Thanks for starting this thread. I have been following Mack as well, but am looking to adapt PAT to the 6E, 6A, 6B or something in addition to the ES. Watching only the ES on a 2000 tick chart is too slow for me, especially on days like today and the past week or so. Plus, my schedule doesn't allow me to trade all day every day.
I have a question about the second trade. If this was me, I would have taken the SEL after the #2 bullish candle with either a stop entry order or a limit. I would have gotten filled with either order and then stopped out. What prevented you from getting trapped and waiting for a FSEL? Am I entering the trades 1 bar too early? Should we be waiting for the bar after the second push higher/lower to confirm?
Also, can you provide more details on what you consider pre-market trading (hours)? Have you tried using a tick chart at all? What are your typical stop limits and targets for the 6E on a 5min chart?
Thanks,
Kevin
The following 4 users say Thank You to pedalon for this post:
Great question on SEL [ Second Entry Long ]...
If you look at today's chart, you will notice that the 6E was in an overall downtrend.
My trading partner suggested on sitting on our hands on the SEL and wait for a Bull Trap....
Being that the overall trend was down.
So we did and cashed!!!!
This again is a classic Bull Trap Trade.
Price never really cleared the 21 EMA with any conviction and soon rolled over underneath for the score.
Trust me, I was not trading like this a few weeks ago....
This is why I'd like to open up more dialog with traders who think like this and show examples.
You can make a a good living just waiting for Traps......
As far as initial risk, it's all on the setup bar. In most cases it's 8-10tix. But high probability.
For now I'm focusing on cashing in on 4tix scalp profits and with my trade log, look to further optimize
that for more tix if need be down the road.
Remember 4 tix is $50...
How much $$ you want to make per day?
Do the math. I believe $500 - $1000 is a nice start. Just need to prove you can do it consistently making $50.
With those profit numbers, might want to suggest going to SP500 trading 10, 20 or 25 contracts at a time....
don't want to think too far ahead, but it can be sooner than you think...
cheers
Mike S
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You make it sound like 500-1000 a day is easy, I would say not blowing your account while keeping your size small and learning something is a nice start
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I have been watching a couple of Mack's videos since VinceVirgil recommended them in one of his posts, but was shocked when I saw one of his videos where he scalps the ES for 4 ticks take profit and a stop loss of 8.
Which would mean he has to get more than 66% winners to break even, you might even need 70% with some brokers.
Which made me avoid buying his 100$ manual, as I thought nothing good can come out of such trades.
Whats your thoughts about implementing his strategies on CL ?? I am a previous Euro trader on forex market, CL trading can provide much more entries than Euro per day. And what was your Stop loss on these trades you posted ?
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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.
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