The Play Book 2.0

all righty everyone welcome back to a new video uh this is going to be a video here on the Playbook so this has been um well well asked for and demanded by most of you that we come up with a uh updated version of The Playbook as many of you guys know we do have a original um video that we recorded about the Playbook and everything about it but this is going to be the updated version you know it's been about uh over a year now since we really updated this and a lot has changed a lot has um uh remained the same so we want to talk about that we want to talk about uh the importance of a Playbook the mentality of a Playbook um the reason behind having it and um you know the adjustments and the tweaks that it's okay to make along the way right the Playbook is simply your foundation uh for me it is it is the end all Beall I should say right it is U my commanding Chief Operating Officer right I I move when the Playbook ask me to move I stay when the Playbook ask me to stay and I think uh I can only credit My Success here to the Playbook it's not that I'm so great or I'm such a great Trader or anything like that it's just I'm a great executor of following the plan of being disciplined and being committed uh to the Playbook right so I credit the playbook for All My Success up until this point and we are going to talk about that a little bit here today so um let's go ahead and get started it's going to be about a 15 I would say 20 minute video here so grab your notepads and um let's get get ready to rock and roll so let's talk a little bit about the mentality when it comes to the Playbook uh when you know when I heard the term Playbook I really um it really hit me you know um early on as a struggling Trader I was pretty much just jumping from strategy to strategy I kept hearing the term strategy tossed around a bunch and you know I was looking for it I was trying to put it together and I was taking this guy strategy and that guy's strategy and trying to you know figure this thing out and really didn't catch anything right they really didn't catch any traction uh everyone's strategy on YouTube was like you know uh wait for the Fibonacci and um you know have a goal for 50 Pips a day or take five four trades a day I don't know man it was just it was just very like um open-ended if if that makes sense so um again I was struggling at that point and really wanted to find some sort of uh consistency in my trading so um actually ended up and I started in Forex by the way so I was learning from a lot of Forex guys but I started to look towards um other Traders like traders that were professional um you know stock Traders or um option Traders or traders that work down in Manhattan and people have been doing this for a very very long time and I started to seek some knowledge from them and seek some um guidance or some sort of like information from them uh these are guys that have been trading for 15 20 25 30 35 years and I wanted to know uh what they were doing right I wanted to know how they were able to uh create such a longterm profitable business when it comes to their trading because that's what trading is right when you seriously step in the door here you are starting a business you are starting a company and it has to be treated with that type of seriousness in order for you to really really catch some consistency um and uh and make some money long term so um one of the things I kept hearing them say throughout the interviews was I kept hearing this term get thrown around the Playbook The Playbook The Playbook and you know naturally that makes sense to me I'm an athlete uh growing up and played Sports growing up and I've heard that term many times and it just makes sense right it's a Playbook is a a book with a few plays in it right and um that just clicked for me and you know once I began to dive deep into this concept of the Playbook I started to uh wrap my head around it a little bit and I noticed that they were talking about hey we have one setup that's it I'm like what you know at that time I was taking 5 10 15 trades a day uh I didn't even have a setup I was taking every setup the if the market was moving that was my setup right so I was just diving jumping uh jumping at volume doing silly stuff you know like things that every uh new beginner Trader does and um you know so I heard these guys talking about yeah we have one setup two three setups and that's it that's all we do we we look for that one setup and if it's there it's there if it's not it's not and I was like wow that's a totally totally different perspective than what I came into um trading thinking right I thought I'm a ambitious guy I'm a hustler I've been in sales right I I know at of work so like I um I thought hey the more you trade the more money you can make so why not have 1520 setups and we could just bring in the dough right and I thought that that's how it went but um but you know that never really got me anywhere and then I started hearing these guys talking about hey we got one play if it's there one play same time every day if it's there we nail it with big bucks if it's not we sit back and enjoy the day and I'm like hm that sounds a lot more interesting than what I'm doing so I began to dive into this idea of the Playbook and uh you know this is just a little bit of mentality uh when it comes to the Playbook so I started studying a bunch of the setups that I was taking and at that time I was um I was taking everything right so I was I actually had about eight um setups of my own right that I took from different mentors different courses and all that good stuff so um I heard these guys talking a lot about collecting data collecting data collecting data and I did I've always heard that but you guys are you guys like me you ever feel like you know someone lays out a plan and they say hey do this this and that and you're like yeah I'll do everything but that you know that I don't I don't need to do that one that was me when it came to journaling traits so I'm like yeah I'll I'll wait for the confirmations and I'll do this and I'll do that but you know the whole journaling thing I don't need that I got it all up here in my head right um but I really didn't so I started to um treat collecting data very serious and what I started to do is I started to take a look at these eight setups and I started to track the data to collect a win rate right and as I did that what I noticed was eh you know this one really only had like a 50% win rate and this one here had like a you know 10% win or or like 20% win rate this one here had a 40% win rate this guy had a 60% this one 65 and you know I was really left with like these three entry types that I've noticed all produced a 75 plus% win rate so boom right there was a turning point in my trading career cuz I locked in and I said you know what let me stop doing what isn't working and let me focus more on what is working working right and I think that can help a lot of people you know you really have to take a look at what's working and what's not working if you don't do this if you don't audit your trading on a let's say week to week or month to month or quarter by quarter basis you w you won't understand if you're falling off right or falling off tilt so really tracking data to get the understanding of you know what am I doing here what's working what's not working is a major major key to continuing to adjust on the fly in this game right some of you guys are Revenge trading you're overtrading look at the results of that are those the results that are going to bring you what you so desire and if they are well by all means keep doing them but if they aren't right it's time to switch things up so I had to get rid of them right I had to get rid of this and by the way I was doing all the overtrading and the over risking and all that stuff up until this point here that I'm going to talk to you about right so once I started collecting data I started to really want to be like these guys you know these dudes were professional they still are they're you know I don't want to name any names because they're they are pretty big Traders but just let's keep it simple here right they were talking about setups they were talking about entries I went ahead and I got inspired I collected some data um I found out that most of my setups are absolute garbage and three of them three of them were the money makers so I started to put all my focus attention and effort into understanding the the details and the nuances that made these work and made them not work okay so we're going to talk about those setups now let's uh let's break it down here I'm going to draw some candles bear with me maybe I should have done this before the video but let me draw out some realistic type of um type of candles here now just want to put an emphasis here first and foremost The Playbook is all based off of the higher time frames so when it comes to my trading I want to look for um Clues on the to where the higher time frames are going to go and I want to be able to ride that wave with them right so I want to be able to get in in that direction get my little piece of the pie and then get out of the market so in order to do in order to do that I'm going to focus on the daily and the 4-Hour candle anticipating where that candle might go and how that candle might move over the course of of the session right over the next couple hours right so this is um let's talk about the higher time frame real quick let me grab this so let's say higher time frame right and let's just call it higher time frame right let's just call it um the 4our chart so this is the 4our chart 4our chart and let's say that the previous 4 Hour candle closed bullish creating a support or or just let's just say it's in a bullish Trend and I'm expecting the next 4-Hour candle to make a bottom Wick and then begin to run up and continue moving on let's say the Daily's bullish as well and we just have a bullish bias for this day in these examples that we're going to talk about here today so let's let's say okay we have a bullish bias so first things first um what we're going to look for is every single day when you come to the market you should have a a pre-market routine you should be under understanding hey what's coming out in the news today what can affect price what can throw price around if I'm in a position or looking for a position um what is uh what are the higher time frames saying and how can we find Opportunities to hunt on the lower time frames so let's say that the 4-Hour candles look like this right here and we're expecting this bullish candle to happen but let's just say it's you know just starting out and we don't have that big move just yet but that's what we're kind of expecting and you know maybe it looks something like this it's almost ready to go so let's go ahead and talk about the lower time frames here because you're going to come to two one of two different markets every day right so when you show up to the desk every day you're either going to be in a ranging Market or you're going to be in a trending market right so let's talk about this bear with me I'm going to draw a few candles here um and then we're going to talk about some price action uh based off of like lower time frames so let's say that you are currently looking for buys right but you get to the desk and all of a sudden the play has already happened right so the play has already happened and you know you are now wondering hey should I get into a buy should I you know hold off and wait and all of a sudden price begins to range like this so candles are just printing now side by side and they're just kind of forming up some sort of consolidation right let's say you have big Wicks and stuff like that where you can tell how how candles are beginning to get weak and slow down and looking for an opportunity to create some sort of a range before the next move up right so let's say that you have this range right here uh and you come to the desk that day and you're looking for buys but as you get there price is in a bit of a ranging Market here so you mark off your ranges let me redraw this one you mark off your ranges here you've got your support you've got your resistance a lot of times this high right here here is going to be let's say the high right here right so you're really try just trying to wait on that candle's High the 4our to go ahead and get in and you see this Wick right here that Wick right there is going to represent this clean range to the left that we are going to be looking to Target right so as we're waiting um it's very important to wait for candles to close right as you can see this candle Wicked up through there but failed to um actually push up so if you would have entered a buy here you would have probably been stopped out right so it's very very important for candles to close before you take entries and if you didn't get stopped out there then maybe you'll get stopped out on something like that right and now you're out so very very important for candles to uh waiting on candles to close but when they do right and you get a closure outside of this range here that's when we have an opportunity to say okay we have a breakout here so what I mean by that is the C this candle has finally stepped up and made a decision Vision to say hey we're ready to go right it's time while we're in this range right here price is trying to figure out where it wants to go a lot of times what you'll notice is that price had just made a really really big move um let's say you're you're this is the London session right where you had this big move up here right and then it kind of slowed down pulled back and started to range so price wants to continue moving up now let's let's say this is the New York session uh which is the session that I like to trade and this candle here finally says hey we're going up right I've I've confirmed it by closing outside of the range and uh and we're ready to go so that's what we're looking for and again going back to why it's so important to wait for candles to close is because a lot of times and you know we have the live stream and we hear it all the time and see it all the time Traders just being too jumpy too um on edge and really just getting ahead of themselves right so we see it all the time where like Traders will come in and they'll take a a sell here and you know they'll get stopped out and then they'll take a buy here they'll like you know what I knew it was going to be a buy uh they take a buy there and they get stopped out and then this candle closed they go I should have stuck with my sell bias blah blah blah blah blah and then they take another sell and price comes up and stops them out and they're just they're just having a rough time right and I've been there right I've been that Trader before but then you have the pros right who are just sitting tight they're saying hey whatever happens within this range range right here I do not care whatever happens wherever price goes I am not touching this white range right here or let's call it the red range because I like to call it the no trade range right so anything that happens in there doesn't really matter to me um I'm waiting for that breakout once this candle actually decides to close above that's my signal and my opportunity is to take a Buy on the very next candle which is going to be the breakout candle your most likely break re breaking the highs you're going to push up retest that resistance typically I'm going to close partials right there and then just let the runners go and at that point when this move happens this is what's happening on the 4H hour time frame is that this thing is now ready to go fills the wick and then continues driving on just as anticipated so that is the breakout that's the most common trade uh you're going to see that's the most common setup I believe that you're going to see is because price does this all the time especially if you're trading gold like me uh price will Trend it'll make a range and then I like to call the range like the gas station right that's where price is fueling up to um to make its next move so um that's a little bit about the breakout very simple concept um very simple idea excuse me understand that these positions work best when volume is in the market meaning session open news event or some sort of a breakout like this when you have volume in the market that's your time to operate and and execute on these Playbook setups so that is uh that is the breakout let's move on let's talk a little bit about the uh onion play so the onion play by the way shout out to Don V some of you guys know Don uh he's the one that created these uh these onion celery plays and all that good stuff so we uh we took the names from him so we got to give him credit because uh he he's been awesome in terms of um just you know making things a little bit more clear for me and and giving me an opportunity to really see SN my teeth into um uh like a vis visual Playbook so um thanks Don and we we've been able to spend time in the markets on our own which has helped us really learn the nuances and the details of and the fine-tuning of what goes into the setups and the Playbook uh itself so let's talk about the onion play real quick so same thing like the breakout right let's say um instead of this day where you kind of came into a ranging market right today you come into a trending market so what I mean by that is let's say you're bullish on the day right and price is moving up and let's just say you trade the New York session like I do right and you know the London boys got all the money here right dur during the London session and you know we don't want to take a buy right now right we we just have one two three four bullish candles we're getting candles to kind of slow up and begin to you know lose some steam here so we're not going to just jump into a buy right we're not going to say oh my God price is going up let's take a buy right we are going to Simply wait for a pullback and and what I mean by that is we need a resistance right we need price to come back down create some sort of a pullback and then once price plants a support a strong support too and a lot of times like I said keep keep a eye out on this because you will notice as price begins to slow down and lose Steam and close like smaller candles that's when you know that the re the the actual reversal or the the next move up is about to go down so once I see that clues of that what I'm looking for now is a pretty strong support right if we can plant some sort of support Oh wrong uh wrong shape here if we could plan plant a support like this strong support that's going to be my opportunity to say okay I'm going to get ready to take a buy let's go back to the 4H hour chart here again the 4our say example it's looking just like this right so it's looking just like this where candles are ready to get going um the break of the high is the break of that high and this this range here is the wick fill and that's what we're looking to take advantage of so once that next candle uh opens up I'm looking for it to make a low a bottom Wick and then once it does that I am in there right so I am in there and I'm looking to uh tap into that nearest resistance level right here and once we tap into that level that's where I'm taking partials that's where I'm cutting profits and and securing a bag and that right there is the onion play right so that's what we call the Onion play very simple move it's a buy off of support um and uh it works very very lovely along with the higher time frame because again the range here right this range and this range these are the wick fills on the higher time frame so obviously this candle is going to want to fill that Wick and this is what the market structure looks like on let's say a 30 minute or a 15minute time frame yeah I think I forgot to mention that a little earlier um all these Playbook setups I like taking best on the 30 minute time frame right 30 minute is going to be the best you also have the 15 minute that works as well um and you have the 1 hour right these are the these are the the time frames that I like to look for these plays on uh 15 minute 30 minute 1 hour time frames so just in case you guys were wondering that uh those are the time frames that I'm looking at um for execution so uh and again all all of these uh Playbook positions just happen to come during High Times of volume which is obviously a beautiful thing so keep in mind once you create that support in a trending Market you're bullish but you know you have to wait for a pullback so once that support is formed that's your confirmation candle here right this guy here and then this is your trading candle so the Playbook has on every every single position outside of the fade which we're going to talk about in a moment uh has a confirmation candle and a trading candle right confirmation candle trading candle so keep in mind uh as long as you're getting that confirmation candle you're good to go and then you can execute so let's uh let's go ahead and talk about the celery play also known as the booby trap candle uh whatever you guys want to call it it is what it is right let's just let's just understand the um the pattern recog right pattered recognition is a sign of Genius so if you can really begin to understand these you uh you can call yourself a genius so let's talk about the celery so I'm not going to draw too many candles here for um the opportunity to spare some time here but let's just say that you know you're in a situation where you're looking for a potential breakout right and we'll draw a quick little range here um and say okay we're looking for some sort of a bullish breakout and then we can kind of go ahead and take our buys right so let's just say we are waiting for that and as we're waiting for it let's just say this is the top of the range right you get your breakout so let's just go like this boom so let's say you have buys Above This level right here so there buys Above This resistance right here to the left this candle closes above let me make a little bit of a better closure than that let's say that this guy here closes above Boom Like This and now we're ready to go so we're right here we're at breakout right so we're looking for a breakout but while we're waiting and let's again let's say this is the 30 minute time frame while we're waiting price is just stalling on making this bottom Wick here right so price is kind of coming down and back and forth up and down doesn't really know what it wants to do maybe it kind of uh comes up but not necessarily all the way and now there's like uh 5 minutes left on the 30-minute candle right and I'm sitting there and I'm thinking you know what maybe just maybe what I'll do here is I'll wait for this candle to close right because if this candle closes back in the range then yeah the buys aren't looking the hottest right at that point we may have an onion play for price to actually move down right to retest the low so I don't want to take a buy if that candle closes back below the range so what I'm going to do is I'm going to delete my buy stop so let's say I had a buy stop here I'm just going to delete it and I'm going to wait for this red candle to close right and as long as this candle closes above the range meaning above that uh resistance to the left right as long as it does that the buys are good to go right so at that point what I'm going to do is I'm going to set a buy stop right here on the break of this high right here and typically again this is going to happen during High Times of volume and this is my confirmation candle this this bearish closure Ure above the range and this right here is my entry right that yellow line and typically uh this is going to be one heck of a trade especially when you line that up with volume it works out just amazing so um keep in mind this is your confirmation candle here and one thing I do want to say about this candle this confirmation Candle on the celery booby trap play is it does not matter what this candle closes as right so what I mean by that is it doesn't matter if this candle's closing bullish or bearish what matters most is the fact that this candle is either closing above or below this range here and if it's closing above doesn't matter it could be bullish or bearish when you break those highs this thing is goner right but if it closes below you have to be very careful because this is where you know you may get caught in a fake out so you don't want that to happen um you know I have a I have a video on my YouTube that describes how to avoid fake outs um and all that good stuff but you watch the live stream see how we do it um live as well but um yeah keep in mind that candle is your confirmation candle this is your trading candle and again that is what we call the celery SL booby trap play so those are the three positions in which I um began to really study right and then I noticed uh guys like Don were using them guys like Roga were using them and I was like man this is perfect like these guys are taking these type of setups I'm understanding the the look here I'm understanding the mentality and at that point it was hey if if I come to the desk and it don't look like this this or this then I do not trade I do not pull the trigger and that's when I finally discovered what a no trade day was can you believe it going to the desk showing up and actually not taking a trade right pretty interesting but this is where I began to find success this is where I began to find profitability now on those no trade days you can still learn things right so let's talk about the fade because this is where we learned right so we've talked about um we've we've talked about the breakout right we've talked about the onion we've talked about the celery and now let's talk about the fade because the fade is a very interesting idea um and it's also very um I should say it happens often right it happens often so let's go back let me draw your attention back to the 4our Chart here for a second so let's talk about our bias here right so if we have a bias of the the 4-Hour candle is what bullish here right but let's say that on the 4-Hour time frame that bullish closure is happening somewhere where there was previous resistance strong resistance right big level resistance and what we like to say here is that hey this 4-Hour candle although it's bullish it's tapped its Target right it's got to where it needed to go if I was in a buy let's just say from here there's a white Arrow there but let me make that a candle right uh let me make it a candle here if I was in a buy and I seen price coming into these levels I'd be taking profits right so this is where we came up with the idea and we didn't come up with it right this is where we noticed the idea and when I say we I mean me and the time to community man we're live every single day like you got to come join us you got to come see this in real time real life and uh and how it plays out but um what we noticed is that as the 4-Hour candle came into the that level of uh resistance or hit its own Target that we may not need to be bullish anymore right there there may be uh there may be some signs that say Hey being that we've tapped that Target the next 4-Hour candle although although the previous one's bullish this one may go bearish right it may begin to pull back from this you know resistance level that you've tapped into here so what we began to do was study the lower time frames right and a lot of times what we noticed is that the on the on the lower time frame you were tapping major major areas filling ranges right so let's say there was a there let's say the 4our candle uh or the the 30 minute time frame looked like this where candles had come down right they've came they've come down so it made like a nice clean range right and let's say this was a major resistance that was formed here and on the 30 minute time frame let's just say like the onion play already happened right or the celery play or the breakout right that had already went down so what we notice here is that we have officially bear with me here while I draw some candles we have officially tapped Target so on the let's say on the one hour time frame or 30 minute time frame this is what you see right so you see candles look like this boom and a lot of times the candles will give you Clues to like uh maybe it has no top Wick here which means it has no range or it begins to really kind of like slow up in these areas and and not really be able to do something right so let's say now you you see that the 4-Hour targets have been tapped uh you see how um the the 30 minute targets have been tapped and now you begin to say okay maybe we can anticipate the pullback right so what we used to do and again these again all these plays the key word is volume here right volume volume volume keep that word in mind write it down your notepad volume right you want volume in the market while you're doing doing the or attempting these setups here so what we uh what we would normally wait for is a nice you know a nice Perfect Resistance to be formed and then we would take our entry right and and say oh yeah we're going to take sales awesome so we notice that when it's High Times of volume and let's just call it like the New York sessions let's say the New York session open or the New York or the nysse open right we're going to be waiting so this candle is open this one is is about to happen at let's call it 9:30 a.m. eastern do we really think right and these these this is what caused a lot of no trade days for us do we or for me do we really think that not 9:30 one of the most highest volatile volume times of the day is going to give us this little perfect pretty uh resistance for us to take a sell on the next trade on the next candle I don't think so right I don't think so so a lot of times when we were waiting for this candle here to close what would happen would be and we knew price can go down here but and we were right about the direction but guess what by the time the 930 candle closed it looked something like this right and now how do we take a sell after that right so going back to there's things that you can learn on in your no trade days we learned how to get a good read on what we call the fade right we learned when uh the opportunity was coming and we missed it right we missed that trade and missed that trade and missed that trade but every time we missed it we began to understand it more get a better read on it and really dial in to the point where now we can take these incredible impul PS trades on this target tapped concept and be able to uh not number one not only avoid those no trade days but be able to participate in the move that we knew was happening right a lot of you guys know I live stream so we do this in front of like a thousand plus people every day and I would go ahead and I'd say hey man you know this is right here this is the best what so I'm waiting for that pretty little resistance right and price looks like this and I'm like you know uh if we break this low right here this thing is going to be a goner this is going to be a goner this is where a good impulse trade would would turn out and by the way thanks to the chat because the chat would hear me say that and they would go ahead and say okay what did he say break the low would be a good entry they go ahead and take the trade and I'm just watching this thing sell off and they're in my my uh YouTube chat saying hey Nick thanks man appreciate the 60 Pips appreciate the 70 Pips man that was the fastest thousand I ever made and I'm sitting there thinking well why am I not in it right if I know that's going to go down if I have a good read on it why am I not in it so that's where I've uh you know got back into these impulse entries got back into these uh more aggressive type of Trades now you know the one thing about the fade is that most of the time you're going against the higher time frame right so remember higher time frames bullish look at 1 hour's closing strong bullish as well right like so you're you're a lot of times going against it but you're in this flow right where you understand hey we we've we kind of flowed up and we flowed down and we've kind of tapped into that Target now with volume coming in if we don't break the high this is where we should pull back and just being in sync with the market in tune with the market having experience having chart time under my belt has really really helped me develop these entries when it comes to the fade we're going to talk about entries in just a moment and then we're going to wrap this thing up but uh one when we're talking about the fade what we're looking for is some sort of a opportunity for us to fill the wick during High Times of volume um and that not happening right so coming up and activating buyers let's say in this case and by the way this is a buy that we I would have been in last year right at times that I'm no longer in this year um so I know that buyers are getting activated because that was me at one point and then my sell stops are on the break of the low right and then once you have those sell stops on the break of the low if you fail to break this high excuse me if you fail to break this high right here and then begin to break that low typically you are good for that volume push and uh and that's our opportunity to take advantage of the fade so the fade is the only uh can um I'm sorry the only setup here that doesn't include a confirmation candle like the rest of them right all these guys have confirmation candles uh outside of the fade the fade is more so the confirmation comes from the overall direction the overall did Target get tapped and do we expect to keep moving or not keep moving and you know normally you would expect to keep moving right um but if this high on the 4 Hour fails to break and you start breaking the lows very very high chance you're running into a position uh that we like to call the fade so that's the fade uh let's talk about entries really quick and then um and then we'll kind of wrap this thing up with some final thoughts and and uh and I'll I'll leave you guys to study so um when it comes to entries I'm I'm going to use the uh I'm going to use the onion play here um as an example there's only two entries I I really believe in and like to take and that is the uh the entries are on the break of the current candle high or the break of the previous candle high and vice versa if you're looking for sells so let's talk about that real quick um and let's talk first about the current candle high so everything has to do with this candle right here this bullish candle so I want you to pay attention to the wick of that candle so as you um as this candle closes this candle is going to have a wick on it Mo most likely right so let's draw the wick let's say right here so as this candle closes it has a wick and a lot of times what the next candle will do is it will it will actually flip bullish briefly right and then it will come back down to begin to make its bottom Wick and as it's coming back up this is your opportunity to enter on the break of the current candle high and this is what I mean right there there the break of that high and you and your opportunity here is to fill the wick right typically when we fill that Wick that Wick could be like 10 12 15 18 Pips 20 Pips typically that's where I'm going to go break even or sometimes even close partials right um but the idea is to maybe go break even there and then have candles create a new high right and then maybe the next candle will be able to Wick down and then get you to your target but the most important piece here is the entry right so the entry in this case was was taken on the current candle high right current candle High um and you want to the reason you don't want to enter on the previous one in this case is because you want to participate in between those yellow lines right you want to actually collect the Pips that the market has to offer there so there are times where you do want to enter on the previous candle high but again paying attention to that Wick let me show you what I mean so let's just say let's draw a different type of wick on this candle top Wick and let's say it looks something like this right so that's your that's your top Wick and then this is your current candle top Wick so the difference between there I would say between this y yellow box here right let's just say is two Pips three Pips four Pips in this case I would rather sacrifice those three or four Pips for a much more confirmed entry and what I mean by that is I'd rather take this position on the break of the previous candle High because that gives me the most most valid idea that if we are breaking the high we should continue up to make a new high so if the wick is let's say close to the like let's say the previous candle wick is close to the current candle wick I would use that one but if the previous candle wick is a little further then I need to use the current candle because I want to participate in that move so you might have to rewind that back listen to it a few times you also may have to rewind this back too because let's talk about stop losses right so if the if you're taking a entry on the current candle high right let me just fix this a little bit current candle High here right let's just say it was that yellow line then what you can do is you can use um previous candle stops right so if I'm taking it on the current candle High I want to use previous candle stops because we could always come back and break the current low but respect it right but if you're using let's just say um previous candle highs as your entry meaning you're going to enter off the previous candle then that's when I would say it's okay to use current candle lows if you want to uh these these stop losses Also may be a little too tight for you maybe the best bet is just to leave it above below all the Wicks that way you give your your your uh trade a little bit of an opportunity and um and a room to breathe so that's a little bit about entries a little bit about stop losses uh same thing entry here is going to be typically on the the break of either the the current 4H hour low or like a a previous 15 30 minute low as you uh as you settle in and look for the fade so um that is uh that is a little bit about the updated version of The Playbook um keep in mind that the Playbook is your your recipe your Masterpiece your opportunity to actually have some sort of a road map in the markets right like I said earlier if if I don't see this this this or this happening in the markets I do not trade I am not going to put my money out there in the markets for when I see anything other than this familiar price action right here that I'm showing you right this this um price action these setups right now if you do the math let's just call it a 70 I think it's 80 but let's just call it 75% win rate right so if we know that the Playbook has a 75% win rate meaning these setups that means that we can all we have to do is execute right execution of the Playbook is our Edge and we know that this number does not say 100 right it says 75 so the real success is over the course of the next 100 trades and if you will follow this plan and follow these setups then that means at the end of a 100 trades you should have about 75 winners 25 losers and that's the game right the idea is to run that 100 trades as fast as possible so you can get the desired outcome now again there's there should be 25 losers in there so when you take a loss you can't think and and and let me rephrase that if you take a loss on one of these plays here you cannot be down on yourself right you cannot be down on yourself you need to as a Trader right you want to put all the pressure onto the Playbook and that should be good good news to you and music to your ears because that takes the pressure off of you right so once I understood hey I don't have to be Mr greatest Trader in the world all I have to do is follow a proven system that works and I can get those same exact results so that's why if you ever come to our live streams and you see us win these great trades off of these um setups that I'm showing you you'll never see me jump up and down say hooray harah Haru yeah oh my God it's amazing never right because I didn't do anything special right all I did was execute on the the probability of the idea working all I did was trust the Playbook right and same thing when I take a loss if I take a loss and it's off of one of these Playbook setups I'm never down on myself I'm never crying and upset and questioning myself because I understand the Playbook took that loss you know and a lot of you guys who are watching this you guys are professionals man you guys are much smarter than me and you have you've played D1 Athletics and you've got degrees and you have a great family and a great profession and you start L taking losses and trading and you feel like you're a loser right and that's not the case man you know that's not the case the The Playbook is going to do the winning and the losing for you all your job is to do is to execute day in day out collect your data uh it's a race to 100 trades have fun while you're doing it and really really stay disciplined man trust me when you can stay disciplined to doing the same things day in and day out the game becomes easy right one of the best questions I ever got on the live stream was hey Nick what's the hardest part about trading and my answer was very simple the hardest part about trading is actually understanding that it's not that hard at all and it's really not that hard at all when you have a Playbook when you're serious with it and um and you can you know rinse and repeat day in and day out so hopefully this video helps this is up to you Gang This is up to you to stay disciplined to stay professional to stay responsible um and only take trades when you have familiar price action based off of actual data that works versus um just some random idea and thought all right so I'm going to leave it there I hope this helped we went over a little bit of mentality we went all through the technicals and uh you know some final closing thoughts so this is the Playbook 2.0 video I hope you guys enjoyed it and uh we will see you on the next one one later gang