Top Pick Trading Forum

[quote=eric-pal post_id=660 time=1694774030 user_id=120]
Remember not to cherry pick the winners :).[/quote]

Extremely easy to do after the fact :lol:

[quote=eric-pal post_id=660 time=1694774030 user_id=120]
Hopefully helpful and good trades to you!
[/quote]

I cant overstate how helpful the lectures are. Still so much to learn its difficult to focus sometimes but ill be honest ive watched every video from Mack from 2019 to today, spent an incredible amount of time marking static charts on my own before I started the lectures trying to get my chart to look like macks and to see after the fact all the best trades, but this retracement thing (Orderflow?) was by far the single most wildly helpful thing ive learned so far. Feel like a blind man who got glasses and can see for the first time :lol: :lol: :lol:

Remember not to cherry pick the winners :).

Range charts simply move with consistent price width.

In the end, having learned to read a chart well, it becomes how does one execute well. Reading the chart and what is happening is the key underlying skill. After that, what helps you to execute your plans. This is one of the reasons we train both the tick and 5 minute charts as exposure helps one broaden horizons. Simplify whenever possible.

Hopefully helpful and good trades to you!

Eric I understand the advantages of tick charts, but I cant help but think range charts are wildly easier to see and interpret. Is there any disadvantage or concerns with using the Tick chart for the "detail" chart and the range chart for execution?

This is NQ not ES but the ES is the same more or less, NQ a 40 Range and the ES a 10 Range.

I know this is not in the lectures but I just cant help bringing this up, it just seems so easy to workout whats happening and the range charts really seem to clean up alot of the "noise" of tick charts.

I dont want to deviate or waste time but I cant stop going back to them, finding myself using them in tandem with much more quality entries and consistent R:R

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[quote=eric-pal post_id=656 time=1694618594 user_id=120]

Second entries are not traps.
[/quote]

Clarification just to make sure there isnt confusion on my part:

I dont really mean "traps" in the sense of how we talk about traps with PATS, what I meant is that a 2 legged correction with a bar that finishes on its low and immediately reverses giving a top gun signal bar finishing on its high (long) will certainly trap counter trend traders and make the "pattern" that much more "powerful". Evidence of this being why a double bottom long entry is less "reliable" or "powerful" than an entry where the preceding bar finishes on its low, signal bar ticks 1-2 ticks below that bar and immediately reverses ensuring anyone who sold under that bar has no possibility to get out at breakeven.

Is this accurate more or less? There are other reasons why 2 legged corrections are a good signal for reversal/entry, market moving in 2's, ensuring the counter trend side is exhausted and their attempt is likely over etc. Making sure your side is present in the area (first entry) etc.

Important aspects coming into focus now. . .

1. Horizontal aspects represent price orders and where prices have historically changed bias. Important because stops may be based on specific areas.

2. Channels help to measure intensity

3. ema assists with biasing, state, and consistency.

These aspects, as well as bar types help to show momentum, support, and resistance :). Combining the horizontal & vertical dimension and elements is how to read context.

Second entries are not traps. Traps are a different thing, so perhaps reviewing early modules on counting and why may assist.

Good work! I think you are seeing why so much of the material which is taught (especially on youtube) is just nonsense. . . The course has a great amount of depth in a reasonable period of time (still a bit of homework time :) ).

Hopefully helpful and good trades to you!

Hi Eric,

I dont know what this is called but I cant help seeing it now. Clearly there are horizontal lines on the chart as you noted in the lectures. Ive spent many many hours now reviewing charts for this aspect of price action.

This retracement, testing, rejection of areas on the chart is hands down the biggest revelation Ive had. You can really spin off on this too, you can take a real small macro level look at every single little swing and test, and blow it up and lay it out over the last week, last month, the daily chart, its happening on every level and seems to be one of, if not the most significant aspect of price action. Honestly seems like the core of price action itself, more so than even trendlines. It seems like this would come first, then trendlines laid over it for confluence.

In fact, its actually quite difficult to stay focused on 1 thing now (LOL), because I think I understand how people are trading Range charts or Renko charts and whatnot.

Anyway, Ive attached yesterdays chart laid out with the EMA removed and with some trades marked playing the price points I noticed yesterday.

What im curious about is - this seems like a perfectly reasonable trading strategy by itself. To be clear, I dont have any intention or desire to re-think the wheel or change the strategy, but in an effort to confirm what I am seeing and to understand everything as deeply as possible, am I seeing this correctly?

Would it be reasonable to think that trading like this would be possible, but with much less probability than if there were second entries on most of these areas? Meaning, trading like this would be maybe a 60% probability trades, while if there were good second entries in most of these areas it would bring the probabilities much higher, say, 90%? This is hypothetical obviously, im just trying to put a number on it for the sake of discussion.

In other words, the second entries are basically traps, and that trap is what increases our odds and gives us the final confirmation and lets us know that the opposing side is "done"? The better the "trap" in these areas, the better and more powerful the trade?

Side question: is the stuff im seeing in the attached image one of the reasons why you trade a naked chart without all the markups and stuff like Mack?

Side question #2: What exactly is the horizontal level aspect called? Is orderflow the proper terminology?

Thanks again Eric and apologies if this post is all over the place :lol:

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