Feeling Joy When I Look at this Price Action

 

I absolutely love this email I received recently, from a trader who is making tremendous progress in his growth and development.

It's nice and simple. Just one single line…

Feeling joy when I look at this PA.

And here's the attached image:   (It's a large one so I've reduced the size. Click on the image if you wish to open a full-size version in your browser!)

Click on the image to open a full size version in your browser

 

I also feel great joy when looking at this. Here's what I see…

Trapped traders

Expect a break against the bias to fail

Two failed attempts to do something means the market is likely to do the opposite

Fade weakness, not strength

Confirmation is Risk

Multiple-R Profit Potential

 

Most of all though, I just love seeing someone else finding joy through the
concepts I've been teaching at YTC for the last 6 years.

Happy Trading,

Lance Beggs


 

PS. For YTC Price Action Traders

What was the setup?


 

PPS. For more information on each of these concepts…

Trapped Traders

  • The original articles were here and here. And shortly after that here.
  • But the idea is expressed in numerous articles throughout the site. This link will take you to all articles with the tag "Trapped Traders"
  • Of course, the idea is also integral to the setups in the YTC Price Action Trader..

Expect a break against the bias to fail.

  • First see the article here.
  • Then part two here.
  • And then this followup article here.

When the market has two failed attempts to move higher, expect it to go lower.

  • Try this article first.
  • And then revisit the concept for another look here.

Fade weakness, not strength!

Do not wait for movement SHORT to confirm a sell signal. Enter SHORT when the market cannot
move higher.

  • Examine this idea here and here first.
  • Then in this article here.
  • And you'll also find the idea put in practice here and here.

Multiple-R Potential

TST & BOF Setups


Written by

YourTradingCoach - Admin

10 Comments to “Feeling Joy When I Look at this Price Action”

  1. candle says:

    Exellent article Sir, making a good summary of methodology. WOW !!

  2. David Vels says:

    Lance, I’m humbled by your efforts. So much QUALITY content based on REAL trading experience.
    Thank you taking the time to share/help us aspirants.

    David.

  3. Rein says:

    Excellent work! This is the kind of structured analysis I wish I could conduct. Unfortunately, I only see opportunities like these in hindsight and then wonder what rules and thought sequences led you to take the trade. Can you actually formulate a set of rules that are “pre-programmed” in your brain that begin to kick in as you see the PA evolve?
    Again, thanks for this insightful analysis!!

    • Lance Beggs says:

      Thanks for your great feedback! 🙂 Much appreciated.

      Q. “Can you actually formulate a set of rules that are “pre-programmed” in your brain that begin to kick in as you see the PA evolve?”
      A. I’m not sure that it can be pre-programmed. I’m not a believer in the “systems” approach. But certainly guidelines and principles can apply. In many respects that’s what the YTC Price Action Trader was. An attempt to describe how I view price action while trading. The interesting thing is that as I get more and more feedback from that document series I think I’ve improved my ability to explain the processes. It would be a different document if I wrote it now. I will be taking holidays in Sept/Oct, but will look at FINALLY starting the next phase of YTC on my return from holidays. Hopefully this will help with your ability to see opportunities as they present themselves at the right hand side of the screen. Thanks again for your great feedback. Much appreciated.

      • Rein says:

        Fantastic, Lance! I can’t wait to benefit from this next phase of YTC. Even though I cut-and-pasted your 6 principles (along with Figs. 4.21 – 4.32) into a procedural manual for my daily trading, I still pick too many “bad apples”. Once I see the entire PA history in my post-analysis I’m amazed at how many poor choices I’ve made. As you repeatedly said, it’s practice, practice, practice: you have to see 100s of PB, CPB, TST, BOF, BPB and place them in context with your 6 principles. In my educational plan I have started creating a catalogue of the various setups and their variations.

        Thanks for all your help!

  4. marcus says:

    Great article sir, I am excited to hear that you are thinking of making a new (or updating the original) book. I look forward to the material.

    To chime in a little on what Rein had said about practice, I heard a saying once though I can’t quite remember where from, that it takes around 10000 hours of working at your craft to become good at it. I see no reason that this saying can’t be applied to trading or any other performance based occupation.

  5. Pat says:

    Hi again. agree with the bcandle getting longs in. This alone suggests alot about the role of the MM.
    assuming this is m1, then the b candle also takes out the fairly savvy short scalpers who entered on seeing that doji or whatever at res a few candles earlier

    • Lance Beggs says:

      Pat, this is an hourly chart (H1) not M1. But yes, the price sequence at candle B will potentially trap “out of the market” some of those early shorts who entered below the doji! The more I look over this sequence of price action the more I love it. 🙂
      Cheers,
      Lance.

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