LIVE Price Action Trading - Scalping 2nd Entries Two-Legged Pullback

In this video I am going to show how I day trade every day and make money doing it. I am going to describe what is going through my mind and hopefully this video will help you to improve your trading.
Date of trading June 7 2021
Chart -S&P 500 Eminis Futures
Timefrime - 2000 Tick Chart
If you enjoyed this video and find it helpful can SUBSCRIBE and learn more about trading. Enjoy the videos.
The best way to became consistantly profitable is to learn to read the chart in its purest form. There is no holy grail or set of indicators that can make you rich without work. Learning to understand how prices move and why they move is a learnable skill that anyone can achieve.
OUR PRICE ACTIONS RULES WORK IN EVERY MARKET AND EVERY TIMEFRIME.
Priceaction is universal and technical analysis patterns repeat over and over again on consistent basis.
In this video you will get a grasp of:
How to draw trendlines
Technical analysis of sp500
What are second entries
How to trade trading ranges
How to use moving average
Trading with a fear is the most common fear most trade have. It is crippling and can get your mind frozen. The key to consistancy is to be emotionless and fear nothing in trading.
Money Management
Target Profit - 8-10 Ticks
Stop Loss - below signal bar (around 10-12 ticks)
Overall market context is more important than individual patterns.
Technial analysis works and it repeats over and over.
If you want more Advanced Trading Tips, Strategies and Trading Community.
wadetradingacademy.com/
#LiveTrading​​​​​​​​​ #TechnicalAnalysis​​​​​​​​​ #PriceActionTrading

[@vladimath8700]

IMHO: The best Channel about PA & 2LPuB

[@spyrossp2350]

wow coming back to this video now and it really feels good to know how much you ve improved since 2 years ago. I see here you take setups that you would consider very risky now. Like the first one 1:54 going long at a bearish bar and while the move up is finished (probably trading a range). Also the 3rd trade 6:55 the ema is flat and big congestion between the bars. And another one at 9:46 you mention after (while you were on a trade) that as 2ES is very far from ema. I dont know if you agree with me but as i see it you ve changed the way you trade and thats positive.

[@darylbaptie5159]

Hi Thomas, just wanted to say I really appreciate the videos. It makes the concepts of price action easier to understand and it's really helpful to see them play out in these videos, thanks!

[@AnonymousUser1710]

LIVE recorded videos are the best to learn from. 🔥 Thanks for the upload!👍👍

[@amaliatrader2160]

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[@bartdelabarre3432]

EXCELLENT video! Your explanation of the 2nd entry system is clear and concise. The tidbits in your ongoing dialogue are really helpful also. THANK YOU!

[@namnguyen-ci6xg]

Thank you so much!!!

[@CLEARPATH_FUTURE]

You are so pure teacher i find ever. Stay blessed

[@sephtading6140]

Awesome. Thank you, Thomas! Love your video

[@billjesso484]

Nicely done. Thank you.

[@paulkennedy4305]

Reviewing all your videos. Thank you for the help. Paul

[@aslv2009]

Very nice trading day, congratulations. Thanks for sharing and please keep posting.

[@amaliatrader2160]

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[@user-bq5jr8qh6n]

Perfect. Thank you

[@mattpinola7135]

I just want to say thank you for all the information you've put out here. I went from being an inconsistent trader, unable to grow my paper account from $1k > $20k over the last 4 years. To taking my paper account from 1k to 20,500 in just under 30 trading days. THANK YOU. I'm well on my way to being profitable thanks to your insights here.

[@mercyjohn5663]

i make huge profits on my investment since i started trading with Mrs Sonia dickson, her trading startegies are top notch .

[@mercyjohn5663]

you can also reach her through her telegram page

[@mercyjohn5663]

with her username, @investwithdickson,

[@ThomasWade]

This is so amazing to read. All I can say just keep pushing. Now you see that you can do it live. It is all about the psychological aspect now.

[@meechrawls]

It’s nice too watch and take the same exact trades as you makes me feel like I’m seeing everything really well. And I actually didn’t take the loss in the beginning because the bar was bearish so I went 4-0 on the day. Tell me you were around for the false break lower later on in the day!! That was also a great trade!!

[@ThomasWade]

Unfortunately I wasn't paying attention to trading but man, you are doing better than me. I won't let you beat me that easily though :)

[@amaliatrader2160]

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[@hosseinyazdani4783]

Im watching this video for 2nd time❤

[@erikcortez9398]

took 2 of the same trades you took with my stop loss one tick below signal bar and was a great day 3-0 for today.

[@amaliatrader2160]

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[@antonioramon1193]

What a great trading day, thank you so much for sharing your thoughts it helps me a lot on my market's reading.

[@malachovskisteve6255]

i make huge profits on my investment since i started trading with Mrs Sonia dickson, her trading startegies are top notch .

[@malachovskisteve6255]

you can also reach her through her telegram page

[@malachovskisteve6255]

with her username, @investwithdickson,

[@yur.vsaibo9187]

Thomas I respect you and consider you my friend.

[@ThomasWade]

Glad to hear :)

[@richardharris5200]

Nice work.

[@amaliatrader2160]

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[@willc8796]

Hi Thomas, I was re-watching some of your old videos over the weekend and you mentioned in one something about the, "money cycle", stating it can take up to a year to go through all of them. You followed this up by stating this is why the learning process of trading can't be rushed. My question is, what is this money cycle? I've been studying trading via price action for the last ~6 months, almost obsessively. I've in the last month become consistently profitable in simulation and am tempted to go live as I have a greater than 70% win rate currently. Would you recommend I continue in sim secondary to not seeing all of the "money cycles", or should I attempt trading live with my >70% win rate as I intend to?

[@ThomasWade]

Price action patterns repeat over and over again but it takes time fot the patterns to go through all their phases in the markets. Most traders agree that it takes around a year to truly see the majority of occurences in the markets. This is just a general guideline but if you are doing good now and you are thinking about going live I would recommend starting with micros first. I don't want to be negative but it is very rare for traders to make it just within 6 months :) But you are on a fantastic start. Like I said start with micro contracts and see how your emitons are doing. If you can prove that for a couple of months than you can easily move to regular ES or more contracts, shares, pips, etc..

[@iSeeTicks]

Chicken! Winner winner chicken dinner haha jk. great vid. hoping to master price action like the Shawn and Neal from trader TV one day.

[@shriram0506]

Hi Thomas Wade- Quick question on the Third Trade you took (2nd Entry Short off of the EMA). You teach that the 2nd Entries off of the KEP are high probable setups, but in this particular scenario, the signal bar is a doji, and also there seems to be NO "two legs" in the correction that is going up to the EMA, before the 2nd Entry occurs. So do you still suggest treating this trade as a high probable one? Please advise...

[@ThomasWade]

I think you are talking about the 4th trade, my last trade right? You are right, this normaly wouldn't be a high probability setup. There is only 1 leg and the signal bar is not ideal but it is a 2nd entry and the trend was down and we broke the channel. I was expecting a new low. This is why this can be a good entry.

[@Bospar01]

Thank you

[@amaliatrader2160]

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[@henksyring6378]

Hi Thomas, how long have you been scalping 10 ticks? What is your win rate going for 10 ticks on average? I am thinking about changing Macks 4 tick scalp rule to 8, because I psychologically have a hard time to compensate for losers with Macks 2:1 Risk-Reward Ratio.

[@ThomasWade]

I have been scalping 8-10 ticks for 5 years now and my win rate hasn't come down, the contrary. I can be between 70-80% with it. I also, like many traders, scalped for 4 ticks but even with 70% win rate I wasn't making money. And that frustrated me so much I kept making more and more mistakes. Plus if you are reading chart correctly and waiting for high probability setups, they will work for much more than 4 ticks. Take a look at all the trades Mack marked and you will see that 98% will work for 2 points easily.

[@HS-lp8lz]

@@ThomasWade thanks for your answer, highly appreciated!!

[@ivolynx]

Very informative video as usual. Thomas, could you please point me to some resources about the second entries you are trading with? Much appreciated.

[@rukkit8705]

Mack from PatsTrading youtube channel is the teacher of this strategy. Only difference is he teaches to scalp for 1 point. He has a website where he sells his manual for cheap and it's well worth it.

[@ivolynx]

@@rukkit8705 Thanks a lot, I'll check it out. 👍

[@ThomasWade]

@@ivolynx I would recommend taking a look at PATs Trading and Al Brooks, these two traders were the ones I studied the most. I changed more than that compared to Mack's style though... But he is great check him out.

[@ivolynx]

@@ThomasWade Thanks, reading Mack's manual as we speak 😊

[@amaliatrader2160]

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[@giorgioanastasios4734]

Perhaps. Scalp a point and widen stop

[@yur.vsaibo9187]

The take is clear 10 takes of 2.5 points.1 to 1 1 to 2 . How do you take a bet? Sometimes you rearrange them? in front of the nearest strong seller. I'm talking about stop and profit. I write a lot I just want to learn how to trade like you friend

[@ThomasWade]

Sometimes my target profit is 10 ticks and sometimes it is 8 tick. This is dependant on the current volatility of the markets. If the market looks slow I go for 8 ticks only, on the other hand if the market is moving quickly and there are lot of orders coming in I go for 10 ticks because market can easily reach this TP consistently.

[@drawncinema2533]

Hey thomas, i don’t know if you see this on your old video, but I thought at first that you have to wait until the signal bar is closed and then at the next bar put an entry. I see this is not the case, from my understanding looking at the trade at 1:40 and at 14:40 You said here that the signal bar is the previous one, but it is not the second entry. It is the bar of the 2nd correction right? Or did you meant to say before the signal bar? I see when the signal bar breaks above or below depending on long or short, you already place your order without waiting for it to close. Is that right? And you put your stop loss under the 2nd correction and not the signal bar. Thanks man, i love your videos. I learn from them everyday. I hope you see this and could make it more clearer for me :)

[@drawncinema2533]

I thought the entry rules said they have to be closed, because if you are looking to sell, it is preferable to have a signal bar close to the lows of the candle and it can still reverse and you might consider not taking the trade on a bad signal bar. Atleast what I learned from Mack, i’m curious how do you see it? I’m open for everything. Because it is easier to get an entry if you don’t wait fully to let it close and easier to get your 8 ticks in your direction.

[@ThomasWade]

Hello I am not sure I quite understand but on both cases you mentioned I waited for signal bar to finish. Then I placed order after there was tick higher/lower. The last trade had 1ES below bull bar, break higher and 2ES formed where I entered. I waited for prices to break below the signal bar and placed my order. The candle closed. Can you please elaborate? I don't quite understand : )

[@drawncinema2533]

@@ThomasWade ahh, I thought the signal bar always had to close green (for going long). So if I understand it correctly, in this case, because it was a reversal type bar and it closes to the high of the candle. It counts as a signal bar too. Because prices are proving they are going in the direction you want it to go. This is making my head spin haha, but it makes more sense to me now. Is that right? Sorry for being confusing, I really didn’t know that haha, thanks man!

[@ThomasWade]

@@drawncinema2533 To make things simple, signal bar is the lowest bar in the swing when buying and highest bar in the swing when selling. It is the bar where if you break above or below you get the second entry. Preferably we want to buy above bull bar and sell below bear bar. But there are types of bars, you may have little bearish body but massive tail at the bottom which is bullish sign. The stronger the context the less important signal bar is.

[@drawncinema2533]

@@ThomasWade thank you so much man! That makes more sense to me

[@dieudonneche4432]

How did u setup the stop and take profits by just dragging ur up the red and green line !

[@ThomasWade]

This is automated trading strategy. Advanced trade management in ninjatrader. Most other platforms have it as well. Sometimes it is called brackets. In your trading platform you need to go to trade settings and set your orders.

[@yur.vsaibo9187]

Brother, tell us in detail about the EMA, what is its special feature. What is the main idea ? when will you have free time

[@ThomasWade]

This is the exact definiton of it "An exponential moving average (EMA) is a type of moving average (MA) that places a greater weight and significance on the most recent data points. The exponential moving average is also referred to as the exponentially weighted moving average. An exponentially weighted moving average reacts more significantly to recent price changes than a simple moving average (SMA), which applies an equal weight to all observations in the period." But you don't need to know the mathematical formula behind it, you just have to learn to use it to your advantage.

[@yur.vsaibo9187]

I can't figure out what the logic is when the second move is not measured? 1m. 50c. I understand this so that if there is no second segment (momentum correction pulse), the price has stopped at the EMA and does not form a new segment of the same length, but stops at the EMA after two attempts, then there will be a reversal.

[@ThomasWade]

Legs doesn't have to measured all the time. There were two legs to the EMA and EMA was holding prices. For reversal pattern, current trend should be over and price has to push through the EMA and there are two failed attempts in the previous correction.

[@nickwinn5845]

Do you trade just the one chart, or are you also watching another chart like a higher time frame?

[@rukkit8705]

He trades just one chart. Emini S&P 2000 tick chart.

[@ThomasWade]

The majority of time I trade 2000 tick chart, I even use 5 min chart here and there to take a look. Daily chart every once in a while just to get the feel. But I watch 2k chart the most.

[@amaliatrader2160]

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[@nickwinn5845]

@@ThomasWade gotcha. thanks for the response.

[@bitcoingod5658]

First trade wasn't your entry a 1EL, then the second trade was the correct point to buy since it was 2EL?

[@ThomasWade]

Technically my first trade was double trap.

[@alainalex74]

How can I know the rules you usually use for trading futures?

[@ThomasWade]

Hi, the key of this strategy is to look for high probability setups at a key entry points. You can checkout a video I made named Market Rules Explained. Basically we are looking for second entries( two legged pullbacks) at key entry points.

[@antifreeze89]

I'm assuming you've taken your lessons from Mack? Regardless awesome work man.

[@ThomasWade]

Yes, Mack and Al Brooks. As you watch more videos you will see me mentioning them alot..

[@antifreeze89]

@@ThomasWade Just one more question. What book would you recommend by Al Brooks as a starter. I’m familiar with the system but would like to read more work of his?

[@ThomasWade]

@@antifreeze89 I only read Reading price chart bar by bar. So I don't know about the rest but I assume they are worth it aswell. But Al Brooks is quite hard to understand so be prepared for that.

[@yur.vsaibo9187]

I wonder when the reverse and you can mix it up enter the buy or the village 7.15

[@ThomasWade]

What? :) Could you rephrase that please?

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[@alainalex74]

I'm new how can I know the rules you use for second entries?

[@ThomasWade]

Hi, the key of this strategy is to look for high probability setups at a key entry points. You can checkout a video I made named Market Rules Explained. Basically we are looking for second entries( two legged pullbacks) at key entry points.

[@Tysurgemeh]

Do you livestream?

[@ThomasWade]

No I don't. The pressure would be too stressful.

[@amaliatrader2160]

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[@tradeswithjohnnie]

4:10 mark. What do you mean trade when the market open? It's 1pm in the afternoon.....

[@ThomasWade]

I am in Europe. Market opens in US 8:30 CST.

[@yur.vsaibo9187]

What is the rule not to trade on the open market ? 3m.15s

[@ThomasWade]

Trading few minutes before and few minutes after the market open can be dangerous. During the regular US market open there can be a lot of fakeouts and traps this is why it is better to wait for market to settle a bit.

[@yur.vsaibo9187]

You trade on the buy stop and sat stop right? Why don't you trade a pending order ?

[@ThomasWade]

I don't trade stops, I trade limit orders.

[@Zoempie]

@@ThomasWade I'm sure it's been asked a million times already.. but why do you manually put a limit order in place after the 2E(L/S) triggers instead of getting swept into the trade by a stop order ? With a stop you'd be earlier in the queue but with your manual limit method you don't get caught into a 1-tick fake out (trap) ? Is that the reason? In that case i wonder if an ATM (or script) wouldn't be of value which would automate what you're doing manually.. like : 'if price reaches 2 ticks below/above the signal bar, put a limit order 1 tick back'. Or if it's not about reaching 2 ticks but about waiting 2 seconds, that could also be done.. Anyways, my question was about why you use a limit order entry instead of a stop ? Thanks for the great video's! Though in my opinion you don't need to speak so fast as they do in commercials (or public auctions) in the US ;-). People watching these video's are not in such a hurry and don't have the patience or attention span of an average teenager scrolling through a tiktok feed ;-). You can take your time for every sentence and topic. It's more about learning and understanding than it is about entertainment.. I think. No worries though if this is your preferred style. But sometimes you say things really lightning fast. I can understand the language and sentences at any speed, no problem, but for students, like me, who really need to interpret and make sense of the concepts in the current context, you may take a breath between sentences ;-). Imagine every teacher in every class you've had in school would speak as fast as you do.. I hope you see it's not ideal for learning :-). It's just a suggestion, I think your Live Trading, and Bar-by-bar Analysis video's are immensely helpful! You're a great addition and companion to Mack's 'cryptic end-of-day chart lessons for pro traders who don't need lessons anymore' xP. Keep it up, thanks! I believe more variety in types of video's produced would also win over an endless scroll of the exact same type of video with just a slightly different chart every time. Though in this regard you're also already doing much better than Mack! But even more variety is always better for students to learn. Repeating the exact same type of lesson 365 times a year (so to speak) is about the best way of making sure a student will not understand it any better 365 times a year! Yes, I'm a bit frustrated with Mack's teaching style/skills xP. I believe everyone is.. Anyways, I don't want to insult anyone either, you guys are doing everything you can, and we can't ask for anything more! Please take it as positive suggestions. Peace.

[@ThomasWade]

@@Zoempie Hello, thank you so much for the feedback. I trully appreciate it. You didn't insult me in any way, you nicely let me know what I could improve which is amazing. Not that I don't want to answer you but I have two videos where I explain whay I go for limit orders instead of stops. They are the ones about money management. So please check them out and let me know if you have other questions. Hehe in my new videos I believe I talk much slower now. I would like to do different type of learning content but I just don't have much time. I trade the entire day and since I live in Europe I am done late and I am making each video around 10 pm in the evening. So I have no capacity to create something better. Every day is a great learning opportunity about price action and trading so it is very useful to go through the rules of the market every day. That is at least what I believe. When I have more free time I am planning different videos, just takes time.

[@Zoempie]

@@ThomasWade Thanks, I watched your video about money management, very interesting! I think I'm gonna try the same thing too! Though I'm gonna try to integrate and automate it in an indicator with shortcut keys and a mouse click cause ninjatrader is not very 'ninja' imho.. First preparing an order entry on the correct side (top/bottom) and then dragging it into place manually while the price line is going up and down like crazy and you can only drop it at the correct side of it.. Thanks for the insight on the -2 tick entry after a 'stop trigger' and then going for 8-10 ticks!

[@jivewray]

Please stop sliding the chart sideways, not required, annoying. Cursor becomes a hand and slides over a hundred times per lesson.