Lance Beggs
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Gaining Confidence in Taking the Trap Entries
Last week I shared a short article on trap entries and how they're applicable in all markets and all timeframes. It was essentially just based on the following image: This led to a comment on facebook as follows: "When you show an example like that it seems to be so easy, but to get in…
Losing Sessions – Expect Them!
Late last year I had a request for more examples of losing trades, which led to the article series "Winning through Losing Better" (see part one and part two if you missed this popular article series). Let's take that concept further and look at a losing session, and see if we can find a couple…
Individual Trade Results Are Irrelevant
Sometimes you catch them. Sometimes you miss them. Sometimes you get them… but underperform compared to the potential that was available.
Higher Timeframe Trap – Everyone Long Above This Level is WRONG!
Most of the traps I trade come from the Trading Timeframe or Lower Timeframe charts. I don't watch the higher timeframe for traps. However, I do see them from time to time. And they can provide some nice trading opportunity. Ok, "wrong" is probably a poor choice of word. The reality is that we don't…
Do Higher Timeframes Trend Better? Not Always!
It’s commonly stated, particularly in the currency markets, that higher timeframes trend much better than lower timeframes and are therefore much easier to trade. It's stated that lower timeframes are subject to too much "noise", with choppy, overlapping price action full of stop running and false breakouts.
Is Forex a Casino?
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…
Thanx a lot, Lance Mentor …………Repeat…. again and again and again READING the SAME articles replaces the ‘shadow trading’ skills with the REALITY Trading’ Skills….
Lance,
Great post as always.
I have a question – Is it common to look for entries using the trading timeframe S/R levels as in this example? I’ve been practicing looking only at reactions at higher timeframe levels for fear that trading timeframe swings/levels didn’t have quite the significance. Thanks.
Hi Chris,
I take S/R levels off the higher timeframe. However in trading a trend on the trading timeframe, it’s usual to use prior significant swing highs or lows to define the “area” where we expect the pullback to end. That is all that has occurred here. We are not near the higher timeframe S/R levels. We’re just trading a with-trend pullback as it moves into an area of prior TTF support (now resistance). If you want to limit yourself only to HTF S/R, there’s nothing wrong with that. It just means you’ll need patience while price moves within the S/R structure.
Nice recap Lance… many traders like to do counter-trend which “killed” them. When price is high, the traders tend to short-sell it… when when it’s low, they like to pick a bottom. Follow the trend, until it is proven it is heading the opposite. Thanks!