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Transcript
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What’s going on, guys? So, I’m going to show you how to not blow your accounts. Before I get into that, we stream live here on YouTube every day, 10:30 to noon. Again, 2:00 p.m. to 4:30. Uh, if you want to support the stream, use coupon code Cove Trader. It works at all the prop firms and you’ll get the biggest discounts. Uh, also in the description of this video is the link to our free discord as well as a link to a
Google Sheets that has all the information about different prop firms, pros, cons, withdrawal information, and uh, a lot more so you can decide which one that you like the best. Um, other than that, let me just jump into this because I know a lot of people uh, run into this and prime example was today. So, I’m going to play the replay. Before I do, I’m going to show you the indicators that I use. So, I have this one, advanced market structure
And order blocks. It’s by Fatty or Fatty. And then fair value gap FVG by Nephew Sam. The reason I use this one is you can do different time frames. So, you can also bring up the 15minute, the five minute. See how you have a fivem minute fair value gap there? 15. It kind of shows you other time frames on, you know, the one minute chart. So, let me get into this. I’m going to show you how I kind of The biggest
Thing people do is they keep trying to buy the dip. All right. So, as we drop, they keep trying to buy it. Oh, it’s going to bounce here. It’s going to bounce here. Going to bounce here. And then they buy one contract, then they add another, and then they add. Next thing you know, you DCA, and you blow the account, and that’s the end of it, right? So, basically what I do to stop this, I’m going to show you right now.
Does it find the bottom every time? No. But it gives you a roundabout on when we start getting some type of strength here. You can kind of see we’re making fair value gaps to the downside. A lot of people probably bought the bounce here. You know, you’re watching this. We have an order block over here. And then all of a sudden, that’s the first time. See that fair value gap? That’s the first time that we flipped a fair value gap to
The upside and created one for ourselves. Once we flip and close, I’m okay with taking the shot there. Now listen, in this instance, would I take the shot here? Probably. If I did, my stop would be at 72. I would obviously. I mean, you got the five minute right here. You got a You’re starting to trade into the 15-minute fair value gap. Would I take that with a tight stop? Um, it’s showing me that there’s some type of strength, but I’m
Probably scalping this at the best case scenario. And the reason why is I kind of want to see us sweep under here. See how we held? I love when we sweep under and then come back through. But let’s see what happens. See, once we c once we sold out, I would have got stopped out and then obviously you’re back red. See how we just swept? We just swept and then we closed over that fair value gap right there. That would be
My shot to take. I would probably have bought when we closed above right around 60. Your stop is like 38. you you know if you don’t want to risk that much, you’d risk this low. So you’d risk 47 maybe. But we flipped another fair value gap. We created one. We swept the low right here and then boom. Now listen, once you shoot up 40 something points, listen, I’m out. I’m out. or I’ve moved my my stops up, I’m out. I’m not
Looking, you know, I’m probably in this for one one mini. You know, 20 points is 400 bucks. I’m probably out. But that’s how I find the bottoms. You know, I’m looking for and the same goes for the tops, you know, just how you’d go down, down, down, and then I want to see maybe a sweep and then flip a fair value gap. I want to go up up up and I would want to see us sweep. I mean, I guess this
Was this you’d sweep up here, but and then invert a fair value gap to the downside to take it short. It’s just same thing reverse. And that’s how I kind of get away from the uh you know, obviously you start flipping them. Obviously, it’s all positive. Let’s see what happens here. You know, once you start inverting, you know, I’m out obviously, but that’s how I find the bottom. I basically wait until we sweep another prior low or and or end, flip
A fair value gap to the upside and kind of create one yourself to the upside and then I’m in. And that’s pretty much how I go about it. So, it stops you from buying, you know, trying to catch a knife. You know, you’re buying, you’re buying, you’re buying, buying. So, if you like what I had to say, if we’ve got questions, comments, comment on the video, come on the live stream and ask. I hope this little video helped you
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