REFERENCE: Definition of a sideways trend – Vol 2, Ch 3, Pages 99-102
Not all trade setups are equal.
You need to collect and review your stats to determine which setups provide your A+ MUST-NOT-MISS potential opportunity of the day.
For me, the first pullback in a NEW directional trend is one of these MUST-NOT-MISS setups.
No, they do not always profit. And sometimes they offer profits, but I mismanage the opportunity.
But when they do run and I perform well enough to catch them, the profits can more than make up for any other failed attempts. As always, we profit over a series of trades. Individual trades are irrelevant.
Check your own charts, in your own market and timeframes. Note any sideways trend environments. Find a breakout which occurs with some strength, which holds the break. And see if you can also find edge on the first pullback into this new directional trend.
Happy trading,
Lance Beggs
Thank you so much very helpful
You’re welcome Navid. Thank you for your feedback. I’m pleased you’re finding value in my writing.
All the best of luck with your trading.
Lance.
Wery nice , used it for my setup and so profitable
Thanks Justin. I’m glad to hear you’re finding this profitable. 🙂
Hi, sir i have doubt regarding first pull back is there need to be confirm volume also? Thanks
Hi Ashok,
Volume is not necessary. And will in fact be inconsistent in the signals it provides. Identify the LWP through the method taught in the YTC Price Action Trader and then enter AT OR BEFORE that level through the LTF price patterns.
Cheers,
Lance.
nice work, enjoy your posts every friday
Thanks John. Much appreciated. 🙂
Hi Lance, I’m assuming this is an intra day trade. Which time frame would you take the first pull back – 30 mins?
Hi Rav, If you look to the lower left of each chart it shows the market and timeframe. In this case, NQ on a 1 minute chart.
However the concept is relevant to all markets and all timeframes. The first pullback after a break from structure is a trade that I am interested in taking.
Cheers,
Lance.
Thank you, very helpful
You’re welcome Mike. Thanks for the feedback. And best of luck with your trading.
Lance.
Hi Lance
I appreciate your valuable time and hard work for providing such valuable insights to us (Novice Traders). I am regular reader of your blogs and wait excitedly for Friday. Thanks again.
Ajay
Thank you Ajay.
Much appreciated.
Best of luck with your trading,
Lance