Hey Michael, I really appreciate what you're doing here by sharing all this knowledge. I was wondering if instead of trading at four on profit you could trade at 2 and double the quantity of the order so it gets filled quicker with the same profits. Is this ill advised because the losses would be double?
*I must say that knowing you is my greatest achievement in life, i receive my profit $10,000 successful, all thanks to Mrs Linda may God keep on blessing you*
Another great withdrawals today!! £73,500 i appreciate what you've done for me, you're the best and i promise to spread your good work, thanks so much Mrs Linda.
Hey Michael Great Job!!! I really enjoy you and Riley providing some great content regarding scalping, trade setups, and tutorial about Ninja trader. keep up the good work.
Bro I just love your method and believe this is the best way to trade today. I would say a $500 morning is an awesome thing!! Keep up this awesome trading and change nothing!!
At many futures brokerages, you need $1000-$2000 to open an account and $500 per contract to day trade ES. Keep in mind that if you risk 2 points to make 1 point, you'll need to have 67% winning trades just to break even. So you had better have successful runners.
He is confusing you with his inconsistent identification of so-called 2-legged pullbacks. Based on the way he identifies his so-called 2-legged pullback ("2LPB") in his videos, his 2LPB consists of 3 consecutive legs: 1 up, 1 down, 1 up OR 1 down, 1 up, 1 down. The relative lengths of the legs are irrelevant. This observation leads to the following conclusions: 1) EVERY SEQUENCE OF THREE CONSECUTIVE LEGS FORMS A "2-LEGGED PULLBACK." 2) EVERY LEG is the 1st leg, 2nd leg and 3rd leg of some 2-legged pullback. 3) There is no such thing as a 1-legged pullback. That big drop at the open that he called a 1LPB was actually the 3rd leg of a 2LPB. The next big drop that held to his rising trendline was also the 3rd leg of a 2LPB. Since every 2-legged pullback consists of 3 legs, it follows that every 2-legged pullback has two trade entry points: (1) the start of the 3rd leg and (2) the start of the leg that follows the 3rd leg. The above definition of a 2LPB makes it very easy to find 2LPBs. What really matters is the context in which the 2LPB occurs. The context includes the direction or lack of direction of the immediate trend, support and resistance levels, trend line support and resistance, the expected affect of chart patterns like triangle, wedges, etc.
@@kerrylitvin2810 There's no difference between a flag and a pullback, no matter how many legs it has! They are ALL just different names for the SAME concept: a continuation pattern in a trend. When Al Brooks uses the term _2-legged pullback,_ he's talking about an _ABC correction,_ the term R.N. Elliott used in _The Wave Principle,_ which was published before Brooks was born. Brooks observes that it's safer to enter the trend on a 2nd pullback to the trend line or to whatever moving average you're using as a proxy for trend line. All Brooks is really saying is that it's SAFER to wait for the presumed support/resistance to be TESTED before entering a trend.
@@herrickinman9303 Michael also states that these are 90% successful trades. Is that a verifiable/peer confirmed fact? Are there quantitative stats that back him up or is this more of a euphemism for 'very high probability' of success without really knowing the true success rate?
@@kerrylitvin2810 That's not quite was he says. He often says that he only trades setups that have a 95% probability of success, but he never explains how he distinguishes between a setup that has a 95% probability of success and a setup that has, say, a 70% probability of success. In another video he explains that the setups he trades have, "in my opinion," a 95% probability of success. In other words, he's making purely subjective statements about probability. There are many setups he takes that I would have passed on. And there are many setups I would have taken that he didn't even notice. Two people could independently trade the same scalping strategy and get very different results. Odds are they won't each take the same setups. The choice of which setups to take may be guided by more-or-less objective considerations, but the choice is still discretionary. The results depend on the trader's skill and judgment. The results also depend on order execution. Do you enter on a stop order or on a limit order? If you enter on a stop order, will you get filled at a good price? If you enter with a limit order, will you get filled? The results also depend on the management of runners. He risks 2 points to make 1 point. If you trade a strategy that risks 2 points to make 1 point, you will need 67% winners just to break even. I'm not including the effect of runners in that analysis.
Thanks for what you do and share with investing. You're awesome and we appreciate you. Loving learning this stuff and applying it to make extra income and improve my life. Thanks!
Hi Michael, just a question in the beginning of your trading journey, how much money did you lose while learning? Just curious as I know in the beginning it's hard and I like doing scalping myself. I have a small live account which I don't really care about blowing but just using it as a learning utensil in order to see where I go wrong and my own bad habits and to master them.
It looks like you have your stop losses and take profit already set. Can you preset a stop losses and take profit on every trade or do you have to manually set them?
Please update your videos. I tried to do this and it was the biggest letdown. Poor people can't trade. Tired of everyone misleading me. Margin for these contracts is over $15,000 ! ! !
Great contents! Quite new to your channel but I'm getting into option trading. Quick question (quite new so my terminology might be off), when you have your runner going, why don't you put the sell point past the break even point even just a tad bit so you make some extra profit after your runner closes? $1 extra is another $1 in my book. Thanks for the content! Also I'm trying to incorporate a stop loss system in stocks too so that I can lock my gains.
because its a runner, you want it to run and not get stopped out early, thats the whole point. By highering the stop you might be taken out before the big move
Michael, you are talking about that missed two legged pullback at 0:20 min in this video. Wouldn’t it be much easier to recognize this with less ticks than 2000? thank you for the help
Michael, can you tell me what video software you are using to record your charts? and then doing voice over and drawign while you play the chart back, correct? Thanks
How do you place orders like this on tradovate? I know how to do bracket orders, but not how to split up the sells and get the stop to adjust automatically
Once again just trying to duplicate what you seem to see so consistently and clearly. I'm trying to get how the two one-legged pullbacks are not one big two-legged pullback early on in this vid particularly since they are joined by a whole continuous sequence of rising candles between the two singles? Also, it seems that a 2-legged trap is the opposite of a 2-legged pullback in that it gets the trader anticipating a new trend direction against the current trend?
I downloaded the ninja trader 8 demo and set it up like you show. Now I don’t understand what’s next do I have to enter bank account info to buy and sell I’m confused?
No worries Mike. Ninjatrader has cheaper commissions on futures contracts, chart trader, and faster price feeds (ToS is known to lag when the markets get volatile). These factors are crucial for a day trade scalper
@Michael Chin why do not you set a much larger range of sell limit since you already know the trend line? I do not know the future: how much is the cost per/contract? besides trendline, what other factor do you include in es future trading: volume, news?
My sell stop is usually placed below the last swing. I pay around $1.8 per futures contract on commissions. I strictly look at the price action for these trades. No news. News will only distract you from what prices are actually telling us!
Price action trading is pretty accurate , I traded forex 15 years ago and have statements of trades that I took one month I took over 720 trades and average 30 trades before one loss . The best being 600 trades in a row
If you take trades based on the candle your risk reward it’s in the Reward. itself. Say a trigger candle is .30 and the confirmation candle is .15 then your maximum loss is set to .16 and your reward is .30 plus . Etc .
Nice video. Do you have any on getting started trading Futures? Also, seems you are doing well enough trading that you wouldn't need a F/T job. Why are you still working? Just curious.
Thanks! I'm working on a future's strategy video that should be finished in the next 2 weeks. As for my job...I've been studying and practicing this strategy for 4-5 years on a demo account, and recently transitioned to live trading earlier this month. Things are going well, but I would like to see this play out a little longer before I make the leap!
I have a question do you set your trailing stop to move on there own after they reach there goals or do you move the stop yourself to make it set to a break even?
I post all of my live sessions, win or lose. As for my job, I only recently felt confident enough to start trading with real money these past 2 weeks. Trading has been very kind to me, but I want a bigger sample size before I make a big decision like that
Michael Chin is a disciple of Al Brooks. According to Al Brooks, "The term _leg_ is very general and simply means that the direction of movement has changed, using any criterion that you choose to determine that the change exists."
Why wouldn’t you move up your stop loss on the runner when you see prices going back down and make a little extra cash? Instead of just watching it drop 2 points
You are one of the few people to clearly show what your thought processes are. Thank you!
Hey Michael, I really appreciate what you're doing here by sharing all this knowledge. I was wondering if instead of trading at four on profit you could trade at 2 and double the quantity of the order so it gets filled quicker with the same profits. Is this ill advised because the losses would be double?
Good job, I enjoy watching newer traders making right trade decisions. Got your self a new sub.
Thanks Marcelo! I appreciate the support
*I must say that knowing you is my greatest achievement in life, i receive my profit $10,000 successful, all thanks to Mrs Linda may God keep on blessing you*
*I withdraw my profit every week thanks so much*
Another great withdrawals today!! £73,500 i appreciate what you've done for me, you're the best and i promise to spread your good work, thanks so much Mrs Linda.
Yes I'm also a living testimony of expert Mrs Linda.
Mrs Linda has changed my financial status for the best.all thanks to my aunty who introduced her to me?
God bless the day i came across your number on RUclips. You are God sent ma'am always remain thankful to you.
Hey Michael Great Job!!! I really enjoy you and Riley providing some great content regarding scalping, trade setups, and tutorial about Ninja trader. keep up the good work.
Bro I just love your method and believe this is the best way to trade today. I would say a $500 morning is an awesome thing!! Keep up this awesome trading and change nothing!!
Brotha thank u so much man. You literally help me out just now learning how start a chart from scratch.
I must admit that was very shrewd trapping those short sellers. They do it to everyone going long....loved it! Going to practice this.
Hey! Late to the post but what platform do you use to trade? ThAnks!
How your chart sides are clean and not a mess. How can I remove the sidebars from my tradingview ?
I have a question... In your opinion despite the cost.... wich software is more suitable for scalping? Ninjatrader o thinkorswim???
What broker are you using and how there is 0 spread ? I get minimum of 2 points spread
How much capital do you need to start Micheal? These are great videos by the way
At many futures brokerages, you need $1000-$2000 to open an account and $500 per contract to day trade ES.
Keep in mind that if you risk 2 points to make 1 point, you'll need to have 67% winning trades just to break even. So you had better have successful runners.
I'm a bit confused. You make a distinction between a 2-legged pullback, vs two consecutive 1-legged pullbacks. How do you tell the difference?
He is confusing you with his inconsistent identification of so-called 2-legged pullbacks.
Based on the way he identifies his so-called 2-legged pullback ("2LPB") in his videos, his 2LPB consists of 3 consecutive legs: 1 up, 1 down, 1 up OR 1 down, 1 up, 1 down. The relative lengths of the legs are irrelevant. This observation leads to the following conclusions:
1) EVERY SEQUENCE OF THREE CONSECUTIVE LEGS FORMS A "2-LEGGED PULLBACK."
2) EVERY LEG is the 1st leg, 2nd leg and 3rd leg of some 2-legged pullback.
3) There is no such thing as a 1-legged pullback.
That big drop at the open that he called a 1LPB was actually the 3rd leg of a 2LPB. The next big drop that held to his rising trendline was also the 3rd leg of a 2LPB.
Since every 2-legged pullback consists of 3 legs, it follows that every 2-legged pullback has two trade entry points: (1) the start of the 3rd leg and (2) the start of the leg that follows the 3rd leg.
The above definition of a 2LPB makes it very easy to find 2LPBs. What really matters is the context in which the 2LPB occurs. The context includes the direction or lack of direction of the immediate trend, support and resistance levels, trend line support and resistance, the expected affect of chart patterns like triangle, wedges, etc.
Aren't these just bull or bear flags? What the difference between a 2-legged pull back and a flag?
@@kerrylitvin2810 There's no difference between a flag and a pullback, no matter how many legs it has! They are ALL just different names for the SAME concept: a continuation pattern in a trend. When Al Brooks uses the term _2-legged pullback,_ he's talking about an _ABC correction,_ the term R.N. Elliott used in _The Wave Principle,_ which was published before Brooks was born. Brooks observes that it's safer to enter the trend on a 2nd pullback to the trend line or to whatever moving average you're using as a proxy for trend line. All Brooks is really saying is that it's SAFER to wait for the presumed support/resistance to be TESTED before entering a trend.
@@herrickinman9303 Michael also states that these are 90% successful trades. Is that a verifiable/peer confirmed fact? Are there quantitative stats that back him up or is this more of a euphemism for 'very high probability' of success without really knowing the true success rate?
@@kerrylitvin2810 That's not quite was he says. He often says that he only trades setups that have a 95% probability of success, but he never explains how he distinguishes between a setup that has a 95% probability of success and a setup that has, say, a 70% probability of success. In another video he explains that the setups he trades have, "in my opinion," a 95% probability of success. In other words, he's making purely subjective statements about probability.
There are many setups he takes that I would have passed on. And there are many setups I would have taken that he didn't even notice.
Two people could independently trade the same scalping strategy and get very different results. Odds are they won't each take the same setups. The choice of which setups to take may be guided by more-or-less objective considerations, but the choice is still discretionary. The results depend on the trader's skill and judgment. The results also depend on order execution. Do you enter on a stop order or on a limit order? If you enter on a stop order, will you get filled at a good price? If you enter with a limit order, will you get filled? The results also depend on the management of runners.
He risks 2 points to make 1 point. If you trade a strategy that risks 2 points to make 1 point, you will need 67% winners just to break even. I'm not including the effect of runners in that analysis.
Thanks for what you do and share with investing. You're awesome and we appreciate you. Loving learning this stuff and applying it to make extra income and improve my life. Thanks!
No worries Kenneth! I'll do my best to help out
Hi Michael, just a question in the beginning of your trading journey, how much money did you lose while learning? Just curious as I know in the beginning it's hard and I like doing scalping myself. I have a small live account which I don't really care about blowing but just using it as a learning utensil in order to see where I go wrong and my own bad habits and to master them.
It looks like you have your stop losses and take profit already set. Can you preset a stop losses and take profit on every trade or do you have to manually set them?
Man I love watching this dude trade, he is a trip lol. New content coming out soon?
Dont think so. Made enough money
hi Michael what timeframes your working whit on your videos 5min or 15 min
Please update your videos. I tried to do this and it was the biggest letdown. Poor people can't trade. Tired of everyone misleading me. Margin for these contracts is over $15,000 ! ! !
This is one of the best trading systems I’ve seen…
Hi Michael , Thank for sharing your skill , it's been so helpful to me. May I ask what trading system are you using?
It’s price action using a 20 sma as a guide
What do you mean by fill your order?? When you enter a trade you buy e.g. 3000 stocks ..all you wait for is 1 person to buy all right??
Hello Sir, its awesome video,
Which time frame do you use for scalping??? Please upload more video we are waiting......
Thank you
HI Michael, Is there a reason why you trade futures instead of regular stocks?
Great contents! Quite new to your channel but I'm getting into option trading. Quick question (quite new so my terminology might be off), when you have your runner going, why don't you put the sell point past the break even point even just a tad bit so you make some extra profit after your runner closes? $1 extra is another $1 in my book. Thanks for the content! Also I'm trying to incorporate a stop loss system in stocks too so that I can lock my gains.
because its a runner, you want it to run and not get stopped out early, thats the whole point. By highering the stop you might be taken out before the big move
You said you remember this day??? So does that mean you are making these videos after the moves and you already know which way they are going ?
Michael, you are talking about that missed two legged pullback at 0:20 min in this video. Wouldn’t it be much easier to recognize this with less ticks than 2000? thank you for the help
I think he missed it because it happened right before he got on the computer, not because it was hard for him to recognise it.
what time frame are you on mike????? I hope you see this
What's the time frame you're using in the chart?
Can I trade S&P 500 from outside the US? What broker or exchange allows this?
Michael, can you tell me what video software you are using to record your charts?
and then doing voice over and drawign while you play the chart back, correct? Thanks
I use OBS: Open Broadcaster Software to record my charts in the morning. Then I re-use OBS to add commentary on top of that
How do you place orders like this on tradovate? I know how to do bracket orders, but not how to split up the sells and get the stop to adjust automatically
A Brazilian follower, I liked your channel, can you tell me what mobile media you use on the M1 chart?
Thanks for your time to make these vids!! There we go runner! The spell is broken. Now every runner at LEAST 5 points :D
Right??? Finally one of them paid off.. let's hope that continues hahaha
What is your candle stick timeframe? 1minute, 5 minute candlestick?
Once again just trying to duplicate what you seem to see so consistently and clearly. I'm trying to get how the two one-legged pullbacks are not one big two-legged pullback early on in this vid particularly since they are joined by a whole continuous sequence of rising candles between the two singles? Also, it seems that a 2-legged trap is the opposite of a 2-legged pullback in that it gets the trader anticipating a new trend direction against the current trend?
Where do you trade this S&P 500, what platform?
ninja trader. He even has a video on his channel. Good luck
Good day Michael , I am eager and committed to learning this skill, maybe im a little slow on the uptake. Im getting crushed in market can you help
Where did you go? Iam learning so much and I benefit from your lives.
Make a note to my trusted trader miss Lisa so she can make a good trade for you okay
+1 7 3 4 2 5 2 0 4 5 1
great, bro what is your trading platform
I downloaded the ninja trader 8 demo and set it up like you show. Now I don’t understand what’s next do I have to enter bank account info to buy and sell I’m confused?
I'm watching this in March 2022 & wondering if the 2 legged trap is still a viable setup in today's market. You still trading it w/ success?
How much capital do you use?
I had an enlightenment at 1:53
Michael, Thank you for these great educational vids! Could you explain the reason for the switch to Ninja brokerage from Tos?
No worries Mike. Ninjatrader has cheaper commissions on futures contracts, chart trader, and faster price feeds (ToS is known to lag when the markets get volatile). These factors are crucial for a day trade scalper
@@MichaelChin Yes, I do agree and I have been complicating doing the same thing. Thank you for the quick reply!
can a trader do this on tradingview an if so how would they set it up thnaks
@Michael Chin why do not you set a much larger range of sell limit since you already know the trend line?
I do not know the future: how much is the cost per/contract? besides trendline, what other factor do you include in es future trading: volume, news?
My sell stop is usually placed below the last swing. I pay around $1.8 per futures contract on commissions. I strictly look at the price action for these trades. No news. News will only distract you from what prices are actually telling us!
Michael Chin when you say 1.8 that's $180 including commission fees? Also is that on TOS or Ninja?
Hi bro what flatform are you using. Im new in forex trading so I couldn't get what point you at saying and the buy stop or sell stop 😊
I think he’s using trade ninja but there’s tradovate . And others .
Is this possible on Robinhood ? For S&P
Always looking forward to these everyday
Love the support Richard! Join the Facebook Trading Group if you're interested in learning even more
Already done
@@NinjaDawnn what's the trading group called please?
Does the two Leg strategy works on any stock? Thank you
Explain why you choose to trade using the 2k tick chart over a 1or 5 min. candles?
It's a personal preference. I've found the 2k tick chart to be the most reliable with this strategy
great! do you have broker statements to show?
Price action trading is pretty accurate , I traded forex 15 years ago and have statements of trades that I took one month I took over 720 trades and average 30 trades before one loss . The best being 600 trades in a row
so you get your point. 50 each but you have 3 so that's 150. you sell some then let it run. how does the runner thing work? that's a good one.
The runner is the last trade , which will drag to breakeven first , then trail it higher as it moves usually at prior support levels
Which platform are you using. ?
What do you use to record on?
I noticed you don't go by risk reward ratio and instead set your bracket order based on the chart. Is that right? could you talk about it?
it seems like your risk is double your reward but at least you have confidence in your understanding of the chart psychology of traders
If you take trades based on the candle your risk reward it’s in the Reward. itself. Say a trigger candle is .30 and the confirmation candle is .15 then your maximum loss is set to .16 and your reward is .30 plus . Etc .
wow thanks for all your tips and tricks!! look forward to more vids :D
Thanks! Glad I could help you :D
Nice video. Do you have any on getting started trading Futures? Also, seems you are doing well enough trading that you wouldn't need a F/T job. Why are you still working? Just curious.
Thanks! I'm working on a future's strategy video that should be finished in the next 2 weeks. As for my job...I've been studying and practicing this strategy for 4-5 years on a demo account, and recently transitioned to live trading earlier this month. Things are going well, but I would like to see this play out a little longer before I make the leap!
@@MichaelChin I'm intrigued... where might one get a demo account? Nice work, and I subbed!
@@33DP11 goto the ninja trader website and download the program. The website explains it all
Very good 👍🏻
What's the name of the Facebook group? Does it still exist?
I love to trade the S&P but how do you get the charts for 2000 chart on the S&P. I trade with IG...platform
Are you using a one min chart
hey michael ...what time frame chart do you use in your scalping videos ??
2000 tick which means candles form every 2000 transactions, not from time passing.
I have a question do you set your trailing stop to move on there own after they reach there goals or do you move the stop yourself to make it set to a break even?
I am manually moving the stop to breakeven
I always start with two questions. Do you only post winning trades and winning days? and, if you are making $500 day why do you still have a job?
I post all of my live sessions, win or lose. As for my job, I only recently felt confident enough to start trading with real money these past 2 weeks. Trading has been very kind to me, but I want a bigger sample size before I make a big decision like that
@@MichaelChin Wonderful job, and you are on the right track
@@rodstratman3318 Thanks! It's my goal to transition to a full time trader
Bro I love your love series I just wish I knew more about your setup
No new videos? Really like your content
Michael Chin is a disciple of Al Brooks. According to Al Brooks, "The term _leg_ is very general and simply means that the direction of movement has changed, using any criterion that you choose to determine that the change exists."
Hey, great content. Im new to your channel and confuse to that tiny pullback your talking to hard to spot. Can you make a video just talking 2LP,
I'll be working on a video to count those pullbacks. Stay tuned!
@@MichaelChin that's great. Can't wait to see
it.
How much is spread and comission trading E-Mini S&P 500 ?
is there a futures platoform that can be downloaded on MAC
Why wouldn’t you move up your stop loss on the runner when you see prices going back down and make a little extra cash? Instead of just watching it drop 2 points
can you pls explain in more detail that 2 legged pull back strategy? thanks
I'm working on some beginner content that should be out sometime this week!
Michael Chin have you put out the beginner vid?
@@anniehostetler9193 you have to pay $397 for it....
@@trypn0 gotta trade stocks, and make profit just to afford the damn course on how to trade and make profit 👈😂😂😂😂😂😂😂
Davie Dood you can’t afford 397$ ?? Stop trading bro 😂
I really enjoy your videos just wish you posted more often 😊. I should probably be happy your not making us wait another 3 years.😁😆
Do you have a twitter account. 8 enjoy watching your videos..it's seems a lot of fun and how you trade with ease.
what broker do you use ? plz
[officialjerryferdinand@gmail.com]
Love the new microphone
Hahah this one is much better, sorry about the early videos
How do you enter orders with your preset triggers? Like when you enter your 4 buy stop?
Check out my NT8 demo video, near the end I show my preset triggers for you.
ruclips.net/video/GmTxWxhiC2c/видео.html
Where is Michael Chin?
He hasn't posted a video in 7 months...
Brilliant
Hi Michael I miss your videos. Are you going to hung more videos?? Are you ok? Thank you
What time frame do u use on ur charts
He uses the 2000 tick.. every candlestick is 2000 trades
Hey Michael where did you go ? How’s it going ?
Must add I'd love to see you trading 100 contracts. Would be spectacular.
Check back in like 10-20 years hahaha. I would not be able to handle 100 contracts
1:54 what do you mean by trapping people and their contracts?
When prices go against a trader they may start feeling trapped as they start to lose money. So at some point they have to exit
How much does each contract even cost ?
Make a note to me on WA
+1 7 3 4 2 5 2 0 4 5 1
Sorry you prob already said but what timeframe is this?
200 tick chart I believe . A tick is a price regardless of the size I believe .
Hey Mike how to contact you directly?
can you show us how you actually set up each order using the trader OCO bracket etc.
I share my complete NT8 setup, including the OCO, in this video: ruclips.net/video/GmTxWxhiC2c/видео.html
Does anyone know how to get the the i. The bottom left where it shows how much your up and down???????????????????
it seems like u r risking 450 to make 150? is that right?
Call me a freaking noob but the stochastic would tell wether its going up or down.
Can anyone help me understand how much money he trades with?
1 fortunes contract is $500 (on Ninjatrader)
he uses 4 contracts per trade(including the runner) so you need at least 2k in the account to match him
You can also just trade 1 contract and leave out the runner with only $500 in the account and make $50 per point
How much Money is needed in My Investment Account in Order to Scalp the S&P 500 in Order to Make $50.00?
$500+
I blew up an account trying to use this strat. I have no idea how it's not working because it makes perfect sense. I have to be doing something wrong.
hhi. Why do you say "i brake even" but at the same time you make 150 bucks?
Wow, a new microphone!