NFP Review & New Student Encouragement

Hello folks, welcome back . Happy Saturday to you . All right, so we're looking at the NASDAQ here and this is going to be a short little review on Friday's nonfarm payroll . The right hand side chart over here, this candlestick represents one full week or what was last week high and low where we opened and where we settled and closed for the week. . Now, I teach a concept called TGIF . Thank God it's Friday . So, I want you to take a look at the fib from this low up to the high and we're going to add the 30% and the 20% level . Okay? [clears throat] So what I teach is when we have a week that has a lot of range or if it like for instance like this or like this it tends to create a retracement of 20 to 30% . Now, it can form early as 100 p.m. on Thursday or towards the latter stages of Friday's trading . So, there really isn't a uh very specific time . It relies on you knowing what the market should do directionally that would agree with that level of retracement . So, we have this annotated here like that . And I want you to take a note of the 20% level . 29,549 even and then 29,471.25 . So we have those two levels there . We have 20% of the weekly range and we have 30% of the weekly range . Now, when I drop down into lower time frames over here , we'll take all of the lipstick and add it right on to the charts again . All right. And then we have non-farm payroll here . Notice that the wicks at 8:30, it rallied higher than that short-term high , but it did not create a candlestick with a body above this high . Notice that. . So, these wicks fall just short of that old high here . So 8:30 we drop down we come down into new week opening gap and also consolidating around running right back up into Friday