Lance Beggs
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Patience at the Open
Until you have a good read of the market, there is NO TRADE. Confidence in your real-time understanding of the market structure. Confidence in your real-time understanding of the nature of price movement. Confidence in your real-time assessment of market bias. Confidence in your projection of that market bias forward in time and price….
Tick or Range Charts vs Time Based Charts
My preference is to trade using time based charts – 30-minute, 5-minute and 1-minute. Largely it’s just due to personal preference. I gain a greater feel for price action through the time based charts, in particular noting the changes of speed through greater movement in a unit of time. Plus there’s also the fact that…
Simple Session Bias – 2
Last week I introduced two quick and simple methods for establishing the "bigger picture" bias for the trading session. Let's look at this concept one more time, reviewing all sessions since last week's publication. We will focus this time on the opening range method (my preferred method) and go into a little more detail….
A Failed Break of a Range will lead to a Test of the Other Side
Here's a great email question from a reader: Question: I'd like to get your opinion about a question I saw on a forum. To be honest I wonder if there is a proper answer but nevertheless I think this behaviour occurs often. It is a form of strong rejection at an extreme of a range…
The Day After a Bad Performance Day
Last week we looked at a session that caused me some troubles. See here if you missed it – Good Trading Isn't Just About Winning Trades. It wasn't a losing day. A "bad" day isn't necessarily a losing day. This one profited. Cycling from negative to positive and back again to negative and then…
Daily Market Structure & Price Action Study – 6
See here if you missed the earlier articles – No. 1, No. 2, No. 3, No. 4, No. 5 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 simple task…
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!