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How to Master Market Structure (Basic to Advanced) — Transcript

by Lewis Kelly · 4,761 words · 693 segments · language en · Watch on YouTube

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0:0098% of traders fail to consistently make
0:03money in trading because they don't
0:05understand this one market structure
0:08model that I'm going to be sharing with
0:09you in this video. This video is broken
0:10down into two parts. In part one, I'm
0:13going to be using this whiteboard to
0:15explain everything about how to trade
0:18market structure properly. And in the
0:19second part of the video, I'm going to
0:21take you through a live walkthrough of
0:22real price action, applying everything
0:25that we've just learned into a
0:27step-by-step trading strategy. So
0:28without further ado, let's dive straight
0:30into the video. There are four key
0:33points to understanding this market
0:36structure model. The first is basic
0:38structure. The second is advanced
0:41structure. The third is
0:43multi-dimensional structure. And
0:45finally, the fourth is everything
0:47compressed into one simple to use,
0:50consistently profitable trading model.
0:53Let's dive straight in first to set the
0:54precedent with basic structure. So first
0:57and foremost, basic structure. Basic
1:00structure simply tells us the direction
1:04that price is likely to trade on based
1:06off of these external swing points. You
1:08see, if you look at any market, you will
1:10always be able to identify areas of
1:13price where you see sharp market
1:16reversals. These areas that produce
1:19these reversals are what we refer to as
1:21our swing points. So just by mapping out
1:24our swing points, we have a very good
1:26idea of the direction of price. Simply
1:29put, half of the battle of trading is
1:32just understanding which direction to
1:34trade in. Profitable trading is which
1:36direction should I trade in and where
1:38should I trade in that direction from?
1:40If you get those two things, you've got
1:42it. And that's exactly what you will get
1:43from this video. So first things first,
1:45we have these external swing points in
1:47market structure. And very simply put,
1:50when these points, we have a low here,
1:52we have a high that produced a reversal,
1:54that high puts in this low, and then
1:57price reverses back to the upside from
1:59that level. So this right here is the
2:02current high. This is the current low.
2:04Price comes down, fails to break this
2:06low, and then trades higher and breaks
2:09above this high. That is obviously a
2:11break of structure. So a break of
2:12structure is essentially where the next
2:14price leg breaks the previous high or
2:17the low in a bearish example but this is
2:19a bullish example the previous high
2:21toward the upside. Now essentially what
2:23happens is after we break structure
2:25price finds a agreed upon price at some
2:27level and then begins trading back down
2:29into this previous level. Then you can
2:31map out this low which is going to be
2:33referred to as our swing low. Right?
2:36This is the low that's currently in
2:38control of price. Then we have this high
2:39that produced that low. That is referred
2:41to as our
2:43swing high. Now before price breaks that
2:46level, this is essentially all you see,
2:48right? You see these low, high, low,
2:50high, low. And then off the back of
2:53this, we already have the expectation
2:55that price is going to trade higher and
2:58it does. And when it does trade higher,
3:00that is a break of structure. Now again,
3:02the same thing occurs when you see this.
3:05The expectation is already set. we're
3:07already expected to come retrace a
3:10little bit lower before eventually
3:12continuing higher to the upside like
3:14this and then you have a higher high. So
3:17this is basic structure. Now at some
3:20point in time after price has exhausted
3:22a trend because trends often go and then
3:24they reverse at some point in time
3:26you'll have your final move to the
3:28upside which will give you a final break
3:30of structure and then you'll very likely
3:32have a change of character. A change of
3:36character, chuck for short, is simply
3:39the shift from bullish price action to
3:42bearish price action. Price is putting
3:44in higher highs, meaning this high right
3:46here is higher than the previous high.
3:49This high right here is higher than the
3:52previous high. This high right here
3:54higher than the previous high. Then we
3:58go lower low. Right? This low is lower
4:03than the previous low. Whereas in every
4:05bullish move, the lows were getting
4:08progressively higher. So price is
4:10expected to trade higher. Once you get a
4:11change of character, now the expectation
4:13has shifted. Now you're no longer
4:15looking for bullish moves. Now you're
4:17looking for bearish moves and then you
4:20have a lower high followed by a lower
4:23low and that gives you again another
4:25break of structure. Now this is how
4:27market structure develops itself basic.
4:30And again the purpose of market
4:32structure is to give you a clear and
4:34simple understanding of the actual
4:37direction that price is most likely to
4:39trade to. So it's very important that we
4:40understand but there is a reality and
4:43that reality is that the market doesn't
4:45often run in this basic structure
4:48format. Now we're going to take a look
4:50at advanced structure. The format I just
4:52showed you which was basic isn't
4:54actually how the market works. The
4:56market works in more of a complex
4:58structural pattern. And that is why it's
5:00labeled advanced. But the reality is the
5:02principles remain the same. So what I'm
5:04going to show you now is exactly how the
5:06market usually runs. And that is like
5:08this. The market is often producing from
5:10a low to a high back into a low back
5:15into a high. Right? That's what we've
5:17just explained. This is basic structure.
5:19Now just off the bat, you can already
5:21see that we're bullish. Right? Break
5:23structure. We are bullish. But the
5:25reality is is price doesn't move in
5:27these very simple straight lines.
5:29Otherwise, everybody would be able to
5:30understand it. The market moves like
5:31this. You see these price legs actually
5:34often usually produce things like this.
5:43Right now, that's how the market will
5:46probably look in real time. And that can
5:50be confusing, which is why so many
5:52people struggle with market structure.
5:53But the reality is the same fundamental
5:55truths that operate basic structure also
5:58are true in advanced structure. You just
6:00have to be able to see them. You see, we
6:01have a low, we have a swing high. Price
6:04comes back, puts in a higher low, price
6:06goes away, puts in a higher high. Now,
6:08if you just see this, it's clear that we
6:10are bullish. Right? Here's the thing.
6:13You have to now mark out this swing low.
6:16Swing
6:18low. And you have to mark out this as
6:21your swing high.
6:24Now everything everything inside from
6:27this low to this high until it either
6:28breaks down in the low or it breaks
6:30above the high is internal market
6:32structure. This is where traders make
6:34the mistake because what happens is
6:35price goes and puts in a low and then
6:37the market starts trading backwards like
6:39this. So use a different color for a
6:41different type of structure. So the
6:43market start trading backwards and then
6:45it puts in this low and then it puts in
6:47this high and then it puts in this lower
6:48low. And now all of a sudden what
6:51traders are looking at is that they're
6:53looking at these levels as their
6:55structure and they are thinking that the
6:57market is actually bearish, right?
7:00Because price is putting in these lower
7:02lows. They're thinking that price is
7:04bearish. Price goes back bullish. They
7:05think now that the market is bullish
7:07again, right? And then the price
7:09continues trading lower again. And now
7:11they start trying to sell
7:13again, right? They're trying start
7:15trying to sell again
7:18here, right? And so they're looking at
7:20these internal structural legs and
7:24trying to trade this and that's where
7:25they make the mistake because at that
7:27point now they keep trying to short the
7:30market when actually the market is
7:32technically bullish and the reality is
7:34price isn't going to come take them back
7:36into their trades and price isn't going
7:38to disrespect this low. It's unlikely.
7:40So, anything inside of this low to this
7:43high is internal structure. And that's
7:45how you need to be able to see it. So,
7:47until price breaks out of this swing
7:50range, price is still bullish. We have a
7:52low down here that's respected. We have
7:55a high up here that's looking to be
7:56targeted. And as you can see, right,
7:58price goes and puts in the high. We have
8:00a pullback. And then we go and put in a
8:02new high. And that becomes our higher
8:04high. Now, we have a new structural
8:06range, right? The problem is though is
8:08like where do you use your high? A lot
8:10of traders make the mistake of they
8:12think that okay this is now the low that
8:14is in control of the market. So I'm
8:16going to try and buy at this low but
8:18then when that low gets broken they
8:21think that now the market is shifted
8:22bearish. And so now they're trying to
8:24sell at these levels or they're trying
8:26to sell again at these levels. And this
8:28is where they're constantly getting
8:29themselves stuck because they think that
8:32price should trade higher from here,
8:33lower from here and lower from here.
8:35That's why they end up losing trades.
8:36Now, they're still trying to trade the
8:38same concept. They're still trying to
8:39understand market structure, but they're
8:40just understanding it wrong. Because the
8:42reality is is that we are bullish. This
8:44right here is the swing high. And the
8:48lowest point that price pulls back
8:50before we break the high is the swing
8:53low. So,
8:54this this right here is a swing low.
8:57This level here is a swing low because
8:59price goes from high down to the low,
9:03back up to the new high, and then back
9:05down again. So this is the low. Again,
9:08traders all the time make this mistake.
9:10They think that it's this low or this
9:13low or this low. And then when those
9:15lows get broken, now they're trying to
9:16short the market when the reality is is
9:18it's not. The market is bullish from
9:21this low down here. And so that's the
9:24low that needs to get respected. And so
9:26again, price goes higher high, comes
9:28back down, puts in a higher low. Right?
9:31This low is higher than the previous
9:33low. not lower, it's higher than the
9:35previous low and the target is always
9:38this structural level back to the
9:41upside. Right? That is how the market
9:43actually delivers structure. It is
9:46actually simple. It's just complicated
9:48for most people because they don't
9:49understand the difference between these
9:50internal swing points and these external
9:53swing points. And so it's very very
9:54important that you understand that. Now,
9:55we're going to take a look at
9:57multi-dimensional structure, which is
9:58going to give you an even deeper
10:00understanding on how to identify these
10:02swing points and what areas to be
10:04looking for trades from. So, this
10:06principle is
10:08multi-dimensional structure. Again, one
10:11of the biggest mistakes that I see when
10:12traders are trying to trade market
10:14structure is they forget that market
10:16structure has multiple dimensions,
10:17right? It's not singular dimension. What
10:19I mean by that is if you look at any
10:21time frame, right? Any different time
10:24frame that you look at will show you
10:26something different. Any time frame you
10:29look at will show you something
10:30different because a time frame is simply
10:33just a
10:37singular
10:40view of the same price action. So the
10:43market is just one existing living
10:46breathing organism and a time frame is a
10:50single perspective view of that market.
10:52So one trader may say that the market is
10:54bearish right now and he may be right.
10:59Another trader might say that market is
11:01bullish right now and he also may be
11:04right. The difference is that maybe
11:06they're looking on different time
11:07frames. It can exist a bearish market. a
11:12bearish
11:14market on the 4 hour, but it can be a
11:20bullish
11:21market on the 15minut time
11:24frame, right? Same market, same Euro US
11:29dollar or ES, whatever it is you're
11:31looking at, different time frames,
11:34different perspective. Therefore, you're
11:36looking at things differently. So if
11:37structure can be both bullish and
11:39bearish depending on what time frame you
11:42use, then how do you combat that? And
11:45the real answer to that question is by
11:47using multi-dimensional structure.
11:50Multi-dimensional structure is
11:52essentially looking at structure through
11:54various time frames instead of just one
11:56to get a better understanding of how
11:58everything is going to react. Let's use
11:59this right here as our 15minut time
12:02frame. Right? Our 15-minut time frame is
12:05trending in this direction. So, we're
12:07bullish, right? We have a breaker
12:08structure in here. We're bullish. So,
12:12black
12:13resembles
12:1515 minute time frame, right? That's the
12:1950-minut time frame. The one minute time
12:20frame may look like this, where you're
12:22actually having high, low, higher, high,
12:26higher low, higher high, higher low,
12:29higher high, higher low, higher high,
12:31higher high, lower low. Right?
12:36This is how the one minute
12:41delivers its structure. Different swing
12:44points. Again, if we look at just the
12:4615-minute and we mark out our 15-minute
12:48swing points in red, you see swing low,
12:51right? Swing high, swing low, swing
12:54high, we're bullish. Now, if we look at
12:56the one minute structure, you might have
12:58a swing low here. In fact, we use one
13:01minute in different. So green is our one
13:05minute and we're going to underline that
13:08in blue. So swing low, swing high, swing
13:12low, higher high. So we're bullish,
13:14right? The M1 is putting in these
13:16bullish price moves. Higher high, higher
13:18low, higher high, higher
13:21high, change of character, lower low.
13:24Now, this area here is a very, very
13:28important area. This here is an insight
13:32area because what's happening here,
13:34we've reached a high point and what
13:36we're seeing is the one minute time
13:38frame has just shifted bearish, but we
13:40also have the 15-minut has just put in
13:42its first bearish candle. So now what
13:44we're getting insight into is that the
13:47reality is is that the 15minut time
13:49frame is probably now coming for a
13:51pullback. And that happens. The one
13:53minute continues lower, lower low, lower
13:56high, lower low, lower high, lower low.
13:58the 15-minut reaches its low and then
14:00the one minute shifts higher and we have
14:03a change of character. So the one minute
14:05shifts bullish in this area. Now the
14:0815-inut is still bullish but it's in a
14:10pullback phase, right? The expectation
14:12is the 15-minut is going to continue
14:13trading higher into this high. But at
14:16the moment we're in a pullback phase.
14:18The moment that this one minute area
14:20shifts from bearish whilst the M15 is
14:22pulling back to bullish now there's a
14:26good chance that the 15-minut time frame
14:28is going back into expansion and in the
14:31expansion
14:33phase price is going to expand and
14:36target this old high. Don't let that go
14:39over your head. What we're essentially
14:40saying is that structure can be bullish
14:44like this and then on the lower time
14:46frame here the one minute changes
14:49character goes bearish and that already
14:52tells us that the 15 minutes is now
14:53coming back and then the 15 minutes
14:55starts doing something like this. But on
14:57the one minute time frame, price shifts
14:59from being bearish to bullish. And
15:03that's why that looks like that on the
15:04the 15-minut time frame and the one
15:06minute time frame. And we can see that.
15:09And this here gives us an edge because
15:12now there's a good probability that we
15:15are now going to target this old
15:1815-minute high. But we are getting the
15:20information that it's going to this high
15:23before it's even got close to the high.
15:25And so now we can build an edge off of
15:27that just because we understand how to
15:29use multiple time frames. So if we tie
15:31that back in to the current example that
15:33we're using right here in black and
15:35green with a 15-minut and the one minute
15:37time frame, what we can see here is that
15:40obviously the 15-minut is bullish. Now
15:43we have a 15-minut swing high and a
15:4415-minut swing low down here. So we are
15:47bullish. We're expecting price to trade
15:49higher, but right now the 15-minut is in
15:51a pullback phase. And the one minute
15:52time frame is showing us that because
15:54the one minute time frame is bearish.
15:56It's putting in high, lower low, lower
15:59high, lower low, lower high, lower low,
16:03right? And
16:04then the one minute gives us this. It
16:07goes from being bearish, putting in all
16:09these lows and breaks of structure on
16:10the one minute to then being bullish and
16:13putting in now new highs. And so we
16:16haven't even come to this level yet.
16:18We're down here, but now we already
16:21understand that there's a good chance
16:23that price is going to go and attack
16:24this high. And that discrepancy, that
16:28difference, we can build an edge off of
16:30that. And that is what this market
16:32structure model is. It's about building
16:33an edge off of our understanding of
16:35market structure by using
16:36multi-dimensional structure as well.
16:38Because what's going to happen next,
16:40very likely, is that now the M1's
16:41shifted bullish, it's going to continue
16:43being bullish up to this high. And on
16:45the 15-minut time frame, it's going to
16:47look like price doing this, just coming
16:49in here and trading back in its overall
16:52direction. So again, what do you think
16:53is going to happen next? Price is going
16:54to give us a break of structure to the
16:56upside. And then at some point in time,
16:59maybe now, maybe next, maybe next, we
17:01understand when we get the confirmation
17:03that the 50-minut is going to start
17:04coming like this. And the reason it
17:07happens and we know it is because the
17:08one minute time frame does this. It goes
17:10from higher high to lower low. The one
17:12minute time frame starts trading lower
17:15like this. And the 15-minut time frame
17:18is also trading lower. And then we come
17:20into maybe some area of
17:22interest, right? Some point of interest
17:25like this. And then the one minute time
17:27frame before the 15-minut time frame
17:29does much else shifts from being
17:32bearish to bullish. And
17:37that that's our edge because we can buy
17:40the market here and then sell our
17:42position here in a bullish model. So
17:44that leads me into step number four,
17:46which is essentially taking everything
17:47that we've just understood and applying
17:49it to the actual market into a
17:51step-by-step strategy. And I'll be doing
17:53that by breaking down a trade that I
17:55took on the first of May during a New
17:57York session trading simply just my
17:59understanding of market structure. So
18:00without further ado, let's dive in. Now
18:02this is the trade but we have to
18:04understand how do we actually get to the
18:06point of taking this trade. So what
18:08we'll do is we'll go back just to the
18:11area of where New York session is
18:13opening and we'll kind of understand
18:14what was my thought process going into
18:17this New York session. So first and
18:20foremost it's our 15minute bias right
18:22which is our structural direction. So if
18:25we kind of zoom out on the 15-minut time
18:27frame essentially what you will see is
18:29we were actually bullish for a period of
18:31time eventually we shifted bearish right
18:33the bearish descent begins here this
18:35high produces a low higher high right
18:38this high goes lower low so that's a
18:40change of character this low then
18:42produces these highs right and that
18:46produces a new lower low then this high
18:49produces this low puts in a high puts in
18:52a low and then we pretty much contained
18:54ourselves within in this range for a
18:55long period of time. Eventually, at some
18:58point, we ended up breaking out of this
19:00range, giving us a continuation of
19:01structural development. And so, if you
19:03see that we break the low down here. So,
19:05this becomes our swing low. And our old
19:07swing high was where what you have to do
19:11is this was a swing high to swing low.
19:14So, lower low like this. Now, everything
19:18inside of this level until price breaks
19:21is internal. So you find the highest
19:24point that price pulled back in that
19:25price leg and that's going to now be
19:27your swing high. So you can see here
19:29this high right here is the highest
19:31point that price pulled back before we
19:33break to the downside. So that right
19:35there is our swing high. So we're
19:37trending from this high up here all the
19:39way down to currently the low down here.
19:43Right, this London session equal lows.
19:46So that is our swing low. So we're
19:48obviously bearish. Therefore, as I come
19:50into New York session, I'm looking for
19:52shorts, right? Plain and simple. Now,
19:55the issue is is there's many different
19:57highs in this price leg, and it only
19:59takes one of these highs. Let's say, you
20:00know, some traders, for some reasons,
20:03they're looking at maybe any of these
20:05highs in here as their structural highs.
20:07It only takes price to do what it's just
20:09doing right now to break this high. For
20:11now, everybody to some reason believe
20:13that price is now going to trade higher
20:15when in reality, I personally am
20:17bearish. So I'm coming into my New York
20:18session and I'm looking for shorts.
20:20Essentially I just want to be looking at
20:22an area of interest. So right here at
20:24these London session highs I have equal
20:27highs. So that's a pocket of liquidity.
20:29So market often times reverses from
20:32areas of liquidity. And again the key
20:35differentiation here is when this New
20:37York session opens the most important
20:38thing is I need confirmation because as
20:41we've already discussed the system
20:43itself is protrend right? So, we are
20:46trending bearish and then the one minute
20:48time frame is coming back like this
20:50bullish and I need to just see this one
20:53minute structure shift to bearish.
20:56That's going to give me my confirmation
20:58that now the 50-minut time frame is
21:00likely to trade lower. And so, it's that
21:01simple. When New York session opens and
21:02it sweeps into this liquidity, which
21:04gives an additional layer of confluence,
21:06it also trades into these old fair value
21:10gaps. Additional layer of confluence.
21:13I'm looking for my confirmation. And at
21:15this point, if you zoom out on the one
21:17minute time frame, it's pretty evident
21:19to see that the one minute structure is
21:21indeed bullish. We have low here, high,
21:23we create equal lows. And then you can
21:25obviously see we put in a higher high.
21:27Price starts coming back and this is the
21:29low, right? Again, many people will make
21:31the mistake and start thinking that
21:32okay, price is the one minute is now
21:34bearish for some for some reason. Okay,
21:36now the one minute is bullish again.
21:37like it was always bullish and then we
21:39break this high and then if you look
21:42closely what you'll see after we break
21:44this one minute high in here. Now what
21:47you'll see is that price puts in this
21:51high like so and then it gives a
21:53reaction and then it goes high high
21:55again. So the structural high becomes
21:57high,
21:58low, higher, high. Right? Very simple.
22:01This is a break of structure. So the one
22:04minute is bullish. As I enter New York
22:06session, the one minute is bullish. The
22:08swing low is down here. So if the order
22:11flow, which is all we're understanding
22:12and trying to trade, is the flow of
22:14orders in the market. And basically our
22:16job is to understand who are the
22:18strongest force and let me trade in
22:19alignment with their direction. It's
22:21that simple. So if the one minute
22:24structure is bullish that means the
22:25order flow is bullish that means demand
22:28buyers are outweighing supply right so
22:31that's why price goes higher eventually
22:34price comes to a battle area essentially
22:37where we have a battle between supply
22:38and demand what happens in this period
22:40here is demand comes in right and it's
22:44attempting to trade price higher but at
22:46this exact level supply also comes in
22:49and so a battle occurs and in here There
22:52could be a lot of volume being traded in
22:54this level. Many people make the mistake
22:55and believe that just because you have a
22:57very bullish move like this, there's
22:59more volume in this move than there is
23:01in this move. That's not necessarily the
23:02case. This could be more imbalanced
23:04volume. Meaning in this level, you might
23:07have, let's say, 100 lots of buys and
23:09you might only have 10 lots of sells.
23:12That's imbalanced. That's why price is
23:14higher. in this area, you could have 500
23:17lots of buys and you could also have 500
23:20lots of sells and price wouldn't move.
23:22Price would just stay contained in here.
23:24So, there's a huge war that's going on
23:26between supply and demand. And we're
23:28already looking for shorts because the
23:30overall direction of price is lower. So,
23:32what we need to see as confirmation is
23:34this low down here to be broken. If this
23:37low gets broken, which it does, now
23:40we've confirmed that the 15-minut time
23:42frame is bearish and the one minute time
23:45frame is now also bearish from an
23:47important area after a sweep of
23:49liquidity as well inside of our key New
23:52York window. So that is the complete
23:55green flag to look at entering this
23:57position because the 15-minute structure
23:59is bearish. Now the one minute structure
24:01is bearish as well. So the direction of
24:03price is lower. All I want to do is
24:05trade in that direction. Then it comes
24:07the case of where do you get into your
24:10trade from? And so for me, what I'm
24:12looking at is I'm looking at the the
24:14imbalance, right? I'm looking at the
24:15inefficiency in price delivery. And so
24:17you can obviously see there's a bullish
24:19fair value gap here. And that bullish
24:21fair value gap gets traded directly
24:23through with a bearish fair value gap.
24:25So that inverted fair value gap there
24:27for me
24:29becomes my area to entry because there's
24:32a decent probability that price comes
24:34back to that area to rebalance the order
24:36block. And then obviously we have the
24:37the actual order block in here, right?
24:39The the supply zone where the battle
24:41takes place and then supply eventually
24:43comes out on top. But I just want to
24:44make sure like get in the market. So my
24:46entry becomes here, my stop loss becomes
24:48above this high. My stop loss and your
24:49stop loss should be an area of price
24:52which if price trades into that level
24:54your idea for that trade becomes
24:56invalidated. So if my stop loss is above
24:58this high the moment that price reaches
25:00that level now the one minute time frame
25:03is shifting bullish. And so if the one
25:04minute time frame is shifting bullish I
25:06don't want to be in short positions.
25:07That would be my trade over. So that's
25:09where my stop loss goes. And so my
25:11target for this position is none other
25:14than the overall 15minute trend. Right?
25:18We're already bearish. This is a
25:19pullback. The one minute time frame has
25:21just shifted bearish as well. And so my
25:23target is none other than the 15minute
25:26swing lows down here, which gives me a 1
25:28to six risk-to-reward. And so it just
25:29becomes a case of waiting for this trade
25:31to tag in. The moment it tags in and
25:33gives you this type of reaction, that's
25:34the type of reaction that you want to be
25:35seen. And so from there, it's
25:37essentially just a game of where will
25:39the direction of this trade play out.
25:40Now, here's something I will tell you,
25:42right? I can give you these trading
25:44strategies all day long. The reality is
25:46is that it requires more than just a
25:48trading strategy to become a
25:50consistently profitable trader. So, if
25:51that's your goal, in the link of this
25:53video, I'm going to leave another video
25:55covering the three things that are more
25:57important than a trading strategy if you
25:59want to be profitable.

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