Hello futures.io (formerly BMT) members, welcome to my journal. I should have started this journal a long time ago, and I did actually start one here quite some time ago, but everything about my trading (method, platform, instrument, level of experience) has changed so I decided to make a new one.
I am trading price action based on a method used by Mack from Price Action Trading System. I like his system for several reasons:
- It is fairly simple (no complex indicators or bar types, and trade set ups are easy enough to learn)
- Low initial risk (I'm starting with 1 contract with a 4 tick target and a 4 tick stop on the ES), but can easily be scaled up once I have more experience with the trades. I also like that his method includes an initial scale out at 4 ticks to secure some profit regardless of how many contracts you are trading.
- Mack posts daily videos on his YouTube channel that are very helpful in gauging my progress and spotting trades that I shouldn't have taken or that I missed, he does an excellent job explaining each set up.
I am starting slow and just taking a very limited number of set-ups per day (ideally 2-5 trades) and only taking second entry (2 legged pull backs to the EMA in a trending environment) set-ups for now. I will also, however, be marking in real time trades that I consider taking, but did not quite meet my criteria for entry (I will explain why I didn't take them), this is also a good way for me to compare how my view of price action compares directly to Mack's.
My next several posts will be charts of my past few days of trading and explanations of both the trades I've taken and the ones I've marked. Then I will be updating daily with a new chart and explanations, I intend to watch Mack's daily analysis later in the evening and add comments to my post each day based on how his set-ups differ from mine and why. Any and all input is very welcome and appreciated.