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Price Action Mack Style


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Price Action Mack Style

  #21 (permalink)
Saratoga, NY USA
 
Experience: Intermediate
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6E Setups for Friday 7/12/2013 - Engulfing Candle

Here’s some 6E examples of Significant Candle trades… aka[Engulfing]
On the 6E for Friday 7/19

First attempts for going for 1:1 Risk Reward [RR]

All were with trend as well. Again like anything else, the context on which it is taken must
make sense. Not just any ole Impulse bar....

At least that's how I'm going about doing it.

Very promising


Mike S

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  #22 (permalink)
Daphne
 
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Counting the First and Second Moves


msull35706 View Post
Greetings

My trading partner forwarded me this chart today to share...

Here's another example of SPOT THAT TRAP!! on the 6E [Euro]

The lesson learned here is the small bodied Green candle was your first push up in the pull back count....
so when price went below that, that was count 1

The second push down, which fails and creates the TRAP, is more obvious to see. See chart for notes...

This also happened at or near the Channel Trend line and EMA.

This is where the magic usually happens close to these levels....

so in a sense we were in a Bull Channel so the TRAP created a WITH TREND long!!! AMAZING!!!!

Also notice the large or impulse like Green candles after entry. Both Bulls + Bears are buying creating this aggressive move...

Want to keep posting charts like this spotting these pattern setups that happen each day.

Need to train eyes in seeing it live!!!

All are welcome to post charts and discuss if valid trade or not.

Lets ALL learn and start the consistency

Thank you


Mike S.

I like your chart but have questions on when a "push" is valid (when counting on an uptrend):
1. I was assuming it was when the wick went higher than the prior wick?
So you are using the Closes.
2. What about a pure doji (i.e. no body), go with the close being higher or lower than the previous close? What about if they were equal?
3. Looking at your same chart, let's discuss the swing from 2:15+ to 2:45: a) I had been counting that first green bar, since it's wick went higher? (therefore at bottom of channel you have a valid signal?)
4. My method, of counting the overall "thrust" of each move, i.e. where wick goes higher, seems to capture the essence of each push better (at least that is what I'm finding, see the link below)? With each little channel, you can see each thrust more clearly (sorry for posting ES, but that is what I was working on) So, it was not literally candle by candle but rather each little thrust (grouping of candles), which I'd agree, does make it tricky. Which method is more true to what is taught in your opinion? 2013-07-20_1812 - GregHohman's library
5. I haven't figured the best entry method. A friend told me to wait until the entry bar closes (i.e. not the signal bar), and then place your limit order a few ticks back, that seems to generally work, your thoughts?
6. What is that little white line on close indy, and have you found it indispensible?
Thanks man, gh

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  #23 (permalink)
portland/oregon
 
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Great to see somebody using Mac's. Whats your target/stop ratio? I have also looked at the 6e but not sure what stop/target I might want to use for early session.

the meanest bean of all,
MeanBean
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  #24 (permalink)
Saratoga, NY USA
 
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6E Targets....


MeanBean View Post
Great to see somebody using Mac's. Whats your target/stop ratio? I have also looked at the 6e but not sure what stop/target I might want to use for early session.

Hey MeanBean

I'm a scalper by choice [ 4tix ] for most trades.
In time I will start to learn to trade like Mack and scalp x amount of contracts off first for 4 tix
and save a few for runners.
Now, it's all in / all out for 4 tix.
Risk will be based on setup bar... so in most cases 8tix or less.

There's another setup I'm looking at named the 'Engulfing' candle setup.
This will be my potential swing setup... going for more tix.
For now I will post charts on this and initial target is 1:1 risk...

Mike S

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  #25 (permalink)
Saratoga, NY USA
 
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ghman101 View Post
I like your chart but have questions on when a "push" is valid (when counting on an uptrend):
1. I was assuming it was when the wick went higher than the prior wick?
So you are using the Closes.
2. What about a pure doji (i.e. no body), go with the close being higher or lower than the previous close? What about if they were equal?
3. Looking at your same chart, let's discuss the swing from 2:15+ to 2:45: a) I had been counting that first green bar, since it's wick went higher? (therefore at bottom of channel you have a valid signal?)
4. My method, of counting the overall "thrust" of each move, i.e. where wick goes higher, seems to capture the essence of each push better (at least that is what I'm finding, see the link below)? With each little channel, you can see each thrust more clearly (sorry for posting ES, but that is what I was working on) So, it was not literally candle by candle but rather each little thrust (grouping of candles), which I'd agree, does make it tricky. Which method is more true to what is taught in your opinion? 2013-07-20_1812 - GregHohman's library
5. I haven't figured the best entry method. A friend told me to wait until the entry bar closes (i.e. not the signal bar), and then place your limit order a few ticks back, that seems to generally work, your thoughts?
6. What is that little white line on close indy, and have you found it indispensible?
Thanks man, gh

GH [Greg]

Thanks for reaching out!!!
I will reach out to you later regarding your questions.
Going for a power walk now and will respond to these later.

Mike S

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  #26 (permalink)
dallas texas usa
 
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Monday's chart with a few trades marked..

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  #27 (permalink)
hollywood
 
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lsubeano's Avatar
 
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don't want to deter anyone, but the thread is product reviews

...i like your journaling, but suggest moving it to another thread....

but on the original subject, I am a fan of mack and simple trading.


best!

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  #28 (permalink)
Newcastle, Australia
 
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lsubeano View Post
don't want to deter anyone, but the thread is product reviews

...i like your journaling, but suggest moving it to another thread....

but on the original subject, I am a fan of mack and simple trading.


best!

I think your a bit confused. What product reviews?

Regards,
Neil.

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  #29 (permalink)
NYC + NY / USA
 
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Trading: EMD, 6J, ZB
 
kronie's Avatar
 
Posts: 798 since Oct 2009

grabbing 4 ticks seems to be the sweet spot, on the ES range moves, where they traverse 6 - 7 ticks from top/bottom of these waves, however,

even using resting limit order entry, instead of market (which usually runs +1 tick higher), how often does the trade work and print +3, and even sometimes +4, but doesn't take you out and close the position?

generally to bag +4, the current price has to print at +5 or higher and remain there to drain all pending / resting orders at +4

questions are;
1) do you ever short rift and end the failed attempt using "close", instead of letting it reverse into BE or -1, -2?
2) do you ever settle for +3 when you notice it stalling at +4 with no chance of it going to +5 (read note above)
3) do you watch these trades with eagle like precision or set them and forget them?

4) how many dry holes dug before you hit oil? 3:1 losers?, 2:1 losers?, 1:1?

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  #30 (permalink)
San Diego
 
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BeachTrader's Avatar
 
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NW27 View Post
I think your a bit confused. What product reviews?

Regards,
Neil.

What I think lsubeano means is that this particular forum is for vendor and product reviews. This thread on Price Action Mack Style sounds more like a trading journal. Check out the other threads in this forum to see what I mean. Much more of a discussion on vendors - good / bad / ridiculous / etc.

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