Reader Question: “What are your thoughts on stopping each day at a daily profit target?“ Firstly, can I be a little harsh and say that this should not be a question. Test the idea on your own data. Look back at the last several months of trading and ask, “How would the equity curve change…
I realised during the week that two of the concepts we discussed in previous years could be combined in a way to help with intraday discipline. The First Concept: Don’t Break the Chain This was introduced back in 2013 via the following article: Don’t Break the Chain – A Simple Tool to Improve Consistency Please…
Narrow-range half-day holiday sessions provide great structure from which we can trade. We discussed this idea previously. You might recall this social media example from June. Zooming into the 30 minute chart from that prior (June) example, we see how the narrow-range session provides both directional preference and setup locations. I’m not a fan of…
(1) Recognition of potential for unfavourable conditions The following post was shared by social media pre-session on Monday: Expanding a little on that image: And adding further to this potential for unfavourable conditions: In the absence of unexpected news that provides a clear directional bias, I don’t imagine many longer-term traders keen to take…
Three weeks ago we discussed a Mental Reset routine for quickly and effectively returning your mind to the present moment. (See here: Improve your Edge with a Mental Reset Ritual) Two weeks ago we continued our discussion, talking about the optimal mental and physical state I’m seeking to achieve in my own trading. (See here:…
Market open traps… I love these so much. I swear you could specialise in these, provided you had the patience to sit aside on days when they did not set up. From a YTC strategy perspective, they’re a BOF Setup trading off significant overnight structure. But there are two unique features. The first is a…
The market open demands a flexible mindset Not everyone performs well at the market open. That’s absolutely fine. Some are better standing aside till structure develops and conditions have revealed themselves. And then trading off this opening structure. It’s all good. There is plenty of trading still available. For me though, I like the market…
Let’s begin where we ended last week, with our Mental Reset routine for quickly and effectively shaking off any disappointment and returning ourselves to a state of focus. Step back from my desk. Look at my hands. Wipe and shake my hands as if removing water from them (mentally releasing and letting go of the…
My apologies to those who saw this on YTC Social Media last weekend. The fact is that this is far too important to let slide. And it will reach a FAR GREATER audience through my newsletter and blog. The following is a damn good video on developing an effective trading mindset. Play the video. And…
Let’s start with the daily chart THREE sessions ago: TWO sessions ago: And now ONE session ago: And today: Can I say… I LOVE traps in the market. All markets. All timeframes. And while I don’t trade the daily chart, the fact that the market set up like this on the daily greatly influenced my…
