Lance Beggs
Lance Beggs
Last week we profited from recognising and exploiting a Higher Timeframe (HTF) trap. Check it out here if you missed it – https://yourtradingcoach.com/trading-process-and-strategy/higher-timeframe-trap-everyone-long-above-this-level-is-wrong/ This week, let's look at the other side of traps. The fact that sometimes… the trapper becomes trapped. Repeating for effect: You don't always get it right. Sometimes you're "the other…
One of the most obvious changes in my own trading over the last decade is a willingness to take fewer trades. It used to be that if there was a price swing… I wanted to trade it. On the plus side this meant that I was there for everything that did move to good profits….
You've learnt the pattern or setup. Great. But that's not trading. Now work on the real-time contextual decision making around that pattern or setup. Look beyond the pattern itself to the wider context. Where is the pattern occurring within the larger timeframe market structure? What structure will suggest avoiding this particular setup? What structure…
Those who have followed YTC for a while will know that I'm a big fan of re-entry. It's a personal preference. I much prefer a tight stop and the need for occasional re-entry, over a wider stop that might give a trade a whole lot of room to prove itself. I typically allow two…
Last week's article led to an interesting comment about the sequence preceding the one discussed in that article. Check it out here if you missed it – How to Enter When the Pullback Shows Strength! The email feedback expressed an interest in the fact that the session started with a loss and yet I…
As an intraday trader there are TWO S/R levels that are always on my chart. The Prior Day’s High The Prior Day’s Low
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!