Candlestick Patterns – Evening Star
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Order Entry Error – Again
I seem to average an order entry error maybe once every two months. That's not too bad considering entry is via a single click. But it's something I will continue to work at improving. In the meantime, it's an opportunity to again present my ideas on how to best manage those times when you…
Trading Counter-Trend Against Market Bias
The following is a great question I received in a recent email: QUESTION: Hi Lance, I have a hypothetical question: Assume you are trading 6E (EUR/USD) on a 3/5 min timeframe. Current price is halfway between support and resistance on a 30min timeframe. The trend is up and your premise is for price action to…
Open in the Vicinity of Prior Day’s Low Support
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:…
Surrender your Fate to the Markets
In my experience, most traders are too focused on individual trade results. Individual trade results do not matter (provided of course they do not violate your trade, session or longer timeframe drawdown limits). You need to expand your focus beyond the individual win or loss. Once you've proven your strategy in a sim environment, the…
Trading Gaps
A great email question from Mike: I know you don’t trade stocks but I’ve always read that you leave gaps alone due to reversals. But take LOCM today; what’s the buy point? I’m thinking $4.30 or is this to soon, or would $4.50 be the safer buy. I found it at $4.30 but stayed away…
Avoid What is Strong – Strike at What is Weak!
Avoid What is Strong – Strike at What is Weak! So in war, the way is to avoid what is strong and to strike at what is weak. … Sun Tzu, The Art of War Trading is not about prediction. Instead we let the marketplace reveal it's plan and attack only when we…