We're just getting started here.
Just give it a second, let everything loadup and get ready to go.
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Good morning, everybody.
How's everyone doing? Okay.
Just turned on the chat for you guys.
We are live on YouTube along with our websiteon urbanforex.
com so you guys will be able to see on both places.
Morning, Tony, Chad, Sinan, Forex Dude, Ike, Ranch.
So it looks like it's getting filled up now, people are starting to come in.
We'll give another minute and we will getstarted.
We'll get started.
Vijay Tapa is saying, “Your face is lookingblack, Navin.
Why?” I'm sorry, I have no control over the colorof my skin.
No, I'm sitting in a dark room.
I'm sitting in a dark room.
Otherwise, it gets too bright.
But welcome, guys.
Today is a very important topic.
We're going to be going over support and resistance.
So, before we begin, as always, we want toget started.
How many of you guys here are here for thevery first time? You guys are here brand new, you guys do notknow Urbanforex, you guys do not know me.
Okay, completely new? All right.
I think the audio, you guys are saying a littlebit louder.
Let me see if I can turn it up a little bitmore.
Let me see.
I believe the audio should be a lot more loudernow.
Is that better? Sorry.
Might be too loud.
That should cover the audio issues.
So some of you guys are new.
And finally, how many of you guys have beento these webinars before or know of Urbanforex or Navin Prithyani, me? And you guys are here.
Saman, I see you're brand new.
The audio is good now.
I'm glad to hear that.
Glad to hear that.
So for those of you guys who do not know me, my name is Navin Prithyani.
I am the senior trader at forexwatchers.
I am your mentor at urbanforex.
com and CEOof Black Tower Investments in Hong Kong and CEO of Anticipate, Don't Participate DMCCin Dubai.
So I have now relocated, I'm no longer inThailand, I am now living in Dubai.
I've already caught up with a lot of you guys.
It's great to catch up with more of the guysas you guys are coming in through this city or if you guys already live here.
So it's always nice to catch up.
All right, guys.
So a couple of things, couple of things.
Today, we're going to be talking about supportand resistance.
Support and resistance is a very, very bigtopic.
And for the most part, it's been used in alldifferent kinds of twists and turns and angles.
So what we're going to do today is we're goingto start from the top take you all the way down until strategy.
Basically what I'm trying to say is, I'm goingto take you from what is support and resistance as basic as that, and you'll be surprisedhow many people do not know this, and then take you all the way leading up to the strategypart.
On how can you support and resistance to thebest of your ability.
This is going to be your complete guide.
And within a couple of weeks, I'm also goingto email you out a guide that you can watch step by step with bite sized videos, so youcan train and learn along as well.
All good? Everyone with me so far? Shall we begin? Okay.
Faithful Joe saying, “Hi, Navin.
I'm new here.
Some of you guys saying you guys are MPA students.
Welcome on board.
So let's get started.
Let's get started.
Let's get started.
So first things first.
First things first.
What is support and resistance in your eyes? Let me open up a whiteboard as well.
Let me open up a whiteboard so I can drawfor you guys and you guys will be able to see that.
I'm going to move my screen a little bit lower.
Here I am.
I'm going to pull myself on the bottom lefthand side so I don't take up your real estate on your screen.
I'm just going to draw a circle on my screen.
Let me know if you guys can see it.
Once that shows up, we shall begin.
I see a lot of you guys have been to a lotof my webinars before.
Now, when it comes to support and resistance, the basic questions that you need to be asking is not what is support and resistance? How can I use it? This is what everybody asks in the forex industry.
You have to stop this nonsense.
I came into this industry, how can I makemoney? How can I do this? How? How? How? You need to stop the how, and get into thewhy.
Why do I need to do this? Why do I need to learn this? Why is this important to me? When you quit the how and you go into thewhy, you will explore a lot better on what you need to do and how you need to do it.
Otherwise, it is just a game and you're wakingup and going to bed, waking up and going to bed.
You're basically in this routine that's nevergoing to end.
It's never going to end.
So you guys see the circle now.
Now support and resistance, a couple things.
So I'm going to draw a dude.
That's the dude right there.
You know what, I'll draw a dudess also.
Give her a nice little skirt.
So there's a man and a woman here.
She's got nice hair and he's got weird spikyhair.
All right, there we go.
Now, anything above the current location ofsomeone is called resistance.
What is above you is called resistance.
Okay? I'll just put RES as resistance.
What is the below you is called support? Okay, I'll just put SUP.
For the sake of time and my spelling mistakes.
Okay, so resistance is above you.
Support is below you.
Okay? Anything below you is support.
Imagine you carrying a baby or carrying something, you're supporting it.
That will help you remember it.
That's always below you.
And resistance is like yeah, fight the power.
Okay? Now, let's now get rid of all of this.
And now let's understand why do we have supportand resistance in the market and what is this thing? So let's say the markets are moving.
We're going to go into the very basics.
I need you to understand what is support andresistance so you can become an expert at support and resistance by the end of thiswebinar.
So I'm going to take you through a journeyfrom the beginning of this webinar, as if you're a complete newbie and you never heardof support and resistance in your whole life until the end, where you're going to be betterthan the average individual who's read support and resistance from a book in the library.
So let's take you from the beginning all theway till the end.
Now, why does support and resistance happensin the market? So in the market, there is a price rhythm.
There's a price moving.
There's always a price moving.
That price is determined by people buyingand selling.
So let's say there is something you want tobuy.
Let's say it's a phone.
I just use a phone as an example because it'sthe easiest thing everyone can remember.
I'm sorry, this is an ancient phone, it hasbuttons.
For some of you new kids, you're probablylike, what is those circle things on that phone? I'm sorry, it's a half a touchscreen.
Okay? It's a half a touchscreen.
Just go with it.
So it's a phone that people want to sell.
Some people are saying, hey, I'll pay you$10 for it.
And some people are saying, hey, I'll sellit to you for $10.
People are happy.
That is a transaction happening in the market.
Some people saying, I'll pay you, some peoplesaying, I'll sell it to you.
That is the difference between buying andselling in the market.
Again, we're taking you from the very basicsas if you did not know squat about support and resistance, okay? All right.
Now, as the transactions are happening, sooneror later, the guy says, you know what, I don't want to buy it at $10 anymore.
And the seller says, I don't want to sellit to you at $10 anymore.
I'm going to sell it to you only if you'rewilling to give me $15.
And the guy is like, no, I don't want to giveyou $15.
I'm going to only offer you 10.
So they're in a fight right now.
And then sooner or later, one of them hasto give in.
And the guy says, fine, I'll give you $12.
Can you give it to me, at least, for $12? And the guy is like, no, dude.
Then he goes, fine.
I'll give you $14.
Come on, man.
Work with me here.
Give it to me.
I want it for $14.
And the guy is like, no, I'm giving it toyou for only $15.
Then what happens is that buyer says, youknow what, screw this.
I don't want to be treated like this.
I'm walking away.
And that buyer says, you know what, I'm notgoing to offer you a single penny.
And he just walks away.
He leaves the store.
He leaves the whole location and he says, I'm never coming back.
Now there's no buyers and the price is at$15.
No one willing to buy it.
The store owner who was selling this funkylittle iPhone with no antenna and buttons on it, he has to sell the iPhone.
So what he does to attract customers is he'sgoing to say, fine, I'll sell it for $10.
No one? I'll sell it for $12.
Sorry, I'll sell it for $9.
Really? Nobody's buying it.
Okay, I'll sell it for $2.
Come on, somebody buy it.
I'll sell it for $1.
Jesus Christ, someone just take it.
Do you see what happened here? Just walk me through.
I want all of you guys to try to participatein the chat and just try to explain what just happened.
And think about it in terms of your dailylife.
Don't think in terms of what this means inforex.
I want you to think what this means for youwhen you go out shopping.
What just happened? There was not enough demand, so the storeowner because he has a lot of supply, he has too many pieces, he needs to sell it at alower price.
He needs to sell it at a lower price.
What happens is people who are walking bythat store every day are looking at this, they're like, somebody was buying it for $10, then they were willing to take it up to 14.
And then I've been seeing signs, I've beenwalking down the street, down New York, walking on Saks Fifth Avenue and there's this niceshiny store, and they're selling this funky iPhone.
I've been seeing it every single day on thestore.
$15 for sale, $15 for sale, $15 for sale.
And then the next day I walk by, $10 for sale, $10 for sale.
$9 for sale, $9.
$2 for sale, $2.
$1 for sale.
I remember all this.
Wouldn't you remember it? I just remember seeing $15 a week ago, andit's come down all the way to $1.
Now, here's where it gets interesting.
Here's where it gets interesting.
I'm going to move this to the side.
So that that dude who's been walking downthe street on Saks Fifth Avenue in New York, who keeps seeing it on the window, he's like, very interesting.
It was $15.
Now it's $1.
Now, let's name this guy Bob.
Bob has a friend.
Okay, Bob has a friend, Billy.
Billy says, “Hey, man? Do you know where I can buy a cell phone thatlooks really weird, has buttons on it and no antenna?” And Bob's like, “Yeah, dude.
Go down to Saks Fifth Avenue and there isa phone right there.
” And he says, “Thanks.
That's what I'm going to do.
” He walks down Saks Fifth Avenue, and he seesprices are at $8.
He sees prices at $8.
He's still considering.
He's like, “I don't know if I want to buyit today.
” He comes back tomorrow, he sees prices areat $10.
He comes back the next day, he sees pricesare at $13.
Now he's getting very, very anxious.
He's like, I need to buy this before it keepsgoing higher.
I have to buy this.
Everyone seems to be raising the price higherbecause there seems to be a lot of demand.
I have to buy this quickly.
So he calls up his friend Bob on the phone.
And he says, “Listen, Bob, the price is at$13.
It's nowhere near the $2 that you told meor $1 that you told me.
It's at $13.
It keeps going higher and higher every time.
So what I'm going to do is I'm just goingto buy it.
” And Bob says, “No, wait, wait.
I remember from my memory when prices wentto $15, they collapsed down to $1.
I remember it very, very well.
Very, very well.
” He says, “Really? Okay.
In that case, I will not buy it.
I will wait for that crash again.
” I will wait for that crash again.
So the buying stops because of the anticipationof he crashed last time, he can crash again.
Now, let's take the story onto the charts.
Okay, let's take the story onto the charts.
This is a simple story of how people do buyingand selling in a normal store.
Don't treat forex any differently.
Let's not take you into a forex environmentwhere it's nice and charty.
Nice and charty.
Let me get rid of all of this.
How do you select all? Clear page.
Here we go.
So far so good, you guys all with me? All right.
So on a chart, prices are starting from here.
Let's say the price is at 100.
Prices start to rise.
They're competing, they're competing, they'recompeting, they're rising, they're rising, they're rising.
Prices reach hundred and $150.
At the price of $150 suddenly, prices dropdown.
90, 80, 60, 20.
What this does is the stronger the collapse, let me repeat that word, the stronger the collapse, the stronger the memory of thisprice.
The stronger the memory of that price is ingrainedinto people's minds.
Which means next time prices come slopingaround to that area, Bob is like “Wait, stop buying it.
Remember last time when prices got near thisarea it collapsed?” So that's why you don't get prices alwaysexactly to that area.
You get them thereabouts.
This is why your support and resistance isnever going to be precise to the pip.
It is going to be thereabouts.
Because the people are like, no, no, stopthe buying.
Don't buy it anymore.
Remember that price when it gets there, itjust crashes.
So let's wait for that discount again.
Once the discount comes, we'll buy it at thattime.
It's going to be a lot cheaper.
Same thing happens on the flip side.
When discounts are coming in, the people arelike, come on, come lower, come lower, come lower.
And then they're waiting for this price.
What happens to that price? It turns earlier from that price, that priceof $10, let's say.
And it starts rising from there.
It goes from $20 to 30 to 40 to 50.
And the guy here is like, oh my goodness, I can't believe I missed it.
I have no choice but to buy it at 40 now.
In the future, when the market comes downagain, the same thing will happen from this price range thereabouts.
They're going to try to buy it again.
So now I'm going to ask all of you guys thisone question.
I'm going to ask all of you guys this onequestion.
How does this matter to me? A more important question, a more importantquestion to think about is, if prices are shocked from this area and then it crash andthey're like, don't buy it once you're getting close to there.
And then when it goes up, they're like .
Sorry, don't buy it once it gets close to there and don't sell it once it gets close to here.
Isn't price always going to be in this pingpong market? Don't you guys agree? It's always going to be stuck sideways then, technically, because people are constantly bouncing from their memories left and right, like, don't do that.
Don't do this.
Don't do that.
Don't do this.
So how do you get a market? How do you have a market that's when you openup your forex charts, everything looks like it's running away one direction or they'rerunning away the other direction and some days it's not doing anything.
How is that possible? Here's what you need to always understand.
One thing always matters in the market ispanic.
It is true today in today's world, the onlything that grabs people's attention, including gold fishes, is panic.
The news uses it, articles use it these days, the top 10 ways to get rid of your cold sores, herpes, whatever you want to call it.
They're always trying to scare you with allkinds of stuff, right? The market works in the same way.
We are pre-programmed to fear.
We are pre-programmed to fear.
So having that said, I'm going to ask youguys this thing, when the market does this, how many guys are in the market like, oh mygod, today I'm going to make millions.
I'm going to make so much money.
Look at that beautiful design.
I am going to be a billionaire.
Nobody does anything.
They're just sitting on, leaning back intolike, what should I wear tomorrow? Popcorn? What movie should I watch? Until this happens, and then the market startsrunning away.
Once the market starts running away, everyone'slike ding, ding, ding, ding, ding, I need to do something.
I have to do something.
If I don't do anything, I will not get a redFerrari for my dog.
Right? I will not get a red Ferrari for my dog.
So I have to now join the market and takeaction.
Doing that process, this becomes a memorablemoment.
This becomes a memorable moment.
A memorable moment.
So you want to understand that how peoplethink is how you're going to get an edge.
If the prices are .
I want to ask you guysthis thing.
If the prices are going up like this.
I want to ask you guys a question.
Is this memory that this price is so dangerousand it will push price up? Or is the memory still hot about, look atthat big down move? Oh, my goodness, I need to sell this.
Which side are you on? Which side is the mentality more attractedto? The big panic like, oh my goodness, Home Aloneface or is it going to be on the slow and dragy movement up? Which catches your eye? The big one, right? The big one.
The memory is still hot, very good.
The memory is still hot with this one up here.
So support and resistance works the exactsame way.
The power of each support and resistance relyon how strong the panic.
So if you have a movement and then it goesdown, you can say, that is a good resistance.
But once prices are just hovering around andthen they go up slowly, that is not a good support.
Unfortunately, in today's markets what isbeing taught is as many times as a price is being touched and touched and touched andtouched, the better your support.
Then there's the other train of thought, themore times it touches, the support is weakened.
Leave all those thoughts behind.
I want you to clearly understand what wouldyou do when you're in that store looking at that nasty phone and thinking about how doyou personally react to buying and selling.
It is the exact same thing in the markets.
Do not change how the world brain works.
The brain works the same way outside of forexand inside a forex too.
Everyone with me so far? Eddie you're saying, “So size of candles matter.
” It's the panic movement.
It's not the size because this can be bigsize candles also.
But then it's the size and how it runs away.
It's the maybe the quickness, the speed ofit can make a difference.
Okay? Because if it's slow, it won't grab your attention.
The news is not going to talk about it.
But if it suddenly goes like this for oneday, and then the next hour, it drops like crazy, everyone's going to talk about it.
Every forum, every news channel, everythingis going to talk about it.
Bob, Billy, Uncle Tina.
That's a weird name for an uncle, but uncleTina might talk about it as well.
So they're all going to discuss it.
That is in the minds of people.
Having that said, let's take it a step further.
So now you understand resistance is aboveyou, support is below you.
So far, so good.
Now, there's a concept that is called supportbecomes resistance.
How many guys have heard that before? Or resistance becomes support.
Yeah, so all of you guys have heard that atone point or the other.
And those of you guys who are new, you guysare going to encounter that soon.
I'm going to help you understand it rightnow.
So let me get rid of all of this thing.
Let me boom and clear.
There we go.
So there's this concept of support equalsresistance or support becomes resistance.
Once the price crashes down, boom, we saythat is your resistance area.
That was your resistance area up there.
And some people are saying, this is our supportarea.
If this is our support area, then this canin the future become resistance, basically.
So the top part is support.
Top part is resistance, bottom part is support.
Now that we've crashed through it very aggressively, like, bam, we've gone through it very aggressively, this support can now become resistance.
Because by the time prices come up here, itis not because there's a line in the sky that you need to be afraid of it.
It is because Bob and Bill are saying, hey, hey, hey, remember last time prices got around this area, they crashed.
It is that memory that makes support becomeresistance.
So, a quiz question for all of you guys, everysingle one of you guys.
Can you ever use support and resistance tothe pip? To exactly that one pip.
Saying, it has to come exactly here beforeit turns.
The answer is no, you cannot.
Support and resistance will always be an ideawhen the public will back off and saying I don't want to buy it anymore.
So you cannot time it to the pip like that.
Does that make sense? So whenever you see a support and resistancestrategy that's telling you, you know what, just draw a line like a sniper.
And the moment it touches that line, you sellyour house, you sell your dog, you sell your grandma, you sell your grandpa, you sell everything.
Don't do that.
Don't do that.
Because now you know better, now you knowbetter.
It is not a strategy.
It is simple logic you need to understandof why it happens.
We can work on the how in a bit.
Why first? Everyone with me so far, understanding it? Okay.
The light is so bright behind me.
I feel like Jesus is coming through my windowsor something.
Like God is stepping down.
So let me get rid of all these lights here.
Let me get rid of the all these drawings andwe'll go a little bit further.
Here we go.
Now, quick question, true or false? Here's a dude.
It is a dude.
Bt the question is, is this support, trueor false? Is that support? Five seconds.
Five, four, three, two, one, zero.
And the answers that are coming in lagging, false.
Very good, very good, very good.
That does not support anything above you iscalled resistance, anything below you is called support.
Now that you guys have a fair understandingof support and resistance, I'm just going to flip the scenario one time to give youin an uptrend in market.
So the markets had been hovering around, they'redoing this now.
I'm going to change it up a little bit.
They're doing this.
And then it goes, bam.
Would you say we have broken resistance? Would you say we have broken le resistance? False.
Some people are saying not yet.
This is where many people get stuck and trappedin.
When the market moves, if it's not panickyenough, if it's not panicky enough, you need to understand maybe this resistance has notbeen broken and most likely will not become support afterwards.
It will not become support afterwards becausepeople's trains of thoughts have not been triggered hard enough.
People's train of thought have not been triggeredhard enough.
And then later it does this.
How about now? Now, here's the question I want to ask youguys, because now all of you guys are going to say yes, which is correct.
However, now here's the main question I wantto ask you guys.
Let's go into the how a little bit.
Let's go into the how.
How do I draw my resistance line? How do I draw my resistance line? Do I keep it the way where it already was? Do I drive up here? Do I drive from the area where the massivemovement began? How do I draw it? Everyone looking for the how answer can staylost.
Can stay lost.
Everyone who knows the why understands asprices come lower in this area, we need to be prepared to get ready to trade.
Because sooner or later, the buyers are goingto jump back in.
They're going to jump back in.
So they're thinking, get ready, prepare.
Get ready, prepare.
While the how people are thinking, I thinkI have to buy it exactly here.
No, I think I have to buy it exactly here.
If I don't know the how, I can never trade.
Actually, I must know the how.
Let me Google it and let me find 30 or 40different mentors on support and resistance.
One of them must have the golden key.
Have you found the golden key yet? Have you found the golden key yet? I haven't.
You got to understand the why.
If you understand the why, you become a littlebit better.
So I'm going to share with you guys a littlebit something.
You guys ready for this? I'm going to share a little bit something.
I'm going to go here.
I'm going to open up my recent trade I didon pound/New Zealand.
My recent trade I did netted me a total profitof $20, 000.
So support and resistance.
Now, resistance is above you and support isbelow you.
You always want to stay on top of that.
So shall we do some more examples on supportand resistance? Get rid of that.
How many guys here are like, wait, what justhappened? Why would you show me something that's 20grand worth, and then go back to support and resistance.
Do you guys agree? Is there a panic in the brain that's like, whoa, whoa, whoa.
That's how the memory gets triggered.
That's how the memory gets triggered.
It's like, oh my goodness, what happened tothat? Can we talk about that first? Right? This is exactly what I want to teach you aboutsupport and resistance, is support and resistance only grabs attention if it's shocking enoughthat is not normal.
That is not normal.
You guys agree? Sorry.
It was a weird example.
But it was the only thing that came to mymind to shock you right on the spot.
So now let's take a look at this.
Let's take a look at this.
Saman, “Show your trade, too.
” You want to show your trade, Saman? All right.
So now let's take a look at this.
We have the markets ranging.
Markets were ranging.
They're going up a little bit, they're goingdown a little bit.
Whenever you have up a little bit like that, many people will draw this as support and resistance being broken.
Do not fall into that trap.
That will have less value for you.
Because what is the reason for you to learnsupport and resistance? Is to do something about it.
No point in learning support and resistancewhen you cannot do anything about it.
So these types of support and resistance, you cannot do anything about it.
So no point of drawing those are learningthose.
So what are you actually looking for? You're looking for a movement that is morenot normal.
So if this is the normal movement up, normalmovement down, normal movement up again, and then bam, that's not normal.
That's how you want to say, okay, hereaboutsis that used to be my resistance has now become my support.
When prices were around this area, all thebuyers went to that cell phone store saying, hey, you know what, I'll give you 10.
The next guy said, I'll give you $11, giveit to me.
I'll give you $12, give it to me.
So the next time that store gives a discountand the prices start going down, you bet the public is going to remember, hey, it's notgoing to go below $10.
You know what? Start piling up, get ready to buy it.
Some people will start buying it right now.
Some people will start buying here.
Some people will start buying it there.
All of this activity will begin the buyingprocess.
Let me buy it, let me buy it, let me buy it, because I don't know if prices are going to get down to that same discounted price again.
Does that make sense? So now you understand what is support andresistance.
You understand how support can become resistanceand how resistance can become support, you understand that as well.
And now you're also understanding how to actuallydraw them with the idea of why do they happen anyways, because then the how, the exact howdisappears.
And that long quest of, I need that perfectsupport and resistance strategy, disappears.
You are now free.
You don't have to sit there every night googlingfor, I need that someone tell me exactly how to draw my support and resistance.
You can now relax.
You can now relax.
Now you know why it happens, you will knowthat there is no such thing as the exact line.
So now let's take it a step further.
Let's take it a step further.
Shall we go into a little bit of strategy? What can you do to make the most of this? What can you do to make the most of this? I'm going to open up that trade again, andI'm going to show you .
Tahir is saying, “How $20, 000 is related to support and resistance.
” All right.
Now here we go.
Let me go into back into that chart whereI closed that trade.
This is pound/New Zealand, and I'm going toopen up that position for you and I'm going to show you.
Here we go.
This is the trade I was doing yesterday.
And let me move it up here and that's thebuy I took.
I got out up here.
Now, a couple things are coming to your mind.
Why did you do that buy? And why did you exit there? What was the reasoning behind it? So on and so forth.
Now to do this buy, do you see any panickymovement out of this thing? Is there anything that looks out of ordinaryexcept when it actually moves? But when it actually moved, I already gotin on it.
there was another trade afterwards where thereaboutswhen the prices came down, people got in again and then it shot up again.
This is a shocking area, right? So thereabouts, people started getting inagain.
You can see this momentum of people are startingto get ready for the buys and they bought it again.
But I got in a little bit earlier.
What I personally use is correlation.
Below this video, if you're on urbanforex.
com, you'll see the app that I use, FX Meter.
Let me see if I can have the icon here.
Open FX Meter.
This is the app that I use.
Let me restore it.
This is the app that I use.
It is now available on Android as well.
It is also available on iOS.
So if you don't have it, you can refresh yourpage.
It is just below this video.
You can click on it.
If you're on YouTube, you can email us oryou can head on over to urbanforex.
com to find out more about it.
Anyways, I use correlation to understand whatcan I do to get in.
So I'm going to open up the pound group.
So what the pound group, what I'm doing here, is I'm opening up everything related to the pound.
Pound/USD, pound/CAD, pound/Swiss, pound/Ozzy, pound/New Zealand.
Pound/New Zealand is the one I traded.
And then euro/pound.
Notice that I grade that one out, becausepound is on the right hand side, it's flipped upside down.
Yeah, I know.
So that is the major announcement today isFX Meter is now available on Android.
Please if you do use it, give us a nice fivestar ratings.
We've worked very hard to finally releaseit.
It's been a year since we released it.
It is available now on your Google Play Store.
Go get it.
Wait, no, don't get it now.
Watch the webinar first.
All right, here we go.
So pound/USD at that time.
Let me open up the 15 minutes.
Here we are.
So that movement yesterday, we had this movementon pound/New Zealand, very similar area I got in on the buy side.
Very, very similar area I got it in the buyside.
However, let's take a look.
There was no shock value in this area, bothin pound/USD and pound/New Zealand.
But earlier we had a strong movement up.
So I know that this is support.
When prices came back down, they used supportagain, they blasted up.
But this was also my resistance.
This was also my resistance because it kepthitting the market hard and it came all the way down till here.
I'm like, man, whenever prices get up thereagain, make sure don't buy it anymore.
It just crashes back down.
But what happened when it got here the nexttime? He didn't crash back down.
Where's that panic? Interesting.
He there again.
He didn't crash back down.
Where's that panic? This got me interested in saying, if I canget price low enough, I want to hit the buys.
At that moment, I was looking at pound/NewZealand because of correlation, everything in correlation on the FX Meter was tellingme, if you want to pick a pair, pick a pair that you want to go with, that has a lot ofpower in it.
So I chose pound/New Zealand at that moment.
Where is it? There we go, pound/New Zealand at that moment.
And I used that same timing of the shock valueto say, give me a price low enough and I will buy it.
So this is a little technique for you.
As long as you have a little bit of correlationin the back of your mind of like, who's strong today? Who's weak today? You have that running for you.
Then you're looking for your support and resistanceareas of, where's my panic? So once prices were shooting up here .
Whereto go? Sorry.
It's over here.
Once prices were shooting up, I wanted tomake sure I get out on time.
Also, I don't want to hold on to it forever.
So I got on and got out at the price of 60area.
I believe that was .
60 area more or less.
Shows 64 here but by the time I hit the close, I got out at 60.
Thank you, Charita for sharing that link.
There you go.
There you go.
It's on Google Play.
So do you guys understand why and how I usesupport and resistance knowledge? Supporting with all the other knowledge thatI have, that I teach on Urbanforex, I use all of that together to guide this trade.
If you just use support and resistance, you'renot going to be equipped hard enough to come into the market to make tons of money.
But it's a very good start.
But the main point I wanted to tell all ofyou guys today is, do not fall into the trap of, how exactly should I do something thing? The moment you get into how exactly shouldI do something, there is no career for you in forex.
I promise you.
I really promise you.
And I say this in the most humblest way foryour benefit.
I promise you, if you look for something thatis so exact, it will not work.
It will not work.
Okay? All right.
So we have a lot of courses on Urbanforexthat walk you through step by step on how you're supposed to read price action.
Notice on my chart, also, no indicators.
I don't use multiple indicators to guide meon what is the market trying to tell me.
I'm thinking constantly of, what is Billyand what is Bob doing now? What is Billy, what is Bob doing now? How can I make use of that? How do I know what the larger player is doing? And what is my Billy and Bob doing? And then I have an edge over the market.
Not, this is the market, let me paint it withindicators.
I will read the indicator and then I'll makea decision three or four steps back.
You see how bad that is? How weak that is? Because the indicator, it's only job is tofollow the market.
So how can the indicator give me the answerif it's following the market? I might as well follow the market myself andcut out the middleman.
So it's only job is to follow the market.
If you really want to get your game up, thenyou need to learn more about the markets.
For those of you who do not have any ideaabout how to use the markets, but you have some knowledge of trends, support and resistance, trend lines and little bit like that, then I would recommend you go with the UrbanforexMastering Price Action Course.
Below this video on your right hand side, you'll see the icon for Urby, it's our friendly robot and my team is in there as well.
They'll assist you to pick up that course.
It is available as a webinar exclusive forless than $200.
It is a seven week long course.
I walk you week after week, step by step andtelling you what you need to look out for, how you need to do it, and keep you with anopen mind to make sure you're looking at the markets in the right way, and you build yourcareer correctly.
Because if you're just hopping webinar towebinar, looking for the exact how, you'll find yourself in a webinar just like this.
Once again, tomorrow, day after tomorrow, a week down the line and you don't want to do that.
How many guys here are actually Urbanforexstudents? Or actually have the Mastering Price ActionCourse with you? If you can please share the feedback of, howhas it helped you to change the way you think? Because the market is bombarded with educationthat only teaches indicators and all of this weird nonsense that It really doesn't movethe needle.
Even one inch, it doesn't move the needle.
You'll just constantly hop from one techniqueto the next and it will just destroy you.
It'll just destroy you.
And you don't want to do that.
I used to be in that position and man, I lostso much money.
I lost so much money.
It took me a long time to find out .
Tobe exact, I've been in this industry for over 13 years, but it's taken me seven years ofblood, sweat, and a lot of debt, even, account balances in negative for me to actually cometo a conclusion of, wait a minute, I'm doing it all wrong.
I'm doing it all wrong.
There's a reason why it's called the 95/5.
And I didn't know that.
I didn't know that.
When it clicked, then it all clicked furtherand further and bigger and bigger.
And now, you're attending a webinar with oneof the biggest webinars we have on the internet when it comes to forex trading.
So you guys have been part of that.
So once again, so two major news.
Android version is released for FX Meter.
You can find that below this video.
If you're on YouTube, you can head on overto Urbanforex.
But if you're on Urbanforex watching thislive webinar, you can refresh the page, it is just below the video, the buttons willbe there.
For those of you who do not have the MasteringPrice Action Course, you have the course available at a 20% discount.
You are able to pick it up today as a webinarexclusive.
Get your seven-week course for you where Iwalk you step by step.
You have access to my team as well.
The course does not expire.
It is not a residual thing.
It's a one-time payment only and it comeswith a money back guarantee.
So you have nothing to lose, and use everythingthat you've learned so far in this webinar to take you a step further.
As always, guys, thank you all for comingin.
We do this webinar once every two weeks.
I look forward to seeing you guys again intwo weeks time.
We're going to go deeper into more topics.
We're going to start you from the basics andtake you all the way to the top.
Okay? More and more times, I'm noticing your basicsare all flawed.
So we're going to come back and rebuild thebasics for all of you guys from the ground up.
We're going to rebuild the basics better andbetter and better.
Okay? I'll see you guys soon.
I'll see you in two weeks guys.
Bye for now.