A BOF Trade with Many YTC Concepts

 

Let's look over a trade I particularly like, from earlier this week.

It's nothing special in terms of returns. But it took an otherwise dull session from breakeven into profits.

And it displays many of the concepts that we have discussed here in the newsletter over the last few years.

So I particularly like this one. And I thought it's a good one to share to reinforce some of these key lessons.

The trade is a Breakout Failure trade following price interaction with the Prior Day's High resistance.

Breakout Failure Review 

Let's see what I liked about this trade…

Breakout Failure Review

Breakout Failure Review

Breakout Failure Review

Breakout Failure Review

Breakout Failure Review

Breakout Failure Review 

Let's see the outcome…

Breakout Failure Review

Breakout Failure Review 

Happy trading,

Lance Beggs

 


 

Written by

YourTradingCoach - Admin

6 Comments to “A BOF Trade with Many YTC Concepts”

  1. Mohamed says:

    Nice lance , love it ☺

  2. Pejman says:

    That was fantastic.I monitor price for BOF and fading the weakness but most of the time I let it go because I think the previous swing low/high might work against me.In addition when I set the first target before that the the risk reward ration get negative.please guide me Mr Beggs.thank you sir.

    • Lance Beggs says:

      Thanks Pejman,

      If the R:R is negative then it’s NO TRADE. The question that must be asked though, if many of these trade ideas do ultimately work out without you, is whether or not you’re properly assessing the target areas. If the previous swing high/low is breaking, more often than not, then the target needs to be beyond that level, allowing a better R:R. Study occurrences where the swing high/low holds. And many where it breaks. See if you can identify some “rules of thumb” that allow you to confidently hold for further targets.

  3. Pejman says:

    Thank you very much Mr.Beggs for your help.So I’ll try this way: I take those opportunities but I will manage them aggressively around previous swing high/low and if I see any sign of reversal movement before them, I ‘ll exit the trades.

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