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Fifth installment of the eight and
the continuous series for the first
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month of the ICT mentorship for the
month of September, the previous
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tutorial in session four, we'd looked
at equilibrium versus discount.
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And this session where I'm looking at
equilibrium versus premium, we went
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through a great deal of content and
regards to discount versus equilibrium.
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We won't have to spend so much
time with this tutorial because
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everything we're selling here is
basically diametrically opposed to
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what you would expect to see in the
equilibrium versus discount to teaching.
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So looking at what we have, uh,
when we look for premium markets
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markets that are in a premium.
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Now, when we talk about, uh, commodities
later on in this mentorship, Uh, the,
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the topic of premium will come up again.
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Uh, but when I'm referring to
premium, as it relates to price
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action, I'm actually referring to the
current range that we're trading in.
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And the first thing we look for is an
impulse price swing, which is we have
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an impulse price swing here, and we
have another impulse price went here.
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We have another impulse price swing here.
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So the first thing we look for in
prices and impulse sling, and we see
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one here, we see another one here.
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We see another one here.
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And these three price swings
actually make up one larger price
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swing, which is an impulse leg or
impulse swing by its uh, by its own.
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Right.
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So when we define our ranges,
okay, the use of the Fibonacci is.
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Helpful in this case, because
we can take the fed draw from
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a high down to a price low.
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And I'm using this low here because
it's the most lowest in contrast to
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this high in price comes all the way
back up to what I have taught in many
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years, the optimal trade entry, which
is a standard 79% to 60% retracement.
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On the fifth.
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Now I didn't create that, but if it
was as simply looking at that along 62%
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to 70% of tracer levels, uh, looking
for buyers and sellers there, every
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way we loaded it would be no, no work
at all in terms of, uh, taking traits.
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But obviously you probably
learned very quickly.
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There's much more to it than just
pulling a fit over top of price swings.
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Uh, we have in.
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This larger price swam.
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We have a smaller price swing here.
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Okay.
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And we have the high down to this
low and the market starts to retrace
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equilibrium or half of the impulse
price swing has to be at least touched.
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And then once it hits that we watch
for price to reach up into that.
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This area here and then there's other
disciplines out there and other mentors
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and other teachers will say that the
50% retracement level is a good level
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to trade at, based on price swings.
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I don't agree with that.
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Um, I understand that sometimes it's going
to work, but what I want to do is I want
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to be selling in a market that's at a
premium level, um, for a market to be at a
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premium in this current price range here.
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And that's assuming none of
the price action from this one.
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Down all the way to the
right has not happened yet.
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So you'd be watching price in this initial
range and price did not get back up to
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the midway point where 50% of the, uh, uh,
the range that was great from the high to
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low that's all equilibrium is, is 50% on
the fit what's that town describing it.
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But the concept is, is you have
to see, uh, a market price.
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A move above the halfway point.
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Once it does that start, it
starts going into what is
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referred to as a premium market.
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That means it's at a really high price
relative to its current trading range.
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We all need overbought and oversold
indicators to help us, uh, classify
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and overbought or oversold market.
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We just simply need to know the
current price range we're trading in.
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And if we get above the 50%.
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Okay, let we start getting into what
would we deemed as overbought or
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at a premium level on this price?
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When here you obviously never gets
above the 50% and everyone touches it.
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So it never gives us an opportunity
to get short relative to this
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timeframe or this price line.
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So there would be nothing to do there.
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The next price leg here.
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Okay.
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The same thing from this high to this low.
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No nothing in terms of that price
there, it doesn't get back up to
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the 50% level, but look closer.
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There's another smaller price swing
that has formed right in here.
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Okay.
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So we could look at that measure
the high to the low and the
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market gets right to a print.
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Uh, I'm sorry, equilibrium, but does not
stay above the go to a premium market.
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It only goes right to the feminine.
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50 level or what we deem as equilibrium.
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So Christ goes to an equilibrium price
point and then immediately sells off.
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This would be a missed
opportunity in regards to looking
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at equilibrium to premium.
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The reason why we want to focus primarily
on the 62 or 70% placement levels
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in that range to be selling short is
because the market's going to be really
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pressed higher and would be really
in terms of overbought never sold.
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It would be very open.
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And they will be expecting a willingness
to, to sell softer and go lower.
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00:06:13,950 --> 00:06:16,979
Um, there's going to be times
when the market does not give that
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scenario to you and you just got
to let those particular price wins.
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Go without you.
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The next price swing
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is this high to this low Margaret trades.
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Back up to equilibrium.
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Here, you move this over so you
can see a little bit better.
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Okay.
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So market trades back to equilibrium,
goes back above it into a premium market,
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and it goes right on through what would
be deemed as an optimal trade entry.
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Okay.
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Or selling at a premium.
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So here's the wonderful thing about this.
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You can look at this and say, okay,
if I'm measuring this high to this
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low and I'm going to be selling I'm
above equilibrium, I want to get sure.
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In this area between 62
and 79% tracing level.
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Okay.
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Uh, you look over here, maybe there's
something over here, institutionally,
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um, in terms of a bear shorter block
or something like that, you can define,
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we're going to say that that's not.
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I want to say that you went short,
just purely on price action, retracing,
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back into this Fibonacci level, here it
comes all the way up and hit you where
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your stop would be when you see these
conditions where the market trades above
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equilibrium and goes through the levels
of 62 and 70 certain chase levels.
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What that does is it gives
you a condition that we saw in
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the equilibrium to discount.
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If it takes out a previous low,
when it's in discount, it's
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probably going to get trouble.
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Bye-bye in this case, it's
going to be a turtle soup cell.
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It's going to be reaching for stops
above the impulse swings high.
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And you see that here, it goes up, runs
out the stops here and then goes lower.
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Where is it going to go?
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Where do you take profits at below lows?
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That's already established in
the marketplace here and here.
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You can see that's exactly
what the market does.
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You can also use when you're
defining your ranges, all price
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swings from high down to low.
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Okay.
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You, you, you want to anchor your, your
Fibonacci on the market, goes down from
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this high, all the way down to here.
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Okay.
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And creates that low.
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As soon as we start seeing it
bounce up, you need four candles.
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Remember it's the same thing we just saw
on the equilibrium to discount teaching.
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Once you see it, uh, uh, swing low.
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You're watching that fourth candle
to show willingness to go higher.
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It does, but then you simply
wait years to equilibrium price
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point, this, this 15% level.
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And if misfit price goes through that,
so now you're going to be watching it.
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You want to watch to see if price
gets to 60 to the 7% tracing levels.
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It does.
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And it does it while it's
running out there high here.
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So two scenarios, one, you could've used
this high down to this low and got a stop.
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In the initial, uh, 62 to 700
it's tracing levels where we saw
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earlier, but it ran right through it.
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If you had not anchored your fib to
this high, to this low, you would never
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see this, uh, optimal trade entry.
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Okay.
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Or return to a premium to go short
prices above the equilibrium price point.
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And it takes out an old time.
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So we're running stops at an old high,
and we're going back into what would
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be a premium market we're above the
equilibrium price point of the range.
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And the range low and we take stops out.
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That's really, really good in terms
of probabilities and the market goes
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down and sweeps out a previous low.
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Remember when we were looking at
the equilibrium to discount, every
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time we were buying, we were taking
profits at above an old high.
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Okay.
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So when you see that all we're
seeing is the reverse of that in the
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equilibrium versus premium market.
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So we're always looking to sell
at a premium premiums as defined
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by has to be above the equilibrium
price point or 59, 50% level, the
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Fibonacci anchored on a swing of.
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Clear discernible price action.
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In other words, if it looks sloppy,
if it doesn't really give us a solid
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price pricing and obviously obvious
price swings are the ones we look
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at, we're not looking at anything.
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It looks questionable.
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If it's a pure price line, we measure
it and this is a high and this is a low.
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And we went through all the potential
stages of all these high to low,
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high, to low, high to low scenario.
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Really nice scenario here again,
taking profits initially a below
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this low here, and then it would hit
that and then you'd hold out for a
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potential run for some of your trade
to be taken off below this low here.
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Now market goes into another area
of premium relative to equilibrium.
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We'll go back to this larger price swing
here, this low, all the way up to this
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high mark and goes right into the seven
times 79% retracement level hits it
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perfectly to the pit and then rolls down.
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Where do you take your profits at the end?
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We're looking to take profits
at below this low here.
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Okay.
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And into the order block down in here,
which is what you see right there.
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Okay.
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00:11:12,660 --> 00:11:15,990
You have another range that you can use.
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This high to this low.
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Okay.
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00:11:23,855 --> 00:11:26,075
Now what's, uh, what's really
nice about this is if the
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market's in a consolidation, this
type of trading is your go-to.
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Okay.
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Um, along protraction, airy state
in the marketplace where it goes.
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Up and down.
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No, no real movement higher in one
direction or lower one direction.
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It just stays in a large consolidation.
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You want to be trading turtle
soups for understanding where
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premium and discount are.
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00:11:49,125 --> 00:11:53,235
And if you have the high here and you
pull down to the low here, when the
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market gets above equilibrium, right
in here, it goes right into the 70.5 or
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what would be the optimal trade entry.
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Sweet.
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Okay.
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Or OTE and the market is a sell off there.
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Where, where do you look to take
your profits at below an old, low
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or below this low right there.
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00:12:11,700 --> 00:12:15,060
Every time the market makes a
swing low, you have to take a look
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and it only takes three candles.
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This is why do you not use the Williams,
uh, fractal that requires five candles.
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00:12:21,570 --> 00:12:22,890
I only need three candles.
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00:12:22,980 --> 00:12:27,150
So we have a candle low here, a
lower candle low here, a small,
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smaller little candle in here.
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Blows through that.
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That would be your, uh,
your target right there.
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You would take first profit.
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Then you would come back and end up
taking your stop-out right there.
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00:12:38,550 --> 00:12:44,880
Now, if you get a stop and say you
don't take first profit, the slate
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devil's advocate for a moment, say
you're greedy, you're impatient.
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You're developing.
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00:12:49,140 --> 00:12:52,230
You just don't want to do
anything to take some profits out.
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Or it couldn't happen for you.
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You didn't do it like that.
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00:12:55,635 --> 00:12:57,675
That mark comes back and
takes your stop-loss out.
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00:12:58,875 --> 00:13:00,435
If you see that scenario.
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00:13:00,915 --> 00:13:01,425
Okay.
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00:13:01,575 --> 00:13:07,335
You want to be looking for old highs to be
breached while we're above the 50% level.
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00:13:07,545 --> 00:13:09,615
So we're in pretty,
we're in a deep premium.
224
00:13:10,005 --> 00:13:10,245
Okay.
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00:13:10,245 --> 00:13:12,225
So markets are overbought right in here.
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00:13:12,645 --> 00:13:14,625
The market runs through
this previous high.
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00:13:14,865 --> 00:13:16,545
So we're internal soup scenario.
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00:13:17,355 --> 00:13:18,795
We could be looking for turtle soup cells.
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00:13:19,965 --> 00:13:21,765
Mark comes up, starts to come down.
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00:13:22,740 --> 00:13:24,209
One more time runs through you.
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00:13:24,510 --> 00:13:25,620
Take your stop out again.
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00:13:25,920 --> 00:13:27,750
This is going to happen in your trading.
233
00:13:28,530 --> 00:13:31,349
Do not try to avoid it
because it's going to happen.
234
00:13:32,010 --> 00:13:36,030
So the same scenario we have an
old high mark goes back above it.
235
00:13:36,360 --> 00:13:42,150
If it's at a premium and you've defined
the range here, you take the scenario
236
00:13:42,180 --> 00:13:43,770
as a sell on turtle suit basis.
237
00:13:45,150 --> 00:13:48,960
For each above it all high sell short,
are you gonna have to take profits at
238
00:13:49,230 --> 00:13:51,120
the low, the first low that's here?
239
00:13:51,150 --> 00:13:54,930
The next low is right here and we
have another range created here.
240
00:13:54,930 --> 00:13:57,330
So while we're watching this
form, as soon as we see a swing
241
00:13:57,330 --> 00:13:58,470
low form just came up here.
242
00:13:58,770 --> 00:14:01,470
We knew they're probably going to want
to run back up into this range here.
243
00:14:02,730 --> 00:14:03,960
Now we have a new range.
244
00:14:05,040 --> 00:14:13,050
The impulse price swing is
this high down to this low.
245
00:14:15,120 --> 00:14:17,730
Here's equilibrium price
expands to equilibrium.
246
00:14:17,730 --> 00:14:20,400
Once we start seeing that we
watched does it get to 62?
247
00:14:20,760 --> 00:14:21,240
It does.
248
00:14:21,450 --> 00:14:23,460
The body of the candle
stopped perfectly right there.
249
00:14:23,880 --> 00:14:25,140
You could sell short right there.
250
00:14:25,140 --> 00:14:25,620
What's nice.
251
00:14:25,620 --> 00:14:27,750
Is, is you're going to see the
bottom of this candle is up candle.
252
00:14:28,080 --> 00:14:29,970
That's a bear over block,
which you'll learn more about.
253
00:14:31,320 --> 00:14:34,590
That's a cell by itself where you
look to take profits at below.
254
00:14:34,590 --> 00:14:39,000
The old low right in here
goes right down below that.
255
00:14:39,060 --> 00:14:40,910
And does what trades backup.
256
00:14:43,060 --> 00:14:48,610
If we've used the price swing from that
high, we just anchor two to this low.
257
00:14:49,449 --> 00:14:50,590
The same thing occurs here.
258
00:14:50,620 --> 00:14:52,720
We have this high all the
way down to this price.
259
00:14:52,720 --> 00:14:57,819
Low price comes all up into the
79% trace level above equilibrium.
260
00:14:57,819 --> 00:14:58,600
We start watching it.
261
00:14:58,930 --> 00:15:01,540
Now we're in an area where the
price is going into equilibrium.
262
00:15:01,959 --> 00:15:02,290
I'm sorry.
263
00:15:02,319 --> 00:15:04,000
From equilibrium up into premium.
264
00:15:04,780 --> 00:15:04,990
Okay.
265
00:15:05,000 --> 00:15:08,290
Premium is above equilibrium in a range
that's been defined from high to low.
266
00:15:09,210 --> 00:15:10,410
And look what's happening.
267
00:15:10,470 --> 00:15:13,860
We're running out an area of stops
above an old high, again, very, very
268
00:15:13,860 --> 00:15:20,060
good, um, probabilities for getting
short, take that as a turtle suit
269
00:15:20,120 --> 00:15:22,790
inside of a premium based market.
270
00:15:23,420 --> 00:15:26,390
And you can look to take
profits on a swing low.
271
00:15:27,890 --> 00:15:30,800
Here's your swing low here,
the market trades down to that.
272
00:15:30,800 --> 00:15:31,990
You'd have to take profits below.
273
00:15:33,390 --> 00:15:37,740
Margaret trays now into small little
consolidation here, and I'm not going to
274
00:15:37,740 --> 00:15:40,260
define anything else that's in this chart
because I can do all kinds of other things
275
00:15:40,260 --> 00:15:44,370
to, it would look like sugarcoating, but
you'll learn other things to look at.
276
00:15:44,370 --> 00:15:45,900
And it has to do with
this candle over here.
277
00:15:46,680 --> 00:15:50,260
So we'll refer to this candle later
on and, uh, we capitalize bullish,
278
00:15:50,260 --> 00:15:55,050
shorter box and bear sort of blocks,
but the market creates another range.
279
00:15:55,890 --> 00:15:57,870
This high down to this low here.
280
00:16:04,939 --> 00:16:07,990
to this high down to this low
market goes above equilibrium here.
281
00:16:08,040 --> 00:16:11,750
Where's it going to go to, we want to
watch it go to at least 62% tracing level.
282
00:16:12,110 --> 00:16:14,180
It does that because we have to 70.5.
283
00:16:15,615 --> 00:16:18,505
Optimal trade entry and then sells
off where you take profits at
284
00:16:18,525 --> 00:16:21,765
close swing, low, bigger swing,
low take profits right there.
285
00:16:22,125 --> 00:16:25,455
Now they're not astronomical trades.
286
00:16:25,635 --> 00:16:25,995
Okay.
287
00:16:26,025 --> 00:16:32,535
They're not enormous trades, but to
get short in here at 98 big figure and
288
00:16:32,535 --> 00:16:37,395
covering below the low on this candle here
at 96 94, that's over a hundred pounds.
289
00:16:38,219 --> 00:16:39,180
Nothing wrong with that.
290
00:16:39,640 --> 00:16:41,250
This is a daily chart
we're trading off of.
291
00:16:41,760 --> 00:16:46,109
Again, this is helping these folks
that can not be doing day trades.
292
00:16:46,290 --> 00:16:46,800
Okay.
293
00:16:47,040 --> 00:16:48,990
You don't need a great deal of movement.
294
00:16:49,560 --> 00:16:52,530
I want a daily chart to make
a decent amount of pips.
295
00:16:52,890 --> 00:16:58,380
We're going to go back to this high
and use that same old low here.
296
00:16:58,500 --> 00:16:58,949
Okay.
297
00:16:59,849 --> 00:17:01,290
From this high down to this low.
298
00:17:01,319 --> 00:17:01,380
Yeah.
299
00:17:01,430 --> 00:17:04,550
If you went short here based on
stop, run above here, and we're
300
00:17:04,550 --> 00:17:06,980
in a premium, we're above the
equilibrium, we've defined our rate.
301
00:17:07,785 --> 00:17:09,555
We're looking to sell into strength.
302
00:17:10,035 --> 00:17:12,855
It's scary when you first start
looking at it as a new trader, but
303
00:17:12,855 --> 00:17:14,925
that's exactly what you want to
be doing as a professional trader.
304
00:17:14,925 --> 00:17:17,204
You want to be selling at premium prices.
305
00:17:17,835 --> 00:17:18,244
Think about it.
306
00:17:18,264 --> 00:17:20,835
You could sell something if you
own it and say you own a car and
307
00:17:20,835 --> 00:17:23,145
you want to sell your car, do you
want to sell it at a discount?
308
00:17:23,714 --> 00:17:24,704
That doesn't make any sense?
309
00:17:25,035 --> 00:17:26,085
You want to sell it at a premium.
310
00:17:26,295 --> 00:17:30,735
So professional traders sell their
long positions or they sell new
311
00:17:30,735 --> 00:17:32,355
short positions at premium price.
312
00:17:33,885 --> 00:17:37,635
They ain't no better place in the
world, the sell short or sell longs
313
00:17:37,645 --> 00:17:40,065
above the old Hein, because there's
going to be willing buyers right
314
00:17:40,065 --> 00:17:41,655
there in the form of buy stops.
315
00:17:42,225 --> 00:17:46,775
So when we see this area here, we get
short from this area here going short.
316
00:17:47,015 --> 00:17:51,905
And if you just took profits once
this low formed, that low comes in at
317
00:17:52,865 --> 00:17:59,045
96, 7 39 97, 39 in the open is 97 99.
318
00:17:59,045 --> 00:18:01,775
So we're going to say we will
short somewhere around the 98 big.
319
00:18:02,775 --> 00:18:04,605
The low comes in at 97 39.
320
00:18:04,605 --> 00:18:05,475
So that means your stop.
321
00:18:05,895 --> 00:18:06,165
I'm sorry.
322
00:18:06,165 --> 00:18:09,764
Your limit order to take
profits would be below 97, 39.
323
00:18:10,425 --> 00:18:11,475
So you'd get the low here.
324
00:18:11,475 --> 00:18:16,035
Say you're aiming for 10 pips below
that low below this low right here.
325
00:18:18,345 --> 00:18:22,515
You'd be looking for
97 29, roughly a 97 30.
326
00:18:23,355 --> 00:18:25,605
That's 70 pips using a setup.
327
00:18:25,605 --> 00:18:26,504
That's on a daily chart.
328
00:18:26,774 --> 00:18:27,975
You're not intraday trading.
329
00:18:28,335 --> 00:18:29,955
You're not looking at five
minute, 15 minute charts.
330
00:18:30,524 --> 00:18:32,985
You know, you're not, you're not
being forced to do what ICT does.
331
00:18:32,985 --> 00:18:37,395
Most of his teachings through Digiday
treat trading, but the same concepts
332
00:18:37,395 --> 00:18:40,514
appear in these higher timeframe
charts that don't discount it, that
333
00:18:40,514 --> 00:18:44,595
I'm teaching you in a 15 minute basis
because all the concepts are universal.
334
00:18:45,254 --> 00:18:47,655
And I know it's hard for you to
understand that as a neutral.
335
00:18:48,405 --> 00:18:50,955
Because it just seems like I
can't be watching that charge.
336
00:18:50,955 --> 00:18:51,755
So therefore I can't treat it.
337
00:18:51,755 --> 00:18:52,395
That's not true.
338
00:18:52,785 --> 00:18:53,535
That's not true at all.
339
00:18:54,975 --> 00:19:02,665
So by having these ideas of looking
at price over the course of a
340
00:19:02,685 --> 00:19:08,265
premium market, we go down to a
say, we go down to an hourly rate.
341
00:19:12,385 --> 00:19:12,565
Okay.
342
00:19:12,565 --> 00:19:14,485
And what's nice is you don't
have to trade with a bias.
343
00:19:15,325 --> 00:19:19,435
Most people are always asking me,
Hey, looking, can you give me a, uh,
344
00:19:19,445 --> 00:19:21,955
a way of trading with a daily bias?
345
00:19:21,955 --> 00:19:22,825
Give me the trend direction.
346
00:19:22,825 --> 00:19:23,815
Like, well, I need to know that.
347
00:19:23,905 --> 00:19:25,885
Well, you don't really need to know
that you don't need to know it.
348
00:19:26,605 --> 00:19:28,315
And the reason why you don't need to
know that it's because you need to
349
00:19:28,315 --> 00:19:32,004
know how to trade inside of a range
because there's ranges are always there.
350
00:19:32,245 --> 00:19:33,625
Whether you're in a trending
market, whether you're in a
351
00:19:33,625 --> 00:19:34,945
consolidation or they're universal.
352
00:19:35,925 --> 00:19:39,405
Those profiles will always give you
ranges to trade in and you don't need
353
00:19:39,584 --> 00:19:41,145
to break out of the range to make money.
354
00:19:42,705 --> 00:19:43,725
We have a swing high here.
355
00:19:45,975 --> 00:19:49,004
Why am I using that swing high,
Michael, not this one here, not this
356
00:19:49,004 --> 00:19:51,584
one here, because this is the most
recent one prior to this down move.
357
00:19:52,064 --> 00:19:53,804
I could use this one here, but
I'm going to use this because it
358
00:19:53,804 --> 00:19:55,004
has more price action around it.
359
00:19:56,715 --> 00:19:57,225
This high.
360
00:19:57,945 --> 00:19:59,835
Down to the lowest low, okay.
361
00:20:00,135 --> 00:20:02,445
Market trades up to the
equilibrium in here.
362
00:20:02,835 --> 00:20:03,285
Okay.
363
00:20:03,525 --> 00:20:04,965
Does it get too premium?
364
00:20:05,145 --> 00:20:06,855
No, it doesn't get up there yet.
365
00:20:06,945 --> 00:20:09,254
It comes down off of this a little
bit and then trades right up into
366
00:20:09,254 --> 00:20:13,065
79, 7 tradesman level rate in here
closes in a range, which we'll talk
367
00:20:13,065 --> 00:20:19,185
about in the next teaching over
here, the market sale that sells off.
368
00:20:20,565 --> 00:20:22,245
And where are you going to be
looking to take profits at?
369
00:20:22,635 --> 00:20:24,165
You had a small little swing love here.
370
00:20:24,195 --> 00:20:25,965
You have a certain real good swing load.
371
00:20:26,970 --> 00:20:30,480
So if you're getting short up
here and on an hourly basis,
372
00:20:36,270 --> 00:20:44,010
say we got shorted, uh, 97, 70 nice
round number to get out of that level.
373
00:20:44,010 --> 00:20:47,100
Here's 42 pips to get up
below this low here, 60 pips.
374
00:20:47,100 --> 00:20:53,550
So if you go 10 pips below that,
that'll give you a nice 70 pounds.
375
00:20:54,615 --> 00:20:58,004
And give me a nice 70 pips and there
look at the reaction going 10 pips
376
00:20:58,004 --> 00:21:01,905
below here is this range low from
that high up here where we would have
377
00:21:01,905 --> 00:21:03,824
been selling it based on the concepts.
378
00:21:03,925 --> 00:21:05,115
Again, it's all hypothetical.
379
00:21:05,115 --> 00:21:08,085
And in hindsight here, but the
conceptual idea is the same going
380
00:21:08,085 --> 00:21:11,895
forward range of 60 pips, 10 pips below.
381
00:21:11,895 --> 00:21:12,705
It will be 70.
382
00:21:13,125 --> 00:21:16,544
You got at least four pips below that
for a per spread to take you out.
383
00:21:16,574 --> 00:21:17,564
And it absolutely does that.
384
00:21:18,074 --> 00:21:19,875
And that doesn't go very much at all.
32649
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