Sam Seiden: Multiple Time Frame Analysis

welcome everybody and let's let's begin I saw some comments about the the conference the FX street conference I think anybody go into that here who's going to the conference this year yeah how you doing Stevie J we actually met yesterday great to meet you excellent so some people are going to conference great if it's your first time you're going to love it I was there I think it was last year was last year great conference great thing about the fx3 conference is it's very different than other conferences a lot of conferences are just going there listening to lecture after lecture after lecture the reason why I did it last year was because it's so unique you actually listen to lectures but then you have a full day or two worth of trading with these instructors so you can learn the learn the method and then actually start trading the method yeah it's a great great experience if you're able to do it all right today's topic is multiple time frame analysis the proper way to do that very important to do that if you do it the right way you can absolutely stack the odds in your favor if you but there there are plenty of wrong ways to do it and typically that will lead to handing your accounts over to somebody else is doing it the right way so let's let's get started here and and we'll kind of jump right in okay now I'm going to start out by showing you a I'm going to show you one one page here one slide and then we're going to go and we're going to spend the rest of the time on the charts okay so let me take a picture of this for you all right can everybody see that okay should be able to see that picture now all right great so once you share something with you this will just take a minute this is an email that came in to me on Monday so just about three four days ago from one of our one of our Excel team members one of our dream members Sam I was in the Sunday Forex session I led that session I took the long position on pounce with that we reviewed in the class so two more contracts it was happy to find myself up twenty eight hundred dollars by 6:00 a.m. Tuesday morning thanks for the great class and for pointing out set up on pounce list because I usually don't look any but the majors Wiley Jones okay take a look at the setup we had a Sunday session last night last Sunday and we identified that the Swiss the pound Swiss was declining it was actually right here this red candle that is the Sunday other that's uh yeah that's if the candle that with that's what price was when we started the session on Sunday okay now if we look to the left we see that we have a drop base rally look at the strong rally out of this level daily chart okay I want to give you just a quick kind of two-minute version of this so why don't we buy here why were we looking to be buyers here because price had reached a level where the chart had told us demand exceeds supply we have our pattern not rally base rally but drop base strong rally okay that meant now understand what for newer people when prices rally away from this level as they did here understand this can only happen because there's actually a lot more willing demand here than supply in other words we have a supply and demand imbalance okay we scroll over to the right we came in to Sunday Session and price was sitting right there what did that mean that mean that a that that a forex market speculator was coming into the market and making a very big mistake two very big mistakes the two mistakes are this number one they were selling after a big drop in price and selling right into a price level or demand exceeds supply okay that is not something that you want to do you will lose consistently according to the laws of supply and demand so because the odds of prices turning here were so high because the risk to buy here was as low as it possibly could be and because we had the reward was pretty nice as well we buy right here at this black line with a stop below the bottom black line okay and the trade worked out very well for Wiley Jones and others in the group today I'm going to show you exactly how we arrived at this opportunity and others okay let's go back to the chart so we can do that I wanted to kind of show you a before and after there okay so let's take a look yeah I saw there was some intervention there of course that came in after that came in after the play with the trade was entered okay typically with news that will that's just going to speed up what was going to happen anyway okay now remember it we do run through a little probability storing system and not it's pretty simple but that's how we determine which levels we want to take and more importantly which levels we want to make sure we ignore so let's let's let's take a look at the charts here so I've got the charts back up you should be looking at the dollar Swiss okay now the three steps that we're going to make sure we do remember the topic today is multiple time frame analysis so we're always going to start now I'm going to do this for the first way we're going to do it is for kind of swing trading right longer-term day trading / swing trading and we want to do this step one trend okay what is the trend on the daily chart and you know it's as simple as just putting a 50 period moving average or some bigger moving average on your chart that'll be fine okay all right anything like that and and start with start with step one here you know what is the trend on the daily chart that's gonna tell us whether we want to you know be buyer's or seller's you know what side of the market are the odds you know on our favor so we want to start there with daily charts here we see that the moving average is sloping down right just take a quick glance at the a quick glance at the moving average if it's sloping down you're in a downtrend if it's sloping up you're in an uptrend don't make it too complicated the big challenge here is to keep things very simple so trend is down that that tells us right off the bat we might be what we might want to be thinking short position so step one daily Turk what is the trend step number two we'll quickly go to a larger one of the larger timeframe here okay so step two is going to be always to go to the larger time frame and I'll show you exactly why we do this okay I'll write it in here for you to keep it keep it simple go to a larger time frame okay larger time frame demand and supply okay so step two go to the larger time frame if we started with the daily go to the weekly here and here we want to figure out where's our larger time frame demand and supply there's a reason for that okay very important reason so on the daily chart we see we're in a downtrend right okay so we're thinking that we want to be a seller but when does every up when does every downtrend for example stop you know end and where does every uptrend begin that's support and resistance real support and resistance which means real supply demand if you're not familiar with the term supply and demand as far as trading goes you might want to review one of my prior recordings I go over that in detail okay so what so the reason why we go to this larger time frame because even though we're in a downtrend on the daily what happens if we're you know where are we with with the in the supply demand curve on a larger time frame so when we come to the to the larger time frame selling short in this area doesn't look too good okay because look at where we're at when we want to do very mechanically is come to the larger time frame and Mark off our bigger picture demand and supply levels so when I do that I'm going to start right here with current price and I'm going to scroll down and go left until I hit my first drop base rally which is right there so once I do that I'm going to draw in a couple lines like we always do and Mark off my demand zone okay we don't have to be you know you can just do it like this okay here's my level now when I scroll up current price let me blow this chart up a little bit I want to keep scrolling up until I get to my nearest rally base drop right my fresh one well pretty fresh so this is not I'm not adding this drop base drop right we want to come up here's a rally base drop here's another one up here okay now the supper one is pretty pretty we wouldn't expect prices to go through that that's a pretty solid level looks to be a pretty solid level because prices haven't been back to that level yet okay all right so given whoops here let me let me get the chart all right there's a daily chart here's the weekly chart I'm sorry I thought you could see all the charts at once I was doing this my fault okay there you go all right so now we're on the larger timeframe of the same market okay so we saw that we're in a downtrend on the daily chart but even though we're in a downtrend on the daily chart we need to know where we're at with regard to larger timeframe demand and supply okay so you should be able to see the weekly chart now okay let me scrunch this up for you so step to larger timeframe demand supply now when we when we look at where we're at we see current price are we closer to larger timeframe demand or larger timeframe supply okay in other words we still be aggressively shorting this market and when we come to that larger time frame we see that maybe that's not such a good idea right does everybody understand that okay you see how we're we're much closer to larger time frame demand then we are larger time frame supply okay so given given this given this fact right here of this larger time frame chart I still want to be shorting in this market but nowhere near current price when I go into step three which is actually finding pinpointing my my entry point I'm going to be looking well above current price okay because I don't want to be selling short anywhere near this larger time frame demand it's like I don't want to be buying anywhere near this larger time frame supply but the only only way I'm going to know that where I'm at is if I go to this larger time frame so now let's do step number three and don't worry there's only three steps okay so now you're looking at a chart an hourly chart so for step number three when we actually go in pinpoint our our our rate our entry point we're going to come to something like an hourly chart it doesn't have to be an outlet chart it could be like a larger inter day time frame okay all right so we're going to step through we going to find our entry point off the smaller time frame okay so now I'm going to smell I'm on a smaller time frame 60 minute chart all right yeah I see your question there when we get when we get down to that level on the on the Swiss yes we'd be looking for a long position that's why we don't want to look for short positions anywhere near that so I get to the hourly chart I'm just going to scrunch this up a little bit well I'm not going to scrunch it up too much let me blow the chart up a little so now I see current price all right 104 29 all right when I look to the left remember I want to look left now and find my nearest rally base drop that is fresh when we say fresh we mean a supply level that has not been revisited yet we want the odds stacked in our favor so I'm going to start here I'm gonna scroll left okay I come to this congestion area but that's not really rally based drop I'm gonna keep going up the price ladder until we get to this rally base strong drop in price just the opposite of that pound Swiss that I showed you we talked earlier in the week we're at my supply my supply lines around this to create that sell zone all right and I see we're right around 106 on the hourly chart which is well placed on the larger time frame curve so now what I've done is we've identified that the daily trend is down okay you know we're putting some rules to this instruction without rules and structure I think it's impossible to make money trading okay that's just letting you know there you go so we saw that step one are the daily trend is down I'm just using a 50 period moving average there I went to the larger time frame to see where our larger time frame demand and supply levels were which tells me whether that daily downtrend is likely to end soon or not and also shows me where to look for my entry points so if I'm thinking of shorting because we're in a downtrend I want to make sure we're shorting far away from that larger time frame demand level and so when I come down to the hourly chart to pinpoint my entry price we find that here okay now what do we like about this level well what's what's the best-looking thing about this level anybody want to throw it out there what's so good about this supply level up here yeah strong drop so everybody that answered that you has probably been in these uh probably been in these sessions before so nice job there okay yeah fit that's that's what we're doing now okay alright so strong drop from this level indicates a big supply demand and balance up here and the other thing that's nice about it is it's well placed on the curve and the larger picture let me just go back to that larger timeframe all right right here and if we look at where 106 is it's going to be right here okay so we're shorting right here you know nice and far away from this big demand level which means we have a nice profit margin on the downside all right now you may think that that outwardly level that I just stood up there you know it's kind of far away from current price you know that that entry is not going to take place for a while but here's the thing you know in the in the program we run you know we have four sessions a week and by putting these types of levels on on all you know a lot of different pairs there's always a trade right around the corner okay alright the key the key is to looking at you know non you know somewhat non-correlated pairs and applying a very high probability strategy alright you're still going to get a decent trade count but you know most your opportunities are going to be really high-quality okay so that's kind of our three-step process that we want to focus on when we're doing kind of longer-term day trading or swing trading or even position trading for that matter all right yeah we're going to look at some other markets - okay yeah so if we're going to look at for a buy we actually in the Sunday session we have this level down here I can show it to you in just a second well let's move on that we I think you saw the lines down there yeah so if we're you know once we hit that big Wiggly demand level yeah then we'd be looking to buy pull backs to drop this rally demand levels alright bill let me answer a couple more questions here SWI I would I wouldn't say there is I would say there is no difference you know understand again if you ever even heard one of my sessions you know when you have some free time go back and listen to some of the recordings but you know I started my career on the floor of the Chicago Mercantile Exchange handling institutional order flow in the forex market and you quickly understand that even though this is there there's so much news involved in this market that at the end of the day the movement of price is simply a function of an ongoing supply and demand equation alright that means that opportunity exists when this simple and straightforward equation is out of balance all right therefore if you believe that then you'll also understand that the most significant turns in price happen in price levels where supply demand is most out of balance okay what does that picture look like on a price chart because at the end of the day that's all that's gonna matter to you that's right here okay I showed you a trade that worked out from earlier in the week here's here's the next setup in this market dollar Swiss alright so again keep keep your focus on on the orders and all that yeah so Jason yeah I would I would say we're complete with this one then what you want to do here is you know again you're what we do is you know you sell short at the bottom line with a protective buy stop just above the area and then our targets below and that's going to be according to your trading plan are you looking for you know two to one to your first target three to one to your first target when exactly do you move your staff to break-even know those things are important okay Victor yeah you want to find you know ideally the levels that where your your black lines are close to each other again in the program we spend a lot of time going over a very mechanical way to enter to do this but I can give you a lot of that here our short time together what I'm doing is making sure that the majority of candle bodies are in between the two lines right that's where the meat of the order flow is so when we sell short here okay understand that we would be selling short to someone who's buying after a rally in price big mistake right you would never walk into a car dealership and say hey that that twenty thousand dollar car I like it so much I want to pay you 30 for it right you would never do that don't do it here so that person's making a big mistake mistake number two they're buying right into a price level where supply exceeds demand all right we want to be a seller to that novice buyer that's how markets work it's the people that know that get paid from the people that don't it's really a transfer of accounts okay you could buy up to that target bill so long as you found a low risk entry to do that we're looking at I'll look in a second here okay yeah Rob you would you with the same three-step process just switch the timeframes and do the same thing okay and and Rob you would do that if you want to make make you know reduce the risk a little bit of course you might also reduce the reward but if you want to bring these black lines a little closer to each other just do the same thing on smaller timeframes okay and Victor yes if if the lines are too wide meaning your distance from entry to stop is too wide just ignore that level and move on to another one that's one of the biggest things that you know one of the most frequently asked questions that I get and what you have to understand is you know out of every 10 levels supply or demand levels I'll see on a chart I'll probably ignore eight of them right I'm looking I'm looking I'm only looking for low-risk high-reward and high probability opportunity and that is certainly not available offered with every level on a chart okay Jose great question there and the answer is it depends on what kind of profit margin you're looking for right okay it all depends on what kind of profit margin you looking for if you ever been to the racetrack right I'm not a I'm not a big gambler but if you ever been a racetrack I mean if you have three horses that are relatively equal which one are you going to bet on you're going to bet on the one that's giving you the best payout right okay it's it's the same thing here take that same logic into here alright that that's the beauty of trading you know people people often compare trading to a casino and and then there's a lot of people that say oh don't do that trading is not gambling well it is I mean what what's the difference but and I and you know I don't want to use gambling in like a negative sense but it's speculating right think about it when you know when Pepsi are one of the you know Pepsi or coca-cola buys commercial time it's Super Bowl they're putting out a lot of money hoping for return there's no guarantee on that return right so they're speculating as well but but how about what we do which which is speculating in the markets this you know compare this to how things are run in Las Vegas right imagine being able to sit at the blackjack table and only put your money on the table after you see the cards and then have the ability at any point to put as much money down as you want right I mention those odds right that's what we have here in Vegas I mean uh in in trading all right the problem is a lot of people don't have discipline and that's that's a big issue okay yeah you don't have to be in the market all the time all right the people that have the patience and discipline are the ones who get paid from the people who don't Jack a couple more questions here and then we'll move on if the supply demand level gets fully penetrated through in long wick then you get a reversal signal would you take whoops let me just see you take the traders we're still good Jack if price went through a level I would say that levels no good anymore because if it was a strong level it's physically impossible for price to go through it you know what I mean so I would go look for the next one and if you're finding that that is happening you know too often for you that means you're simply looking in the middle of the curve so you want to go further out to the extremes okay and so so practice what we did on a weekly chart there okay all right let me just okay here's a good example somebody has to someone has to show an example that wouldn't wouldn't be good well there's one right here okay here's a reality-based drop here's a drop based reality demand level okay now let me crack capture the chain the screen I can't talk here pretty early in the morning here in Southern California I don't live here though okay so take a look at those two areas right there so notice rally bass drop supply and demand right here but in both cases if we were to draw lines in these look what happens both times this thing fails miserably right I'm just going to draw some lines around that one some lines are on that one all right now notice when price came down to this level there we go you should be able to see it now so notice that when price came down to one second there we go when price came down to this level here it blew right through it well it stopped there for a little bit and then fell through it when price came up to this one it went through it like it's not even there you know so you might look at it and say well how does that happen you know these are decent levels look at how strong price moves down to this level well you need a profit margin the profit margin is the distance between your two levels okay let me show ya okay because the distance between these two one of the we call the we call these things odds and answers in the in the extended learning track program in Online Trading Academy and one of the one of the odds most important odds enhancers is profit margin just because here's here's the here's the important part just because you have a supply level and a demand level does not mean you have a trade you have to have a significant distance in between these two without that that is high risk risk Trading understand that the greater the distance between your two opposing levels or for potential trades around the corner the greater the distance between these two your your risk reward is becoming much better and the probability of the trade is also dramatically increasing because you're moving farther away from equilibrium and much farther out on this on the curve right in other words you're stretching the rubber band more and more so okay so if you start doing this and you start taking every level that shows up yeah they're not going to work and they shouldn't so here's the thing because the risk reward here is not ideal okay you know understand that that also hurts the probability of the trade work King okay small profit margins are always found around equilibrium large profit margins are found out at the extremes that's why we go through our our kind of our three-step process right well-built stick to larger tempers if you want to but that's not the main point it's a good point there but it's not the main point the main point whatever time frame you're looking at make sure there's significant distance in between your levels and those are the trading opportunities that are likely to work out best you're right Rob price also stalled in front of that by level yeah this is a big big red flag saying do not buy here if this starts happening right before you level because that just hurts the profit margin which you did when price came back into their ap that's going to be that's going to be up to you so the bigger you make that number the better you don't want to make it too big so you don't get any trades but you know I look I look for at least three to one to the first target okay and and again again I also go over those odds enhancers so that's important josè do you look at the indexes or confirmation of turns typically I'm using limit orders okay alright yeah so let's let's get let's get past this and take a look at some other markets hopefully what we've talked about so far is uh make sense to you keep in mind this little three-step process that we've talked about okay doesn't mean you have to use these exact time frames but make sure you use some kind of combination of time frames like that okay here is the dollar Canadian right someone I think SW want to look at this one right okay Aussie Canadian I'm sorry okay we can pull that one up no problem let me get to it here alright SW I figured since you're typing capital letters you must really want to look at this market so let's do it so again let's let's no no if you haven't noticed with me in the past I am extremely mechanical I'm extremely rule-based I don't ever stray from my rules you could put the best strategy in the world in front of me I'm not interested I do what I do and it works for me and I just stick to the rule so having said that I'm going to start right with this daily chart here okay and there it is you should be able to see it just just recapture took a picture of it for you okay so we are in an uptrend on this chart right yeah Darko will look at this means we can give it our given our time here so here we have the aussie canadian on a daily chart the slope of the moving average is up no need to say more than that we're in an uptrend step number one is done we're looking we're thinking we want to be a buyer but without looking at the bigger timeframe i don't know how much how much room this uptrend has left so i definitely want to see that okay so therefore let's go a larger timeframe the weekly chart okay there it is let me just yeah let me capture this for you yeah Jason I agree it is nearing some supply so this is why we use multiple time frame analysis or I should say if you if you are using multiple time frames this is why it's so important to look at look at it this way so that uptrend on the daily looks so good right nice smooth uptrend just keep buying pull backs however where does every uptrend end and where does every downtrend begin at larger time frame supply right okay when we come to this weekly chart here we see that yes we're in an uptrend but that uptrend is likely to have to either take a big pause or completely end very soon because of what we have on this weekly chart okay so again just the opposite of the market we were just looking at we can certainly look to buy pullback to demand levels but we probably want to look a little bit lower around the curve so if we if we go you know to that daily chart to look for levels or something smaller you know we want to make sure we're not looking at something too close to current price because current price on this weekly chart is is not that far from that big picture supply level okay makes sense alright now this time okay so now step number three let's go to now first of all on the larger time or position yeah let me let me blow this up for you a little bit so for for for traders and we have many members who take longer term positions raised in these markets as well okay we may have an opportunity to do that soon in this market for a longer-term play if you remember months ago we had that in the lead a nice big long one in the British pounds right same scenario here potentially with the Aussie Canadian alright the key is you know the charts telling us when to take that action and the charts telling us when to be swing traders alright okay so let's add up alright so now we don't where we're at in the bigger picture we know what the trend is on the daily chart let's now go down to an intraday timeframe and this time okay I'll show you a different timeframe instead of going to the hourly chart I also use one of these timeframes which are really good yeah Jack I was agreeing with you I there's nothing wrong with taking that short entry at that supply line okay but there's there's more than one way to play that you know if you're a longer-term position trader you can take it for that you can also use that level to swing trade against even as an active day trader prices got up in there you know on the smaller timeframes you'd be you know you'd want to sell short you know bet to the downside for your day trades also once you got up into that level okay not all right yeah okay so now we're looking at the 240 minute chart okay now let me just first say there is absolutely nothing magical about this 240 minutes chart or an hourly chart or 180 minutes art this is just a nice big intraday timeframe okay it's a really nice you know something like this is a nice timeframe to look at so remember we don't want to find any demand levels up here around the 9594 area because it's a little too close to that larger time frame supply so we want to do is scroll down the price ladder until we find our drop based rally that is fresh one that has not been revisited yet and when we do that we arrive at this area right here okay so I'm going to put a couple lines in this area okay one there one right there I'm going to keep these in and you know on our next epic street sessions we'll go back and review some of these okay that we that we look at here all right so now I'm picking a demand level number one that is that is on the right spot on the curve in the larger time frame number two number two it's a fresh level meaning since price is left the level they have not been back to this area okay all right and why is that important well understand what these levels you know a lot of the books say when you hit a support or resistance level you know demand or supply level you know don't take the first you know don't take the first time the first pullback or the first time it hits that level and and they say that because and then they Finnick cop follow-up and say we want to see that level tested a little bit we want to make sure there's buyer's or seller's there okay well what was the you know be careful with that because what the book is really saying is don't take the low-risk high-reward and a high probability entry you know wait for wait for the low probability entry right and the reason why that is you know the reason why we want to focus on that first pullback in price to that level is is because this is this is exactly the same mathematical equation as how you chop down a tree not that I like to use that example but you know think about it every time you take a swing at that tree you are removing some of the mass from the tree okay therefore the tree is more likely to fall okay it's the same thing here every time you with each pull back in to this level this demand level some of the buyers that are sitting there some of the demand gets filled therefore the demand is decreasing which means your odds are decreasing okay all right so let's uh let's move on here yeah Jason you know that's pretty good it's a pretty strong move is there a better demand level someone's asking at ninety three twenty five so that'd be up in here the reason why we wouldn't go with ninety three twenty five it's because this whole thing here is rally based rally which we're not really in love with because these types of levels are always found in by definition in fact it's a rally base rally means it's always going to be in the middle of a move if you want to trade out at the extremes we go with the drop base rally okay those are those are our extreme levels odds a little bit better there Janita you know I don't know I mean some some of the books are I'm sure that you know there's good information in books but it's be careful you know you know a lot of people they keep writing books they what do they spend their time doing writing books so just just be careful with that the best thing that you can do as a trader and this is my biggest you know most important piece of the information here which actually has nothing to do with our topic but I'll just say it anyway the more that you can bring your simplest simple logic of how you buy and sell anything and every other part of your life into the trading world the better you're going to do okay when you go to the grocery store you know most people you know are smart shoppers when you buy a car when you buy a house right in all those scenarios people try to get a good deal on what they want in trading everybody throws that simple logic out the window and everybody wants to buy after a big rally in price and buy a big breakout and in all those things right it doesn't make any sense for some reason people throw all simple logic out the window when it comes to the trading markets they think it's some complicated fancy mathematical you know world and it's certainly not okay and another question here from blues man blues man you from Chicago the manner in which price gets to the supply area choppy or long bars can affect the way at least the suppliers is correct if so why yes absolutely okay so what he's saying there is the way that the way that price reaches a level Chi and he didn't say this but I all kind of had this to it the way price reaches a level goes hand-in-hand with how it's how it leaves level let me show you an example the trade that we took the other day I'll show you right here see that's exactly the case let me just grab the chart for you so on the trading session I did for our group on our Sunday session that led to this trade right here take a look at how prices came into the level okay this is that chart notice the strong drop in price and almost an equal rally out of that level that's because within these red candles here there's really not much to stop a rally in price so when price comes down and came down into our level you know it kind of shot right back up right back up okay you're gonna see that all over the place and if you look left here there's there's just no this is a pocket of price action where there's really no supply or demand that's why you're seeing prices move so quickly through those levels okay all right let me make sure I'm keeping up with these yet Arab I agree most books repeat previous books yeah Darko uh at some point maybe we'll see maybe when I'm all done trading yeah can we look at the euro yeah well let's look in another market here oh sorry about that hamburger I was just answering your question there yeah just because remember remember there's just because we have a level doesn't mean it's a level that we that we want to take a trade at and but we run through this little probability scoring system I'll try to get into that a little bit more and what's really good about it is it forces us to ignore these levels like 6800 and focus on the key levels like this one down here and that's a lot that's one of them that's one of the things that comes up sometimes in the articles like those lessons from the pros and our mind training academy and a lot of people read those and those questions come up from people that read the letters and my first you know one of my first responses to those as well yeah there we do have a very specific set of rules criteria that you know lead us to the proper levels and forces to ignore the other levels but those are not things that you're I think you're ever really going to see in detail in a free trading article and and the main reason is because if I put stuff like that out there I would get death threats probably from our Excel team members so remember this is all about having an edge so if you don't have an edge here you know don't compete all right let's uh let's keep going so let's take a look at the Euro again three-step process okay Gary it depends which yeah on the daily chart there we were very extended from that moving average and again that's why even though a very good point on the daily chart we were in it look you know look like we're in a downtrend but remember that downtrend is likely to end and reverse at larger timeframe demand so by knowing that that allows us to be in the next trend you know as it's starting as its beginning which is way before you'll get your higher highs and higher lows and and all that other stuff right euro in an uptrend okay we see it out in the daily chart step one I'll take a picture of it for you here okay this is just gonna take a minute because it's very clear right everybody the trades forex we see the euros in an uptrend all right there's a daily chart when we come to the pleat chart and let's do that now where are we in the bigger picture with regard to supply and demand there is likely chart okay so we see that even though we're in an uptrend you know we still have a little ways to go till we get to this you know bigger supply level above all right I'll just draw some lines in here so in this market you know we could buy pull backs to levels that are you know not all that far from current price if there are significant levels okay if there are levels close to current price we can we can look to buy cool backs to those levels and we'll take a look in just a second right you see how this you're on the weekly is much farther from it's big supply level then then the the others were okay alright so now let's come down to a smaller time frame and this time let's go to I'll show you a different time frame just just to show you that what you know what different time frames look like I don't ever bounce around like this you know once you have your workspace set you know at the more routine you could be I think better okay now what's interesting about this euro on a smaller time frame let me just take a picture of the chart here notice where current prices one forty five fifty five and notice we have we're coming into this kind of pocket of nothing here right we still have to get through you know price right now is sitting into these prior demand levels now we've been here a number of times so the odds are that this is a you know this area may not hold right because we've been here so many times and then also to notice below we've got this pocket of nothing and as we just saw you know prices if and when they get down to this area they can tend to move pretty quick through there so we'd be looking for a demand level a bit lower all right but I just noticed a time and I see that where we're about out of time here so I want to take a minute here to okay let me just a second here let me throw this in here for you so I just type my email address in there s siding at Trading Academy calm okay all right there it is F sident rating can be calm if you have any questions definitely send me an email and yep Benny I do do I did that last Sunday session that's what I was showing you first slide that I showed you so my dude you know some of the XLT Forex sessions but thanks for your time hoping that was helpful and again if you need more information email me watch those recordings we're here to help and for those going to the conference Congrats it's a great time

Channel: FXStreet

Views: 43,990

Rating: 4.840796 out of 5

Keywords: Forex

Id: 6DfAwN8fxC4

Length: 41min 49sec (2509 seconds)

Published: Tue Jan 12 2016