I want to revisit the trades we discussed in last week’s article – Trading with Multiple Forward Projections. I really like this series of trades. Because there is a lesson in trader performance that I think is worth discussing. Something that I would suggest is a sign of good trading. “Wait? What?” I can hear…
Lesson 1: When two trade ideas fail to work, consider a break. When three trade ideas fail to work, force a break. Lesson 2: When the pullback is deeper and stronger than expected, let it roll over. Get in on the other side. Lesson 3: An exit is not necessarily final. Remain focused and consider…
Let's start by viewing the market right as it opens: Readers of the YTC Price Action Trader have several principles they use for projecting the upcoming price swings and identifying areas of potential trade opportunity. BUT WAIT! There is something else that should be jumping out at you as relevant as well. Something that…
Within hours of publishing last week's article, I received contact from two readers who both had identified similar opportunity within other forex pairs. First, see last week's article here if you missed it: https://yourtradingcoach.com/trading-process-and-strategy/feeling-joy-when-i-look-at-this-price-action/ And let's check out the followup… First was a twitter message from AC: @YTCtrading Aussie/USD this morning 🙂 Same same…
More great email Q&A, that allows us all to learn… Hi Lance, I would like to know what would you do if you are faced with the trade situation as in shown in the attached files. I’m seeing in the one-hour chart that the supply and demand is in equilibrium, then supply is greater than…
There are some common themes that run through the articles I produce at YTC. One of these, which has been here since the beginning, is the importance of creating a Market Structure & Price Action Journal. Every day, find something that amazes you in the charts. Print it out. Cover it with notes. Study it….
Simply Awesome…We could be profitable only when we feel other traders fear,greed,pain…Thanks
Thanks Anand, I’m glad you enjoyed this article. 🙂
Lance, this post means a lot but I read it too late, this was 100% me trading EUR/USD on Friday and how I wish I had read your post in the morning before my trades after the NFP.
If I had read this before 9am like I normally do, it would have been a totally different story.
I had quite a few chances to get out of a few loosing trades withought incurring any losses and sometimes even with small profits when the looses reversed back in my favour but I refused. 100% stubborn.
Thanks again. Learning as usual
It’s a never-ending learning process! 🙂
Great article and examples, thank you for illustrating metagame!
FWIW, understanding and applying this concept to trading was the most important step I ever made. Increased–but consistent–profits, while tremendously decreasing stress.
Thanks Chris, I appreciate the great feedback.
I’d say that understanding the metagame concept was also perhaps the most important paradigm shift in my own growth and development. I’m glad to see that you have found the same.
This is Great, loved it.
i have a small question; when entering the position against the trapped traders, shall we look for signals like pin bar, engulfing, etc? or are we supposed to just enter on the break of the critical level?
I use a concept called LWP which is described in the YTC Price Action Trader. It’s not described on the website, sorry.
The aim is to get into the market no later than the LWP point, through whatever means you determine most relevant to the current context of the market. This might at times be a pattern break, as you’ve suggested. But other times, in a different context, entry might better be achieved through a limit order at a more wholesale price area. It all comes down to context and real-time reading of the market.
Ok got it, thanks Lance 🙂
Mr. Lance, this concept is very excellent and practical. It’s true that this is a possibilities game, but understanding such concepts and practicing to get better at it can provide +A entries.
Since I got acquainted with Metagame and the trapped of other traders, I focused more on it, and the result is satisfactory for me, and I try to improve every session.
I know it’s easier said than done live, but with practice, good things happen
Thank you very much for sharing these concepts
“With practice, good things happen” – that’s a great reminder to display next to a monitor.