Lesson 1: When two trade ideas fail to work, consider a break. When three trade ideas fail to work, force a break.
Lesson 2: When the pullback is deeper and stronger than expected, let it roll over. Get in on the other side.
Lesson 3: An exit is not necessarily final. Remain focused and consider re-entry if the premise is proven to still be valid.
Happy trading,
Lance Beggs
The following image was sent out via social media recently. In response to these postings, I received the following question via email: "Wondering about today's FB post about emotion driving the market. In the chart example you have given, is there any entry for YTC traders at all?" Great question! And very applicable, not…
Maintaining context is essential for effective price action trading. And while that is true for all timeframes, it's especially so in the lower intraday timeframes where you can easily get caught up in the tick-by-tick battle between the bulls and bears. My primary tools for context are the trend structure which I view on…
One thing I love to do over the Christmas & New Year break is to schedule a couple of days for Market Replay learning. Last Sunday & Monday were scheduled for my replay sessions. The ability to speed up the market data in-between key decision making areas means that I can squeeze in half…
I am quite a fan of Al Brooks' first book, "Reading Price Charts Bar by Bar", despite the fact that we trade very differently. Out of close to 400 pages, there is the one idea which has stuck with me more than any other. From page 384: "Countertrend setups in strong trends almost always…
At times it's all too easy to get caught up in the complexity of this business and the frustration that comes from trying to extract profits from the uncertainty of market action. It can help, during these times, to step back a little and choose to view the game in a simpler way. Of…
See here if you missed the earlier articles – No. 1, No. 2, No. 3, No. 4 The concept: I've been writing online for over a decade now. And for that whole time I've been promoting the idea of daily study in both Market Structure and Price Action. It's a simple task that takes…
amazing article thanks