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Price Action Mack Style


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Price Action Mack Style

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  #41 (permalink)
Frankfurt Germany
 
 
Posts: 10 since Sep 2013
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kiont View Post
How useful is that squeeze indicator for you, you didn't mention it for both of your trades. Just wondering what kind of actions, if any, do you take when it indicates or signals for a trade.

I've used for a while with mostly negative/mixed results. That's why I'm asking.

Btw I'm talking of John Carter's squeeze indicator, if that's not it, it looks very similar.

Mack says that the addition of indicators other than the 21 bar EMA will not improve your success with PAT. It just adds complexity and confusion. Keep it simple but still effective. All you need to trade the ES is a 2000 tick chart with a 21 EMA. Then draw in the trend and channel lines to define the Support/Resistance (S/R) structure. All trades will be located at some KEY S/R level.
Steve

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  #42 (permalink)
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tturner86 View Post
As long as your actual risk (the max amount of ticks the trade goes against you + 1 tick) is equal to the scalp target then you are good. I may enter a trade with a 8/10/20 tick stop, but take my profit on my actual risk. It the trade went against me 5 ticks then 5 ticks would be a scalp target, 10/15 ticks would be a swing. (A caveat with this is I do not allow a trade to go against me more than once, once it is in my favor and past a scalp profit I will bring my stop to B/E.)

The biggest thing is being patient and taking the best setup, if you can do that you will have a higher % of winners.

Mack teaches that your maximum entry risky should be no more than 8 ticks. However, you place your protective stop 2 ticks above/below the signal bar (usually the prior pivot level). If this placement is greater than 8 ticks, then try using a LIMIT order to get a better entry level. If you cannot get a max risk of 8 ticks with this proper placement of the protective stop and the LIMIT order idea, then skip the trade. Mack says that you need at least 8 ticks of clearance to assure you do not get stopped out prematurely. If you learn and follow Mack's trading rules, you should be able to achieve 85% or higher reliability. This will offset your concern that your entry risk is greater than the first exit target reward. Finally, roughly half of the trades will have a runner with the second exit (if you trade 2 contracts or more) so your bottom line is nicely effected by your runners. If you learn and follow Mack's rules, you should have no problem making your daily profit goal. But, once again, you must follow his rules or "all bets are off"
.

Steve

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  #43 (permalink)
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steveo107 View Post
supermht
R u working with Mack?

No, I am a member of Mack's premium site and have been studying his approach since May 2013. Day trading is not easy to learn, but if I am ever going to learn it and be successful it will from Mack. I contend if you cannot learn price action day trading from Mack, then you will probably never learn it.
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  #44 (permalink)
Prague Czech republic
 
 
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Hi to all, I am improving now for few weeks Mack PAT traiding ES 2000tick chart. I am plannig to open live account, which broker you think is better to have for this type of day traiding. Max. 5 trades per day, max. 50 per month. Please if you can recommend me some company for this day traiding strategy, I am from Czech republic if it is important. And also I am using ninjatrader. Thanks a lot to all for any advice.

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  #45 (permalink)
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Is there anyone here who trades the same way as Mack shows in his video who is consistently profitable? And I'm not talking about a week or two but for months. I get the feeling that he only shows his winning trades and have to wonder if he is truly profitable or just doing this to sell the manual. It just seems that most of his trendlines had to be drawn after the fact because of all the "overshoots" and such.

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  #46 (permalink)
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There are a few journals in the Elite section that trade mack's style: https://futures.io/elite-trading-journals/

I have watched his videos and looked at his course, but I chose Al Brooks course over Mack's. I do watch his daily recaps on the ES. I thought the same thing as you that he may hid his losses. I don't really care either way, if you go with a system you need to tweak it to fit you, or find one that fits you the best. Trading is highly personal.

Another Mack Thread:


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  #47 (permalink)
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Thanks for the links!
Yeah whenever he shows the trades in the videos (after the fact) he makes it seem like it's so obvious and that anyone should be able to see these trades but then when he sees a possible setup playing out as he's recording the video its always "oh it wouldn't surprise me if it went higher but it also wouldn't surprise me if we come back down and test the lows. We'll just have to wait and see" Not as easy when its happening in real time.

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  #48 (permalink)
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jdox View Post
Thanks for the links!
Yeah whenever he shows the trades in the videos (after the fact) he makes it seem like it's so obvious and that anyone should be able to see these trades but then when he sees a possible setup playing out as he's recording the video its always "oh it wouldn't surprise me if it went higher but it also wouldn't surprise me if we come back down and test the lows. We'll just have to wait and see" Not as easy when its happening in real time.

Yeah.

But I suggest looking at the charts everyday after the close and highlighting the entries, yes it is in hindsight. But it helps teach you what the outcome will look like. I did this on the NQ and ES for each day all the way back to 2008. I believe that this has helped me to spot patterns and signals as they are forming.

Once you do this you will start to see the setups forming when you are watching it live. I can spot an MTR almost an hour before it forms. Once I spot it, if it doesn't form the way I though sometimes it will be a failed MTR. Either way, I am prepared on how I need to trade almost an hour ahead of time. Depending on how they form I can spot wedges within a few mins. I also have been pretty good at determining a range from a trend.

So take the time to review the charts and build the patterns into your mind's muscle memory. Then when you are trading live you will be surprised how easily it is to spot patterns as they form.

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  #49 (permalink)
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  #50 (permalink)
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tturner86 View Post
There are a few journals in the Elite section that trade mack's style: https://futures.io/elite-trading-journals/

I have watched his videos and looked at his course, but I chose Al Brooks course over Mack's. I do watch his daily recaps on the ES. I thought the same thing as you that he may hid his losses. I don't really care either way, if you go with a system you need to tweak it to fit you, or find one that fits you the best. Trading is highly personal.

Another Mack Thread:



When you say you looked at Mack's course, do you mean you bought it? Aside from the use of the 2,000 tick chart (vs. the 5 minute chart) and I believe his use of stops and scalping out of trades while keeping a runner, do you know of any other major differences in how Mack trades vs. Brooks? Are there specific entry bar signals that they use?

I have read quite a bit of Brooks stuff (not his books or course) and quite a bit of Mack' stuff (blog articles and videos on the youtube channel) and am having trouble discerning their different trading styles.

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