Traps immediately before the open… we've discussed them a number of times over the last year.
Here are some of the previous discussions, if you missed them:
And you'll probably find a few more examples if you scroll back through the social media feeds.
The thing is though – the market keeps presenting us with this great opportunity. And they do say that repetition is the mother of all learning. So let's look at another example, from last Monday.
From a YTC Price Action Trader perspective, it's simply a first PB in a new trend. But as the last image states – it was caught because I recognised the trap before RTH open, which had me primed, ready and waiting for the opportunity LONG.
Trades like this ONLY happen because of my Market Structure & Price Action (MSPA) Journal. If you don't have one, then I highly recommend you start. Every day – make at least one entry into the journal. Find something interesting within either the structure of the chart, or the way price moves, and document it.
Over time, you'll start to notice repetition of ideas.
And that is where you find opportunity.
Study them inside and out. Set up rules or guidelines for ways to exploit that opportunity. Implement, test and develop.
Today's article gives you two areas of exploration, in starting your own MSPA Journal.
(1) Traps before (or immediately after) RTH Open.
(2) Opening Momentum Drives.
If you follow me on social media, you will recall the following two posts in recent weeks:
Well now you have a third opening drive to study. And I promise you the market will provide more.
This is the path to learning.
Every day – find something interesting. Document it. Study it. And then when you start to see repetition of ideas – dig deeper and find a way to exploit that opportunity.