Key Levels And Price Action with Forex Triple B - May 10th 2021

Hello everyone, how are we doing guys? This is Jordan and it's time for our weekly review. What we have here is the Forex Triple B website, you can find it at forextripleb.com. Under the performance tab you will find this table where we basically post interesting examples from the previous week, and more or less we're following the rules and the directions for the instruments we've been trading inside the Traders Academy Club, which is of course based on the reports, and you can go back and check that. So basically, the instruments that you're going to see here are based on these directions, right? So when using the software, for example, we already have a direction, and if this direction confirmed manually fits with whatever, um, the actual software is suggesting in terms of direction, again, kind of double confirming here, we can then go ahead and use the software to trade into that given direction. So let's see what do we have as interesting Start from the previous week, firing up the plan here. The week starts from the third, I believe, third to the seventh. Yeah, which means down here euro pound. So let's quickly go ahead and see what happened there. First of all, if we check out the percentages here, I think it's somewhere around break even, right? Basically, that is previous week. It was really not the most volatile week. Many of the pairs, many of the instruments reached certain levels and certain structures in their cycle, in their development, which basically was ending cycle, which means we started going into corrections, into zigzags. And kind of ugly moves, moves where usually most of the retail traders would be losing money. At least this is what I'm noticing in the club when I'm talking to other traders. This is also what's happening to me as a retail trader. So I guess I fall into the same category. And there is a way to avoid that, of course. It's not that bad. You just need to learn how to identify these cycles. And when this happens, I usually step back and start using less risk, right? This is one of the things I do. The other thing I do is, uh, go back to the— actually, it's like this— lower time frames, okay? Intraday time frames and This way you avoid the given time frame. So let's say this is my 4-hour chart here, and on the 4-hour chart the structure is ending. Now I'm expecting some sort of pullback to happen, right? And I know that statistically my performance is worse inside these periods here. So if I go to the other time frames, on the other time frame, let's say the 15-minute chart, Right, on the 15-minute chart, I might be able to find structures, trending structures, which I know statistically are giving me more money than the corrective structures, for example, right? Whatever the corrective structure might be. So learn to identify these things, and most of all, keep track of your performance. Keep track of what you're doing, when you're doing it, um, the time frames you're trading, the state of the market during that time on this time frame. And then you will be able to identify these patterns for yourself. For you, might be completely different. You might not even be using cycles, right? You might be using something else. Learn to identify the moments of drawdown. So imagine that, um, most of the times our performance, if we're making money, usually looks like this, right? Well, ideally it would be like this, but most of the times we see ups and downs, ups and downs. And if we win more than we lose, eventually the curve starts to grow, right? So what's the idea? The idea is to learn how to identify these periods. What is so specific about these periods? What happens state of the market, time frames, indicators, uh, pure price action divergences, whatever it is. Try to figure out where does the drawdown come— the drawdown comes from. Once you do that, you will start to filter these signals during these specific periods, and then instead of the curves looking like this The curves will start look like this, right? Basically, you will start winning the same amounts of money, but you will start losing less. And this is the critical part, right? Both are super equal when it comes to trading, both like winning and losing, right? So the less we lose, the better the performance. Anyway, uh, enough theory. I shared this kind of comments in, um, all videos today from the strategies. If you're watching most of them, you will be probably hearing the same stuff, but I think it's important because when we're going through these market stages, um, basically we need to see that happening live, right? And unless you're doing a course which is super dedicated to all of these things written down, separated into chapters, there is no way to include them into a single video. That's why when I personally spot something interesting in the market, be that a setup, um, given conditions like we, we have now, right? In the previous week there was NFP, probably arranging because of that, maybe some other factors. But when we pinpoint these things live as they're happening, or as in our case, uh, it happened in the previous week and now we're summarizing that previous week, it's good to pay attention to these things occasionally. At some point, all these little small tricks that we're talking about will build up, right? And hopefully your performance will start to look much, much better. All right, uh, to the actual charts. Aussie CAD, we were looking for sells during pretty much the entire previous week. And here in terms of triple bill, we can also see, uh, that we have strong bearish momentum on the higher time frames. This is currently the 1-hour chart. We have weekly Those are the weekly levels. So this is the closest level in terms of weekly, right? And then we have a few daily levels here. We can see the cloud starting from here, which means it was bullish up until this point. This is where we, we became neutral based on the strategy, right? Based on the triple before rules. And then from that point on, this is now bearish. So from here on, we can actually start looking for the price to touch the bands, and then whatever the signal is, we're looking for the sells. So here we have first touch point, second touch point, and after that we got the breakout. I'm not sure why this was not triggered here, probably, um, The fractal didn't appear soon enough or something. I really don't know, guys. It might be a bug. I'll talk to the coders to look into this specific setup if there was a trigger here, not here. But basically you get the point, right? We're in super nice bearish trend. We started developing potential ABC or a consolidation pattern, which in this case turned out to be a consolidation pattern. Then we got a breakout, and then the idea is to, um, look for the bearish continuation after that. NASDAQ also was a sell opportunity or a sell setup. Um, here it was confirmed from that point on. This is where the 1-hour and the 4-hour chart confirmed the bearish momentum on the 15-minute chart, which means from this point on we might be looking for sells. As we can see, there are no divergences on the 4-hour chart, nothing against. And after this massive breakout, this is a fantastic level for the price to, uh, bounce, which we can see it did. However, here we still don't have the cloud, right? The cloud only appears right there. So in my opinion, that would be one of the best Um, levels, the resistance zones to attack from. On the other hand, in this specific point, we don't really see too many levels clustering and showing up at the same point. We do, however, see pure price action levels, right? These are here specifically also. So this is kind of even extend it a bit up to here somewhere to cover this. But I would mark that zone— where is this rectangle here? I would mark this entire zone probably as a good level. Here is kind of sloping up, so not really that good in my opinion. And this is going to be my next level. So if I extend this box, we can see that we're kind of near the top of it, right? Which would make sense if you ask me. Bouncing and currently holding in here, and this is where after the touch we're actually getting, uh, pushed below this fractal, the most recent fractal. All right, next Bitcoin, which is for me personally a bit tricky, to be honest. Um, I didn't try to trade it simply because I didn't get the structures which were developed on the higher time frames. However, there are arguments for the sellers in my opinion. There are arguments for the buys. Triple V Pro in this case is suggesting bearish, right? Up until here we have the buys. From that point on, we start getting the sells actually right here. So in this case, what we can see and what I will be paying attention to is the fact that we have a daily pivot plus double structure. So first of all, we are looking at potential ABC pattern, which is good, right? We know that this is a corrective pattern. Next, we can see the aggressiveness of the sellers— push, push, push, right? And then we start getting the potential ABC. Now this could be developing into something else. At that specific moment, this is still an ABC, and this is the fact that we're working with. Plus, we can also see that the price came to this zone, the daily pivot, rejected first, second, third time, fourth time, tiny pullback here, or consolidation, not pullback. And then we get the breakout, and then this level starts holding. Push. And my expectation from that moment here is that as long as this level holds, we are likely going to see this zone, or at least somewhere around that zone here. Okay, however, we're getting a break below, right? So that would be, um, the confirmation that this level is not holding. And with everything else in place, I guess it makes sense to start look for the sell, right? At least based on these rules. Plus, on the other hand, look what do we have here. We have bearish divergence on the 4-hour chart. So that could be an interesting one. Unfortunately, we can see the push up. Euro CAD, um, I guess not so interesting once again. We have pretty much the second signal here which should be appearing. The first signal, this is the touch point, so this is your entry level. Then you have second signal going a bit back. Now I'm not sure if it's probably this one, still didn't touch it, but yeah, so basically that's your level, right? Uh, the potential entry level in terms of price action This is something which I like. Okay, this is kind of double top, and even though the low is not really centered here in the middle, kind of, uh, shifted towards the right-hand side in this place— in this case, sorry. But look how many levels we have here. We have this, this, this weekly, daily And these two are already too high. But look at this cluster of zones. Now this, in terms of levels, I like. So I have the confirmation from higher time frames, right? This is currently H1. I have the confirmation from the levels. I have the confirmation in terms of chart pattern, which is double top, potential double top with a breakout. And then we're breaking below the middle point of this zone. This is also weekly support to here. Look how good if we extend that, this becomes one huge zone, right? Well, huge in quotes, but that's the entire level from all these pivots that we can see on the chart. But this is clearly holding, breaking the low, and I think it makes sense to start, uh, looking for this opportunity, right? So, um, I would say this is probably my favorite setup up until this moment. It's clear, everything more or less fits. I like it, definitely like it. Third, euro pound and Aussie yen. For euro pound, excuse me, we have this which is kind of consolidating here even though it broke to the downside, right? But we cannot deny the fact that It started pushing to the upside. This is the 15-minute chart, and after this last push up, we never managed to break below. We're actually holding and trying to get out of this zone. This is the zone I'm referring to right here. We tried to go lower, clearly it failed, so we can extend the range, but this is the cluster zone. So now we might be looking at possible false break just like here, and then continuation down, right, to go ahead and test the low again. But, uh, look what happens after this break to the upside. We get a consolidation pattern and we are never able to go below this low. Actually, we're never able To go ahead and really close the price. I'm talking about this consolidation, holding, holding, and then to continue lower. You see that? That resembles what I'm suggesting a bit, but, uh, honestly speaking, we really don't have anything at this up until this moment, right? So if this is going to be continuing we anyway don't have a breakout to the upside to get confirmed. Not just triple B trend lines, highs, whatever it is, you don't have it. Because now if the price starts pushing lower, you will not be triggered. But sticking to the triple B rules, um, what we can see is that after this touch point, we managed To go ahead and continue in this direction rather than the opposite direction. So that means we're holding a potential breakout of this zone, and now we start breaking the highs in this direction, in the up direction, right? This is how I personally read it when I look back at it. And of course you will say, yeah, but you have, um, you know what happens, right? It's post facto. Anyone can go ahead and say You should have been buying here, we should have been selling there. I'm just walking you through what I would be thinking if I, uh, would be looking at this thing live, right? This is going to be my process of thinking. Price action, super important. Make sure you understand levels, make sure you understand critical strong levels, okay? Your trending depends on levels, guys. Um, The rest is pretty much reading. I mean, this part you don't need to analyze that much. You don't need to analyze anything actually, right? The only thing there could be any subjectivity is right here. Anything else that you see on this, uh, not dashboard, like a template, is not subjective. I mean, it's black and white. That's it. Either it is or it's not. It's bullish or it's not bullish. But this little stuff which I'm explaining here, we actually— they might be little, but they do, uh, matter a lot. These things, right, you're going to develop them as you trade more and more and more. So really pay close attention to them, and you'll hear me explaining these kind of things over and over again because this is really what I'm, I'm using. Right, so I think we've covered this one. Euro yen, uh, was also something covered in the live sessions, and the idea here was that we have a large range on the daily chart. Was it a range or some kind of shrinking pattern? Doesn't matter. We got the breakout. I think it was shrinking. We got the breakout. We got here the extensions, and basically the idea was to start looking for the buys right after this pullback. And this is where triple B actually comes in play very nicely and very neatly. No divergences against, at least not on the MAs. The only divergence you get is here, but then you got the support from the hidden bullish hidden divergence over here. So in terms of divergences, I would say this is. A decent setup. That's the moment where the software starts, starts suggesting the bullish continuation. Weekly pivot which was tested— this is very important for me. I like when these levels are tested. It means stops or whatever optimal place is being reached, optimal zone, and then the price is ready to move on and to continue, right? And usually if you're going to be buying, this is the best place start looking for the price right here. And if the price manages to go to this place, it's even better, right? So the price manages to reach this optimal place, and we can see this zone, it's kind of obvious and clear, uh, bouncing off of this weekly pivot, breaking through the daily pivot within a single, single candle. I love it. And then you hit the next cluster. Which is right here. So that might be a problem with this specific entry, with this specific trade here. Okay, this alone. Again, the ideal, uh, point for entry will be right here. Of course, that doesn't fit with the rules of Triple B, which is to, uh, touch the bands and then bounce and then look for the breakout wherever the most recent fractal would be. But I'm just again sharing what my process of thinking could be. So if I'm trading this manually, not based on Triple B, I would be probably waiting for the price to give me a pullback and buy, or for the price to go ahead and clear that zone, then give me a pullback and buy. Okay, something like this, but definitely not buying right in front of it, or right inside of it, should I say. Uh, what happened here? Let's see. Push. Well, basically the zone is respected, right? I mean, this is exactly what I'm referring to. So in this case, it's a straight push down depending on how you're gonna trade. Let's say you put some, um, pending orders here which will be stopped out as well, I believe, right? If we take these lows right here, let's say you're going to be stopped out, but I think you got the point, right? We don't want to be buying, um, the resistance, right? And we don't want to be selling right here inside the support. That's the bottom line. This is what I'm trying to explain, I guess, with too many words. All right, um, if you have any questions, drop a comment. If you like these videos, guys, show the support, thumbs up. And I guess I'll see you in the next one. Thank you for watching and have a wonderful week.