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Boot Camp Day 2: Candlesticks

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welcome to day two

um day one clearly was not too difficult

you just had to sit there and watch me

cry like a little [ __ ]

um but here we are day two we're

actually looking at charts

um but you probably won't learn much

again because this is going to be a

video from scratch but you will gain or

sorry this is going to be a course from

scratch

but you will gain a couple things I'm

going to toss in some little tips that

you know you probably didn't pick up

when you were a beginner

um that can help you along the way so

today we are going to be talking about

candlesticks and price movement and

understanding price movement within

candlesticks Okay so

right we're on the S P 500 right now and

pretty much every single chart you're

going to have is going to look like this

uh wow

okay

uh pretty much every single chart is

going to have you know candlesticks like

this right you can click through

uh whatever ticker symbol you want

and you'll see candlesticks okay

and these candlesticks describe price

okay how do they describe it okay

through bodies and Wicks okay these are

called candlesticks because they leave

Wicks okay and these candlesticks tell a

story so

with that being said let's move over

here

and draw our own little candlesticks

okay

and I know you're probably thinking oh

my God I don't need to learn about

candlesticks I know you don't

okay I know you don't but this is going

to be beneficial Trust

okay

so these are two candlesticks okay let's

say

bro

how do I

okay whatever

anyways okay

ready so we have two candlesticks let's

let's uh dude I wish I could color this

thing

okay ready this one is going to be a

down candle

so I'll color it in like this actually

that looks terrible

forgive me we're going to make this oh

here I'm so stupid there

there we go that's a down candle

this is an up candle cool cool okay so

we're going to do a quick quick a quick

overview

of what these candlesticks represent

what the opening the close represents

what the body represents and what these

little Wicks that they leave behind

represent okay so first of all

understanding candlesticks okay we need

to understand what time frame we are

there are so many little different time

frame time frames up here that I'm

scrolling through right one minute two

minutes three minutes five minutes seven

eight whatever okay

and if you're very new you're probably

saying well what what do those things

mean that represents the time that it

takes for the Candlestick to close Okay

so if we are on the five minute chart

which we are on currently

if one of these let's write let's just

say this is an actual Candlestick within

the chart one of these candles this

candle represents five minutes

of price action of price movement okay

and the reason why these candlesticks

are so beneficial is Buzz is because we

can read and see

exactly what price did within those five

minutes with just this one Candlestick

okay oftentimes I can even be able to

understand and pretty much just guess

what is going on on one minute structure

just purely based off of a five minute

Candlestick or two five minute

candlesticks and once you get good at

this you'll understand how to do that as

well

um but

okay we're on the five minute time frame

one candle represents five minutes of

price action and market movement okay so

when we see a green candle or a bullish

candle okay we see that it goes up and

it ends right up here

okay

green means boom price went up right

everyone knows a green candle means up

in a red candle means down so in this

instance price opened right here where

the body of the candle starts and it

closed at that five minute Mark right

here okay

boom

right here is the open and boom right

here is the close

okay we can put this thing down oh oops

shrink

the clothes and

the open

cool cool okay now what do these little

Wicks that are left behind mean that

shows where price went during that five

minute duration of time okay but it

never ended up closing there it just

shows where price went right it left a

little snail Trail okay it's like

like you take a [ __ ] and you put on your

underwear and it's like super white like

brand new Calvin Klein underwear and

your [ __ ] from from a minute ago left a

little snail Trail it's showing that you

did go take a [ __ ]

um I I to be honest I don't know how

this relates to this but anyways okay it

shows where price went so that means

right if if there's a wick all the way

up here that means within this five

minute candle yes it didn't close up

here but price moved up to this point

okay and then same thing with here

okay down here was the lowest price

point that price went Within These five

minutes so now we know okay this is the

highest point it went to

and this is the lowest point it went to

okay same exact thing on a bearish

candle

okay

just slightly different okay instead the

open is up here

okay and the close is down here

okay so the close on a bearish candle is

lower obviously and the open on a

bearish candle is higher okay remember

oops

and again right up here is the highest

point that price was able to go to

okay and down here was the lowest point

that price was able to go to

perfect candlesticks [ __ ] simplified

by tjr now we can get rid of this

[ __ ]

okay now we are going to talk about

Candlestick patterns and and I know what

you're going to say you're probably

going to say whoa tjr

whoa whoa whoa whoa whoa whoa whoa whoa

what the [ __ ] I thought you hate

Candlestick patterns I do I hate the

ones the Candlestick patterns that are

based off of mountain tops [ __ ] W's

Head Shoulders that [ __ ] is BS I also

hate Candlestick patterns I really hate

every single Candlestick pattern that is

more that that contains more than two

candles

the only Candlestick patterns I like

because they can actually show you price

action and dictate where price is going

to go are the single Candlestick

patterns okay so let's look up

if this thing will load

candle stick

patterns cheat sheet

hopefully this pulls up the single

candlesticks

um okay good it has some of them on this

all right

let's pull this thing up and let's zoom

on in okay

so first of all we don't give a [ __ ]

about this entire top row okay I also

don't give a [ __ ] about anything in here

anything in here anything from here and

below I only care about doji's

long-legged doji's long-legged dojis and

doji's are the same thing okay

cross doji's and inverse cross doji's

dragonfly doji's hammers okay

those are the only things I care about

okay just this row forget about all this

[ __ ]

this is garbage okay no we don't give a

[ __ ]

all right just focus on this row right

here okay and why are we going to be

talking about this okay it's because

these candlesticks are showing price

action and showing where price rejected

and where it didn't okay so if I can

honestly just find these on the chart I

don't know why I pulled that up um but

with a candle this is just like a

perfect example with a candle like this

one right we see price opens right here

it doesn't go low right it pushes all

the way up to this point but then closes

down here

okay this candle is essentially saying

to me okay we have strong bowls but not

strong enough to close

damn not strong enough to close all the

way up here or here or here or here we

left a fat ass Wick up here meaning it

was not strong enough to close above

whatever was residing above here and

more than likely it was taking this

liquidity

okay

right we knew that price pushed up close

still bullish

but there was weakness because it

couldn't finish out this candle right

now

let's find another example okay

right here okay similar situation but

with a doji usually doji's which are

just small bodies of candles okay so

when a candle looks like this

doji's are great for reading price

action okay it's usually small body long

Wicks or just just small body of a

Candlestick in general okay

looks like this okay something like that

of some sorts okay probably not that

long of candles of Wicks but you know

what I get you know what I'm getting at

anyways doji's are great because they

can show us indecision in the market and

indecision with a bias in One Direction

okay so when we see this bearish doji

right we're obviously not taking a trade

off of this but we need to be able to

read the candlesticks right these are

these small things that that intuition

can build that that experience builds by

being able to see and read these

candlesticks when most people aren't

able to do that most people are saying

liquidity was swept we broke structure

but you guys can't even read these

candlesticks you don't even understand

what these are saying to you and they're

telling you a lot of information

okay so this Candlestick in particular

right we see Boom Big sell-off down here

okay and then we get to this candle okay

we get long Wicks to the downside

but not a full body close right we don't

see a a a big body close to the downside

means we're losing bearish momentum okay

and as you can see we did lose it we

start consolidating pull up a little bit

higher and then nothing [ __ ] happens

after that right so we lost bearish

momentum with this candle we can see

that through the long Wick to the

downside and then it failing to close

lower in a regular sized candle right

this is a doji this is showing

indecision within the market

okay

again right we we we see the long

extension of a wick to the upside all

right showing that hey you know we we

pushed all the way up here but we failed

to close above here right

we failed to close above these price

points and then what happened we fell

okay but this is not something you take

a trade off of this is just slowly

learning and understanding okay these

candlesticks and what they're trying to

tell you okay let's go over to gold gold

can give us

um some some great momentum some great

volume and also shows us some great

Candlestick patterns okay

let's go to the Daily

where are we at

huh

okay

right here okay this is a great example

okay we push up we come down okay yes we

formed a bullish doji

right this is a doji candle however

right

we've we failed to push up completely

yes we see strong rejection to the

downside and yes we do see closures to

the upside okay this is why we cannot be

taking

trades purely off of Candlestick

patterns because this this is only one

confluence

okay yeah we see boom super strong

rejection to the downside with this Wick

and then we close bullish still right

but we're in a downtrend we are

continuously breaking structure to the

downside

okay

so that's an example of where we can't

we can't let our bias get [ __ ]

get lost in these patterns okay the

these are very very minimal in what you

need to trade but it is good to

understand and to know and to learn

these if you don't know them already

they're fairly simple you really just

have to know right a [ __ ] strong

close which is what literally a regular

Candlestick looks like to you so like

this candle for example is a just a

strong close right it's full

it's full it has not many not a high

Wick

um to the upside if anything a highway

to the upside on this candle would be

even more of a reason for it to be a

strong close and then also right the the

wick to the downside is fairly small

again compared to the body right so we

had a move to the downside and we were

able to close and continue down right

and it wasn't just

a wick to the downside and then I move

back on up showing weakness

okay

let's just keep going through and

spotting these on um on the chart

okay again right this candle

this is a great

wow great example of something of of

something where like we see liquidity

get swept in almost like a confirmation

candle

okay right we see this long long Wick to

the downside price

at one point remember guys we have to

understand that price was opened here

so at one point in time during this week

price was literally a big

red candle

from this point down you PR right

everyone probably thought this [ __ ] is

going to the floor

right because and this is where like

your head headspace can [ __ ] get [ __ ]

up because people get so caught up in in

the candle that's forming and not the

candle that has formed okay we can only

make bias and decision on candles that

have formed not candles that are forming

okay that's why we always wait for a

close for a break of structure

right we have to wait for that

Candlestick to close because right it's

not an actual candle until price action

is done within you know whatever time

frame that we're on

okay so this candle for example we get a

strong rejection to the downside right

price pushed all the way down here but

then nope was able to first of all opens

down here comes all the way down here

and then rallies all the way back up to

this point and closes up here

that is a very very strong bullish

candle right we see

massive Wick to the downside tiny Wick

to the upside meaning it literally

closed almost as as bullish as it could

have right on on most bullish candles

you're going to get some sort of Wick or

and on most bearish candles you'll get

some sort of Wick

um to the top side or to the downside

but when it closes so fully like this

with a strong rejection to the downside

that is telling you

a bunch that's telling you a thousand

words right that candle is is telling

you exactly where price wants to go okay

what does price end up doing rallies

higher takes out these highs Etc

okay

this is all that I want you to do for

today I know today boring as [ __ ] boring

as hell you're probably like what the

[ __ ] but

right we're starting from the beginning

we're starting from Clear slate okay

trust me we're going to bring you guys

up with this and it it'll go it'll get

going a lot quicker than you think okay

price

or sorry all that I'm asking you to do

is get on whatever chart you trade okay

whether it's SPX g-u GJ whatever okay

get on whatever pair that you trade okay

get on whatever pair that you trade

and just spot these and see how Market

reacts like literally just being on this

chart I can I can see two

boom massive Wick rejection to the

downside still not a good close but what

happens next we do get a full bullish

close boom rallies takes out these highs

right okay

similar to this right we have a doji

long candle or sorry long Wick to the

downside bullish clothes right here to

the upside right we can use these two in

Confluence together

right we have this full candle and then

this doji with a big wick to the

downside showing rejection after several

weeks of of Doubt of being down right we

can show exhaustion through the dojis

okay and then we get boom closer to the

upside price rallies takes out these

highs so all that I want you to do

again strong look to the downside full

close rallies

so all that I want you to do is get

whatever choose whatever pair you trade

okay

um and just look for these and see how

price reacts off of these certain price

points okay find at least 10 examples

okay this is your homework all right

find at least 10 examples

of these doji candlesticks okay

understanding Wicks within the market

right there's there's a saying Wix don't

lie and I think I literally think

there's someone that teaches

on uh like YouTube or Instagram named

Wix don't lie I'm I may be wrong though

it may be fibs don't lie I don't know

but Wix do not lie Wix and candlesticks

tell the whole story

okay of price action no we do not care

about a [ __ ] Mountaintop look how

that [ __ ] played out [ __ ] horribly

right you got stopped out we don't give

a [ __ ] about mountaintops we care about

price action okay

and that is what we were going to be

studying this literally this entire

course okay so with that being said

that's your homework okay very very

short lesson today but essential okay in

on in in in in you know slowly gaining

that [ __ ] market experience that I

know you guys need and want

okay

um and honestly these are going to be

the lessons that are more important for

you guys because this is [ __ ] that you

guys probably brushed over and don't

think about too often so

um homework is fine 10 examples of this

bro

homework is fine 10 examples of this on

your own pair on your own chart that you

trade okay

take screenshots of it

um [ __ ] label them do whatever you

need but not only do I want you to find

examples of this on the chart but find

how price ended up reacting off of these

examples okay and that will give you a

better understanding of candlesticks

okay the closes of candlesticks how

Wicks work in this market okay Wix tell

tell so much of a story within this

Market these candlesticks tell tell the

entire story of this Market okay so if

you cannot understand candlesticks you

won't be able to understand the market

because we have to read these things

these things are telling us a story and

we have to be able to read them and

dissect them and understand them

so with that being said

that is day two super short day we're

starting off slow this is like syllabus

week right we'll we'll start you off

with the easy [ __ ] and then we'll get

into the difficult stuff okay so find 10

examples of that and then I'll see you

tomorrow all right peace

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YouTube Transcript:
Boot Camp Day 2: Candlesticks