Live Trade Example – Second Entry Short
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This was a live trade recorded by Big Swiss. He has become an excellent chart reader and has even contributed a few guest articles lately. Big Swiss is an excellent example of how you can learn to read a chart if you put your mind to it and put in the work. He didn’t get this knowledge and experience overnight, and neither will many of you, so please keep that in mind. He got here through hard work and diligence and the never give up attitude that it takes to become a successful chart reader.
Thanks Big Swiss and very nice trade. I appreciate you letting me share it with others. This is a second entry short with no details, but the video tells the story on it’s own really.
Comments
Gra. July 11, 2020 at
Thank you Mack for sharing this and all your dedication and hard work in helping us to read and understand Price Action Trading. A big thank you to Big Swiss for this video and all the other great information you have provided, great study material, this video really highlights the second entry short, also shows your patience waiting for setups to form.
Keekuan7@hotmail.com July 11, 2020 at
Great stuff! Thanks Mack and Big Swiss! Excellent work! 🙂
Lamont E Bailey July 11, 2020 at
no sound
Jorge July 11, 2020 at
Excellent Trade there Big Swiss! A second-entry short on a double top coming from the previous support of the range there now acting as resistance plus an excellent bearish bar. What else can you ask for?
I see you manually trailed your stop very tightly after reaching scalper’s profit. Was it because of that swing low there (perhaps it could bounce there and you wanted to lock in profits)? or do you usually trail your stop like that?
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Jorge
mitch007 July 11, 2020 at
I also manually trail my stop after reaching scalper’s profit for the runner. I need to figure out how to set up the Auto break even. Also, does anyone know how can set up the custom tick counter on the bar instead of just right bottom corner. I have NT8, can it be done in NT8?
redneck4Christ July 11, 2020 at
Thanks for the example. Very helpful.
chrispy July 11, 2020 at
Nice trade. Are you on NT8? If so, where did you get the tick counter? Thanks
Leroy July 11, 2020 at
I, too, would like to know where to get the tick counter for NT8!
traderdoc July 11, 2020 at
Excellent trade, thank you for sharing this.
I notice you are on a 950 tick setting. Is that something you adjust during the day as market slows in the afternoon?
Gra. July 11, 2020 at
He is trading the MES not the ES, so he’s using the 950 tick chart as that compares to the ES 2000 tick chart. Checkout the section Mack’s wrote about the comparison here https://priceactiontradingsystem.com/comparison-of-es-and-mes-tick-charts/
Eric July 11, 2020 at
traderdoc,
I may have less experience, but this is my perspective. Mack has determined this as the resolution on the MES to closely emulate the ES. If trading slows, resolution generally isn’t adjusted and tick charts are more sensitive to the changes in price. That being said, I have seen the ES resolution (typically 2000) briefly change during periods of extremely high volatility (to reduce risk), or if trading has slowed significantly for a longer period of time (days/weeks – not hours) it has been modified temporarily. Personally, I do not trade during these periods and wait for the market to return to a more normal behavior.
Good trading to you!
Geoff July 11, 2020 at
Great example. I learned a few things for sure.
abce7096 July 12, 2020 at
Not drawing your trendlines is undisciplined.