HU$TLE
Welcome to HU$TLE
In this PDF we will be covering the various topics we use to frame up trade ideas and execute them. The topics we
will be covering:
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Timeframes
Market structure
Supply and demand
Strong/weak highs & lows
Premium & discount
Ranges
HTF narrative
Liquidity
Order flow
Momentum
Entries
Trade management
We trade forex majors on an intraday basis, most frequently EURUSD & GBPUSD markets, this is focused
on an intraday perspective. The majority of this will be using the H4 (4 Hour), as our overarching narrative,
paired with the M15 (15 Minute) for structure and a LTF (Low Time Frame) M1 (1 Minute) or Seconds
entry. The aim of this PDF is to simply give you a better understanding on how to utilise all the above,
allowing you to build a better understanding of what the market is doing, as well as why it is doing it. There
is not a secret sauce that covers everything, it’s about combining all of these theories to build the best
trade ideas possible. This will ensure you are confident in your edge and consistent in your trading, which is
our goal here at HU$TLE.
Please note that we have included hyperlinks throughout the document, these can be used to bring up the
various charts in Trading View.
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Contents
Timeframes ................................................................................................................................................................................ 7
All of the timeframes we use are a representation of data, which we can use to identify high probability trade ideas.......... 7
Swing Points ............................................................................................................................................................................... 7
Swing points are covered more in depth a little later, but just to give context to them ........................................................ 7
Timeframes & Structure ............................................................................................................................................................. 7
Combining our understanding of both timeframes and structure helps to give us a solid foundation ................................... 7
Multi Timeframe Structure ......................................................................................................................................................... 8
When analysing a financial market, the most important thing to look at is structure. .......................................................... 8
Daily Structure: ....................................................................................................................................................................... 8
4H Structure: .......................................................................................................................................................................... 9
15M Structure:........................................................................................................................................................................ 9
1M Structure:........................................................................................................................................................................ 10
Structure Mapping: .................................................................................................................................................................. 11
When mapping structure, it is important to understand how to identify a true break ........................................................ 11
No BOS: ................................................................................................................................................................................ 11
BOS ...................................................................................................................................................................................... 11
Types of Structure .................................................................................................................................................................... 12
We use 4 different types of structure at HU$TLE. These are Swing, Minor, Sub and Change of Character (CHoCH). ............ 12
Swing Structure:.................................................................................................................................................................... 12
Minor Structure: ................................................................................................................................................................... 12
Sub Structure: ....................................................................................................................................................................... 13
Change of Character: ............................................................................................................................................................ 14
How to approach structure from a Multi Timeframe Perspective ............................................................................................. 15
As I mentioned earlier, we want to use HTN to build high probability trade ideas. ............................................................. 15
Daily: .................................................................................................................................................................................... 18
4H: ....................................................................................................................................................................................... 18
15M:..................................................................................................................................................................................... 19
1M:....................................................................................................................................................................................... 19
Outcome:.............................................................................................................................................................................. 20
Timeframes .............................................................................................................................................................................. 21
Timeframes are used to find the highest probability setups, below are examples of how these work together. ................. 21
Weekly: ................................................................................................................................................................................ 21
Daily: .................................................................................................................................................................................... 21
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4H: ....................................................................................................................................................................................... 22
Supply and Demand ................................................................................................................................................................. 23
Supply and demand define the market, they are what give us all the information we see. ................................................. 23
The Idea of the Composite Operator: ..................................................................................................................................... 24
Different types of Supply and Demand:.................................................................................................................................. 25
Monitoring the battle............................................................................................................................................................ 27
Highs and lows...................................................................................................................................................................... 28
Premium and Discount ............................................................................................................................................................. 30
Premium and discount is another tool we like to use as extra confluence when analysing the market. .............................. 30
Ranges...................................................................................................................................................................................... 32
Ranges are everywhere in the market and being able to understand them is key. ............................................................. 32
What is a range?................................................................................................................................................................... 32
How to identify a range......................................................................................................................................................... 32
How to Profit from a Range................................................................................................................................................... 33
HTF Narrative ........................................................................................................................................................................... 35
Higher Timeframe Narrative is the key to everything we do and ........................................................................................ 35
Daily ..................................................................................................................................................................................... 35
4H ........................................................................................................................................................................................ 36
15M...................................................................................................................................................................................... 36
Liquidity and how we view it at HU$TLE ................................................................................................................................... 37
Liquidity, in our view, is one of the most misunderstood and misused concepts in trading. ............................................... 37
Types of liquidity ................................................................................................................................................................... 37
Momentum .............................................................................................................................................................................. 38
Momentum is in essence a very simple concept ................................................................................................................ 39
Entries ...................................................................................................................................................................................... 40
Now that we have an overall picture and can find ourselves on the right side of the market.............................................. 40
Management ............................................................................................................................................................................ 41
Trade management is arguably the most important part of our trading ............................................................................. 41
Why? .................................................................................................................................................................................... 41
Mindset and Management. ................................................................................................................................................... 41
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Abbreviations
Timeframe:
HTF: Higher timeframe (4H up).
MTF: Medium timeframe (4H to 5M).
LTF: Lower timeframe (5M down).
HTN: Higher timeframe narrative.
Liquidity:
EQH: Equal highs.
EQL: Equal lows.
TLQ: Trendline liquidity.
SLQ: Structural liquidity.
BSL: Buy side liquidity.
SSL: Sell side liquidity.
IDN: Inducement
Structure:
BOS: Swing structure break.
mBOS: Minor structure break.
sBOS: Sub structure break.
CHoCH: Change of character.
LL: Lower low.
LH: Lower high.
HL: Higher low.
HH: Higher high.
iBOS: Internal structure break
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Candles:
FU: Candle that runs liquidity.
Doji: Candle where price closes at the same time it opens.
IB: Inside bar, candle that trades withing the high and low of the previous candle.
B2S: Bullish candle (or range) before a sell off.
S2B: Bearish candle (or range) before a push.
D2S: Demand to supply candle (used in other contexts too).
S2D: Supply to demand candle (used in other contexts too).
Misc:
ASR: Advanced self-review.
CE: Confirmation entry.
DCE: Double confirmation entry
EOF: Expectational order flow
HOD: High or the day.
HOW: High of the week.
IMB/INF: Imbalance, inefficient price action
JEFF: Our guy on the inside
LOD: Low of the day.
LOW: Low of the week.
ME: Market execution
OF: Order flow
PA: Price action
POI: Point of interest.
RE: Risk entry.
SOS: Sign of strength.
SOW: Sign of weakness.
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Timeframes
All of the timeframes we use are a representation of data, which we can use to identify high probability
trade ideas. We do this via a top-down approach from the higher timeframes first, down to the lower time
frames. One timeframe is not enough for us to have a full narrative behind our trade ideas. You cannot just
sit on the M1 thinking you are aware of what is going on, the timeframes are there to be used together as
one. Ensure that you make this a habit, as utilising all the time frames and data is key to finding those high
probability trades. The timeframes that we use are as follows:
Swing Points
Swing points are covered more in depth a little later, but just to give context to them below they are the
areas that cause new highs or lows.
Timeframes & Structure
Combining our understanding of both timeframes and structure helps to give us a solid foundation to
predict what is likely to happen within the markets. Once our swing points are defined, we now have a
strong base to work from, remember that each time frame will have its own swing points structure. For
example, we can have H4 swing points (HTF) then inside this we will have M15 swing points moving within
the H4 swing points.
Understanding our HTF narrative, along with our swing points and what market phase we are in gives us a
better idea of what is going on. This can help us to ensure we don’t get caught up in the noise, always
zoom out. If you can’t make sense of a timeframe, go up one or down one, there is always a cleaner supply
or demand level you just have to look.
Here we can see how a H4 leg looks with the M15 structure within. Therefore, using time frames is key, as
when the M15 may seem to have changed trend, it could be for a H4 pull back to mitigate a supply zone
before we continue with the bearish leg. We can of course play the pull back, but we need to be aware it’s
simply a pull back to mark out reasonable targets. Once the M15 goes back bearish we can then continue
to allow the HTF intentions to play out on the H4 narrative expecting a new low to form.
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Multi Timeframe Structure
When analysing a financial market, the most important thing to look at is structure. The way we view
structure is via HL’s and HH’s in a bullish market, and LH’s and LL’s in a bearish market.
Simply put, when we are trading in a bullish market, we want to trade longs from the HL’s and shorts after
we break the previous HH and begin to pullback with the idea of catching the next HL. When in a bearish
market we want to be trading shorts from the LH’s and longs when we break the previous LL to catch the
next LH.
We cannot however do this with the required precision if we are using just one timeframe. This is where
our overall view of the market from a multi timeframe perspective comes in. Here at HU$TLE we mainly
base our ideas on Higher Timeframe Narrative (HTN), this being Weekly, Daily, 4H structure and trends,
then using 15M structure to give us true directional bias.
For example, if we are bullish on the Daily and we take the previous HH BOS (Break of Structure), we would
then expect a pullback. For this to happen we would need to mitigate HTF supply and break 15M Structure
to the downside. Once we do this and have a valid strong high, we can start to look for sells. See the charts
below.
Daily Structure:
https://www.tradingview.com/x/Ok24uDCK/
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4H Structure:
https://www.tradingview.com/x/8PXcvjog/
15M Structure:
https://www.tradingview.com/x/9YXfeKbx/
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1M Structure:
https://www.tradingview.com/x/EghHPYWG/
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Structure Mapping:
When mapping structure, it is important to understand how to identify a true break. To map breaks of
structure, we always look for a body close beyond the wick of the low or high. Please see the charts below
to help identify this:
No BOS:
https://www.tradingview.com/x/RFAy5GmK/
BOS
https://www.tradingview.com/x/OO8C0uRs/
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Types of Structure
We use 4 different types of structure at HU$TLE. These are Swing, Minor, Sub and Change of Character
(CHoCH).
Swing Structure:
Swing structure truly defines the markets directional bias by showing us what we should
expect from a “bigger picture” point of view. This shows us whether the trade we are taking is pro or
counter trend. Swing structure is the true HH & HL or LH & LL of the market and is always the lowest or
highest point before a BOS. A break of swing structure (BOS) is a significant event and can change overall
directional bias.
https://www.tradingview.com/x/rSvL8aRN/
Minor Structure:
Minor structure is structure in a previous leg but still contained within the swing points. It gives us the first
real confirmation that the pullback has ended as the market starts printing new HH & HL or LH & LL.
However, a break of minor structure (mBOS) is NOT enough to confirm a complete change in overall
directional bias.
https://www.tradingview.com/x/txAql2zq/
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Sub Structure:
Sub structure is structure that is contained within a previous leg of price but does not break anything in
that leg. It is useful for continuations but is much less significant than either Swing or Minor. Be cautious
with breaks of sub structure (sBOS) as they can get faked out a lot.
https://www.tradingview.com/x/BQAHMNEy/
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Change of Character:
A CHoCH is the first time a LH (bullish CHoCH) or HL (bearish CHoCH) gets taken out. We use it to spot the
first shift in sentiment. It is always used within HTF POIs, relative to the timeframe you are on, and should
be after a sweep of liquidity.
We can be overly aggressive with what we use for CHoCH if the HTF narrative is correct. It is the only time
we will use wick breaks and very minor structure that we would not usually look at e.g. an inside bar. By
being aggressive with this, it allows us to get in at the first available opportunity. However, the HTN needs
to be correct as using such minor structure can lead to losses if used within the wrong areas. It also gives us
the best idea of the extreme that could potentially be mitigated.
It must take a HH then HL or LL then LH quickly to be valid.
https://www.tradingview.com/x/BWFGYPow/
https://www.tradingview.com/x/9JU8VL6z/
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How to approach structure from a Multi Timeframe Perspective
As I mentioned earlier, we want to use HTN to build high probability trade ideas. We want to capitalise on
whatever the market provides, ensuring we are not biased as to whether we are buying or selling. We do
however have a directional bias, so we always need to have a higher timeframe point of view to support
this.
For example, if we are bearish on 4H, we can still play longs during the pullback phase using 15M structure.
We will use 15M as a guide to when the short-term sentiment of the market changes.
For this to work we need to have specific rules around the timeframes we use for structure. We use
Weekly, Daily and 4H for the HTN. If we are bullish on Daily but bearish on 4H, our overall bias will still be
bullish. At this point we are either in a reversal phase (when the higher timeframe will change), or a
significant pullback to mitigate a HTF level (Daily or 4H) and continue the overall bullish phase.
https://s3.tradingview.com/snapshots/a/AZ1vr0DP.png
https://www.tradingview.com/x/scVJXBUF/
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The overall idea is to wait for structure to align across timeframes, be that pro or counter trend, then
execute your trade idea. The lowest timeframe we will analyse and base our directional bias on is 15M.
This TF is ideal to use because when it is applied properly, it is slow enough that you are not caught on the
wrong side of the market, yet fast enough to keep you in the loop and successfully execute on an intraday
basis. If we used only 4H structure, there would be less trading opportunities. With good understanding of
how the HTF and 15M interact, we are able to take incredibly high probability entries with stops of as little
as 1 pip and targets of 100’s of pips.
The best trades are when all timeframes are aligned e.g. Weekly, Daily and 4H bullish structure. When
price has tapped into HTF demand at a discount and broken 15M bullish structure, we would then expect a
pullback to the 15M demand that broke that structure. We would then look for 1M CHoCH to execute the
trade. This is the ideal scenario but it is not present at all times, therefore understanding the expectations
of the market is key to capitalising on opportunities.
On the next few pages is a trade idea played out over these timeframes, showing how we develop this idea
into a live trade.
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Daily:
https://www.tradingview.com/x/lftnHTp0/
4H:
https://www.tradingview.com/x/O7N0mSCN/
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15M:
https://www.tradingview.com/x/0d6DMKDI/
1M:
https://www.tradingview.com/x/cmIMOzC3/
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Outcome:
https://www.tradingview.com/x/LvtSDGo1/
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Timeframes
Timeframes are used to find the highest probability setups, below are examples of how these work
together.
Weekly:
https://www.tradingview.com/x/8Gw49lLe/
The Weekly timeframe provides an incredibly strong overall narrative and extremely high probability
trades. These have huge RR potential; however, they take a long time to play out. If we understand the
weekly narrative correctly, we can play ‘ping pong’ on the lower timeframes during the complex pullback.
We can also take monster swing trades from the relevant supply or demand levels. These can give RR in
the hundreds if not thousands, however, they require a great deal of patience.
Daily:
https://www.tradingview.com/x/JiPJCFmq/
On the Daily we can find strong supply/demand levels where we can play the weekly pullback to continue
the weekly trend. Complex pullbacks are just that, complex. We need to build sensible trade ideas with
somewhat conservative targets because price tends to be unpredictable during these periods. Daily
supply/demand are strong, but large, levels which we preferably want to refine on the lower timeframe. If
you are unable to identify lower timeframe refinements, it is best to wait for a strong 15M BOS to start
building a trade idea.
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4H:
https://www.tradingview.com/x/xH8Z0XwE/
4H is our key timeframe for intraday trading. Combined with HTN and 15M structure, we can find trades
every single day. This is achievable as we know that after a major 4H pro trend BOS, we will have to
pullback to mitigate levels of supply or demand. This is where understanding 15M structure comes in to
play. This will be covered in depth with chart examples in the content.
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Supply and Demand
What is it?
Supply and demand define the market, they are what give us all the information we see. Everything we see
on the charts happens because of one thing, the interaction between supply and demand e.g. structure,
liquidity, impulses, corrections.
It is our job to understand this interaction and more importantly who is currently winning, how they won
and where they won.
At its basics we view supply and demand in much the same way as we view structure. If a market is bullish,
demand is in control, if bearish, supply is. Crucially though we can see areas of unmitigated supply and
demand in previous legs of price. These are bullish candles in a bearish leg that break structure or vice
versa
Demand:
https://www.tradingview.com/x/yQz15N3T/
Supply:
https://www.tradingview.com/x/j7PFhRud/
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The Idea of the Composite Operator:
In Wyckoff Theory we learn about the idea of a Composite Operator (CO), although we do not use Wyckoff
Schematics at HU$TLE this is a useful tool. Essentially it is the idea that the market can be viewed as the
expression of a single mind. As we know it is large interests that run the market (BFI), their selling and
buying is what we want to monitor. This is most easily viewed through HTN as it takes long periods of time
to accumulate or distribute the necessary volume to move the market large amounts.
Taking this in to account we want to view the market purely as a battle between buyers and sellers, which
side is stronger, how did they become stronger, where did they become stronger. When we can answer
these questions with probability on our side, we will be able to trade with confidence and consistency.
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Different types of Supply and Demand:
https://www.tradingview.com/x/CiSi4HgK/
These are the areas we want to look at to monitor the interaction. Will price pullback? Will it reverse? Will
we see a reaction with no follow through? Etc...
Once we hit these levels and start reacting, we can monitor PA and analyse who is in control. In the
examples below we witness that at these key levels we have interest from both sides. There is always an
‘expectation’ at S&D levels. For any demand, the expectation is always a new HL, HH. For any supply, the
expectation is always LH, LL. Therefore, we see reactions to these levels; the significant thing is what
happens next? Do we carry out that expectation? If so, we can trade the continuations. Do we fail to follow
through? If so, the level can be used for reversals (these are all timeframe relative).
Below are various scenarios that can be played out in these zones.
https://www.tradingview.com/x/s9UkuHI3/
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https://www.tradingview.com/x/YscQBKrk/
https://www.tradingview.com/x/08tR0wBd/
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Monitoring the battle
As mentioned earlier in this PDF, monitoring the battle is key. This is because for the market to continue to
move there must be a transfer of orders from one side to the other. This is viewed via the expectation and
the result. We call these S2D (Supply to Demand) and D2S (Demand to Supply). When we look for anything
in the market, these are the key levels.
For example, if we come into an area of demand, for a D2S to present we want to see a reaction to that
area of demand. This reaction is buyers trying to hold the range, hence the push to try to form a new high.
Once this reaction is taken out, we can then assume there were enough sell orders stacked to overpower
demand, turning it in to supply. This area of supply will then hold unfilled orders. When mitigated this
should result in the rest of these sell orders being filled and price continuing to the downside.
https://www.tradingview.com/x/q1vl0rMI/
The reverse is true for S2D:
https://www.tradingview.com/x/XqXkSqWs/
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Highs and lows
In this topic we are going to discuss how we use highs and lows in our analysis for extra confluence. As we
already know the market moves making HH HL or LL LH, so from our understanding we have strong highs
and lows and weak highs and lows. Strong highs and lows are areas we look to trade away from. Weak
highs and lows are areas we look to target. Strong areas are ones that break swing structure, weak areas
are ones that fail to create new structure.
https://www.tradingview.com/x/h5FWUtk2/
Now a question that gets asked a lot is how do we know if it’s going to be a strong high or low before the
BOS has already happened? The answer is we don’t, and nobody does… But this is how we like to use this
concept to our advantage.
https://www.tradingview.com/x/vbhDyfAY/
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As you can see in the image above, we like to confirm a strong high or low when we get a change of
character on the timeframe we are using. This is important as the probabilities are now higher in our
favour as recent demand or supply would have failed
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Premium and Discount
Premium and discount is another tool we like to use as extra confluence when analysing the market. The
logic behind this is solely to sell high and buy low. We need to understand that the BFI (banks & financial
institution) control 95% of the trading volume so they will always enter the market at the best prices. Here
at HU$TLE we use the premium and discount tool on all timeframes to get a good understanding of where
we are within the price leg, this will help you know if you are buying or selling in the correct areas.
Another thing to state is that the premium and discount tool is only used in the pullback phase, with the
true understanding of market structure and HTF narrative this becomes very powerful.
We apply this to the charts by using our Fibonacci tool on the swing points of our chosen timeframe. Once
we have this marked up, we can then start to see which POIs are within discount or premium of our leg
and eliminate the ones which aren’t.
https://www.tradingview.com/x/nI5J76Yc/
Above is an example of how we apply the fib tool to the chart. Please study this to get a solid
understanding of how to use it correctly.
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Once this is understood we can look a bit deeper, our understanding is that the BFI want the best possible
prices, so it makes sense for them to push price to the edges of the price legs but staying with structure.
So, for the absolute best entries we use the 70% and 30% fib tool. These areas make a lot of sense for us to
trade from because we can achieve a lot higher RR.
https://www.tradingview.com/x/Tt8DvDHq/
Lastly, we can use premium and discount for managing our trades. If we have entered a counter trend
trade, we understand price is likely to pullback to at least equilibrium of the leg. We then have options to
look for a hedge or take partials at these areas. We dive into more detail about this within the
management section.
On the flip side if we’ve entered pro trend, we can use the tool to find how well we are positioned within
the leg, this can determine how long we can hold these trades for. Again, this is covered in depth in the
management section.
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Ranges
Ranges are everywhere in the market and being able to understand them is key.
What is a range?
Firstly, lets understand why a range is formed. Unlike us, the Banks and Institutions have a huge amount of
capital, which is a problem in simply having too much money. If they want to open big positions, they will
need time to start stacking them. The only way they can slowly and discreetly accumulate their positions is
in sideways price action also known to us as a range. There they can hide their activity perfectly. If we can
identify this happening in the moment we will be trading with the Institutions and catching them big RR
trades.
How to identify a range
A range is formed when a high is taken out followed by a low with no follow through or vice versa. When
this repeatedly happens with neither buyers or sellers taking control we can confirm we are in a range.
Now price is contained between two points, a high and a low. If we want to trade, we should only be
trading from the edges. At HU$TLE we use the 70% and 30% fib tool to identify the areas within a range we
only take trades from.
https://www.tradingview.com/x/qLPBBRJm/
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How to Profit from a Range
https://www.tradingview.com/x/6GsuPJDi/
If we look at the live chart example above, we can see how I have identified the range. Now, trading in
these conditions can be difficult, but with the correct understand we can play the ping pong style trades
within this range. The most important part is taking profits when we reach the edges. These trades are not
going to give us the huge percentage we like to look for but can give us numerous 1:5 – 1:10 trades in quick
succession.
Ranges are on all timeframes so make sure you are always checking them, you could be playing a 4h range
or a 1m range, again using the fib tool to mark these out can be very useful to make sure you are entering
and exiting at the best areas.
We know that price moves from range to range to range in a cycle.
- A range is created
- Either buyers or sellers take control
- Price initiates to the next range
And the cycle repeats itself…
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When we zoom out, we can see a clearer picture of the ranges created and the range structure. This is
when we get mitigation to mitigation of ranges. Now, when we have a range that fails and our direction
changes, all the previous ranges now act as liquidity. We come to an unmitigated range, we react to the
range which creates a new low, we fail to follow through and the low of the range is now liquidity.
This is how the market works. So if we can combine structure and the understanding of where we are
within a HTF range, we can almost guarantee we will be on the correct side of the market.
https://www.tradingview.com/x/RCtPqEOH/
https://www.tradingview.com/x/UVaxdyyK/
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HTF Narrative
Higher Timeframe Narrative is the key to everything we do and is one of, if not the most important
sections in this PDF. Its building the story, looking for the bigger picture play, and trading the A-B
movements of the higher timeframe on the lower timeframe without losing sight of the end goal.
The idea is that we can capitalise on an intraday perspective, and then catch the swing trade at the end of
the move. Therefore, we analyse from a top-down perspective. Focusing on the higher timeframe, 4H+, for
our overall idea, but mainly trade based on 15m structure. If you refer back to the Multi Timeframe
diagrams and chart examples from the structure section of the PDF, we want to follow this logic.
Next will be a series of diagrams and chart examples illustrating how we use this:
https://www.tradingview.com/x/wO7SDhlq/
Daily
https://www.tradingview.com/x/hHCjYrHL/
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4H
https://www.tradingview.com/x/lfdhvpfI/
15M
https://www.tradingview.com/x/X7jj8ykq/
You can see how powerful this concept is in defining our view. Essentially, we want to look at the market
from a holistic point of view. Taking into account what the logic of the higher timeframes is telling us.
Rarely will these objectives not be met, so when we develop understanding of this, we can simple trade
alongside it.
One of the most important things is to understand if you are in a pullback or trading a continuation. For
example if 4H is bearish and 15m is bullish, what is the likely outcome? That 15m creates new 4H
structure? Or that the 4H follows through and creates a new low? When we understand the fact that it is
the 4H that is likely to follow through and create a new low, we can trade the bullish move of the 15m to
the 4h continuation.
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Liquidity and how we view it at HU$TLE
Liquidity, in our view, is one of the most misunderstood and misused concepts in trading. At HU$TLE we
view it as passive orders. With this in mind we don’t anticipate sweeps on liquidity, we react to them.
What do we mean by passive orders? When looking at an area of ‘liquidity’ what we are seeing is a large
number of orders resting above certain structural levels. For example, when viewing Buy Side Liquidity
(BSL) above equal highs, what we see is a large amount of buy stop orders (sellers stops, or breakout
traders’ orders) above these highs. When these highs get taken, we know that these buy orders need to be
filled with sell orders, so in essence we are seeing a large area of supply being fulfilled. The same is true for
Sell Side Liquidity, we are seeing a large area of sell stop orders being fulfilled, so a large area of demand.
Liquidity is always used as confluence for structure and supply and demand, this prevents us from thinking
that liquidity will be targeted straight away. In effect we can build equal lows but if structure and supply
demand don’t align these equals could well be protected and used at a later date. Chart example below:
https://www.tradingview.com/x/gusXePdg/
-
Types of liquidity
EQH/EQL: Equals highs or lows are seen as large pools of LQ
TL: Trendlines act as ‘support’ with orders resting below them
Structural LQ: Previous structure points act as LQ
Range LQ: Previous ranges that are mitigated or don’t align with the structural bias act as LQ.
https://www.tradingview.com/x/uyNpqD9w/
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Order Flow
Essentially order flow is what we are viewing in the market the whole time, HTF swing structure for
instance is HTF OF. However, we simplify things and use order flow predominately for entries.
Order flow is ranges being respected, if we see a sequence of ranges initiating out of the high and being
respected, we can say we are seeing bullish order flow. This allows us to trade continuations if we have
correct alignment. For example, if we have 4H and 15m bullish structure and we see 15m bullish OF we can
then trade all these bullish ranges until the HTF objective of the weak high is taken.
We also use shifts in OF at significant POIs to trade the HTF continuations, its important to understand that
these will always be LTF reversals, so its best to watch for the shifts and then trade them. So in essence we
have two ways we can utilise OF, one for trading the LTF reversal at a significant POI and one for trading
the continuations of these HTF legs.
https://www.tradingview.com/x/VoAoRBWd/
https://www.tradingview.com/x/cNY7zACe/
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Momentum
Momentum is in essence a very simple concept, its about measuring the time one movement takes
compared to the other. When we see an aggressive impulse to the upside, followed by a slow retrace to
the downside we can say that momentum is bullish and vice versa. In Wyckoff theory this is referred to as
the law of effort.
https://www.tradingview.com/x/imlWmmFW/
We can use this information to gauge market sentiment. If the retrace is indeed slower then we can
theorise that BFI are loading up positions to continue the original impulses direction, along with generating
LQ for the run to higher prices. If it is faster this doesn’t necessarily invalidate the idea as it could be the
start of a V Shaped Recovery, but we need better confirmations to take the trade.
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Entries
Now that we have an overall picture and can find ourselves on the right side of the market the majority of
the time, we want to look at how we can get involved. This combines all our previous analysis as the levels
we trade from are the absolute key.
We only want to look at getting involved when we have full confidence in our overall trade idea, the
entries should be the easy part.
When we approach key levels, we want to monitor LTF price action for a change in sentiment to align with
our trade idea. Ideally, we want to see liquidity built and swept, followed by CHoCH with a s2d/d2s.
https://www.tradingview.com/x/ih3TTUDp/
However, if we miss the initial entry, we can still take continuations once we see the narrative playing out.
Continuations are often the safer entry, as the market is already trending at this point, instead of us
anticipating this. We need to be more conservative with targets however as we are not as well positioned
in the trade as we would like to be.
Entry Theory:
the idea of using the above entry model (we have more shared in the discord) is that we find ourselves on
the right side of Order Flow. We use this on the lower timeframes instead of swing structure so that we
can get in sooner and position ourselves better.
1. Liquidity being built and taken into the POI shows Orders in our favour being filled repeatedly
2. The mitigation of, and then V shaped recovery from, the POI shows intent in our direction,
validating the idea that orders have indeed
3. We then want to see both a CHoCH and d2s/s2d, ideally these should happen together, but the flip
can happen after the CHoCH.
4. Next, we need to validate which POI we will use for entry, the flip or the extreme, in general if the
extreme has ‘done’ something, broken structure even if it’s very minor for example, we would want
to use this for a limit, and the decisional play a reaction too. If however the extreme hast done
anything we will use the flip as our entry point.
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Management
Trade management is arguably the most important part of our trading because this is where we make the
money. Having set rules around this is essential and is what is going to make you consistently profitable.
Now it’s very important that we have set rules and we stick to them religiously, we want to erase all
discretion when managing trades. Because of this we have created a trade management flow chart that
you can follow when you are trading the live markets. You can of course modify this to suit you, but over a
large sample size we have found this the most profitable. You will find this under ‘management flow chart’
in our PDF section on discord.
First of all, we need to understand that we have different targets for when we are trading pro trend or
counter trend, BUT ONE THING THAT DOES NOT CHANGE IS THAT WE TAKE 20% OFF OUR TRADE WHEN
WE HIT 1:4.5
Why?
We do this so that we can leave our stop loss open and still be risk free with commissions also covered. We
noticed many times we would enter a trade, put our stop loss to break even, get taken out and then the
trade continues in the direction we wanted. This concept keeps us from that frustration. It does take some
of the profits early in the trade, but again over a large sample size we found that the number of trades it
kept us in far outweighed any negative. It also lets you develop a stronger mindset as you generally only
need small moves away from your entry to get risk off, at that point the trade is stress free and can be
allowed to play out with no emotional attachment.
Mindset and Management.
The reason we want strict rules around this is because once you are in a trade it is generally much harder
to make objective decisions on profit taking. We start to believe the trade will run forever etc… and it
becomes much harder to find realistic targets for your trade. I’s all well and good catching a trade that
does 1:20, but if it comes back to BE because u didn’t have objective rules around taking profits all your
hard work is wasted.
This is the reason the two of us follow this chart religiously. It also means that if we see an opportunity in
the moment and get an entry without analysing the potential targets, we can refer to the chart straight
away and pick targets without the emotional fog.
As with anything we use here it is up to you whether you follow this rule set or create your own. But we
cannot stress this point enough HAVE AN EXIT STRATEGY.
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