Dumb Money Concepts - Candle Close Times — Transcript

Full transcript

1. 0:00okay we got another quick lesson um
2. 0:02today we're just talking about okay
3. 0:03what's happening when candles are about
4. 0:05to close right and I'm just going to
5. 0:07show you how this might snowball okay uh
6. 0:09and it's really easy so let's jump into
7. 0:11it I'll give you a scenario and you'll
8. 0:13probably understand what I'm talking
9. 0:14about by then uh it's it's something
10. 0:16that you have to do in action so you
11. 0:18might have to watch me trade live if you
12. 0:20want to follow me I trade live every
13. 0:21single morning at the the New York open
14. 0:23for about an hour to 2 hours and if
15. 0:26something is about to close and you know
16. 0:29let's say it's way up here this is the
17. 0:31first obvious thing is let's say it's
18. 0:33way way up here and we've just had this
19. 0:35major major move it's super unlikely if
20. 0:37there's 2 minutes left that it's going
21. 0:40to drop back down but as things are
22. 0:42closing that's when things get really
23. 0:44important so you're going to have to
24. 0:45guide yourself um to understand okay
25. 0:49what's the likelihood of that candle
26. 0:52changing right so if if you only have 30
27. 0:55minutes left so here's another example
28. 0:57if you have 30 minutes left on the 4
29. 0:59Hour right so here 4 Hour uh on the New
30. 1:03York open this is really really common
31. 1:04the 4 Hour is probably not going to
32. 1:06change a whole lot in this next 30
33. 1:08minutes right so you can pretty much
34. 1:11guess like if the 4H hour has just
35. 1:14exploded you can pretty much
36. 1:17assume that the day is going to be
37. 1:19strong okay um if another example is you
38. 1:23know you see right here we're wicking
39. 1:25that level there right um and
40. 1:30let's say this candle is about to close
41. 1:31in 30 minutes right you might be able to
42. 1:34guess that okay we're probably going to
43. 1:35be going down so what you're going to do
44. 1:37is then you're going to drop down time
45. 1:39frames and this is the actual actionable
46. 1:41step that you can do is okay I'm going
47. 1:43to drop down time frames and I'm going
48. 1:44to look at the 15minute here and it
49. 1:46looks like okay the 15 minute just
50. 1:48rejected so again you're going to stack
51. 1:51these probabilities and you're going to
52. 1:53say what's the probability that this 15
53. 1:56minute is
54. 1:57bearish and the 4H hour is a out to
55. 2:00close which would make it bearish right
56. 2:04if the 15minute was bullish well maybe
57. 2:06we want to hold back on that that quick
58. 2:09to the thottle sort of ideology
59. 2:11right if the 15-minute is potentially
60. 2:14going to make that 4-Hour close
61. 2:16bullishly we want to wait but if the 15
62. 2:18minutes telling us hey it's going down
63. 2:20the 1 hour is telling us hey it's going
64. 2:21down and we're just waiting for our bias
65. 2:23why are we still waiting that's the
66. 2:25whole lesson here is why are we still
67. 2:27waiting around when the 15 minute is a
68. 2:29really high probability of making that
69. 2:31candle even worse okay so pair those up
70. 2:34multiple time frames and you should be
71. 2:35good to go