Justin Bennett β Daily Price Action
Learn to Trade Forex Like a Fund Manager
There is a reason why the likes of George Soros, Stanley Druckenmiller, and Bill Lipschutz donβt concern themselves with the 5 or 15-minute charts β itβs because they know that the real money is on the daily time frame and higher, which is the exact approach I teach in my course.
Daily Price Action course consists of 9 modules with each module discussing a specific segment about price action. Justin explained each concept with the help of graphical illustrations and practical examples (where required).
What You’ll Learn In Daily Price Action
Module 1
A brief overview about various topics covered in the first module is given below:
- Using the Right Charts
In this chapter, Justin highlighted the significance of five-day charts. He explained, with the help of examples, how an incorrect chart (having Sunday candles) may ruin your technical analysis. - Setting Up Your Charts
Here the coach teaches you how to set up a chart, i.e. selecting colors for different candles, background and bars. - Currency Pairs to Watch
Justin shared a list of 26 currency pairs that he considers best for trading. He also gave some suggestions to newbie traders about the selection of a pair. We did think it was weird he is recommending 26 pairs that beginner traders should watch. We felt this was a bit overboard since most beginner traders cannot effectively monitor so many pairs.
Module 2
The second module is all about choosing timeframes.
- Timeframes
In this chapter, Justin explains the significance of only using higher timeframes, which we felt put him into a specific βcampβ of mentors teaching the same thing. - Common Objections to Trading the Higher Time Frames
Here Justin took a look on commonly used justifications for using smaller timeframes such as βI donβt have enough money to trade the higher time framesβ, βTrading higher time frames is boringβ, etc. We didnβt find any compelling reasons here, but felt it was an honest attempt.
Module 3
This module talks about identifying daily levels with the help of various price action methods.
- Using Weekly Pin Bars to Identify Daily Levels
In this lesson, Justin teaches a technique about using weekly pin bars for daily key levels. The lesson also consists of a short video. - Dynamic Support/Resistance
The mentor explains how moving averages can be used to identify dynamic support and resistance levels. The lesson covers everything about moving averages. He does use the same moving averages as Nial Fuller (from Learn to Trade the Market), but also adds a few more. - Price and Time
In this lesson, Justin touches on swing analysis and how price action approaches a level, but there is not much depth here. - Identifying Horizontal Levels
This lesson consists of two videos in which Justin demonstrated various methods for identifying key horizontal support and resistance levels.
Module 4
The fourth module covers everything about the pin bars. Following are the main lessons of this module:
- Anatomy of a Pin Bar
In this lesson, Justin teaches the characteristics of qualified pin bars with the help of a graphical illustration. - Pin Bar Entry and Exit Strategies
Here the coach explains methods for entering and exiting the market while trading pin bars. He showed everything with the help of good graphical illustrations. - Trend Line Breaks
Justin explains the importance of trend lines in price action trading and how trend line breaks can provide useful PA info.
Module 5
This module is about inside bars. The main lessons included in this module are:
- Anatomy of an Inside Bar
In this lesson, Justin graphically explains the features and characteristics of valid inside bars. - Rules of Trading Inside Bar Setups
This lesson covers the rules that should be followed while trading the inside bar trade setups. The rules are explained with the help of examples and graphical illustrations. - Inside bar entry and exit strategy
In this lesson, Justin explains how to trade inside bar setups. He illustrated various entry and exit strategies with the help of charts.
Module 6
In this short module, Justin covers everything about the confluence levels and their effectiveness in price action trading. The following are the two detailed lessons included in this module.
- Price Action and Confluence
In this lesson, Justin discusses the combination between price action and confluence and how to use it. - The Pillars of Confluence
Here, Justin explains the main confluence factors that should be considered before deciding whether a trade setup is of any worth or not.
Module 7
This module talks about the risk management strategies that you may use to improve your profit potential. The module consists of the following two lessons:
- A Proper Risk-Reward Ratio
This lesson describes the importance of risk-reward ratio and how to figure it out for a particular trade. - Proper Risk to Reward Ratio: Case Studies
In this lesson, Justin elaborated on the concept of proper risk to reward ratio with the help of different case studies.
Module 8
In this module, Justin is talking about trend analysis. This module comprises of the following lessons:
- Trends and Timeframes
Here Justin teaches how to use various timeframes while identifying a trend for potential trade setups. - Highs and Lows
In this lesson, the coach explains how a trend can be identified visually just by analyzing swing highs and swing lows.
Module 9
Justin has specified module 9 for various advanced level lessons and continues to add new lessons periodically. Presently, you will find these two lessons in this module:
- Measured move
This lesson states what a measured move is and how you can use it to predict future moves in a price pattern, although weβve seen little evidence to support the concepts. - Wedge Breaks
In this lesson, Justin teaches how to trade a wedge break. The lesson contains a short video that practically demonstrates the wedge trading. We really didnβt find much difference here than is typically found in any google search.
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