...today in pre-market he used yesterday's day session close as resistance for sell side, then took profit at the floor trader day session Daily Pivot....from the open he used the day session Daily Pivot to sell from...and his profit target on that short was the day session S1.....all of which worked.....
the previous day was very similar...
buy/sell at Daily Pivot, or one of the R's or one of the S's or one of the Mids ...depending on where price is...then ride to the next pivot, cover or continue, depending on whether it breaks or fakes...
repeat if it approaches the same price again, but if it fails, take your point loss and reverse, ride to next pivot...etc
He seems to use previous day Hi,Lo,Close as S/R, as well as day session close pivots, ...
This is actually very informative for me, as I have been toying with a program to pretty much do just that, and it is interesting to see someone else doing something pretty close...if in fact I am correct, however, I could be wrong and he has some secret sauce I don't see...
Last edited by thommytrader; May 30th, 2015 at 03:03 PM.
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Did the 3 days at Acetrade. Wish I had taken better notes. When I first logged in and heard the obnoxious drivel I almost logged out. But I decided to stick it out. From what I can tell, a level is posted prior to market open although it was posted before the "trial'ers" time started, so I'm not sure when it went up. All three days he referred to it as an "opportunity".
The first day price was well below the level but had been to that level a couple of hours before market open. I think he was insinuating that the members had already taken successful shorts there. When it did revisited I took a short and made a quick 3 points. Later he posted another "level" at a slightly lower point and I tried again and was stopped for a point just as he called reverse , so I did and got another point on the reverse (it did actually hit his target of 3 or 4 points to the tick) but I only got 1 point off of the 4 point "opportunity" as I got some serious slippage on the fast move up.
I did make a couple of points all 3 days.
Some general comments:
He will take liberties with his updated levels. At market turns he will draw a blue line often at the high/low AFTER the price has already moved away. When he refers to these levels later he says for example "You should be on Bears at "Around xxxx, close too, but not too far away. Don't worry about a couple of ticks!!" ,then about a half point later he will call "You multi-lotter's, take off half" . In reality you are probably in a couple of ticks worse and he's telling you to scale out for a fraction of a point. WTF? Doesn't jive with his "points not ticks" mantra.
Anyway I am much more interested in his entries which were pretty good over 3 days (even considering a little fuzziness) as well as his market bias (for first market hour anyway) was correct all three days. BTW I think he calls bias after seeing the price reaction at the posted "secret" level.
He does use a fairly tight stop but it isn't as tight as advertised (he advertises .75) unless your entry was perfect (I settled for 2 ticks from perfect for 3 days and made money). BUT he also says the level may be violated by "Floor trader's probe" of up to .75. How can you have a .75 stop and be expect routine .75 violations? More realistically it is a 1.5 stop IMHO.
From his narrative it seems that if the "Floor trader's probe" is a success then he would reverse bias.
Also his whole Member's chat area looks suspicious, from the most cheesy comments you will ever see "Thanks Ace!! I need a wheelbarrow to cart all this money away!!" to the actual names in the chat area that looked like computer generated. All names were formatted the same - Capital Letter then underscore then XXXXX. Example Z_Rob, Z_Tony, Z_Lama and X_Mister D. I pulled those from a list of 20 names I saw in the members area. What are the chances that out of 20 names, 3 of them would have a Zed in it? Combine that with the 100% boot licking comments, it looks suspicious.
Finally, he claims that he teaches you the method, so you don't need the long term sign up. The shortest term though is 3500 for 6 months. So if you cant learn the method in 6 months... I suspect he doesn't do monthly terms because you would "see through him" and be done or learn it and be done.
All that said, I probably will do another 3 day if offered.
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I see six positive reviews of members who are paid members of AceTrades, only two of which are current active posters.
Can you share any additional insights?
Do his calculated levels work for other/all markets? I participated one trial day and there was a poster who was claiming he was having success in multiple markets that day.
If his levels are simple and obvious to calculate/apply, is there any need to participate in the room for more than a week or two, unless you enjoy it, or want his confirmation?
Do his calculated levels work throughout the trading day, or are they better for, or only for, the pre-market and early market trading? It seems he has a good grasp of early direction and turning points, but as the market unfolds, his commentary can get hazy and his 'called' levels are more on-the-fly and lest tradable real-time as they can come after the fact.
I prefer to flow with price and scalp trade. I have never been skilled at identifying quality support and resistance that is consistently meaningful to trade from. That is the reason I am curious about his methods. He seems to have some success, but his manner of interacting with the room and the later-in-the-session, less timely 'calls' he offers are of concern to me.
Thank you for any insight.
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It's been over three weeks since I asked about updates from traders with Ace Trades...silence.
I was in his room Thursday and today on a free trial, and he does a reasonable job of identifying areas to trade from, directional bias, and targets when available. It seems he spends time with subscribers before opening the room to guests, likely discussing market expectations, so some of the initial guest commentary may lack initial context. I don't fault him for spending additional time with paid subscribers, if that is the case.
He is quick to promote, answer questions about joining and send YouTube links of prior days. When I asked him in the room for a general discussion about how to manage one contract versus two contracts, it went unanswered, even though there was plenty of dead time for a response.
He told guests to call or email with any questions. I did yesterday, and forwarded the email again this morning, but have not received a response.
The following are the the abbreviated versions of questions I asked. If you have received responses or know the answers, I would be interested in your comments.
1) Why do you not share any personal information, including name, address and other contact details?
2) You mentioned you can learn 90% of your strategy with the introductory materials; what does that mean? You seem to have a grasp of the directional bias and areas of support and resistance. Is that something I can objectively learn relatively quickly as an experienced trader?
3) Is your strategy fundamental to the markets and will it continue to be successful over time as is?
4) You present the results of your strategy as identifying relatively large winners with a few small losers. In order to achieve a smooth equity curve, I would be content to have more consistent modest winners to cover small losses. Do I need the big wins to compensate for many losses?
5) May I speak to a couple of your successful students to hear of their their experience with you and your strategy?
Thank you for any insight you can share.
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I was in this room for 6 months. It looked good on the outside, but once I started learning this system I found the trade calls were very vague and even tricky to follow, borderline shady. Many of them were posted early, 6 - 7 am and if you came in later it was often too late and tough luck. The system relied heavily on really basic ideas. I signed a NDA so i won't go into it, but everyone has probably used trendlines and support/resistance, pivots, etc... so I won't mention what he actually was using, but it was very basic training. His targets were a little unique, I won't give that away, but I did not find them too very accurate. The system took a lot of small stops, some days 4 or 5 with little to show, sometimes just keep selling, selling, sell again. They usually sell the ES, going long was a bit rare. I should add that there are a lot of days where he makes some points, but tracking the calls can be hit or miss, he will take credit even if you thought he was out. Not very accurate on keeping track of what happenned, in order to promote more sales and look good. I don't believe he traded live at all.
Last edited by Greg4hvn; June 28th, 2015 at 11:01 PM.
Reason: additional info
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Jerryjerry, you mentioned in another post you were doing very well with GTR trade room, but it looks like you are checking out ACEtrades, are you still using GTR, and how is it going? What has been the negatives, are the trades working out and easy to follow, learn?
yes i am still with gtr and yes i do make money every day i am in the room . they call the trades in avance so you will know what they are looking at but they trade many markets and i really dont like running all over the place looking for trades on tf.ym.clude.gold ect. i like to just trade one market at a time i like ace. because in the room all he trades is the es
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You better have thick skin with this room as well, or don't say anything stupid or wrong, he can be pretty hard on those who do something wrong or ask a question that he does not want to mess with. I do believe if you have a lot of money it is possible to try to follow his trades and make money, if you are not concerned about a lot of small stops, you could come out ahead here in the long run. Then you ask yourself why does he not trade live himself. I don't even get the impression he, Mr. Kelly, is even sim trading this! Anyone who does not trade his own money on his system, you have to wonder about that.
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Greg i dont understand when i am in the trails i make money all the time i enter one tick going down from where he calls the trade on the blue line and when i sell half at one point or sometimes more i always move my stop to break even plus one i never let it stay in negative zone and as the market moves down to the next target that he calls i will then move my stop to where he says to move stop as long as it is in the money i will move stop that is the best way to use the money management of his system , now the gtr room the first day i was in the room i lost $8000 because bob say that it was a bangbang trade at a certain price but but the market had not got there yet but he said that the market was going there anyway so i went in that direction and the market went the other way and never came back and me like a dummy i kept moving my stop down hoping that the market would turn around and come get the bangbang trade but it never did and then i stated to venge trade and i lost $8000 for the day i did not take no more calls for that day just moving my stop down father and father down it was not bobs fault it was mine because i did not go the member area and read all about the set ups that they do if i would have did that i would have known that you only go one tick below or one tick above a bangbang trade and you only use a 6 tick stop no more if it does not go in your favor after 5 ticks of heat it is not going , all a bang bang is a certain price where the market has touched at least two times and have broken though you only go one tick greater than that price when it goes
though by one tick it usually takes off fast in that direction i now have the bangbang indicator which automatically draws the price lines on the chart for you so i can see where they are my self if you have any questions about the gtr room you can private messege me though big mike i will be glad to answer any questions you may have
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Looking for Price Action Traders to Interview for Podcast
Hello. My name is Mak and I am learning to daytrade the ES and TF using a few price action methods taught by Al Brooks and Mack from Price Action Trading System. I am looking for traders who are trading price action like them successfully or have there own version of their teachings to help them be profitable on a consistent basis. I have a podcast that I am producing that is focusing on these kind of traders. If you are interested in learning more or would liked to be interviewed about your journey with trading please contact me by privately sending me your number or email.