0:02 Good afternoon traders. A special welcome to all of you and especially to the new traders. So this morning I want you to watch the London webinar. It's posted in the London. You by now you figure out how to use this the Slack. It's posted in London recording, right? The London um webinar channel. You get all the London recordings there. This morning I give a little introduction what how and how and you should conduct yourself in the slack room itself right so we're not going to go into that now the introduction today is actually about wave theory what really is wave theory the first thing I'll tell you what is wave theory why it works and how it works right so basically I'll try to solve those those very simple um thing
0:48 for you so you would have an understanding a clear understanding as to why these patterns really work how they form form what is forming it you know and you know you'll have a better understanding of why you you it will develop your confidence into how to use them and you know understand why you need to learn this whole stuff because I'm pretty sure you're like well why does it have to make a pattern before it goes right a lot of people will say how do you know people if you people who don't actually believe in this they will you will hear them say well oh that's just that's just coincidence the patterns really don't work you're just fooling yourselves or you know the market moving because it's is somebody said this or this news came out or the price of milk in Australia is going down or whatever else right so you would hear
1:35 all those stuff and then you you know it's confusing it is confusing let's be honest you you're thinking okay well Draggy just spoke or Draggy is speaking and look it's take it took off so the market is moving because Drag is speaking what has pattern got to do with that right I mean simply that's that that is something that's a legitimate questions that people who don't believe in any other thing like wave theory or would say that hey what are you talking about the market is moving because draggy spoke oh it was FOMC that that is what the market is moving right and I always say to them it's easy then let's do this let's go to the daily chart since we have more info in the daily chart and I want you to tell me in here just point to that area where Draggy was speaking where there was not look at the
2:22 time even just point at an area in that chart and tell me where you think Draggy was speaking, where there was FOMC, where there was a news of something else happening. And here's the problem, they can't do that. They will have to look at the date and said, "Oh, it was this date or it was this date or it was that date." But can you look at the chart as it is right now and tell me when when was that date? You can't. You don't know, right? The the structure as you look at the structure, it does not tell you that. And the reason you wouldn't see that is because it's irrelevant to what the market is going to take. Irrelevant in the sense that it has no effect on the bigger structure. It's a temporary thing that will happen. It is part of the structure. Let's put it that way. Everything that happens in the market
3:09 whether the market is being manipulated, if you want to say it's being manipulated, I don't think it's being manipulated. I think the what people call manipulation is simply buy and sell, right? Whether draggies speaking, whether I don't know who else is saying anything, whether Trump is saying something, whether there's an earthquake somewhere, whether there is going to be uh a war somewhere, whether all of these things are become part of the structure. That is what is the structure. All of this is what makes the chart behave this way. All of that put on a chart will show you a a defined structure. It's a very simple thing. When you go to the doctor and the doctor says, "Okay, go do a cardiogram." And you go and they did it and then the doctor's looking at a chart. He can tell you, "You know what?
3:54 You have a problem with your valve." Because we are seeing these two spikes that are not supposed to be there. And when we see those spikes, we know it's a problem with your valve. Now, that doctor may not be able to tell you why exactly your valve is going bad. Maybe you're a smoker. Maybe you're a drinker. Maybe you exercise too much. Maybe you don't exercise. Maybe you eat too many fat foods. Maybe you don't eat. You go on a diet and that is why. Maybe it's a genetical something. He might not be able to pinpoint what exactly caused that, but he can tell you what the problem is and he can cures. That is our point. Not to really go behind the reasons as to why the market behaves this way. It's it's it's it's a fool's error. You're going to chase you. If you want to do that, go work with the TV. Their
4:41 job is to talk about it. Why this happened? Why that happened? They're always wrong, but it doesn't matter. That's their work. They get paid to go out and speak. Oh, well, today because of that, the sentiment is blah blah blah. The this they that's what they're paid for. If you want to make money in the market, you don't have time for that. Your job is to forecast where it's going to go. You need something else. You need something to tell you where it is going to go. Not why it is going to go, but where it is going to go. And if you can tell where it is going to go because of this, this and this, well then you can trade it. But that something has to be very very strong. It has to be repeatable. You have to seal it many times. It has to be something that works that repeats itself so often that you know or you
5:29 have a very high probability that it's going to work. And that is what we do in here. We show you the charts. We take the charts from the past. We studied it. We identify patterns and then we said if this thing repeats itself in the future and we look at those that repeats themselves very often and we said once you see this expect this and if the if the expectation starts to happen you should have a strategy to trade that is the second thing we teach you the strategy how to trade. So let's come to today's job. Today thing is to explain to you now what is the pattern actually and why it's actually forming right what what is actually happening inside of this consolidations because these
6:17 is what is important these consolidation is what we're going to study. If you look at the chart from a mathematical point of view, this is what you're looking at. Price and time. See that there are two two axises. The price axis and the time axis. Most traders would love to study this when price is moving. But that is not important. What is importance is this axis, the time axis. You need to know how long and what pattern is going to happen in here. And if you know this, you can catch that. If you know this, you can get that. If you know what's going to happen here, you can get either the move up or the move down depending on what you're looking at in there.
7:03 So, that will also show you when you're getting a turning point. Where is it? See, that is the whole thing. You need to know these things. If you know, if you know what's happening in there, you can make a very, very high educated guess as to the direction it's going to go. And you are going to have a high probability of winning that trade. Now, sometimes you would hear me say, "Oh, well, wait. Well, why are we waiting?" Well, because we don't have enough information to make that decision. Sometimes you'll hear me say, "Guys, this could go both ways. Why would it go both ways if we supposed to know what's in there?" Well, because the pattern that we have right now is inconclusive. It's not finished. And because it's not finished, the probability is it could do both ways
7:48 before it completes itself. And one of those pattern will be very distinct of those. And that is not a problem. When you see patterns like those, you can make a choice. You can say, I'll trade those or I'll stay out of those and I'll trade the one that are very very conclusive only one direction. See? So what is actually happening in here? Let's start with what is the forex market or what is any market in the first place. Any market is a market is actually when we have we agreed on the price but we disagreed on value. That's a market. Anywhere any it doesn't matter if you're buying rice, you're buying I don't know paper, you're buying gold, you're buying oil, you're buying currency. For you to buy it for the
8:34 transaction to happen the two sides have to agree on the price. Right? But the reason the transaction is because you disagree on the value. If you're buying a used car, you're saying, "I think that used car to me is very valuable. I want a used car. I have money, but the money is useless because I can't write the money. I can't drive the money, but I need a car to go to work. So, I will going to give you the money and take the car." The guy who has the car is not using it. He he doesn't have value for it. If he has value for it, he's going to keep it. If he thinks it's going to get big higher value, he will keep it. The reason he's selling is because that thing doesn't have value for him. So, he's getting rid of it and he's taking what he thinks has value for him. He needs cash. Same thing. You're buying the euro, selling the euro. Let's say you have euro in your pocket. The
9:20 only reason you would want to sell the euro is because that doesn't have value for you at that time. You want something else. You either want dollar or you want yen or you want something else that has more value for you at the moment. And you will be willing to sell it at the price you agreed on. and the price that somebody agrees to buy it on. Right? That's it. That's that is what the market is all about. It's buying and selling. So, you have to think when you're trading, you have to think like the guy who is actually the biggest buyer or the biggest seller. Don't think like yourself. Because if you think as a small buyer or seller, you would be in the wrong side of the market. If everybody is selling, let's say 90% of the market wants to sell. Everybody wants to sell. You hearing the
10:06 raers is talking about, oh, this is a sell off. That is a sell-off. Everything is going to be a big sell-off. You have to think for that market to happen, you need a big buyer. Why would anybody in their righted sense want to buy something when everybody else is selling it? That is a question you have to ask. And who is that crazy person buying when everybody is selling? Right? That crazy person actually is the smart person who can moves the market. If everybody is selling and he's buying, you want to buy. But what if everybody is selling and nobody's buying? What happens? You ever ask yourself that question? What if everybody wants to sell euro? And really nobody wants to
10:52 buy euro. What happens? All my old traders will tell you you're going to get something like this. Zero transactions. Exactly. That's what happened. The market changes its price. The market moves away from the zone where it is trading right now. Yes. That's what happened exactly with the Swiss when they said that's it. We're not going to buy anymore and nobody wants to buy it. Boom. Fall. Right. That's it. The reason that is going to happen is because nobody no zero transaction. So when you actually see a big movement, it is zero transaction. It's not any transaction. So where are the transactions actually happening? All the transactions are
11:38 happening in these current sideways move. That's where right now we're in a transaction zone. That's called a consolidation. It could be an accumulation. It could be whatever you call it. And that creates a pattern. When that is happening, it creates a pattern, right? When they're actually doing the transactions, when they're actually filling transactions, buying, selling actively, that creates a pattern. And the pattern that is created when when they're actually doing that tells us a story, tells us whether we should expect more upside or whether we should expect more downside. See, it's not about the ABC and the WXY Z and all of that. It is about their
12:24 actions. The actions of the market at that present moment tells us whether we should expect more upside or more downside. Now, you're looking at the euro and you're saying, "Okay, well, they're in consolidation. What should we expect? How do you know if it's going to go up or down?" And that is where we come in. Wave theory. understanding what is happening in here. We look into that very carefully. We try to study it. We try to figure out what part of what is what what pattern it's actually making. Is that pattern complete? Is that pattern known to us? What we can expect out of a pattern like that? And based on those knowledge that
13:10 we have of patterns and what we see in there, we will make decisions whether to buy, whether to sell, whether to stay out of the market. Because sometime those decisions will be best if you stay out of the market. Not that you don't have an idea where it's going to go, not because you cannot make a forecast where it's going to go, but that forecast may be inconclusive. It's because you don't have enough information to prove that that is the high probability trade. like the Euroyen for example this morning I said there's a very good chance it's going to go down for a big move and it did go down some and some people are going to remember me saying well you probably want to wait before you sell it well why should you wait before you sell it if you think it's going to go down big time well because there isn't enough reason to sell it at the point where it was it means that pattern is an
13:57 incomplete pattern and in an incomplete pattern when they're actually filling transactions there are probabilities of it going both up and down. So what do we do? We wait for it to prove one side. Let it complete a certain pattern. Prove one side. We look at that pattern. We said, "Okay, good. This is a complete pattern." And now we wait for that correction or flag or whatever we will wait for based on your strategy and said, "If it does this, sell it. If it does that, buy it." See, so it's not always you're going to jump in a trade because you see something and you said, "Hey, well, this is going to go down." You have to wait for that. Patience is going to be your number one thing you will need to learn. So sometimes even though you know it's going to go down, you don't jump in the
14:43 trade. You'll have to wait for that setup to jump in. Right? So what is actually happening in that sideways move, right? Let's go in 4 hour and you look at it and you're going to see that there's a lot of up and down move. And these up and down move what they actually doing is they're putting a top and a bottom a range within which they're either buying they are both buying and selling the currencies. So it means if you come into the market or anybody comes into the market and says I want to sell you will be filled your order will be filled within that zone. If you say I want to buy your order will be filled within that zone. So that means at that level they're actually all the buyers and sellers all the buy orders and sell
15:29 orders are being filled. So the question is why are they being filled? What keeps it in that zone? Why isn't it moving away when somebody wants to buy a big lot? Right? Why isn't it moving down or up? Because people are buying it means that there is somebody within that zone that are filling all the orders that is coming in. Right? exactly that price. For it to stay in that range, there has to be every time somebody wants to sell, there is a buy order that fills it. Every time somebody wants to sell buy, there's a sell order that fills it. So there is some kind in a way if you want to call that manipulation going on. You would want to say it's manipulative because the market is not allowed to move away from this. which means that some big banks, some big I don't know institution that has
16:15 that that that capacity is holding the price there. Now, do we know for sure are they buying the euro or are they selling the euro at that point? We don't know for sure. We know it's not moving away from the range, but we don't know. Maybe they're accumulating euro because they think it's going to go up. Maybe they're actually selling a lot of euros that they have because they think it's going to go down right now. You might not know that at the moment, but if we look into the pattern, we will start to figure out which one they're doing. As long as the pattern becomes very conclusive this, right? So, in an uptrend, when you see a downwards movement that has a complete pattern, let's say this was your uptrend
17:03 and you're seeing patterns like these, you would say, "Wow, they break this, we get a flag, we buy. Do we get a flag? We buy. We get a flag, we buy." Right? Because we know that these are con these patterns are telling us they're going to go up. They drop like this. They make a correction here. You look at that. That was a sell setup. That didn't go far. come back up. That might have been one which which you got caught in. But that is what happened, right? So it doesn't matter which one we're using. It's it's the same thing. We're looking at patterns, right? So you look at this. You look at this here. What are they telling us now within this structure? They can go up or they can go down depending on whether this is the top. Right? So is that the top?
17:49 The question you guys, is that the top? How do we know that's the top? Well, if it is a top, we know what should happen. When it's a top, they will have to make a very sharp move down. They will have to move away from that zone, creating what we will call an impulse. That is they're going to push away from the very top of the movement, the zone, the top zone that they're making. Move away from it. They've done something like that. So, if they've moved away, they will have to accumulate or get rid of, sell off or buy back whatever they're doing there. which means we'll go into that phase of consolidation. And if we see a known pattern within that phase of consolidation that says they're planning to go down, we look for the sell setup. Right? If we see a known pattern in this
18:37 phase that says, you know what, they actually moved away, but they're actually doing this known pattern that tell us they're going to go up. We look for a buy setup. But we have to know those patterns. And for the next six weeks or the next five weeks that we're going to be here, five weeks, we try to cut it down to five now because we have more people to help train. For the next five weeks that you're going to be here, this is what you will learn. You will learn all the known patterns that exist. Most of them are actually the the patterns that Elliot identified for us. Two of them are patterns that we identified ourselves within this room within our our learning here and studying here. Right? So you will have to memorize all those patterns. Let me
19:23 make this very clear. It is not going to be an easy thing to do. But it's going to be an enjoyable thing to do. And if you manage to do that, you would learn a lot about wave structure. So you're going to memorize the names of all the pattern because we give you the names we're going to use. You're going to memorize the internal structures of all the patterns, right? Remember this. You will have to do that. So when you read the book, write down the names of the pattern. Write down the internal structures because when we come in here, we will show you how to identify that, right? We will tell you how to look at the chart to see those patterns and to identify which one we're looking at on every time frame. They're going to be different on different time frames, right? So in one time frame you may be looking for a sell but in a bigger time frame it's a buy. All of that will teach
20:10 you. So you have to know those patterns there. We're not going to study those patterns here. You have to just know them. So you'll read the book from now if you haven't read the book you or if you've read the book all of you should have read the book. You're going to go back. You're going to write down the names. You're going to draw the patterns what they look like just as they as they you know using the arrows as they and then when you come here we will show you how to identify them within the charts. But before we do all of that this week is going to be technical studies. We'll show you how to put trend lines correct, what we use trend lines for. We're going to show you how to put fibs correct, why we use the fib. We're going to show you how to put uh how to read the MACD correct and why we use the MACD. Right? So, a little back here again. What is happening in here? Let me just pull the charts away so you can see. So, think of
20:56 it this way. And I think I've showed many of you this before, but I'll just go back again so you can see. Think of if you were the biggest bank, if you were the bank that needs to accumulate because let's say you're a bank and I don't know, you're a city bank and you have a big client who says they would like to buy I don't know€1 billion euros or whatever 1 billion, right? And let's say it's it's in this point here now and they will have to send that order to you. It's not like somebody will send you a billion euros immediately, right? Nobody will. So what their job is to do is to buy up in the market. Now they will have to go and buy that up to give it to their client. Now unlikely they're going to get€1 billion euro to buy here or one person will sell it to them. So their job is to buy it up in small
21:42 portions. They're going to put out buy orders and that means anybody who wants to sell euro they will take the take it from them. So would they like to buy it the cheapest price because remember they're going to give their client a good deal, right? they would like to buy it very cheap and then you know sell it to their client at probably a little higher for a pip or two and then take their transaction fees right so if they can do that the client will be happy so their job will be first to see if they can move it down and then start that by accumulation they will put a range they will tell the client we'll buy within this range so they will try to buy within that range means Means it doesn't matter what happened. They're going to try to keep
22:27 it buying in that range and they're going to buy small. If it starts to move out of the range, they will stop buying. So, it's going to come back within the range and then they're going to buy again. And if it moves back out of the range, they will stop buying. It's going to come back down again. See, every time they're they they're actually trying to control that part of the market to make sure they're not buying high for their clients. So as soon as they realize that everybody else the buying is there isn't any enough people to sell to them they will stop the buying they might even be part of a selling market to bring it down a little lower sell part of it bring it back down and then keep it within that range in the buys. So, it doesn't matter who is going
23:13 to sell what amount. They will buy it and then they're going to pass it over to their client. They will charge a fee and they will make money and that's it. That's all what you would call their manipulation. But what happens when they stop buying and people are still selling? Let's say they stop buying. They they were the biggest buyer right there and they stopped buying but more sellers are still coming. price would likely drop and it will drop to an area where somebody else wants to buy. What happen if somebody notice a lot of buying going on and they decide to join the buying, right? The price could actually move up. See, so which way or which direction
24:00 that price is going to move depending on what we see inside of it. If we see them start doing this and we see something like this as you would hear me see and if the direction is going up and you see that pattern in there the likelihood is they're going to go up. The likelihood is that there is more buying structure than selling. So ignore whatever that pattern is. Just ignore it for a second. The likelihood when we see that is they're going to go up. But why do we think that is going to go up and we see that? We look into the internal structures of this pattern and the internal structures tells us that this buying method or this method of selling or buying whatever is happening there that transactional method that pattern
24:45 that created when they were making those transactions whether they were buying or selling we don't care that when we see pattern like that it goes up. Sometime you see something like that that goes down and that is also a pattern that we know especially if they're making you may see them do something like this and then you started to see something like this and you may very well think that thing is going to go up and it just does something like this and then it starts to fall. Well, we know that pattern. And we have seen it a number of times, right?
25:31 You see this first five wave in here. Most time it's either a contracting leading diagonal or an expanding leading diagonal followed by a Bwave breaking out slightly and then taking off to the downside. See that? So we look at all the possibilities of patterns and you would when you come to the webinar you would hear me talk about possibilities of that we'll say okay watch this piece it has two possibilities right now maybe three possibilities we know when we are in a triangle there are three possibilities right you would learn all of that what are the possibilities and the possibilities are there because based on the pieces you have now you don't know what they're going to do it's a Lego game all of you have played Lego in your Right? You know, Lego game has a lot of
26:17 parts in it and you have to put them together. You don't know what you will build based on the parts you have. As you fix the parts and you keep fixing them, fixing them, you will see the bigger picture. It's the same thing here. When the chart is moving, it tends to make parts. So, you're going to get a sharp move, you get a sharp move down. Right now, this doesn't tell you anything. But if you get something like this here now, and you look at that, you say, "You know what, guys? I think we're going to get one more down at least here. That's the only forecast you can make. If this thing breaks to the downside, we're going to get one more down. That's the only forecast. But does that complete the pattern? No, it will not complete the pattern, right? Because after that, you may look for one more up. But what if they do another one like this? Then we get one more down.
27:04 Remember this would be the zone where all the transactions would happen. The fast move is where there is no transaction moving away from the zone. On any time frame, it is going to be the same thing. So it is never about an ABC or a wxy xz. You only label the charts that way to keep track of what cycles you're looking at. Right? Because when you're looking from a monthly chart, go back. Let me go from the monthly chart so I give you an idea. When you're looking at a monthly chart like this, you may be in a monthly consolidation. See that? Remember I was telling you when they're staying in this they are doing something and then they're going to move away from
27:50 that zone. Now did we know that this was going to go down? You can bet we knew that was going to go down. Actually I made that forecast exactly from the top here. You can find it. It's on my Facebook page. If you go and look here, you'll find. Now, that's a very long term forecast, right? Uh noise in the noise in in the microphone. Oh, you're talking about this. I'm not sure what you mean by that. Oh, it was it's not there. Okay. If it's very serious and it's disturbing, I I'll try to look after that. Just let me know. Better now, right?
28:36 Sure. So when you see these patterns on all time frame, right, because they're going to happen all doesn't mean you were not you shouldn't be trading in here, right? Doesn't mean we wouldn't be trading in there. So the only reason you're labeling the charts is so that you would have a view of what time frame you're labeling, where you're labeling, what structure you're looking at, right? What bigger cycles you're looking at. That's the only reason you label it. So you can keep track of that because you may be looking for five smaller ones. You may be looking for some smaller corrections before you get a bigger one. Right. It is it isn't the noise there? Let me
29:23 let me just unplug. Unplug. Is it okay now? So we can go. Wait. Let's go. Great. So, let's watch it. So, when you look at that, that is what you're focusing. The reason the labeling is only to tell you actually where you are. The labeling is not a purpose for trading. I think a lot of traders get confused and they start labeling ABC and they start selling and then they learn that oh the C wave is not over. Right? So, we don't do that. Traders who label and they said, "Oh, well, we are expecting you got to move it down and 1 2 3 I'm selling here now." Right? and they learned that this just made a small correction and go up a little more. Small correction go up and you know maybe not breaking the top but keep
30:08 going up like this and then they look at this and they lost three trades and now when it's time to sell they're not selling right because they lost three trades already in the cell. They made an assumption that the C-wave is over because they have labeled ABC, right? So you label ABC, you can sell now or it had come to the 618, so they should sell. Those are not enough reasons to sell. And if you keep doing that, you may get lucky every now and then. But on the bigger picture, you will be losing your account because on the bigger picture, it doesn't work. See, on the bigger picture, that doesn't work. On the bigger picture, you still have to have that you have to have that confirmation
30:55 before you actually can trade it. So, come back to the basic what was happening in here. We look at the pattern in here and we look at all of this and we studied all say you know what guys, this thing is actually going to go down because it come back to the basic concept. You see this is what they did. They put it there. They moved it away from that zone. Whatever the reason was for that to fall, we really don't care. Same as we didn't care what was going to be the reason for this to fall. You can blame it, blame it on Brexit, but this thing started to fall way before Brexit. Before anybody could even imagine there's going to be a Brexit. It started to fall. Now, what is it doing here? Is this the start of the biggest up move to come?
31:44 Is that possible? Maybe, just maybe. But we don't have enough reasons to prove that as yet. What we are seeing, the pattern we are seeing that they're making here is telling us more of a corrective structure. And that if this is a very slow start of a very some kind of a triang diagonal pattern that may be a leading or ending diagonal, we don't leading diagonal in this case. Sorry, for the upside. We don't know that as yet because it's not complete, right? But we will track every little piece of it. And if we see this gives us a one, two, three, four, five wave that looks like some kind of a leading diagonal, we would look for this correction and we'll trade it up. We will still look for that transactional phase.
32:30 They have to make that phase where they will be accumulating before they go up. So even if this is the start of the biggest move to the upside, you haven't missed anything. They will have to make this phase. See that phase there? This has to happen before this continued to go. This is was your signal for a cell. You want to know how much months that took? It might look like a very small one. Actually, it's 1 2 3 4 5 6 7 months. look like a very small flag, right? That's a several month corrective structure that was telling you for seven months that it's going to go down.
33:17 See how much time you had to make that decision for yourself? You had seven months to make that decision. That was how much months they were getting rid of the pound that they had in there. Why would they keep it seven months here? Why would this thing stay here seven months before it falls? This was the signal for the fall, right? This was the signal for the fall. So why did it stay there 7 months before it fall? Interesting right? Well, think of you if you're the biggest bank. If you're the biggest bank with the with the largest reserves of of um punk and you have seen a signal that it's going to fall, you know, for whatever reason,
34:02 I don't know, you have inside information, you just made a forecast, you realize economically for any amount of reason, it doesn't matter what it is, you know it's going to fall. Would you allow it to fall when you have all that punk still in your pocket? You're going to say to the rest of the world, you know what? If you sell, I'm going to buy. That's it. It's not going anywhere from there until I have got rid of all my P. And I would push it up. If you look at this, let's say in a weekly, let's go a weekly. We'll look at the structure. So, you'll probably have an idea what they were doing there. I think this was it, right? You're going to push it up. Push it up. Push it up and get everybody to buy.
34:48 You notice how that down move was not coming down. It was simply not coming down. And then they keep pushing and pushing. Well, I think by this time, you would have got rid of 90% or more of your reserves that you had because you know something that the rest of the world does not know. Every time you push up, they're like, "Okay, we're probably in an uptrend." If you go look at the uptrend, put it in a monthly. We probably put it in a monthly and bring it up. The rest of the world sees this. That is what if the rest of the world saw and they see this and they see this and they think, "Oh, well, we are going up. We're going up. No, don't worry about this. We're going up
35:36 because you're still at the top. You're at the top." And they think, "Well, hey, Pong is getting strong. Why would you want to sell your P for seven months? It's not going down. So why would you want to sell? You should be buying. But remember what I started this with. If the rest of the world is buying something, who is that fool that is selling it? That is what I started today's webinar with. Who is the fool that is selling it? The fool who knew this was going to happen. So when the rest of the world for seven months were actually buying, he was selling to them. He was like, "Yes, we're the top, man. This is the strongest currency in the world. Nobody can touch the P. You want to buy some?"
36:21 And when it started to fall, I think he's just counting his money, right? He's just counting how much money he just made. You know who made a lot of money there? I think all of you know, right? Sorus made a lot of money there, right? That is what So, Sorus knew something very few of us knew. Right? You can sell that sucker and make a lot of money. Right? Same thing with the Bitcoin. When it's at the top and the rest of the world think they want to buy Bitcoin, what are you going to do? You're not going to be buying it. You're going to let it. You want to be You want to be with the guy who knows something that nobody else knows. And that is what we teach you to do here. We teach you how to understand that structure. Because if you look at that structure and if we were looking at that
37:06 structure, we would see an impulse. We would see a consolidation. We might even expect it to come above the top there and then fall. But on the break of this, we would have a reason to sell that there or we would have a reason to sell it here. See that? Exactly. That's one of the patterns that we have identified that we change. We changed the name a little. We call it contracting flat because Elliot calls it just a regular flat. And the regular flat actually breaks the top. So we just add a second name because it's contracting. We call it a contracting
37:53 flat. So you see the difference of what you're going to learn here, what you're going to spend the rest five weeks learning in here from what the rest of the world is learning, right? What they're thinking and what they're learning is that oh well this thing is at a this thing is is a support here. It's not going to go anywhere from there. You need to buy. You see it's bouncing off this support. And I can tell you it's a support there because they would probably find a nice line like this and said, "Well, you know, this thing is a support, right? That's an area of support. They'll find enough reasons to tell you why that's a support item or you can go and find the next million reasons to tell you why when they came here the last time you see they found resistance. Resistance becomes support. It should go up. Congratulations.
38:38 Right? You will you you will learn that there isn't anything like that in the market. Right? The market is just moving in waves. And if you understand what the structure is doing inside, if you understand how to read that waves, you're going to get so see the difference. Not what you're going to learn. Was it What is it doing here? Well, this might go up a little more, but that is just a small move up because we're still expecting them to come back down. And if they do what we think they're going to do, they should come big time down before they go back up. If this is the first impulse up, don't worry. It has to make a correction very deep before it goes back up. Right? It has to spend seven or eight months after the first impulse. It has to make this correction. It has to give you this before it goes. So look back at
39:25 this. Is this one and that is one way of going up. That's something you will learn in this week that this is just one way of going up. This would have to make something like this and we will all be in that trade to the upside. Now is it doing that right now based on the pattern we have? We don't look at it that way. We don't see it that way. So we will see. It's easy. We looked at the parts. We look at the lower time frame. We manage as it go. We look we we analyze it. And then we said guys this is what it's doing. This is what we need to do. And that is what you will be doing with us for the rest of your trading career. If you are going to be a trader, I
40:10 cannot guarantee all of you will be traders. I hope none of you end up trolling me because I've had one or two of my traders that I trolled of the group doing that. Right? So I hope none of you becomes a troll. Whatever happens, please don't become a troll. Right? Even if you don't like what I say or you don't like whether don't do that because it's not on me, it's on you. Right? You becomes you know I think we all of us here have learned you become the choice you make. The choice you make make you what you are. So you have made a choice to be with us here today. it will make you a wave trader. Please stick with that choice. That's a good choice. Stick with the group. Try to learn. Don't be shy about making mistakes. I want to stress this. Don't be shy about making mistakes.
40:57 Every single one of the trader in this room has made about a dozen or more mistakes, including me. Every single person in this room makes a mistake in trading or in their analysis at least once a week. So you don't have to be shy about making a mistakes, right? So don't be shy about making mistakes, which means you should not be shy about learning. That's the whole process. The reason you're here is because you doesn't know this stuff, right? So you can make a hundred or a thousand mistakes. Please make them all now. Not when you're going to be trading live. So when we say share your charts, do this, do that, please do it. Share your charts. Right? When you'll be practicing, make sure you use up the practice time because sometimes we have
41:43 to the trainers will tell you we have to go and search people and beg them to come and practice. Literally, I'm not this is not kidding. I'm literally we have to get run after them and said come on your practice session, you need to come and practice here, right? You need to be in this, right? So, we actually force them to come and learn. Don't let us force you. Please be the one to tell us you want to do more. Right? So come and practice and learn and don't be shy to ask questions. We will have questions after every session after every class. We leave a lot of time for questions. So no question is a dumb question. You can only have a dumb answer. It doesn't matter what the question is. It's a very very smart question. And very simple questions
42:32 are sometime the best questions. They can tell you a whole story. All of you remember Especially if you're new here, I'll repeat it because the old traders heard this and this is the best example I can ever find to tell you how a simple question could be so powerful. All of you remember McCain's and um election presidential run with Sara Palin and the question she was asked in her first interview. What do you read? Simple, right? And that actually brought her down totally. She never came back from that question. The the whole of America has learned that she doesn't read and the whole of the world has learned that she's not smart. She didn't read because if you get a
43:18 question like what do you read and you read you will be you will be easily it it's the easiest question in the world if you read something right if you read something and somebody hey what do you read you can easily say I read this right it is it is that simple but if that question becomes the question is I got you question then you probably weren't reading anything or you don't read any you haven't read anything for the past year or And a simple question like that shows a lot. So don't be shy to ask questions. If you think your question doesn't look smart, don't worry about it. You go ahead ask it. It might be the smartest question. And that question sometimes when traders ask question helps me to explain more in detail things that I
44:04 probably will overlook because remember I know this stuff and there are things that I may want to overlook because I would make assumptions that everybody knows it and then somebody come and ask me a question that was pretty simple and then I said oh my god I just overlooked this I should go into more details than this. How is the course structure? Uh tomorrow we will do um I think I gave you for this week, right? Tomorrow we're going to do trend lines. Next day we're going to do fibs and then two days we two today we're going to do MACD peak. Right? That's for this week. After that you guys are going to get one week of practice session. We will break you up into smaller groups. Right? I'm going to put the time frames
44:49 and you will choose one time frame. We're going to cover the entire 24 hours. So you don't have to worry about your time frame. You will choose at the end of this week. I'm going to on Skype on in our Slack room. I'm going to put all the time frames. You're going to choose one of those time frames. You're going to send me a Skype message and I'm going to put you in a smaller Skype room. Now, we don't use Skypes for the um for the classes. We just use Skype to to accumulate you in one place and then the person who will be training you will give you the link to the training classes for one week. You will practice all the technicals. Yeah, you can use the MT4 charts. It doesn't matter. You're going to practice all the technicals there.
45:36 And when you finish that, we're going to have one week more of classes. But the second week of class will be more about patterns. It's going to be about the patterns. It's going to be about labeling the patterns. It is going to be about the strategy, how to trade the patterns. It's going to be everything else that you need to know, right? We will go through all the patterns one by one. We're going to do flats, we're going to do triangles, we're going to do wedge, um, ending diagonals, we'll do everything so that you will start to recognize them. We'll show you how to recognize them in the chart. We'll identify them. We will look for them. We'll show you how they work, right? We'll explain how to use the MACD to identify them as well. And after that you will go for two weeks of practice which means for two weeks in a small group of about 10 15 you're going to be practicing. You will show your screen.
46:23 How does the practice session goes? You come in the guy who is who's running it is going to say okay who is going now? He'll make you the presenter. You're going to show your screen. You're going to show him how you understood what I said or what I taught you. You would look at it. You would, you know, show him what you have learned from that. You will make mistakes. He will correct you. You'll repeat it. You'll probably make some more mistakes. He's going to correct you and you'll repeat it again. At the end of that two weeks, I will schedule a few uh training sessions. It's going to start from the morning and it's going to end in the afternoon. Right? Every one of you will come with a prepared chart and you're going to have about half an hour to show your charts, which means you're going to show me what you have learned for the past five weeks. Now, you may still make some
47:09 mistakes. Don't be shy about it. I'm going to correct you and I'll I I need to see your line of thought, what you were thinking while you were doing it. And based on that, I'm going to correct you from yearly time frame onwards. No, for monthly, we normally do the monthly. We only do the yearly in rare cases. It's normally the monthly. So, tomorrow you will learn all of that, right? As to how we're going to do. Don't worry, you wait until I do the sessions with you tomorrow. then you'll understand how you will do it right you will just have to repeat what I what I teach you every one of you will choose your own charts so if 10 of you are in the group that will be 10 different charts right so don't worry it's not a test it's not anything you're simply here to learn now this at the end of this course that only the starting of
47:54 your education you will be doing that every single day and you should do it every single day at least an hour or two why you need to do it an hour or two because of the way your brain works. I think all of you know that, right? It's the way your brain works. Your brain for today has registered a couple million, if not tens of millions of new information. But by the time you go to sleep tonight, your brain is going to discard all those information. It's going to throw it in the waste basket. Most of what I say to you right now will go into the waste basket when you go to sleep. You wake up tomorrow, you may not remember, I think 1% of what I said. you're unlikely going to remember it. Right now, what would force you to
48:40 remember that is if you go back into the recording and you watch it again and then you watch it again and then you take some notes while you're watching it. Right? If you keep doing that, your brain is going to say, "Wait a second. This seems to be important information. So, I will store it in a separate place. So, whenever he wants this information, he's going to get it back. He or she whenever you want the information you will get it back. Your brain is going to dictate to you. You don't make a conscious decision on that. That's a subconscious decision. Your brain will decide what is important and what is not important. It is not up to you to decide that. You can force the brain to do that by saying this is important brain. Please listen to me. You can actually just record this. Don't discard it. Don't
49:26 throw it in the rubbish bin. Right? because you don't you know it's it's the way it works. That's that reality. Most of us listen to something and only 1% of us may remember it. You know why? Because the 1% of us had done that before. It is it is actually important to us. We think it's important to us. The same thing with the patterns. If you don't do it every single day for the next year or two, your brain will not store those information. So you start learning it now and do it every single day. Repeat it every single day until it works on a subconscious level. What that means, you open the chart and you take one glance and you immediately could tell what pattern you're looking at. You're going to take one glance at the chart and you will immediately know what
50:11 pattern you're looking at. When you're at that level, welcome. You've just learned. You've just become a wave trader. You've learned something. Until then, you're still learning all. Okay, let me let me let me bring up Wait one second. Let me just bring up that that um thing for you guys so you can see where everything is stored. Give me a second. I'll bring it up. So, when you come, this is the side all of you in. This is the general chat. You can ask whatever question as long as it's a decent question and you keep it respectful, you can ask it here. Any questions? You want to know where the link is, you want to know where the weather is in Moscow, you want to know anything, you can ask it here. You don't have to read all of this. Basically,
50:57 right? You will get an you you can set it to get notification or you will get a notification. Every time you see something like this, when I put the at sign in front, right? When I put that sign, it means you're going to get a notification. Then you can go read. You don't have to read everything in there. You will not have the time to do that. And you should not waste the time doing that. Those those are only information for everybody else who's on the chat right now. I personally don't think you should write anything in there. I think you should go into trading room and and do all your stuff. If you have the free time and you want to learn something, you want to trade, go in trading room. For those of you who are new, spend the time learning on your charts, not in the Slack room. You only come here for important information. You will get those notification. This is it. This is the one room you need to be careful.
51:43 When you get a notification from here, you need to check it. You will know there is something notifying you that you haven't seen there. You'll see it in white. That means there's something published there that I haven't looked at. When you see this, there will be something published there that you haven't looked at. Now, you can take a glance and if it's important, it's okay. It's not. If it's in this group, the about group, you definitely need to look at it because that would be where I post the links. This is the London webinar link. The trade room link is actually pinned here. When you click in the pin, you will see all the pinned articles at the side here. You can look at them. These are important articles. They have things to do. One of them that all of you may want to look at is the one from Victor. Where is that one? Victor, where is the one you post? I
52:29 can't even find it. It should be there. Oh, this one. The police registration one. You want to look at that? You want to know what that is? That is one guy who was trying to sell our course. We actually opened a police police case against him. Don't ever do that. Don't try to do that. Don't try to take my materials and sell it. Please. It would do you no good. We will find you. And when we find you, the headache you're going to get, you don't need it. You will never need that headache. Right? So, all the pin materials are in there. Those are important materials. They will stay there forever until we release the pin. I will release the pin in here every now and then. Now, I don't want you to pin any materials anyway unless it's absolutely necessary or unless you've consulted with me because when
53:15 you pin something, it act it occupies space and we don't have a lot of space in here. I mean free space. We don't have we if you have to pay for it, it's about 60,000 a year it's going to cost us. We don't want to do that, right? We'll look for a free one where they will not they will allow us more more um thing and if we get it, we'll use it, right? So, that is what you need to do. Pay attention to this. All the recordings are here. They're named class recordings, London webinar recording, marathon recording. Uh these are pattern that people have identified. You they'll post a snapshot in there for you. Write the diagonals and the triangles. Right. Where is the book located? The book is not in here. It's the Elliot wave principles. You will have to Google it and find that. Maybe if you ask in the
54:00 in the in the general room, somebody will give you a PDF copy. Somebody will give you a copy to look at or somebody will tell you where to find it if you look around there, right? So yeah, please ask all the questions you have, ask in the general chat. Please, if you have a very basic question of what to do in Slack or where to find something, please ask in the Slack room. Don't send me an extra message. Not that I am not willing to answer your questions, but remember just just bear in mind that there are tens of thousands there 10,000 or more or 15,000 more people who follow me on a daily basis. They all have questions, right? And I wake up and I spend every at least two to three hours of the day answering questions only. So you can save me that time if you can get the guys in the
54:46 Slack to help you with that question. Okay, >> yes. Um uh the channel may not be showing up on the left side. So then they may need to click on the word channel. >> Yep, they can do that. That if you're if one of these channel you're not seeing, click here and you can add yourself. There are some extra channels. You can click here. It should show up. All the channels that they in should show up. The ones you're not in might not show up. Click here and see it. But the basic ones, everybody's attached to the bas basic ones that you're actually the only ones you you might not be immediately in. I can show you the ones which you're now at the beginning. You might not be in the in the cryptocurrency one, in the commodity ones because I don't add people to that. They add themselves to that. But for the new guys, you don't need to be in there.
55:32 >> You >> okay? >> You need to learn the course and by the time you learn the course, you will you'll figure out that, right? You need >> I thought they were only added to the general but >> no, they added to general, they added the London webinar, they added to classroom. Everybody sees all of this immediately. There are a few of them that they might not see immediately but they don't even need to be in those yet right so you can look at the London webinar that's okay it will help you we'll launch something but focus you need to focus on grabbing that concept it is not easy take it from all the traders who finished if you spend take it from the guy who just did a webinar and everybody who's working with a prop firm take it from the guys who were very successful they will tell you you need to spend time
56:17 learning the concept before you trade. Okay, any questions? Let's go. We're going to do the wave counting of identify. Wait until we do wave counting. You'll get the answer to that. Take it one step at a time. Start with the ones we're going to show you. We're going to show you how to put trends correctly. I'm pretty sure you're putting them wrong right now. All of you. Don't worry. You'll learn that first right? you will teach stop-loss and take profit. Okay, good. So, that's a good question. That's a very very good question. I'll tell you why. That's the wrong thing you you'll be doing. If all of you come in here only looking for stop-loss and take profit, you're in the
57:03 wrong place. Let me repeat that. That's the best question that we had today. If you're here to look for stop-loss and take profit, you're in the wrong place. You may want to even say, "Hey, I'm probably in the wrong place. I should go." You're not here to get stop-loss and take profit. You're here to learn a concept of how to trade, how to become a very good trader. Nobody will give you stop-loss and take profit. We will teach you the strategies we use. You will take those strategies and you will go practice them. You will choose the charts you want to trade and you will fine-tune the strategies to fit your chart. You might even create your own strategy based on the the the time frame you trade, the charts you trade, how you trade, but if you're in here only to get
57:49 stop-loss and take profit, you're definitely in the wrong place. And you are not going to learn anything, right? That's how important that question is. Make sure you learn the concept. You're here to learn the concept to understand how to read the chart and then stop loss and take profit will fall in place. But if that is what you guys will focus on for the next six weeks, you're not going to learn it. So please don't focus on that. Don't think about trading. There's a good reason we tell you that. Let me repeat it. Some of you hope none of you happens to you, but we've had traders who traded during that time. They actually made money. We had one guy, Benny's in the room, right? Benny will tell you, we had one guy who during the course made took a 5,000 to 18,000. Am I correct, Benny? I think it's 18,000 he
58:35 made, right? He didn't come to the classes anymore. He stopped coming to the classes. He stopped going to the training session. Benny was the one training him. And you know what happened to him? He lost every single scent of that 18,000. Every single scent he lost. Not only did he lost every single scent of it, he couldn't sleep. He couldn't eat well. He couldn't work well. That was what happened. He wouldn't listen. He wouldn't listen when we said, "Don't trade during this session. Don't follow what the guys are doing in the trading room. You're not ready for it." And the success he made made him go wild from 5,000 to 18,000. He thought he was the king. Is I'll quote his exact word. He thought I was the king in trading. That was his exact word what he said to
59:21 me. He said, "I thought I was the king in trading. I don't need anything else. I'm going to go, you know, I'm going to make millions tomorrow." It was when he started to lose everything and he he's losing sleep. And he wouldn't tell us. I think Benny run after him and got him to come do the the training sessions and then he told Benny and then after a while they told me and then I spoke to him and I tell him you probably either take a break for a long while if you're ever going to come back the room is open for you but you take a break for a long while cuz you're not ready for this. You shouldn't do it. There's a reason we say don't do that. You might get accidental success. You might follow some of the trades we make in the room and and you might win them. If you if that happens to you, that could be the worst thing that will happen. You would feel that you don't
1:00:08 need to learn the concept anymore. You can just sit in the trading room and you're going to get trades. You will never become a successful trader doing that. Follow the guys who are very successful. They will tell you what they went through to do that. What they went through was spent even after the course. The guy who's working the prep for me, I think he said he spent about a year if I could remember. I didn't read the I didn't watch his webinar. I just glanced over the message. He actually spent about a year or more tweaking the the concept, tweaking the the strategy he's going to use to make it work the way he wants to work. And you might end up doing that before you become a very very success. Once you become a successful trader, you're going to make money for the rest of your life. So, you may as well spend that extra time learning.
1:00:55 Don't chase the trades today, tomorrow. Nothing is happening with the trades. They're not going away. More trades are going to come. A trade will come up almost every day for you. Do we learn how much percent do you use from capital? We'll teach that. Money management will teach you. I was with him in the morning. Awesome guy right there. Look at that. Yes. You know, it's it's and these guys will help you. All these guys will help you in the room, right? All the successful guys, they come. There's a reason we leave. There's a reason we keep everybody here for free because we want the people who became successful to first share their experience with you. That's the one thing it's going to encourage you and it will help you to understand how you need to go about doing this and the second thing is they will help you right the guy did a webinar for everybody and he's sharing his experience of what make him how he used what we taught him to become
1:01:41 successful. It is good and then you yourself will will have enough time to train to practice to get guidance until you become successful. When you become successful we don't want you to go away. We want you to stick around and help somebody else. That is the concept of the room. That is the concept of what we do here. Stick around and help somebody else. I personally cannot help everybody but I will try my best. It is the group who's going to help you. There are enough very good traders in this group who are going to be here to help you give you a half hour session with you oneon-one. You know, you'll have that. The guys will do
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