Today we had three different breakout pullbacks with three different outcomes. The following charts show the trading timeframe first (one chart), followed by the lower timeframe detail (three charts, one per trade). A common question (although often appearing in different forms) is "but how do I know whether they will work or not?" Answer… I…
Extract from email received at YTC: Hi Lance, I know you are not a big fan of manipulation and conspiracy theories…I think you told me that once..;) Just follow this for fun…it's the current EUR/USD 1hr chart… Note: The price action off to the left of the image was trending down to this area of…
I don't often reverse a position when stopped out. Usually the failure of a trade in one direction does NOT automatically mean that the opposite direction offers good opportunity. Most often when they do occur it's because I'm attempting a counter-trend trade and find myself caught in a trap. The stop and reverse allows me…
EMAIL QUESTION: My question is, "how does one stay focused while watching charts waiting for trade setups?" Lance, my mind wanders while staring at charts waiting for setups. If I could take to the bank the number of trades I missed while NOT paying attention to the charts, I would be making a healthy income….
The key to seeing potential sources of orderflow which can move a trade to profit, in any market, in any timeframe, is to… … see the pain, not the price!
EMAIL QUESTION: Do you ever use a limit order to trigger into a trade? I've been trying to use limit orders when the market is in a trading range, selling at the top, buying at the bottom. If this is a fools game could you please set me straight with an explanation of why this…
It can help to think of Support or Resistance (S/R) simply as a decision area. Too many traders seem to expect their S/R levels to form an impenetrable barrier guaranteed to hold and reverse price movement. Doing so will lead to much frustration and unnecessary losses. The following image is an extract from email in…
