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Would you like to inspect the original subtitles? These are the user uploaded subtitles that are being translated: 0 1 00:00:07,100 --> 00:00:12,100 And welcome, everyone, to Section 6 of the course. Divided into two lectures, the first lecture 1 2 00:00:12,100 --> 00:00:17,590 explains The Complete Step-By-Step Trading Plan for Support and Resistance Trading Strategy, whereas 2 3 00:00:17,620 --> 00:00:22,480 the second lecture aimes at explaining a key mistake which you will look to avoid while using this 3 4 00:00:22,480 --> 00:00:23,050 strategy. 4 5 00:00:24,270 --> 00:00:28,830 With that being said, let us understand the complete five step training plan starting from the very 5 6 00:00:28,830 --> 00:00:32,810 beginning of the analysis to exiting a trading position in real time. 6 7 00:00:34,250 --> 00:00:39,830 Open a new price chart of any instrument and download price data starting from 4-hour timeframe to 7 8 00:00:39,830 --> 00:00:45,620 monthly timeframes. Guys, keep in mind that you can open as many charts of different trading instruments 8 9 00:00:45,620 --> 00:00:51,410 as you like. Once you've downloaded price data for one or many charts, make daily timeframes as your 9 10 00:00:51,410 --> 00:00:52,370 default timeframe. 10 11 00:00:52,640 --> 00:00:57,890 This means that every time you close a particular chart on your MT4, you will do so while 11 12 00:00:58,250 --> 00:01:00,230 daily timeframe of that chart is open. 12 13 00:01:00,620 --> 00:01:05,860 This will help you avoid having the same chart saved on different timeframes in your trading platform. 13 14 00:01:07,940 --> 00:01:13,700 Plot key support and resistance levels starting from the monthly charts, make sure that these levels are 14 15 00:01:13,700 --> 00:01:18,650 visible on all timeframes up to 4-hour for your analysis. Please use weekly charts when there 15 16 00:01:18,650 --> 00:01:22,100 is little or no monthly price data available for any security. 16 17 00:01:23,150 --> 00:01:27,980 This is the best time to revisit the examples in Section 3 of the course if you have difficulty 17 18 00:01:27,980 --> 00:01:30,200 labeling these levels on larger timeframes. 18 19 00:01:31,060 --> 00:01:37,780 Convert key levels into support and resistance zones for recent and present price action. The third step 19 20 00:01:37,780 --> 00:01:42,920 is to plot support and assistance zones using key levels near the present price action. 20 21 00:01:43,300 --> 00:01:47,680 Once again, your learning from Section 3 of this course will prove beneficial while plotting 21 22 00:01:47,680 --> 00:01:48,280 these zones. 22 23 00:01:49,150 --> 00:01:55,240 Guys, I also advise to use different colors for these zones to keep your analysis clear. Add volume 23 24 00:01:55,240 --> 00:01:57,430 indicator at the bottom of your trading chart. 24 25 00:01:58,300 --> 00:02:02,890 In the following step, you will add the volume indicator at the bottom of your trading charts. 25 26 00:02:03,490 --> 00:02:09,700 Please assign different colors for high and low volume bars for your analysis. Refer to the second 26 27 00:02:09,700 --> 00:02:11,080 lecture in Section 3. 27 28 00:02:11,080 --> 00:02:17,020 If you require assistance adding volumes to your trading chart. Take a trading position upon the combination 28 29 00:02:17,020 --> 00:02:24,190 of key support or resistance level, a major candlestick pattern and high volumes during that candle, 29 30 00:02:25,000 --> 00:02:28,060 Before I discuss the trade, entry and exit parameters. 30 31 00:02:28,060 --> 00:02:33,500 A key rule that you need to remember for all of the trade entries is that you will never enter while 31 32 00:02:33,520 --> 00:02:34,690 the candle is still running, 32 33 00:02:34,690 --> 00:02:36,400 on 4-hour or daily charts. 33 34 00:02:36,400 --> 00:02:38,610 In fact, you will wait for a candle to close. 34 35 00:02:38,950 --> 00:02:44,350 This is because while the price is still moving within that candle, you have no conclusion about that 35 36 00:02:44,350 --> 00:02:44,790 period's volumes 36 37 00:02:44,850 --> 00:02:46,810 neither the pattern of the candle. 37 38 00:02:48,880 --> 00:02:53,920 So, guys, when entering a bad position, you will always initiate a buy entry above the high price 38 39 00:02:53,920 --> 00:02:59,620 of the candle, which is associated to price reversal or continuation, whereas you stop loss will be 39 40 00:02:59,620 --> 00:03:04,540 just below the low price of this candle or below the last price swing high. 40 41 00:03:05,200 --> 00:03:09,820 On the other hand, during a sell trade, you will take a sell entry just below the low price of the 41 42 00:03:09,820 --> 00:03:11,610 reversal or continuation pattern. 42 43 00:03:11,980 --> 00:03:17,610 That is, the stop loss will be just above the price high of the candle or above the recent price swing 43 44 00:03:17,620 --> 00:03:21,590 high when it comes to deciding to take profits on a sell trade. 44 45 00:03:21,610 --> 00:03:23,690 You have three options to exit the trade. 45 46 00:03:24,100 --> 00:03:29,320 The first option is to close upon a strong reversal pattern with high volumes against the direction 46 47 00:03:29,320 --> 00:03:30,640 of your existing position. 47 48 00:03:31,060 --> 00:03:37,120 The second option is to wait for markets to advance to the next key support or resistance levels and 48 49 00:03:37,120 --> 00:03:38,710 then exit your trading position. 49 50 00:03:39,190 --> 00:03:45,160 Or the third option is to close once you've acquired reasonable profits on a trade and decide not to 50 51 00:03:45,160 --> 00:03:46,410 carry that trade further. 51 52 00:03:47,470 --> 00:03:52,090 Guys, I'm confident that through this lecture and trading plan, you have gained the knowledge on how 52 53 00:03:52,090 --> 00:03:55,180 to combine the three technical indicators in this strategy. 53 54 00:03:56,550 --> 00:04:02,160 When it comes to risk management, by using this strategy, I do not advise risking more than 2-4% 54 55 00:04:02,160 --> 00:04:08,220 of your trading capital on one single trade, also to increase the probability of 55 56 00:04:08,220 --> 00:04:09,040 long-term returns. 56 57 00:04:09,060 --> 00:04:14,850 Please make a portfolio of your favorite forex pairs, metals, energies or stocks, while using this 57 58 00:04:14,850 --> 00:04:17,310 strategy to trade in a professional manner. 58 59 00:04:18,330 --> 00:04:24,330 I personally carry 5-10 positions in a market at all times in my portfolio, and managing my risk 59 60 00:04:24,330 --> 00:04:26,010 correctly allows me to do so. 60 61 00:04:26,550 --> 00:04:31,980 So this concludes the lecture on complete trading plan of the Support and Resistance Trading Strategy, 61 62 00:04:31,980 --> 00:04:33,810 and I will see you in the next lecture. 7077

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