subject: How To Trade Without Indicators Webinar Part 3 [print this page] How to Trade Without Indicators Webinar How to Trade Without Indicators Webinar
Transcript Part 3 of 4
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Now, yes, you can definitely target these moves down here and look what happens, price comes down here, it starts to hook up here, right? You can get out here. If Im going to rule is maybe you need to break above this thing here, I dont know. But Im just being very aggressive getting out of this trade 59.60 to 59.10 to 50 pip trade just by getting out when it tells me to get out. It crosses here and I get out right here, right? And guess what, Im going to get out. When it crosses back, what do you do? It all depends on you.
So this trade, you know, about 7:30, 8:00 roughly, things got an hour to ride down here in 50 pips that some people would say, Well, whats 50 pips, man? I its not that youre making a 100, 200 pips, its all about account size and Ive this is one thing Ive always tried to tell people and they say, Well, I got 100 pips is nothing. Well, its nothing to do but maybe to this guy over here, this lady over here whos got a $25,000 account, that 50 pip move and thats a lot of money, all right? And one thing a lot of traders do is if some of these little small accounts that they put $1000 in, and they only get a 30 pip win.
Well, 30 pips are great but not to them because theyre trading a dime so thats enough for them so what do they do? They just trade more. They trade more. They trade more. Theyre frustrated. Their accounts are blowing out because they didnt stop trading. Account size really, really has a unless you can get your head on straight, right? And treat that smaller account like a big account maybe your doomed. Youre just doomed.
Most traders fail, right. Thats the stat. Thats not my stat like its broker stats thats the governments stats thats why they have these regulations coming in now, Well, we dont want to get feel too much leveraged, were going to drop down to 50 to 1. If you think leverage is the problem, youre mistaken. I trade a 50 to 1, 50 to 1. I just trade 100 to 1 when I could. Its not leverage. Its about knowing how to use it. If they think they have access on that money so Im looking at what their account balance actually is. But anyway, thats a whole different rent, right?
So this tells me when to, not only objectively get in, but now it tells me when to objectively get out. How great is that. How great is knowing when to objectively getting somewhere and objectively get out. Its perfect. Its beautiful. Its what you want, right. Well, sign out then this presentation.
This is going to be a fib, right? Well get on a fib. So what we got here? You see where I pulled the fib from, right, the 100 of fibs as it goes down here, but what do we got here? Weve got the 8400 P level perfectly just kind of aligns up with this level right here where price is rejected from. Price rallies up, right? But then, well, what about this one, why did I why didnt I short there, well, because this was a pull there, all right. I know youve seen that but also look at the stochastics is, its going up, right? There was no shorting up to me and its just a mess right there, just a mess.
So you wont look just for the cross here, youre looking for the cross, youre mistaking, youre looking for a confluence of where price is the area and which it takes us back. Heres whatever happens. Its a new line here. Nice move up, right? Price goes up, goes up, goes up, goes up. You know what people are doing, right? Thats another thing youre doing, oh, look at this little spike right here. What would the novice trader do? Hes bought into this and quickly lost. So the short on this is 83.50, right? Thats when this crosses down at 83.50 and thats what were looking to get in. It stays in that area for a while.
Now, this chart, I took this one for a reason and I dont have an ending yet because I just got the ending for this chart. Now to the higher time frame, this is a four-hour chart. Im looking at daily chart. Looking back, this is kind of messy, right? But you could say, right, this green line is below this one. Stochastics has already crossed way over here, right? The stochastic crossed on this line right here. Your stochastic cross -- you may not be able to see it. If you cant apologize. MACD was still up. This is crossed down. Right here is on the MACD cross down. The stochastic is really spreading apart there. This is crossing down. My higher time frame is telling me to short. I have found a lower time frame, an objective area to short, and an objective means to enter, right. And they have to guess, it was right there in front of me.
This is where it happened. This other trade ended up, end up to a 144 pips of the trade chart getting out on a cross up, right? This is where it happened. Now heres the deal. My daily chart is still down. Its kind of going sideways, right? The stochastics is still down. This is where you can decide what youre going to do and this is where youre going to have to practice this, okay. I cant tell you what to do. I cant tell you what youre comfortable with. One thing you could do is say, Okay. Well, you know what, its crossed up my 240. But overall, I know this is not a perfect example of this, because its going sideways here. This is still down, this is going sideways and price is telling what as well.
Well, I could say, well, wait a second. Why dont you just take a little bit off of here since it crossed up, right? Because this is still down and if my stochastics crosses up here on my daily, right? Its aggressive, Ill just get out. You see? You see? Well have to just, this is where you can use the small time frames to help you stay in sync with the higher time frame and this is confusing. If you watched it a few times and Im not selling anybody short here but Im talk Im saying it and sounds confuse with me. But you can see that you could just peel a little bit off, thats why I put partial here. When you say, Hey, you know what, Im out. Im going to look for another place to short but Im still looking here. You know what, Im not going to fight this retracement on my 1,024 pip trade that kind of set me up. Another one says, Theres a one big trade that did it for them, but that was mine. You know, that was mine.
And I believe one of the coaches here has won as well, I believe Troy has a Forex trade as well that kind of did it for him that came up a little bit. But always make sense, you know. Its still down here. Yeah, its kind of sideways here but you may say, you know what, I get out because this is going sideways. But if this is straight down, this is straight down and I want to peel a little bit off here. Take some profit and well see what happens over here. If this curls up, I am out of this trade. Totally legitly to play that.
So webinar plan was to use multiple time frames, we covered that, right? Determine your trend, your trend health, we covered that. Aggressive/Conservative, we know that a conservative play is using your MACD for everything. Personally, if you enter trade, thats not for me. I never did that. It was stochastics. As long as I was trading in a direction of a real higher time frame trend, I want to get in that trade, right? Aggressive/conservative. The entry areas, we know we can pick through so many different ways into trade that we can pick a trend line. We can pick a retracement trend line on a down move youre looking for the up sloping retracement trend to break. Were looking for a pullback in support resistance areas. Were looking for a pullback into a cluster of trading activity.
When do we get in? We got out trigger. We have our cross of our 8, 3, 3 stochastics. Thats when we get in. Our exit trigger? Same difference, why not use that? You could go, Well, wait a second, well, whats my risk reward? If Im going to wait for this to turn out, whats my risk reward? The problem with that, I got to tell you, and people always hang up on risk reward. Well, I need a 3 to 1. I need a 2 to 1. I need 4 to 1. Its all just potential, right. I like potential risk rewards being high. Yes, but do you always get them? No, its potential. What really matters is the average profitability of your trades overall, right.
There are some people out there that trade negative risk reward ratios and do extremely well. Thats not the Holy Grail. You know, people talk about, well, you need a high percentage of win rates and you know you dont. You know you dont. Thirty percent winners, people still make a killing, right. Theres so many factors that go into that, so dont get hung up on this, you know, the educational community out there and its not you know whats great about NetPicks, Im not trying to plug them or anything like that, but Im here for a reason because these people are standup. Thats why Im here. But other places would tell you, Well, we got 80% win rate and weve got this, weve got that. Yeah, it doesnt matter. Who cares? You know, who cares? And people say, Well, you know, 5,000 pips. Who cares? Whats it worth? You know, are you able to do the same thing? Thats the key. You see, I go off on the wings. It always happens with me. No one is telling me to stop that. Okay, so I tell myself.
So overtime whats going to happen is this. You can look at these charts. Youre going to look where these triggers happen. Youre going, Well, wait a second. Im seeing a pattern here. I am seeing a pattern. My pattern, my aha moment, and I want to say that was using the big thrust moves on charts. Now, people are saying, Well, why you just do that from the beginning? Why wasnt this webinar about that? because thats me showing you that. Thats not good. Im giving you a key here to find these moves. Im giving you a key here to Im not doing any favors, right? I just overtime, Ive got a lot of emails and NetPicks has gotten emails am I going to do a course on price, just pure price. Probably not. Probably not. Its not easy stuff to teach. Its just isnt. And really, you cant really teach it. You got to see it for yourself. You have to see it for yourself.
For example, I got an email from somebody who trades one of the strategies who start to implementing my not going short into the low today or going long to high today. Wait and see what happens. And its paid off nicely for, right? You found what works for you. But whats going to happen is youre going to find where the best moves take place. What have you seen in charts are saying, Well, wait a second, look how far price dropped when this happened. When price rallied up with this area where this big drop happened, the stochastics crossed down, looked what happened. And it happened when on a higher time frame so you go to your higher time frame. What are you seeing? What are you seeing? Youve seen a strong MACD up, right? But maybe youre seeing some sideways action stochastics.
Wow. Wait a second here. Now youre seeing something, right? Youre seeing form yourself. No one is showing you a diagram in a book. Thats not going to do anything for you. Trading is not like riding a bike. It really isnt. I feel that analogy is nothing like that. Trading is such a personal thing. Its you have to see it in order to trade in if I make any sense -- if I make any sense or whatsoever, although that makes sense otherwise. But, you know, find is the common factor between the trades that take off and those that just dont go anywhere. We will see that. And how youre going to see that?
First thing you have to do, look through your left. Where is the price ending up? Where is it going into? Thats the key. The last leg that occur, why is that stochastics turning in this area? And you know what, I just noticed that stochastics is turning on that area almost every single time. Now, youve got something, right? Now, you are putting together yourself. Now its wired in your brain. Thats key. Im almost like Im preaching. Yes, I do because I am. But Ive seen so many people fall by the waste side in trading and Ive had some great success stories from people. You know, one guy is in Australia. He was able to put his kid in college and the farm was not doing very well, they were able to go and spend time with their boy while he was in school because trading was paying for him to do that. Those are great stories, right. And thats why I want to do this webinar when theyre asking me to do a webinar. I thought, You know what, Ive got enough emails from people that Im going to do this. Some people have asked me to, Can you pull this trade calls on your trades. Well, no. Whats that going to do for you? Nothing. Nothing.
Skim through different time frames of these strong turning points. Well, when you see a turn on 240, right? Hold through, you know, put a little box in that area and scroll through the hourly. Go to your 15. What do you see? You may not see something right? You know, those pictures you look at and you start at it and people say, Oh, I see that witch. I look at and go, I see nothing. Well, eventually, thats going to happen is that which is going to come to me. Ill see her. Why? Because Ive stare at it long enough that that pattern that that witch-phased pattern can now see it. Its like, Oh, yeah, and thats it. Thats it. Thats how you want to do it.
What kind of price bundle? I say bundle because I dont want to say pattern. I dont want to say, you know, the rising wedge. I dont want to say that because what is a rising wedge, right? If the price is simply not going, people are buying at higher prices, its all it is but its being capped at a certain level, right? I want to hear the price, what was price doing? People are buying at higher levels, right. That is in demand, right. That currency is in demand because of buying. I dont want to hear of that rising wedge. Youre going were going to do this. Were going to do that. How does it feel? It feels quite a bit because the market is on move patterns, right? They dont. They dont move on a stochastic cross. They dont move on a stochastic cross.
But by finding those crosses, youre going to be able to zone in this is where price moves. This is where price moves and this is whats going to make you head and shoulders above other traders, maybe because theres so much more into it that it has to do with the person. What is the bigger time frame chart doing? Yeah, man, if Im looking at a four-chart and Im what is it doing at that level? What happened? I see the stochastics crossing but why? Dont just look out and go, Oh, crossed now and going to be Im going to be on the look out that the MACD might cross their now. No. The indicators are just a means to an end. The end is looking and seeing and why is it doing that? You will see it. You will put it together. When I first learned about order blocks right, where blocks of orders were stacked.
Ive got some videos out there that Ive shown the news feed and when I traded off of. When I got that around my head, the order blocks, right, it changed everything but you can only get that by looking at the chart. Its like those people that they what did they do? They short a swing level and they put their stop where? Right above that swing level. And what usually happens? The price is going to come up. Its going to take you out and its going to go on into merry way. Why? Because its going to block the orders in that area and youll only see that this way. It cant be taught but I dont think so. And thats why I say, well, being shown how maybe faster and maybe like say, Oh, I see that. Its going to work for you because its wired for me and its wired for other traders that do it this way but its not going to blend for you. You got to find it on yourself, on your own terms, and your own thought process that got your brain around it.
I really hope that makes sense because trading has given me a lot. You know, I have not worked a fulltime job. I dont know how long. Ive worked a part time job and I dont know how long. I dont. Ive been able to do things. Its given me a life, you know. Im 45 years old. I got to stay home with my three year old and watch her grow up, you know, thats tell me I can do it, that can do something for me, you bet it did. And I got other things on the go now because I dont have to, you know, I dont answer to anybody. I answer to me. There is nor reason why people out there that are listening cant do the same thing. There isnt. There isnt. You know, there isnt.
Let me sum with this. I got an email from some guy and that was the guy I
