Anyone know why the 2ES at 11:39 (time of day not time in the video) on Mack's chart doesn't work? It's a great bearish bar, off a key entry point, right off the top of the range, room to the EMA/last support area. I took this trade and got stopped out and was quite frustrated. I would appreciate any help. Thanks yall. (He hovers over it around 14:27 in the video but doesn't talk about it)
Your contextual bias is off. We came off the support of the day so the bias is we are now going to see where the highs should be. Also, its congested, look at how many bars closed within the previous bar by the time your short sets up. Those are the two main reasons.
Look at that small range right before it. You had a breakout pullback retest and it went higher, then failed to break out of the larger range at 5239 and gave you that signal bar. Between that signal bar and the top of that range there's not 6 ticks to hit your profit target. If you tried to trade it as a failed breakout, you want your candle to close inside the range, which this one does not. It's just best to avoid taking a trade in there because you can get caught - the move lower which triggered your order failed and then went higher to test the top of the 5239 range again. It also looks a bit congested imo. When in doubt, no trade
Fantastic lesson Mack, thanks.
excellent teaching and motivating video Mack, blesses
Nice soapbox MackDaddy
Thanks Mack!
Thanks Mack.
Thanks Mack
Thanks Mack 🙂
GOAT
Thanks Mack as always
thanks Mack
Anyone know why the 2ES at 11:39 (time of day not time in the video) on Mack's chart doesn't work? It's a great bearish bar, off a key entry point, right off the top of the range, room to the EMA/last support area. I took this trade and got stopped out and was quite frustrated. I would appreciate any help. Thanks yall. (He hovers over it around 14:27 in the video but doesn't talk about it)
Your contextual bias is off. We came off the support of the day so the bias is we are now going to see where the highs should be. Also, its congested, look at how many bars closed within the previous bar by the time your short sets up. Those are the two main reasons.
Look at that small range right before it. You had a breakout pullback retest and it went higher, then failed to break out of the larger range at 5239 and gave you that signal bar. Between that signal bar and the top of that range there's not 6 ticks to hit your profit target. If you tried to trade it as a failed breakout, you want your candle to close inside the range, which this one does not. It's just best to avoid taking a trade in there because you can get caught - the move lower which triggered your order failed and then went higher to test the top of the 5239 range again. It also looks a bit congested imo. When in doubt, no trade
Thank you for the reply, I will be more cautious next time@@akfuu1953
Thanks Mack!
Thanks Mack