Support & Resistance Trading Was Hard, Until I Discovered This Easy 3-Step Trick...
Published: 2022-06-03
Status:
Available
|
Analyzed
Published: 2022-06-03
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker identifies specific price levels on the Pound New Zealand for potential short trades (trend continuation resistance) and potential bounces or reversals (counter trend support).
"this right here between the area of 1.9284 and 1.9254 is an area I'll be looking for short trades inside of here on the pound New Zealand as for my counter trend level, I'm looking at the area of support that looks like this and that area is between 1.9109 and 1.907."
Pending
The speaker identifies a specific price range on the Euro Yen as a trend continuation level where they will look for short trades.
"my trend continuation level on the Euro Yen is 138.1 between that and 137.76"
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The speaker identifies a specific price range on the Euro Yen as a potential area for price to drop, likely for short trades.
"between 140 and 139.70"
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The speaker identifies specific price zones on the Pound Aussie for potential short trades (trend continuation resistance) and potential bounces or reversals (counter trend support).
"on the pound aussie my trend continuation level after my three step process is an area of price between 1.7410 and and 1.7376 this will be an area that I will be looking for possible short trades we get a pullback into over the next few days here on the four hour chart of the pound aussie my trip not trading continuation my counter trend level is down here between 1.7235 and 1.7185"
Pending
A bullish trade on the Canada Yen is presented, where a hammer candlestick followed by a green candle at a major structure level led to a profitable trade with a 1.4:1 reward-to-risk ratio.
"this did in fact push the market higher using our conditions of finding a major level of structure then using our entry reason of a hammer followed by a green candle putting our stop loss in a place that makes sense and then going for a 1.4 to 1 reward to risk ratio which obviously you could have gotten more"
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A bearish trend continuation trade on the Dollar Canada is described, where a shooting star candlestick followed by a red candle at a prior support-turned-resistance level resulted in a successful trade.
"price did in fact fall from our important strong area of resistance that used to be support for trend continuation on this downtrend"
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A bearish counter-trend trade on the Pound Yen is mentioned as being successful, easily achieving a 1.4:1 reward-to-risk ratio.
"price comes up to hit that 1.4 very very easily on this trade"
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A bearish counter-trend trade on the Euro Canada is presented as successful, validating the trading strategy.
"and if we click play you can see that that trade did work out"
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The speaker shares a past bearish counter-trend trade on the Canada Yen, initiated by a shooting star candle followed by a red candle at a counter-trend structure level.
"here is price pushing up to a counter trend level of structure...what we get here on the Canada Yen is a nice shooting star candle followed by a red candle so with this being the case I went ahead and placed my trade here on the Canada Yen"
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The speaker is currently in a live bearish counter-trend trade on the New Zealand Dollar, which followed a shooting star candle and a red candle at a resistance level, and is currently showing a 2:1 reward-to-risk ratio.
"we have a trade we're currently in based on this exact method we have a push-up breaking above resistance putting us into a slight uptrend so then we're looking for a counter trend level of resistance...we then get up to this level we put in our shooting star followed by a red candle entered there stop loss right above the swing high we're currently sitting at about a two to one reward to risk ratio on this trade"
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The speaker is outlining their trading plan for the next few days based on the support and resistance strategy discussed, using live market data.
"I'm literally just setting up my next few days of trading here on these pairs using this process and decided to do it with you to give you some good examples of this process itself."
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The speaker outlines a method to identify two key levels: one for trend continuation and one for counter-trend trading.
"we're going to have one trend continuation level no matter what trend we're in and we're going to have one counter trend level no matter which which trend we're in"
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A strong support or resistance level is defined by either causing a significant price move or being tested multiple times.
"ensure that the level we're trading is a strong level ... is if that level caused a major move out of price ... or a level that's been tested multiple times"
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The speaker identifies a specific price range on the Pound New Zealand for potential short trades.
"this right here between the area of 1.9284 and 1.9254 is an area i'll be looking for short trades inside of here on the pound new zealand"
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The speaker identifies a specific price range on the Pound New Zealand as a counter-trend level.
"my counter trend level is down here between 1.9109 and 1.907"
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The speaker identifies a specific price range on the Euro Yen as a trend continuation level.
"my trend continuation level on the euro yen is 138.1 between that and 137.76"
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The speaker identifies a specific price range on the Euro Yen for potential short trades, referring to it as a trend continuation level.
"between 140 and 139.70 my trend continuation level"
Pending
The speaker identifies a specific price range on the Pound Aussie as a trend continuation level for potential short trades.
"on the pound aussie my trend continuation level after my three step process is an area of price between 1.7410 and and 1.7376"
Pending
The speaker identifies a specific price range on the Pound Aussie as a counter-trend level.
"my counter trend level is down here between 1.7235 and 1.7185"
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The speaker provides a specific, objective definition for a hammer candlestick using the Fibonacci retracement tool.
"the entire body of this candle is above the 38.2 retracement when i pull a fibonacci retracement from the low of the candle to the high of the candle ... then i count that as a hammer candle"
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The speaker provides a specific, objective definition for a shooting star candlestick using the Fibonacci retracement tool.
"the entire body of the candle is in fact below the 38.2 retracement then i have a valid shooting star"
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The speaker outlines a completed bullish trend continuation trade on the Canada Yen, highlighting the entry based on a hammer candle followed by a green candle at a strong support level.
"this level has in fact been tested multiple times so with that being the case this is what my level would look like ... this would in fact be our entry the close of that candle would be the entry"
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The speaker explains how to set a stop loss for a bullish trade, placing it below the hammer candle's wick or the support zone, whichever is lower.
"the best place for a stop loss is to set it where you know you're wrong ... below the wick of the hammer candle or below the zone whichever one is lower on a bullish trade"
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The speaker details a bearish trend continuation trade setup on the Dollar Canada, noting the delay in entry and the requirement of a shooting star followed by a red candle.
"we did not get any type of entry the first time we touched our level ... we get back up to this level and then right here ... we do in fact have the shooting star candle ... the very next candle must be red"
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The speaker explains the stop loss placement for a bearish trade, positioning it above the high of the shooting star candle.
"my stop loss is going to go at a point that i think i'm wrong ... above the high of that shooting star"
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The speaker outlines a bullish counter-trend trade on the Pound Yen, triggered by a hammer candle followed by a green candle at a support level.
"we do in fact have a hammer candle ... the very next candle must be green ... this would be our entry"
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The speaker explains the stop loss placement for a bullish counter-trend trade on the Pound Yen, placing it below the support zone.
"my stop-loss would go at a point that i think i'm wrong ... right below my zone"
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The speaker describes the entry conditions for a bearish counter-trend trade on the Euro Canada, requiring a shooting star candle followed by a red candle.
"the entire body of this candle is in fact below the 38.2 retracement giving me a valid shooting star ... the actual entry is only if the very next candle is red"
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The speaker specifies the stop loss placement for a bearish counter-trend trade on the Euro Canada, setting it above the shooting star candle.
"the place we know we're wrong at this point is above our shooting star candle"
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The speaker shows a past bearish counter-trend trade on the Canada Yen, initiated by a shooting star followed by a red candle at a resistance level.
"here is price pushing up to a counter trend level of structure ... what we get here on the canada yen is a nice shooting star candle followed by a red candle so with this being the case i went ahead and placed my trade here"
Pending
The speaker highlights a live bearish counter-trend trade on the New Zealand Dollar, entered after a shooting star followed by a red candle at a resistance level.
"we have a trade we're currently in based on this exact method we have a push-up breaking above resistance ... we then get up to this level we put in our shooting star followed by a red candle entered there"
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The speaker presents a statistical breakdown of trader success rates: 80% lose money, 15% break even, and 5% are profitable.
"about 80 of traders lose money ... about 15 percent of traders that get to a point of break even ... and about five percent of traders are traders that actually make money"
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Profitable traders (top 5%) have mastered three key skills: a profitable strategy, robust risk management, and strong trading psychology/discipline.
"a strategy that makes money over time a risk management plan that keeps them out of their emotions and they understand trading psychology and another word for this is they understand how to stay disciplined to their trading plan"
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Achieving profitability requires mastering a sound strategy, risk management, and trading psychology/discipline, moving from break-even to consistent gains.
"if you can take this strategy and add trading psychology and discipline ... you can stay around break even ... the way you get from this break even mark to the top five percent ... is by mastering all three of these skills"
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