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