Comments on: Trading Price Analysis / Price Action

By: YourTradingCoach

YourTradingCoach — Mon, 06 Jul 2009 11:39:41 +0000

Hi Micheal,
Thanks for your comments & recommendation. Much appreciated.
Happy trading,
Lance.

By: michealbensin

michealbensin — Mon, 06 Jul 2009 11:39:41 +0000

Very good! I have been trading for years and I will recommend this VERY much to newbies! It is true not to enter a trade just because of the indicators and price action pattern. You have to look at the S&R and as well!

Thanks a lot your information is definatly one of the top on youtube!

By: YourTradingCoach

YourTradingCoach — Mon, 06 Jul 2009 11:39:41 +0000

Thanks mavenmikan,
Glad you enjoyed the vids.
Cheers,
Lance

By: mavenmikan

mavenmikan — Mon, 06 Jul 2009 11:39:41 +0000

Great video. Thanks Lance. I almost finished watching all your videos. Everything are just awesome and equally important.

By: YourTradingCoach

YourTradingCoach — Mon, 06 Jul 2009 11:39:41 +0000

Hi megahoed,
Whatever works for you… trade it.
It all comes down to personal preference. In my opinion the only way these lines can work is if enough traders follow the same lines creating the self fulfilling prophecy. Of course, in some of the larger & more liquid markets there are a lot of traders following them and they can be effective. I prefer not to use them – I get sufficient results just with S/R. If I had to use them, I’d definitely be looking for confluence with S/R.
Lance.

By: megahoed

megahoed — Mon, 06 Jul 2009 11:39:41 +0000

I assume you don’t like fibonacci and floor pivots. But isn’t it a possible good idea to search for confluences anyway, at least of the floor pivots? since the floor pivots are less subjective then fibonacci
If both candlestick, support, floor pivots, fibonacci are all supporting a long in the range 19-20, then a buy at 19-20 would have higher chances then without confirmation of floor pivots and fibonacci?

By: YourTradingCoach

YourTradingCoach — Mon, 06 Jul 2009 11:39:41 +0000

Hi merlinforever,
Just personal preference. I just can’t believe in the whole ‘universal order’ thing applying to the markets. I think fibonacci fits in the ‘put enough lines on the chart and price has to turn near one of them’ theory.
But on the other hand, some people make it work really well. Maybe there is something to it. It just doesn’t work for me.
Cheers,
Lance
yourtradingcoach