 zero people. Hey everyone, testing, testing, testing, testing. Can everyone hear me clearly? All right. Hey, Alan. Hey, Bando. Hey, Desmond, nice to see you tuning in again. Desmond, are you also from Singapore? Right? Because the chat is working. Okay. Great, man. Right. Yeah. Try out the chat, guys. Hey, Richie. Yeah. Thanks, man. Right. I was out for a while because I got COVID. Right. It's the worst thing ever. Right. Oh, Desmond from Singapore too. That's nice. That's nice. Happened to me in Raffles Place. Okay. Guys, when you try to send a message, try to send it to everyone instead of hosts and panelists so everyone can see each other's messages. I think it's slightly nicer. Right. Okay. Oh, yeah. Yeah. Oh, it was Cassandra who did last week's webinar. Right. Yeah. I was out for, I was out with COVID. Mine lasted nine days. Right. Nine days before. Oh, it was Jin. Jin was here last week doing the webinar. All right. Okay. All right. Yeah. The good thing is that he'll be covering today's live trading session. Rather trading strategy clinic. It'll be a fun session because it's a very different approach. Same, same, but different. Right. But he has a very heavy emphasis on fundamentals and I think it brings a very good balance to our very heavy technical approach. Right. So today's session, I'll be introducing Jin in a bit. Right. For those of you guys who were not here last week. Right. All right. Everyone can hear me clearly. Right. I'm just going to show you guys a couple of important links. All right. A couple of important links to take a look at. Okay. First and foremost, right. I'm going to send it in the chat. Right. Please head over to here. Take me to the com education slash webinars. Right. Over here, you know, you can see all the training sessions. Right. Next week, we have another, we have another session. So you can, you can check it out. Well, is it here? No, I think this is not this one. And I doesn't show next week one cause it's, it only shows the next four days. Right. So yeah, go, keep a lookout for here. We have another webinar next week. It'll be a very fun, it'll be a fun session. I think we'll be diving into a little bit more educational Fibonacci retracement. If I'm, if I'm not wrong, it could be Fibonacci retracement. Okay. Do check it out over there. Right. And also for those of you guys who are wondering how to get, how to get access to the to the previous recorded webinars. Right. This is the link that you guys want to go to. It's a simple playlist. Right. Playlist it covers everything from price action. Right. How to improve your stop loss, take profit placements, but it's a recording of all the previous webinars that you guys can tune in. Okay. So yeah, if you want, if there are some terms that referring to, which you are not familiar with, right, do jump in to this link, you can watch all the previous webinars. All right. Now, without further ado, I'm just going to start today's webinar. All right. As usual disclaimer, guys, remember everything this webinar is educational nature. So nothing should be construed as investment or trading advice. Please do your own little duty legions before you guys trade. All right. And, and yeah, you know, for today's session, today's session, right. We have our new speaker, right. Those of you guys who were not here last week introduced you to him this week. His name is Jindal. Right. He is a really, really great trader. His approach in his trading strategy clinic session today, his approach is slightly different from the usual approach that see me and Cas do. We are very heavy on the technicals. He's very heavy on the fundamentals with a good blend of technicals. Right. In this trading strategy clinic, what we do is that we open the floor to questions. So if you guys have have questions on trading strategies, like Fibonacci, moving average crossovers, support resistance, candlestick patterns, price action, if you have questions, send it in the chat section. Right. Over here, I'm going to send I'm going to send it over here. You can try to send your messages there. Right. Because we have another screen. We literally have another screen that's open here, monitoring the chat that's coming through. Right. So, so if you have questions, please send it through. Otherwise, he'll be sharing from his perspective how he breaks down, how he looks at the markets, how he goes through trading view, how he goes through forex factory, you know, to look out for trading opportunities. Right. If you have requests for certain instruments, maybe his goal, maybe his Euro dollar, pound dollar, if you have certain instruments, you want him to take a look at, also send it in the comment section. If you do his best to take a look at it. All right. Anyway, this is Jin Dao, newest member in our team. Right. It's a really great trader. Right. I think he used to manage a couple of million dollars. Right. Live trading. Right. Consistent performance over the past three years. Right. He grew the account really well. Right. And he's going to give you a really, really good perspective from, especially from a very balanced perspective from a fundamental angle on how to take on the markets. Okay. Without further ado, I'll be passing the time on to Jin. Remember, if you have questions, take the chance to hammer him with it. Otherwise, I'll catch you guys after this webinar. Jin, over to you. Thank you, Desmond. All right. Welcome again. Hi, everyone. If you are here, you hear me nice and loud, please give me a big thumbs up. Let me know. Are you ready? Let's go. Put it in the chat. Are we good to go? Hey, how are you doing? All right. So again, remember, please let me know if you've got any questions. Let me know how you trade, what you like to look at any charts you want me to pay attention to in particular, I'll be happy to go through that together with you. Right. So just off the bat, hey, Richie, how are you doing? All right. Just off the bat, how has your trading been? All right. This week, well, today is Monday, but last week, we've seen quite a bit of a choppy price movements. We've seen the dollar weakened quite strongly. I hope you've been trading well. Have you guys been trading well? First request on gold. So just to let you know how I usually approach, I had a good trade, good week with gold last week. Performance is good. BTC, yeah, it is. Bitcoin has jumped up, it has shot up a little bit. I think there's a bit of a retrace right now. We can look to that as well. So just to share with you how I approach the markets, I look at the markets every day, right? So I'm watching the charts. I'm watching the news every day. Before I do anything, what I always want to do first is to check out the news. I look at what's happening here on Forex Factory. I check out the news. I look today has been a little bit quiet in terms of news. Not a lot of things happening. We can't see messages from other people from this meeting. Let me see. Attendees can chat with, all right. Now, hey, John, Daniel, can you try typing something in? So can you guys see this? All right. I hope I fixed the message. Super. Okay. So what I do now, you can see my news here. Can you see the Forex Factory here? All right. So what I do is I always check the news. I see what could be in line. What could cause a surprise in the markets? What could push prices towards upside or downside? Today was expected to be quite a quiet session, right? Quite a quiet session, but we've seen a little bit of a surprise just before this webinar here. So I'll tell you why as well. Tomorrow we do, again, not have that much news. We do have tomorrow at 10 p.m. GMT plus eight, the US consumer confidence. And you can see it's not looking good for the US. It was a 98.7. It's expected a 96.8. So we're expecting a drop in consumer confidence here. And when consumer confidence is low, they're not spending as much. If you're not spending as much bad news for the US dollar, we could see retail sales number drop. We could see production drop, overall economic activity lower for the US. So a bad number here. I think 96.8. We might even see a 95. So I wouldn't be surprised if we see a 95 there. We could see further dollar weakness happening here tomorrow night. But I think everything is going to be a bit short term leading up to Thursday, why I say Thursday. On Wednesday, we do have the Aussie CPI, that's inflation data, quarter on quarter. Look at it is going from a 2.1 expected a 1.9. You might think that that means that inflation in Australia is starting to drop. But the CPI data considers the CPI quarter on quarter data considers a lot of other factors such as oil, such as commodity, such as energy prices. So what we actually want to look at is the trim mean CPI quarter on quarter. And in this case, it's still looking at a slight increase from a 1.4 to a 1.5%. So we're still looking at inflation in Australia climbing up slightly. The RBA, Governor Low, has actually indicated that inflation in Australia is likely to be at about 7%. And the RBA will have to increase rates to tackle this problem of a growing inflation. So we're looking at inflation in Australia still climbing. They're expected to happen already, 7%, quarter on quarter here, likely to grow from a 1.4 to a 1.5%. Why I look at the trimmed mean CPI is because it excludes the volatile 30% of items. It gives you a better view of what inflation is in Australia. And in this case, looking to still grow slightly. Okay. But the main focus, the main highlight for the week is on Thursday morning, 2am GMT plus 8, we have the US federal funds rate position to be released was a 1.75% expected a 2.5%. So they're looking at a 75 basis point increase. Again, a 75 basis point increase. There were rumors or expectations or market sentiment of that the Federal Reserve might increase rates by a 100 basis point. So now at 1.75, they're expecting a 2.5, but some levels of the market were talking about a 100 basis points. So they might be looking at a 2.75% interest rates for the US. At this point, when the market started indicating a 100 basis points, we saw the dollar index climb sky high. I'll show you the dollar index here. The dollar index went all the way towards that 109 level. It shot up to that 109 level on anticipation that we were going to see a 100 basis point increase from the Federal Reserve. Sorry about my cough. Still there. But Fed members have came out and said that they're not looking at a 100 basis point. They're more likely to stay at 75 basis point. And that's what led to the dollar index tracking from 109 all the way back down now to that 106.25 level. But hey, we know that central bank members do say what they think, but sometimes they do surprise the markets. Like what we saw with the ECB, they were talking about a 25 basis point increase. They were talking about 25 basis points and they came out with a 50 basis point increase on last Thursday. So just be careful with that. On Thursday morning, we do have the Fed funds rate to be decided, expected 75 basis points. I'm not ruling out the possibility of a 100 basis point increase, or even if they don't raise it by 100 basis points, pay attention to the statement. It could be quite hawkish. They could be saying that the next meeting, they might think of doing something more aggressive at this point. All during the press conference, they might be saying that they'll look at increasing rates, maybe continual rate increases to push inflation towards the downside. At this point now, inflation for the US is at a 40 year high, if I'm not wrong, at 9.1%. So it does need to come back down. Right. Sorry about that. As I speak, cough is coming back. With that as well, we do have the GDP number for the US. It looks like they're going to avoid a recession, a technical recession. What I mean by technical recession is when you have consecutive months of negative GDP data. So in this case now, they're looking at a small increase at that 0.4% was minus 1.6%. So if they avoid that negative number, they're avoiding a technical recession that is actually massively important for the US sentiment because you don't want the idea of a technical recession hanging over. That's going to cause a lot of uncertainty, a lot of worry on the dollar. Following on from that on Friday, not much else. Again, not much else apart from the Euro CPI data to be released and that's not going to change prices too much because the Euro has already had their rate increase and that big impact on that as well together with the transmission plan. All right. So with that, we gather a bit of a view of what we can expect for the week. In this case, I'm looking at markets trading a little bit with the trend for today. Tomorrow, Tuesday and on Wednesday. I think Wednesday towards the latest part of the trading session is going to be a little bit quiet as we see everyone waiting for the Fed funds rate to be decided. And then on Thursday morning, we're going to see a lot of volatility with the news possibly some dollar strengths coming into play before the rest of the trading session following on with the trend that is developed from that Thursday morning news decision. So with that looking at the charts here, dollar index on the H4 time frame. So what I'll do is I'll look at everything on H4 time frame. And if you want me to dive deeper into the H1 or the smaller time frame, I'll do that as well. Dollar index on H4 right now looking like it's right now looking like it's trying to test that 0106.38 or 106.40 level trying to break lower. I think that we're going to see a test lower before bouncing back up again. So it's going to sit around this level. Remember, anticipation is for the dollar to be relatively quiet, trading maybe with the trend a little bit to sit across at this level before possibly breaking towards the upside onto the Thursday news. If the FOMC does increase rates by that 75 basis points, or if they increase rates by 75 basis points and say that and are quite hawkish with the statement and the press conference. So I'm looking for this to sit right across and then on Thursday possibly bounce towards upside towards the 107. I'm not sure whether we'll get to 109 straight away, but I think you'll come back up test the 107 possibly 108 and sit around that level there. Right. So that's my view on a dollar index. Anything, any other pair? I only got one person saying gold. If you want me to look at any other pairs, please let me know. Right. And if you have any questions about your own trading strategy or my trading strategy, please ask the question. I'll be more than happy to help you through that. So with the request, let's look at gold first. Usually I look at gold last, but let's look at gold first. Gold. What I'll do here just to highlight a point is I look at it on a daily timeframe because it's quite important view here is of that you can see at this point one 16 at 1680 right this 1680 level. We've seen it bounce on in March 2021 strongly. It came down hit 1680 bounce strongly again end of March hit 1680 and bounced very strongly in August hit 1680 just the tail and then you can see it retrace straight back up and then the state within that 1730 level again. Now we've got 1730 forming that support level there in September and then now most recently here we have the gold came down hit that 1680 level bounced back strongly now sitting at that 1730 level. So very important to pay attention to that we've seen this support level hold very strongly over three now four times already. We've seen that 1730 level form as a good support level now turning a bit of a resistance so what I'll be looking for is if price can break higher if it can break above that 1730 level I'll have my next level at let's say 1760 1770 that was my level there so at 1770 I'll be looking for price to trade up towards that point so coming back to the H4 timeframe if we do see the dollar weakness come into play what we're seeing or what we've seen was that as that dollar weakness came in we still saw gold dropping but now after the ECB rate is decision with the dollar still dropping we've seen now gold pushing towards upside I'm looking for that break above 1730 for it to possibly trade towards that 1770 level in terms of a trade idea what I'll be looking for is if price can break above 17 about 1740 so I'll put about 1740 there there'll be about my entry point stop loss will be below take profit will be up there actually let me do this in a different way just so it's easier to see by the way again just a reminder if you are looking at any of the trades or planning to follow any of the trades usual disclaimer applies please do your own analysis risk management is all about risk management I usually I've traded I've taught so many people how to trade and you know most traders don't do too badly if they can manage their risk you don't lose a big deal from bad trades you lose a big deal from a huge deal from over trading from over leveraging so just be aware of that okay so 1740 I would say that in this point take profit at about just below 1770 and then stop loss just below that support level now support level so you're looking at about a one is a two risk world ratio towards the upside for gold what we need to do is wait for it to break towards that 1740 level right so I hope I answered your question there for lunji right I'm sorry if I got your name wrong I hope I answered your question there I've got a question here I've been dabbling in trading for a couple of years now I've heard over time including now heard about one's trading strategy I have yet to get one how does one develop your own trading strategy very good question right so I actually would take on a little bit of a different approach I'll tell everyone that is listening or that I've coached before I would say that with trading it's never one size fits all all right it's never one size fits all the way I trade is going to be different from the way you trade it's going to be different from the way Richie trades because of the time that you spend in front of the screen the capital that you have the risk appetite that you might have it's all going to be different it's all going to be a little bit tuned towards what you prefer so what I would suggest in terms of how to develop a trading strategy is one understand all right understand what your target is if you're looking at 100% in a month please please please that's not going to happen you know have a realistic target look for you know set a realistic target and then work backwards all right if you set a target you know how many pips you're going to have to make in a month work it back down to how many trades in a day you're going to have one to two trades usually is the maximum that you should be getting into in a day and then from there you develop the strategy if it's time it's dependent on time if you have not much time let's stay on the h one on h4 or the daily timeframe develop a strategy there if you're looking at h4 or the daily then you could ignore the specific news a little bit you could just look into the broader trend because news in the overall scheme of things on the bigger time frame seldom have that big an impact right it could be just part of that candle movements so you know if you're looking at the daily or the h4 or the h4 time frame then you know look at your I would say do a trend following followed by support resistance those two items just following the trend and support resistance is going to help you massively as the basis for every trading strategy right so I hope answer your question there then the next part of it is also to back test very hard to get an idea of you know what trading strategy works for you unless you back test and you build confidence every strategy can work every strategy can fail it depends on how confident you are with it if you are super confident with a strategy you know that you're going to enter a trade you're going to hold it to take profit you're not going to panic even if it turns against you a little bit a lot of times people get off a trade quickly because they're worried that the strategy might be wrong so build that confidence with your strategy all right so I hope I help you there with building a strategy and if you do have further questions you know please feel free to reach out I'll be happy to guide you through that as well are we expecting a drop by release of FOMC all right so coming back to the dollar index at this point if the FOMC does a 75 basis point increase and they say that hey in the next meetings we've increased too much we're going to tune it down we're only going to do 50 basis points at a max then we might see a drop right if they're dovish they're going to say that you know we're not looking to do further increases are we're going to slow down on further increases on the scale of further increases then we're going to see a drop in the dollar but I think that you know even if it does drop the maximum or I wouldn't say maximum the downside the limited downside could be towards their 105.50 but I think that we could see price bounce towards upside from that point so like that right so either we see it bounce off this level towards upside or maybe if it breaks a little bit lower bounce off back above that 106 level towards the 107 or if we see you know a bit of a surprise dollar tracks lower towards 105.50 we could see it turn back up towards that 107 level again all right okay I see a question there as well so I'll get to that shortly saying that we reach 1770 this is on gold are we expecting a drop by Thursday for oil and gold all right so coming back to gold again I know I'm jumping over the place I hope that you guys oh look it's happening right now hope that you guys are following okay so far are we expecting a drop on gold my bias is the short gold at 1770 as well as oil especially as FOMC will be released is that at the right path Richie I would say be a little bit careful right so how I approach the markets I do prefer more of a trend following scenario so I always approach markets with a bit more of a trend following in the sense that if we do see price move up towards that 1770 level I would be a bit cautious about trying to sell it towards a downside because we've already seen it climb from 1680 all the way to 1770 quite a good strong upside move I'll be very careful to sell it down from that point it depends on your risk profile it depends on how much profits you've had already right if you've been buying it up towards 1770 and then you think that hey can we take a bit of a punt can we try a bit of a counter trend trade a very tight stop loss let's say a very tight stop loss that way then maybe right but if not I would say that just be a bit more careful I wouldn't go for a counter trend trade scenario I would in fact at 1770 be looking to see if price is going to push towards the upside and whether we can set buy it up when would I be looking to sell gold down super conservatively is if it comes back and breaks below that 1731 then I would say that that downward move is continuing we'll be looking for that move towards 1680 right so I usually give up a bit of the move just to be extra cautious so that I don't catch the full move towards the downside hope that answers your question there Richie all right just checking are you guys still seeing my screen okay I saw a pop-up come up and was it sure still see the trading view charts okay good good stuff thank you so much yeah I will give it a tight stop loss yeah you know it also depends tight stop loss with profit fantastic if you're going to be risking stop loss on capital then you know I would go for possibly some other trades if we do see the dollar strengthened there'll be a lot of other charts to be trading rather than trying to catch the move on gold as a counter trend move on gold right any advice on trying to find a strategy to trade on short time frames for example 1 minute and 5 minute charts right so FH I would say is that I would normally suggest or advise most traders to stay away stay away from the 1 minute and 5 minute charts even for myself I what I do is I look at charts on her h4 time frame first then I look at it if I can't find any trades on h4 then I'll look at it on h1 if I can't find any trades on h1 I'll look at the m15 and that's the lowest I'll get to unless I'm trading the news right so in a non-farm payroll scenario in a CPI and FOMC rates decision at 2am I'll be trading on the 1 minute time frame but you shouldn't be looking at the 1 minute on a day-to-day basis because if I show you for example here pound dollar right pound dollar take that away right so we had that move down now it's pushing to us upside if you looked at it on the 1 minute time frame it's going to look very choppy right it's going to look very choppy it's going to be moving around in a clear in a bit of a clearer move you can see that it's been pushing up but what could have happened is that if you're looking at it earlier today with that move towards a downside you might be tempted say 12 o'clock here to 2 o'clock you might be thinking hey it's a big downward move can I look to sell it down you might not have caught this first move you would it might have tried selling down to at this point and then you would have caught a bit of a profit but overall you would have lost quite a bit if you didn't get out in time so I would say on a day-to-day h4 h1 in the most m15 if you had to trade on the m1 or m5 time frame on m1 or m5 charts then I would say that it's going to be heavily on the price action right heavily on the price action you're going to sit there you're going to wait for consolidations and breakout or consolidations that's what I would do on the super small time frames look for consolidations look for the breakout following trend make sure if you're looking at small time frames it has to be trend following because it can get ugly very quickly there all right so I hope I'm scaring you all enough to warn you on smaller time frames you make very good profits on the you know h h4 and h1 time frames you probably don't need to go too small there all right I'm loving the questions if you have any other questions please feel free to let me know all right so as we're looking at a pound dollar here right now on the h4 time frame pound dollar testing this 1.250 level right testing that 1.250 you can see that 8th of july tried to break track lower on the 19th of july tried to break track back towards that 1.1930 level most recently or friday tried to break and then track back again right now trying to break what I think is likely to happen here we could actually see the pound dollar push towards the upside I'm not sure whether it will get to that 1.2150 level why I say that is because there is not a lot of news to be pushing the pound dollar towards that upside right there's not a lot of news point pushing the pound dollar towards upside that's why I think that we could see this push up possibly track a little bit higher before turning back down into this range I'm looking for price to actually stay within this range for the next couple of days right and possibly if we see that dollar strength come back in turn turn back down towards that 1.18 level right so question is can we get a copy of this webinar it is going to be on uploaded onto youtube you can check it out here with the link I'll put that in again so make sure you well subscribe you get the notice of the uploads you can always check out the videos there the recordings of what are videos there as well so that would be my view on the pound dollar I I'll be looking for it to stay within this area this range of 1.2050 and 1.1940 or 1.1950 before the news on Thursday morning we could see it break towards the downside or in the flip scenario we could see it push significantly higher I'll be a bit careful I am more tended or rather see it break lower because you know we're seeing the pound dollar tracking down for me to buy it back towards that 1.2150 I could I would but I'll be more comfortable looking to sell it towards the downside just following that trend with that I'm surprised no one has asked about the euro dollar yet so euro dollar we have that happened already it didn't break below that 1.012 level so that's invalid take that away right now pushing towards that 1.2 1.0250 level why is it pushing up right if I went to the hourly time frame you can see in the last hour or last two hours it actually shot up it wasn't doing too much for the whole of today it was just trading in that tight range and at four o'clock here two hours ago it shot up from this 1.02 level straight up towards 1.0250 reason for that was because you can see here ECB member saying that big interest rates hike may not be over right so the ECB on Thursday evening increase rates by 50 basis points so expected to do 25 it did 50 basis points right now they're saying that it may not be over September hike needs to be quite significant again this all hawkish sentiment coming from one member and because it's only coming from one member we see that push hits a resistance level and now it looks to be tracking back down again so I always look at fundamentals first but I do consider trend right still trading in a range in this case horizontal range and then I look at my support and my resistance levels in this case hitting a resistance and turning back down again so if I were trading if I didn't have this session I would have traded this towards upside got out at that resistance level and then look for it to come back down I might not be selling it back down because with that hawkish sentiment we're from the ECB member you know no reason for to sell it back down I'll look for it to come back down and then I'll look to buy it back up again or if it stays within this area then same thing like the pound dollar I'll be looking for on Thursday morning possibly a stronger dollar US dollar to push it towards the downside now let me ask you all a question we've got everyone attending here what do you think is the euro what do you think of the chances high or low for the euro to track back down to test the parity level again I like to keep it a little bit interactive what do you think do you think the euro dollar is going to have a chance or it's going to be high likelihood or low likelihood to track back down towards that parity level again what do you think looking from you guys for an answer higher chance lower chance so far we're mixed all right steer the war and energy crisis in you yep all right so seems like we're a bit mixed there in terms of you know whether the euro is going to track lower two reasons or three reasons there you you have it there which you had it there the war is one uncertainty all right although it seemed unfortunately it seems to have gone off the headlines a little bit that's a bit unfortunate because it is quite not a good event happening there but the energy issue you can see here kremlin just released a statement saying that russia is not interested in complete gas supply cut off to europe despite i think last week they were commenting that if the eurozone does implement a price cap on russian oil you know they would rather turn off the tap not supply the rest of the world gas if there's a price cap in place but right now they're saying that hey they would rather not turn it off so energy crisis seems to have have taken a bit of a relief right a bit of a relief you can see here oil prices traded lower through the session traded lower through the session now bouncing back up a little bit but it's traded lower through the session it is the war it is all down to the dollar as well tonight about thursday night we're going to see what are you guys here let me check something happened yeah um you guys lost everyone for a moment i am back okay so just checking one second sorry about that that was a bit of a okay i am back so um where where did you lose me yet should i repeat everything i was saying or so i think that let's say that after the gas news okay so gas news now being less of a bit of a concern we are seeing the oil prices trade towards the lower zone right so i'm gathering my thoughts again trade towards the lower zone there and then with dollar index right fomc news pushing we could see if we do see a stronger dollar then we're likely to see gold pushed towards the downside right one thing i am paying attention to and i kind of like seeing in terms of the reaction is how the euro has been struggling right it's been struggling here to break above this 1.0250 level it's struggling to break higher um even if it does push up and turn back down we're seeing a rejection of that level you know with all that rejection i think that we could see a push towards the downside all right um any other pairs to look at if not i'll just keep scrolling through the charts or z dollar right approaching a near-term resistance level right approaching a near-term resistance level the rba has came out and said that they are looking at increasing rates to slow down inflation so a bit of a hawkish move on the rba a hawkish sentiment from the rba i'm looking to see whether the orzilla is going to push above that six nine six zero resistance and if it does could we see further upside seven zero is a bit too near well it's not too near but you would consider one seven zero five zero but it needs to break above seven zero as well so i would say that if we see short dollar obviously now dollar weakness we could see this as a possible trade towards upside just be extra careful a lot of pairs now i see a question there Richie i'll get to that shortly a lot of pairs now approaching resistance key resistance levels you can see the kiwi as well all approaching key resistance levels so just be extra careful these are all very key points that could cause a big bounce or a breakthrough level so you know i would approach all of these with extra caution all right so can you share please how you approach your trades with confluence so that we can get the idea of how you break it down and come up with an entry and exit sure thing more than happy all right so let's use the us yen as a pause as an example here what i do first thing i look at is the news right so i look at the bank of japan recent data came out said they're not going to change policy we're still expecting the yen weakness to come up um with that you know we were expecting the yen to push higher but because of that dollar weakness we see the us yen push towards the downside so straight away i can tell you that i did not sell the us yen towards the downside because i was trading the other pairs and also because if i were looking to sell it down it would go against my view i'm looking for yen weakness so it would go against my view at this point then i would have my support level here at about that 136 uh what was it 136 level right i've seen it come down test this point and bounce towards upside i've seen it come down hit this point and looks like it's trying to bounce towards upside so what i'll be looking for here is for an upward move on the us yen i found a support level i consider support as a range so between 136 to 136 60 i'm looking for that because it came to this point hit and turn back down found that as a good support level so what i'll be looking for here is buying opportunities above that 136 60 level right so every time i tell you guys i'm looking at above this point above that point price has to go up and close above 136 dot 60 before i'll look i'll look for a buying opportunity a resistance level i know that 139 is a key resistance might be a bit too far away because if i did look for a buying opportunity here like that right it would fit it worked very nicely but i don't think that it would move up 200 pips in a hurry right i want to keep my trades short term i hold my trades for a day two three days at the most unless we see a big us news i don't think it's going to push strongly towards upside so that could be one long-term trade idea or what i'll be looking at is a buying opportunity about that point again possibly towards that next level there and then i'll have that right as a bit of a one is to one risk-reward ratio towards upside so i have one trade idea which is a one is to one towards upside or another trade idea which is the one is to two towards upside what you could do is to set up a trade for one is to two and then bear have that level there right have that level there and then you would say okay i'll be looking for this trade to move up and if it does go up and if it does clear above this point i'll pay attention at this 137.70 level if it breaks above great i'll hold on to the trade if it hits that point and hesitates and bounces around i might close it out reevaluate what happens if it breaks higher again then i could look at another trade towards upside i hope that makes sense for you richie so that's how i would approach my trades or a trade set up or multiple trade setups can i just copy and paste your trade moves you could you could copy and paste trade moves not as easy as copy and pasting trade moves but it also depends on you know whether you're comfortable with it you know how would you like to you know what kind of risk you're willing to take on board it's a bit more complicated but there are chances for that to happen as well right so we'll we'll see how that develops i can't promise anything at this point um with that what else can we look at any other pairs that you would like me to look at you're most welcome there richie any other pairs to look at um oh wait we had someone comment richie comment about bitcoin there right so bitcoin i would look at it on the daily time frame previously what i had for bitcoin i had my line at a 23 000 level at a line at 23 000 and i said if it doesn't clear above 23 000 strongly i wouldn't consider it as a strong bounce or strong recovery on bitcoin right so i had 23 000 and i had i think this was what we did during the last session as well and had 19 000 there and i said that i was anticipating bitcoin to continue within this range bitcoin or cryptocurrencies used to be inversely correlated or they were expected to be a digital asset that was independent from all financial assets but right now what we're seeing is that the bitcoin or cryptocurrencies are a bit more correlated to how equity markets are moving so as that as that as that correlation holds what we're seeing is that that push higher is due to the s and p 500 moving up you can see s and p five s and p has been s and p 500 has been tracking a little bit lower now push up tracking a little bit lower and that's why we see this tracking a little bit lower towards the downside and also reacting to that resistance area there so i would be extra careful on bitcoin not that recovery not yet in place i would be thinking that with the uncertainty with some bad news around the corner or no real positive sentiments coming around we're likely to see this continue within this narrow range or relatively narrow range between 19 000 to 23 000 um desmond desmond asking a copy about desmond's trades i'm not sure actually i would have to i'll take note of that question i'll ask desmond so we'll we'll check that out i'll get him to check that up and then we can let you know if we can set something up like that all right no promises but i'll check with him and we see how we can get that going thanks for that though really appreciate that um let's look at us swiss frank i was looking at this on the h4 time frame as a rejection towards the downside rejection towards the downside i saw that break we were anticipating this to push up it did that it didn't break above that 0.9750 level so i'll take that away okay but it did break lower why did it break lower again because of that dollar index right now sitting at 9630 i think that we could see further downside on us swiss frank possibly to track lower towards that 90 0.9500 level so i would say you know i'll look for this to come down what it needs to do is it needs to break below that 96 level before i'll look for selling opportunities towards that 9530 level uh richie said i had two shots for bitcoin that profited at one long that would have worn by cut it because of fud what's fud i am terrible with um abbreviations fear okay yeah i think i think it's hey two shots at one oh fear certainty doubt okay fair enough again you know two shots fantastic i think it was it would have been a little bit early my view is that it would have been a bit early to get into a long if you really had to then you know let it come down try and find a long position at 19 000 maybe at 20 000 you could be looking for some buying opportunity as well but nothing nothing right now i think that if it does break up it's going to track back in again likelihood right all right i think that's why it has become so big take milk and crow i'm pretty sure so we let's look for that well as again desmond i'll check with desmond and i'll let you know we'll hear let you know can you explain maybe some forms of martin go that we should avoid avoid all forms of not of martin go right um can martin go strategy work yes martin go strategy can work what do you need for it to work you need a big account size you need to be able to hold on to trades you need to um not get greedy so you don't want to enter too many trades so what it means when martin go is that say for example here as it's dropping you know you're buying at a level you're buying in this example this is a quick example here you're buying at a level here then you're buying at a level here and then you're buying at a at a level at this point again so why people fail when they use a martin go strategy is because they try and rush into too many trades right they try and buy here they try and buy there and then maybe again here and then again multiple scenarios here and then um maybe somewhere there they end up having too many trades and then we have too many trades and if it keeps dropping the pressure is to keep buying and the size of the trade keeps getting bigger as well right the size of trade keeps getting bigger as well so can it work yes it can what do you need you need to be disciplined you need to have clear levels on where you'll be looking to buy at right you'll be looking at clear levels on when to buy and also you need to be able to hold on to trades so that account size needs to be strong enough that you be to hold on to trades i would not suggest martin go strategies to to most people just because i know that most people would not be able to hold on to those trades and you know what usually happens is a position will only reverse when you get margin called when you've quit you say okay this is not working it's dropping too much then you get off a trade and then it starts bouncing for example if you were trying to you know sell down or buy up do a martin go on the euro dollars is dropping towards the downside what would happen is it breaks parity you think that oh it's going to go all the way you close out all your trades or you run out of margin next moment it shoots back up again right so very dangerous form of trading possible but very dangerous form of trading just be extra careful on that right so does that help you there Richie all right so if not what else can we look at one last quick analysis on the what was it us cad okay us cad i wanted to do that one is because we saw that move higher we saw that move higher it's tested that level i'm looking for it now to break below that 128.50 level for quick trade for quick trade towards that 128 level can it break down from this point this i think Richie would be very happy is that in this case if it breaks lower we could see that bounce towards upside this could be a high reward low a small stop loss big take profit set up to for it to bounce back up towards upside this is for the us cad on a h4 time frame all right so with that i hope you found quite a bit of good info there if you enjoyed the session give me quick just let me know in the chat did you have a good session did it help you would it help you i look for the feedback if you have any feedback or you know suggestions please let me know i'll be happy to take all that on board super one last question from Richie was what percentage of your trade is predictive and reactive or is it purely reactive as you wait for confirmations trading for me trading is all reactive trading is all reactive only when i go into investing then it's predictive but i for me my mantra is i trade what i see not what i think so i will trade what i see so it's all reactive there right unless i'm making a lot of profits that i might take one or two predictions but most of the time it's all reactive super super thank you what's the best timeframe for scalper beginners beginners please don't scalp that's the best that's the best suggestion the best timeframe is beginners please don't scalp all righty so i hope you had a good session please check out the links that we shared out before i hope to see you at the next sessions and with that take care trade safe treat well bye bye now