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0:11okay folks welcome back this teachings
0:14gonna mean specifically dealing with
0:15essentials to trading the daily bias
0:21okay folks we're looking at the dollar
0:22index this is a daily chart and I want
0:25to cover some essentials and my
0:28understanding about how to trade daily
0:30bias before we begin just understand
0:33that this is not to teach you every
0:35single day Monday through Friday of
0:37every month what the daily buys is going
0:39to be tomorrow I don't have that
0:41understanding for every single pair but
0:43I do know how to find a bias across all
0:46the pairs so as a scalper I can excel by
0:51looking at using some of these concepts
0:54and obviously things that I teach in my
0:55tutorials both free and in my paid
0:58mentorship so I'm gonna cover one or two
1:01things here but I think are paramount
1:03that will help you at least try to get a
1:05hold on daily bias so if I look at a
1:09daily chart what we're trying to do is
1:11ascertain the likelihood of it being a
1:14up close or a down close day now there's
1:18absolutely no guarantee of what I'm
1:20going to tell you here being accurate so
1:24you always have to use that as a
1:26reminder because I'm human and you're
1:30human too so you're gonna make mistakes
1:31just as well as I can make a mistake and
1:33I can be wrong so I don't want you to
1:36take what I'm stating here as the
1:39panacea be-all end-all to understanding
1:42what daily biases there's a number of
1:45things that we can do to get a better
1:48opinion about what the daily bias will
1:50be tomorrow or today but it doesn't
1:54guarantee results that are going to be
1:56positive so you always have to consider
1:57that okay but it's certainly some things
2:00that you can practice in a demo account
2:02and build your understanding about daily
2:04bias in the sandbox if you will of a
2:07demo so I like to look for enemy a term
2:11and short term highs and enemy in term
2:13or short term lows and what I have here
2:16is I have this high deleted and have
2:19this low these highs up here this low
2:26slow this high and this group of lows
2:30down here okay which is just an
2:32extension of this low back here now I
2:35teach that and when the market is not in
2:38a trending model and/or a parabolic move
2:43up or down the markets going to work off
2:46of traditional support resistance theory
2:48now the problem is is which support
2:51resistance do we use so I look for the
2:54key turning points they're real obvious
2:56ones now you can use these short-term
2:58ones in here but the main one is here
3:00because the mark the market moved from
3:03that low all the way up to this high
3:06consolidated tribal I'm trying to go
3:08higher field went lower constant support
3:11here bound resistance pound support
3:13tribe one more time failure to market
3:16moved higher
3:18so we're looking at the ebb and flow of
3:19how the market moves from a point of
3:22overbought to oversold to equilibrium
3:25and consolidation and a news move that
3:29would take us to an overbought or
3:30oversold condition that's a range bound
3:33market which is where we're seeing the
3:36dollar trading right now now has a
3:37slightly bullish bias to it and has had
3:40that for a couple weeks now but for now
3:42I just want to just cover how I
3:44interpret the first thing I look for is
3:46are we coming off of a run above an old
3:49high that may see it trade back below it
3:52or are we trading below an old low that
3:56may see it trade back above it what I do
3:57is I look for these intermediate term
3:59price points and swing highs and swing
4:01lows on the daily just see if we have
4:04moved above an old high because we could
4:06very easily reject that and trade lower
4:08or if we trade below an old low we could
4:11see it come back above it and stay
4:13inside the previous determined range so
4:15if we look for candles or daily ranges
4:20that run above an old high
4:24chances are we could see it continue
4:26going higher but we also have to be
4:29mindful that we could see an eventual
4:31turnaround or reversal and it could
4:33start to go back below that old high
4:34because this could be very easily seen
4:36as a false break same way with the old
4:39lows as we see here the market does in
4:41fact trade through it tries to make a
4:44lower load couldn't do it failed again
4:48and then started to trade higher so we
4:51have to have these intermediate term
4:52swing points on our daily chart because
4:56they're going to be potential reversal
4:58points failing to follow through after
5:01breaking an old high or breaking
5:02resistance or failing to make a lower
5:05low and trend lower after breaking below
5:07old support so when the markets not
5:10trending this is the scenario that it
5:12will typically trade within which is a
5:15classic support resistance theory the
5:17problem with support resistance theory
5:19is which high in which low in which
5:22resistance in which support do you use
5:24so I start with these swing points like
5:27this or turning points where it could
5:29potentially be reversals you can see how
5:33price eventually does trade above this
5:34high here finds a measure of resistance
5:36it consolidates so we're in a point of
5:39equilibrium and the markets digesting
5:42whether or not you want to stay at these
5:44levels or trade higher or trade lower as
5:47we see the market trades below these
5:49lows in here can't rally above and
5:53collapses trades below it reprice is all
5:56the way down below an old low
6:00and then rejects comes back into an area
6:02of consolidation and rejects again
6:06expansion lower finds a low cannot find
6:12momentum through it consolidates around
6:14it tries one more time to go lower and
6:16trades higher every time the market
6:20breaks a swing high
6:23and if we look to the left of that swing
6:26hi where's the next old
6:28intermediate-term hi this one here so
6:31there's nothing for it to potentially
6:32reverse inside of until we get up to
6:35here so if we're going to use simple
6:37classic resistance and support levels we
6:40could see that this is the one we're
6:41gonna be looking for okay so if we're
6:44trading around here and we're looking
6:46here this is going to be the form of
6:47resistance so the markets want to try to
6:49get back up to that level
6:52the market does in fact try to make an
6:54attempt to do that but when we have
6:57these ideas suggesting classic support
7:01short-term resistance okay that's what
7:04this whole level is here the markets try
7:07to go through it
7:10one more time try to get through an old
7:12low and then trade it threw it back
7:15above this swing high here so what I'm
7:19going to teach you is this is what I
7:20look for for daily bias now there's a
7:22lot of folks on social media
7:24that we're looking for a weaker dollar
7:26and ignoring these types of phenomenon
7:31but I'm going to show you here you're
7:32gonna have that error as well but if we
7:35know that there is a support level here
7:37we tried several times to go below it
7:39and then we had a swing high broken
7:40what's the market really telling you it
7:43wants to go higher so what's the next
7:45level to reach for this short term
7:47resistance level okay so we can see that
7:50it wants to get to 90 417 that's the
7:53high of this candle here so what do we
7:56do at that point once we clear this high
7:58here
7:59what's the bias well if you look at this
8:01little diagram I have over here this is
8:04gonna refer to the previous day now this
8:05could be a bullish or bearish day it
8:07doesn't make a difference but when the
8:08market is bullish as we've outlined it
8:10over here we're gonna be looking for the
8:13previous day's high to be the target and
8:16the previous day's low to be supported
8:21in other words there shouldn't be any
8:22movement below the previous day's low it
8:24should all focus on the buy side that
8:27means reaching for the previous day's
8:29high when the markets bearish this
8:33scenario would be reversed we would be
8:34looking for price having an inability to
8:37get above the previous day's high and
8:39seek the previous day's low
8:43using this criteria here okay once we
8:46broke this candles swing high here bit
8:50daily bias on this candle and this
8:53candle and this is a Sunday we would
8:55look for Monday as well and then Tuesday
8:57we would look for bullishness so if we
8:59use this same theory we're going to draw
9:07this particular candle right here is the
9:10one that broke the swing high and then
9:11we know they have a resistance level it
9:12could probably reach four so we're going
9:15to be looking for the next day
9:18to trade
9:22not to the previous day's low but to and
9:25through previous stays high so this next
9:28day what's the daily bias here's the
9:30opening what's Tobias
9:32it's gonna want to reach for this hi so
9:35where is it wanting to go up so what are
9:38we going to focus on previous day's love
9:39or previous day's high create a stays
9:42high because it's bullet just wanted to
9:44go higher so the market trades up
9:45creates up close day then we take this
9:48thing thing and apply it to
9:54good need a
9:58okay so we have very simple approach
10:04there's no box in the hood up here now
10:07we have yesterday this is what this one
10:10this candles date on December 8th this
10:15candles last Thursday's tie which would
10:19be 9380 market opens we're going to see
10:22it trade through that and with the
10:24anticipation it's going to eventually
10:25try to reach for this daily high so when
10:28this happens again we don't think about
10:30the daily low from the previous day
10:32we're focusing on the movement through
10:34the previous day's high and/or
10:36eventually reaching to this level here
10:38on the daily the market closes in the
10:42middle of the range here is Sunday's
10:45trading then Monday the same phenomenon
10:47you would look for the market to want to
10:49trade through what on Monday we would
10:52look for this previous Friday's low to
10:56be supported and we would look for a
10:58price to run through previous Friday's
11:00high again this is Sunday we wouldn't
11:02expect anything there Monday we see it
11:04open here a little bit of movement above
11:06it but it does in fact pierce Friday's
11:09low and it comes back and closes where
11:12it opens so is there any significant
11:14change in the underlying direction no
11:17did we trade to this high yet no so we
11:21take that same premise
11:26now we apply it to this candle which is
11:30Monday of this particular week of the
11:33recording
11:36and we see it open here so what's the
11:38bias we're looking for the previous
11:40day's high why because we have yet to
11:43trade back to this old resistance level
11:45market opens here trades up trades
11:49through it but look what it does it
11:50comes right back inside the daily range
11:52okay in the next trading session right
11:54now at the time of this recording it's
11:569:26 p.m. New York time on December 12
11:592017 and the candle is already starting
12:02here it opened had a little bit of
12:04moving up and now we're moving little
12:05bit lower so it may want to trade a
12:08little bit higher go a little bit higher
12:10through this old high but as we're
12:13reaching for these any amount of term
12:14levels on the daily chart we're
12:16factoring in does it have enough range
12:18to reach for it above or below and then
12:21we take that approach and apply it
12:22immediately to the previous day's high
12:24and low as we have here and what you're
12:28determining is is if we're bullish we're
12:29gonna be focusing on the previous day's
12:30high for momentum and more bearish when
12:35we focus on the previous day's low for
12:36momentum very rarely do you see both
12:40sides of the previous day's candle
12:42tagged or traded through if it does it's
12:45usually indecisiveness or it's going to
12:47be a reversal soon and they're clearing
12:50the board on both sides of the
12:51marketplace and when you start seeing
12:53those types of things get prepared
12:56because the market could be in fact
12:57about the reverse you can see that
12:59actually happening here previous day's
13:01high and low here the next day it trades
13:03through it and it's low is violated too
13:06so we're about to see a reversal next
13:08day reversal ok and I'll show you
13:12another example of that see here we have
13:17it here as well
13:19we have a thursdays range now this low
13:23comes in at 94 42 and alone here is 94
13:2842 so it's equal but still very very
13:31close to the high this is Sunday in a
13:33Monday
13:36nothing shown there but end up getting
13:39of a very important hi eventually
13:41afterwards and now this is called an
13:44outside day when you have a previous
13:46day's range that's violated with this is
13:50example it to this high is 93 98 in the
13:53low is 93 67 this candles low is 93 58
13:58in the highest 90 99 so this is an
14:00outside day with a down close that's
14:02typically bullish reason why it creates
14:05a false break above the previous day's
14:07high and then close it on the low if
14:09we're in a bullish market overall and
14:12that occurs generally sends up a really
14:14good buy scenario I've learned that from
14:16Larry Williams and that's from like old
14:18school stuff but you got that context
14:21behind it can't just take a outside they
14:23was down closing this naturally this
14:24film is going to be a bullish today but
14:26you can see it does in fact give a huge
14:28opportunity be a buyer on this day and
14:30my application of outside day is when it
14:33does that it sets up a potential
14:35short-term reversal what Larry Williams
14:37brought to the table with it is it
14:39creates a short-term oversold scenario
14:41so it doesn't necessarily mean it's a
14:42reversal just means it's many times a
14:45continuation pattern
14:47according to his definitions all right
14:49and here's another scenario here outside
14:52day we have the candle here the hi comes
14:57in at ninety three twenty three and a
14:59low is 92 eighty one the very next day
15:02the high is taking out ninety three
15:04twenty four the lowest 9275 so reversal
15:08day and then we can see the market
15:10doesn't Peck alone trade higher as a
15:12result so you will always get the
15:15outside day at turning points but I'd
15:17like to look for it because it builds a
15:19lot of confidence behind it and by using
15:21these tools okay and when the market
15:24also breaks more or less a swing high of
15:29importance and we have a level that
15:31doesn't have anything else until we get
15:33to here the bull it's bullish okay it's
15:36bullish avoid this whole scenario like
15:38looking at this high to this low point
15:40feds don't looking for optimal trade
15:41entry you didn't sell off a lot stuff
15:43it's all raishin and willingness to want
15:45to go below this low multiple times and
15:47then it broke a swing high so the
15:50momentum is bullish and that's gonna
15:53reach for this now if we're doing that
15:54analysis on a daily for the dollar index
15:57and we've arrived at a bullishness for
16:00the dollar what does that translate for
16:02foreign currency in terms of daily bias
16:04it's gonna be a mirror image so if we go
16:07to the euro dollar we can see that the
16:09euro dollar has been bearish as we would
16:12reasonably expect notice that every
16:14single day the daily high is not
16:17concerned with at all it's the previous
16:19day's low it trades through it so now we
16:23have a low here what's it gonna do it's
16:25gonna want to trade to the previous
16:26day's low it trades through it so what's
16:28the next story line opens trades down
16:31below the previous day's low next day
16:34what's it gonna do it's kinda trade
16:35through not only the previous day's low
16:37but what's it really reaching for that
16:40old intermediate term low on the daily
16:42I'll give you some lipstick on the
16:44charts you can see that framing out a
16:46little bit
16:51so this love here and it's price is
16:53starting to drop down it's reaching for
16:56this level here why because it's
16:58basically the opposite of what we're
16:59seeing
17:00done here dollars reaching for this area
17:04term hi well the euro dollar is reaching
17:07for a mere term low each day we're
17:10focusing on again this phenomenon here
17:13we're focusing on for the euro because
17:16dollar is bullish we're focusing on the
17:18previous day's low and that's where it's
17:19going to be aiming for to it and through
17:22it that's how you think about it mines
17:23bearish back to the euro dollar every
17:27single trading day opens creates a small
17:30little tail power three Judas swing
17:32sell it down close reach for the
17:34previous day's low next day opens false
17:37rally g2 swing sell it reach for the
17:40previous day's low does it next day
17:43opens rallies false rally Judas swing
17:45sell it fade it reach for the previous
17:48day's low boom handled next day open
17:50small little tail trades lower comes
17:53back off of the low okay but we're still
17:57targeting here okay we're still reaching
17:59for that next day well this is gonna be
18:03Sunday so here's a Monday trading range
18:06it opens rallies up because the short
18:09term over vault scenario comes off the
18:12highs that is a potential reversal
18:14scenario the next day same same skit
18:18we're looking for what to market to open
18:20trade below the previous day's low and
18:22then ultimately fit trades through that
18:23forget Sunday go to Friday it trades
18:26through Friday's range and then
18:28ultimately reach for this low here so
18:30we're looking for that scenario here
18:32potentially to trade through this low
18:33still is there and so the daily bias
18:36today on December 12 2017 should be a
18:41move lower below this low using what I'm
18:44teaching you here okay so hopefully this
18:49has been insightful to you guys it gives
18:51you a little bit more framework to work
18:52with in obviously there's so many things
18:53that we can build on to build bias and
18:56inter market relationships as well but I
18:59try to incorporate the application of
19:01the dollar index analysis and also to
19:03justify what we would view in terms of
19:06foreign currencies bullish or bearish
19:07news as well and using daily bias
19:10okay folks hopefully you enjoyed this
19:12presentation if you like this
19:14presentation you want to find more you
19:16can visit my website at B inner circle
19:18trader.com

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