3-13-2013

Good damn day today.  I missed some trades but the two I took were great setups and I followed the plan of only taking 2 legged pullbacks and 2nd entries to support/resistance areas and to channel lines.   The only trade I missed that fits my criteria right now is the 2nd missed trade.  Other than that I called the rest of them but hesitated in taking them because I was unsure.  Watch this video again b/c Mack gives very solid advice again.  The past two days have been two of his best videos.  The biggest success for me is not that both of my trades were successful but that I focused on only take 2 legged pullbacks and 2nd entries (good and failed) to support/resistance and/or to the channel line.  That is a big accomplishment during this session.

1.  2 legged pullback with a short trap to support level.  Good trade.

2.  2 legged pullback with a double bottom to the support level.  Very proud of the exit.  I looked to the left and put my exit a tick or two below where most of the bodies of the candles were near the resistance area.  Turned out to be almost a perfect exit before the retracement.  Great trade!

Missed Trades:

1.  Failed 2nd entry long.  I saw this trade but didn't take it.  I should have b/c I recognized we were more than likely in a range the way price came off the resistance area and that price was more than likely headed down to test the overnight lows.

2.  2nd entry short off the EMA.  I didn't take it b/c I didn't think there was enough room to the support level.  There was enough room and I should have realized that price would probably make a new low before turning higher off of support.

3.  2nd entry long off of lower trend channel.  I think I did have the channel drawn at that time and I should have taken the trade.  I was afraid price was going to go back to the support area below which is why I didn't take the trade.  This is one that fits my criteria and there was still room to test the resistance area so I should have taken the trade.

4.  2nd entry long with a beautiful hit off the EMA.  I called this one but didn't take it b/c I thought it was too close to the upper trend line and was in the middle of the channel.  A great setup but I see why I didn't take it.  This is one I'll take in the future.