Original subtitles

Today's playbook trade is using purely the

value levels together and not the

developing profile as the trade was taken

within the first 30 minutes of the New

York Open. A question some of you guys

have had has been, do you have to wait 30

minutes before you start the trade after

the Open? The answer is no. The reason we

wait 30 minutes after the Open to begin

trading normally is so we can use that

developing profile as an added confluence.

But if you have existing confluences

already, you can absolutely take a trade

within that first 30 minutes as long as

those confluences are there. So this trade

here you can see, I took this one on

stream today as well, but you can see this

setup was taken down at this point here at

these lows and that was at 9.35, so 5

minutes after the Open. So what we have

here, we have the overnight value area low

put in from the overnight profile that had

just closed before the New York Open. So

we have that across there. We also have

the previous week's point of control and

the previous day's value area high all

stacked together at this low. So there was

no developing profile confluence here, yet

we still had 1, 2, 3 stacked confluences

in order to make this an A-ranked setup.

So I got my entry in at the overnight

value area low. Reason being I chose the

lowest one is because the New York Open is

always more volatile and always more

violent. So I wanted to get the best

possible entry. I didn't want to be

chasing my entry by taking those higher

levels. This whole lower end of the range

and those stacked value levels are valid

entry points for this trade. But for my

own comfortability, I chose the lowest

value level to get my entry. So as soon as

price came down, the overnight value low,

got my entry in there, 5-point stop for

the New York Open being a more volatile

session. And that was my entry point stop

loss placement. Take profit placement. Now

I split this trade into two. Of course,

you want to be taking profit at opposing

value levels. So I did take off half the

position at the overnight point of

control, slightly less than one hour on

that first half of the trade. But as soon

as that half of the position came off,

that stop loss was pulled to break even

and then targeting the upper end of the

range, the overnight value area high. So

you can see that trade ran up. I trailed

that stop to see if we could break out,

but price eventually pulled back into

value. And I took my full trade out there

on that reaction. Now obviously, price

pulled back, retested overnight point of

control, and eventually broke away. Now

it's trading above previous week's value

area high. So it could have been a massive

trade, a bigger trade. But of course, my

personal approach, I prefer to take scalps

and prefer to be in and out of the market.

So I got out at that point. But say if

you'd held your stop loss at break even

there on the remaining portion of the

position, if you don't mind risking that,

then that trade obviously runs a fair,

decent portion. So those overnight value

levels, again, once again, if you trade

the New York Open, very powerful levels to

trade from. Even if you were to take a C

-rank setup right on the Open, 930, it's a

single confluence. It's still a valid

setup, C-rank. You just can't use the

developing profile until at least half an

hour has elapsed from the Open. So there

are many setups to be had right on the

Open. But just be aware that the reason we

wait 30 minutes is to wait for that

developing profile to be put in. So we can

then use that as an added confluence. But

if there are enough confluences at play

without the developing profile, this is an

example of what an A-rank setup looks like

without using that developing profile. And

also a good example of trade management

and taking profit at logical levels and

exiting at logical levels. Because we

never know when something like this is

going to happen. But all we know is that

these are logical levels to take profit.

You can see the overnight value high did

cause a large rejection back to fair value

of the overnight session. That just as

easily could have come all the way down.

So remember to exercise good trade

management using these value levels. And

if you are going to try and push for a

bigger move, ensure you pull that stop

loss to break even once price has reached

those levels of potential rejection.

Protect your position and potentially

extract more from a trade.