Live Trade Example By Student – Range Trade
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This was a live trade by Daniel and a very good one actually. This is a text book play on how to trade a range. Notice that Daniel waits on both a higher low that also happens to be a 2nd entry long as well. There was a nice signal bar as well, so all lights green and a go on this long entry. Thanks for sharing Daniel!
Comments
Junglebrute January 21, 2021 at
Yeah, the link isn’t working Mack. No problem I’m sure it’ll get worked out. Thanks for the post!
-Sean
Mack January 21, 2021 at
If you are using the “Edge Browser” and have issues with YouTube videos NOT playing, the link below should help fix your issue. I normally use edge and noticed the video would not play for me either, so I searched and found this suggestion and now my videos are playing again. Give it a shot if you are using Edge. I tested the link on Chrome and Firefox and no issues there.
YouTube Videos Not Playing In Edge
Eric January 21, 2021 at
Well done! Great signal bar, patience, and reading the context well!
Steve S. January 21, 2021 at
So this is why I hate Range Days!!!! I wish I understood how to handle them better. Mostly just stay away from them.
Planning to study the range day manual section again however if you look at what happened after that he could have lost a lot of money. At least on my chart.
Also thought I read that if it comes into a range on a downtrend then it will most likely leave on a downtrend which it did just after he got his target. Glad he got his money but that is scary.
Mack January 22, 2021 at
You have to get past the scared part and learn to understand price movements. You also can’t lose a lot of money because your safety stop would go one tick below the entry bar, so if he is wrong, he loses only an amount equal to the size of his entry bar. That is the only way to play ranges and it is normally my favorite type trading day because it is so predictable.
Understand that even if prices eventually do breakout in the same direction they traded into the range, they will still fail on the breakout momentarily in most cases giving you an easy scalp back into the range. The set up needs to be good, but this is all about understanding price action and how to read the chart. Your hesitation is just a lack of understanding of basic price movements, so keep studying and you will eventually get it.
TraderVic January 24, 2021 at
Is the target/stop indicator part of an already published indicator from Mack? Would really like to have it to measure proximity to EMA, etc.
Mack January 25, 2021 at
I don’t use that function, but I believe it is was added to the BPxMack indicator. You could ask that in the forum and those guys that are always tweaking it could better answer this one.