Today was much better. In the two bad trades I did take I was able to recognize that price was doing what it should have so I was able to get out at break even (BE). Your stop goes two ticks below/above your signal bar. I need to draw all trend lines that create a channel even if they are steep b/c I missed out on a trade by not drawing a steep trend line. Just b/c they are steep does not mean they will not work. It just means they are not going to last for too long with a steep angle.
Mack says to keep practicing and eventually it will come to you. It may take months and sometime even years but eventually you will get it. Do not go live until you are sure and know you are profitable. His system works and he shows why and how it works everyday. Follow his price action rules and eventually you will be a profitable trader. Use his stop techniques and place your stops how he tells you to which is 2 ticks above/below the signal bar then move to BE once your 1st target of 1 point is hit. Sometimes you will need to get out early when price does not move the way you expect it to. You will be able to recognize this instances through practicing and experience.
Trade 1: Failed 2nd entry long. I missed the entry off of the top of the trend channel b/c it wasn't a channel yet. After price came down below the EMA I waited for a 2nd entry long since price seemed to be in a channel and took the short one tick below it. I got out almost at the bottom by dumb luck. I had moved my 2nd exit down to the bottom of the page and price came and took it out before I could move it any lower. I would have moved the short to the bottom of the channel so I just got lucky for almost maximum profit here. Because more than likely I would have gotten a point on the 2nd contract rather than 3.75.
Trade 2: 2nd entry long. I had drawn the support line using the top as the trend and that is where price perfectly reversed for a 2nd entry long. I had my target 2 ticks below the high of the day.
Trade 3: 2nd entry long.
Trade 4: Signal bar entry off of support line. This isn't a trade I take right now so I'm lucky to recognize that I needed to get out at BE when price came back down before going up to BE enabling me to get out. It would have been a good short b/c of the double top off of the EMA.
Trade 5: Signal bar short. I got out at break even after price made a higher high.
Missed Trades:
1. 2nd entry short. It wasn't off the trend line b/c I hadn't drawn one yet. I didn't take it b/c price had closed above the EMA for 2 bars.
2. 2nd entry long. I didn't take it b/c I had not drawn the long trend line when I should have even though it would have been with a steep angle. If I had then I would have been able to take this.
3. Top of the measured move, top of the channel line and signal bar short.
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