Terminology
True or False: A Major Pair consist of pairs that include the U.S. dollar.
True: Major pairs include the U.S. dollar such as EURUSD, USDJPY and USDCHF
What does BCLS stand for?
BIGGER, CUT, LOCATION, SPACE
True or False: The Vector is our Second Signature Trade
False: The Vector is our First Signature Trade
On the 15m timeframe, how long must the candles break out of the fringe before looking for an entry?
1.5 hours (six 15m candles)
What does BTS stand for?
Between the Sheets
What is the first currency in a pair called?
The Base Currency
When we see a sauce formation and the EMAs are on top of price, should we be looking for buy or sell opportunities?
What is the definition of a vector?
A Vector is the fast magnitude push in a direction.
What are the entries used for the 50 Bounce?
Shift and Sauce
How long must price break the water and what EMA is considered "the water"?
1.5hrs and the Aqua (50 EMA)
What is the second currency in a pair called?
Quote Currency
Name this sauce candle: The formation is one long candle and then one short candle
LL or Long Leg
When you see a M or W formation and the second leg does not take out the first leg, what entry should you wait for in order to take this trade?
The Shift
On day 1, what exit should be used?
All of them
What entry opportunity is presented during the BTS?
Sauce only - any of the 6 sauce candles
What is the name of the candlesticks we use when trading the market?
Japanese Candlesticks
Name this sauce candle: This formation is one long candle, a smaller candle, and another long candle. The red line must cut through both of the long candles.
MES or Morning Evening Star
True or False: A trend trade vector forms when price pushes towards the EMAs
True - vectors that push into the EMAs allows you to trade with the trend
What is the first step of identifying the 50 bounce?
Identify the fringe
For the BTS to be valid, how far apart must the 50 and 200 EMAs be from each other?
30 pips
True or False: The Dead Gap starts at 4pm EST
False: The Dead Gap starts t 5pm EST and is the start of a new forex day.
True or False: When the LL and the PBIC presents itself and is cutting through the 50 EMA, the 50 EMA must only cut through on of the candle bodies.
False: When the LL and the PBIC presents itself and is cutting through the 50 EMA, the 50 EMA must cut through both candle bodies
When in a countertrend trade, what should these are used to set your TPs?
The EMAs
After price breaks the fringe for an hour and a half, what will price do before presenting an entry?
Pullback to or a light kiss off the aqua
Where is the first TP and is the BTS a Type 1 or Type 2 trade set up?
200 EMA (white line), Type 1 - Countertrend