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Welcome back folks.
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We're doing a price action review and
key level session, January 9th, 2017.
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Okay.
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We're looking at the dollar index.
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It's a daily chart and I have a few
areas of notation that need to be
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watched throughout the rest of this week.
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Uh, we had a gap here last week as
a result of the new year opening
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and it can see that one candle
up close another candle gap.
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What's up close.
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So price was deliberate on the upside.
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Through here.
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This is high
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comes in at one or 2 52 in this candles.
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Comes in at 1 0 2 95.
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And that's what these levels
are delineating essentially.
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So in between these two candles, this
candle is low and this candle high prices
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gap through between the two candles.
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This is closed and this candles opening.
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It treated down a little bit
here, but essentially there's
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a gap in the price delivery.
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So we had to encapsulate this range
between this candles close in this
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candles, opening between the two candles
and here, because price has gap up
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through this absence of liquidity.
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That's even though it's been traded
higher, that gap has offered by south
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liquidity up to this point here, but
there's a gap in between two candles.
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So while the next candle traded
lower, this was sell side delivery.
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Came all the way down, hit the mean
threshold or the bullshitter block here.
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We did see a reaction there.
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This week's open relatively unchanged,
small little retracement in here.
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I do suspect we'll probably
want to see that range in here
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closed in with buy-side delivery.
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So while we have passed through, on this
candle and the downside, there's no.
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Green candle or movement up between
these two price points after
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this range has closed through it.
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So it probably going to
see that happen this week.
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Um, I'm not sure if we're going
to continue through on the outside
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through this week, but if we do make
them pass through 100, 3 81 where
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we're looking for 100, 4, 104 50,
and then making a run for 1 0 5.
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If we lose the low in here, um,
that's going to suggest that this
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gap is actually a breakaway gap
and it may remain open for awhile.
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And we'll look for liquidity run
below this low here and below the
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bodies of the candles down here, $4.
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So it's, it's still, it's still
a little bit too early, um,
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very new year in trading so far.
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Let's let sentiment build a
little bit more next week.
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We'll have a better understanding of
what may fall for the rest of this month.
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Okay.
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We're looking at the Euro dollar.
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Now.
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It's a daily.
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Yeah, I've got two areas as well.
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I want you to take a look
at, uh, on the upside.
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We have this up candle and price
had treated down away from it.
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Came back up to this level here left.
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This candle is low to this.
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Candle is high.
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No buy-side delivery has been offered
since we moved down away from here.
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So I suspect we're probably
going to be wanting to reach up
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into that buy side liquidity.
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Looking to fill in at 1 0 7 13 level.
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Uh, the low end of that range starts
at one or 6 73 on the downside.
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We have a level to watch in here,
basically opposite when we, this is closed
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for the dollar index and we had the.
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And here price delivery on a downside.
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No liquidity offered here.
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One pass through on buy-side delivery,
looking for a black or down candle
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movement into this low 1 0 4 48.
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It doesn't have to do that.
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If we continue to run, this
makes this a breakaway.
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And we'll probably look to see
a much further rally on your
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dollar if that's the case.
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And again, in retrospect to the, your
Euro rallying and the dollar being
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contrary to what you see in processor
for your dollar, the dollar index
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would probably move significantly lower
than just below these lows in here.
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But it's too early to tell them, we'll
see what we see the rest of this.
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Pound dollar a cable is a daily chart,
and I got a couple of points in here.
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I want to draw your attention to as well.
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Uh, we have price moving
below the October 28th, 2016.
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Open.
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Let me show you what that looks
like, why I drew attention to it.
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The bodies of the candles.
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Okay.
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While we worked through it, the body
is where we begin our rejection block.
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So anything below this, these
candles bodies at 1 21 60, a
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rejection block begins below that.
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So in other words, we're
looking for a pass through and a
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potential turtle soup scenario.
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So far intraday, which we're not going
to look at because this month we're
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focusing on hard timeframe charts.
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We've seen a small little rejection.
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And price here once making a pass
below 2160 price has moved below
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the buyers of the candles in here,
running out the south side, liquidity,
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all sales stops are now gone.
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We rejected off of this bullish candle
here, which is a bear shorter block.
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Uh, we were looking for a potential
move above this area here for by stops
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to run the liquidity out at 1 24 19.
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Eight to 1 24 big figure bullshit candle
here, which is a bear sorter block.
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Stopped it dead in its tracks
and has moved lower as a result.
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That is also the price action on
pound dollar, the strong rejection
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off this bare shoulder block and
here making a run on the lows, this
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downside movement on pound dollar in
relationship to the Euro dollar that we
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didn't see any of that downside move.
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Yeah.
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So that's going to be bullish for
Euro pound, which we're not going to
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look at it in here, but we've stopped.
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We will start adding Euro
pound on the chart reviews for
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notation syndrome purposes.
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But the fact that we were able to maintain
price action here in the consolidation, it
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looks like we probably going to make a run
up into debt buy-side area or liquidity
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gap or fair value gap, dollar cat pair.
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We have maintained a
small little consolidate.
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Nothing, uh, on the downside or upside,
I still think we're gonna probably
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make a pop down into that 31 25 area.
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Make it run below these cancers.
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Body.
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And then we'll probably see a little
bit of a bouncing, or maybe I'm
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not suggesting it's going to be
significant enough to go in here
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and at the farm, but we'll probably
look for a little bit of pop there.
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Now, if we trade back up, we're looking
for this level here at 1 33 60 to
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1 3, 365 for short-term resistance.
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This is a mitigation block, the
last down calibrate for the up move.
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Anything that was bought
here, throwing the water.
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So they may want to
come back up here first.
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So this level is the target.
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Even if we trade back up here, if we
start to sell off 1 30, 1 25, the next
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downside of detector for dollar CAD,
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all the dollar, uh, we were watching
and have been watching that 73 80 level.
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Um, so far we're almost there today.
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Uh, we got as high as 73, 74.
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So about six pips away, uh, fell short
of it, but it's these candles here, the
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body's the lowest of the body, not looking
at the fact that this is the can, I'm
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looking at the lower of the two bodies.
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That's what I referenced there.
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And we'll see if there's any little bit
of resistance offered at that price point.
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If we start to sell off, uh, we will
be watching this level down here, 72
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34, 4 potential by, uh, continuation.
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We will look forward this down candle
here to then see, cause a potential buying
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opportunity that would come in the form
of a 73 35 to 73 40 again, but it would
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have to pass through that 73 80 level.
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And it comes back down.
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If we can get a retest
back to that level at that.
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That could be a potential buyer, but
if that one gives way, should we pass
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through 73 80, all eyes are on that 72
35 to 72 40 level as the next significant
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Larry area to look for support.
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That's it for now, children,
I'm going to escape and I will
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get with you tomorrow morning.
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We have a live session at
10:00 AM, New York time.
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Uh, it's about 30 minute long in duration.
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It will be recorded for those
that can't be a part of it.
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And I will get back with you
then about the remaining.
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Uh, scheduled for all of the
teachings that go forward
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for January till next time.
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Good luck and good trading.
13062
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