WARNING: This text is a word-for-word transcription of Mac’s daily forex trading video. That means the writing will reflect the way he speaks, if anything seems out of place, please refer to the forex video on the page.
All right, everyone. Mac here. We had just an absolutely smoking one‑on‑one support session that you are going to want to check out. It should be uploaded onto the site very shortly. I’ve got to apologize for seeming a bit off today. Both of my boys were very sick last night. Having just come off of a ruptured appendix myself, I was pretty scared when Jayden, my oldest boy, was complaining of stomach pains. I mean, he was literally up all night. I was holding him on the couch. The poor guy was just moaning. Anyway, so I’m a little bit tired. My comment would be if something like that happens to you, don’t trade the next day. It’s just not worth it.
But let’s check out what the British Pound did. We’re going to take a look here at the 15‑minute chart because it shows a lot of the volatility that we’ve experienced in the last couple of days. You can see the pound, as it came off of this high, was very, very volatile. These 15‑minute bars are very large, which indicates an extreme selling pressure.
What does this mean? What it means is if we come back into these price levels ‑ and by these price levels, I’m talking about 5560 down to about 5460 ‑ because of the way price acted, you’ve got to look at that and say, OK, nobody was willing to be a buyer inside anywhere in this zone.
Now, I realize it’s a huge zone. We’re talking about 120 pips. But that’s just the nature of the market. So for whatever reason, we’ve seen the British Pound counter a raft of selling. Now, what we talked about on the one‑on‑one support session had to do with planning and some other things, but I think more importantly you can see that we had the British Pound trading in a sideways market inside of this blue rectangle. And if you can look, the pound traded right to the bottom end of that extreme on that zone.
In fact, let me put this right there. So now ‑ you know what? Hang on. Let me zoom in, because I realize you may not be able to see that very well. OK. What I’m looking at is this, right there. And so what we’ve done now is we’ve identified the extremes of the sideways action. What do I mean by extremes? I’m talking about the low here and then the close here. There’s a low there, close here, and a close there.
So, what happened was the pound had come up right into what used to be the extreme, in terms of support. Again, what I mean by that is here, when price got into this zone before, there was so much buying that the market just instantly turned back around. Came back down, instantly turned back around.
It hesitated over here for about eight hours before breaking through. And so as it comes up to re‑test, we can see the selling comes in. So the buyers who were over here more than likely just completely gave up on this end, and this would be the little dipper. OK? So the market came down, now it’s giving us a little dipper, and so there we see the British Pound coming off.
Here is what we have to watch out for. We’re coming ‑ there is the compression pattern, there’s the pennant. And so we’re back down into support here on the four‑hour bar. You can see on the daily, though, there is not too much to the left‑hand side.
So as I said last week, and really, even, before that, once the market broke through this low ‑ which was, I believe, in September, October of last year ‑ there is not much holding the market up all the way down to 5000. So we could still get another 3‑, 400 points to downside. We’ve got to keep that in mind.
However, from a pattern standpoint, we do have a compression pattern. It’s giving us a really solid entry. Let’s go ahead and ‑ hello, come on. Come on chart, quite messing around. There we go. We’ve got the pennant pattern here. You can see it much better on the hourly bars.
That’s the compression we’re looking for. That means we’ve got long trades above our high over here, which is 5474. Keep in mind we’ve got the consolidation very close. And so watch out for the possible whipsaw trades over there. Short trade below 5404, again, support very close at 5360. So these aren’t autopilot trades unless you’re willing to take smaller size.
You’ve got to check out the one‑on‑one support session from today. I know it’s long, it’s like an hour. Go to the last 15 minutes, because we’re completely revamping how we do the one‑on‑one support sessions. I think you’re going to be absolutely thrilled with the way these one‑on‑one support sessions are going to be handled from now on, because they’re going to provide you with what you need to be successful.
You may or may not know, but I spent a week in Columbia. I talked to a group that does Forex coaching for professional traders, and they have a program which has produced 18 straight weeks of profit for their Forex traders. And I’m telling you folks, these are not ex‑Wall Street guys. These are Mr. and Mrs. America. I mean, these are people just like you and me that are turning out consistent profits in the markets.
So please, if you can hear my voice right now, stay tuned for the improvements that we have coming down the pike. You are going to be absolutely thrilled with what is going on. I’ve just contracted with another development team to make changes to include what I experienced down in Columbia, so those are in the works, but we are making these changes now, starting today. So come into the support sessions from here on out, I’m begging you. Your trader performance will see an absolute rocket ship improvement if you do that.
So anyway, sorry to get so carried away there, but let me recap. Short trades below the lows here at 5400, roughly. If you want to get the exact low to ‑ whoops, there we go ‑ if you want to get the exact low, we’re at 5395, selling below there. On the long side, it’s going to be above the high, 5454.
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