When the market drives in one direction straight from the open, I’m ALWAYS watching the first pullback for trade opportunity.
A strong open drive might only happen a couple of times a month.
But when it happens, I'm ALWAYS watching the first pullback for trade opportunity.
Happy trading,
Lance Beggs
When discussing climactic reversals with newer traders, I find the most common question is where to enter. After all, it can feel very much like the commonly quoted statements of ‘jumping in front of a train’ or ‘trying to catch a falling knife’. Yesterday, (Thurs Feb 18, 2010) gave us a nice simple example, so…
This is without doubt one of the best ways I like to see price set up for TST/BOF reversal trades from an S/R level. We discussed this briefly in a related article – https://yourtradingcoach.com/trading-process-and-strategy/higher-quality-breakout-failure-trades/ But let’s look at an example from this week’s trading. We’ll start with a higher timeframe chart to give some context,…
Those who have been around my site for a while will be aware that I’m not a fan of taking breakout trades. I’d much rather let the level break and then seek either breakout failure or breakout pullback trade opportunity. But there is another option. Entry BEFORE the breakout level. Let’s look at an example…
Are Short Timeframes Just Noise? (And Other Scalping Feedback) Thanks to everyone who provided feedback on the Scalping article last week – https://yourtradingcoach.com/trading-process-and-strategy/scalping/ It appears this is a market approach that interests quite a few people. Expect to hear more in future. For those of you not interested though, do not despair. There will be…
This is what I like to see in a breakout… This is a prime target for a breakout failure. But I don't ever just jump in and fade the break. There is never any certainty in this game. It may well rally. Instead, I watch post-breakout behaviour and CONFIRM that there are no…
Good news… tech problems delayed the start to my trading on Monday. Well, not good for me I guess, as I missed a beautiful trap entry at the open. But good for those who were hoping for a followup to the prior article, Trading after Structure has Formed, where we discussed the idea that those…
Nice article, Lance,
Whilst I am here, I will just check out with you what software you are using, if I may. I am having trouble implementing some of your strategies due to my software not being up to it. PRT PRO REALTIME), for example, has Keltner channels, but only one fixed set of parameters.
In any event, thanks again for the article and the tips.
art
Hi Art,
I use Ninja Trader.
I’ve come across some platforms such as MT4 in which the default Keltner Channel indicator only allows you to adjust the length setting, but not the volatility. But then there are add-on indicators which expand upon the default indicators which provide a more useable Keltner indicator.
I’m not familiar with PRT PRO REALTIME, but perhaps if it also allows for coding of new indicators then there may be a library of indicators online which includes an adjustable Keltner Channel.
Otherwise… just use something similar. Perhaps Moving Average Channels if the platform has them? They don’t need to be Keltner Channels. Just something which contains the majority of price action at typical levels of current volatility.
Feel free to email me if you want to discuss options further, rather than working through the article comments section.
Cheers,
Lance