The plan was simple. Catch the opening drive. And bask in the glory of a winning start to the new session!
Three failures… compulsory time-out!
Note that this doesn't necessarily mean three losses. The first two were small wins. The last was a small loss.
I'm still in front.
And now have some important information.
THE MARKET IS NOT IN AN OPENING DRIVE.
So it's time to put the mouse down. Step away and clear my mind (it doesn't take long – I was gone for maybe 30 seconds at most).
And then reassess.
There are generally two ways I'll play this.
Option 1 is to just pack up for the day. Today is too early for this. But if I hit a stretch where I'm out of sync with the market, say as it's approaching midday, I see no problems with just calling it a day and making sure that the small profit does not turn into a loss.
Option 2 is to bracket the whole area and then wait for price to break clear and show improved conditions. In particular smoother price flow! Then it's game-on. Reassess the trend, project it forward and identify the next trade opportunity.
Good trade.
Unfortunately this was the extent of the directional move and the market settled into some sideways ranging action.
I'm actually quite happy with this trading.
Six trades. Only ONE went to plan.
Of the other five, one was a loss but the other four all provided partial small wins.
When you're not reading the market well, anything positive is a winner.
Lessons today…
Good trading isn't just about winning trades.
Just as important is managing yourself during those times when you don't have a good read on the market.
Because they DO happen.
Recognise when it's not working. And ADAPT.
Protect any profits, if you're lucky enough to have them. Or if you're on a loss, stop the bleeding.
Step aside. Clear your mind.
And if you want to continue, do so on YOUR terms.
Bracket the area which is causing your problems. And visualise. When price eventually breaks clear of this current chop, what conditions do you need to see before you will engage the market again?
Recognise when it's not working. And ADAPT.
Happy trading,
Lance Beggs
Dear Lance,
I read an article from you (but don’t remember which one) that you sometime will move up the TTF from 1min to 3mins or 5mins.
Would you mind to explain under which conditions you will move up?
Many thanks for your kind help.
Best regards,
Benny
Hi Benny,
It’s unlikely that was one of my articles as I don’t change timeframe. I trade NQ on the 1 minute timeframe. And this hasn’t changed for years.
That being said, under what conditions would I consider moving higher to 3m or 5m?
NQ provides far more range each day (in terms of ticks from high to low) than many other markets. And low costs – one single tick more than covers commission costs. This means that there is usually sufficient “room to play” on the 1 min swings (ie. sufficient room to profit through capturing a part of a typical swing).
I’d consider going to higher timeframes only when these conditions no longer were in play, meaning that there was no longer sufficient directional movement or room to play on a typical 1 min swing.
So typically this is your slower, more narrow-range markets. I’d look to higher timeframes, seeking to capture the larger structural moves within the instrument rather than the smaller 1 min swings.
But for now, NQ suits my personality in providing fast movement, large ranges and rapid feedback on trade decisions. I’ve no need to go higher.
Lance
Dear Lance
Yes, this is what I read from your previous article.
Many thanks for your kind help and reminder.
Best regards,
Benny