Lance Beggs
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123-Pattern Entry Triggers
Email Question: Could you please take a quick look at these setups and tell me what you think. Is my line of thought correct? With hindsight both of these pullbacks seem to me valid entries long. I think in both cases the small bearish traps at the end of PBs/CPBs play a significant role and…
Self-deception – According to Kierkegaard – Part 1
I came across a great quote during the week, which has led to an unplanned continuation of our recent theme on self-deception. Original articles: https://yourtradingcoach.com/trading-process-and-strategy/a-new-market-model-the-market-is-a-self-deception-mechanism-part-1-of-2/ https://yourtradingcoach.com/trading-process-and-strategy/a-new-market-model-the-market-as-a-self-deception-mechanism-part-2-of-2/ The quote: “There are two ways to be fooled: One is to believe what isn’t so; the other is to refuse to believe what is so.” …Søren Kierkegaard There…
Daily Market Structure & Price Action Study – 7
See here if you missed the earlier articles – No. 1, No. 2, No. 3, No. 4, No. 5, No. 6 The concept: I've been writing online for over a decade now. And for that whole time I've been promoting the idea of daily study in both Market Structure and Price Action. It's a…
What is Price Action Analysis?
I’ve received a great question in response to one of my old videos at YouTube: lots of traders criticize indicators (and correctly so, apart from the moving averages and RSI, I don’t find these oscillators or macd good) and prefer price action.. what exactly IS price action, I mean, what methods would you categorize under…
Late Session Breakout – Early Session Opportunity
Every day you should look for one quality trade opportunity and study it. Print it out, review it, learn from it and file it in your Trades Journal. It doesn’t have to be one you traded. If it is, that’s great. But it doesn’t have to be. There is still opportunity to learn. It…
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!