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Steve W – FXS Analytics (Add-on Lessons)
A robust lecture series with an emphasis on chart literacy and Foreign Exchange mechanics
In addition to lectures and other core content (slide galleries, cheat sheets, etc.), we offer calls with members. We view the learning series as only supplemental to everything that follows. While videos are good factual learning tools, action, and hands-on adjustment is used to tie everything together. Please go to our structure and features page to see what’s included.
This content can be updated at any time, and clients are welcome to ask questions on our board in relation to the preexisting material, or any other questions they might have. Additionally, they may request further materials in order to better understand various concepts. There are currently 86 videos posted on this site.
Price action is structural in nature only. Forecasting as a result of raw prices is a purely reactive approach, one with may certainly “lag” by conventional standards. We seek the cause and root effects of prices as they are, essentially, the final print in a long decision-making process.
Overview and Representations of Price
Section 1: This section will provide you with knowledge in the avoidance of common traps and exercise best practices to utilize throughout your trading career. In it, we highlight common detriments and provide realistic examples of how to navigate around them, as well as what good structure, routine, and focus can do for your equity curve.
Series Introduction: Trading Environments, Strategy Implementation and Site Overview
Provides an overview of the series layout and best practices for execution while still in your learning curve.
Convergent and Divergent Trading Strategies
Most people that day trade don’t always necessarily understand the background behind what it is that they are doing. Conventional teachings follow a convergent strategy. Day traders diverge from the norm.
Common Novice (Detrimental) Trading Behavior
We take a look a look at common trader traps (and solutions within the confines of our materials) in order to better understand what drives poor behavior, thus performance.
The “Perfect” Trader and Where You Need to Be
The ultimate goals to achieve for traders of all sizes, with a realistic framework to match.
Introductory Price Structure
Broad and vague understandings of price movements are what is common, and so our introduction to prices is unlike most. In fact, we are fanatical about understanding prices for what they are right out of the gate in order to avoid troubles seen by those following conventional teachings. This section provides a rundown of broad-sweeping technical analysis that works in tandem with the inner market.
Support and Resistance 2.0: Reactive Price Discovery
Support and resistance, as most people know it, is fine for the purpose of general overviews but unrealistic in approach as far as most day-trading strategies are concerned. We compare conventional teachings with inner market workings.
Usage of Timeframes
Beginners and experienced traders alike are oftentimes concerned about the granularity of price. How much is too much/too little? We break down some general thoughts and practical approaches in regard to chart timeframes.
Confluence: The Premise of Reactive Price Levels
Levels that show historical significance deliver us with intent, but local levels can oftentimes provide us with greater value.
Major Horizontal Support and Resistance
Horizontal Support and Resistance is a cornerstone of technical analysis, albeit oftentimes a weak one if not properly understood. We highlight the identification of high-probability inflection points for price.
Price Channels and Corridors
Price is almost always moving in some form of a channel, thus, it is important that these structures are properly understood. They present themselves in varying forms and may be traded in any number of different ways.
Introduction to Trading Environments
We dice up charts from a preliminary perspective and demonstrate how one environment always leads to another, predictable situation.
Advanced Price Structure
Large injections of supply and demand provide us with a tremendous amount of information in terms of where price is heading next, and in what window of time. For us, it is all about the trading environment and understanding how prices take shape. This section covers the student with a range of information relating to trading environments and how prices evolve.
In order to objectively define “inner” market movements, we use what is known as an anchor point. These are the origin points of price channels.
Inner Trendlines: The Hidden Market
Inner Trendlines are at the heart of many major market turning points and provide us with highly precise entries at major reversals or within trending environments. When used in conjunction with volumes, we seek a much higher rate of accuracy when compared to conventional approaches.
The market is constantly shifting and evolving on a dynamic basis. By identifying recent, major structural components of price, we are able to forecast upcoming states.
Liquidity Gaps and Volume-Based Trading Models
When heavy amounts of supply and demand enter the market, a “liquidity gap” is born. Liquidity gaps serve a variety of purposes and are invaluable in terms of identifying the ability for the price to follow through.
Spike Bases: Renewed Buying and Selling Pressure
Spike bases are high-probability zones that demonstrate renewed buying and selling pressure. We break down the specifics in terms of pinpointing price reversals in these areas.
Overshoot and Clearance Thrusts
Clearance thrusts represent exhaustion buying or selling and are characterized as a climactic structure. This must-know concept presents itself when most standard indicators are diverging.
Other Trend Following Considerations
The importance of trend following cannot be stressed enough: A number of other methods not previously discussed are presented.
Reversal and Continuation Patterns
There are close to 200 standard price patterns in existence, all with varying degrees of performance. For a trader to recall and reference all of these on a regular basis is not only unrealistic but costly in terms of time spent. Entry and exit points are buried everywhere on your charts. For every reversal, one of these will be in existence, allowing you to execute efficiently while not lacking knowledge in terms of the overall trading environment.
Introduction to Reversal and Continuation Patterns
A rundown of common structures and how they are used in relevant contexts.
Double and Triple Top or Bottom Pullbacks
When a true top or bottom is in place, it is going to be defended. That defense allows us with opportunity on resist to the level itself.
High/Low Double Tops and Bottoms (Square Roots)
Double tops and bottoms are not necessarily always found at absolute lows and highs. Identifying them in this context provides us with yet another means of entering positions.
Over and Under
A spinoff of the classic head and shoulders pattern, over and under allows us to clearly define entry and exit points. These are found very frequently and across all markets.
Reversion Triple Taps
These simple patterns flood charts and with anything so common, must be managed carefully. Measurements of them allow us to define highs and lows with precision.
Sharp reversals are much more common than many novice traders tend to think.
The term “false breakout” is indeed crudely used, as these simple occurrences are truly nothing more than very normal market behavior.
Double Top or Bottom Fakeouts
Local, double tops and bottoms can tell us a lot in terms of what price is going to do next.
Measured Movements and Price Objectives
If trading was all about finding entry points and nothing more, then it would be a relatively simple exercise. As a trader, it is your job to forecast a chunk of price action. Most people have very limited knowledge in terms of how to actually do this. Measured moves allow you to understand what a “natural” movement in price truly is, in order to define reasonable profit targets with enough yield for a favorable reward-to-risk ratio.
Introduction to Measured Movements
A breakdown of the methods used to project future movements in price, and why we use them.
Measured Moves on Trendline Breaks
Define highly precise targets in a wide range of trading environments. Several methods are explained in detail.
Measured Moves on Ranges
Oftentimes the most obvious methods are also the best performing, and “ranges” at the peaks or troughs of trends offer us with opportunity on a fade.
Measured Moves on Spikes
True spikes (that do not fade) provide us with opportunities in terms of follow-through. Exhaustion points may be determined through a measurement of the liquidity injection itself.
Measured Moves on the First Drive
Quick measurements allow us to determine when it is simply okay, or not, to think about recouping the trend.
Aggregate and Split Volume Analysis
Aggregate volume analysis has been around for nearly as long as charting itself. The analysis of “split” volume data or “order flow” is a relatively new area of focus that is regularly discussed but largely misunderstood. Much of this is due to changes in technology and the manner in which regularly executed order types shape transactions on the bid or the ask. Here, we discuss the state of these markets in both senses and shed light on the rarely discussed factors which steer prices in certain directions.
Note: This section is currently (May 2017) being populated and only currently lists uploaded and available units. More are being assembled.
Introduction to Volumes
Base volume relationships with an alternative approach. This section lays the groundwork for how we perceive and ultimately use volumes in our analysis.
The data types commonly used, their meanings, strengths, and weaknesses.
Anatomy of the Order Book
A walkthrough of essential components behind how prices are made, and the natures in which they present themselves.
Volume Versus Liquidity
Price volatility and trend strength are a direct function of liquidity and volumes. This section covers a commonly overlooked yet necessary concept for understanding basic price behavior.
High Relative Volume, Part 1
High volumes represent a material change in turnover. Recognizing when and where they occur provides us with a tremendous amount of information in regards to the current and future state of price.
High Relative Volume, Part 2
A continuation from part 1.
Low Relative Volume, Part 1
Low volumes play a significant role in relation to a complete understanding of price movements and signify upcoming material events.
Low Relative Volume, Part 2
A continuation from part 1.
Trade Assembly, Risk, and Trading Walkthroughs
Our idea generation and trade assembly process is unlike most, in that it emphasizes areas in which most traders tend to struggle. Understanding that most traders understand what good risk is, but fail to exercise it well, our process is rooted in how the trade is initially put together.
Underlying Trade Principles, Part 1
This is a list and explanation of “must have” tenets for all traders, regardless of experience level. In subsequent sessions, you will learn how to best put them into practice.
Underlying Trade Principles, Part 2
A continuation of part 1.
The Trade Assembly Process
We work backward in terms of risk to entry, allowing us to emphasize which is most important.
Risk Profiles and Equity Curves
For any trader, risk management is a primary concern. In order to achieve a favorable reward-to-risk scenario, we need to understand how prices behave, first and foremost.
Implementing 3rd Party Strategies: Price Action as a Supplement
Price action can be referred to as simply chart literacy, and can be much, much more than a standalone strategy. We discuss other common methods to trade in alignment with the concepts described in this series.
We start with a blank chart and work our way forward, predicatively explaining the choices you have as a trader throughout any session, step by step.
Personal Trading Approach
Getting to the bottom line and discussing our multi-disciplinary, primary intraday and swing trading approach.
The Modern FX Market: Mechanics, Economics, and Price Drivers
Due to its massive size and largely unregulated nature, it is assumed that FX is perhaps one of the most difficult markets to trade. This section provides a fundamental primer for all things related to market moving events, as well as an overview of its modern structure and entry mechanisms. Here, you will learn about trading FX from a standpoint that underscores what matters most to institutional traders and is commonly misinterpreted by those less experienced.
Market Composition and Participants
A modern breakdown of the FX market, updated to reflect technological advancements that have shaped the execution landscape.
Dealer-to-dealer transactions still make up a very significant portion of overall FX daily turnover.
Retail Broker Models and Sources of Liquidity
Interbank trading allows for a number of different conventions. Retail brokers exercise one of several models that pose fewer conflicts of interest with the client.
Essential Economic Health Indicators
A rundown of crucial economic data through the eyes of a trader.
For the foreign exchange market, perhaps no factor weighs more heavily on market movements than interest rates. This lesson explains the types and valuation-based implications of rates as well as how and why they are adjusted.
Add-On Lessons and Live Commentary
These are casual, on-the-fly commentaries covering a range of topics in regard to current events. Items include volume profile, understanding delta over the limit order book, ad hoc price action concepts, execution, and application. No cap in terms of time, but typically lasts 10-30 minutes, the longest 1hr 15m. Added in 2018 and last updated in 2020. There are currently 32 add-on lessons.
- Crude Oil Top-Down Overview: Profile and Forecasting
- Trend Following: Latching onto Lengthy Movements. Where Prices Pull Back, and Why.
- Trading Into a Previous Range
- Determining Volatility, and What Is “Directional Forecasting”, Really?
- Putting It All Together: A Top-Down Approach with Entry Discussion and Proper Level Identification
- Understanding and Utilizing “Delta” (Matched Orders)
- Achieving Results: Execution vs. Knowledge Gained
- Delta Deflections
- Volume Profile Basics: Cutting to the Chase
- Determining Market Direction Using Previous Session Volume Profile
- Top Down Volume Profile – Continuing Discussion
- New Year Overview: Profile, Patterns, and Taking Things Step By Step
- Monday Movement – V-Shaped Aftermath
- Defining Market Direction Based on Evolving Distribution
- Profile Structure, Opens and Follow Through
- Profile Structure, Opens and Follow Through Part 2
- Profile Structure, Opens and Follow Through Part 3
- Third Thrust Weekly Recap: Profile Reference Points, Price Action, Opens and Low Volumes
- Low Volume Highs, Immediate Gap Close
- VAL Short Walkthrough, Top Down
- Short-Term Trade Confirmation
- Large Handle Open Interest and Top Down HVN to HVN Analysis
- Trading Inside of Value
- Trade Management and Its Role Within Your Larger Process
- Double Sided Prints
- Double Sided Prints Continuation
- Longer Term Profile
- Pre-Session Prep Work
- One Way Markets
- Comprehensive Walkthrough | An Emphasis on the Bottom Line
- Overview, a Few Questions Answered
- Timing and Single Bar Divergence
- Finding the Path of Least Resistance
- Market Order Transitions
- Limit Order Transitions
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