3 Phases of a Sideways Market / Sideways Range
3 phases of the sideways range:
- Highs of Range: as price approaches the highs I have 2 options, sell the highs or wait to break the highs and then buy a pullback
- Middle of Range: I do not trade the middle of the range
- Lows of Range: as price drops to the lows im buying as support or waiting for new lows to sell a retracement.
10:30 Reversal:
- Log into your advanced course and watch the video on price reversal patterns (3 Price Patterns video, 2-step pattern)
Golden Lunch
- Did not see one today b/c we have major news early tomorrow morning.
AB = CD Pattern
- I can use this technique in any way I chose.
- I used it today on crude oil to anticipate a fake-out breakout and we all avoided a losing trade b/c of it.
Auto Trader 1.9
- Open your chart properties and enable the TOOLBAR
- The TOOLBAR is where the manual exit is.
Big Money?
- I use the larger orders on the time and sales window to qualify my entry.
- Advanced course has a video on tape reading.
What does a BEARISH USD mean for us?
- Everything RISES when the DOLLAR falls.
- As our USD is more valuable I can afford more things.
- As I can afford more things, they are more available, and therefore prices eventually drop.
- As the dollar decreases in value, I can afford FEWER things, and with more things unavailable the prices rise.
Inside Day vs. Outside Day
- Inside day = I trade inside the range I’m in. (sell highs, buy lows, avoid the middles and the fake-out breakouts)
- Outside day = expect breakouts
- STEP 1 = Define the day as either inside or outside.
- STEP 2 = find your ranges (sideways, channel, wedge)
- STEP 3 = use this information to trade at the highs or the lows of these ranges
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