 Welcome traders to today's next installment in our online education series. If you can hear me loud and clear and you can see a Tick Mill welcome screen, could you please type a Y in the chat box please? Good stuff. Thanks very much. We will get going now. But before we do, as always, incredibly important that we take a minute just to review the disclaimer. So we're all well aware of the risk implications of trading foreign exchange. But like I say to you each week, you're doing everything you can to mitigate that risk by attending these education sessions. And hopefully as we're progressing through the weeks now, you're starting to improve your base level of knowledge. And that will ultimately lead to making better trading decisions as and when you move forward to trade your accounts. So let me just briefly give you an introduction to myself. Most of you will know who I am hopefully by this stage, but for those who are attending today for the first time, as you can see, my name is Patrick Munnerly. I'm a manager mentor and market commentator. After I graduated from King's College London, I went on to successfully co-found and exit a consulting startup. I then moved on to explore my passion for markets. I researched, developed, tested and implemented a robust trading plan underpinned by rigorous risk management strategy. This plan has delivered profitable annual returns since 2008. Since 2013, I've also been managing investor capital through my managed account service, delivering annual positive returns. And I'm currently responsible for managing a multimillion dollar portfolio. Since 2010, I personally mentored over 100 private traders of all experience levels from complete novices to former CME floor traders. I'm developing the technical and, more importantly, the mental skills to reach consistent returns from the markets. Over the years, I've consulted numerous brokers and trading education brands contributing written, webinar and live presentation content. And a range of topics from market analysis to trading strategy development and more importantly, execution. In addition to my fund management responsibilities, which is now largely automated and an end of day process, and my private mentoring, I also manage a proprietary trading team for a company called Little Push FX. And I'm also obviously the resident market expert for Tick Mill. And most recently, I've been retained as head of trading and trader education for an emerging trader education brand called FX Career Swap, offering education and funding to retail trading talents. So that gives you a flame of where I'm coming from. What we're actually going to do today is we're going to jump off the slides and we're going to move into looking at the charts. And we're going to start working through the charts and looking at some of the technical setups that we want to review over the coming weeks as we start to build out our education here and we start to look at more practical application of the theory that we're learning. So we're going to be starting to use these live charts to build that up. Last week, obviously, we looked at dual time frame momentum. Let's just pull up an example of what I mean by dual time momentum. Here we have both a daily and a 60 minute chart of the euro dollar. And what we were looking at is how we can use a momentum study. In this instance, it's the stochastic, the RSI stochastic to essentially give us an objective view on multiple time frame momentum. Now, obviously, in this instance, I'm just using two time frames. I get my trend, trend direction from the daily time frame. And then we look for a confirmation of that potential daily trend on the intraday time frame, which for me is an hourly chart. We looked last week at how we could look for shorter time frame momentum reversals to coincide with that higher time frame reversal. Now, importantly, a momentum reversal does not indicate where the market is within the price trend or if the trend itself is actually a reversal. What we're going to look at today, which is practical pattern recognition, is the second of our technical factors that we're going to learn about that will provide the pieces of information that we'll ultimately be using to make trading decisions. So what is the purpose of pattern recognition? Well, we want to identify whether a market is in a trend or a correction. So this is a primary piece of information that we want to glean when we open our charts. We want to ascertain whether the pattern conditions have been met that typically warn a trend or a correction is near completion. And then we want to be able to, from a probabilistic perspective, identify what is likely to follow the completion of a trend or a correction. So this is valuable information for practical trade strategies for any market and any time frame. Like I said, I'm going to focus on the hourly time frames and the daily time frames. In this session, we're going to learn the one important guideline that will indicate if the market is likely in a trend or in a correction. And two simple patterns that will help to identify if the minimum condition has been met that indicate the completion of a trend or the completion of a correction. It can be very useful and profitable for a trader to be aware of whether a market is making a trend or correction and what the position of the market is within the overall trend or correction. The simple guidelines for pattern recognition and simple patterns in this session are primarily based upon Elliott Wade thing. Now, you may already have had some exposure to Elliott Wade analysis and probably, like many traders, become confused by the over-complicating approach to the various degrees of cycles and subdivisions and alternate wave counts that eat Elliott Wade theorists. And note there that I refer to theorists because a lot of Elliott Wade so-called practitioners are actually just analysts who are greater, highlighting the Elliott Wade function within the market in hindsight. Unfortunately, we can't trade with hindsight. We can only trade the market in front of us. So what we want to do today and the purpose of today's session is to learn a simple approach, a simple and practical approach to pattern recognition that will give us a clearer understanding of where we stand within a trend and that we're easily able to execute a potential trade based upon that understanding. So to my mind, Elliott Wade theory has been over-complicated by, like I say, the Elliott Wade analysts as opposed to people actually trading the markets. I know traders who've got totally confused by Elliott Wade and have become basically paralyzed by the never-ending levels of analysis that can take place. What we're going to look at today is a guideline and a few basic patterns that repeat within the market over and over again. We should be able to identify these quickly and apply them practically for trading purposes. We're going to learn how to look at any section of market data on pretty much any time frame. But like I said, I might focus on the daily and hour time frame to quickly determine if a market is likely in a trend or correction. And if the pattern conditions have been made to complete or potentially complete a trend or correction. We'll also learn how and why this information is valuable, how to make it part of the trading plan. Pattern guidelines that we're going to learn today on trends of correction do not involve complicated counting schemes or getting lost in the paralysis of analysis and having to flip between daily, hourly, five minute, 15 minute charts or whatever to basically get a thorough understanding of where we might be within the trend. So what we're looking to do today and the purpose of today's session is to identify patterns whereby we can use the information to make specific practical trade decisions. Which of course is what this, which means of course as traders is what we're all about. We want to be able to glean information quickly from the market, which allows us with a relatively simple decision making process to identify whether or not there is a high probability of trade to be taken. So what are the two important pieces of information that we want to be able to identify? Well, one is the market, the trend or correction and what is the position of the market within that trend? So let's look at whether a market is in the trend or correction first. This simple that I have a simple piece of information that will be very helpful to define this. The key to identifying if a market is making correction, if a market is making a correction, it should not take out the extreme that began the prior trend. So if a market is making a correction, it should not take out the extreme that began the prior trend, but should eventually continue the trend direction prior to the correction and make a new extreme. So on the chart here, this is a chart of the dot index. And we're just using this, for example, at this stage, so you can see on a chart how this information looks. So we have a decline from a high, we make a swing low, and then we make a correction and note again, looking at our RSI stochastic, we can use the RSI stochastic to give us an objective view on the market action. So price moves up from a reaction low to a reaction high. We have the stochastic trading up into the overbought zone. We then make a correction versus the reaction high, creating a secondary swing low. And we then make a third corrective. We then make a third corrective now. So we have an ABC pattern. Yes. And then there that leg terminates the correction. And in a minute, we're going to go into the details as to how we can use that information. But just visually, we want to be able to track this for now. And then we ultimately, without taking out the prior extreme high, which we just referenced, okay, we ultimately then break down through the prior swing low and continue to develop in a trend pattern. Okay. So this shows that the market is making a decline. Sorry that the market is continuing its decline after a corrective advance. And there is one simple pattern guidelines, very reliable to warn if the market is probably making a correction and not a new trend to a new extreme. If the market overlaps the section, more than likely it's making a correction. An overlap is when a market makes a new high or low and then trades back into the range of the prior section. So if we think about this in terms of the pattern here, we have a reaction low and a reaction high. Okay. So that forms our A leg of the correction. We then pulled back to give us a B leg of the correction and we then made a new high. Okay. So we made a new swing high, which we're referring to as our C points. Now price then trades back into the prior section of the AB leg. Okay. So that is an overlapping price move. And we then take out the B point and we ultimately trade to new loads. Okay. So this is an ideal structure to give us a relatively easy way of identifying whether or not we are in a corrective phase. So it again. If we overlap after making a new high or low and trade back into the range of the prior section. This suggests that we suggest, you know, we're always using the words probability and potential here because we don't know for certain the market can do anything at any time. But what we're looking to do is increase our probabilistic perspective. And this tells us once we complete an ABC correction and trade back into the prior section that we are probably in a corrective phase. Now, this is important. I know as we proceed through the upcoming sessions and we start to look in more detail of strategies, it's very important that we understand that whatever strategy I'm teaching, it will not be profitable for every single trade. And the examples I show, we are going to look at some examples where the pattern doesn't actually work out. Okay. Not every correction will have an overlap of swings before the correction is complete. And not every overlap of swings will necessarily be part of a correction. Always remember there are no sure things with any type of trading strategy. However, we want to put the odds in our favor and give ourselves an edge by identifying conditions with a high probability outcome. If most swings overlaps are part of a correction, we can use that as a guideline as an important part of a trading plan and can make it to use low risk high probability trading decisions. If overlapping swings are typically a part of a correction, it implies a correction will usually have at least three swings. Okay, because how can we identify whether or not we trade back into the prior section if we only have one swing to reference. However, corrections may take many forms and many have more than three swings. Traders, who I refer to as analysts who are obsessed with earlier play, have ultimately identified 13 complex corrective patterns, not including the so-called irregular ABCs. But for our purposes, the most important piece of information is a correction should at least have three distinctive swings. We're going to keep this as simple as possible. And we're going to work on the assumption that correction will have at least three sections and we reference them as ABC. A correction will often have more than three swings or form other than a simple ABC, but we always want to look first for at least three sections. So as a guideline, the wave C, so this is our wave C. Let me just, let me move. We'll just get rid of that for a second so we can see what we're looking at here in a bit more detail. So this is our ABC. This are three sections. I'll actually blow this chart up a bit here so you can see more. So we have A, B and C. So wave C, should it see the extreme of wave A? Check. So our C point exceeds A. If the market trades back into the range of wave A, the minimum condition for the pattern has been achieved. So what we get, this is our A. To be like it, we trade back into the range of our AB. So that makes sense to everyone. Can I get a Y in a chat box if you're following along with what I'm saying at the moment? So a minimum condition is that C exceeds A and then price trades back into the range of the A level. That confirms, that gives us a minimum. Okay, we've got one second. Correct. Question here. Do you mark your point on the spikes? Absolutely, Aruna. We take the absolute high and the absolute low. That's a good question because I'm sure that other people were thinking that. So thanks for asking that. We absolutely do. We measure from the extreme of the candle because what we're interested in is the entire price range. The body of the candle basically shows us where we've opened and closed, but the tail will show us the highs and lows of that particular piece of data. Now, when can we get an even better confirmation that our correction is complete? Well, one piece of information that will help confirm that is if we trade through our B swing low. So we can get an even greater sense of confidence that our ABC pattern is complete once we trade through our B point low. So let's just review those three quick diagrams here that we have for our ABC. We have our reaction low. Our reaction high is our A point. We then have the A to B and we know that the corrections potentially complete once the C leg exceeds the A high. Okay, so we know this stage that we're essentially seeing a corrective pattern complete. Once we trade back into the range of A, we get further confirmation. Once we take out this B point, we can consider that pattern confirmed. Now, again, incredibly important here, I am not suggesting by any means that every time that a C point exceeds an A and we trade back into A and take out B, that that is going to mean that a correction is complete. Again, we're working in probabilities and what I'm saying to you is more often than not, we're giving us a higher probability scenario when this pattern meets these criteria, a correction is complete. Okay, so everyone follow along. Can everybody who's in the room, can you type a Y in the chat box if you're following so that I know this is making sense to people. Good stuff. Right, so let's start to look now at how this ABC pattern can give us a higher probability trading scenario. So in this instance, once we get our ABC points complete, we get a bearish rejection candle. And like I say, once we take out the B point, we can consider the pattern complete, correction complete. Now, one simple way that we can look to trade this scenario is if we use the tool here, we can see that we can think to ourselves. Right. Now that we know that from our probability perspective, the price is trading back below B points. We actually could use the B point as our trigger to enter a trade with our stock just above the C points. And what I like to do in terms of personal risk reward is that I'm always looking to make two times my risk as a minimum for a target for my trade. So in this instance, if we were using a break of the structure, so once we take out the B point in the swing and we're using our C high because we know this instance, if this correction is complete, you should not exceed the C point on this break of the B points. So that makes sense to everyone. So if this pattern is complete, if the correction is complete, we should not exceed C once we had taken out B. Yeah. And then we're looking if we're trading that break, we're looking to put a stop just above our C point and then we're looking for a minimum of two times our risk to our. In this instance, we've been triggered into the trade price consolidates pulls back. Again, no, we don't take out the C point price eventually rolls over. We trace new loads in the trend and we trade down into two times our risk. So that's what that's a simple approach to how we can use the corrective patterns. To get into to get into the trend. Now we could if we wanted to reduce our risk further is we could use price rejection candles coinciding. Remember our dual time frame analysis. So when we get when we get a crossover with the stochastic and we get price pattern confirmation. So in this instance, we will be looking at bearish rejection candle. We couldn't we could increase or develop a better risk. We were scenario by playing a break at that candle. Now what are the what what are the additional risks that we would have using the candlestick break it. Well, let's think about what were some of our criteria criteria was that we trade back. Once once once we have made that C point and we're looking for rejection. Fortunately, in this instance, the candle trades back into our AB room. So we're getting part of the confirmation. Again, we're getting a little bit more conviction in the trade because we trade back into the AB. And then we get the final confirmation we trade through the B swing low so we can enhance our risk reward. We can get a lower risk or lower capital exposure by using price pattern confirmation. So that bearish rejection of our potential C point coinciding with the roll over here in the stochastic going back to our last week's session. So once we get the RSI stochastic divergence and we get that bearish rejection in price action. We can actually take a lower risk a lower capital exposure trade by putting on a position using price patterns. And again, once again, what we're trying to do as much as possible as traders. We know psychologically that we are once we've got capital on the line and we're trading the markets with a live account that when we're starting to see these dollar signs to cut them down. We can if we're certainly if we're less experienced make decisions based upon emotion that don't necessarily adhere to rational trading. So in this instance, we use our we can use the stochastic to give us that other net next level of objectivity. So trading from a logical and rational perspective. So we use that stochastic roll over to confirm the price pattern. And once again, we just get that enhanced level of risk reward. Does that make sense to everyone? And why the chat box freezes you're following along. Just take a sip of water before we continue. Right. So now that we understand what corrections look like, let's see if we can find. Let's go to the next swing and see if that means the criteria for a correction. Well, we know that there has to be a low reaction low, which we've got we get a reaction high. Okay. But that this reaction high is not followed by a below. So let's just draw in what we expect to happen here. So we'd be expecting this is our eight points. This is this could be a be here. It looks like prices are ticking back up, but we don't exceed our eight points. Okay. We don't exceed our eight point price doesn't make a new high. So that doesn't suggest at this stage that we've met the minimal criteria for this pattern to actually be a full correction. And we actually roll over and make new loads. And again, now we get a reaction load. This is this is this is information we can use. You see, because what we're starting to learn here is that not all these pullbacks or all these, these upticks in price and this continue down qualify as corrective patterns. Okay. These are simply just profit taking or pauses in the market. So we don't want to get sucked in here. And we're just going to wait and see now very mind we've got our ABCD pattern up here. We make a reaction low reaction high. Now in this instance, we spike below that prior low. So if we're going to use the a B, we don't get a B point here. So we don't get a C. So there's no corrective pattern here. But now we get a low reaction high a pullback. Yes. And then we exceed the point. So that qualifies now as an ABC. Yes. Does that make sense to everyone? So we have a reaction low reaction high. So we immediately retracting the reaction highs are a point. Our reaction lows are D point. And then we have a new high. So that qualifies that means the minimum requirement for an ABC correction. Just using that simple overlapping principle. We then trade back into the range of a B with a bearish reversal candle. So now if we're starting to think about our trip, do we have an opportunity to put a trade on here? Well, from a price, from purely price perspective, we have met the minimum requirements for the swing. And we've got a bearish rejection here. Obviously again, just be back above our C point. And then what we'd be looking for is a minimum is two to one our risk reward. You can see how price ultimately pay that we also then on this candle, we've got the additional confirmation of that divergence in the RSI statistics suggesting that we're going to potentially roll over. Okay. So there again, we've got our minimum criteria and ABC. And we watched them for how price responds. We get a bearish rejection candle. Stochastic RSI stochastic confirms. So that gives us now an objective read on the price pattern. And then we trade lower down to two times our risk as our minimum objective. Now that price makes a reaction low. And then we get another reaction high here. This is important now because remember what I said. Although we are going to see more often than not, these ABC patterns are the corrections and we can certainly trade them. They don't work every time. Nothing does. We want to be cognizant of that. It's true. Okay. So here we go. So we get our A point, our B point. And we exceed just by a tip there are our A points. It's pretty marginal. And here is a great rule of thumb for you guys as you proceed with this. If you have to squint at the chart to see whether or not that high has just been taken out, more often than not, if that's the case, if you're having to squint to see a pattern, ignore it. Because ultimately what we're looking to do is we're looking to trade high probability scenarios. If we're having to really get up close to the screen and measure to that tip whether or not this high exceeds that high, it's probably going to be a false signal. Okay. So that's just a little piece of information that you can take away there. If you have to squint at the chart to see the pattern, it's probably a false signal. But anyway, we get another swing point here. So this now, ABC, we get that bearish rejection candle. If we look at stochastic, it's confirmed. So now, again, if we were just using the price action set up, okay, stop above our C point, then we're looking for two times on risk. So let's just map out where we need to get to there. Now price triggers into the trade and it looks like it's going to work out. But we make another swing high and we get stopped. We would have been stopped out of the position, which is fine because we accept as traders. We're not looking to win every single trade that we put into the market. That's just simply not going to be happy. What we're looking for is to marginally win more than we lose in terms of the probability of our set up. But more importantly, the profitability of the set up is important. So if we're always taking that two to one out of the market, then it works in our favor. In this instance, we take our loss, so we're out of the trade and that's fine. And then we just simply watch the market. So we can then get another swing high here, and an A, B, C. But note, we've taken out the prior swing C point here. So that suggests that this correction may well be terminated. So we don't want to take out the prior swing high in the trade. Does that make sense to everyone? So here's another filter we can use to basically mitigate those trades and have a lower probability scenario. Yeah? Why in the chat box if you're following along? Ultimately, we do make a new low in price and that's fine. But we're looking at this stage at a bigger corrective pattern that's taken place there, because this C point is aligned more likely to this B point, and then we have a bigger corrective pattern in the overall cycle. But what we need to be aware of is that like I said just now is we're not going to be consistently able to hit these trades. There are a few set ups within each trend, and if we have our risk reward properly managed, then that will give us a sufficient opportunity. So let's go and look at a dual time frame example now. So we've got, this is on the dual time frame. So we're looking now at a daily chart. This is daily data in this chart of the euro dollar, just a recent chart. This set up was actually posted on my technical blog that you can follow along to, you can sign up and get the email alerts for this. But I'm going to walk you through now as in real time some examples of this ABC corrective pattern in detail. And like I said, the practical pattern recognition is going to be split into two sections. This week we're just covering the corrective patterns. On Thursday of next week, we are going to look at the trend pattern. So we're only thinking about corrections today. This pattern practical pattern recognition section is split into two because it's incredibly important and will really help you as you move on to trading the markets. If you're, like I said, if you're easily able to identify patterns in the market, whether we're in trend or correction, it will have been a significant use to you in your trading career. But more importantly, we want to take our time to learn this and immerse ourselves in this information. So we're looking now, we have a trend move to the downside. You can see here, non overlapping moves to the downside. We then get our, this is on the daily time frame. So this is helping us to identify the bigger trend. So let's look at the, let's put in our levels here. So we have our ABC. So we have a reaction load into a reaction high. We also know we get that stochastic here helping to confirm when the reaction high is in place. We then get the stochastic making a low and then we have our B point. So everyone following there, we have our AB. And now we trade to the upside and we're looking for a C point. What's the minimum criteria for the C point? Well, we know that we have to exceed our A. If we exceed it and we're having to squint, we're going to ignore, or we're going to pass on those setups because we want our setups to be jumping off the charts at us. Okay. We want to take the triple A setups and more often than not, they just jump off the charts. So in this instance, we trade up into our ABC. So here's our criteria is met. We've got stochastic all set up. And this is on the daily timeframe. Now what we're going to do, once we see this pattern on the daily timeframe, we're going to try and improve our risk reward by trading the intraday timeframe, which for us, this instance is the hourly. So this is our C point here. This C point here is this high that we made. Price is decline. What do we know at this stage about this decline? Well, what I can tell you just by eyeballing it is the swings are not overlapping. Okay. When they don't tell you about that, it's our first indication that we may be in trend. Again, we're going to cover trend criteria in more detail next week, but for now we're focused on the corrections. So what do we look for in our corrections? Well, we want to see the ABC pattern don't be on this lower timeframe. So we have our swing low, our reaction high and our B point. Okay. And then we trade up into a new high that qualifies as our C point. And in this instance, another important aspect of these corrections, the ideal correction. Now notice the terminology I'm using here, the ideal correction. I did not say the every time correction, the ideal correction will be equidistant in length. So the AB to the C point will be equidistant. Okay. So that's on this hit. What we're looking at here is the hourly timeframe. Let's just hop over now and look back at the daily timeframe. And C is our A, B, C, D, equidistant. Not in this incident isn't, but it's just shy of that. Okay. That's on the daily timeframe. So we want to be looking for a level of equality in our ABC patterns. Now what we've got here on the intraday timeframe is that equality. We trade right up into our C point and we get that price rejection. Yeah. We get our divergence in our intraday stochastic confirms that we can have a trade could be in play here. So if we're going to use the same idea, we're looking at a bearish rejection. Oops, we didn't want that one. Let's remove that. Let's go to short position. So we've got a bearish rejection candle from the ideal corrective target of an equidistant swing. And then we're looking for a gain two times our risk. Now, I say two times our risk is a minimum criteria for our trade because believe me, and this is coming from someone who's been trading in the markets for 15 years profitably. If you can consistently get two times your risk reward from your trading plan or your trading strategy, you will be successful over the long run. I'm not talking about over the next week or the next month. Over years of market exposure, you will be successful. But when we get this pattern here, that is a trend like decline from a potential daily corrected target, then what we can think to ourselves, we're actually going to hold this trade for an extended period and actually look for some structure breaks. So if we look down here for a break of the prior swing low, then we'd actually be getting close to six times our risk, which is a fantastic trading scenario. If we're going to play the trend and just trend our stocks behind swing highs, we can even just use the stochastic swing high here. So every time the stochastic makes a new high, we trade our stocks. Then we can actually enhance our return significantly. So we would have been taken out here at the 112 level. Sorry, the 111.20, so that's where we trade our stocks to. That's giving us a 6.75 reward to our initial risk up here. So let's again, let's just quickly review here as we're coming to the end of this content for today. We want to be looking for ABC corrections versus a trend. As I said, next week, we're going to go into more detail about how we highlight what a trend is. So we can identify where we are within that trend. But today we've been focusing on corrected patterns. And the main criteria for the corrected pattern is overlapping price action. The wave C should exceed the extreme of wave A. Ideally, wave A will be an equal length to wave C. If we exceed that, then we probably are in a new trend. So we can use that equality target A to C as giving us an objective identification as to whether or not we're still in corrected territory or potentially moving into a new trend. Because like I said at the beginning, not every corrected pattern is going to be overlapping. Sometimes there will be overlapping price action but it commences a new trend. And that's fine because we don't need the pattern to work every time for it to be a profitable trading strategy. And we know, finally, a trade beyond the wave B extremes, this old wave B extreme, is a structural signal that the correction is more likely than not complete. Okay guys, let's take this for about 40 minutes here. So hopefully you're getting a good idea. You'll have the opportunity to obviously re-watch this, the recording of this session. But hopefully now you're getting a sense of how you can identify these corrected ABC patterns. What I'm going to do now is open up the floor here for any questions that you might have. If you want to type those into the chat box and I'll do my best to get through as many as I can here in the next couple of minutes. So any questions, please type into the chat box. Just take a quick sip of water. Any questions guys? Like I say, this is the corrected phase of the ABC. Next week we are going to look at the trend criteria. Sorry Andrea, if you watched the beginning of the video I explained, we're drawing on some principles from Elliot Wave here, but the challenge for many traders, especially when you're new to the business, is that Elliot Wave can basically cause almost a paralysis by analysis. Like I said, a lot of Elliot Wave so-called traders are actually really just analysts or almost academics really. They're not involved in practically using Elliot Wave to necessarily trade the markets profitably. So what I like to do is basically draw on some of those principles because the idea of trend and correction is important concepts in the market. What I'm looking to do is to draw on some of those and actually build in some practicality and some objectivity so that we don't get lost in the analysis and that we can actually use some of those concepts to make objective trading decisions. So that's a good question. Don't worry about that too, you won't hear from the beginning. That's fine. I suggest if you re-watch, the recording will be posted later today and if you take a look at that, I just explained at the beginning what I mean in terms of how we draw on some of these Elliot Wave concepts without getting bogged down in the academic or the theory of them. Does that make sense, Andrew? Any other questions, guys? Yep, that's right, Andrew. Okay, look, let's do this. Let's change this chart here to the daily USD. So here we have, and then let's break that into a 60. So here we have, this is our daily chart. Now, again, overlapping price action. Yeah, following along. We've made non-overlapping. Up into a high, we pull back overlapping price action. Sorry, one second, guys, sorry. Sorry, having A, B, C. And then ultimately, what we get here is another A, B, C. We'll cover this in next week's session. This is a slightly more complex connection, but we will cover it in next week's... Once we complete the trend section, we'll then look at the complex connection as the final piece of this puzzle. Then we break from the corrective phase in a non-overlapping price action, which, as we know, suggests the potential for a trend. Okay, so let's bring this up to 60-minute, and that's changed. So here's the 60-minute charts of gold now. And what we can see is overlapping price action. Okay, so it suggests we're in consolidation here within this bullish advance. Now, where we're in this messy consolidation, these are the types of price patterns that we're best to avoid as they don't offer specifically high probability trading scenarios. But if we look on the daily chart, we have a trend move to the upside. Now, let's see if we can see where a correction would be. So we have... Let's draw in... This at the moment would be the pattern we'd be looking at. So we have an A, B, and then a C, probably much deeper from an equality perspective if that's how we're going to trade. Okay? So whilst we hold this B high, there's the potential for the equality C to trade to set up to the downside. Or alternatively, if we consider... Let's zoom out a couple of levels here. Can we consider this pullback? Can we consider this decline as potentially a trend? Well, we can. We certainly can. And if that is the case, we're looking for an A, B, C correction. So if we're looking for equality, this is our low, this is our B point, and our B point, have we met the minimum criteria for a trend to correction to the upside? Well, we haven't yet, but we do note this is heavily overlapping price action. So if gold was to pop up into this zone and we saw a rejection there, we could basically... You could be looking at an opportunity to enter into the correction that we've just identified maybe taking place. Does that make sense? So you can see how you can use these patterns to align yourself on multiple time frames. Yeah? Like I said, what we're going to do next week, we're going to cover the trend section. And then once we've got the trend, then we've got the simple corrective pattern complete. We'll then cover how you can use these complex patterns to answer with trend as well. Okay? So if there aren't any other questions, I'll wrap this up here. I hope it's been useful. And I suggest you take an opportunity to review the recording. And then hopefully you'll be prepared for next week's session when we cover how we can objectively identify the minimum conditions or criteria to see whether or not we are in trend or correction. And we're going to focus on the trend elements of that next week. Thanks very much for your time everyone and enjoy your weekends.