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Price action chart lessons by Mack's PATS Trading (priceactiontradingsystem.com)


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Price action chart lessons by Mack's PATS Trading (priceactiontradingsystem.com)

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  #21 (permalink)
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Bri219 View Post
I dont really miss too many entries,and I didnt really notice too much of a tick difference until you mentioned it.I dont take all of the trades Mack takes shown at the end of the day review.If I miss some trades it was because I wasnt too comfortable with the trade or just skeptical of the price actions direction.


Is it really possible to catch all the entries he marks on his charts on a consistant basis ? Really seems too good to be true.

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  #22 (permalink)
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trendisyourfriend View Post
I suppose he meant supply and demand so it should rather be expressed like this:
The enlightening moment came when I realize that the analysis of supply and demand is not to be done diagonally, it has to be done horizontally...

Which leads me to believe that maybe drawing trendlines is just an activity to stay engaged in the moment but has very little to do with locating valid areas of supply and demand. To be sure, just consider how two individuals would draw their lines at different angles using different pivots.

I too am not completely sold on the validity of trendlines and far prefer the use of horizontal support/resistance zones. I use daily, 30min and 5min charts for my trading. On those charts ill mark diagonal trendlines on the daily and 30min charts if and when I see them. However I will only use horizontal S/R zones on my 5min chart. My reasoning is that although diagonal trendlines often workout, it is usually as a result of S/R, not the trendline. It is just coincidence most of the time that trendlines appear (and our inate ability to identify patterns in the world around us).

My thinking is that if I see a potential trendline bounce setting up on the 30min chart, ill look at my 5min chart for reasons why that point is going to hold ie: I look for horizontal S/R areas. If I dont see any S/R in that area, I will not take the trade just because of a potential trendline bounce.

Just my 2c.

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  #23 (permalink)
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TheSeeker View Post
Is it really possible to catch all the entries he marks on his charts on a consistant basis ? Really seems too good to be true.

I had a chance to talk with Mack. He's a genuine dude and his results are real. Vance (from the CL Trades journal) and myself interviewed him last week. Give it a listen.

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  #24 (permalink)
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TheSeeker View Post
Is it really possible to catch all the entries he marks on his charts on a consistant basis ? Really seems too good to be true.

I have no doubt the guy is sincere and maybe a good trader but i am not convinced that you can learn how to trade by simply doing hindsight trading. I mean looking at a chart when everything is canned is not the best way to learn how to trade. You need to go bar by bar and make up your mind as price is unfolding on the right side of the screen. Drawing perfect lines on the right pivots after the fact does not mean much to me. In fact, you may feel you need to see one more of these beautiful marked charts as they do not make you think by yourself. This is one pitfall i see with this form of teaching.

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  #25 (permalink)
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trendisyourfriend View Post
I have no doubt the guy is sincere and maybe a good trader but i am not convinced that you can learn how to trade by simply doing hindsight trading. I mean looking at a chart when everything is canned is not the best way to learn how to trade. You need to go bar by bar and make up your mind as price is unfolding on the right side of the screen. Drawing perfect lines on the right pivots after the fact does not mean much to me. In fact, you may feel you need to see one more of these beautiful marked charts as they do not make you think by yourself. This is one pitfall i see with this form of teaching.

Reviewing the day, after the fact, won't hurt your trading either. I think the method has a place, but only a small piece of the overall learning process.

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The general problem is when someone disguises hindsight trading as actual real live performance. So long as it is made clear that the chart was not marked up in real time and it is not real time analysis, then I think people can make their own decisions.

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  #27 (permalink)
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FatDemon View Post
Reviewing the day, after the fact, won't hurt your trading either. I think the method has a place, but only a small piece of the overall learning process.

I agree, reviewing the day or certain passages is certainly a good practice. I wrote a comment to this effect in this thread: perfect trading by cunparis. I was more thinking about the same lines of thought as what Big Mike wrote above.

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  #28 (permalink)
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I have had some decent success usings PAT's system. Particularly with the 2nd entries. I am looking to start a Skype group with others who use Mack's system. The purpose of the room is for a group of trader's to share real time charts and entry's in order for everyone to learn from each other. I want this room to only be centered around Mack's PAT's system trading ES using Mack's methods only.

For those interested, please PM me.

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  #29 (permalink)
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Been 3 good ES trades so far off the very clear bear trendline tonight starting at 21:57 EST! Still moving down... How many of you caught them? 10:47, 11:26, and 11:51 US EST.

Do not need much foresight to tell you that Mack will surely have these trades on his video lesson when he finishes trading today. Not hindsight.

IMHO, he's a solid, very nice guy that helps many people.

Note: Times edited to be correct. See messages below! Sorry!

Richard
Hong Kong
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RichardHK View Post
Been 3 good ES trades so far off the very clear bear trendline tonight starting at 21:57 EST! Still moving down... How many of you caught them? 22:47, 23:26, and 23:51 EST.

Do not need much foresight to tell you that Mack will surely have these trades on his video lesson when he finishes trading today. Not hindsight.

IMHO, he's a solid, very nice guy that helps many people.

Richard, are these HK time?

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