Lecture Notes

Audio Check and Communication

• Audio volume concerns were raised from previous session.
• Uses good quality equipment but experiences issues with YouTube's audio compression.
• Comments and texts from viewers about audio issues are not encouraged.

Session Schedule

• Afternoon lecture scheduled for tomorrow at 1:30 PM Eastern Time.
• Morning sessions will resume on Thursday and Friday.

Journaling and Logging Process

• Focus for the month of August is on journaling and data collection.
• No demo trading; students should collect data and observe market movements.
• Understanding one's own perception of the market is key to training.

Clarification on Previous Content

• Mistakes made during previous live sessions have been acknowledged.
• Clarification on terms used (e.g., "second stage of reaccumulation" vs. "second stage redistribution").

Charting Techniques

• Importance of organized charts for tracking progress.
• Aimed at helping students identify patterns and data.
• Focus on specific time frames: 15-minute, 5-minute, and 1-minute charts.
• Use of 15-second charts as a tool for entry.

Price Action Understanding

• Emphasizes the importance of understanding price action over indicators.
• Students should study past price movements to recognize patterns.

Trading Behavior and Psychology

• Essential to manage expectations and emotions while trading.
• Highlighted the need for self-encouragement rather than self-criticism.
• Discussions on how to respond to fear and greed in trading.

Observing Market Dynamics

• Importance of recognizing liquidity and inefficiencies in price movements.
• Techniques for identifying relative equal highs and lows.
• Focus on behavioral patterns in trading.

Conclusion

• Students should prepare for their trading journey by sticking to the basics of price action.
• Maintain a positive mindset while journaling and analyzing trades.
• Encourage reflection and learning from experiences, both good and bad.

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Key Terms

• Liquidity: Refers to the availability of liquid assets to a market or company.
• Fair Value Gap (FVG): A market condition that creates a gap in pricing, affecting trading decisions.
• Breakers: Price levels that act as resistance or support in trading.
• Inversion Fair Value Gap: Points where price action reverses after reaching certain levels.

Student Responsibilities

• Focus on observing charts rather than making trades immediately.
• Collect data on price movements and personal reflections to improve trading skills.