2-6-2013

It's Saturday night, time to stay home and go over old charts!

Every time I make a losing trade it is b/c I see something that is not there.  I pretty much just make up a trade b/c I think the market is headed in the direction I have decided for it. There are numerous trades I am missing from his market reviews but they do not fit my trades as of yet.

Mack's lines are in black.  The measured move short at the top is very interesting.  One I will think about adding since the only trade that happens everyday are the 2nd entry trades.  The failed 2nd entries do not happen everyday.

Trade 1:  2nd entry long off of the EMA

Trade 2:  2nd entry long off of the bottom of the trend line

Trade 3:  2nd entry short off of the EMA with a short trap bar.  I thought the market would go and test the support again for at least another scalp.  Turned out to be a failed 2nd entry short.

Missed Trades:

1.  Price touched the bottom channel and reversed off.  This is another trade to think about adding b/c he takes them and they are pretty easy to spot.

2.  Long off of retest of support level.  I think I just made this trade up so I'm glad I didn't take it when I had thought about it even though it worked out.

3.  2nd entry long.  Would have gotten a scalp but it was in the middle of the channel.

4.  This is a measured move short.  I really like this trade and am thinking about adding it.  At the exact top of the 2nd measured move price ticked up and then reversed.  The market moves in twos so it wouldn't have to retrace very far for a scalp.  Mack said the better entry would be below the green bar one over to the left or at least below the close of the bar that ticked one tick higher.