A trade is NOT over until the whole idea behind the trade is no longer valid.
If you're stopped out, or if you scratch the trade, the trade is NOT over.
Remain focused!
Watch for an opportunity to re-enter.
Lance Beggs
A trade is NOT over until the whole idea behind the trade is no longer valid.
If you're stopped out, or if you scratch the trade, the trade is NOT over.
Remain focused!
Watch for an opportunity to re-enter.
Lance Beggs
Question: Hi Lance, In his text on support and resistance, Mike Reed talks about traders hoping the market will return to a level of support or resistance so they can break even in that trade. So are levels of support and resistance more to do with the behavior of traders than the actual value of the dollar, Thanks from Brian. Answer:
Expectations should change with a change in environment. In a slow, wide-swinging trend, your better off waiting for a deep pullback. Don't be too quick to enter. But in a fast trend, if you hesitate you may just miss the entry. Here's two fast-trend shallow pullback entry examples. There's no waiting for a 38.2% retracement…
or… Why I held this trade drawdown longer than I usually would! On Monday I entered a PB short in expectation of a downtrend continuing lower. By far the best entry area would occur on a weak pullback to the shaded region (A). And the last Trading-Timeframe (TTF) green candle certainly makes it seem…
Trading – the art of managing the imperfection of human decision and action in an environment of uncertainty. Damn, I love this game! 🙂 Happy trading, Lance Beggs
I don't recall who said this… and I'm paraphrasing… but I absolutely loved it when I heard it and it's stuck with me ever since. "Why shouldn't we try to pick tops and bottoms? That's where the risk is smallest and the profit potential is greatest." (If you recognise the actual quote can you…
I didn't trade this; I typically stop my session around 2am. But it's such a great example that I thought I should share it. (Yes… I get excited by price action!!! 🙂 Whatever you want to call this – turtle soup, pump fake, prairie dog pop – they're a great setup idea. (a) price extreme…