Hello all. I've recently joined the ranks of "the profitable traders". This is in large part due to the teachings of Mack from PAT, and others like Al Brooks, Linda Raschke and Vince Virgil. I have made slight adjustments in what I look at to make things easier for me to read the price action, but for the most part, I follow the teachings of Mack. If you have not looked at his material, I encourage anyone interested in price action to do so.
While I've become profitable as a trader, I still haven't relinquished my day job. I still have occasional setbacks (losing days, etc.). I'm starting this journal in hopes that it will aid in my discipline, and allow me to trade fulltime in the short future. My big setbacks come when I deviate from my trading plan. I hope that you accompany me on this journey offering support and criticism along the way. I also hope that this journal helps those interested in trading price action.
I will be following Mack's methods for the most part...
1. Using a 2000 tick chart on the ES
2. Using a 21 bar EMA on the chart
3. Entering on second entries off the trend line/EMA (on trend days)
4. Entering on highs/lows on second entreis (on range days)
5. I do evaluate the daily and hourly charts to get an overall view of the market.
6. Where I differ from Mack a little, is I like to use a grid of indicies to help me get a better view of the price action on the ES. I keep up a tick chart of the TF and YM, not to trade off of, but as confirmation of my trend lines, and entries. This is something that I picked up from Linda Raschke, and have found that it really helps in getting a solid visual on the market.
I'll try to make dialy posts, and recap my entries. I don't plan on doing video entries at the start, but let's see how things progress.