Trading Process and Strategy

Sometimes It Takes Multiple Attempts – 2

 

Tuesday's trade sequence reminded me of this article from last year – Sometimes It Takes Multiple Attempts.

Where the market reminds us that it doesn't give a damn about our expectations for a quick move from entry to the target.

And that sometimes, it would rather play a bit first and see if it can stop us out. 

<image: Higher Timeframe Context> 

I just love these narrow range holiday sessions. They provide a good "line in the sand" from which we can determine bigger-picture sentiment – bullish above and bearish below.

So yes, despite the low volume I do consider them relevant enough to mark on my charts as S/R. 

And so, prior to the session open, I sent out the following social media post. Please note that this is a repeat of a 2019 post so the price action is different to today's action. But it's the concept that is relevant.

<image: Question - Do I use the narrow range holiday sessions as SR?> 

So here's the plan today:

<image: The Trading Plan> 

<image: The Trading Plan> 

Sounds easy, right?

Let's drop now to the 1 minute Trading Timeframe:

<image: Sometimes it takes multiple attempts>

<image: Sometimes it takes multiple attempts>

<image: Sometimes it takes multiple attempts>

<image: Sometimes it takes multiple attempts>

<image: Sometimes it takes multiple attempts>

<image: Sometimes it takes multiple attempts>

<image: Sometimes it takes multiple attempts>

<image: Sometimes it takes multiple attempts>

<image: Sometimes it takes multiple attempts> 

A few thoughts post-session:

(a) It's unrealistic to expect that every trade will go immediately to your target. Sometimes a trade idea will require multiple attempts.

(b) Two failures – stop and reassess. Reconsider the original trade premise, but also be sure to consider the idea that you are completely wrong. And also that maybe you have no idea of what is happening and need to stand aside.

(c) Three failures – time out. Wait for a change of structure and only then look for the next trade idea.

(d) And maybe… consider the idea that a key goal in your trading should be to not only know how to find quality trade ideas, but also to get good at surviving those times when the trade idea doesn't quite match what the market is actually offering.

Because sometimes… it takes multiple attempts!

Happy trading,

Lance Beggs

 


 

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