1-15-2013

My Notes:

I am focusing on the movement from the opening b/c the overnight session does not seem to be indicative of which way the market is headed.  Mack is counting the 2nd entry long off of the lows, not the highs like I have been doing.

Mack's Notes:

The best place to exit when in an uptrend channel is at the very top of the channel.

A good reversal pattern to look for in a downtrend is a double bottom and/or a double bottom with a short trap.

Once you get a trend line break you are better off waiting for a 2nd entry.

Mack is counting his 2nd entry longs off of the lows and not counting them from the highs.

My Trades:

1.  Double bottom off of the lower trend channel.  It wasn't a 2nd entry but was a double bottom off of the lower trend channel with a good signal bar.  Price came back and took out my 2nd contract at BE before rocketing up.

2.  Long entry b/c it was off the lower trend line and the EMA, it also created a nice short trap.  I moved my scalp one tick lower from the previous high in case it made just a double top and wouldn't fill me.  Price was also at the overnight high and was having trouble bouncing through.

3.  2nd entry long and 2 legged move after 1st break of the trend channel.  I got out when prices closed near their lows 2 bars in a row and was not pushing through the EMA at all.  If I had been patient it would have worked and would have given me a nice runner.  (He said to take the 2nd entry long off the lows, not the highs)


Missed Trades:

1.  2nd entry long.