There are some levels that are clearly defined. A single price, highly visible to all market participants. The prior day’s high and low are obvious examples of this type of S/R. And then… there are others that are not so easy to define. Primarily because there are multiple levels of interest, all forming one larger…
Let’s do a quick followup to the recent article on Layered Levels of Support or Resistance. Because there was an email response that I think is worth sharing. – – – Email: Lance, you’re a legend. Your timing is perfect. I’ve been trying to trade off major daily levels (prior days highs and lows, overnight…
I love layered levels of support and resistance (multiple levels within close proximity). A primary reason is that they simplify our trade plan. There is no doubt about the direction that we’re looking for trade opportunity. Like last Monday… Keep an eye out for layered levels of support or resistance as you establish your S/R…
Last week we discussed one of my current favourite plays for the first 30-60 minutes of the session – targeting the overnight high (ONH) or overnight low (ONL). You can review last week's discussion here. Just a few hours after sending out that email the market opened again. And the same concept played out…
I've become rather fond of targeting either the overnight high (ONH) or overnight low (ONL) during early session trading. If you're new to this idea, schedule some time to look back at the last few weeks of charts and take note of how many times they hit. For the ten sessions leading up to…
The following text and image were shared recently through both the YTC facebook and twitter pages. My first action on Monday mornings upon opening my charting platform… Actually, it's one of the first things I do every day. This is the key part we're discussing today: Let's stick with the same timeframe but…
The following YTC Social Media post was just about a perfect example of the concept of trading failed expectations. I received a question on the facebook post about trade entry. So let's look at the trade I took in this area – a test of Low-of-Day support. Noting of course that there is one…
This trade lost… and I'm completely ok with that. I'll explain why below. But first, let's look at the trade. Looking at the left first (daily chart) we see that today's session (A) has broken below the prior day (B) and is closing in on yearly lows (C). The chart on the right (60…
One thing I love to do over the Christmas & New Year break is to schedule a couple of days for Market Replay learning. Last Sunday & Monday were scheduled for my replay sessions. The ability to speed up the market data in-between key decision making areas means that I can squeeze in half…
Last Friday we looked at a couple of examples of Market Structure journal entries, one of which involved a weak emini Dow open in the vicinity of the prior day’s low. Let’s quickly review this example, and the lesson it offered. If you want to review the whole sequence you can see it here:…
