In Part 1 of this series, we learnt how to read the Close Position, and define each candle as either a High Close, Mid Close or Low Close candle depending on where the candle closed within its own range. If you missed part 1, you’ll find it at the following webpage: https://yourtradingcoach.com/trading-process-and-strategy/better-than-candlestick-patterns-part-one/) We discovered a…
I received an email recently from a reader, asking for a GBP/USD trade review and advice on how to follow the trend. His analysis concluded that the higher timeframe 4 hour chart was in a downtrend (based upon EMAs) so he then looked for a resistance area at which he would sell, expecting a resumption…
The key learning point from candlestick patterns is that (assuming you’ve been taught correctly) it teaches you to read the sentiment within the pattern; how the battle between the bulls and the bears is playing out and which is the dominant force. This concept is then applied to a dozen or so patterns. And provided…
Here’s another great email question from a reader… Question: Hello Mr. Beggs, I am serious about trading, but I am still a newbie. What are three things that I can practice to improve my performance that can be repeated a lot and will continuously provide me feed back on my results? You currently being a…
Some more great email Q&A… Question: Hi Lance, Had a question on breakouts. I know you subscribe to the breakout, then wait for a pullback to get in. I was monitoring GBP/USD last night. I set an alarm for if price got up to resistance at 1.5080. It then broke thru. Sticking to my rules…
Every now and then I get a question I just can’t answer, which is great because it gives us both an opportunity to learn. If anyone can help with this, I’d love to hear your thoughts. Please email me. Here’s the email Q&A… Hi again Lance, I have a real question to ask as I…
Losses are not something to fear. They provide valuable information – either your bias was wrong or your timing was out. The chart below shows the 30 min 6B chart (GBP/USD equivalent) prior to the UK session yesterday 8th July 2010.
I received an email this week thanking me for the Advanced Candlestick Analysis articles and requesting some more analysis of this type. If you haven’t seen these articles, check out part 1 and part 2 here: https://yourtradingcoach.com/trading-process-and-strategy/advanced-candlestick-analysis-part-1-of-2/ https://yourtradingcoach.com/trading-process-and-strategy/advanced-candlestick-analysis-part-2-of-2/ I’d love to do more of these articles, but they take quite a while to put together….
