How To Do Technical Analysis (WMP 7/2 - 7/6)

"we can make an educated guess that that's gonna happen in guys that's what trading is is making educated guesses over and over just giving yourself that slight statistical advantage based on those educated guesses and that's what turns into a profitable trading plan and a profitable trading career so the educated guests for this week on the euro dollar is that this market goes into train continuation to the downside"

"this market pushes up to its resistance level what we're expecting we can see that we're having some type of breakout pattern and just an extra little nugget of knowledge most of the time in trend continuation there's a couple of different ways to take advantage of that we can either take advantage of trend continuation using breakouts or using pull backs now what we just discussed this trading opportunity from last week right here where the market pushed down is a pullback trade what we're looking at right now on the euro dollar is more so a breakout trade and let me tell you why what we have right here is a well known price action pattern called a descending triangle this market came up made a high retested this previous support level made a lower high retested the support level again and looks to be making a lower high yet again with that being the case we can see that the buyers are coming in and pushing this market up but each time they do sellers push it down before it can reach new highs and with all of that coming together with the fact that we know we're in a previous downtrend we can make an educated guess that this mark is going to continue lower more than likely in way of a breakout pattern to the downside"

"Another way we were gonna try to take advantage of this market if we get this out of the euro dollar is that if this market pushes up back to one one eight four four that's a level we're gonna be paying attention to for possible shorting opportunities"

"if this market gets back down to the 1 1 5 3 3 level although we're not really looking for long opportunities this was a counter-trend opportunity this was a counter-trend opportunity but at this time we've tested this level three times the fourth test more than likely will prove to cause some type of breakout to the downside and not another significant bounce to the upside that we can take advantage of with a counter trend trade"

"so all in all here on the euro dollar expecting this market to continue downwards and expecting it to do so in way of a breakout or pullback trade"

"if we get this pullback up to one one eight four four we can look on lower timeframes for possible entries we can take an entry based on the candlestick formation or something like that here on the daily chart or again going to lower timeframes taking advantage of possible trend continuation trades down there as well"

"and also if we get this breakout we can either trade the breakout right or wait for a pullback up into this what will be a major level of support that could turn into resistance and at that point take advantage of a trend continuation from there"

"since we knew that this market had broke this resistance level and was likely to continue higher at least to one ten point nine eight which is where we're at right now really close to that one eleven even handle number since we knew all of that information we took this market to a lower timeframe and we ended up with an entry on a lower timeframe pushing the market up to here which hit multiple targets really good trade"

"expecting this market from this level to have a possible move down the counter trend move down"

"we're also we have a slight bias to the upside on this pair so if we get that breakout of this level of resistance at 111 we can also look for a pullback to that level and a possible trend continuation play from that level"

"if we get some kind of intra reason on a lower timeframe right at 1:11 we're looking for a shorting opportunity if not if we break above this level we're waiting for a pullback to it that breakout providing us with good trend continuation possibilities"

"we're looking for a move down to 0.9859 or a move up to 0.9975 after this happens after we get a move to one of these levels we'll either look for a shorting opportunity from the top level or a long opportunity from the bottom level"

"if we get no type of opportunity at either of these levels we'll be waiting on the breakout and pullback of either one of these levels"

"we noticed that the market came down into this level we went on a smaller timeframe waited for an entry reason and this market ended up pushing up I'll put a screenshot of this trade somewhere on the screen this market ended up pushing up for a pretty decent profit above a little over a hundred and twenty pips"

"if the market gets up to 1.325 we're definitely gonna be looking for some shorting opportunities from that level"

"if we get another pull back into 1.3055 we'll look down on lower timeframes for actual entries we're not just placing trades based on these numbers we'll look for entries at this level on lower timeframes for another counter-trend bounce again small targets looking for a push up"

"if this market continues lower we'll go ahead and point out another daily level of support that level is going to be right here so if we continue to move down we have a ways to go until about a 128 level that we're looking at for another possible counter trend bounce until then guys we're looking for this to be trend continuation and just continue this downtrend pushing the pound dollar down at least to that level before our next counter trend bounce and probable trend continuation out of this pair"

"waiting for this market either to get up to this 1.33 level around that level little bit lower for possible training continuation play possible counter trend play off 1.305 and if we get a breakout lower possible pull back into that same level for more trend continuation plays out of the pound dollar"

"if we can get back up to this level around zero point seven four four five only Aussie dollar this is definitely a level that we're gonna pay attention to for possible shorting opportunities"

"we did yeah we just had this nice counter trend bounce I think this is a level we'd pointed out again in a previous video but we've already made that bounce off this level we've moved back down to it if we get a rate entry on a lower timeframe we could possibly look at this level for very small profits very small pushup we're not expecting this level to provide any kind of huge bounce but possible possible bounce from this level at 0.733 again is that is possible to see"

"if we get this breakout down we can look at that level for possible resistance but again guys let's talk about a counter trend level other than 0.733 if we look left the next level we're gonna be paying attention to for possible support out of this market is pretty low as zero point 717 right down here so until then it's great opportunities to be looking for short trades down to that level at zero point 7171 which will be the next counter trend level"