 Welcome everybody to today's session, our next instalments in our online education series. If you can hear me loud and clear, could you type a Y in the chat box and you should be able to see a welcome screen to mail. We want traders to succeed. Okay, great stuff. Let's get going. First of all, as always, we're going to quickly review the disclaimer as we're all probably aware by now foreign exchange trading does carry a certain degree of risk. But as I say to you each week, you're helping to mitigate that risk by participating in these educational sessions. So just before we get started with today's content, for those of you who haven't been in the session with me before, my name is Patrick Munley. I am a fund manager, a mentor and a market commentator. I haven't always been involved in the markets. After graduating from university, I joined a city consulting firm. I subsequently left that firm and did a startup with a couple of guys from the business. And that business experienced some rapid growth. After four to five years, I exited the company where we merged with a business and I cashed in my shares. And then I decided to pursue my passion for markets. I'd always been interested in markets. I'd had pretty much a front row seat to the dot com boom and bust. I was in the consulting arena. I was a headhunter for technology startups. And so I'd really seen how people could make and lose a fortune in the markets pretty much overnight. And so I started to day trade the E-mini S&P futures. The market was predominantly trending north. I caught some lucky early breaks. And as is often the case, had some good success, made some solid gains, but that beginner's luck ran out and I quickly gave back those gains and then some. It was then that I decided I had to really make a conscious decision to either approach the markets and trading as I had done with other commercial endeavors and really get serious about it, or I'd walk away. And so I sought out a mentor myself, worked with him, and not just really on the technical aspects of trading. And this is very important and something I allude to continually and have done throughout these sessions. But more importantly, the mental game, because there's a finite amount of technical knowledge you really need to be able to trade the markets. But your ultimate success is really defined by your mental performance to my mind anyway. And that's something I worked on rigorously. And so by the end of 2007, going into 2008, I had a fully documented business and trade plan underpinned by a rigorous risk management strategy. And I really set about executing that plan. And since 2008, I have delivered positive annual returns. So year over year basis. I'm someone who has learned over time that the outcome of an independent trade or a single trade is really totally irrelevant to me. Because what I'm looking at is, is I'm looking at an extended series of outcomes to demonstrate my edge. So I don't know if the next trade I put on is going to be a winner or loser. And the great thing is, I don't need to know that to be successful. What I have to know is that do I have a definable edge in the market that's been back-tested and forward-tested? And if that's the case, then I have sufficient conviction to trade through any periods of drawdown, through to new equity highs. So like I say, profitable on an annual basis since 2008. In 2010, I started mentoring other traders who were struggling to turn a profit. I'm really working with guys who, from complete novices to some guys who had left the trading pits in Chicago and were making the move to the screens. Working with those guys to really develop and tighten up any trading plan that they did have. And then working around execution strategies and really also getting focused in on that mental aspect. Since 2013, I've been managing external investor capital through a managed account service that I run. And again, fortunately, that's been, on an annual basis, has delivered positive annual returns and continues to perform very well. So that really brings me up to today. I've pulled past six months. I have been a mentor, resident market expert, sorry, for Tick Mill, delivering daily market analysis and chart analysis. I'm also the head of trading and trader education for an online education firm called fxcareers.com, whereby we actually work with, bear with me one second guys, I just need to send off this little bit. Folks for the current fiscal year. Me one second. We're just going to hear the discussions. No formal decision has been made with the next rig review nearly two weeks away. A roger source to OPEC ministers agreeing to oil cut up one and a half million miles per day. Can't repeat that. Roger sourced his OPEC ministers agreeing in oil cuts. Sorry about that guys. Let's continue with me and just get the slide back up. I've lost the slides. Give me one second guys. Let me just find this. Okay, let's try that again. Sorry about that. Can you see my screen again with my LinkedIn profile on there? Why on the chat box if you can. Okay, so great. Like I say, that brings me up to today. So I provide market analysis for Tick Mill and I'm the head of trader education for a company called FX Chris, whereby we work with traders developing them on from an education perspective and then working through to actually funding retail trading talents. But what I want to do now is just bring you to speed with respect to what I want to cover today, which is another trading strategy, a quite a well-known market phenomenon, but people struggle to trade this phenomenon profitably. And that's at the core of the trading strategy is the pin bar. Now, some of you may or may not be familiar with the pin bar. The pin bar takes its name from the character Pinocchio. Due to the tail or the nose of the candle prints on the charts, it's considered to be a signal of a false move. So where a bullish pin bar will have a long tail or a long nose, which is basically a move that's suggesting exhaustion in the market. So what we're seeing is that the market moves down to make new lows after opening. And then we ultimately close back at the highs of the candle. So that's a bullish pin bar, a bearish pin bar. Obviously we have the opposite effect whereby we open, we run much higher and then we get a sharp reversal and we close back towards the lows of the candle. So again, if we think back to some of the earlier education content that we covered with respect to the idea of the market is constantly seeking liquidity. So what it's trying to do is find supply and demand balances. What these candles represent is a supply or a demand imbalance. So with the bullish pin bar price opens for whatever data period you're using. For me, it's mainly the daily candle. So we open and then price moves much lower on the day. So we're moving significantly lower. Yet once we trade down to a certain level of demand in the market, the demand that exists at this level is outweighing the supply. And that's what causes this rapid reversal in price action. And then we close back up towards the highs of the day suggesting that's where the balance is between the buyers and the sellers. So the information we're getting from the bullish pin bar is that the buyers at this stage are over or the demand in the market is overwhelming the supply. Equally then with the bearish pin bar we open, we trade much higher on the day and then we see an intraday reversal that causes us to trade back down into levels close to or at where we opened or even below where we opened for an even stronger indication of reversal. And so again, what we're seeing there from a market perspective is that the day has opened, bids have come into the market and we moved up through various price levels seeking adequate supply. And what's happened is we've reached a certain level and there has been overwhelming supply. And that overwhelming supply takes prices back down into the opening range and potentially closing below where we open on the day. So from a price discovery perspective, what we're being told here by the market is that there's less likelihood of making new highs here because there is such overwhelming demand, such overwhelming supply. So what we're going to have to do is try to lower prices to find sufficient demand to generate the fuel for another run at those highs. So let's just take a look at how we can use the pin bar as a trading signal. So for a bullish pin bar when we close we enter, we can either enter on the close or we can enter just at the break of the candle and then we're going to place a stock just below the lower of the candle. So that allows a certain degree of risk that's logical and objective because we know from a supply and demand perspective with this bullish set up that there has been overwhelming demand at those lower levels. So from a risk reward perspective when we're thinking about this set up, we're going to use the break of the high to signal continuing demand and then we're going to put our protective stock just below the low of where we know there was overwhelming demand on the last test. Now again, incredibly important here as always, there is no strategy set up or signal that is going to deliver a winning trade every time. And like I said at the beginning, talking about my own trading, I've reached the stage where I really don't care about the outcome of the next trade. I don't care about the outcome of the next 10 trades. I care about the outcome or I care about my edge demonstrating itself over the next month, three months, six months. But what I know is that if I apply excellence in terms of my process, then those outcomes will ultimately take care of themselves. So this signal, this pin bar signal is just a signal generated by the market that suggests a higher probability of one outcome over another. Even if the pin bar is only successful as a signal, let's say four times out of 10, if you've got the right risk reward, and more often than not with these pin bars what we're looking for is two times our risk reward, then that strategy can be fantastically profitable. So you could really want to move away from the idea of focusing as you will often see documented all over the internet, this fantastically high win percentage. Because the win percentage is actually irrelevant. What you want is, what you want to be looking for is profit factor. So you want to be getting that 1.5, two times risk. Because then what that allows is, it allows for your strategy really to only be successful 40% of the time and you're still profitable. So it takes all the stress out of thinking about what's going to happen in this next trade. This is going to be a winner or loser and watching the market all day or watching the markets and checking your phone all day. That stress is gone once you accept or once you move to a probabilistic mindset. So once I accept that I only need to win four out of the next 10 trades to continue to demonstrate profitability, then the outcome of the next trade is neither here nor there. What I'm looking to do is get my signal and execute it flawlessly and then manage my trade according to my trading plan. So with the bearish pin bar we do the opposite. We get the signal, we enter on the break of the load of the candle getting some additional confirmation from the market that prices are moving in our favor or moving in a favorable fashion to the trade that we're putting on. And then again, where are we going to place a stop? Well, we're going to use a logical and objective level. We're not going to think, right, I can only risk 10 pounds or 100 pounds on this trade. So I can only risk just half the candle or anything like that. What we're going to do is we're going to think the logical, rational, objective perspective where we're going to place our stop. Well, above the high of the candle where we've witnessed on the last test overwhelming supply in the market. Does that make sense guys in terms of what the signal is, what we're looking for on the chart, the candle, the makeup of the candle, the DNA, and then how we're going to use that candle to execute a trade. Why in the chat box if you're awake and listening to this? Good stuff. Okay, right. Let's just move in. Here's a couple of things we're going to look at now with the pin bar, because what happens is once people see this pin bar, and this is where most traders come and start with this approach or this strategy, is that once you know what a pin bar is, you see them everywhere on the chart. And if you trade every pin bar, you will liquidate your account. Give them absolute fact. The pin bar in and of itself, whilst it is an excellent signal, you need some other confirming factors to make that signal profitable over time. Because if you just take every pin bar, like I say, you'll see them all over the charts now that you're aware of them. And it is a great signal, and you may see a streak of a lot of winning pin bars on the chart, and then just saying, right, the next one that comes up, I'm taking, that will be an error. Because streaks in terms of success of these patterns are well known. What we're looking to do is increase the probabilistic outcome of taking a pin bar as a trade. So one of the things that people do is, like I just said, is that people think that every pin bar is their next lottery ticket. Where in reality, what you've got to do is you've got to become quite picky about the ones you take. And you've got to learn to be able to differentiate between a strong signal and a weak signal. On the screen at the moment, we can see a couple of examples. Well, we've got two strong examples. Well, we've got three pin bar examples on the screen. Two of them meet the criteria of being a strong signal. The third one is weak and has a lower probability outcome. So in this first instance on the left hand side here, we have a candle, a bearish candle that closes at the lows. We then get a bullish inside candle, which is the white candle next to the big black candle. So that shows that once again, we tested it into the lower range versus the prior days candle, and some buyers have emerged. And then on this following day where we get the pin bar, we break the two-day range, we seek lower prices, and then intraday, if these are daily candles, intraday, the buyers have stepped back in. Big demand could be a news event, whatever. But big demand has come into the market, and we close back within the prior range. So to me now, if I'm looking at a chart, where are the stops that are likely to be run at this point that will act as fuel for a move? Well, I would say that they're above the inside day candle. And as such, we'd be taking a trade there with the entry at the close of the candle or just a tick above the high. And then where logically do we want to fix our stops? Well, we know now just below the low of that big demand spike we saw. Then the next example, two bearish days, we close at the lows, testing the lows of the range. And once again, we break down through those lows, and then big demand comes into the market. And then we actually take out on the close the prior days high. Very bullish signal. So we're going to put our stops below the low of that demand spike. That's the rational, objective, logical place. Because price could test back down into that low, but because we've seen such a scale of demand there, we're going to bet that it's going to hold on the next test. But probabilistically, that's a fair assumption. We don't know, but probabilistically, fair assumption. And we're going to enter on the break for the highs. Now, let's look at the third example, because here's where you come unstuck. We get that bearish close, we get the bullish inside day, we open up, we trade down. And yeah, demand certainly comes into the market. We trade back up to retest the prior days low. But we are rejected, the sufficient supply there to mean that we close below the low of that prior day. So from a technical perspective again, in terms of closes, we're making, we're getting lower closes, and then we're getting lower highs. So technically, the trend to the downside is still pretty much intact. That makes sense. So it's important that we understand that not every pin bar is made equally, whether we're seeking to really identify the DNA of the candle, and we're working to develop the technical scorecards whereby we know that some pin bars offer a higher probability outcome than others. Okay. Now, one of the things that you, that is important to look for in a pin bar, in terms of suggesting, again, if we're working on that idea of overwhelming demand or overwhelming supply, the length of the tail. Because what does that tell us? Well, a couple of pieces of information from that. As we've traded down during the day, we've tested much lower prices. The scale of the demand that was put into the market meant that we've had to trade so much, we've traded quickly back through those prices, and tested back up towards the highs of the day. So what we're getting when we see that the bigger the tail, the bigger the demand shock or supply shock to the market. Okay. And then again, that idea closing back within the range of the previous candle adds extra confluence to the trade. And again, what we're always trying to do as traders is trying to build a case pretty much like a lawyer. We're looking for evidence in the market, and we're looking to put that evidence into a thesis that gives us a trading signal. So the more we can stack in our favor in terms of positives, technical positives for the trades, the higher our conviction is going to be in the trade. But again, as is the reality of trading, we can do everything right. The trade can be an absolute peach of a set up, but can still be a loser. And it's important, incredibly important that we accept the risk when we put the trade on. Because what that's going to mean is that we're not going to be there sitting on our phone sweating every uptick and down tick. It means that we accept the risk. We put our trade on and we'll see what happens. Okay. Let's look at a bearish example. We can see here price moves up into a swing high. We get some selling, but we don't take out the prior days loads. So that gives us that bearish candle, and we get bulls retesting the highs. And then we get that upside breakout. And what happens? Big demand shock, a big supply shock. Splakens into the market, puts back within the prior days range. We've run all the stops above the market. So the natural progression from this stage, given normal market conditions will be that we'll rotate lower to test demand at lower levels. And that's what happens. Now, what we've talked about so far is using the pin bar as a reversal signal. Okay. What we're going to talk about now is using the pin bar as a continuation scene. We go back to this prior slide. You can see that we had that big move up just prior to two candles prior to the one that I've highlighted. We've got that big bearish candle. So price is tested higher. Some sort of demand shock came into the market, but the trend, the overriding trend at that stage being to the downside, meant it would close back at the lows. And that's what we call a pin bar continuation setup. Okay. We'll look at another one that I've marked up here. You can see we're in a down trend. Price is moving down, testing lower levels, normal rotations. And then we get a short-term demand shock. It could be a news event again, some new material information came into the market, which meant that traders looked to cover their short positions quickly. We've got that spike higher. Lo and behold, the sellers were waiting and we close at the lows of the day. Now, in that instance, what we're seeking to do with the pin bar here is to use the pin bar as a signal of continuation within the trends. Okay. And we're going to trade in the direction of the pin bar and also in the direction of the trends. But as with all things, certainly in life, certainly in house something, it's a very common phrase, location, location, location. Same is true in trading. We've always got, we've always wanted to be thinking about our location because here, if we look at this chart, we have three continuation pin bars, which have occurred in an uptrend. But because of the location and that overhead resistance, the pin bars have failed. So what we want to be thinking about when we're looking at our pin bar setups is really a couple of things. We're looking at the DNA of the candle and then we're thinking about the location of the candle within the current price action. And we want to see that these candles with the tails we know are giving us better trading information because they suggest a bigger shock in terms of supply or demand has occurred in the market. The smaller candles within dominant trends tend to fail. And there is an additional strategy. We're not going to have time to cover it today, but you can actually play pin bar failures once you're able to identify trends and those also work. But for the purposes of today, what we're going to look at now is I'm going to walk you through some examples of the pin bar reversal strategy and the pin bar continuation strategy. Hopefully, you can see my charts on the screen at the moment. This goes to this euro chart here. Now, as with last week and hopefully you'll either have time to watch the video or you're in the session, I have a core template, a technical overlay for my charts. And it's premised around on the actual charts are these volume weighted average price bands and volume weighted average prices overlaid onto the candles. My candles are coloured not whether or not they're bearish or bullish on the day. This is a daily chart. All the charts I use are daily. Whether or not we close up or down on the day, it's whether or not we close above or below the near term volume weighted average price. Now, why do I use that? Well, what I know is that if we close above the near term volume weighted average price, and this is that I use a five period look back to give me and then to identify the near term money flow in the market. So, if we're closing above the volume weighted average price, that tells me that over the past five days, there have been more up ticks in the market than down ticks. Now, we can't use the volume weighted average prices you would do if we were using an exchange traded product like E-mini S&P futures or equities, but we can use it in terms of through our broker, whoever our broker is. In this instance, if you're using TickMill, what we're looking at is their data feed in terms of the amount of buyers they've had in an instrument versus the sellers. So, when we look back at the last five days, if my candle closes above the five period, what it's telling me is over the last five days, there have been more buyers in the market than there have been sellers. So, that's why I use this, that the volume weighted average price gives me a reliable read on money flow and then the volatility bands, these bigger bands you can see here above and below the market, they give me a statistical edge because what we know is that when we test up into the volatility resistance bands, these are two to three standard deviations away from the mean which is the 20-period lookback. From a statistical perspective, 80 to 90% of the time when we test these levels, price will pause. It's not necessarily going to reverse, but if we test these levels and sellers step into the market, then we've got a statistical edge in a mean reversion setup whereby we should test the central tendency, which is the 20-period here, and if we break through there, then we've got a high probability of testing the alternative side of the bands, which is the two to three standard deviation support or two to three standard deviation resistance. So, that's what I've got on my screen here. This bigger, thicker line running through gives me an idea, bearing my name, trading the daily charts. I want to be aware of the trend on the higher time frame and for me, the higher time frame is the monthly chart, and this tells me the volume weighted average price, what it's been doing on a monthly scale over the past five months has been more buying or selling pressure in the market. So, that's what we've got on the main screen here. I've also got a pin bar indicator. Now, as you're probably aware now, I have these indicators have been developed for me for specific settings that I want, so they're proprietary. You can separately acquire them, but I'm not here to tell you any cases. What I'm saying is that there are a bunch of pin bar indicators out there, so this isn't ending special. That's my point. So, I'm sure you can independently search the internet and you'll find a myriad of pin bar indicators. And again, I'm not suggesting that mine is the be all and end all. It just works for me because I've got specific settings I wanted in there. And one of the things it does for me is it allows me to identify the ratio of the body to tail. So, if we think about the candle, let's just blow one up here and you'll see exactly what I mean when you go here. So, with this candle here, what my indicator is telling me immediately, so I don't have to scour through and measure each candle, it's all done automatically for me, is it telling me that the body of this candle has a ratio to the tail that exceeds 2 to 1. I'm looking at a minimum of 2 to 1. Remember, we were saying that the bigger the tail, the higher probability the outcome is. For me, statistically going back through, backtesting thousands of these, a minimum requirement for me in terms of taking a trade is a 2 to 1 ratio. So, the indicator basically plots for me, automatically will pop up on the screen if I've got a pin bar that has a ratio of 2 to 1. Then all it does gives me specific trade levels, gives me an entry point, which is the close of the candle. For me, that's how I trade them. Some people prefer a bit more price information, premium in terms of playing the break of the candle, but I've found over time just trading the close is fine. I've got to stop just below the low of the candle because this candle is a little bit smaller, the X that marks the spot, the stop, sorry, is touching the end of the candle, but you can see here, I just use a few pits below the low of the candle basically. So, automatically plots that, then gives me one times my risk, which is the first green dot, and then two times my risk, which is the second green dot. So, as always, what I'm looking to do is once I put my position on, once the trade moves in my favor, one times my initial risk, I'm not going to let that trade come back and stop me out for a loss. It's just bad business. So, once the trade moves in my favor, one times my risk, I'm not going to allow that trade to turn into a loser. It worked from both a financial and a psychological capital perspective. You know, I don't want to see a trade running my favor, and then, lo and behold, it'll come back a few hours later, and I've taken a full hit on it, just bad business, and it's not good psychologically on an ongoing basis to see that happen. So, that's why I have that rule. So, once you trade, one times my risk, once the market has validated my position, by moving the amount I've risked in my favor, I'm going to take my risk off the table. And then I've got a risk-free position. It's either going to run to two times my risk, or it's going to move back and stop me out at break even. So, that's the basic rule that I'm applying here. So, that's the pin bar indicator. As most of you know, the momentum studies to the downside here on the lower panel, sorry, to the downside, are the RSI stochastic available on pretty much any platform. And then I have something called a psych indicator, fancy name really for something quite simple. It's an enhanced version really of the RSI, okay? It just has a few tweaks which make it more effective for me. It's colored, and the reason why I call it psych is that when this goes down through these levels and turns red, more often than not, counter trend traders will be going in the opposite direction. They'll be immediately trying to trade against this developing trend. And so, all this stuff is color coded, because when I pull up a chart, I don't want to spend my day scrolling through the chart, looking for the signal, and trying to track everything and see if everything syncs up. It's all done for me here. It's color coded. Again, proprietary indicators, they are available if at some point you wanted to try them out for yourselves. But there are other indicators out there that do pretty much the same thing. But this is just something that has worked for me over the past 15 years. And so it's all color coded, makes it nice and simple for me, because I want an easy life. So that's the technical setup of the chart. Now what I'm going to do is we're just going to walk through, let's go, we'll just take this last year, basically. This is the Eurodollar daily chart. And we're just going to look, first of all, I'm going to look at the reversal signal. Now, what for me qualifies as a Pinbar reversal? Because it is not just the Pinbar. I have a couple of other criteria I use. I want price to at least be up testing into this two to three standard deviation, or from a support perspective, testing two to three standard deviations. So that's important because that, as I've just mentioned, gives me a statistical edge. But also, it gives, more often than not, will give a good trade location, a good entry point. So I'm looking for a test of the two to three standard deviation. And all, if we don't quite make the two to three standard deviation, then I want the pinbar to be in the direction of the higher timeframe trends. So in this instance, as we come into 2019, first piece of information I've got is that the monthly trend is down, bearish. So what I'm looking for is a pinbar that tests the two to three standard deviation. And what I've also got here are these dots. These dots just basically tell me, have I got a bearish pinbar or a bullish pinbar printing on the chart? So price rotates, we trade through in January. We get into February and we make a low trade down into the two to three standard deviation. And in this instance, I get some extra confirmation. I don't require this, but certainly when I get all of these factors sink up, then I'll probably increase my position size. And that extra piece of confirmation here is that the pinbar that tests the two to three standard deviation supports coincides with the close back above the near-term volume wasted average price. So not just am I getting the technical signal of the pinbar, I'm also getting this sense that the money flow is starting to shift in the market. So I'm getting that, that's my, those are my first pieces of confirmation here that, you know, are telling me this sector has got merits. Next to our, that's the, on this test from a sentiment perspective, looking at the side, we had some divergence as we've traded into this low. I'm going to cover divergence in more detail next week, but just that's one piece, that's another piece of information. And then we also have the RSI stochastic positively diverging to the upside after testing below that 20 percentile level, which, if we think back to the swing strategy we covered last week, suggests stretch in the market. Okay. So what I've got here are a bunch of factors telling me that this pinbar is worth the risk. Yeah. So I'm happy from a probabilistic perspective, I ticked enough boxes to put the position on. Okay. Enter the trade at the close, trade higher, bit of rotation, bit of supplies we trade back into the highs. Ultimately we test up into two times, sorry, one times my risk reward. So what do I do at that point? Risk off the table. Risk free trade and I'm happy just to watch what happens next. We trade up, we move up into coming up towards the profit taking zone, but we don't quite achieve it. So I'm watching the market and what do I get? Well, I get a pinbar reversal, a bearish pinbar. Okay. So what do I do? Well, this trade is risk free. So I can put another trade on quite comfortably without exceeding my risk profile. And what's going against this? Well, we didn't quite test the two to three standard deviation resistance. We have got a bearish crossover using our momentum indicator and psych is still saying this market is bearish as denoted by this red line. Okay. So I can't actually call the boxes, but the candle size, the location works. And so I can put that trade on. Okay. And then what happens on the next day? Well, come in and we test higher and then we get another pinbar. Now, this one has come considerably closer to testing two, three standard deviation, but what we have in favour now is that we're getting that money flow signal. We're closing below the five period moving average. Okay. And then we, so we have the opportunity here to put another position on, if it fits within our risk reward profile. And we watch them wait. Trade down, both trades get risk free. And ultimately, then we trade lower and straight into our profit target of two times risk reward. By the way, we did get stopped out of this first trade, but it was a risk free break even exit with two winners here at two times our risk reward. Then what are we doing? Well, we're back to watching the market see where we're going to signal price test two, three standard deviation, no pinbar, two, three standard deviation, no pinbar. So two, three standard deviation. Some people would have called that pinbar here, but it didn't meet my minimum criteria. So no trades, nothing for me to do. Up into these high testing up towards two, three standard deviation. And we get a pinbar here, but it's a, it's a bearish pinbar against bullish money flow. And we're quite a way away from that five period look back. That's a pass from me, those trades. I'll take it, I don't mind if we close at sort of near five period volume, weight, average price in terms of looking at looking at the short set up. But in this instance, we don't. So I'm back to watching the market and then we get a bearish pinbar reversal. We get the RSI stochastic rolling over bearish sentiments from psych bearish monthly signal close to two, three standard deviation back close down towards the money towards the five period. And so that ticks the boxes or ticks enough boxes for me to take the risk, trade moves down one times my risk and also be two times my risk. Yeah, following along. So we're back to watching the market. We're now in April, price moves down, we test watching, watching the volatility bands for price tests. We see multiple tests, but we don't get any pinbar signals. I haven't got any green or red dots. The next signal we actually get is we were waiting now until August. Okay. And we get a bullish pinbar. We're testing into the two to three standard deviation. We've got some divergence in sight. We've got positive divergence in terms of the RSI stochastic close to the money flow. But we've picked another box here, which is testing well into that two, three standard deviation. And we've got some other signals confirming here. So that's sufficient for me to pull the trigger on this one. Trade up one times the risk, two times the risk out of the market, watching for the next set. Bullish pinbar, two, three standard deviation, positive divergence here on the RSI stochastic. And so again, ticks enough boxes for me to pull the trigger on it. And again, we've got one times risk, two times risk. And we're watching for our next signal. Remember this is the daily chart. This is just the euro. And that takes us up into December and here. Now, good example. So bullish now, the monthly momentum has flew into the two to three standard deviations. So for me, technically, that bearing in mind that we've got the RSI stochastic rolling over, that would qualify as a signal. Don't get two times risk reward. And ultimately, would be swapped out in that trade. So we've had like six or seven trades there. Yeah, we've had one winner, one loser, sorry, we've had four winners, one loser, and one breaking even. But the beauty of the strategy is because our risk reward is two to one. That means that we're going to come out on top in the end. And that's just one chart. You've got 28 forex instruments, you've got the indices, you've got commodities. This strategy works on all of those instruments. And it's very, very effective because I'm not just looking for any old pin bar to put a position on. But I've got a specific criteria that is helping me identify the higher probability pin bars in the market. Just checking the time, I've been running here for nearly an hour, guys. I think what I'm going to do is I'm going to complete this session today. And what we'll do at the beginning of the next session is we'll cover divergence and the pin bar continuation strategy. Are there any questions on anything we've discussed or I've discussed with you here today? I've got a couple of minutes here. If anyone has a question they'd like to ask regarding the pin bars, how I trade them, what it is I'm looking for, now's the time to speak if you do have a question. I would also like to say that we're coming to the end of these online education sessions. What I want to tell you is that starting once we finish in two weeks the education sessions, whereby I've shown you my strategies, starting then on Thursdays, what we're actually going to do is we're going to do live market analysis sessions. So I'm going to be reviewing the markets. I'm going to be showing you how I use the strategies I've been demonstrating to you to trade these markets in real time. So we'll be looking at setups and trades that I'm in, trades that I'm looking at and how I actually use these strategies to successfully navigate the markets. That's coming towards the end of March or middle of March let's say, but we'll be doing that on these Thursdays at 11 once we complete the education. So hopefully you guys will be able to join me for that. Okay, any questions about what we've talked about today? Okay, I shall take a silence and suggest that I've done an excellent job on explaining this to you. Ah, sorry Adele, when it comes to voice I seem not to understand. You're a beginner. Yeah, listen, what I suggest you do is review the education. There's a link, a YouTube link that you can find, or sorry, if you search my name on YouTube with Tick Mill, you'll come across the education sessions. We've done I think 12, 16 maybe of these in total once we've finished. And if you go through each of those videos, they should help bring you up to speed in terms of giving you a base level of understanding, moving up to this more complex stuff that we're doing now, which is looking at actual strategies, but the videos in totality will give you a good graphing, sorry. Do I add to positions? That depends whether or not I'm trading with a higher time frame. It also depends if we go back to thinking about, am I able to identify whether we're in an impulsive phase or a corrective phase in the markets? So once we move into these weekly strategy sessions, you'll see how I identify the market phase we're in. At each shot I open, I want to immediately know what sort of phase the market is in. Because if I'm building a pin bar setup, and I think we've just completed a major correction, then yeah, I'd certainly hold that trade and add to it on pullbacks if I believe that we have another impulsive leg developing. Does that make sense, Arun? If you think back to the impulse and corrective technical analysis work that we did, if I believe that we've just completed a correction, or I believe we're starting a new impulse leg, or we're in the first correction in a potentially new impulsive phase, then yeah, certainly I would add to positions. But what I also say, and the guys I work with is that I think about my trading in two ways. I've got my transactional trades, the bread and butter stuff, this pin bar strategy, the swing strategy, that deliver an edge over giving enough series of outcomes. Then I have the structural approach to markets. So am I able to, you know, if I've identified that, if I can identify an impulse, I shared a chart yesterday with the sterling dollar. Let me just see, I might be able to bring it up and this will hopefully be a reasonable example. Let's see, can you see my tick mill thing here? Let's go here and show you now. So this is a pattern that I'd identified. This is the sterling dollar. This was yesterday, had a bullish setup developing. We popped higher this morning. And so structurally, I personally don't think from a technical perspective that this is going to be the low in sterling before the next major leg to the upside. I think it's too obvious, is the first thing. But I think we do have the potential here for carving out what I believe could be a very significant inverse head and shoulders in sterling. And what I believe is that if that pattern is going to play out, then the move that we saw from the lows prior to Brexit to the post-election highs, that leg should replicate over here. So it should take us much higher in sterling dollar. So this is where I'm talking about the structural stuff, is that I have that level of understanding so that I can think to myself, if this pattern starts to develop, then I know that the scope for the upside is significant. So what I'd start doing is not just, I've maybe put on a couple of positions, I've put on one for the transactional trade to just deliver that two times risk reward, which is going to keep my account ticking over. Then what I also might start to think is, I'm going to put something on here to try and build a position over weeks, if not months. Does that make sense, Runa? If you haven't done, I suggest you sign up here, you can get email alerts for my analysis, the charts of the day and the daily market outlook, which will give you a good feel for how I approach the markets. And that starts to produce daily. So if you're going to follow along, you're going to join in the strategy sessions, live market analysis that we're going to be doing in over the coming months, then it's worth being up to date with my perspective on the markets as we stand. Okay guys, we've touched now there. I'm going to wrap this one up here. Thanks very much for your time and your patience with the technical issues we had yesterday. Apologies for that. Hopefully they have been fully rectified now, we won't have any more issues. Like I said, next week, we're going to look at the PINBAR continuation and we'll also start to think about divergence in terms of some of these PINBAR reversals. And in terms of the swing strategy, I'll walk you through what divergence is, how it works, what its function in the market is, and how we can use it to profit. And then, like I said, we'll cover off the PINBAR continuation as well. Thanks very much for your time, everyone. I hope this helps.