al-brooks-course
48K - Trading the End of the Day
Raw transcript and slide notes for 48K - Trading the End of the Day.
Overview
- Slides: 12
- Transcript segments: 339
- Status: 自动按 slide 时间线归档；核心概念和长期笔记可以在每个 slide 的
Study Notes下继续整理。
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Transcript 001
Time: 00:02
Bilingual Transcript
00:02 - 00:03
EN: This is Al Brooks.
00:03 - 00:05
EN: Thank you for watching the Brooks Trading Course.
00:05 - 00:10
EN: This is the third of three videos about trading at the end of the day.
Slide 001
Time: 00:12
Bilingual Transcript
00:14 - 00:17
EN: I’m going to begin by talking about bull and bear traps.
00:17 - 00:21
EN: A bull trap is trapping traders into buying when they should not be buying.
00:21 - 00:25
EN: A bear trap is encouraging traders into selling
00:25 - 00:27
EN: at a time when they should not be selling.
00:28 - 00:32
EN: Finally, I want to talk about higher timeframe support and resistance.
00:32 - 00:36
EN: By a higher timeframe, I mean any higher timeframe.
00:36 - 00:41
EN: If you’re trading on the 5-minute chart, any timeframe higher is important
00:41 - 00:45
EN: - 60-minute chart, daily chart, weekly chart, and monthly chart.
Slide 002
Time: 00:47
Bilingual Transcript
00:54 - 00:57
EN: This is a nested High 2 buy setup.
00:57 - 01:00
EN: We have two legs down – one, pullback, two
01:00 - 01:06
EN: - and it’s within a larger two-legged move – one, pullback, two, and subdividing.
01:06 - 01:09
EN: If you looked at a 15-minute chart or a 60-minute chart,
01:09 - 01:11
EN: this would be a simply High 2 buy setup.
01:11 - 01:13
EN: Two legs down – one, pullback, two.
01:14 - 01:17
EN: Is this going to be a Buy The Close finish?
01:17 - 01:19
EN: Well, the location is good.
01:19 - 01:22
EN: We have the bottom of a Trading Range day, a Higher Low.
01:22 - 01:24
EN: We have a nested High 2.
01:24 - 01:27
EN: But we only have one close above the Moving Average,
01:27 - 01:32
EN: and therefore maybe 50% chance it’s going to continue up, 50% chance it’s not.
01:32 - 01:34
EN: It might reverse down.
01:34 - 01:36
EN: This is not yet a Buy The Close rally.
01:36 - 01:40
EN: Traders probably need one more good bull bar.
01:43 - 01:46
EN: They need to see a follow-through bar.
01:51 - 01:54
EN: Instead of a follow-through bar, they got a reversal bar.
01:55 - 01:58
EN: That means the bulls were trapped into thinking that the High 2
01:58 - 02:02
EN: was going to lead to a rally, and instead it led to a reversal.
02:02 - 02:05
EN: Bears know the bulls are trapped, and a lot of bears will sell
02:05 - 02:08
EN: below that bear bar, or they’ll wait until they get two
02:08 - 02:10
EN: or three bear closes, and then sell closes.
02:11 - 02:13
EN: This is a bull trap.
02:13 - 02:17
EN: The bulls were tricked into buying high when in fact the market
02:17 - 02:20
EN: was simply trying to trap them and setting up a reversal.
02:27 - 02:29
EN: Always higher probability to wait until you see
02:29 - 02:32
EN: 2 or 3 bear bars, just like the bulls.
02:32 - 02:34
EN: It would’ve been higher probability to wait
02:34 - 02:36
EN: until they see 2 or 3 bull bars and then buy.
02:40 - 02:43
EN: Since it’s a reversal, traders will look for support
02:43 - 02:44
EN: around a Measured Move down.
02:44 - 02:48
EN: It’s also a Double Top with this high, and the Measured Move down might be
02:48 - 02:50
EN: based upon this high instead of that high.
02:51 - 02:54
EN: That Measured Move would be right around the low of the day.
02:58 - 03:01
EN: Bull trend and reversal, and you have a bear bar
Slide 003
Time: 03:00
Bilingual Transcript
03:01 - 03:03
EN: and you have a follow-through bar.
03:03 - 03:05
EN: But you also have some other things going on.
03:14 - 03:15
EN: You have a Small Pullback Bull Trend.
03:15 - 03:20
EN: You can argue it’s a Wedge – one, two, three or one, two, three.
03:20 - 03:23
EN: You can say it’s a bull breakout above a bull channel,
03:23 - 03:26
EN: and therefore 75% chance it’s going to reverse down
03:26 - 03:29
EN: to the bottom of the channel, and the reversal will start
03:29 - 03:32
EN: within 5 bars of breaking out above the channel.
03:32 - 03:33
EN: All of that is correct.
03:33 - 03:36
EN: You might also say, “Ahh, the bulls made a lot of money.
03:36 - 03:37
EN: They’ll take profits.
03:37 - 03:39
EN: Maybe we’ll get a swing down to this Higher Low,
03:39 - 03:42
EN: that Higher Low, maybe all the way down here”.
03:42 - 03:44
EN: All of that is true.
03:47 - 03:51
EN: However, when you have a Small Pullback Bull Trend,
03:51 - 03:54
EN: the channel is tight and the target is not far.
03:55 - 03:57
EN: Also, when the market got near the Moving Average
03:57 - 04:00
EN: - here, here, here – the bulls came back.
04:06 - 04:10
EN: Very Tight Bull Channel, first reversal down probably minor.
04:10 - 04:15
EN: That means either a bull flag and the bull trend resumes, or a Trading Range.
04:15 - 04:20
EN: The chance of a bear trend coming out of a Tight Bull Channel like this
04:20 - 04:22
EN: without at least a Micro Double Top – small.
04:23 - 04:26
EN: Therefore, this is probably going to be a bear trap.
04:26 - 04:29
EN: It’s probably not the start of a bear trend.
04:29 - 04:32
EN: It’s probably trapping traders into believing that
04:32 - 04:34
EN: this is the start of a bear trend.
04:39 - 04:42
EN: Can you sell that close, sell below this bar?
04:42 - 04:47
EN: Sure, but chances are this is a minor reversal testing support,
04:47 - 04:49
EN: the bottom of this final bull flag.
04:50 - 04:52
EN: This is common when you have a strong bull trend,
04:52 - 04:56
EN: that you’ll get a bigger correction sometime late in the day
04:56 - 04:58
EN: - 11:00, 12:00, sometime around there.
04:59 - 05:00
EN: It’s profit-taking by the bulls.
05:00 - 05:03
EN: It’s an attempt by the bears to reverse the trend.
05:03 - 05:05
EN: But a Small Pullback Bull Trend
05:05 - 05:08
EN: has a very small probability of becoming a bear trend.
05:08 - 05:11
EN: More likely this is a bear trap.
05:11 - 05:12
EN: A Moving Average Gap bar.
05:12 - 05:15
EN: There’s a gap between the high of this bar and the Moving Average.
05:16 - 05:19
EN: Yes, the bears are strong enough to put a bar below the Moving Average
05:19 - 05:23
EN: for the first time, but usually the first time the bears do anything, it fails.
05:24 - 05:28
EN: It’s a minor reversal, and therefore bulls see this
05:28 - 05:31
EN: as a potential bear trap, trapping bears into selling low,
05:31 - 05:35
EN: and the odds are the market will either go sideways or up.
05:40 - 05:43
EN: The bulls know that, and they’ll buy the reversal up.
05:43 - 05:45
EN: We have a Moving Average Gap bar and a bull trend,
05:45 - 05:49
EN: a failed breakout below the bottom of the channel, and now we have a bull bar.
05:49 - 05:53
EN: Other bulls will buy above the high of this bull bar or on the close
05:53 - 05:57
EN: of the second bar, expecting trend resumption up in the final bars of the day.
06:05 - 06:06
EN: Bears are giving up.
06:06 - 06:07
EN: We’re getting a reversal.
06:07 - 06:08
EN: We sold off.
06:08 - 06:10
EN: The bears see a follow-through bar.
06:10 - 06:13
EN: They wanted a Sell The Close finish, but we’re getting a reversal.
06:14 - 06:19
EN: Bears get out either 3 or 4 ticks above a bear bar, or 1 tick above a bull bar.
06:19 - 06:22
EN: The bulls know that, and the bulls will buy as well, knowing that the bears
06:22 - 06:25
EN: will give up and the bears will not look to sell again today.
Slide 004
Time: 06:29
Bilingual Transcript
06:35 - 06:39
EN: The market at the end of the day often tests support and resistance.
06:40 - 06:44
EN: So if you have a reversal day – here we have a bull trend for the first half
06:44 - 06:48
EN: and we’re starting to get a bear trend – it might be testing the open of the day
06:48 - 06:51
EN: or the low of the day or a prior Higher Low, like this,
06:52 - 06:56
EN: and therefore if the market gets near those targets,
06:56 - 06:59
EN: you have to be prepared for a reversal.
07:00 - 07:01
EN: Sell The Close.
07:01 - 07:03
EN: Probably starting too early.
07:03 - 07:05
EN: Probably not going to make it to the end of the day.
07:05 - 07:08
EN: If you get a Double Bottom at support – here,
07:08 - 07:10
EN: Double Bottom testing the open of the day
07:11 - 07:13
EN: - you have to be prepared to buy for a reversal up,
07:13 - 07:15
EN: especially if you get a good bull bar.
07:15 - 07:17
EN: Good size body, closing on its high.
07:17 - 07:19
EN: A bull bar here, second entry.
07:24 - 07:27
EN: You have a Micro Double Bottom at the bottom of a Trading Range day.
07:28 - 07:31
EN: A reversal day is a Trading Range day.
07:31 - 07:33
EN: We have a bull trend and then a bear trend.
07:33 - 07:36
EN: Big up, big down, big confusion – sideways.
07:36 - 07:39
EN: Unless the reversal goes far below the low,
07:39 - 07:41
EN: the reversal day is probably a Trading Range day,
07:41 - 07:44
EN: and it’s unlikely to go far below the low of the day,
07:45 - 07:47
EN: and it very often will reverse.
07:47 - 07:50
EN: A reversal day is a Trading Range day, and therefore if you got
07:50 - 07:54
EN: a second entry buy near the low of the day, it’s a reasonable buy.
08:03 - 08:07
EN: The opposite’s true if the market is below the open
08:07 - 08:10
EN: at the end of the day, and the day is a Trading Range day.
08:10 - 08:13
EN: The market will try to test back to the open
08:13 - 08:15
EN: at some point in the final hour or two.
08:15 - 08:17
EN: This is an example of the market being
08:17 - 08:20
EN: above the open on a day that is now a Trading Range day.
08:20 - 08:23
EN: The market tries to test down to the open late in the day,
08:23 - 08:26
EN: and when it gets there, it could go sideways,
08:26 - 08:28
EN: it can reverse, or it can break through.
08:29 - 08:31
EN: Micro Double Bottom, good bull bar.
08:31 - 08:33
EN: It looks like it’s going to reverse.
08:38 - 08:43
EN: Higher support and resistance is very important at the end of the day.
Slide 005
Time: 08:40
Bilingual Transcript
No transcript segment aligned to this slide.
Slide 006
Time: 08:44
Bilingual Transcript
08:46 - 08:50
EN: At the end of every bar, traders pay attention to the close,
08:50 - 08:54
EN: because it’s usually a test of support and resistance.
09:01 - 09:02
EN: That’s true of every timeframe.
09:02 - 09:08
EN: If the daily chart is closing, the close on the daily chart is important,
09:08 - 09:12
EN: and that means the final bars of the day on the 5-minute chart
09:12 - 09:15
EN: affect the appearance of the daily chart
09:15 - 09:18
EN: - and that’s true on the weekly and monthly charts as well.
09:18 - 09:23
EN: For example, on a Friday, the final hour or two or three of the 5-minute chart
09:23 - 09:28
EN: is often going to test weekly support or resistance, like last week’s low,
09:28 - 09:33
EN: last week’s high, last week’s close, or the high or low of any prior week.
09:34 - 09:37
EN: At the end of the month, the final hour, the final 2, 3,
09:37 - 09:42
EN: or 4 hours of the month will often test monthly support or resistance,
09:42 - 09:46
EN: like last month’s close, last month’s low, last month’s high,
09:46 - 09:48
EN: or highs or lows of prior months.
09:48 - 09:50
EN: Therefore if you’re trading in the 5-minute chart
09:50 - 09:55
EN: and today’s the last hours of the week, or the last hours of the month,
09:55 - 09:59
EN: pay attention to support and resistance on those higher timeframes.
10:06 - 10:11
EN: If the market is reasonably close to any of those higher timeframe targets,
10:11 - 10:14
EN: it’ll often get drawn toward those targets.
10:18 - 10:22
EN: For example, here is a 5-minute chart of the Emini,
10:22 - 10:24
EN: and this is yesterday’s close.
10:24 - 10:28
EN: The market opened above yesterday’s close, sold off for most of the day,
10:28 - 10:30
EN: but now is trying to reverse up.
10:30 - 10:33
EN: The market might be trying to get above yesterday’s close.
10:34 - 10:36
EN: There’s a decent reversal here,
10:36 - 10:38
EN: and now we have a Higher Low Major Trend Reversal.
10:38 - 10:41
EN: Be aware that yesterday’s close is a magnet,
10:41 - 10:45
EN: especially in the final hour of today, final 30 minutes of today,
10:46 - 10:48
EN: and therefore look for a reversal.
10:48 - 10:49
EN: Here we got a Buy The Close rally.
10:49 - 10:52
EN: Traders will buy that close, this close, maybe that close.
10:53 - 10:56
EN: After the third or fourth close, traders usually stop buying
10:56 - 11:01
EN: because Buy The Close rallies in the final hour of the day
11:01 - 11:05
EN: usually only last 4 or 5 or 6 bars, and therefore buying the fifth
11:05 - 11:08
EN: or sixth bar is usually not profitable.
Slide 007
Time: 11:10
Bilingual Transcript
11:11 - 11:15
EN: Bulls will either start buying closes here – the market’s stalling;
11:15 - 11:19
EN: they’ll take profits here, second entry – one, two, reasonable to get out
11:19 - 11:23
EN: of longs here – but now we have a Higher Low Major Trend Reversal.
11:23 - 11:25
EN: Bear trend, bull breakout.
11:25 - 11:27
EN: A weak selloff.
11:27 - 11:33
EN: 50% pullback, test of this buy signal bar, a doji bar and the magnet up here.
11:33 - 11:38
EN: Reasonable to buy above that bar, or wait for this close or that close to buy.
11:43 - 11:46
EN: It became a Buy The Close finish here.
11:46 - 11:50
EN: Some traders will wait for a second bar to buy the close,
11:50 - 11:51
EN: looking for a scalp up at the end of the day.
11:52 - 11:54
EN: Not enough time left to get a big swing.
11:54 - 11:57
EN: Usually you’re just getting a scalp when you’re taking a Buy The Close
11:57 - 12:00
EN: finish in the final hour, or the final half hour.
12:10 - 12:11
EN: Wedge.
12:11 - 12:15
EN: We reversed up, reversed up, reversed up, so there’s a Wedge,
12:15 - 12:18
EN: and it’s a Higher Low and it’s a Major Trend Reversal.
12:18 - 12:22
EN: It’s testing the high of the buy signal bar, so it’s a breakout test,
12:22 - 12:25
EN: and there’s a magnet above (yesterday’s close).
12:30 - 12:32
EN: Bulls will buy the reversal up.
12:38 - 12:41
EN: If they want higher probability, they’ll wait to buy closes.
12:42 - 12:44
EN: Buying closes, the stop is further away,
12:44 - 12:47
EN: but the probability of making money is higher.
12:52 - 12:56
EN: In general whenever you have a strong rally at the end of the day,
12:56 - 13:01
EN: you get out 3 or 4 ticks below any bull bar and 1 tick below any bear bar.
Slide 008
Time: 13:04
Bilingual Transcript
13:05 - 13:11
EN: Weekly support and resistance is important on a Friday, at the end of a Friday.
13:11 - 13:17
EN: Monthly support and resistance is important in the final hour of the month.
13:17 - 13:19
EN: This is a Friday.
13:19 - 13:22
EN: We’re at the end of the week, final minutes of the week,
13:22 - 13:24
EN: the final bars of the week, and here’s the weekly chart.
13:24 - 13:26
EN: Here’s the 5-minute chart.
13:27 - 13:29
EN: The market is rallying up.
13:29 - 13:32
EN: It’s testing last week’s high and the high of 2 weeks ago.
13:33 - 13:34
EN: It’s trying to break above.
13:34 - 13:38
EN: It did go above, and this is above both of those resistance levels.
13:39 - 13:44
EN: However, you have to be prepared for a pullback down to resistance.
13:48 - 13:51
EN: This is a buy vacuum up to resistance on the weekly chart.
13:51 - 13:55
EN: It’s racing up to get above last week’s high and the high of 2 weeks ago.
13:56 - 13:58
EN: Is the breakout going to succeed or fail?
13:58 - 14:00
EN: You have to be prepared for either one.
14:00 - 14:01
EN: We’re losing momentum.
14:01 - 14:02
EN: Possible Final Flag.
14:02 - 14:04
EN: Therefore, you have to be prepared
14:04 - 14:07
EN: for a reversal back down to the targets below.
14:11 - 14:14
EN: This is the high of 2 weeks ago right here,
14:14 - 14:16
EN: and we’re breaking strongly above it.
14:16 - 14:20
EN: We tried to break above it again a second time, but not a very strong breakout.
14:20 - 14:22
EN: We’re not very far above it.
14:22 - 14:26
EN: You have to be prepared for a reversal back down below that resistance
14:26 - 14:28
EN: - in other words, the resistance might be holding.
14:28 - 14:33
EN: Just because you break above resistance, does not mean the resistance goes away.
14:33 - 14:37
EN: If you break far above it, then the breakout is successful.
14:37 - 14:40
EN: But if you go a little bit above it and you’re stalling,
14:40 - 14:42
EN: the resistance might be stopping the market,
14:42 - 14:45
EN: and the market might pull back below that resistance.
14:45 - 14:49
EN: This is the last day of the week, and therefore at the end of the day,
14:49 - 14:53
EN: the final hour, weekly support and resistance can be important,
14:53 - 14:55
EN: and therefore you should look at the weekly chart to see
14:55 - 14:59
EN: if there is important resistance, and then watch what the market does
14:59 - 15:02
EN: around that resistance, because you can get trades.
15:06 - 15:08
EN: Here’s the high of last week, that green line.
15:08 - 15:12
EN: When it’s starting to come down, you have to think that the resistance
15:12 - 15:15
EN: might be holding, and we may pull back below the resistance.
15:20 - 15:21
EN: Look at today’s close.
15:21 - 15:24
EN: This is the close of the day on the 5-minute chart.
15:24 - 15:28
EN: It’s a Friday, so it’s the close of the week as well,
15:28 - 15:31
EN: and it’s just below resistance on the weekly chart.
15:31 - 15:33
EN: In fact, it’s below both of the resistance levels.
15:33 - 15:35
EN: Even though it broke out strongly above,
15:35 - 15:38
EN: the follow-through is terrible and the breakout failed.
Slide 009
Time: 15:40
Bilingual Transcript
15:45 - 15:47
EN: If you want, you can call it a Triangle.
15:47 - 15:48
EN: You can call it a Wedge.
15:48 - 15:49
EN: You can call it a Final Flag.
15:49 - 15:51
EN: But the breakout above is failing.
15:51 - 15:54
EN: Some traders will sell below the doji bar.
15:54 - 15:56
EN: Better to sell below a bear bar.
15:56 - 16:00
EN: Higher probability, betting that the resistance is going to stop the rally
16:00 - 16:03
EN: and the market may end up closing below the resistance.
16:12 - 16:15
EN: Some traders will wait for a second or third close and then sell closes.
16:15 - 16:18
EN: This is getting late in the day for selling closes.
16:18 - 16:22
EN: Not much profit potential left with just 4 bars remaining in the day.
16:23 - 16:25
EN: If you take the higher probability sell,
16:25 - 16:28
EN: the stop is further away, but that’s always the case.
16:28 - 16:31
EN: Whenever you take any trade where the probability is higher,
16:31 - 16:33
EN: the risk is always going to be greater.
16:34 - 16:36
EN: Both are acceptable entries.
16:39 - 16:44
EN: You would get out 3 or 4 ticks above any bar, 1 tick above any bull bar.
16:44 - 16:48
EN: Since none of that happened, traders will get out in the final minute
16:48 - 16:51
EN: or so of the day, which is also the final minute of the week.
16:55 - 16:56
EN: Here’s a monthly chart.
Slide 010
Time: 16:55
Bilingual Transcript
16:56 - 17:00
EN: This is a 5-minute chart and this is the last day of the month,
17:01 - 17:04
EN: and therefore in the final hour,
17:04 - 17:08
EN: the market might be testing monthly support and resistance.
17:08 - 17:13
EN: Last month’s high, last month’s close, potential support or resistance
17:13 - 17:15
EN: - and this month’s open is also a magnet.
17:16 - 17:19
EN: If the market is close to a magnet at the end of the month,
17:19 - 17:21
EN: in the final hour it might get drawn to the magnet,
17:21 - 17:24
EN: and therefore it’s helpful to know where the magnets are,
17:24 - 17:26
EN: because you can often get a trade betting
17:26 - 17:28
EN: that the market will get to the magnet.
17:34 - 17:36
EN: We’re selling off at the end of the month.
17:36 - 17:38
EN: We’re above last month’s high.
17:38 - 17:40
EN: We’re up here, we’re above last month’s high,
17:40 - 17:42
EN: but now we’re starting to sell off.
17:42 - 17:45
EN: You have to assume we’re going to come down and test last month’s high,
17:45 - 17:48
EN: especially when the selling is reasonably strong like that.
17:53 - 17:57
EN: We’re selling fairly strongly down to below last month’s high,
17:57 - 18:00
EN: and therefore you have to wonder if the market might be testing
18:00 - 18:03
EN: some other target on the monthly chart, like last month’s close.
18:04 - 18:06
EN: We’re still falling fairly strongly.
18:06 - 18:07
EN: We’re trying to bounce here.
18:07 - 18:09
EN: We have a second entry bounce.
18:09 - 18:12
EN: Tight Bear Channel, unlikely to go very far up.
18:12 - 18:15
EN: However, we are bouncing at last month’s close.
18:16 - 18:18
EN: Here, we’re starting to reverse down again.
18:18 - 18:19
EN: A Low 2.
18:19 - 18:22
EN: Two legs up in a bear trend – Leg 1, pullback, Leg 2
18:22 - 18:25
EN: - and we have a bear bar closing on its low at the Moving Average.
18:25 - 18:29
EN: It’s reasonable to sell below or wait for a few bear bars and sell closes,
18:29 - 18:32
EN: looking for a test of the next target on the monthly chart,
18:33 - 18:35
EN: which is the open of this month.
18:41 - 18:45
EN: You can see the month closed 2 ticks above the open of the month,
18:45 - 18:50
EN: and created a doji bar on the monthly chart – an outside bar and a doji bar.
Slide 011
Time: 18:53
Bilingual Transcript
18:56 - 18:57
EN: Strong bear trend.
18:57 - 18:59
EN: You can sell for any reason.
18:59 - 19:00
EN: You could sell closes.
19:00 - 19:02
EN: You could sell below bear flags.
19:02 - 19:05
EN: You can sell above bull bars, betting reversals up will fail.
19:05 - 19:08
EN: You can sell strong bull closes at the Moving Average
19:08 - 19:11
EN: after a minor reversal, betting that it will fail.
19:11 - 19:14
EN: You can sell Double Top bear flags below a bear bar,
19:14 - 19:15
EN: especially at the Moving Average.
19:19 - 19:21
EN: You can sell closes of strong bear bars,
19:21 - 19:24
EN: betting that any reversal up will be minor.
19:27 - 19:30
EN: You can sell breakouts below bear flags
19:30 - 19:33
EN: - below that bear bar, below this bar, below this bar.
19:33 - 19:36
EN: Use the appropriate stop, scale in if you have to.
19:41 - 19:45
EN: You can sell above any bar, a bull bar or a bear bar,
19:45 - 19:46
EN: because the bear channel is tight.
19:46 - 19:48
EN: The first reversal up is minor,
19:48 - 19:51
EN: meaning the best the bulls get is a Trading Range.
19:51 - 19:52
EN: Probably a bear flag.
19:57 - 20:01
EN: Traders need to be prepared for bull and bear traps at the end of the day.
Slide 012
Time: 20:00
Bilingual Transcript
20:01 - 20:05
EN: A lot of times in the final hour or so, the market will do something
20:05 - 20:09
EN: that will make traders think it’s a good buy, and in fact it’s trapping bulls
20:09 - 20:12
EN: into buying, and the market’s about to reverse down.
20:12 - 20:17
EN: Likewise, you’ll get sell setups at the end of the day that can be traps.
20:17 - 20:19
EN: For example, if the market’s in a strong bull trend
20:19 - 20:22
EN: and you’re getting a sell setup, it might be a trap
20:22 - 20:25
EN: and the market might resume back up.
20:26 - 20:29
EN: At the end of a day, traders always look for magnets.
20:29 - 20:33
EN: For example, at the end of the day traders look for magnets from today,
20:33 - 20:36
EN: like today’s open, today’s low, today’s high,
20:36 - 20:39
EN: or magnets from yesterday – yesterday’s high, low, close.
20:40 - 20:43
EN: If today is a Friday, traders look for support and resistance
20:43 - 20:48
EN: on the weekly chart, like last week’s high, last week’s close, last week’s low,
20:48 - 20:52
EN: or the high of a couple weeks ago, the low of a couple weeks ago.
20:52 - 20:55
EN: If today is the final day of the month and we’re now in the final hour,
20:55 - 21:00
EN: monthly support and resistance can be magnets if the market is close.
21:00 - 21:04
EN: If the market starts to go toward those higher timeframe magnets,
21:04 - 21:07
EN: traders, if they’re quick and if they see what’s going on,
21:07 - 21:10
EN: will often be able to get a profitable trade.
21:14 - 21:15
EN: I’m Al Brooks.
21:15 - 21:17
EN: Thank you for watching the Brooks Trading Course.
21:17 - 21:21
EN: This is the third of three videos on trading at the end of the day.