Leaning Your Entry Against Other Price Action

 

Sometimes you're just not 100% sure.

Not quite ready to pull the trigger.

At these times it's best to wait.

Remember this – "If I could only take one trade this hour, would I be happy to make it this one? If not, pass."

Clearly if you're hesitating then the trade does not meet this criteria.

Let it pass.

And maybe… just maybe… the next couple of price bars will offer up something that makes the decision easier.

Like this…

Leaning your entry against other price action

Leaning your entry against other price action

Leaning your entry against other price action

Leaning your entry against other price action

Leaning your entry against other price action

Leaning your entry against other price action

Leaning your entry against other price action

Leaning your entry against other price action

If I'm unsure about a trade then I'm happy to pass.

If I miss the trade, so be it. I don't have to take every trade. I plan to trade for several more decades. My career is unlikely to be defined by this one potential trade. Let it go. And prepare for the next.

But sometimes just another few candles is all it takes. If it offers some price action structure to lean against, I'll attack that opportunity. And manage whatever follows.

Consider watching for this in your charts.

Happy trading,

Lance Beggs

PS. The following were some earlier articles "loosely related" to this idea, although exploring the concept on the Trading Timeframe chart rather than the Lower Timeframe chart. Either way, it's all about letting the market turn first and then entering on a slight retest, with other price action at your back. Enjoy…

 


 

Written by

YourTradingCoach – Admin

3 Comments to “Leaning Your Entry Against Other Price Action”

  1. Mahesh says:

    Great article, as always Lance.
    Besides the central idea, what struck me was the idea of “Tipping point – could go either way”. As when I form a bias, then I sometimes come at such places that I feel it could go either way… But I hold on to my earlier bias no matter what and usually pay the price. But now that I have this idea of “Tipping point” in my dictionary, I will be happy to let it pass or wait for more candles to make the direction clear.

    Thank you
    Mahesh.

Leave a Reply

Message

Please prove you're a person: Time limit is exhausted. Please reload CAPTCHA.