
00:55:04,880 --> 00:55:08,799
type candle right
1633
00:55:06,400 --> 00:55:10,559
so it implies that the bulls tried the
1634
00:55:08,799 --> 00:55:11,200
bulls pretty much lost here after they
1635
00:55:10,559 --> 00:55:14,400
tried
1636
00:55:11,200 --> 00:55:15,440
so the next few days that's why we saw
1637
00:55:14,400 --> 00:55:18,559
this very large
1638
00:55:15,440 --> 00:55:19,119
downtrend okay so if we keep going right
1639
00:55:18,559 --> 00:55:21,040
here
1640
00:55:19,119 --> 00:55:22,640
right we go down right this one looked
1641
00:55:21,040 --> 00:55:24,079
like it was going to go up
1642
00:55:22,640 --> 00:55:26,160
right this one looked like it was going
1643
00:55:24,079 --> 00:55:26,799
to go up this one looks kind of bullish
1644
00:55:26,160 --> 00:55:29,359
right
1645
00:55:26,799 --> 00:55:31,520
but it really didn't really get anywhere
1646
00:55:29,359 --> 00:55:34,240
so we also have to understand that it
1647
00:55:31,520 --> 00:55:37,280
doesn't always guarantee guys okay
1648
00:55:34,240 --> 00:55:39,599
it doesn't always guarantee that we are
1649
00:55:37,280 --> 00:55:40,960
actually going to see an uptrend when
1650
00:55:39,599 --> 00:55:44,880
something like that happens
1651
00:55:40,960 --> 00:55:46,799
right it just shows that sometimes
1652
00:55:44,880 --> 00:55:49,119
it's going to tell a story and it'll
1653
00:55:46,799 --> 00:55:51,040
give us a general market sentiment
1654
00:55:49,119 --> 00:55:52,880
but not always is it going to be
1655
00:55:51,040 --> 00:55:54,960
guaranteed because sometimes
1656
00:55:52,880 --> 00:55:56,640
you know we see this as a strategy game
1657
00:55:54,960 --> 00:55:58,480
right and as a strategy game
1658
00:55:56,640 --> 00:56:00,000
a lot of players will play against each
1659
00:55:58,480 --> 00:56:02,079
other so this one here
1660
00:56:00,000 --> 00:56:03,920
looked like a bearish engulfing or sorry
1661
00:56:02,079 --> 00:56:05,200
a bullish engulfing candle with a
1662
00:56:03,920 --> 00:56:07,599
tweezer bottom right
1663
00:56:05,200 --> 00:56:08,960
or even a spinning top but because it
1664
00:56:07,599 --> 00:56:10,880
actually didn't get anywhere
1665
00:56:08,960 --> 00:56:12,400
hey you might have taken a chance there
1666
00:56:10,880 --> 00:56:13,200
you might have got stopped out and broke
1667
00:56:12,400 --> 00:56:15,040
even
1668
00:56:13,200 --> 00:56:16,480
this one as well right it looks like
1669
00:56:15,040 --> 00:56:18,640
it's going to support
1670
00:56:16,480 --> 00:56:20,480
almost supported but it didn't really
1671
00:56:18,640 --> 00:56:23,440
get anywhere the next day
1672
00:56:20,480 --> 00:56:24,960
right but this candle for example is a
1673
00:56:23,440 --> 00:56:27,520
nice hammer candle
1674
00:56:24,960 --> 00:56:29,040
and with a really long wick right so
1675
00:56:27,520 --> 00:56:32,160
because it has a really nice
1676
00:56:29,040 --> 00:56:35,040
long wick and it actually has
1677
00:56:32,160 --> 00:56:36,160
lots of volume it was very easy to tell
1678
00:56:35,040 --> 00:56:38,240
as well
1679
00:56:36,160 --> 00:56:39,520
that it was going to uptrend eventually
1680
00:56:38,240 --> 00:56:41,440
right
1681
00:56:39,520 --> 00:56:43,680
so if you guys look at this region right
1682
00:56:41,440 --> 00:56:45,440
here we see it trending in this region
1683
00:56:43,680 --> 00:56:46,400
for a really long time with a lot of
1684
00:56:45,440 --> 00:56:49,760
wicks right
1685
00:56:46,400 --> 00:56:51,280
near the 6500 range and that alone was
1686
00:56:49,760 --> 00:56:53,680
actually very indicative
1687
00:56:51,280 --> 00:56:54,720
in my opinion that it was eventually
1688
00:56:53,680 --> 00:56:57,680
going to
1689
00:56:54,720 --> 00:57:00,240
go on an uptrend right so we see lots of
1690
00:56:57,680 --> 00:57:02,240
wicks and downsides lots of wicks
1691
00:57:00,240 --> 00:57:04,400
so these wicks are basically indicating
1692
00:57:02,240 --> 00:57:06,880
support and especially when we got
1693
00:57:04,400 --> 00:57:08,640
these two wicks right here guys okay
1694
00:57:06,880 --> 00:57:11,440
these two wicks right here
1695
00:57:08,640 --> 00:57:12,480
they give us a really good clue to tell
1696
00:57:11,440 --> 00:57:14,799
us at that there's
1697
00:57:12,480 --> 00:57:15,760
two rejections over two days to the
1698
00:57:14,799 --> 00:57:17,839
downside
1699
00:57:15,760 --> 00:57:20,000
so the next few days it's definitely
1700
00:57:17,839 --> 00:57:21,599
going to go on an uptrend right
1701
00:57:20,000 --> 00:57:24,000
so let's take a look at some other
1702
00:57:21,599 --> 00:57:26,640
candles right here for example
1703
00:57:24,000 --> 00:57:27,760
this one started to get uh just three
1704
00:57:26,640 --> 00:57:29,920
days ago on
1705
00:57:27,760 --> 00:57:31,760
actually sorry may the third here uh we
1706
00:57:29,920 --> 00:57:34,880
ended up getting a bearish
1707
00:57:31,760 --> 00:57:36,160
in uh hanging man candle right we got a
1708
00:57:34,880 --> 00:57:38,720
hanging man candle
1709
00:57:36,160 --> 00:57:41,119
which was starting to imply already that
1710
00:57:38,720 --> 00:57:42,799
the bolds were starting to lose steam
1711
00:57:41,119 --> 00:57:44,480
but the bulls said you know what we're
1712
00:57:42,799 --> 00:57:46,160
actually going to try a little bit
1713
00:57:44,480 --> 00:57:47,599
we're going to try to push it up push it
1714
00:57:46,160 --> 00:57:49,920
up push it up right
1715
00:57:47,599 --> 00:57:51,040
and the bulls definitely did a great job
1716
00:57:49,920 --> 00:57:54,079
but the next day
1717
00:57:51,040 --> 00:57:57,040
the bulls tried to push it up again
1718
00:57:54,079 --> 00:57:58,799
and they fail okay they completely
1719
00:57:57,040 --> 00:58:00,960
failed unfortunately
1720
00:57:58,799 --> 00:58:03,599
and because they failed we ended up
1721
00:58:00,960 --> 00:58:06,720
getting this double tweezer formation
1722
00:58:03,599 --> 00:58:09,760
at the top which is basically two widths
1723
00:58:06,720 --> 00:58:10,480
right so with two wicks guys whenever we
1724
00:58:09,760 --> 00:58:13,119
see them
1725
00:58:10,480 --> 00:58:13,680
we always have to think of it as very
1726
00:58:13,119 --> 00:58:16,240
bearish
1727
00:58:13,680 --> 00:58:17,839
and rejection and surely enough after
1728
00:58:16,240 --> 00:58:20,319
yesterday's candle formed
1729
00:58:17,839 --> 00:58:21,680
we're now getting this massive candle on
1730
00:58:20,319 --> 00:58:23,920
the downtrend
1731
00:58:21,680 --> 00:58:25,200
so we're going to keep going over a lot
1732
00:58:23,920 --> 00:58:27,359
more of this in
1733
00:58:25,200 --> 00:58:29,760
other videos to come and you guys are
1734
00:58:27,359 --> 00:58:31,040
going to familiarize yourself with a lot
1735
00:58:29,760 --> 00:58:32,480
of this okay guys
1736
00:58:31,040 --> 00:58:34,799
i assure you that there's going to be
1737
00:58:32,480 --> 00:58:35,680
lots and lots and lots of practice down
1738
00:58:34,799 --> 00:58:37,280
the road
1739
00:58:35,680 --> 00:58:38,880
so i think that we're going to conclude
1740
00:58:37,280 --> 00:58:41,040
the lesson here
1741
00:58:38,880 --> 00:58:42,880
tons of examples i don't want to
1742
00:58:41,040 --> 00:58:45,359
overwhelm you guys with material
1743
00:58:42,880 --> 00:58:47,200
i think we might have gone over almost
1744
00:58:45,359 --> 00:58:47,839
an hour already for this particular
1745
00:58:47,200 --> 00:58:49,440
video
1746
00:58:47,839 --> 00:58:51,200
and we're going to go through tons of
1747
00:58:49,440 --> 00:58:51,680
these lessons because i want to make
1748
00:58:51,200 --> 00:58:53,839
sure
1749
00:58:51,680 --> 00:58:54,720
that you guys are actually very
1750
00:58:53,839 --> 00:58:56,799
comfortable
1751
00:58:54,720 --> 00:58:58,880
with everything that i'm talking about
1752
00:58:56,799 --> 00:59:00,079
so thank you very much guys for joining
1753
00:58:58,880 --> 00:59:02,400
me for this lesson
1754
00:59:00,079 --> 00:59:03,680
so in this lesson we covered basically
1755
00:59:02,400 --> 00:59:06,400
how to read charts
1756
00:59:03,680 --> 00:59:08,480
right from a candlestick analysis type
1757
00:59:06,400 --> 00:59:09,040
we also talked about price action as
1758
00:59:08,480 --> 00:59:11,440
well
1759
00:59:09,040 --> 00:59:13,119
the candlesticks they actually dictate
1760
00:59:11,440 --> 00:59:15,520
or not dictate but they
1761
00:59:13,119 --> 00:59:16,240
they tell us a story about the price
1762
00:59:15,520 --> 00:59:18,480
action
1763
00:59:16,240 --> 00:59:20,000
and what's happening in the market at
1764
00:59:18,480 --> 00:59:21,599
that specific time
1765
00:59:20,000 --> 00:59:23,119
and when we learn how to read
1766
00:59:21,599 --> 00:59:25,359
candlesticks a lot better
1767
00:59:23,119 --> 00:59:27,359
and also read the price action when we
1768
00:59:25,359 --> 00:59:28,240
combine it with things like level two
1769
00:59:27,359 --> 00:59:30,799
for example
1770
00:59:28,240 --> 00:59:32,079
when we combine it with things like rsi
1771
00:59:30,799 --> 00:59:34,720
and macd
1772
00:59:32,079 --> 00:59:36,400
as well it'll actually increase the
1773
00:59:34,720 --> 00:59:38,400
chances of us being
1774
00:59:36,400 --> 00:59:39,680
having a higher probability of being
1775
00:59:38,400 --> 00:59:42,880
successful right
1776
00:59:39,680 --> 00:59:45,359
so we want to find more reasons to
1777
00:59:42,880 --> 00:59:47,359
to take a trade right and this is called
1778
00:59:45,359 --> 00:59:49,040
confluence once again right
1779
00:59:47,359 --> 00:59:50,960
see i'm just gonna spell it out for you
1780
00:59:49,040 --> 00:59:52,559
guys confluence right over here if you
1781
00:59:50,960 --> 00:59:54,960
guys see i'm gonna highlight it
1782
00:59:52,559 --> 00:59:55,839
confluence okay i know it's a word
1783
00:59:54,960 --> 00:59:58,720
that's not used
1784
00:59:55,839 --> 00:59:59,440
a lot but confluence when we try to find
1785
00:59:58,720 --> 01:00:01,440
hey
1786
00:59:59,440 --> 01:00:03,839
the candlestick is actually showing us
1787
01:00:01,440 --> 01:00:04,480
that for example you know it might find
1788
01:00:03,839 --> 01:00:06,720
support
1789
01:00:04,480 --> 01:00:08,240
hey our side is actually bullishly
1790
01:00:06,720 --> 01:00:11,440
diverging right now hey
1791
01:00:08,240 --> 01:00:13,760
macd histogram is ticking up right now
1792
01:00:11,440 --> 01:00:15,280
wow hey level 2 is showing a lot more
1793
01:00:13,760 --> 01:00:17,359
people interested in buying
1794
01:00:15,280 --> 01:00:19,760
hey volume as well is showing people
1795
01:00:17,359 --> 01:00:21,920
buying so you're finding tons and tons
1796
01:00:19,760 --> 01:00:22,480
and tons of these reasons to enter a
1797
01:00:21,920 --> 01:00:24,319
trade
1798
01:00:22,480 --> 01:00:26,240
and because you're finding tons of these
1799
01:00:24,319 --> 01:00:28,559
reasons well it's a really good
1800
01:00:26,240 --> 01:00:29,680
sign then you would actually have more
1801
01:00:28,559 --> 01:00:31,920
confluence
1802
01:00:29,680 --> 01:00:33,760
so you would want to enter the trade and
1803
01:00:31,920 --> 01:00:36,799
as you actually enter the trade you have
1804
01:00:33,760 --> 01:00:38,559
also a higher probability of winning it
1805
01:00:36,799 --> 01:00:40,799
simply because you're finding more
1806
01:00:38,559 --> 01:00:42,160
confluence so with higher probability
1807
01:00:40,799 --> 01:00:43,920
trades that you're taking
1808
01:00:42,160 --> 01:00:46,079
it's going to increase your chances of
1809
01:00:43,920 --> 01:00:48,000
just winning well more down the road
1810
01:00:46,079 --> 01:00:50,400
so i had a lot of fun talking to you
1811
01:00:48,000 --> 01:00:52,559
guys about lesson number eight over here
1812
01:00:50,400 --> 01:00:53,599
we are almost done if you guys get to
1813
01:00:52,559 --> 01:00:56,799
level 17
1814
01:00:53,599 --> 01:00:58,960
that is the big one okay guys lesson 17
1815
01:00:56,799 --> 01:01:02,480
will have so many examples
1816
01:00:58,960 --> 01:01:02,960
of using my specific strategy and what i
1817
01:01:02,480 --> 01:01:06,319
do
1818
01:01:02,960 --> 01:01:07,280
and it will have about 20 live trades
1819
01:01:06,319 --> 01:01:09,200
for you guys
1820
01:01:07,280 --> 01:01:11,760
three quarters of them will be going
1821
01:01:09,200 --> 01:01:14,079
long and a quarter of them will be going
1822
01:01:11,760 --> 01:01:15,680
short okay so when you guys actually get
1823
01:01:14,079 --> 01:01:17,520
through all of these lessons
1824
01:01:15,680 --> 01:01:19,119
you're going to have a lot of experience
1825
01:01:17,520 --> 01:01:20,559
under your belt you're going to have a
1826
01:01:19,119 --> 01:01:22,240
lot of information
1827
01:01:20,559 --> 01:01:23,920
under your belt as well and you're going
1828
01:01:22,240 --> 01:01:25,119
to know exactly what i'm talking about
1829
01:01:23,920 --> 01:01:27,359
when i live trade
1830
01:01:25,119 --> 01:01:29,200
and you guys can watch the magic happen
1831
01:01:27,359 --> 01:01:30,079
so thank you very much for joining me
1832
01:01:29,200 --> 01:01:31,920
for lesson eight
1833
01:01:30,079 --> 01:01:33,839
i had a wonderful time talking to you
1834
01:01:31,920 --> 01:01:35,920
guys about charts talking about
1835
01:01:33,839 --> 01:01:36,880
analyzing candlesticks talking about
1836
01:01:35,920 --> 01:01:38,640
price action
1837
01:01:36,880 --> 01:01:40,880
and i really look forward to talking
1838
01:01:38,640 --> 01:01:41,440
about lesson nine with you guys which
1839
01:01:40,880 --> 01:01:43,440
will be
1840
01:01:41,440 --> 01:01:45,839
about the big picture and the little
1841
01:01:43,440 --> 01:01:47,760
picture and how to interpret time
1842
01:01:45,839 --> 01:01:49,920
frames so have yourselves a wonderful
1843
01:01:47,760 --> 01:01:52,000
day thank you very much for joining me
1844
01:01:49,920 --> 01:01:53,680
in this particular lesson students make
1845
01:01:52,000 --> 01:01:56,079
sure you guys are posting
1846
01:01:53,680 --> 01:01:56,880
tons of questions okay post tons of
1847
01:01:56,079 --> 01:01:58,400
questions
1848
01:01:56,880 --> 01:02:00,799
make sure you guys reach out to me on
1849
01:01:58,400 --> 01:02:02,480
udemy we're gonna be able to tackle a
1850
01:02:00,799 --> 01:02:02,960
lot of these questions that you guys
1851
01:02:02,480 --> 01:02:04,319
have
1852
01:02:02,960 --> 01:02:06,160
because i want to make sure that you
1853
01:02:04,319 --> 01:02:07,920
guys are getting your dollars worth
1854
01:02:06,160 --> 01:02:09,440
so have yourself a great day and thank
1855
01:02:07,920 --> 01:02:10,559
you very much for joining me on this
1856
01:02:09,440 --> 01:02:12,480
lovely afternoon
1857
01:02:10,559 --> 01:02:14,400
i hope you guys have taken a lot away
1858
01:02:12,480 --> 01:02:16,559
from this video and more importantly i
1859
01:02:14,400 --> 01:02:17,119
hope you've had a very fun time learning
1860
01:02:16,559 --> 01:02:19,200
as well
1861
01:02:17,119 --> 01:02:23,119
may you guys always stay profitable take
1862
01:02:19,200 --> 01:02:23,119
care now bye
128962
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