hello everyone welcome to the daily review okay so you guys I am assuring my
forex factory screen can you if you do see my forex factory screen on right now
if you could please put a yes in the chapter so I can see that it's on yes
okay perfect so let me go through we will start there and as we go through
feel free to ask questions and I'll see if I can answer them as we continue here
please do bear with me this is my first time or trying to share my screen here
I'm very new to Facebook live so any time if you cannot see my screen I will
try to speak through it so if you don't see it see what I'm pointing at please
let me know through a comment and I will try to change things so one of the
things that I have a big challenge to do or I want to do a better right now is
that is actually working with doing the daily review or doing a daily review is
a very very important exercise it's like watching the tape if you if you play
sports it's like watching the tape after the game it helps you see what you did
correct that day what you did wrong and how we can improve stuff going forward
so that's the purpose of the daily review another thing that I'm going to
do as part of the daily review as well also is to to look at some trade setups
and that worked out really well so these trade setups could be something that
either we have traded or we may not have traded these trade setups or we may not
have taken the trades based on these but they look very very good and the reason
of looking backwards is that we are training our brains to identify these
trade setups in the future so if you can find them and identify them in the past
we'll be able to identify them in the future so that's that's what
we are doing this is just a numeral programming it creates neural pathways
in our brain to be able to identify those things so let's take a look at
what happened during the day today first we'll do a quick review here the UK
session today was very very choppy I had a euro and yen and pound e'en
trades short last night which worked out in the London session but then I have to
say I tried to add to my position and I did not do that to effectively so adding
to the position is not something that I do on a regular basis I tend to be a
short-term trader and I just add to my position I normally don't add to my
position so I just you know take my profits and I tend to walk away because
I'm a day trader so I was trying to add to my positions but as soon as I added
to my position the trade just turned around me against me so what happened
there was so this is a comment around Japanese yen so if you have been trading
Japanese yen you will notice that price has been doing some crazy stuff so here
I am looking at dollar yen dollar yen we had a nice pin bar yesterday so based on
this nice pin bar I was expecting the price to drop and instead we we saw this
big huge amount moved to the upside if you look at euro yen we had a very nice
bearish candle close yesterday so I was looking for price to drop further
however it went up so let me talk about what's going on with the yen so if you
are new to trading or if you've been trading for a while but you don't
understand risk this is a great opportunity that the market is providing
us to learn this first there are two different types of environments risk on
and risk off and right now we are going between the two from risk on to risk off
to risk on again so what is a risk on environment mean a risk on environment
means that investors are confident or they're comfortable with the with the
business environment and they're willing to take a risk and what that means is
that during this time investors will we go towards stock markets like things
that provide better return so equity markets or stock marks generally provide
better returns that bond markets so investors are willing to invest in
equities they'll buy stocks in the company and they're willing to take that
risk on however the risk off environment is when investors are scared they are
concerned either about the market conditions or what's going on from
political perspective geopolitical perspective and as a result of that
they're concerned about markets reacting to those risks and markets dropping so
there are three different things that are creating this risk-on risk-off
environment at the moment so we are shuttling between the two one day it's
risk on everybody's happy which is what we saw today when we have a risk on
environment all the yen crosses will go up so today we saw a big move to the
upside so that's because of the risk on environment because investors are
willing to take risk and we saw price go up as a result however yesterday a
couple days ago we were we saw yesterday especially here we saw risk off
environment where markets are we also call this risk aversion that's another
term you may have heard about this during this environment investors are
not willing to take on risk and they try to avoid risk so they will take the
money out of the stock markets so generally what the investors will do is
they will in the risk off environment they will sell stocks so equity markets
tend to sell off so if you see SNP is dropping Nasdaq with Dow Jones is
dropping that means we are in a risk off environment so investors are not willing
to take on risk so they take the money out of the stock market that they share
that they will take their money out and they will buy bonds instead because
bonds are interest-bearing instruments so you actually your money is protected
or well it's you if you get interest on your money so you're not really taking
that much of a risk so they are considered safer investments and that's
what's happening right now we we had that and what would created this
environment right so first the talk about tariffs from us that is negative
for the stock market because when we put tariffs it creates economic risks so
let's say you are a company that manufactures let's say you build build
something with steel right so we put tariffs on steel so we cannot get steel
in into the country so anything that you're making it will cost you first of
all to buy this deal will cost you more that means your own product has to cost
more or you're not going to be able to get as much profit out of it
which is not good so stock market Wall Street does not like tariffs and stuff
like that they like free trade which means
businesses will be growing and doing more business so when we hear about
stuff like that tariffs and things like that markets will drop but yesterday now
there there were coming or today I should say there was basically comments
about us working with China because China is the one that is that exports
most of the stuff into the into the US so they are the biggest exporter into
the US and we and the US wants to reduce that trade deficit the u.s. wants to
have more of a balanced trade with China as opposed to China being the exporter
and you as being the importer and hence they were one of the big targets but
then we saw in the news that China and US are working together in order to have
create this more balanced environment so now that causes a risk on environment
which is means investors are happy markets like those comments when
everybody works together so that creates risk on so people are not scared
investors are not scared
now another thing that's going on in the market at the moment is also with
Facebook right and tech stocks so Facebook started selling off after that
whole scandal came out where the Facebook having shared people's private
information and to help with campaigns and so forth as a result of that
Facebook started selling off and that the whole concern spell spread to other
tech stocks as well so Amazon took a hit NVIDIA took a hit so other some of the
other textiles took a hit so the entire market or as a result of that market
equity market started to drop when equity markets drop and this is why we
want to pay attention to other things going on in the in the market not just
for X because when equity markets drop mark money flows into yen right so
that's why we saw all the yen crosses drop because yen became it became more
expensive it went up so as a result of that we had
seen this drop however when that is not a concern anymore now we saw yen go up
so right now we are in this back-and-forth choppy environment and we
are in this we are in this range bound environment so I'm actually currently in
a sell trade for a pound yen and euro yen because in this one if you take a
look at it we are at the top here we are having in this range bound for last two
days price came into this level and it dropped from here we had trouble with
this level previously so right now I'm in a sell trade EURion it's it's okay
right now pound yen is another trade that I'm in short at the moment I'm
looking for price to drop so this is where the price is if you take a look at
it this is a very strong support and resistance area price went into this
level we had a drop and then it dropped from here yesterday it dropped today we
are back into this so I sold this and I'm looking for price to go back lower
so this is how we understand what's going on in the market beyond
just the technicals technicals are great to understand it's an important skill to
have but we also need to pay attention to everything else that's going on in
the markets I'm looking for basically price to come down for both euro and a
pound yen but again it's very important to pay attention to what's going on in
the news wires so how do we find out this information one thing to look at
here would be Bloomberg so I always have my Bloomberg on here
so if you take a look at bloomberg.com / markets Bloomberg is as a service that
provides these Bloomberg terminal costs upwards of $100,000 if you want to get
their research so but they do give some research for free and this is what we're
getting here right in the stories and then if you if you subscribe to like
talking Forex or somebody that will give you these news feeds as well which help
so I recommend going to stories like this and taking a look at what they're
saying if you're a new trader they may not make sense to you at this moment but
as you keep on reading them they will start to make more sense so I would take
a look at this and read this article because articles like this will help
explain what's going on in the market so I would recommend looking at both
Bloomberg forward slash markets and Reuters markets every day to understand
the overall environment so now let's go on to the charts take a look at what
with some good trade setups that presented themselves today again the
idea here is that we're just practicing what's going on in the market so that we
can take these trade setups in the future so if you can recognize them as
they happen or in the past like the same day this is a good practice it's like
you know doing your practice you go to school but after you come to your
homework that way anything that you learned that they will be implanted or
imprinted sorry on your brain as you're going forward
so this is just good it's it's a little hack that you use and especially if you
do it before going to sleep this is another hack
I don't always talk about this but basically if you practice something
before going to sleep it imprints that on your brain and your brain has a
chance to reorganize that information so that it will stay with you and you will
get better results you can actually by just doing this one simple trick you can
actually turn acts your performance or your learning ability so if you wanted
to shortcut something this is one way to do it
practice that thing before going to bed and your brain will work double time
trying to put that into practice okay so let's start off with Europe so there was
a good trade set up in Europe that I really liked so this is today's price
action well what we saw today so one of the things that I use in my trading our
pivot points and if you are part of the trade room you get these pivot points
for free you can also download them from the internet or your broker may have
them so I this is how we use pivot points we see the price go in one
direction so price drops then I'm looking for a pullback into the pivot
and I'm looking for a further drop and in the opposite direction is the same
once we see price hold about pivot point we look for it to go to our one level
and then do pull back into pivot and then go our one go back into pivot and
so forth so it's they're nice to trade in a trending move as well so in this
case and the setup that I have here is this particular setup here so what do we
see here first we saw a drop in the price and then I'm looking for price to
pull back into the pivot point once we see this big bearish engulfing candle
right on the daily pivot after this candle closes this is a great
opportunity to enter this trade short so this is your US dollar one-hour chart so
this was a great trade setup if we see this type of a trade setup again this is
worth taking so this setup is worth practicing and I would highly recommend
going back on your charts and practicing them
this type of trade setups you can throw a demo trade on to see how price reacts
but this is a bearish engulfing candle right at the daily pivot point price
closes below good place to enter the trade would be right at the close of
this candle and we can either have stop here or higher above here looking for
price to drop into s1 so that will be the first target s2 will be the second
target so that was one trade setup for today your US dollar show trade right at
the pivot point bearish engulfing candle combined with daily pivot and also with
support resistance so if you see there's resistance right here price is running
into resistance again so there's confluence of multiple
factors coming together to give us this trade opportunity and then we have
another one was a euro dollar here as well so in this case we saw price drop
again and see how we went right into our s2 level well after this drop so let's
say we didn't catch this and I did not catch this one because I had this was
the first day I was at my computer so I was or you know I was I didn't catch
this I didn't see this till price had dropped below this I was looking for a
pullback anyway I didn't I miss the opportunity
to get in I was a little bit reluctant so didn't take this one now how do we
get back into this trade right so how do we get into this trade if we miss this
trading opportunity the first time around so the trade setup that that was
present here was this one so this is call I call this the back test of the
level so basically price will drop through a level come back and test the
same level again so if you look on the left here price try to go through so
this was a this was a news move so there's that pin so we want to worry
about this but the point is the price came into this level and did drop here
now see how price pulls back into the same level here which was our our one
level from a couple days ago and this same level acted as support here finite
price finally fell through it and then came back to test the same level from
the opposite direction and once we get this bearish engulfing
candle closes this is the same bearish engulfing trade setup it's just not at a
pivot point it's just at a regular level so in this one it's also the zero level
so forty two point zero zero so 41 point 9 9 5 so it's one point 4200 so zero
zero numbers are natural support and resistance levels as well so keep those
in mind so we have the zero level we have previous support and resistance
level we have a bearish engulfing candle close so we have multiple factors of
confluence coming together to give us a great opportunity to trade this so again
this would have been a great trade to take care once we get this bearish
engulfing candle closed here we could take a short right at this level our
stop could go above above this pin so somewhere over here so we give it some
room for trade to breathe because it could just come and test this level
again so we stay with it and we see price pulls back into the into the daily
pivot but see how it holds below the daily pivot doesn't really manage to
close so we can still stay in this trade the target would be in here because this
is also a good support or resistance level and as we can see price went
through went right came right to this level so that was second trade a set up
that was really good and if you see this type of a trade setup these are
generally good trade setups to take in our trading let's take a look at Aussie
dollar here alrighty let's take a look at yen let's take a look at perhaps
let's see if you can find something here so this one it's a little messy right
choppy let's go to Ozzy here so if we find something actually here's another
one that I really like so this is a bad test of the level as well so see here we
see that the price had dropped through this support resistance level at 7700 so
this is a round number this is called wrong number all the zeros so basically
these numbers tend to provide support or act as dynamic or you know they provide
support so zero zeros 20 50 and 80 those are the
different levels that I generally look for retracement and price to react at so
price goes through this level and then see how we see price comes back into
this level and then the same support level acts as resistance and if you take
a look at it's also our daily pivot level that's why I really like trading
the pivot points because generally price will drop pull back into the daily pivot
give us this nice straight setup that is called railroad tracks where one candle
goes in one direction the other candle the second candle tells us what
direction the price is likely to move in so in this case our bias is already to
the downside and then we get that get this bearish engulfing candle or
railroad tracks trade set up and now we could go short here we could put over to
stop just above the high in this one here and then we're looking for price to
drop into our s1 level and finally it got there's no it looks like it wants to
continue lower so that's another that's the third trade setup so my goal is to
identify three trade setups that looked really good and look at how we can trade
them again the next time that we take these trades all right so I kind of went
on a lengthy one there any questions although I have to say I'm not sure how
I see the questions so please you know what let's do this I will answer any
questions in the facebook group so I will also mark these charts up and I'll
post them in the Facebook group as well so that you guys can take a look at them
when you have time and you can understand them better and hopefully
view this exercise will help you practice some of these trade setups so
you can take them in the future all right that's all I have for tonight
have a wonderful evening wonderful night and I will see you again tomorrow bye
for now
For more infomation >> The Motherlode Dungeon Review, Thoughts & Guide ( World of Warcraft BFA Alpha ) - Duration: 8:06. 
For more infomation >> A Guide To Getting Older - Duration: 4:22. 
For more infomation >> Top 10 Cherry Blossom Tokyo Spots | Sakura watching and Hanami Guide - Duration: 11:36. 
For more infomation >> Jungfrau Switzerland Travel Guide - The Top of Europe - Duration: 11:21. 
Không có nhận xét nào:
Đăng nhận xét