This trade was a failed break lower in an uptrend and it was also the first convincing close outside of the trend line, so I was looking for a reason to get long again. This gave me the opportunity to get long on a failed break lower out of the tight range that had formed.

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thevmackwin April 15, 2021 at

Mack,

It was really instructive when you explained what you were waiting for on the chart.
When you didn’t see it, you paused the recording and can back in when price action was approaching something you liked. In the process you demonstrated what true trader’s patience really is. In my mind this goes down as a “Mack Classic” because you dropped so much knowledge while waiting for a setup you liked.

Thanks!
Willie

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Greatlookinguy April 16, 2021 at

When you said you try and take a live trade video after you’re done with your own trading in the morning Mack, am guessing you were done with your personal trading after your scalp+runner trade from the failed second entry short just prior 🙂 I took that trap (5 points + 2 tick runner there) and then this failed break lower too. Only thing is, I had drawn that mini range before you had Mack. I have noticed that I tend to draw mini ranges more often than you, and sometimes that stops me from getting into winning trades (because the winning trade would seem to be going straight into the resistance or support of my mini range and I would hold back). In your chart lessons when you point out winning trades without any such range area marked (where I had them marked as mini-ranges), I feel maybe I should not be marking mini-ranges so much.. hmm….

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    Mack April 16, 2021 at

    Experience and time at the screen will help with this. As you get more screen time and better understand price movements, you will start to understand when you should be concerned with congestion and when it’s probably OK not to be so concerned. A lot of it has to do with the type day it is and how well prices are moving and trending.

    In actuality though, I was trading that small range, and I actually was considering that prices might not go any higher than the top of the small congestion/range highs, thus my reason for not giving the runner more room. You would expect a retest of the highs there, so I was hoping that is what would happen, but I was only playing for the scalp, with the runner being secondary.

    As for my personal trading, I try to reach my daily target and complete that portion of my trading day first and foremost. Once that is done and if I am watching the chart and see a set up I like, that is when I will try and record a trade. I won’t try and record my early morning trading for fear of the recording process interfering with my trading and causing me to make mistakes. So I just prefer not to try and record any trades prior to reaching my daily trading target. Once I am done with that though, I can relax and just watch the chart in the background checking it from time to time to see if there is anything setting up I like and if it does and I have time, I will take the trade and record it.

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      Greatlookinguy April 16, 2021 at

      Thank You for that detailed reply Mack. Something new I learnt from you today. Think about the overall type of day that it is, think about how prices are moving and trending, think about these things when considering possible mini-ranges/congestion areas being set up. Excellent advice! Thank You!!

      Reply

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