Lance Beggs
Similar Posts
Three Losses in a Row
3 losses in a row are tough. That’s about the most consecutive losses that novice traders are psychologically prepared to accept before they feel compelled to take action and ‘correct’ the situation. If you’re anything but a total newbie, I’m sure you’ll recognize the symptoms: Frustration – Why me? I’ve worked so hard. Everyone else…
Candlestick Charting – Video 3 – Candle Addition and Development
Candlestick Patterns – Candle Addition and Development
Are You Struggling Counter Trend?
One area where many traders struggle is with counter-trend entries; such as reported through this email comment: "My numbers show a profit when trading with the trend but that just gets destroyed by the trades which are against the trend." My first suggestion is usually short and straight to the point: STOP trading counter-trend! Simple,…
Price Action Principles – Timeframe Independent
I just want to take the opportunity here to remind those on higher timeframes that almost everything I write should be thought of as largely timeframe independent. Most of the examples I provide will come from very low timeframe charts. Why? Because that’s what I trade! But while the chart images I show in newsletter…
Consistent, High-Quality Repetition of Process (4 of 4)
Previous articles (if you missed them): It's a Process It's a Process – 2 It's a Process – 3 – Longer Timeframes Happy Trading, Lance Beggs
Price Bar Reversal Patterns – Video 5 – The Closing Price Reversal
Price Bar Reversal Patterns – The Closing Price Reversal
i have one doubt! ….in 20 tick chart… don’t our mind provoke to take 123 pattern @Doji above SETUP? what was the reason behind that NOT taken 123 setup by U here?…. ( i think it didn’t offer much R:R.. am i right or ? Lance Mentor)
Thanks.
Hi Venugopal,
Good observation. I’d have no concerns with anyone who wished to take a LTF entry on the 123 pattern you identified. It would have offered sufficient opportunity to (hopefully) scratch one part at about breakeven. The other part probably would have been a loss. The important element though would be re-entry on the next trigger, otherwise you would have missed the actual move.
Had the 123 followed through lower, I would have missed this trade.
Why didn’t I take it? We’re discussing a trade that occurred just over a year ago so it’s difficult to say with 100% certainty.
R:R would certainly have been tight. Perhaps that played a part in my decision making.
A better response though would be the general statement that trade decisions (“yes” or “no”) primarily come from the TTF. The LTF trigger is only applicable when my TTF says “yes I want to trade”. In this case, I can only suggest that I wasn’t yet convinced that the breakout would hold. If I was still unsure as to whether the BPB or BOF scenario would play out then I will typically sit on my hands and look for something better such as a trap. That’s what occurred here via the LTF (and would be visible on the TTF as well) as price popped just above the level again and failed.
So my “most likely” reason is simply that… in absence of a “100% yes I really want to be in this trade” decision I was simply awaiting a better reason to go short, such as a trap style pattern.
Again though, I would not fault the decision making of someone who shorted earlier via the 123.
Cheers,
Lance
Hi Lance Mentor,
I Strongly agree this – The LTF trigger is only applicable when my TTF says “yes I want to trade” – … failing to following this punished me a lot already…. Thanx a lot for detailed explanation…
Thanking you.
Although I am familiar with Candle Stick pattern.I did not understand Entry.
What is 123 Pattern
What is LTF and TTF
What is 20 Tick
Regards
Vikas
LTF = lower timeframe
TTF = trading timeframe
20 Tick = a 20 tick chart
123 pattern is a common TA charting pattern. You’ll find info via a google search.
To understand the entry, see http://www.ytcpriceactiontrader.com/
Hello Lance
Thank you for your posting of article. Can you writing about losses with example one the chart?
And what you do on this time
Thanks
Hi Hamid,
There are a lot of articles showing losses.
Some recent ones:
https://yourtradingcoach.com/trading-process-and-strategy/wrong-wrong-wrong-right/
https://yourtradingcoach.com/trading-business/it-is-not-your-job-to-win-on-any-particular-trade/
https://yourtradingcoach.com/trading-business/a-50-win-rate-is-enough/
https://yourtradingcoach.com/trader/i-was-wrong-again/
https://yourtradingcoach.com/trader/its-not-about-being-right/
You’ll find dozens more if you search through the archives. In particular those which have the “Trade Series” tag.