hello traders its a samurai trade here welcome to this hello traders its a samurai
trader here welcome to this training video in today's video I'm going to be
briefly covering day trading using range charts and also what I believe are the
best red-flag new sites as we get underway I
do need to put up the risk disclaimer if you're new to my channel if you're if
you haven't read one of my disclaimers if some time please do review the risk
disclaimer pause the video and make sure you do
read it there is a risk in trading and as we get underway also if you haven't
already obtained my free ebook truth about day trading in the description
link below under this video you'll be able to click on and request my free
ebook for truth about day trading and or my free training manual discover how we
trade the futures Forex and stock market so please feel free to down there click
on the down let me get this right click on the download link in the description
below thank you so let's start with red flag economic
reports it's absolutely essential that at the start of every day we review the
news what is coming out that is I'm not a big one on actually watching the news
watching for breakouts etc because the the news readers when it comes to
financial news over quite often pushing their own personal view users delayed
etc so I don't watch the news channels however what I am interested in here
particularly is a day trader I'm interested in what red flag news maybe
come in or what major news may be coming out for the day that may affect the
market that on trading so the two best that I really prefer over forexfactory.com
and econoday.com now with forex factory.com you'll find that most forex
traders or many many paps I should say we use forex factory but what if you're
a futures trader well I would refer to both and here is why if you trade gold
for an example that can be heavily impacted upon what is happening in the
forex market so I think it's very important that on a daily basis before
you start each day that you review the news now you you drive
in your trading journal any red flag news announcements that may be coming
out so let's just quickly visit them so what we're looking at here is forex
factory.com now once again I believe every trader should be refute reviewing
let me get this right reviewing this particular site and one
thing though you will see here the date and you've then got the time so
depending on where you are located in the world you may have to adjust the
time now for an example I'm based in Australia so I'll need to go on adjust
that so in this particular case actually or you can just simply go where is it
here match automatically to your computer clock which is what I've just
done okay so I'm recording go go back guard so it's 4:24 p.m. here so no go
I'll now go back to the calendar and here we go so this gives me all the red
flags for the week very very important that we take notice of the red flags and
we can see here for an example a ton of them later on the week in USA so let's
now have a look at econoday now in this particular case unfortunately I can I
see the Monday which is off to the left because it's going off the screen or for
PowerPoint slide size here and we can see tomorrow being the 4th of July the
main markets are closed and we can see then Wednesday so we can see fOMC
minutes too so I'm really interested in these red flags and I want to be very
wary of trading these now I actually will probably do a video specifically
for my members on which of the red flags we really want to be really noticed for
example the jobless claims is not much of a needle moving out a so there are
some that are marked up as red flags but barely move the market we don't have to
be too concerned but some of them such as here the petroleum reported 11:00 on
Thursday we definitely need to be aware of and if and as a CL trader which we
are we want to really make sure that we're out of a market I recommend at
least 15 minutes beforehand now let's remember that normally the petroleum
report the inventory report comes out at 10:30 on Wednesdays but whenever we have
a short week they make it Thursdays at 11:00 so that's why you don't see it
there traders at 10:30 they've moved it so 15 minutes beforehand you want to
make sure you place no trades on sale during that time and usually 10 to 15
minutes after and that really comes down to the speed of the market so just
getting back to our PowerPoint let's just go back here you then got INO you
got briefing.com if you're more into stocks that maybe
they may be also big great channels for you to review so let's now go back to
our next section that we all want to quickly cover and that's discussing
range charts many of my members and clients know that when it comes to
short-term trading and I am a day trader I'm a fan of using either volume tick
charts and range charts rather than that the traditional time-based charts like
the 1 3 5 15 minutes etc I will look at a 5 minute I want it on a separate
screen just to just really looking at trading ranges because sometimes if
you're in a range a trading range that is using a range chart or a volume it's
not particularly a tick chart actually it's it's not so obvious so it's good to
have maybe a 5 in a 15-minute there that you'll refer to just to check overall
market direction but getting back to trading I love range charts specifically
on Forex now usually when I'm trading the futures markets I'll use tick charts
that's sort of my preference I also both wait love volume charts on futures but
when it comes to forex specifically I'm a real fan of range charts so if we
look at them we've got time based charts now time based charts candles are formed
within a specific period of time tick candles are formed within a specific
number of ticks that's the number of trades not the volume of each of those
trades but the number of trades volume candles are formed within a specific
amount of volume tick and volume they look very similar and both work
absolutely brightly and then of course we get to range and Renko now I also do
like Renko and we've done a lot of research on Renko in the past and one
thing I don't like I which I suppose is same in a way with with them a little
with Ranger with Renko I lose some of the information that I'm after so my
preference is range so candles are formed within a specific price range now
in a moment I'm going to show you a point a couple of things out on the
charts for you so there are three rules of range to range charts or bars if you
like each range bombers have a high-low range it equals a specific range so
social trading Forex and you're choosing to use a full range which is four pips
every candle is the same size each range bombers open outside the high-low range
of the previous bar you'll see that in a moment on the chart and each range bar
must close it either it's high or low and you'll see that as well now there is
something for members that are watching you so do also want to point out that is
on in the members area you will see that there is a folder in my Google Drive
called new member downloads and if you go down to new member downloads out of
many of the downloads that you've got there I have put together a PDF of my
third chart settings now it's also in one of the emails that you receive that
you can download on my site but if you just want to go to that folder that is
new member downloads you'll see my preferred chart settings so you can go
and look at that now the other thing I'd like to point out is that I love trading
what we call the rule of two the rule of two and in the members area you will
find there but we've got a PowerPoint specifically on trading the rule of two
so it's printable so you can download the PowerPoint and this one more thing
before you go to the charts under the trading strategy video links
and for non-members by the way we have now our over 300 videos in our series
you'll find there a video also on trading the rule of two so let's now go
back to the PowerPoint and actually we'll go straight to the slides so what
I've got here in front of you we've got the euro dollar now as I mentioned I
really love range charts on on the forex markets and they just to me just work
really well probably because you get some great trends now so on the left
here I've got an 89 tick chart so of course you may like to trade an 89 tick
a 144 or 233 or which are 377 610 all with your FID numbers whatever you
really like trading and that's a big question that comes up and even under my
downloadable PDF there of my preferred trading times for all markets it really
comes down to the speed of the market and what you feel comfortable if you're
an active day trader you may even not want to even trade with a full range
here which I've got on my left or even on the sorry an 89 tick and I've got a
full range on the right here you may need to even drop that down to maybe a
55 tick or a 3 range it really comes down to the speed of the market so what
is my preferred time frame well on the Euro market particularly on the forex
market I love the 89 tick but of course I need to cross-reference with the red
flag news announcements because I need to make sure of course that I'm not in
the market when a red flag comes out and that by the way that's something could I
still see particularly new traders getting caught with every week jesus
why did I get stopped out why did you go through my stop it's because you're not
checking red flags now of course there are announcements that comes out or user
comes out that we weren't aware of course we can all get trapped but it's
very important to check your red flag and then gets back to your time frame so
my preferred time frame on trading the forex market let's go from this to chart
or fully expects expand this now is I prefer range charts the full range
now for my members that know the rule of two you'll see you've got a rule of two
the air rule of two rule of two rule of two it just works over here you've got
rule of two rule of two here you've got a t1 so it makes up for you don't
actually have a rule of two until two there so if you're a scalper it can work
really well so the third time frames for me I really like on the Eurodollar I
really like the full range if I want to slow it down I might jump up to a five
six or a seven range never is one thing I must mention with range bars and it's
this normally when I'm trading I always use a an anchor chart of three times
higher than the time frame I am trading with the exception of range bars because
the way they actually form they're formed on a range in price that means
that my anchor chart must be 1.7 times higher not three times higher so
therefore if I'm trading a full range on Forex my anchor chart will be seven
range it's very very important most of you know the importance of having a time
frame three times higher and the reasons for it if you're trading range it must
be the 1.75 formula to actually make it work the way I trade so back on the range
so Ranger just is really on Forex I really like it and by the way works
equally as well on stocks works very well on the futures markets as long as
you have a trending market okay my preferred I do prefer tick and the
volume on the futures markets so traders hopefully that's just giving you a brief
rundown on range now if you haven't already subscribed to my channel please
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picked up a few ideas out of today's video thank you
you