Brief Summary
This YouTube live stream by For Traders provides a weekly market outlook, focusing on major forex pairs, indices, and gold, using Smart Money Concepts. The session includes analysis of EuroUSD, GBPUSD, USDJPY, GBPJPY, USDCHF, USDCAD, AUDUSD, NZDUSD and EuroGBP, NAS 100 and Gold, with potential trading strategies based on identifying Points of Interest (POIs) and waiting for confirmation through breaks of structure on lower timeframes. A free 6K challenge account is given away at the end.
- Analysis of major forex pairs and indices using Smart Money Concepts.
- Emphasis on waiting for confirmation through breaks of structure before entering trades.
- Discussion of risk management, particularly when trading counter trends.
- A free 6K challenge account giveaway.
Introduction
The live stream begins with a welcome and an outline of the session. The presenter mentions that they will be covering major forex pairs and some indices, similar to previous sessions. A free 6K challenge evaluation will be given away at the end of the live stream. To make the giveaway fairer, the method will be adjusted to account for varying internet connection speeds among participants.
Giveaway Rules
The presenter explains the giveaway process. Instead of rewarding the fastest correct answer, a question will be asked, and those who answer correctly will have their names entered into a random generator. This is to level the playing field for those with slower internet connections. The initial question is designed to ensure participants have been following the live stream.
Euro/USD Analysis
The Euro/USD pair is currently exhibiting a bearish trend on the 4-hour chart, having broken structure to the downside. A large range is identified, and although there has been a slight pullback, it is considered minor inducement for POIs above. The presenter identifies a 4-hour POI with an imbalance and then looks for additional POIs on the 1-hour chart, noting several opposite colour candles with fair value gaps. The strategy involves waiting for POI mitigation and then seeking confirmation on the 15-minute chart, specifically a change of character to the downside, before considering a sell entry.
TradingView Platform and Market Conditions
The presenter confirms they are using TradingView for market analysis. In response to a question about recent market chaos, they acknowledge that while the community experienced an 8% profit overall the previous week, the win rate was lower than usual, indicating challenging market conditions. High-risk ratio trades on minor pairs helped offset losses.
GBP/USD Analysis
GBP/USD shows a similar bearish trend to Euro/USD. The presenter identifies a large range and notes aggressive price action. A 4-hour POI is located, with another POI at the bottom. The strategy remains consistent: wait for POI mitigation and a break to the downside before entering a trade.
USD/JPY Analysis
USD/JPY has a large bullish range, with the price having mitigated a 4-hour POI. The focus shifts to the 15-minute chart to await a break of structure or change of character. The presenter identifies the high that needs to be broken to confirm a bullish range and advises waiting for this confirmation before considering an entry.
Health Update and Risk Management
The presenter shares that they are feeling better after being ill the previous week. They address a question about aggressive entries, explaining that waiting for confirmation is crucial to maintain a profitable win rate. They emphasise that even with confirmation, trades can fail, and it's important to focus on following the strategy rather than solely on the outcome of individual trades.
GBP/JPY Analysis
GBP/JPY recently broke to the downside, but it might be a liquidity sweep. There is one 1-hour POI left for a potential buy. The presenter advises caution, noting the possibility of a liquidity sweep and the need to wait for further confirmation before making any trading decisions.
Affiliate Code Issue and USD/CHF Analysis
A participant reports that the affiliate code isn't working. The presenter investigates and realises they were trying to use their own affiliate code on their account, which is why it appeared invalid. USD/CHF is pushing to the upside, but the presenter believes this might be liquidity for POIs below. They identify a 1-hour POI that has been tapped into and await a break of structure for a potential buy.
USD/CAD Analysis
USD/CAD is pushing to the upside, with multiple POIs identified. The presenter plans to wait for POI mitigation and a 15-minute break of structure to the upside before considering a trade.
AUD/USD and NZD/USD Analysis
The presenter reviews a previous AUD/USD trade that failed despite an initial break of structure. A second attempt resulted in a win before NFP (Non-Farm Payroll). The presenter notes that the POI is now used and bearish momentum is increasing, though confirmation is still needed. NZD/USD had a similar trade setup, but the pair is now showing more bearish momentum, making it potentially suitable for sell positions.
EUR/GBP Analysis
EUR/GBP reacted nicely to a 4-hour POI. The presenter explains that while the POI reacted as expected, they didn't take the trade due to an unfavourable risk ratio. They highlight the importance of waiting for a break of structure before entering and note that the pair is currently in a state where it's too soon to look for sells, as a recent break to the downside might just be a liquidity sweep.
NAS 100 and Gold Analysis
NAS 100 had been bullish but has recently seen a significant downturn. The presenter suggests looking for counter trend sells due to the strong bearish momentum, but advises using reduced risk. Gold is currently consolidating, making it unsuitable for trading according to the presenter's strategy.
Question and Answer Session
The presenter answers questions from the audience, including their location (Ukraine, living in Quebec, Canada), the best time to trade (London and New York sessions for volatility and volume), and confirmation that they use Smart Money Concepts. They also discuss the use of fair value gaps and targeting liquidity.
Giveaway
The presenter explains the rules for the $6,000 challenge giveaway, emphasising fairness by accounting for varying internet connection speeds. Participants are directed to the For Traders YouTube channel. A question is asked: "If you look for a counter trend trade, what risk should you use?" The correct answer is 0.5% if 1% is full risk. The first ten people with the correct answer are entered into a wheel, and one winner is selected at random.
Giveaway Winner and Closing Remarks
The winner of the 6K challenge is announced. The winner is instructed to DM the presenter on Instagram or Discord to claim their prize. The presenter thanks everyone for joining and announces another live stream will be held next week.
