1-14-2013

My Notes:


Not a lot of activity so the good news is that I just sat there and didn't force trades b/c that is the 2nd fastest way to create losing trades.  The first is incorrectly drawing my trend lines.  I missed one trade I called and should have taken but my fear kept me out of it.  I was afraid price was going to retrace higher and stop me out.  I have Mack's rules in place to combat my fears and this is a trade I take 100% of the time since it was a 2nd entry short off the EMA and off my incorrectly drawn trend lines.

My blue lines are not drawn correctly.  Should have drawn them off the first two high swings of the day.

I drew the range correctly.

Mack's correct trend lines are the black dots.

Mack's Notes:


Price usually moves in two's.  Always measure the legs b/c that is a good indication of where it is going.


My Trades:

1.  2nd entry short.  Mack didn't like the setup b/c there was a lot of overlap in that area and price had just made a good move down and had not retraced too far back.


Missed Trades:

1.  2nd entry short off of the EMA and my incorrectly drawn trend line.

2.  Long.  Bottom of the trend line and where the measured move ends.  Was also far away enough from the EMA to get at least a scalp

3.  2nd entry short off of Mack's trend line and what turned out to be the top of the resistance area.