My forex weekend review today’s i mentioned before I want to look at really the psychological moves that happened behind the market as you guys know summer is typically a slow time for trading add that before the grease mess going on and we’ve had some pretty slow days here in the market.
I do a live room live trading room three hours a day, and well when the markets gets low we end up discussing a lot of different Facebook things sometimes they’re trading sometimes related ;
Best time for trading
they’re not so much trade-related we looked at Gold cars today but one of the better conversations we did have today talked about price action indicator and how to market moves and why do we see some of the moves that the market makes now obviously:
I can’t show you guys the whole video i had to spice it up into bits.
About 15 to 20 minutes but i do want to show you a clip that i recorded from this morning session now keep in mind that the what I want you to get don’t worry about the particular trade just think about the bigger picture ;i do mentioned stuff like smart money institutional money understand that each structure level is different just because its structure forex trading market doesn’t mean that smart money or institutional money is going to be interested in it they have their own levels that they’re waiting for what.
I want to explain in the video just a basic gets a story behind someone move that we see in the market so about five minutes long check it out and I’ll be right back in a little bit again I’m not interested in taking a short because we have the higher higher close right here now we are above previous structure highs right.
Our minds is should already be telling us think trend continuation think train continuation think-tank continuation we’ve tried to get the past;
that level and got rejected one two three times each time we come back down I guess this one doesn’t count each time.
Market session Uk
we come back down we’ve put in higher lows so far goes back to the same kick in the door theory you know the market is you know this is the door up here this is the market is kicking it rejected kicking it rejected kicking it rejected that door eventually typically breaks I would be surprised if we saw break out to the upside here and not the downside in my opinion because;
if there are if there were smart money their institutional money there wouldn’t necessarily be that many tests least that many big tests, but we’ll see what happens in this formation if you’re looking to trade is I would just and it’s weird because fundamentally you don’t want to be long new Zealand .
you don’t want to be short dollar but if we keep putting in lower highs here and keep testing this zone just like the euro all the other day .
I would I would look for a chance to get short right here and see if you can play this as a breakout to the upside i don’t know how much room you have to the upside but here’s a perfect example let’s say I’m trading this Triple Top right yes i’m selling that market right well I’m short where-where my targets at somew here;
somewhere down here right targets where do stops go come on we’re not here about structure what type of stop order goes here what type of order my putting on for stop.
I’m selling you guys getting it something you don’t see the UDC yet right what happens if the market breaks out here who was happening a lot of a lot of traders who took the short right there
covering I guess not coming against opt-out and those by stops are getting hit right what happens when a lot of by stop orders a lot of buy orders flush into the market at once what happens boom that’s how you get break guys that’s how you get a break out right you add this to the breakout traders .
there are some other breakout traders that have by stops up here anyway looking for a breakout right breakout breakout breakout boom no price action doesn’t drop procession goes up by orders are flushing in everyone’s buying price actually explodes up make sense a little crazy or not yeah even if people go in short or buying because they’re buying out of their short position right there saying oh insert cuss word the markets going against me right there getting stopped out and then guess what happens after that right there’s some profit-taking up.
The market comes back what is technique that we teach for to use you when you know you’re wrong and you want to save face what’s a technique we talk about graceful exit right so say there’s a short trailer right here and you didn’t your stops here you’re you’re doing rookie trade mistakes you’re moving your
stops back and saying okay well I’m gonna get the market some breathing room alright alright oh don’t get stopped out.
The market comes back down right in your life hope we’re almost down to break even right I want to cover right you’re still short from right here you’re still short from this-this uh the marker and you’re saying the markets come down its is taking me from minus 52 minus minus whatever minus ten what are you doing you’re exiting your position right for a small loss am i right you’re trying to cover and take a look as little of it as possible right.
what are you doing more by orders right more because you’re still short so more by stop orders and then boom it happens again trying continuation setup right look familiar breakout retest the structure break out so that has nothing to do it really this trade but it does give you what.
I want you to get from that is is hopefully it gives you a hopefully gives you an idea again psychology behind the market this is this is what’s happening and as you get better of it as a traitor for new don’t worry about this stuff man we’re just worried about how to draw a new structure low a new structure hi that’s all you need to worry about:
but already will kill how come new Zealand are wasn’t this happened it wasn’t that Again think big picture there’s a lot of the conversation that you didn’t see I just want you guys to get the basic premise behind it and if you like.
If you like what you saw guys that’s what we discuss each and every day in the live room come and check it out for free go to our website www trade and power . Com click on forex live trading room and sign up for a free one-week trial that mean look forex non repaint indicator at the risk-reward on that it’s free got.
if you do like it well maybe you found a new community that you can come in and hang with three hours a day sharing.
Ideas getting some support and of course getting some trading education mixed in as well now the next trade I want to talk about came on pound Ozzy and pound aussie and i had a battle this week I took
about three trades on pound Ozzy for traits actually took one this morning to losers one was a break even, and one was a winner so let’s get into the
i’ll show you exactly what i was looking at and it kind of follows up on what I left off on with live trading room video as just focus on the basics first you know and there’s no reason there’s no need to start with everything advanced focus on learning how to read the market learning price action the principles of new structure.