Read this section carefully as the skill presented here is crucial for most of the
scalping techniques that will be presented later.
Take a few moments looking at the following chart. Look at the
characteristics of the tops & bottoms of the waves.
When you will finish reading this section you’ll have the understanding
needed to be able to “pick” the tops and bottoms of waves like you see
above. What this means is that on the chart example above you would have
been able to capitalize on virtually all the pips that the market went up. You
could have entered at about 1.2130 and rode most (if not all) of the moves
having a final exit at about 1.2185 (55 pips). Even more amazing is that you
could have captured even more pips than that because you would have sold
near the tops and re-entered near the bottoms thus gaining twice through some
of the same prices.
Would knowing how to do what was stated above be of any interest to
you??? It is not magical, but simply a skill that you can cultivate!
I’ve spent some time pondering how I can teach this subject to you. I’ve
come to the conclusion that this is a difficult subject to convey to you but I’ll
do the best that I can. I have also realized that there are two specific
challenges in being able to teach this to you but have also come up with a
solution to each.
The first challenge is that I can’t convey to you all the nuances to be watching
for, so in this section I’ll teach you the general concepts of “picking” at the
tops/bottoms but will point out variations to watch out for as I present
examples throughout the rest of this eBook.
The second challenge is that there is no real way for me to show you what to
look for in live moving charts without having live moving charts. See, in real
time the candle keeps changing shape as the live price continuously moves up
& down during the period of the candle’s formation. In the pictures I show
you of the charts the candles are fixed (frozen). I can talk about what the
candles do but can’t really show you too much. For example, on the chart
pictures you see there may be a rather long candle (a tall one that moved quite
a few pips). Realize that that candle took a full 60 seconds to develop and so
a long candle doesn’t necessarily mean that it shot up (or down) all those pips
in one instant (although it might have). Usually you’ll see it moving up,
down, up some more, down some, etc… until the 60 seconds is over then the
candle is frozen. So looking at the chart pictures I present only shows a
shallow dimension of what happened; you need to be able to see what the
market is actually doing during the 60 seconds that a candle is being formed
as your decision making process also needs to happen in real time.
I’ve found two solutions to this second challenge.
The first solution is that I can record videos of the live charts so that you can
see what I am talking about. This however turned out to not be a good
solution because the movies are soooooo long (because each candle represents
one minute, and the whole thing takes many minutes to complete a complete
market move) and the resulting file size of the movie is huge. The fact that
the file size becomes huge makes it impractical to include in the eBook (as it
is many megabytes in size).
The second solution is what I consider to be the best overall. I’ll discuss the
things to watch for and then expect for you to got watch some live charts
yourself. Sorry if I sound like a broken record about this but watching charts
yourself is not only “the best way” but in fact “the only way” for you to learn
these skills for yourself.
I’ll discuss the things to watch for but it is your duty to go watch some live
charts to see these principles in action. Only by spending some time studying
your charts will any of this actually sink into your mind. Once you’ve spent
the time studying the charts you’ll cultivate an almost “intuitive” ability to
read your charts.
Well, let’s get back onto the topic of “picking” the tops & bottoms. (Actually,
after continuing to write I realized that I started talking about getting into
specifics that are best categorized as separate chapters. I’ve renamed this
chapter to be part “A”, and am ending it here with the intention to continue
on with part “B” later that brings all these smaller concepts that follow
together into a cohesive umbrella.)
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