There is a Lesson in EVERY Trading Session – Part 2

Feedback from last weeks article has been superb. So I thought I’d give some more examples here this week.

And I’ll use this idea as the initial concept behind a daily blog – commencing later today. 🙂

For these examples, we’ll look to a different market. This time the HSI (Hang Seng Index Futures) which I’ve been trading the last few days in an attempt to repay some of my sleep-debt (an Aussie east-coast lifestyle is not conducive to long-term trading of the US markets).

As mentioned last week though… the markets, timeframes, and chart overlays used in these examples are irrelevant. What’s important is the idea of finding a trading lesson in every trading session. And that applies in all markets and all timeframes.

 

Monday, May 9th, 2011

A beautiful spring pattern leading into continuation of an uptrend:

 

Tuesday, May 10th, 2011

There I was, all prepared and ready for trading at the market open (11:15am) when… nothing!

There’s no data coming through.

Quick fault-finding… there are no problems with platform setup or broker or data connections. Everything is fine at my end. I jumped onto the Hong Kong Exchange website… only to discover it’s a holiday.

I won’t document the expletives which followed.  🙂

LESSON: When I check the exchange Holiday Schedule at the start of the week, when planning for the upcoming week, I should always look at the dates for the current year (2011), not the previous year (2010).

LOL.

On the other hand, why does the exchange website still list holidays from a year ago? Frustrated!!!

 

Wednesday, May 11th, 2011

This session gave us a great example of price testing an opening range boundary on two occasions – first failing to break the support level, and then breaking the level upon retest. We look to the lower timeframe to observe any clues that could help us in the future, with regards to our expectations for either breakout confirmation or breakout failure.

 

Thursday, May 12th, 2011

Continuing on the theme from yesterday, today’s session offered us a great example of the power of an opening range to form future support and resistance, following a gap opening.

 

Friday, May 13th, 2011

Well… Friday hasn’t happened yet, as at the time of writing this article. But as this is the initial concept for the new blog, there could already be an entry for Friday posted (and in fact many subsequent dates depending on when you read this article). (Note: The old blog is now offline and only available in PDF format as the YTC Newsletter signup bonus ebook, “The LOST Files – 150 Lost YTC Blog Posts”)

Lance Beggs


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