 all right guys uh very good morning very good afternoon um and very good evening for all of you guys who are uh all around the world uh there we have a good 38 people in here in the room and uh um let's get going it is 7 34 now we're four four minutes over and we're gonna get it started the webinar is gonna be approximately an hour we're gonna do lots of examples uh we'll go to some methods of how to draw support and resistance support and resistance is by far one of my uh favorite things to use uh in terms of trading okay it does make a big difference in how we trade and where the market's gonna go to where it's gonna stop all those information it's a very key player okay so we're gonna go slightly to uh for an hour slightly over an hour there is nfp in one hour at 8 30 on uh if you see on my clock it's an hour away and uh jog in there will this be recorded i may have to go yes it will be recorded so not too worried for those of you if you have any audio lags or anything you guys can still sit through it the recording will be released i just don't know when but it will be released it's gonna confirm it's recording yes it is recording okay so uh good afternoon good afternoon okay so let's get started here let's get started here okay now let me open up a new account so we can keep clean charts uh jota is that are we going to trade the nfp with you uh no we're not going to trade the nfp but uh we can do some analysis about it and to get an idea of the sense of which direction uh will the nfp possibly go and how do we come to that conclusion we can go through some of that steps but remind me excuse me remind me about that uh around 10 minutes before uh the nfp starts okay ronald nfp is non-form payroll okay it's not my initial being freaking prithyani okay seb hi seb how are you okay so now let's get started here all right so what is support and resistance to you guys what the support and resistance mean okay possible reversal areas floor and roof okay seb says walls in the market pivots high mark of trend and low mark okay okay phil says areas of previous price interaction some mysterious level i never know how to draw okay support comes resistance okay so yeah um all those answers are pretty much uh correct now basically a support resistance is uh um it can do three things when a market reaches a support resistance level it can either push back it can reverse from it or it can halt at that area okay these are the three things it uh support resistance areas do now depending how strong a supporting resistance level is um you can i understand how how strong it's gonna push back if it's gonna halt or if the market has enough momentum to like break through okay usually to break through a strong level you need a news okay if it's a very strong level you need you need a news um so let's get back to how do we draw these levels how do you guys draw your support and resistance what is your methods okay what are your methods for drawing support and resistance okay let me clean up my chart um phil says automated cannot type automated on t4 previous lows and highs look for supports highs and lows three days previous look for three days to one month back okay uh tails congestion testing of price pivot points look for big tails pivots two holding the path okay so today what we're gonna do is i'm gonna teach you guys how to draw support resistance uh properly how to find out where we have support and resistance and what are some of the tools we can use for support and resistance everything okay so let's go through them right now okay if you guys want to take notes you guys are welcome to take notes um this video will be recorded i just don't know when i'm gonna release it so uh if you have to take notes go ahead and take notes okay uh jota z says too many theories to put into practice okay okay um i'm gonna give give you some ways to do it that will make life a little bit easier okay now euro usd okay let's go further back okay so support and resistance is nothing but a wall okay do not go too much into detail of what it actually means because it's nothing but a wall a wall that's trying to hold the market okay now support and resistance can be drawn in several ways okay one way is the method of the body versus the tail okay what does that mean okay does everyone know what a body is on a candlestick and what is a tail okay yes yes yes okay so in this particular case over here if i take our uh our line and then i draw it all the way up to the body leaving the tails out of it a tails is nothing that uh our our tails have no significance technically in terms of supporting resistance if you draw it onto the body you can see that the market has never closed outside of this level okay this is how you can draw a proper range in the market if you want to draw um if to see if the market's in a range or not we can get into that then we're gonna get into that it's little by little okay when you draw till here you know where your level of resistance is the market may go above and beyond it entails but it ends up closing inside of it okay however you are crossing the bodies on the third day to the left okay no but we're we're focusing on this area here okay now there is a different whole whole different meaning uh jota z in terms of strength how much strength this level holds determines by how many times this level has held again and again in the past and we're gonna go through that okay so i'm gonna go through some more examples of the body versus tail method and you guys gonna tell me if it's correct or incorrect okay i'm gonna go through some correct ones first and then i'm gonna try and trick you guys to see if you guys still understood it okay so okay everyone see how this resistance is drawn no body outside of it okay it holds it held true again in the future okay no body outside of it okay let's move on okay minor support here nobody outside of it okay makes sense so far okay hello petric welcome to the room okay let's go through some more examples there we go resistance resistance resistance nobody outside of it and we crashed outside finally after that okay so now let me draw some and then you tell me if this is correct or incorrect is this a correct resistance level okay yes okay now now let's discuss some things about about this resistance level what makes this resistance level significant okay now how do you determine a strength of a support and resistance what what makes a support and resistance good okay kevin by tails ronald touched many times how many times tested craig correct uh ronald also correct kevin also correct okay big tails never crossed okay so this is one of the methods i teach to my members in the conference room whenever you have a candle that is big and has big tails coming from it for example this one we have a massive strength coming north and then it creates a tail from this area strong resistance massive tail once again nobody outside strong resistance it holds the market once again strong resistance okay and then we have small tails after that small tails okay big deal okay once again a massive level here so can we assume this area is a strong area uh two three one seven okay does it hold true in the future okay it crossed through to to the north once support and resistance gets once a resistance gets crossed through what what does it become okay become support okay a level that is strong and it's crossed through then becomes the opposite okay if this is a resistance and it's crossed through it then becomes support okay now couple things to monitor if it's a strong resistance the cross through must happen through a strong candle okay if you look at this candle is this the biggest candle of the day yes okay the the strength of the candle must be the strong a strong one to cross through it okay and then close outside of it the next candle opened up you can see it created a tail but nobody went up went further down let's see if we can find another test of this area in the future okay strong crossed through and once again it now uses it as a resistance now that we've crossed below it okay once again it uses it as pinpoint as resistance okay it tried to contain the market one time here created a tail next candle is way too strong crossed through it now it's now it becomes support support here pinpoints support here pinpoint okay strong candle crosses through let everyone agree it must be a strong candle crossed through this also is a strong candle to cross through okay so is everyone following me so far how do you determine a strength of a support and resistance okay if support resistance is drawn well you can pretty much pick it up at pinpoints okay again it crossed through but with the biggest candle of the day once again okay the next candle it opened up take a look it used it as support exactly to pinpoint okay this level has been tested again and again and again take a look here okay tails here tails here big candles crossing through so now you can write this down if a level has been used as support and resistance multiple times the same level there is strength okay if that level has contained a large tail such as this one one it has more strength okay you can put that as strength level number two okay now let's go into the next segment of support and resistance how else can you draw support and resistance okay let's say this is the current day this is as far as we see the market so far okay this is as far as we've reached let me go into here current day and this is as far as we've we haven't seen anything past this okay where where is our nearest resistance what price approximately is our resistance at is it here okay no no lower no lower 2294 good good to the body okay this is our resistance here okay now before we go any further let's test is this level a strong one let's go back do we have data from the past telling us it how far how far back can we go okay oscar says three days nelson as far as possible as far back ron says month okay for answers as far as you want okay as far as the data okay the answer is as far as the data goes yes now am i gonna go back 10 years no of course now i don't have time to do that okay you go back as far as it actually holds okay what do we see here on 19th of july for this for the same level okay it used it as resistance okay created a tail a little bit outside okay a little bit we can look over just a little body outside okay let's go further back okay do we have some pin points here okay remember it's it is still resistance okay resistance resistance it's still resistant do we have a large tail yet ronald it is handy to go back but i'm just using it for the sake of an example right now we're scrolling little by little okay no big tails yet so we don't know the strength of this level all we know that in the past it's held true as a resistance okay go further back okay almost pinpoint okay now take a look at this area here what do we have here resistance and once it crosses above does it use it as support okay what do you guys see of this area consolidation yes now now it's just whip sawing up and down of this area okay now when we're in a whip saw we need to watch for certain things how are the whip saws created are they are they done whenever they cross this level are they done by large candles okay small candle held large candle didn't okay make sense so support there resistance here pinpoint resistance might be continuous resistance once again it held okay now we have a large candle is this the biggest candle that you see so far yeah cross through okay and then we had some choppiness here so one area of choppiness okay it continued to hold through after that it held through again okay cross through and then it used it as support once support twice cross through resistance one two times big candle cross through came down big candle cross through and then resistance again did this level actually hold okay your supports are not looking very clear resistance yes okay Hassan said I personally didn't like it okay Ronald says only a day okay so let's go a little bit further back see okay looks like the data further back doesn't come down okay so so moving back to where we were let's go back so we know this area has some level of significance okay the resistance does quite well okay a little body is closing outside okay so and then we have some more here so we know that it is it does hold as resistance for a little bit but it's weak this level is weak okay what does when it's weak what does it mean for you okay can the market break through this level yes yes okay that's what a weak versus strong resistance or support that's what it means can it contain the market how strong is the support and resistance can it contain it can it not contain it that all of this has a factor okay so now we go back to our regular day where where were we okay we were on this day we continue okay big candle crosses through it uses as support big candle crosses down uses it as resistance big candle crosses up okay uses a support support and then take a look at this is that a big candle is that a big candle okay this level no longer has respect look at that the market is just flying right through in and out no more respect for this level okay levels have changed okay everyone with me so far okay let's do some more examples okay uh what pair pick a pair give me a pair you guys like okay for answers euro yen take a look at euro yen now euro yen go back a little and let's pick a let's do a support level now find me a support level okay give me a random date okay august 13th okay let's go to 13th all right so we're gonna use support levels okay is my support here maybe a little lower okay why is it not here okay day before broke through previous day tail not body big candle breach okay okay but did this level hold on this day take a look it contained the body here right tail here the next candle it was a big candle crossed through the following candle big candle crossed through so we're gonna assume okay this level has some significance that's why it's held in the future twice three times now how do you make this into a a understanding of where is the actual market gonna go now here's the thing here's the next lesson here's the next lesson when you when you reach levels like this and you see in the past that it's it's held true okay you take the level that you guys are assuming right now is this level that you guys want also this one gives you pinpoint here as well you now have a range you're working with this is your range for your support okay remember always remember support and resistance does not mean pinpoint areas where you need that exact number or nothing no support and resistance can also mean an area a congestion a consolidated zone in this case it's over here does that make sense okay now let's go in the past and see this area and then we go into the future and see if it's actually held okay first let's go to the past okay let's hope the market does come down actually okay okay do we see some strength here big canal crossing through but then the following following candle bounces there tail coming out of there crosses through it's held let's go here okay big canal crossing through it's held this area here held here all of this area okay and then some whipsaws some congestion here okay the it did contain it here once again take a look the bottom of this place okay so the significance of this little range here makes sense big tail here support support support support all over this place okay resistance from here big candles crossing up and down okay see now which level is holding now it's the upper line that's holding now even here even here it's the upper line okay but the bottom line holds true at this time so this zone is a zone that we need to watch it's a level this is why you see the markets even bouncing from in between the levels it's because you have this zone going on okay now let's move into the future a little bit see it's held as support and resistance in the past not very much large tail probably one large tail we saw so it has a little bit of significance does the market actually even come down new the market and we came back down from there okay so but everyone understand the concept so far of how the the range and the zone works should we do one more example of the range or zone okay let's do another example for this now give me a pair any pair you guys want okay joda z how about e you today okay like look at e you today euro usd only problem with worth with doing on a date like today how i cannot show you how we can test it in the future that's the only problem i can i can help you do this right here okay resistance right here held through all this time big candle broke through this is now support and the time will tell oh yeah this is now support okay can we do Aussie dollar okay many people want Aussie dollar oh you guys like Australian dollar okay let's take a look at Australian dollar what day okay before we continue into yesterday okay we'll do yesterday okay now actually it's going very hand in hand with what i want to show you okay is this a level of resistance this is a level of resistance no no body outside it's been touched several times let's go into the past a little bit oh sorry let's turn off this go into the past a little bit see if it's held it's held through here big tail here okay and then we got a little whipsaw here okay maybe maybe not level is not that strong okay so let's go into the future okay future comes out is this a big candle no okay there are bigger candles and there's a much bigger one here these average sized candles and we're just chopping right through it okay so the strength of this resistance is not so strong many people might think oh it's the high area of the day and this must hold some significance no you know get some data what why is it significant just because it's a high from yesterday no that makes no sense okay just because it's a high and low of a certain day it has no relevance of strength strength is only determined as if it's held again and again and again in the past okay so continuing on forward there are levels how you can measure right by looking at the same chart when you have levels like this you see how there's a tail pushing out from here at the next candle same area the tail pushes out the other way does everyone see that yes yes yes put your line at that area okay this level will have some level of significance and in the immediate future it held over here for three hours okay you could do that same over here okay the high of this day gave you a little significance here it held as support and as in resistance so coming in the future this level will have minor support okay when you find levels like this you can go back into the past and check you know does this level actually have some significance okay here yes large tail yes okay resistance resistance resistance okay and then some breakthroughs okay and then we can go further back and back I don't know if it goes anymore but so minor minor support minor resistance for these areas okay so support resistance remember three three methods body versus tail okay method number one where you draw on the body not on the tail the tail will automatically be pointed out from the past okay next method drawing your zones which we need to do more examples for yes okay drawing a range okay and the third method is a tail going up and tail going down from the same area that gives you a heads up that there is level of significance here whether strong or not doesn't matter it tells you check this area okay now let's find our let's find our zone levels okay okay let's draw it here okay this level right here okay we draw this level now can we possibly draw a zone from here what if there is a doji living uh for on it has nothing to do with a doji um because even if it's a doji it's it can't be a doji for 10 candles on top it's a doji just on one candle maximum the next candle after that okay uh Jota said some people use diagonal trend lines moving averages okay they would not use clusters you do not use them I use all of them uh I do not use sorry I do not use moving averages I do use fibs and you do use diagonal trend lines this is that's the way I how I actually draw my forecast on uh four x watchers now what I do actually on four x watchers I draw um well actually my staff grows now um trend lines fibonacci areas and everything and when we see a congestion of massive support and resistance on a certain area we take the top line we take the bottom line delete everything in between and draw a blue zone and say this is going to be your cell area for the day it's nothing but a strength of support and resistance in a certain area and then we see the market starting off down here there's a massive support resistance up here this is your area you want to sell from okay okay so uh indicators just waste of time lagging yes Oscar I couldn't agree more sunshine can you please repeat that okay I'll repeat that just now uh mark is there a way we can learn how to draw the forecast uh not yet not yet in due time I will teach in due time little by little step by step baby steps okay all right uh sunshine we use fibs trend lines um support resistance levels and uh pivot points forex forecast dot com okay no it's a forex watchers dot com and if any of you guys actually want to join uh our conference room uh you need to get on to the waiting list the waiting list is at conference dot forex watchers dot com okay um the conference room is almost full so uh you have to get on to the waiting list first come first serve okay so moving on now let's see if we can draw some more ranges okay here we go this right here will give you a range okay that is what we call a range multiple touches indicating that there is a range in this area go into the future the bottom level held exactly pinpoint further down big candles and then you can see the range has been respected several times after the big candles boom boom boom okay because it makes sense with this range everyone understand the range um can you guys excuse me one moment please hello hey yeah yeah come by I'm actually I'm actually on a uh seminar can you get in touch with Eric and uh he'll he'll okay um yeah but I'm in a seminar though so okay okay okay cool cool cool so yeah bye sorry about that okay so um so we can say that it's okay when the levels are broken by big candles yes it's always okay when the levels are broken by big candles because if the levels cannot be broken then the market will forever be in a consolidation okay so it has to be these big candles that break through it there must be massive strength to big break through okay only the big candles are allowed not to respect these levels okay uh jota that can you please explain this range idea one more time please okay yes I will I will uh nesir uh where you will put support and resistance explain it please okay okay Kenneth from Houston uh what is the next step when we reach support resistance levels okay support resistant levels basically tells you that uh how what the market is going to do now you have this sideways market going on okay you have the market crossing above crossing down and then you get this little exhaustion okay exhaustion that's been respecting this range here from the past this gives you a heads up that we're good for a short okay now when you have this exhaustion on the other hand a pattern to go north or you have this pattern to go north what do you know in terms of your exit you know that there is a range over here that we need to watch out for okay yes you usually your support resistance areas are pretty much the same as your pivot lines if you actually get good at drawing them you'll you'll see uh very soon that your pivot points and your support resistance lines that you draw are pretty much the same thing okay okay so we'll we'll get into the pivot points too that is also a method to use uh supporting resistance okay and most of you guys probably know that from my pro trading strategy uh webinar is we use that we use pivot points in the last three days if you guys do not know how that is just go to youtube and type pro trading strategy and uh i go into that in details all right so this gives you a heads up that if i'm going long how far along can i expect the market to go okay gives you a heads up this this little exhaustion want to be if it holds true how far will the market go it gives you a heads up this is why support resistance are very useful it gives you an idea okay all right same for the fibs really close to uh pivot points yes even fibs will do that but problem with fibs said is we do not know where to draw the high and the low okay you can draw it from here to here you can draw it from here to here or you can take the whole thing so it's a big mess with fibs okay so be very careful on fibs we will go through a webinar on fibs in the future okay how do you know where to take profit in the take profit um uh where for an take profit is the best place uh is with your guaranteed levels on your pivot lines again it's on the pro trading strategy for that one for the take profit ones okay but again this gives you a good heads up on uh your exit areas also okay where the market possibly wants to exit okay you want to do one more range so one of you one of you guys asked me to do the range one more time let's do it one more time okay we have some strength here and then the tail of this is also the resistance of this area we got a range here okay okay you see this area here see how the market just bounces inside this area and arrange here as well okay big candle crossed through a small respecting the range big candle crossed through respect respect respect again from the bottom respect respect big candle crossed through respect from the bottom big candle crossed through and then take a look at this tail on top tail on bottom this area has significance you guys see that okay whenever you have indications like this where there's a tail on top and then there's a tail on bottom happening it tells you time to look in the past and see what is this area it just gives you a heads up to say please check me okay and this will happen time after time after time resistance met perfectly here once again resistance met perfectly here okay so it's been support and resistance this whole range again and again and again okay this being one of the best examples you know where the the body and the tail has been contained all right so everyone good with the ranges uh take care jargander everyone good with the ranges so far everyone understanding the concept of a range Kenneth from Houston is it good to anticipate trades at support resistance levels with limit orders or wait until you see price action at support resistance levels um it's better to use your support resistance levels as ideas of where the market wants to head you should not use this to for entry specifically okay that is a little bit more advanced it's not uh you need to if you're going to do it with your entries or your exits you need to do it with correlation okay that's a whole different chapter okay right now all i'm teaching you guys is how to plot these properly and what do they mean okay nsp in a little bit okay so let's let's let's do some research okay how many which how many of you guys are actually from my conference room this morning how many of you guys are actually here okay kevin tomay nelson donald richard ronald not really okay chart dog okay so okay rob that's you all right all right so now let's take a look let's take a look let's go through all of our pairs now let's do this uh let's do our analysis okay what do we know on euro usd so far what does this tell you okay a couple of things this level has begins remember tail on top tail on bottom okay okay chart dog says long hasan says still long um just a moment please okay long but slow down okay now for those uh for a lot of the members who have uh were not part of the conference room people were watching what does that mean what does it mean long but slow down what uh ko hua hong what are the pivots you're using i'm using a pivot called fxi pivots you can actually go to urban forex dot com and you can type uh pivots as shown on webinar or you can scroll down i think it's here somewhere uh now just type in uh pivots as shown on webinar in the search and you'll you'll find it or you can go to forex strategies and go under pro trading strategy this one here and the pivots are there as well so it's in uh either of those okay uh you're welcome okay so now um okay so jota said saying how do you know it's slowing down okay now when you have a candle like this where 20 percent of the candle is actually giving you a uh a tail on top this indicates this candle is actually a trend continuation pattern which means the market still wants to go long but there is there is a chance that it might uh not go past the tail a lot this is 20 percent of uh of the entire candle okay so it's telling you that it wants to go long but not too much further along okay there's a slowdown coming up pound what do we have on pound if the market closes the way it is remember how we discussed pound for this resistance and support area right before uh we close the conference room put this area be the one holding it down okay large tails large tail large tail large tail and then support support support support support support let's go back a little what is this area why does it keep bouncing do we have any data from the past um not that i know it no i've gone back too far so no data okay so it's holding now you still a cad direction okay bob news in 10 minutes okay no no worries relax relax okay indecision okay um can i use your pivots in owanda platform neveen uh oscar no you can't you can only use it on mt4 if you have an mt4 in owanda yes anything with mt4 you can use so just download a demo and uh just download a demo and uh just uh use it on any demos take a look at swiss frank okay now swiss frank took that dive as we were expecting right went down short okay now let's take a look at all of our pairs and find out what actually happened okay what were the three pairs we were looking at today the three pairs we wanted to uh identify our movement for nfp cad gold swiss frank okay let's take a look at not not ozzie dollar um co this is from the conference room earlier today um in our uh the members area okay so swiss frank cad and gold okay i'm i'm just uh co i'm just going through the recap so i can show you guys what we did today and what we're expecting from uh the nfp and then we just watch and see and what really happens and but this is how we do our analysis in the room okay so we take a look at gold okay the one hour chart is not indicating much take a look at the four hour chart four hour chart indicating a nice long right we then went down to the daily chart daily chart indicating a trend continuation which is still pending okay this is a trend this is when you have an exhaustion like this this is what we call a false exhaustion okay which means the candle did not close in the previous candle for it to go short so the market did go short but it never went long so this is the long is still pending okay because it's pending we're expecting that possibly to happen during the nfp now how far can the long go probably not further than the tail because the tail is too big it's like 60 percent of the candle so we know there's an upward movement coming up the upward movement might stop here somewhere okay that was gold analysis the other pair we were looking at was swiss frank okay take a look at swiss frank on the one hour over here we did our analysis before i left the conference room to join this conference room we were expecting the market to slow down and turn around because we were having these massive tails coming up indicating that the market has to turn around we had this massive drop take a look at the four hour and why do we say that take a look big tail uh big candle big tail we must respect the tail next candle opened up it went north it respected the tail's level tip uh it went to the tip of that tail now it's actually turning around so if us dollar cad is short us our swiss frank is short and you and gold is long which direction is the overall market okay long long long okay good we had one more pair that was giving us an indication that it's still pending okay which was canadian dollar take a look at the one hour charts not much information now because it's close to nfp take a look at the four hour charts let's take a look four hour charts what is this again a false exhaustion telling you that the market actually wants to go down it went down it was met it went long also that was met so can we do an analysis on the four hour we cannot it's already been met so we don't know we skip it we go to the daily what do we see on a daily aha we have a short a massive candle here biggest one for the month we have to respect the tail the tail says i'm only 10 big the the next candle must go beyond me it went beyond it by one pip so we're assuming the downward movement is still pending it's still not yet respected the previous candle okay so gold long cad short swiss frank short which direction is the overall market okay long so our prediction for this is practically long okay i do not recommend anyone taking this trade i am just doing it for the sake of analysis this is how we came up with this analysis okay all the other pairs have been met their the previous candles have been met so for the sake of analysis i'm going to take these trades okay now there's two things that can happen in the nfp let me show let me uh i'm going to take these three just as an example okay one moment here okay i'm going to go along here i'm going along on pound okay i'm going to go short on cad let me go back to the one hour okay i'm going to go short on the swiss frank okay i'm going to go uh long on ozzie dollar i'm going to go long on new zealand dollar now another thing i'm going to give you some information some tips and tricks euro yen i'm also going to go long on that okay now based on statistics right when the nfp comes out okay it does this little movement usually you know whether it shoots north or it shoots south and then it might shoot the other way again let it do its little chicken dance that it does once it settles down after its movement up down up down whatever it wants to do probably an hour or two hours after the direction you see is the direction it's going to continue for the rest of the day okay that has an 80 to 90 accuracy from the past i don't know five to ten years it's always been doing that okay most of the time so once the nfp settles down you can actually pick a direction where it's settled down and you can see which way it wants to go and that's pretty much the trend for the rest of the day okay so so however you were saying it's slowing down on eu so why still long okay we're still long based on correlation okay because gold is saying long cat is saying short sus frank is saying short so based on that we went long okay from from the one hour chart yes it looks like it's slowing down could it mean that the nfp might go short on this exact one hour maybe and then end up going along for the rest of the day possible but based on analysis this is what we've done and we're currently watching it so currently i'm running at what 1116 pips negative and then we just wait and see how how the analysis plays out in terms of pending pairs okay remember we're only using three pairs to use to do the analysis all the other pairs all the conditions have already been met so this is a a risky analysis that's why i do not recommend anyone taking this trade but we can watch and see how we come to a conclusion that we don't need to turn on the news but we just have an idea what the nfp wants to do okay hi this is her dl is the webinar available afterwards yes yes it will be available afterwards okay ronald so wait for the market to calm down again and that's the correct direction for the day statistically speaking yes yes okay the markets took a jump downwards first it went to 70 pips now it's at 18 okay so it's doing its little dance right now okay it went as far as 20 pips now it's back to zero is that an exhaustion candle on euro yen okay let's take a look on euro yen uh on the previous candle possibly yes okay it's not a clear exhaustion though it's very small the next candle opened up it did go short but not so clear okay while while this is playing out any questions so far any questions in terms of support and resistance anything you guys want me to repeat thought that the gold is correlated to us dollar um it gold usually goes closely with euro usd pound ozzy dollar and new zealand dollar see if gold goes long uh it usually it doesn't go with euro you see it drags euro usd okay remember gold is not a currency it's an in uh it's a it's a tangible good that's running out it has more strength and value than uh currencies okay richard look at gold okay let's take a look at gold so gold is having a nice day all right so let's uh sorry i'm missing some questions here uh thought that gold for okay is that correct uh thanks can you draw the range on euro rent euro yen okay okay for on for yesterday euro yen for yesterday okay so that's it how far in time you search for levels of support resistance strength to determine as far as it holds true you can go back maybe even five days and see okay it's holding true again and again and again you know it's strong you don't need to continue monitoring it but if you go back only two days and you see the market going in and out of the range that it's not respecting it there's no need to go further back you already know it this level is weak does that make sense okay tom says check out gold please okay this is the gold screen um okay i do have to do our uh range for euro yen yesterday okay on the vn you have taken us dollar cad but it's not acting with the other pairs will you exit that trade no i always enter together exit together and i'm there's no need to exit it's only three minutes into the candle uh three minutes into the news the news plays out for a good 10 15 minutes many people they come late to the nsp they join they put in money uh many people uh you know they buy the exit they buy again they sell a lot of the gamblers are are getting ready to buy and sell for the next 30 minutes until they run out of money okay if you see this in your favor should you close not quite yet because you have to see how far will it go is it going to be the direction for the rest of the day if it is then you leave it running right there's no point of closing okay asan do you prefer that we check support resistance areas at the beginning of every day or just when we see it the beginning of every day is good uh that's a good question asan yes beginning of every day is the thing what you need to do you need to check support resistance the next thing is as the candles are going you need to check these areas where you have tail on bottom tail on top you draw a line there significance okay you can make it more precision even this area has okay tail on top tail on bottom and then you can go onto the path and check that that's when you know you can check it intraday okay all right so one of you i think for an had a question on euro yen let me cover that before it gets too late into um the other question you want to do a range yesterday on uh okay let me you guys mind if i close this out for a moment so i can see it better i'll bring it right back up after i'm done with the range okay so now let's take a look here now what do we have here we have this area as support our resistance right yes it's holding true here and it holds true here and then it breaks through and it holds as a tail there okay do we have a range on this one what is this area here tail on bottom tail on top what is this okay it's held here also is this the range let's check the past okay let's check the past these two lines okay yes this range has been holding this area go further back okay once again once again okay and still resistance okay i want to see if there's support this is the old range let me delete this old range so we don't get confused okay i don't think it goes now let me just check daily charts and find out okay holds true here and then how many times it holds as support okay let's take a look on these days 26 june huh okay further back okay my data doesn't go that okay it's going very slowly but uh okay held true here take a oh man it just jumped okay held true here okay held this area held all of this area big tails so this is your this is your range it's held as support also support pinpoint support in the range support in the range okay pinpoint big candles break through now acts as resistance okay farhan so does that make sense for the support resistance for this range of euro yen from yesterday it has strengths okay uh andrea can you can you ask me uh can you ask the question again what what tails were you talking about okay was that resistance then uh farhan it it it was resistant it's broke through the resistance now it's support how would you have traded it yesterday uh i don't think i've traded this yesterday okay once this came out the tail on top tail on bottom we can draw a line okay okay of course the tail on top the tail on bottom method happens with bigger candles don't do it with small candles okay once that happens you draw the line in it you can find out is there a significant okay if there were the next candle you would know that there's immediate support over here and you would use that usually wouldn't that have been a cell area remember it is not a buy and sell area this is not a buy and sell area it is only a buy and sell area if you can confirm it in correlation with other pairs okay this is not a signal to enter long or short okay andrea long tails that is in an uptrend and downtrend ah okay when you have a tail going up and a tail going down right where the tail starts for up and down you draw a line there and then that gives you an indication please check the path to see if i have significance okay just as that you need big candles with tails on top and tails on bottom to define a range um no no a range can be defined by the bodies take a look there's a body here how many times has it been tested one two three four five six seven all this time and then we use the same thing the moment you start start the drawing of this top line that's the same moment you take the bottom okay so we take the bottom here the bottom of this tail becomes the bottom of these bodies this is your range it's a range bound market that's how you draw a range okay and it also confirms that the bottom is strong because of this big tail bouncing from the bottom of the range but this has strength on the bottom okay navin when i usually i try to find out the support resistance i come with so many that most of my chart becomes blue zones what's my problem draw only strong ones don't draw weak ones if it's weak to lead it okay running at uh 42 pips profit even though euro yen is in massive loss at 48 pips why are we in profit okay okay my conference room members why are we in profit okay i i i really drill my conference room members i really get on their case but i think they like if it's okay many pairs on the money euro yen probably lagging okay good good yes but you do it in a nice way yeah just because this is on recording and you're afraid i'm gonna cancel the membership no i'm just joking um craig yes euro yen getting better price okay okay yes it's the same thing um who said that uh it was you who said that okay kevin also all right so overall the market did play chicken right we went minus 1000 now we're plus 1000 so what is going on do i really need to see the news i'll i'll have white hair in no time if i turn on the news and i watch those numbers and then i start freaking out and i have to pull the trigger on the minute i will go crazy i'll i'll go crazy i'll lose a lot of money it's no use we took our time we did the analysis not now not just 10 minutes ago but we did it an hour ago okay does everyone agree that when you do your analysis properly and you take your time things actually unfold for you okay andrea how long do you wait when it breaks through uh when what breaks through andrea can you clear that up so i can explain you mean the support resistance okay well while i answer andrea's question uh conference room members which direction is for the rest of the day are we sure has the market settled down uh rich is this being recorded yes rich this is recorded um it will be available on youtube richard gaurav could euro yen be leading possible possible okay how do we know if euro yen is leading or lagging how do we know that did i miss andrea's question okay um where in youtube um okay a webinar it's going to be on youtube it's going to be on youtube.com forward slash urban forex that is the channel it's going to be available there um those of you who are on the waiting list of course i'm going to release this to everybody in the waiting list so they can see that what we do in the conference room is not you know we're not wasting time stealing money from people and we're actually doing something useful okay now how do we okay sorry uh going back to the question how do we know if euro yen is lagging or if it's leading what what's what's indication for that okay how is euro yen correlated to these currencies uh it's actually through indirectly through us dollar oh you can actually go on to owanda okay when you type owanda currency correlation on uh on google take the first link this one here and once you go in you can click on heat map right here heat map and when you click on euro yen which is this one everything that is in dark red for a long period of time it means it's going together everything that is blue it means it goes opposite so euro usd and euro yen same direction pound usd same direction okay new zealand dollar usd same direction for for the most part all the dollar a little bit but opposite us dollar cad opposites was frank okay hope that makes sense all right so putting this back down here all right so andrea how long do you wait before you enter the market once it breaks through well what it okay okay it again the support and resistance levels are not a entry zone unless unless unless you're using correlation i will have to do that the um i will have to do a webinar on correlation by itself and what it means for support resistance what it means for trend continuation what it means for entering all of that stuff okay um so andrea as of right now don't worry about entries and exits we will do one more webinar for that so please i hope sorry i can't answer that question now but uh standby for that webinar otherwise this webinar will get too long okay um okay so those of you uh who were answering now take a look at this we went down to 70 pips right we're at 92 pips now euro yen continues to drop yet our profits continue to rise why what is going on um f h uh f hyatt yes we will do a correlation webinar don't worry okay ronald if the correlated pairs are slowing down at resistance support levels then euro yen is lagging and vice versa amid says anti-correlation kevin says support on euro yen okay sardar odine says other pairs are going along okay now it's retraced slightly less than before before it went halfway now it's gone slightly and we're up at the highest level of profit now at 130 pips more or less is the highest so what does this mean this means that the other pairs seem to be leading the market okay step number one other pairs seem to be leading the market step number two what do we see do the other pairs are any of the pairs who are actually going along are they showing you any signs of tails on top showing pressure from north okay no pressure on new zealand dollar okay what about ozzie dollar at any tail on top showing pressure okay no swiss frank any tail on bottom showing pressure no now what does that mean if swiss frank goes short ozzie dollar goes north which direction should euro yen go as per correlation long right now is euro yen showing signs that it possibly may go along yes we know that because it's creating this tail this tells you the other pairs are leading and euro yen is lagging and this also gets confirmed by our crazy pnl that's just running away even though euro yen is almost still at the same area the pnl is still running okay yeah this is some of the stuff i teach in the conference room we do this pretty much every day but again those of you who are watching i'm sorry to make this sales pitch if you do want to get into the conference room you have to get on to the waiting list and the waiting list is here htpt slash slash conference dot forex watchers dot com okay um is still discounted yes you will still get the discount um if you are uh if you are not filled up yet in the room we have a certain level that we're trying to fill up with the discount after that it's full price and full price and even seemed expensive for me so some people can afford it i i personally i can't afford it okay for on i'm confused on where to draw top and bottom range okay okay let's take a look at this far i'm gonna close this one close this one out i'm gonna do one more top and bottom of the range and then we're gonna have to end the webinar the recording's gone way too long i won't be able to upload this on youtube because my upload speed is fabulous in china okay let's do top and okay now we did arrange for the north right let's do a range for the south okay euro yen okay we have this area here okay it's held over here it's held over here here here here here and here and here okay resistance next level what do we have for the next level is this or is this another the bottom is this correct first tell me is the top one correct if the top one's correct say top yes so i know um okay top yes okay is the bottom one correct okay no short term faran you are correct on this one bottom one is not correct because take a look how many times the market's disrespecting this level in and out small candles going in and out of this thing okay let's take it to the next level what about here does this make a little bit more sense okay it's a lot better right we we have one disrespect but it makes a lot more sense that is your range yeah we go back to the past to check this works here works here to the tip from body to tail took the whole thing let's go further back boom body and tail okay holds it down over here holds it down over here and then we have some whipsaw holds it down here big tails coming out big tails coming out okay it holds it down over here inside all of this area held down okay and then some more whipsaw so is it strong is this level strong if i were to rate this from one and ten one being weak ten being strong this would be a seven or a six because of all the consolidation we just saw in the back okay this holds true really well over here but not so well on the back so this will have smaller significance in the future okay it will hold it will push the market but it will not be able it will not be able to push very big big candles like this it can push medium-sized candles like this as it makes sense the strength of your support resistance on what it can push and put what not okay so uh i wonder how would a score 10 look like kevin why don't you do me a favor whenever you see a 10 score that you think it's a 10 score take a screenshot put it on urban forests and ask me to comment i will go and take a look at it and i will tell you that that's a 10 okay all right so i'm gonna have to go ahead and close the webinar here as it is 8 53 we've gone 23 minutes past okay trades on my end running at 170 pips looks like this seems to be the direction of the day um the market closes in seven minutes did everyone understand how we had gold on this one okay let's take a look the four hour four hour held through okay the daily is did the daily finally meet its condition so yes so all in all looks like this is the direction for the day and those of you um you know who if you guys do want to make a few pips here and there wait for a small retracement find the entry and then pretty much the market should be long for the rest of the day all right guys for the conference room members i'm gonna leave these trades open i think i already have the other trades open um and then we'll take a look on monday on how this current trades ended i'm gonna leave the trades open how do you decide when you will close the trades i'm gonna close these trades monday okay just based on statistics you know you have to trust your analysis if it goes against you it goes against you but trust your analysis okay guys have a very good night guys i will see you all uh very soon with another webinar hopefully thank you all for attending once again if you guys do want to join our conference room it's a paid service um please do get onto the waiting list at conference dot forex watchers dot com thank you so much for watching have a very good night