Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. As a professional trader, I specialize in trading Price Action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18 years of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.
Dax – Key Role Reversal Level Holds, Rejects & Profits | Oct 1
German Dax – Key RRL Holds, Rejects & Profits (4hr chart)
On Tuesday in the members trade setup commentary, we talked about looking to sell the German Dax on any rallies into the key structure lows around 9785 which formed on Sept 21st (blue box lows). As you can see from the chart below, this RRL (role reversal level) was tagged perfectly, then sold off heavily.
Had you been waiting for a pin bar 50% retrace tweak entry, you either would have a) missed this trade entirely or b) at best gotten a much worse entry. This is why we DO NOT wait for confirmation price action signals or candlestick patterns as it reduces our profitability and edge.
Congrats to the members who caught this trade and profited from it as you’d be up +250 points or more. For now I’m remaining bearish while we are below this and 10K on a daily closing basis and will look to sell rallies. Downside targets would be 9500 and 9375 which are the Sept. lows.
Not sure if a key level will hold? Don’t miss my latest article Confirmation Around Key Support & Resistance Levels
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