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Transcript
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What’s going on, guys? So, I’m going to show you a Trading View indicator that I use that keeps me out of a lot of bad trades. Uh, it stops me from FOMO. It stops a lot of bad habits. I do not just only trade off of that with the ENQ. It’s more of a guide to stop me from making uh bad decisions. Before I do show you this, uh, subscribe below and watch me trade live every single day. Also, hit this
Like button. It doesn’t cost you anything. Uh, if you want to support the stream, use code Cove Trader. Works everywhere. And we have a link to our free Discord in the description of the video. All right, so let me just jump right into this. Um, this indicator is free. I use it a lot when I trade uh gold, but on NQ it’s more of a guide for me than actual uh entries and exits. So basically I don’t trade the first 15
Minutes using this. I wait a little bit, but after that it’s basically retracements, just fib retracements from the previous move. And what it stops you from doing is it enables you to not chase the breakouts because argument sake, you know, say you were playing here and now you chase this breakout. A [snorts] lot of people trading breakouts are getting smoked. They trade this breakout, it goes up like 10 points, not even, and then just dumps all the way down. This is
Just a guide. It’s a guide that allows you on each move where it could possibly bounce. Now, with the NQ, I look for other things. I’m looking for uh, you know, maybe back to a moving average or back to the IB or back to the orb. But I like to overlay this just to kind of see where we may or may not bounce around. Doesn’t have to be exactly there, you know, and it just kind of works for [snorts] me. It’s
Just a guide. It’s not something that I’m going to sit here and be like, “Oh, this is what you got to do, guys.” No, it’s just a guide. It doesn’t always work, but it stops you from chasing these breakouts and taking a massive loss. You know, when we come back in this range, look, hey, are we going to get a fair value gap inversion to the upside? Are we bouncing off the orb? Are, you know, there’s other things that I look
At, but this is the zone you want to possibly buy at. And then I look to see what else is going. And if we sell through, hey, I skip it and say, hey, that’s not going to be the move for me. You know, sometimes it works out, you know, hey, look, boom, you know, works out and that’s it. Sometimes it doesn’t. But at least I know I’m not chasing breakouts and losing money that way, getting the FOMO. Everyone’s got this FOMO,
You know, even I I’ll sit here and be like, “Oh, man.” You know, look, right pullback we go. It’s just an area of of interest and it’s one thing that’s helped me stay out of doing the stupid crap that happens. Now listen, not saying that it’s the best, not saying it works every time, but I use it when I’m, you know, when I’m trading and then I look at other things. You know, it’s more or less once we’re in this zone
Somewhere around here on this pullback. I’m gonna look to take it to the upside, right? That’s all you could do. The same thing on the downside. When we get in this zone, I’m looking to take a scalp to the downside or the move to the downside, you know, and then within it, I’ll look for a fair value gap inversion, you know. I’ll look for other other things. And that’s kind of what it is, you know. Does it work every time? No.
It’s just an area of uh it’s just an area of interest, you know. I’m just playing around with this freaking thing. Somebody somebody uses it another way where like you can go like this and then take it back. I’m not even going to get into that. But um [snorts] you know, I’m I just use it as a guide. It keeps me out of doing stupid things. Does it always come back? No. But it’s just a guide where I get an area
Of interest. And guys, it stops you from getting bad entries because who wants to enter at the top of the range? You know, somebody yesterday was entering at the top of the range for the breakout. Oh, it just broke the top and then they got smoked. You know, if you just waited for it to come back into the area of interest, you probably made money. So, that’s all it is. I just wanted to show you a little guide. If you got
Questions about it, let me know. There’s no big secret. It just kind of stops the FOMO.
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