I’m always VERY interested in these places on the chart – the places where price can’t go. The places where it tries… it pushes… but it just can’t go there.
This is opportunity.
Let’s start with the Higher Timeframe chart…
Let’s switch now to the trading timeframe…
Reference… this is a BOF Setup as described in YTC Price Action Trader Volume 3, page 28.
Happy trading,
Lance Beggs
In our article last week (read it here if you missed it) we discussed the concept of the bad beat. A bad beat occurs when you correctly identify, enter and manage a valid trade setup, but are still left with a loss or missed opportunity. The fickle hand of fate cares little for your high…
Last week we discussed one of my current favourite plays for the first 30-60 minutes of the session – targeting the overnight high (ONH) or overnight low (ONL). You can review last week’s discussion here. Just a few hours after sending out that email the market opened again. And the same concept played out…
This has been a favourite topic of mine throughout the last year. We explored the idea here and here, along with a bunch of other examples on social media. But then the market just keeps providing more examples. So let’s look one more time. The general concept is a trap that occurs through failure of a significant break,…
Context, setup and execution. A good trade will have considered all three areas before entry. And a good trade will have elements of all three playing their part in the outcome. The best read on market context will be worthless if you’re choosing the wrong setup for that environment (eg. constantly fighting a strong trend)….
I had no plans to continue this recent topic on use of the opening range to provide a quick and simple assessment of “bigger picture” session bias. But I had a few traders ask how it should be applied to the forex markets. You can see the two prior articles here, if you missed…
Candlestick Patterns – Candle Addition and Development
