What also tends to happen is as, we push up what, we call this is a. Level and what we call this is a support, level so this is like the ceiling, where we hit resistance this is like the, floor where we bounce we hit, that support level what, we normally find, is that, when. We put in new highs and we push back down previous. Resistance then, become, support, so the structure, is actually respected, as well so. Of the things I just want to touch on is how. To identify a. And what I'm going to talk about is how we look at the end of the trend and we can predict a reversal, so. Of all to identify a confirmed, trend we're looking for a three-point move, so, we're looking for this move the retracement and then the new structure hi and then what we know is we have a high probability that the market is going to continue up until.
This, previous, outside, return or retraced in here at. Which point we're in consolidation, and then we need to look for that free point move again, one, two, three. In, order to make. A prediction that we're likely to see a continuation, to the downside, so normally we, see this this. This, until. End up reversing, again violating. This outside return or at Rayment and then, we look for that free point move again and it just continues.
Like that and the reason we do that is because once, we hit that three-point move we, know we have a higher probability that. The markets going to move up or down depending on what direction we go in it now.
Akil Stokes & Jason Graystone – TierOneTrading – Trading Edge
The pattern I want to talk to you about today, there's. Many many different ways to make, money in, the market and I've been over certain things that effects structure, in the market like even handle numbers 50, levels previous. Structure, and historical. That have been respected, time and time again, um. What I want to go over in this video, is, when. We spot. A reversal. So there's a there's a pattern that happens frequently at, this point that.
We can use to short. The market at the end of a bullish trend or if, we're in a bearish trend we, can then look to by. The end of the bearish. Trend and look to buy this up so there's, a simple pattern here called a double. Top now. You might have heard of this referred, to as a V, top but. It's a double top and essentially. What it looks like is this, we get to the end of the trend we.
Then have, a small, retracement.
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Here and then one final, push up we, get rejected, at this test and then, we fail, to put in a new high and then, we roll over and, this, is called a V top or a double top and I'm going to go through the rules of this right, now okay. So let's just say for instance that the markets been pushing, up and we've, identified our. Test our initial, test and then, we've started to retrace what. We're looking for for, this to be considered, a valid, double. Top is a. Test, of this, high so this high wick of the candle, we're. Looking for a test, of this. Level So. This zone here.
The second test so what, we're looking for is a test of this high and what we can't do is close. High so if the if the candle pushes up and closes above this previous, high what.
We're talking about then is a continuation, to the upside so it's important that we wait and we wait for the close of this candle, and as long as it doesn't close. The high it can do this it can push up and put in a higher, high but, it can't put in a higher, close. We're looking for a, test. Of this zone we.
Cannot close above, this. High and, as. Soon as we get a valid, retest, which can look like this it, can look like this. It, can even look like, this. Or it can look like this. Because we've tested this zone and we haven't closed above soon. As we get this formation. This is considered, a valid double-top, now normally, the.
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Double tops are price. And time, symmetry, on the, retracement so we have price and time symmetry on the replacement as well but. Essentially what we're looking for is this little V and then. We're looking for a retest of the initial. Test high but. Not a close, above the high and this, is what we call a double. Top and and what typically, what we're looking for after this is to enter, a trade on the next candle, and then, we're looking for the, market to roll over so. Now you've got a grasp on how to identify some patterns. What, I'm going to talk about is how you actually build a trade plan because, this.
jason graystone – Trade Empowered
Is essentially gonna be your your business. For being a trader and what. I always say to people is, the first thing you want to ask yourself is. Deciding what timeframe to trade or winter trade is when, can you consistently. Be in front, of your charts because people have jobs people, run errands people take the kids to school sure, they've, got this shop incoming on Tuesdays, got the bins going out on the first Yeah right when, can you actually consistently.
Dedicate, time to being, in front of your charts because what we're going for here is consistent, profits so, everything, needs to be grounded, and based off of a consistent.
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Plan, so. It, makes no sense for, someone who's got a full time job to, try, and check charts, at. A client, or they're rushing to a meeting it's just it's, silly. Just you don't want to do that first thing you want to do is go right when if I got an hour to dedicate it might be at lunch it might be an hour after work after the gym when, I can interrupted, time be some interactive time yeah it doesn't matter it, doesn't matter if there's, more, you.
Know volatility. It, doesn't matter what's going on just make sure it's a dedicated, time that you can just dedicate. To being consistent, and then just, find one pair for now one market, so don't try and you. Know find.
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Lots and lots of different markets, don't scale, through different markets just get to know one I, always, like, to think of it when I met my wife I met, her in a bar and all I knew about her that night was she liked white. Wine right that's all I knew the. Next day when I rang her up and wanted to meet her again we, went out for dinner I knew what food she liked and then, I knew what pattern she when she had lunch when, she was out on Sunday if you can just get to know one market, first, it's.
You're gonna get. To know the market you're gonna understand. More about that market and how it behaves the. Markets behave in different ways there's different markets that behave different ways and it's. Best just to know one pair and if you if you're looking at what market to look at just pick one of the majors so one with the dollar in it so you're, gonna get a bit of movement any, pair of the dollar is going to be dollars, the base currency for the world and if you pick a pair with the dollar you gonna have some movement sure it's not really boring there's going to be some something for you to test is going to be something going on but just pick one so euro dollar pound dollar, you.