Daily Market Structure & Price Action Study – 8

 

See here if you missed the earlier articles – No. 1, No. 2, No. 3, No. 4, No. 5, No. 6, No. 7

The concept:

I've been writing online for over a decade now. And for that whole time I've been promoting the idea of daily study in both Market Structure and Price Action.

It's a simple task that takes no more than five minutes, but which offers incredible value to your own learning and development.

Sometimes this study fits within certain themes, if there is a particular feature of market structure which I want to focus on for a period of time.

Often though, it's completely unstructured. Simply searching for whatever captures my attention.

Either way, every trading day after the session is over, I look to the charts to find something interesting. Having done this for so long the findings are usually just reinforcing prior lessons. But occasionally, they'll uncover something new which can lead to further exploration, further learning and further growth and development.

The following are examples of entries in my Market Structure & Price Action Journal; although tidied up and expanded upon slightly to work in newsletter article & blog format. (The real journal rarely needs more than one image and a small handful of notes.)

I hope you find it useful. If you do, consider starting your own Market Structure & Price Action Journal.

 

Wednesday, 14th August 2019

We had a day today which trended lower throughout, although never with any great bearish strength. One which just grinded it's way lower. And one which at times "tempted" entry LONG to catch the reversal.

So I thought I should use my MSPA study to find a few "bigger picture" structural signs which should have had me positioned with bearish sentiment throughout the day.

Let's begin with the prior day, Tuesday 13th August 2019.

<image: Daily Market Structure and Price Action Study>

FTC Reference – YTC Price Action Trader Vol 2, Ch 3, P 143

<image: Daily Market Structure and Price Action Study>

<image: Daily Market Structure and Price Action Study>

<image: Daily Market Structure and Price Action Study>

<image: Daily Market Structure and Price Action Study>

Lessons:

  • When the market provides multiple reasons to favour one direction over another, prior to and leading into the session open, the Opening Range can act as a nice "line in the sand" to give you confidence in holding a bias in that direction.

 

Happy trading,

Lance Beggs

 


 

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YourTradingCoach - Admin

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