Don’t Overcomplicate Things – 1

 

The vast majority of my trades lately, maybe 95%, fit within one of two broad categories.

<image: Don't Overcomplicate Things>

<image: Don't Overcomplicate Things>

(For those with the YTC Price Action Trader, the first category will include all variations of PB, CPB and BPB trades. The second category will include all variations of TST, BOF and any "reversion to the mean" scalp against an existing trend. For the second category, note that I will rarely be entering against strength. Look within the TTF/LTF to see weakness late in the over-extension, or on a subsequent retest. But the whole sequence should be over-extended.)

Let's look at an example and see how it fits within one of these categories.

Today… category 1 (the bearish version).

<image: Don't Overcomplicate Things>

<image: Don't Overcomplicate Things>

<image: Don't Overcomplicate Things>

<image: Don't Overcomplicate Things>

 

Let me highlight two key points.

<image: Don't Overcomplicate Things>

<image: Don't Overcomplicate Things>

Happy trading,

Lance Beggs

PS. On Tuesday I posted a repeat of an old 2015 Facebook post. You can see it here. Note the similarity in concept. Don't overcomplicate things. Simpler is better.

 


 

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YourTradingCoach - Admin

5 Comments to “Don’t Overcomplicate Things – 1”

  1. Bob says:

    Hi Lance
    Where was your exit point in case you were wrong?
    Your entry is quite far from previous top?
    Thanks

    • Lance Beggs says:

      Hi Bob,

      The stop point is always at the level which (if hit) will invalidate the trade idea. The trade idea in this case is that the retest of the point of prior breakdown will hold. As such, any movement above the green retest candle will indicate I’m wrong (the one with the upper tail immediately prior to the entry bar). The stop was 1-2 ticks above this bar.

  2. Jay says:

    Hi Lance,
    Is there a part 2 to this article? Thanks.

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