Here’s a simple rule-of-thumb which I’ve found very effective over the years…
If price fails to do something twice, always consider the opposite.
“Something” refers an attempt at a significant move.
A break of a key level, for example. Or a break of structure.
Or, in this case, an attempt to push lower following a news release.
If price fails to do something twice, always consider the opposite.
Keep this in mind as you look at price in the coming weeks.
Happy trading,
Lance Beggs
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…
EMAIL RECEIVED AT YTC (Subject: Is Forex a (f…ing) Casino?) Hi Lance, As I said in the subject of my e-mail, did you ever have the feeling that all this trading business is only a f… casino? Time and time again I lose all my money in these damned markets. I get only a few…
Every now and then I get a question I just can’t answer, which is great because it gives us both an opportunity to learn. If anyone can help with this, I’d love to hear your thoughts. Please email me. Here’s the email Q&A… Hi again Lance, I have a real question to ask as I…
Recent articles on my session review process mentioned the use of a market replay feature. I’ve been asked for some information on this tool. Not surprising really – it’s something that most forex traders will not have experienced. Market replay is a feature that has appeared on many futures platforms in recent years. It allows…
I get many emails from people frustrated with the challenges they face in learning to trade. Maybe you can relate to some of these problems: “…I’ve done it again. Another loss held past where I should have exited, hoping for it to come back…” “…It just seems too hard, juggling work, family and trading education….
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…
