Lance Beggs
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Retest of the Point of Contraction
With hindsight, Tuesday's Crude Oil session started off the first few hours as a narrow-range sideways low volume market. Note to self – I've often said I should avoid rollover day. One day I should listen to myself. In a ranging market, the best opportunity is usually found at the edges, in particular when it…
How Do You Find Time to Plan a Trade on a 1-Minute Timeframe?
This is a question I get from time to time. Quite a reasonable question, I guess, for anyone used to trading on much longer timeframes. The answer is simple. And if you do it right you’ll find that there is plenty of time. Even on a 1-minute chart. Let’s repeat that for effect… Lower timeframes…
Trade Review – Pullback
After several days of post-Hurricane-Sandy nothingness in the markets, finally the Crude Oil Inventories report was being released. Perhaps this will move the markets! Postponed twenty four and a half hours from it's usual release time, it's been highly anticipated at my trading desk. Thankfully it didn't disappoint (or at least the first 10 minutes…
It Wasn’t Mine To Take. But the Next One Will Be.
You can't catch every good price move. You can't catch everything. If you miss a good move, remind yourself: It wasn't mine to take. If it was, I would have caught it. Now focus. There is more opportunity coming and it needs your full attention. Happy trading, Lance Beggs
Tight Stops
Here’s an extract from a great email conversation with one of the YourTradingCoach readers, in which he discusses the use of tight stops: “I adopted this approach in the beginning, but got stopped out of the market so many times I started to widen them. I’ve had on too many occasions the market pull back…
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!