I recorded a live trade I took this morning for learning purposes. This was a second entry long at the lows of the early range that setup during the overnight session. The scalp yielded 15 points and I got another 15 points on runners for a profit of 30 points. There are a lot of good learning opportunities in this video, so take the time to view it.
Live Trade Example 03-13-2024
Awesome. This was great. Thanks Mack.
Great trade. I have a question regarding this trade. Since there was already a break and a new high of the previous uptrending green channel, shouldn’t we have waited since now we’re expecting a correction or a straight up reversal? Or did you just take the trade for different reasons like a failed breakout out of that big range + the expectancy of a measured move up?
There were multiple reasons. I talked about the two-legs, so this was a second leg up. When you get a second leg up like that, it should play out like a separate trend, so I was expecting a retest of the high there as well. I was also playing it as a possible range, with prices almost always moving back into the range again after a breakout, even if only a temporary move back into the range. Ranges are very predictable in most cases.
Wow, live trade on slow range day, thanks Mack!
Thank you, Mack! This was great. I find it helpful to follow your though process in real-time as the trade is setting up and developing.
At the same time, it must be a bit nerve-wracking having to narrate it out loud! A bit like trying to narrate your driving 🙂