Just three weeks ago we discussed The Mindset Required for Re-Entry.

And the fact that a trade should NOT be considered over when your exit order is filled.

You need to reassess the situation. Because sometimes you can see more clearly as you sit on the sidelines with no risk exposure. And sometimes… the move is not actually done.

The trade is only finished when the trade idea is confirmed to show NO signs of potential edge through re-entry.

In that prior article I also made the comment that, “I can promise you I don’t always get it right! And I don’t always catch a re-entry opportunity.

Well, this is one of those times…

A good trade. Out at the pre-planned target level.

But there was SO MUCH MORE available. And I just sat and watched.

Let’s start pre-session with a look at the Higher Timeframe charts.

<image: Watching the Trade Continue Without Me>

<image: Watching the Trade Continue Without Me>

<image: Watching the Trade Continue Without Me>

<image: Watching the Trade Continue Without Me>

<image: Watching the Trade Continue Without Me>

<image: Watching the Trade Continue Without Me>

And the session begins.

So let’s move now to the Trading Timeframe.

<image: Watching the Trade Continue Without Me>

<image: Watching the Trade Continue Without Me>

<image: Watching the Trade Continue Without Me>

<image: Watching the Trade Continue Without Me>

<image: Watching the Trade Continue Without Me>

<image: Watching the Trade Continue Without Me>

<image: Watching the Trade Continue Without Me>

<image: Watching the Trade Continue Without Me>

As per the prior prior article, “I can promise you I don’t always get it right! And I don’t always catch a re-entry opportunity.

But that is ZERO excuse.

An exit does not mean “trade over”, until I’ve taken the time to reassess the situation and check that the trade idea is no longer valid.

And sometimes, as in this trade, that means maintaining focus and watching the reaction for the next couple of candles.

More work is required to reinforce my procedures, creating a post-exit routine that does not relax until the trade idea is PROVEN to no longer show any potential for edge.

The never-ending-work-in-progress, continues.

Happy trading,

Lance Beggs

 


 

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3 Comments

  1. Hey Lance!
    Great article and awesome quality as always! Thank you for all your content!
    Thouroghly enjoy each reading session and get lots of value out of the existing articles!
    Looking forward to the upcoming ones!
    All the best from Austria
    David

    1. One thing I am really interested in to see would be the early-entries and exits on the LTF chart. Since you seem to play trades frequently through the LTF I often question myself how you assessed the particular given chart-situations. Think I could learn a lot by it!

      1. Thanks David,

        I appreciate the feedback and am pleased you’re getting value from my articles.

        Many articles do include the LTF view, when I feel it adds something to the article. If it’s not included it’s usually because I felt it wasn’t necessary for the main point I was trying to convey. It’s a fine balance I guess, to present value but also do so in as clear and concise a manner as possible.

        Lance.

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