Last week we discussed my thoughts on trading a small account with one contract. See here if you missed the article – https://yourtradingcoach.org/trading-business/trading-a-small-account-with-one-contract-part-one/ We finished up by stating the following: It doesn’t matter which management style you choose; a higher probability smaller win target (like my “part oneâ€) or a lower probability larger win target…
“Fortune favors the prepared mind.” … Louis Pasteur In a recent article I discussed the importance of regular study of market structure and price action. See here if you missed it – https://yourtradingcoach.org/trading-business/a-simple-step-to-becoming-a-better-trader/ After every trading session, find something you can learn from. Perhaps a market structure feature. Perhaps an interesting sequence of price…
I’ve long been an advocate of the importance of a Market Structure and Price Action Journal. There is no shortage of material on this topic if you want to search the YTC article archives. The best place to start might be with anything tagged “journals”, which you’ll find here. So I’m pleased to have received this email…
What do we do here? Well there’s not a lot we can do. It’s missed opportunity. And yes, I know that with hindsight we can look at the lower timeframes and find ways we “could” have got in. But we’re not hindsight traders! It’s missed opportunity. It’s gone. And our job is now to…
I love market opens. The time of day that typically offers the greatest pace and potential for range expansion. But let’s be honest – sometimes they suck. I have a rule – two failed attempts at something and I consider standing aside. Three failed attempts and it’s compulsory. Today I’m standing aside after two attempts….
Do you remember the feeling of excitement when you first discovered candlestick patterns? Simple textbook patterns which promised to get you into every market reversal, right near the beginning of the move. If you’re like most of us traders, you bought a book on candlestick patterns, or scoured the internet for the best of the free candlestick…
Welcome to part 2 of our short article series on Advanced Candlestick Analysis. If you haven’t read part 1, you’ll find a copy posted at this webpage: https://yourtradingcoach.org/trading-process-and-strategy/advanced-candlestick-analysis-part-1-of-2/ In the last article we reviewed some of the key concepts from basic candlestick analysis: The importance of identifying the market context – where the pattern is…
Opening Range breakout strategies are very popular in the stock and emini-futures markets. If you’re not familiar with these Opening Range breakouts, a Google search should also bring up more information than you can probably read in a lifetime. To greatly simplify the strategy, it essentially involves identifying the high and low price from the…
I received an email this week thanking me for the Advanced Candlestick Analysis articles and requesting some more analysis of this type. If you haven’t seen these articles, check out part 1 and part 2 here: https://yourtradingcoach.org/trading-process-and-strategy/advanced-candlestick-analysis-part-1-of-2/ https://yourtradingcoach.org/trading-process-and-strategy/advanced-candlestick-analysis-part-2-of-2/ I’d love to do more of these articles, but they take quite a while to put together….
A great email question from Mike: I know you don’t trade stocks but I’ve always read that you leave gaps alone due to reversals. But take LOCM today; what’s the buy point? I’m thinking $4.30 or is this to soon, or would $4.50 be the safer buy. I found it at $4.30 but stayed away…
