[Music] hey traders kill folks here chief currency analyst and head trading coach over at trade and power dot-com and welcome to another forex market preview video for you guys that are Premier League fans i just got finished watching Everton put a 4-nil shall lacking on manchester city so nothing else more needs to be said we're going to hop right into the charts today we're going to take a look at the pound dollar that is a pair that you guys voted on social media for me to look at and i'm actually going to show you some footage of some more analysis of longer-term analysis that we did earlier in the week on the pound again and really continue on our conversation about the importance of showing patience and discipline your training alright traders what you're looking at is the pound dollar on the four hour timeframe and I'm kind of glad that you guys chose this pair there's really looking around there's really not too much that's on my radar as far as training opportunities go and this is one of the pairs that actually does have a longer-term set up potentially in the work now before i show you it want to let you guys pause the video for a few seconds and see if you can kind of predict what i'm looking at on this chart give you clue it's a well now i will give you clip just see begin alright what we're looking at here is a potential advanced pattern formation or also a one-to-one measured move or some you may call an ABCD pattern doesn't the terminology is the same equal measure move 11 measure movie ABCD pattern it's all the same it's when the first leg of the move is an equal length of the second leg of the movie you can see that right here if I take my drawing tool and I draw from the swing low of our chart right here at 120 37 swing low swing high actually do this you guys are on NinjaTrader body weekend every eat every week I get asked the question what platform do you use i personally use in trader for my training that's what you're looking at in front of you many a time i will use trading view dot com during these videos to show you guys and now assistants it's a web-based platform that you can easily just click and load up it's also a little bit more visually appealing but NinjaTrader is when I right when I actually do my work I'm doing it from Ninja that's where my broker is connected to so we're looking at one measure move your own military time hitting the control button in the number two and i'll give you technically the channel tool but it's going to give you an equal measure movie you'll see what I mean a little bit if i take my swing low to swing high right here against net1 2037 up to about 120 316 after I click it's automatically going to print a second bar for me now again this is used to draw like channels i use it for equal measure moves or ABCD patterns like this so I'm gonna do is I'm gonna attach the second leg right to our outside return our current outside return right here and that's going to predict if price action continues higher and gives me an equal measure move of the first leg and going to label these if you want a student capitalize 8 b c and d right the d completion of them move will be right here about 120 399 now I got this question under one of my trading blogs videos i did earlier in the week eel can you talk about here I here Jason you guys talk about even handle numbers a lot can you explain what they are and even handle numbers are basically numbers that end in 0 0 or 50 we like to call those psychological numbers numbers that ended 0-0 like 124 even 124 00 those are the ones that I mostly care about technically any number that's easily divisible by the human brain so we like numbers that are in fives and tens and 2025 stuff that it's easy to / but for purposes when we talk about it we're talking about you handle numbers like 124 00 and what you'll find that is that because there's such a psychological element to these numbers these levels these zones i guess you can say sometimes tend to act like support and resistance so it's it's certainly something that you want to pay attention to its nothing I would base any type of trading strategy off of the loan but when you can add it to your analysis they like a GPS system combined technical scoring system it just gives you one more clue about particular price levels so if we have this one measure move is going to give us an ABCD pattern up here we're also going to have a potential advanced pattern formation this advanced pattern formation because the advance guard Lee formation and i'm going to do is I'm gonna use my tool up here i'm lazy and I feel like taking a shortcut this is our new constellation pro software where it has the obviously you can we can turn on live pattern formation we can look at historical pattern formation so if you want to do some back-testing will show me all the historical pattern formation as well but one of the tools that I like is the manual one we control them on ourself i personally prefer to draw patterns on myself a little old school but I think I like it so if i take our are high of our most recent impulse leg right here up at 124 33 and I go from swing high swing low this is gonna be my ex to a you can see that market price action put in a retracement this is going to be my eight to be my seated my b2c comes right down here saying see of the ABCD pattern and i'm looking at adi completion a little bit below that ABCD pattern at about 120 392 see that advance guard Lee formation is going to complete and the similar level as that one-to-one measured move now I want to add anything else to it we can look left obviously bc structure up here to the start of our most recent impulse leg that's always a good level of resistance that you would anticipate price action will respect you want to get a little bit more fancy we can scrunch up our charts to see if we bring some higher time frame look at the bigger picture let's bring the fibonacci retracement from this swing higher most recent swing highest when low down here see if we get anything look at that we're gonna get a 50-percent retracement lining up there as well now fifty percent isn't technically a sonata number but again it's one of those psychological numbers 50 half something that's very easy for our brain to work with so pound dollar here on the 240 that's what's on my radar coming up for the week of potential bullet or bearish the potential bearish advance guard information at 120 392 or if you guys are cts traders combine technical score traders and especially what that means is for you guys that don't trade advanced pattern formation but trade more of structure and price action you have a pretty nice resistance level up around that 124 even handle as well that you can look to take a training opportunity at you as far as target target's go I wouldn't do anything fancy sometimes you talk about using advanced pattern formations as entry reasons and to say train continuation trade because we essentially bottom down here for a while now i have no anticipation and turn this off I have no anticipation that price action is going to go lower I wouldn't be shooting for anything extended anything fancy I would treat it like a normal counter trend trade we're looking to get a little piece of the pie and get out before I give birth so that's pound dollar for this week and a we'll see if it a complete alright so earlier in the week I put out a video really answering a question that I got on YouTube about having patience and how the lack of patience i guess you can call it a lot of damage to your trading and what I want to show you next to the video that I put out to my syndicate members earlier in the week looking at the town again and i think it provides a good example of patients because this was longer term analysis was analysis done mainly on the daily and for our chart days before the pair or the potential trade actually completed i think i did the video maybe on monday didn't actually get filled in the trading opportunity until Friday so checking out I'll be right back to continue our lesson on patience and discipline in the market alright syndicate members a teal here it is monday night January nice about a 750 I just recorded or attempted to record a quick video for you displaying this trade but unfortunately it wasn't working for is it the old-fashioned way and loaded up to the syndicate website but I'm 12 pound en daily and this is a trade that is on my radar for tomorrow when I typically like to do is I do a nightly rounds of analysis not only to kind of see and and take notes on what should be on my trading radar heading into the next day but also to see if there's anything that requires order to be put on for example there's a a pattern completion that may be close i want to get orders on just in case that fills during the London session while I'm fast asleep having the sweetest of dreams this is a pretty decent opportunity i want to walk you through what I'm seeing on here now if we look at the most recent move and pound yanez it's pretty obvious we've been in a downtrend right the market has made a series of lower highs right and lower load and now most recently however we've broken out of that bearish trend and we have what i call a bullish rotation now I called a bullish rotation because we made we've made a higher higher close above our previous outside return violating the previous trend however we technically have not started a bullish trend yet because we don't have that series of new structure high outside return new structure high right three guys that are new to the syndicate if you haven't seen it already make sure you check out our into the great training we talked about how to read a price chart every guys that are in the transformation this is kind of piggybacking off of what we talked about this morning with our lesson on the importance of structure so we have our higher higher close here and we're looking for a pullback right can actually break this move up into kind of like this we saw a little a little dip right here like to call it a pregnant polish right live rumors you know what i'm talking about before you had higher now we're putting in a pullback in the question we're asking ourselves is where is that pullback likely to come to and we can see our previous level of structure right here but we can also do this i take an equal measure move from my swing high swing low and I copy and paste that you're going to see that we have an a B equals C D pattern or 121 measured move essentially the first move we're projecting projecting that the second move is going to be of equal length right so if i take my line and move it down here you can see that equal measure move that ABCD pattern is going to come at our previous outside return right here which also comes at previous structure resistance right in there so it's a pretty decent level to say that the market may the bears may find some exhaustion at this level and we invest the point where we may see a bullish continuation if you're a Fibonacci trader you can also take your fibonacci retracement tool drag it from the swing low to swing high here and you see we have a 382 bonacci retracement right at that level as well so right around that's what is this this is around looks like 140 even 139 that's not right you know 139 even the pounding at the gigantic ATR so this thing is really close but right around this level this is your kill zone for we're looking for a potential bullish opportunity and I'll tell you what depending on how you trade the risk-reward can be fantastic even the most conservative traders should be able to get a good risk/reward out of that lets say you enter it right on this line starting to go below previous structure lowes even if you're taking it at a retest of the be leg that's the this midpoint of the ABCD pattern even if you're taking it a retest of that be leg you can see that you still have a pretty good award and of course for you guys that are trend continuation traders taking taking it to a retest the previous structure high risk reward even better and trend-following traders well if I had to predict the next stopping point for this market if we were to see a bullish continuation there's going to be a little trouble right in here around a 152 but really this level is where i would project that price action could come out some I want to get too ahead of myself right now want to keep this thing short so i can get it to you and enjoy myself some Alabama clemson blesses see if we were to get a retracement up here what I'm doing right now is looking for targets i call it think like the other trader sometimes I'm asking myself if I were a traitor looking to get short right i'm looking to get short this market where would i look to get sure that that's gonna be too far yes so right around right around that level 154 even really honestly higher up to about 158 anywhere in that levels reading you can project an extension to go so you can worry about that a little bit later but it's a pretty darn good risk/reward no matter how you're taking a straight so essentially this is a trend continuation trade we don't have confirmation of the bullish trend yet so it's a little more aggressive for you guys that need confirmation of that new trend but the risk-reward is certainly worth taking a shot on this one especially waiting for the market to provide you with the entry reason of your needing a few guys that may not be familiar with complex pull back a complex pullback is this ABC pattern not sure if I've mentioned in this video or to the 1i recorded before but a complex pullback is eventually is essentially when you have an ABCD pattern pullback so instead of the market coming straight down like a normal pullback it kind of ebbs and flows trick some people into thinking that were in a bearish trend try to trick the sellers in there and then boom it uh guess those sellers out of here in the Bulls resume and so hope you guys enjoyed if you guys are new i hope this wasn't over your head time i get caught between the different people i'm teaching whether its transformation members where I can talk to one way whether it's live remember i talked to another way youtube traders are two talk two very very very simple and syndicate members as a big mix of everyone if it is confusing you know just shoot me a note and say hey Q can you can you dumb it down next time and again if you haven't checked out all the free training we had over on the website make sure you check that out or spend some time in our live trading room we do this for three hours a day so it's the easy way to cut down on that learning curve so I'll get this up to you fingers crossed that it loads on the first try and i'll see you guys tomorrow for another good week of tree lack of discipline is the number one reason that traders fail and sympathy when we think about lack of discipline we think about stuff like entering trade too early revenge trading moving stops back taking target early you know the regular but really lack of discipline in your approach to the market is a big blunder as well I remember a few months ago i wrote an article for FX trader magazine talking about treating your trading like the business and how even though you're self-employed or you work from home and you have the freedom of time to do whatever you want you're going to run into trouble if you think you can just wake up and trade with no real routine one day you wake up and look at the chart that 12 today I maybe 2 32gb that you decide to play a round of golf beforehand you need to be disciplined in your approach to the market as well as when you do your initial analysis when you do your trade review when you do your post market analysis all that is very important because if you don't you may leave yourself at risk of missing trading opportunities and a good example with the pound yet again that was a pair that we reviewed on monday we had to sit with it be patient and wait all the way until friday for it to be filled and if you're a traitor find yourself having trouble doing that i recommend joining our syndicate program and authenticate program we do a morning war room each and every day I shoot trading ideas to the trade for each and every day as well as give you guys a few videos a week and that helps kind of keep you in the mix keep you in the zone for the day to come and maybe find some trading average you need that you might have overlooked so check it out the one-dollar subscription fee for the first 30 days and after that it's it's less than a cup of coffee a day and i'll tell you what if you're going to value a cup of coffee over your trading education you're probably not cut out to be trading in the first place so give it a try there's a link right underneath this video for our syndicate program check it out so appreciate you guys joining me as always do me a favor hit that like button share this on social media if you're new subscribe that way you stay in the mix each and every week and I'll be right back on sunday next sunday for another forex market preview video take care