sRs Pro - Weekly Summary - May 25th 2021

Hello everyone and welcome to another SRS Pro summary, weekly summary here. My name is Jordan and today we're going to, uh, go over some of the interesting examples that took place in the previous week, which was May 17th up to May 21st. If we look at the table— by the way, this table is located at srs-trendrider.com under performance. You will find this table right here. There is a button below the table which will show you more examples going until March 2020, right? All, all the way up before this date. So that being said, let's start here, and I'm going to start from the top. Euro pound is the first one which the team finds interesting. And here, let's see what do we have. Well, it's a pretty classical setup, right? The very first thing at least I'm going to notice in this situation once I get a signal is That I have a beautiful ABC pattern. The price is moving in an uptrend, and everything I need for this thing to be confirmed is in place, right? So this way you're getting a conservative setup, you're getting the trendline breakout. And in this case, now we're going to check out some of the other examples, uh, but in this case, look what happens. There is breakout of the trendline. For let's say first candle, second candle, and now only on the third candle, third or fourth candle's open actually, you're getting the signal here, right? So this is kind of confirming that the price is already eager to continue to the upside, only the actual candle color was not yet changed. That in my opinion is what could be suggested Here's something interesting. Euro franc, pretty much the same setup. I mean, we cannot really, uh, go and do something crazy about it. We can do some kind of a count here, which is also confirming, but overall we get this ABC structure and we are stopping right here at this consolidation. So you get this massive push to the upside. This is the last consolidation zone, which was also broken to the Uh, upside, then you get a pullback and stopping here. If this turns out to be something like that and we don't break the highs and we start creating the zigzag, and basically that turns into a deeper wave, then the next level I would be probably looking for entries is around here. Now in this case, it's a bit tough to decide where exactly, but for me personally, this strongest zone. Okay, something like that. So I would be looking for a larger ABC to develop, and if we get a setup around here and the price starts bouncing, I will be looking for the next possible setup. Because in this specific scenario, um, you only get one way from the current time frame, right? That would be the idea. And here, as you can see, pushed lower. So this could be a very, uh, interesting to follow afterwards. Pound CAD. Now this one I don't like too much, to be honest. Um, you have a supporting trend line on the way up, of course, and from this point on we can say the price started actually gaining the momentum because this is where we tested the level. And here we got the breakout. After this breakout, the price is holding the level and we kind of got stuck in a consolidation. Now I'm not really sure how to call this, whether this is a triangle or whatever. Um, I'll definitely not call it a double wave because this wave is much, much smaller than this one. But what I can agree here with is that this is a consolidation which holds a breakout level. And then this zone is being cleared, okay? Because this is the middle of whatever that structure is. And at that case, we have the price testing, testing, testing, and here we have a breakout above it, right? Again, I'm probably not going to trade this if I see it live, but I guess it's still tradable and, uh, worth the shot, right? If we can use this fight here, Aussie franc. Let me see, this one is again kind of, um, classical setup. Here is your breakout. Now if you're using the 2 candles rule, you're not going to get it here. So this is probably one interesting part in terms of the count. I would be counting it like this. And, uh, basically ABC with continuation. In this specific scenario, this kind of approach could be also applied because we have only one smaller wave. So if this is your complete structure— first wave, second wave, and then continuation— that would be also happening here. But the zone— we cannot deny this zone is absolutely amazing. And, um, again, I think it's worth the shot even the way it is. What else you can say here is the zigzag structure, which I don't like too much because look what's happening now. This is why we have the higher time frame sentiment and all this stuff, right? Because what this push to the upside is doing could be, uh, interpreted in different ways. Okay, this is why it's good to check all this momentum, etc., etc., in the monitors. And probably if that happens and then you get the signal, it would be wise to go ahead and check the higher time frames if you have the knowledge. Right? Otherwise, I rely on these indicators right here to tell you what is happening on the higher time frames for you to go ahead and use it. Aussie cut. Now that falls into the into the classical setups, I guess. Right? ABC breakout. We have a tiny consolidation zone here, bouncing off of this consolidation zone and attempting for the price to continue lower. I don't personally like the size of the previous candle, the candle that actually turned from, um, from blue to red. Okay, I like to see big powerful candles that bring momentum with them. In this case, it could be actually created this big powerful candle because we had this candle right here, and after this candle we got stuck in consolidation, which is very common. Like here, for example, you get the push, kind of rejection with a spike, and then you have consolidation before the continuation. Okay, or here you have the push and then you have small candle following afterwards. So it's not Uh, that bad when you look at the, the full picture. But you got to be paying attention to these little details, right? Because someone might say, okay, but this was a blue candle. Yeah, it was a blue candle, but don't forget this is a smooth— the colors are smooth here, right? If we remove, um, the algo which is painting these colors over, this is going to be A red candle, right? If it's a regular bar or a candle, I mean. So that's about this one. Then we have Bitcoin 15-minute chart, right? Massive push to the downside, breakout of this zone, retesting that level. This ABC is a bit forced again for myself. If I would be relying on this ABC alone, I will definitely not take it. Because this wave is much, much larger than the other wave, and this is the part I don't like. Uh, yeah, you do have a breakout below, but as far as I understand the step trading, you need to have this kind of situation, right? So basically you're not relying on the previous low, you're relying on a newly formed low once the price starts moving lower. So if we say this is breaking below at least the way I understand step trading, this is not going to be, uh, practical in this case. So this setup I could easily skip, to be honest. But again, I guess I'm too conservative. So, um, don't, don't take it like this is the only way, right? There are definitely very— not very many trades— not trades, or should we say setups— which are in the gray zone. And I mean, giving it a bit more risk tolerance doesn't make it wrong by any means. I'm just saying how I see it from my eyes, right? If you take someone else from our team, even from our team, not from some outside company or whatever, right? Even from our team, you will have probably 3 different opinions there. So you will build yourself as a trader at one point, and once this happens, you will have your own opinion. And I strongly advise you to try and do that as soon as possible. There is nothing wrong by following other people's analysis, not just ours, right, if you're part of the live trading room, but Once you, um, start learning something, a given method— let's say you start learning Elliott Waves or start learning cycles or start learning, uh, I don't know, whatever analysis type X, method X— stick to that until you master it and until you give it enough time to understand how it works, okay? Because usually in trading there is a huge portion of subjectivity. Right, that's why some people say technical analysis is more of an art rather than science. This is still debatable. I don't really agree with that. It could be brought to the place where subjectivity is minimized to probably more than 90%, maybe even 95%, but the part I do agree on is that Again, you need to figure out a way to make your own analysis, right? Because otherwise what happens is if you have different opinions from different people, one of them in this situation will tell you this is ABC, the other one will tell you this is not ABC, this is a range. Who's correct? Who's wrong? So one of them is going to be correct, it will move and make money. One of them will be wrong, and probably not take it, not make money, save the loss, or skip the target, miss the target, right? So if you're following people randomly, then you're kind of gambling and your performance will be random. Maybe in the long run it will equal out, I have no clue. Maybe it will, but maybe it won't. Because one day you will be sleeping and you will take someone's advice on the next day, but the next day you missed the target, right? I mean, I'm not sure how to explain it. Maybe my vocabulary is not rich enough, but the idea is to be consistent in your analysis. And the only way for you and your performance to be consistent, your trades to be consistent, following the same method over and over again In order to go over drawdowns and bad periods and continue moving up, right, to prove it works, you need to be consistent in what you're doing. That's why you need to do the analysis yourself. You need to take the knowledge from someone else, figure it out through your prism, the way you see this analysis fit, and then start using this knowledge Your way, okay? Otherwise, the subjectivity part will kill you and you will lose money. I guarantee you that a million percent, a trillion percent. Take the knowledge, figure out how to use it, and use it your way. And do that every single time, okay? And again, what I mean is, if for you this is a double wave, this should be a double wave every single time. And you must have the specific rules to say this is a double wave rather than a range. Because if this is a range, you should be looking for buys or breakouts. If this is a double wave, you should be looking for breakout of a trend line, which in a range puts you in bad position because now you're somewhere in the middle of that range and you're stuck there, okay? But if you have your own analysis to figure out what is it every single time this is going to be double wave or this is going to be a range, right? You, you gotta get to this point, otherwise you will be lost, guys. Trust me. Anyhow, uh, back to the actual setup. Push down, 2 waves, spike through this thing, breakout. Candle switches to the upside. Of course, the higher time frames are suggesting continuation up, and the price luckily pushes up here in order to collect the first target. Actually, that was the last one for that previous week, so I guess we wrap it up here. I'm wishing you a fantastic week ahead, plenty of pips, and I'll see you next week. Have a good one.