Live Trade Example 06-07-2023
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This is a live trade that I took this morning (June 7, 2023). I get a lot of questions about trading ranges, and the idea is to buy the lows and sell the highs of most ranges. If there are large enough trends between the highs and lows, you can also trade those trends. Generally, buying the lows and selling the highs is the best option if those highs and lows are consistent in turning prices each time prices approach those price levels.
Your best option is to wait on triple tests or higher lows for longs and lower highs for shorts. In this trade, I am a bit more aggressive and trade the first touch of the trend channel lows using a good signal bar on a 2nd entry long. A higher low printed shortly after my entry point, and it would have been a less risky play. Sometimes taking on a bit more risk will bring a better chance of a runner, so there are tradeoffs. Most traders new to chart reading and/or our strategy would be better off waiting on the higher low in this instance.
Comments
steee June 7, 2023 at
is it just me or is this set to private?
RobertB June 7, 2023 at
I see it as private too. I’m logged in as well.
steee June 7, 2023 at
ah must’ve been uploading still.. there it is
jtrade June 10, 2023 at
Did you enter at the price you wanted by right or left clicking on the screen?
If we enter after the candle closes, one tick above, that sounds like you have to be very fast.
Am I thinking about this correctly. Is it hard to enter one tick above a closing candle?
Thank you.
rylith June 15, 2023 at
You could have the order ready somewhere on the screen far away from your intended entry place. Once the signal bar closes, you could drag your entry order to the desired location. Sometimes the price just leave without you, that’s just part of trading 🙂
jtrade June 16, 2023 at
Thank you.
Mack June 16, 2023 at
Getting the order in on time wasn’t really the issue. The issue was deciding to record it just as it was about to trigger and waiting on my recording software to open up. By the time it opened, and I hit record, the trade had already triggered.