Let’s start with the daily chart at the time of market open. Because it shows structure that has me VERY interested in trading to the LONG side.

<image: Reversal Pattern within an Opening Drive>

Let’s drop to the 1 minute trading timeframe chart, just three minutes after the open.

<image: Reversal Pattern within an Opening Drive>

<image: Reversal Pattern within an Opening Drive>

<image: Reversal Pattern within an Opening Drive>

<image: Reversal Pattern within an Opening Drive>

<image: Reversal Pattern within an Opening Drive>

<image: Reversal Pattern within an Opening Drive>

<image: Reversal Pattern within an Opening Drive>

<image: Reversal Pattern within an Opening Drive>

<image: Reversal Pattern within an Opening Drive>

<image: Reversal Pattern within an Opening Drive>

<image: Reversal Pattern within an Opening Drive>

<image: Reversal Pattern within an Opening Drive>

<image: Reversal Pattern within an Opening Drive>

Happy trading,

Lance Beggs

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5 Comments

  1. Hi Lance,

    Several picture panels here and without the first panel showing the daily chart analysis, the others are somewhat irrelevant. Without the first panel, any ideas after are huge coin flip guesses. The first panel is the higher time frame awareness and is by far the most important one. The higher time frame awareness is the bulk of what keeps the trading time frame ideas from being those coin flip guesses.

    So, context is king. Context seeks to involve more market participants by involving higher time frame setups. Constant higher time frame awareness allows a trader to wait for the higher time frame traders to get involved and, quite possibly, be trading with you. It’s a sort of synergie of market participants or a confluence of charts. It’s harmony between several time frames. It’s the top down approach.

    There is a fractal nature to the markets. The first panel is nothing more than what I look for on a 1-min chart PB setup. Simply apply all your 1min set ups to a HTF chart. I like the 30min gap charts, but that’s just me. Well before the market opens, ask yourself HTF questions: Where was the last breakout? Or are we at a breakout? Are we in the PB of a recent breakout? Are we headed towards or away from a retest? Or are we at the retest? Was there a recent failed move? Where are the trapped traders? Or who could potentially become trapped? Where is the next potential break out level? Where is prior resistance that could become future support and vice versa?

    At a certain level, a trader is nothing more that their quarterly performance spread sheet. 3 months of trading will certainly be enough time to determine the performance of an edge. These trades on my quarterly spreadsheet are everything. They are everything to me. Every single trade I take is a player on my team and I only want the best players and I get to pick them. So, every trade I take must involve HTF awareness because it moves my trade ideas farther away from the coin-flip realm. It gives me real good edge. It gives me the best players and this year we are going to the Super Bowl.

    So, yes, create a bias through HTF awareness and let this bias find alignment all the way down to the 15sec chart. It’s like a dial lock: get all the pin tumblers (MTF charts) to line up on a shear line and BOOOOM!!! strike and enter the trade. Turn the key. Open the lock. And your edge will be exploited.

    So, for me, at this point, my job is done. I can only screw it up from here. I “set it and forget it”, I’m “all or nothing” and I’ll let my edge play out over 3 months. I’ve come to believe traders with less than 10,000 hours of screen time probably can’t beat “the all or nothing” approach to post entry trade management. I pick the best players for my quarterly spread sheet and my job is done. No more “revenge trading” or “hulking out”. I’m very selective of the players on my team. I trade less. I trade better. Iโ€™m top down.

    Thanks Lance

    1. David, I absolutely love your comments. I think I’ve mentioned this before on another post, but I really wish you would start your own site (or social media page) and share a whole lot more of your thoughts. I’d be the first person to sign up!

      1. My own blog?….hmmm. My girlfriend says you’re just being gracious with your suggestion and are really just giving me my walking papers. Being that my long winded replies are not appropriate responses to your blog. Although, nearly 100% of my trading view points are nothing more than paraphrases from your YTC PAT book, perhaps you’re right.

        Receiving my marching orders humbly,

        David

        P.S. This is an attempt at humor but I will try to keep my replies more reasonable in the future. Thanks Lance.

        1. David,

          In all seriousness Lance is right. Your way of looking at the same thing brings different perspective. If you start analyzing your trade the way Lance is doing here, please share your location on web. We would like to follow along. Unique way of explaining just like Lance’s.

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