This question was different. In the decade and a half of YTC I don’t recall having had this one before…
- What do you consider to be your most underrated post or article? What could I have missed in my reading?
My initial response was “Give me a few days to think over this one”.
The answer came quickly though. And now (a few more days later) I’m still happy with my response.
From social media, initially published in 2013 but repeated a couple of times since.
If you’re a low timeframe discretionary trader, consider this thought.
In a decade and a half of running this website and communicating with other traders, I can say with complete certainty that MOST of those who want to trade fail to achieve and maintain even basic levels of situational awareness.
Most are far too passive, letting price unfold without any significant thought as to where it is going AND what that means to other market participants.
And then looking back with hindsight and asking how they missed the “obvious” trade opportunity. (Hint: it’s never as obvious in real-time. You need to see it before the majority do. As it’s emerging, not after it’s done.)
Immerse yourself into the price action. Feel the ongoing battle between bullish and bearish pressure.
Project forward – where is price likely to go?
And understand what that might mean, for both market sentiment and potential trade opportunity.
The exercise shared in the post is not the only way to achieve this. But it’s a simple approach. Easily achievable on 3 or 5 min charts, or higher. Achievable on lower timeframes if you pick and choose your spots (setup areas, structural transition areas etc). And easier with practice… so be patient with yourself.
This has to be one of the shortest YTC articles ever. But again… quite likely underrated.
If you don’t “get” the message, bookmark this and return to it in future.
But otherwise, give the exercise a try and see if this helps you to maintain focus and awareness.
What’s better than knowing where is price likely to go?
“Just because the general principles for trading off an S/R level include plans for both long and short, doesn’t mean you have to seek opportunity in both directions.”
“Project -> Confirm -> Trade.
Project -> Non-Confirmation -> NO TRADE.
And if that means you miss one, so be it. Let it go. It wasn’t yours to take. Move on.”
And the answer is – Where the price won’t go!
Thanks and happy trading Lance!
Awesome. Combining lessons from multiple YTC article. I love it. Thanks Dan! 🙂