Forex Basics for Beginners | How To Analyze A Forex Chart | Find Key Levels of Support Resistance

Forex Basics for Beginners |  How To Analyze A Forex Chart  |  Find Key Levels of Support Resistance

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hey y'all this is casey i hope you are doing well  it is tuesday the 16th of november this year is   flying by can you believe we only have like six  weeks left of 2021 2020 and 2021 have been a blur   but anyway um today i want to take a look at gbp  aud see where we are on this and um see if we got   anything hot so today i am using smart trader  it is available to you for 4.95 if you click   the link below the video um and i really like  it because of the smart tools so throughout this   markup in this tutorial i will show you what i  mean all right so for those of you who are new   i am a swing trader and i analyze my charts  through multiple time frames so what this means   is my trades typically last anywhere  from you know three four days to like   three weeks a month um and that works for  me some people don't agree with that route   but that's what works for my lifestyle so that's  how i trade now the principles that i teach you   here on this channel can be applied to  any time frame um so i only mark down to   the four hours some people go as low as one  and 15 which i do find my entries on the 15   but for the most part at four hours i'm you  know i'm done i found my level so anyway   what i have drawn here is what i look for on each  time frame and that is a swing high which is what   you see right here uh it's a five candle formation  you got a high center candle two candles to the   left that are lower two candles to the right that  are lower and so this is a swing high and then the   inverse that i look for are swing low so people  ask like how do you find support and resistance   like how do you this is how you find it this  is what you're looking for you're looking for   swing highs and swing lows so uh swing low is just  the inverse low center candle two candles to the   left i was supposed to say right two candles  to the left that are higher two candles to the   right that are higher and so um that's the swing  low so i go through each time frame and that's   what i look for so if we look over here to the  left y'all can see it with your eyes like don't   make this any harder than what it is you can see  it swing high can't you i know you can tell me   right here that's a high we got a high center  candle two candles to the left that are lower   two candles to the right that are lower  we got another high that is excuse me   right here high center candle two candles  to the left and our lower two candles to   the right that'll lower and then if we want  to look at the lows we got a low right here right low center candle two candles to the right that  are higher my other right my left that are right   here and two to the right that are higher if i  keep looking left i got the same thing this is a   low right here slow center candle two to the left  that are higher two to the right that are higher   so new people always ask me like so what  do i do i don't know what to do like   you should just be marking up charts like and you  should start from the approach that i'm teaching   you here if you have not marked up a chart and  if you don't have a play uh uh and uh excuse me   i was trying to think of a word if you  don't already have an analysis for a pair   you should mark it up from the higher time frame  work your way down that's what you start off with   marking up the charts and then there is a way that  we determine how to enter the trades and um i'm   probably going to do like a uh a webinar on that  because people have asked how do i enter what's   the criteria to enter like you do these great  analysis but you ain't showed us how to enter   yeah i'm probably gonna do a webinar on  that and um it's probably gonna be me and   my buddies ryan and benny on that too but we'll  see so anyway you need to be marking up charts   that's that's what you need to be doing and then  you need to be executing based on your markup   in a demo account do not trade real money if  you are just starting to trade i'm telling   you you won't lose a whole lot of money  trust me i know i've been there so anyway   let's go ahead let's look at this what we looking  for on this time frame is our significant highs   and our significant lows based off that  formation that i showed you so i see here   a level that i'm interested in um and i'm gonna  put this across so i chose this as my swing low   now i do color code my time frame so i'm gonna  make this go because this is the monthly and   then i can't count this as a low does anybody know  why if you do please type it in the comments below   but this doesn't count as a low so i can't count  that i can count my last most recent high which   i'm gonna do from the top of the week to the top  of the next week and i'm gonna spread that to the   to the right all right so i got my extreme low i  got my extreme high and i think i see another low   right here i got a low center candle nope that's  not it so i got a low center candle here i got two   to the right that are higher but i only got one to  the left that's higher so that's not a swing low   okay so now that i've got my monthly levels i'm  gonna work my way down i'm gonna go down to the   week and i'm looking for the same thing i  am looking for within the bounds of these   two extreme highs and lows my next levels so i  got a low here i got my next significant high   here and then back down in this zone i have  a low so i'm going to take my rectangle tool   and i'm gonna go from the bottom of the  wig to the bottom of the body of the candle   i'm gonna stretch that across and then i'm gonna  change this to blue which is my weekly color   and that's a zone for me now i got a high i  got a low i got another high but this is so   close to this zone i'm not interested in this um  it looks like we might have a low forming here   but i'll tell you what i am interested in looking  at this this was a level of support and um   it should become future resistance  or it could let me not say should   because i don't control the market uh it  could become a future level of resistance so   if i stretch this across oh that's  not what i want to do hold on jesus   i'm trying to get this center one so that i don't  change the size but i'm messing up so i'm gonna   leave this alone right now cause i'm gonna make  a mess okay and then let me move this across   so i got a nice even clean chart so y'all see  why i chose this level right so this came down   this was support then we broke through this level  and now it looks like we're coming back up to test   this level before a continuation down potentially  let me finish the rest of my analysis so we found   the support and potential future resistance now  i want to go down to the daily right and i'm   looking for the same thing i got my low here my  next significant high here my next low it looks   to be here um so i'm going to put this in red what  did i say here let me put a fit well no no no no i   want to do this i'll just double check with the  system to see but technically i don't even know   what i'm looking at it's right here uh i got a low  center candle two to the left at a higher two to   the right that are higher and it looks like price  has found support look at that thing moving oh ga is gone look how much   that thing is moving let me change the  color uh this should be red that's daily that thing is gone all right  i'm stretched just across   and actually i'm going to make  this zone just a little bit bigger   there we go that's comfortable for me then i'm  gonna drive down to the four hour and i'm looking i think you got some small stuff let me go back to   the daily because i found support  but i didn't find resistance uh i think this is a resistance level how did i miss  ga oh i'm sick uh so i have a high here high here   so this is a level right here i'm gonna double  check it so i'm gonna grab my smart resistance   yeah so it shows this this these  are okay i'm cool with that   uh let me go back up oh i skipped a whole bunch um i skipped these at the top but i'm really  only interested in one two and three   right now so i'm gonna leave  this off i'm gonna take this off   and ga is gone gone gone let me stretch  this across now what did i do uh that   was weekly i identified that as daily  four hour probably blew through whatever this really is a four hour um yeah i'm gonna make this for cool all right now you can go down to like the hour and  you can mark a level there but it looks like it's   at a level i'll show you what i see we'll see if  the system identifies this as our it looks like we   just broke through our zone uh what did i use for  our purple let's see if the system picked it up oh no not even that low but this looks  like a level i think we're going to find   a high in this to come back to support and then  probably go back up um let me get rid of this yeah i don't come down this low um i mean the  fine entries i do but on my analysis like the   levels that i'm interested in are typically like  four hour so what i want to do now though is i   just want to see where we are in the fibonacci  sequence and so i'm gonna go back to my weekly   and then i'm gonna drop a fib just because the  higher time frames control the lower time frames   oh we were at a 61.8 level on the weekly wow so that's pretty dope so what we had here  we had an a we had a b boundary we had a   less than looks less than 38 too yeah we had  a less than a 38.2 pullback so we'll call it   a 23.6 pullback and so what should have happened  is exactly what we got so we had this shallow pull   back well right here we had this shallow pull back  then we had priced all out below the 118 which   is typically what we see and then we see a deeper  retracement and so that's what we have right here   price came to the 61.8 level and over the  past three weeks it's been trying to break  

and go back up um but it looks like that may  be what we have here so i'm going to um which   ultimately would mean if we break these levels  like this daily i'm sorry this weekly this monthly   then we could potentially make it to the  extension of the 61.8 so this would be here um how many pips is that so that's  to say like out of this zone   you say you be bullish for the next 1500 pips on  gbp aud potentially so i know in australia that   they just went into a 10-day lockdown for all of  the unvaccinated people so if that gets extended   then this could negatively impact the aussie  dollar and so that could mean for this pair that   we could see price continue to rise so i've done  my upfib i know that we're at a key level the 61.8   on the weekly what i want to look at now is i  want to look at where we are on the downfield   so i'm gonna get rid of that i'm gonna throw my  smart fit that's what i'm grabbing over here i'm   just moving and not even telling y'all what  i'm doing i'm gonna grab my smart fit drop it   on here and see so on the weekly a b we got a 61.8  pullback we went directly to the d extension do   y'all see that so we had a b so the high and  the low we had our c which would have been an   entry point and then we had price come to the d  extension so the reason that these are color coded   is because they tell you where to get in and  where to get out everything between the a and b   boundary is what i like to call your entries  right so price pulled back to the six one eight   this was the entry the six one eight then i would  have known okay i'm gonna be bearish on this pair   for the next 700 pips right so it  looks like on the weekly we have   this is complete this formation  is complete i want to go down to   the daily to see what we got so we had an  a and a b boundary we had a 38 to pull back and so let me see hold on wait a minute one two  yeah we got a 38 38 to pull back and so the d   extension should have been down here but uh with  what's happened in the news it makes sense to me   why uh the aussie dollar would have gotten weaker  so um we didn't finish out this this play right so let's see here let's see here let  me go down to like the four hour   see where we are oh i got nothing hold on yeah i'm just that hit the 38 too so  that's a 38 too probably should have   went there but it didn't so um what's  probably gonna happen we are going to uh retrace find a new high and then  maybe maybe make our way down but   it all depends on what happens with um uh what  happens with the australian dollar right now   um that negative news made it weak and  so it makes sense that this is happening   so let me see uh where we are but the first levels  like this looks like a correction to oh this looks   like a correction to me um on the larger time  frame and we were at a key level 61.8 right here   and so um i anticipate like buys in my opinion  assuming that the um australian dollar stays weak   like based on fibonacci this is our end point  197 328 i think the last time we were there was   last year so um that could be a thing let me go in  and let me just finish like the rest of my uh my   analysis so i'm gonna throw my uh my trend lines  on here i use the right because it just is easy   for me i don't have to try to draw a  line and make sure i'm straight on it   i'm gonna go down to the four hour and then um i'm  gonna draw the rest of my trend lines cool means   and then i'm gonna do this to the next touch which  is right here so price is approaching a trend line   and then i'm going to do from  the last touch to the next touch which is right here yep let me make sure this looks a little off let me move this that's interesting i'm gonna use a smart trend line for this  i don't know if i'm drawing that right   so i'm gonna go over here to my smart toolbox  and i'm gonna put it over the last touch   i guess that oh no see it wasn't  right let me extend this out oh it was okay um okay so we're  approaching the trend line let me put a uh let me put a fib on this so i'm  gonna go to the last low this was a   this was b we pull it back to a seven eight  six so assuming that it can break this uh   four hour level price uh is likely coming  here let me see did it actually touch uh yep it touched it it went past it by two  pips almost so um i'm anticipating like on   the lower time frame this is a first  take profit but let me make this green but overall um i think we could be bullish um  at least like i i know for sure that i would be   bullish up until uh this level here this is like  a weekly level so we had an a a b price found c   then we hit our d extension so this was support  and now we broke through this level we have to   see if it's going to become future resistance or  if we're going to break above this level so um   this makes sense to me this lines up we got  a deeper retracement than what i thought   uh but i would say that with everything going  on looking at the technicals and a little bit   about uh what's happening in australia that i  would be bullish on this um at least to about   what what is this in between 1.855 and 1.86 that's  my thought so um i'm curious what you guys think   how did you trade this uh some people commented  that they were in a sale you shouldn't have   been in a sale on this um i'd be interested  to see what your analysis brings you to now   but if you guys are looking for a group of  like-minded individuals traders were no hype   no fluff we discussed trading you are welcome to  join the no cost forex facebook mastermind group   the link to that can be found below this video  description just complete the form check your spam   filter or your promotions tab and you have the key  to enter and then if this video was helpful to you   please go ahead give it a thumbs up um i really  appreciate it it will prompt the algorithm to   send this to a bunch more people and so that they  can learn the skill too so i appreciate you guys   watching i will see you in the next video  and i hope you have a phenomenal week bye   you

2021-11-18 08:06

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