1-9-2013

My Notes:

I finally drew the correct trend lines!  Well, I drew one extra set but I corrected it and drew the next 2 correctly.  Good day, I took one trade that I don't take so I got out right away for BE.  The other is a setup I liked but there wasn't enough room to the lower channel line so I got a 1 tick profit.  I might be getting a tad better at drawing the correct trend lines.  I went off of the overnight and opening swings and that seemed to work out perfectly.  I have to do this every time.

Mack's Notes:

My tick charts will never look the same as Mack's.  Different providers have different filters.
You just want your patterns to setup the same as Mack's which seems like that is happening.

My Trades:

1.  2nd entry long off of the EMA after price broke out of the trend channel for the 1st time.  I'm not excited about this trade b/c the setup bars were horrid.  The signal bar was a doji and the one to the left of it got pushed down.  I still took it b/c this is a trade I take 100% of the time when price 1st breaks out of the channel.  (As it turns out I think the purple line is the correct trend line so although it wasn't a first break of the trend channel it still turned out being a 2nd entry off the trend channel and EMA which is a trade I take 100% of the time.  Also Mack's charts had a different entry bar so the setup looked really good on his charts)  I used the measured move and had my exit 2 ticks below the top.  (Mack said to exit at the top of the channel as well so overall this was an excellent trade)

2.  2nd entry long 2 legged pullback after broke broke out of the channel for the 1st time.

3.  This isn't a trade I take so I got out as soon as I got in for BE.

4.  2nd entry short off the EMA.  I loved the setup but if my trend lines are correct then there isn't any room for a scalp so I got out with .25 ticks of profit.

Missed Trades:

1.  2nd entry short off of upper trend line and support turned resistance.  This is a trade I take 100% of the time so there is no excuse for not taking this.  I had drawn the trend lines correctly and there was still room for at least a scalp to the lows of the channel.