Build a Visual Library of MUST-TRADE Scenarios

 

We've spoken in NUMEROUS articles about the importance of using a journal to study key market structure and price action sequences, with the aim of developing your ability to perceive and understand the current strength or weakness of price movement and project that forward to develop a bias for the near future.

Here are some articles on this topic if you missed it all:

 

That's a quick list from the top of my head. But there are likely more if you want to search through the archives (http://yourtradingcoach.com/site-map/). Perhaps try the Tag List on the right hand side, or the search box at the top right.

Equally as important though is a Trades Journal, studying the best trade sequences of the day whether you took them or not, with the aim of developing your ability to perceive, understand and exploit trade opportunity when it presents in the markets.

I know… I ask a lot of you!

But I really believe it's of GREAT benefit to your trading business. Every trading session – one entry in your Market Structure / Price Action Journal. And one in your Trades Journal.

Trading is a skill-based & performance-based activity.

How do you develop skill?

How do you improve performance?

By studying best-practice! Whether you traded it or not!

What was the best trade opportunity of the session? If you did see it at the time, what did you do well and how could you do it even better? What did you do poorly and how could you improve next time? And if you didn't see it, what clues did the market provide that this was a Must-Trade scenario.

If you don't have a Trades Journal, get started today. Open up your charts to the prior session and find that day's Trade of the Day! Print it out. Study it. Cover it in notes. And file it.

Here's a few to get you started… all from last Friday's session… all of which I consider Must-Trade scenarios.

Click on the images to open larger copies in your browser! Or see the links below the images to download a copy to your computer!

trades journal - sample 1

 

trades journal - sample 2

 

trades journal - sample 3

 

Right Click here to download the first image to your computer (larger size).

Right Click here to download the second image to your computer (larger size).

Right Click here to download the third image to your computer (larger size).

Happy Journaling,

Lance Beggs

 


Written by

YourTradingCoach - Admin

6 Comments to “Build a Visual Library of MUST-TRADE Scenarios”

  1. Sam says:

    Hi Lance,

    I have few queries in my mind.

    1. While trading what do you do to pass the whole trading day.. I mean like I am on social madia like twitter interacting and tweeting in trading day.. but many times it distracts our mind.. and sometimes change the bias due to somebody else’s bias.

    2. Plz tell how you do in ur trading time? Do u on social media interact? On FB or TWTR?

    • Lance Beggs says:

      Hi Sam,

      Personal opinion only, but NEVER EVER EVER follow social media while trading. Exactly as you’ve found, (a) it traps your attention away from the markets, and (b) it stuffs around with your bias.

      I trade a half session only, up till midday ET. I can’t manage a full session any more. The key is regular breaks. Focus… until focus is wandering… then get away from the screen for a short period. 10 seconds. 1 minute. Whatever you need. Sometimes I’ll take a short walk, even if just to another room. Other times just step back from the screen and do some exercise (so the general market action is still visible but not the subject of major focus).

      Also, and this is a major part I guess, I use a standing desk. I’m not sitting. So I am almost constantly moving.

      Chewing gum helps as well. 🙂

      Cheers,
      Lance

  2. pat says:

    Its not asking alot ; its giving us a wheelbarrow of great stuff.This is exactly the indexing i needed to suck this orange dry!

  3. Kad says:

    Hi Lance
    Frits, thanks for All your posts All your material is gold I must say that you became my only source of inspiration and education 🙂
    Small question: I noticed that your LTF varies from 2 range 10 sec 15 sec or even 30 seconds time frames
    How do you manage to choose it ? I’m very confusing
    Btw I have read pAT scalper but I m not comfortable at all with 1mn TTF but still it correspond to my temper ament
    Thanks

    • Lance Beggs says:

      Hi Kad,

      Thanks. I’m glad you’re finding value in my writing. Much appreciated.

      I trade the following charts:

      Higher Timeframe: 5 minutes
      Trading Timeframe: 1 minute
      Lower Timeframe: A combination of two charts, one being 15 seconds and the other being 2-range. The two types of charts are useful as they provide different perspectives. Sometimes the information that is visible on one is hidden on the other.

      There is no need to monitor two LTF charts though. If people prefer one, just pick the one you like. It’s more important just to be consistent.

      You mentioned 30 sec charts as well. While I do switch the 15 sec to 30 occasionally (in slower PA), typically when you see a 30 sec chart in the articles it’s simply because that allowed me to fit more chart data on the image. So it’s often just a publishing thing, rather than trading thing.

      If you find you’re not comfortable on the 1 minute, that is absolutely fine. Many people aren’t. Simply scale the timeframes back up to the normal YTC Price Action Trader timeframes (30/3/1) or even higher.

      Cheers,
      Lance

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