3-26-2013

My Notes:

Good video to watch about how to trade range days.
I'm noticing a little bit of an improvement which is very encouraging.  I got the overall trend line correctly drawn.  Although my range area was off I only took one questionable trade but since it was a 2nd entry off the EMA in the direction of the trend I was able to get a scalp.  I missed a couple of trades that were 2nd entries but that is to be expected as I am still trying to keep my head above water at this stage.  I need to work on my resistance area lines.  I need to look bigger rather than trying to cram them into a smaller area.

Mack's Notes:

The only time he cares about previous days price action is when we are making higher highs/lows so he can look at past days to see where resistance areas would be.
It is almost better to wait on 2nd entries.
Our rules tell us to buy at support and sell at resistance.
The more you do this the better you will get at it.  It may take months or even years but keep at it and you will eventually get it.

A good clue to it being a range day is when price is on both sides of the EMA all day.

Price moves in twos.  Remember this.

My Trades:

1.  2nd entry long off of EMA and first break out of trend channel.

2.  2nd entry long off of lower trend channel and what looks like a support area.    I didn't like how high I had to get in off the lower trend line.  I had my trailing stop two ticks behind every closing bar, trying a new approach to my trailing stops.

3.  2nd entry long off of resistance turned support level.  It also was the first break of the trend channel but I'm not sure how much that came into play since price was so far away.  My 2nd contract got out at 2 points b/c I was running the replayer too fast.  Need to slow the replayer down when I am in a trade.  This was the trade of the day b/c it had a good setup candle that faked everyone out that price was going lower.  Right when that area was forming a voice inside me said to not worry about price going lower and it being a failed trade.  So I knew to look for a long at that area and it paid off.  I think that reviewing and going over these charts may have had an effect here b/c I just knew to look to go long here even though price was going straight down into that area.  Great job.

Missed Trades:

1.  2nd entry long off of the EMA and lower trend line.  I called this trade but I didn't like it b/c there were 4 overlapping bars.  Mack had no problem taking this trade.  Right after the trade took off I realized I should have taken the trade b/c the setup was too good with it being a 2nd entry long off of the EMA and the trend line.

2.  He has a 2nd entry long on his charts but on mine they are a 2nd entry short at the resistance level.

3.  I have a 2nd entry long but his is at 12:11 where he said it is a failed 2nd entry short on his chart.  My chart has a great entry candle with a short trap where I have it labeled so it's a great place to enter.  I didn't have the support line drawn there at that point so I didn't see it.