This was a live trade taken on Tuesday April 6th. This is a 2nd entry long off of the Key Entry Point.

Live Trade – 2nd Entry Long Off The Trend Line/KEP.

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thevmackwin April 6, 2021 at

Wow, heard you loud and clear.
Forget about reversals and failed second entries.
BASIC 2ND ENTRY = BANK!
Thanks Mack!

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Lee Garrett Sorenson April 6, 2021 at

Wow. Great trade to watch! Thanks, Mack!

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Greatlookinguy April 6, 2021 at

Very super awesome Mack! Thank You for doing this πŸ™‚ I took both those second entry longs.. the one you took and the one that came after that. I had drawn a range in that area and I’d set my runner targets at the top of the range, so got some points on both runners. Although sometimes when I draw such mid-trend ranges, I stop myself from entering trades that visually look like going into resistance or support of these mini ranges.. but then they turn out to be good moves. I also took that cheeky second entry short off the resistance of the range.. the one that comes in-between those two longs. Took it just after my runners from that first long reached their target at the top of the range. It is counter trend to the overall day’s trend I know – hence took a small position compared to what I took on the longs – but once I saw the strong bear bar that followed the bullish signal bar, I put in a limit order well back and the bar that took your runner out, triggered my trade and then got me my scalp. You teach entering corrections this way in your premium video on entering on corrections.. wait for the bar after the signal bar to complete, and if that is a strong one in your favour then place a limit order well back or where you would have originally placed it had the signal bar had been strong, to see if it fills you in. Seems to be working out well for me thus far. Yes, I do miss out on some good moves as the price sometimes doesn’t back up enough.. then again the runners not getting stopped out a few times because I entered well back make up for sometimes. Swings and Roundabouts.

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Henning April 7, 2021 at

Thanks heaps for sharing that trade, Mack.

Apart from the obvious benefit of watching you taking trades and commenting on your thought process before and during the trades, there was one other thing I liked about the video:
Seeing that also highly experienced seasoned traders like you suffer from the dilemma concerning the question on whether to lock in some profits or to leave the SL at BE (or rather BE+1 in my case), to give the trade more wiggle room for a better chance of reaching a bigger target.
While I have often had the feeling “Whatever I do concerning moving the SL, it turns out to be the wrong decision”, on that particular trade I would have locked in profits by doing what you said you should have done. And in this particular case it would have been the right decision (for a change…lol).

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    Mack April 7, 2021 at

    Unfortunately, my experience is that no matter what I decide, it is usually wrong. I find that you should create a strategy and stick to it consistently, that way you don’t always make the wrong decision. By having a plan, you will at least get it right half of the time. It’s always a tough decision, and even tougher in real time and I usually get it wrong if I don’t follow my strategy. Normally I would probably move my stop up, but I was hoping to get a good runner on video. Recording automatically makes you think differently, so one of the reasons I don’t like video taping all of my trading.

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      Henning April 7, 2021 at

      Thanks for your feedback on my post.

      I actually use an automated trailing function (currently it moves the SL BE+4 after price moves 12 ticks in my favour, so I lock in at least one point on the runner).
      What I like about it is that there are no emotions involved and that (in theory) there is no reason to get annoyed, if my runner gets taken out there (usually to the tick of course, only to see price explode in the anticipated direction afterwards…lol), because it was the automation that moved the SL there, not my own decision in that particular trade.
      However, what I don’t like about it, is that it does not consider the exact context (e.g. volatility, where is support + resistance, how do the last price bars look like etc.), so I think overall I still prefer moving the SL manually to e.g. 2 ticks below a swing or the last bullish candle, once price keeps moving higher (if in a long).

      But there might be a difference between us: I still feel annoyed if I get taken out at the SL, if that happens (about) to the tick, with price then continuing without me on board, while you apparently remain absolutely calm and accept it (at least I could not sense any obvious negative emotions in the video when your runner got taken out). I’m certainly not there, yet.

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        Mack April 7, 2021 at

        Once that bearish down bar formed, I was pretty sure I would get stopped out, but I have seen prices go to the low the previous bar many times and not make that final tick lower that gets your stop, so I’ve learned not to worry about it. Just decide how you want to play it and stay the course. Moving your stop automatically is fine, but don’t be afraid to keep it a tick below the last completed bar if long and above the last completed bar if short, so you could still move it manually after the auto strategy moves it.

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Michael Nero April 10, 2021 at

Hi Mack. I love these videos this is a great addition. I am new to futures trading and have a few questions.

Q1: On this trade I see the prices are: Entry is 4071, Initial stop is 4069, and Target#1 is 4072. Am I correct in my understanding that the stop size is 8 Ticks (2 points), and the Target #1 size is 4 Ticks (1 point)? If so what does it mean when you say “scalp out 15”?

Q2: I have a small account so am experimenting with the Micro Mini ES (MES). Should our strategies work with the MES? Any concerns?

Cheers,

Michael

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    Henning April 11, 2021 at

    Hi Michael,
    while I’m not Mack, I can answer your questions nonetheless. πŸ™‚

    Q1: You are correct, Mack’s 1st target is at 4 ticks. When he says “scalp out 15” he refers to exiting 15 contracts there, keeping the remaining 5 contracts as a “runner”.

    Q2: Mack’s approach works for the MES, too, yes. However, he recommends using a 950 tick chart for it, as opposed to the 2000 tick chart used for the ES. (You can read that here: https://priceactiontradingsystem.com/faqs/ )

    I hope this helps.
    Happy trading

    Reply

    Henning April 11, 2021 at

    Hi Michael,
    while I’m not Mack, I can answer your questions nonetheless. πŸ˜‰

    Q1: You are correct, Mack’s first target is at 4 ticks. When he says “scalp out 15” he refers to exiting 15 contracts there (keeping the remaining five as a “runner”).

    Q2: Yes, Mack’s approach works for the MES, too. However, he recommends using a 950 tick chart for it (as opposed to the 2000 tick chart recommended for the ES). You can read about that recommendation in the FAQs section.

    I hope this helps.
    Happy trading

    Reply

Michael Nero April 11, 2021 at

Thank you Henning!

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