A late pre-session breakout of key price levels… you know I love that.
But there was one factor which suggested that I should be in no hurry to trade.
Step back a little, define a “No Play” zone, and wait.
Hindsight will show us it wasn’t necessary this time. But there are places on the chart with potential for chop. And you don’t need to trade them. There is plenty of opportunity available by waiting for the winner to reveal itself.
Let’s see how this played out.
Let’s drop to the 1-minute Trading Timeframe, just one minute into the new session, as that will allow us to most easily visualise the area of concern.
The market open can provide tremendous opportunity. But when you have significant levels within close proximity, be aware of the potential for chop. And consider waiting.
I only had to wait six minutes this time. Next time it may be more.
But either way, my intent is to play MY game. At the time and place of MY choosing. And to not get suckered into playing the market’s game.
Happy trading,
Lance Beggs
Thanks Lance
Great value in this lession.
A few things to take away.
The market don’t care about your bias and therefore be ready to revaluate your initial bias once proven wrong. Once the market starts moving , you still have ample time to put in a good trade and make a nice profit.
Thanks George. 100% right. Easier said than done. It’s a constant work in progress. But 100% right.
Thanks sir, your posts with chart screenshots make learning simpler.
Worth reading this blog. Thankyou sir.
You’re welcome Ravindra. Best of luck with your trading.
hi sir ,
do you use footprint chart or t&s list or other tools for your trade ??
Hi Amen,
No footprint or T&S or any other orderflow tools. I’ve not found any additional edge in them. I’m a pure chart trader only.
Cheers,
Lance
One of the best trading teacher ever. full of energy and knowledge…
Thank you Mostafa. Much appreciated. Best of luck with your trading. 🙂