My Notes:
Another great video to review!
I took the blue line trend from the two swing highs of the day and copied to the lower channel. This channel was too wide. I need to find out how to come up with a better system for my trailing stop. It seems I usually get stopped out at BE if I just leave it there when I could have at least gotten 2-4 more ticks by moving it up before it eventually came back to the BE. Today I tried keeping it 2 ticks under the previous bars close. It seems I get more profits in smaller trades but that you miss the big runs when they happen.
For the purple lines I drew them off the 2 swing highs and dragged it to the lowest swing low and went from there. It worked for one swing that hit it but that was it so not sure if it was correct. (It wasn't correct, it was too narrow)
Interesting day. Went from a down trend to a range to and uptrend. Good day to learn from b/c it had a little bit of everything. The difficult part is when to recognize the trend going into a range and then the range going into the trend in the other direction.
Mack's dotted line is in the black. His correct trend line is in black dots.
Mack's Notes:
Most healthy trends are at around a 45 degree angle but you can have them at any degree.
When you get a break in the trend line then look for a 2 legged move that makes a new high/low before it goes into a range or reverses.
Make sure you read his ebook over and over and over again because you will pick up new pieces of information every time you read it.
He says you should stay in your runner until there is a break of the trend line.
The market almost always comes back and fills and gaps that price creates. If you see a strong bar or more with no or minimal overlap then the market will eventually come back and fill it.
My Trades:
1. 2nd entry short w/2legged pullback to the EMA w/great signal bar off the EMA. This is a trade I take 100% of the time that only seems to develop in strongly trending markets. I got in 2 bars later b/c this is when I started the replayer and was able to get in at the same price when the entry bar signaled the entry. I kept my trailing stop two ticks below the last bar close. Not sure if that is ideal. I should have just gotten out at the bottom of the channel.
2. 2nd entry short near the upper trend channel. Obviously it wasn't a good trade so I'll watch the review video to find out why. There were a lot of dojis and overlapping bars so maybe that is why.
3. 2nd entry short after price had broken out of the channel for the first time. I put more precedence that we were now in a range by the support and resistance levels I drew so I took my 2nd contract out near the lows of the range. (He talked about this and this was an incorrectly drawn trend line b/c nothing is hitting off of it.)
4. 2nd entry long at the bottom of a range. The entry bar was an awesome short trap bar. Kept my trailing stop 2 ticks below the last bar. Obviously that was not ideal for this trade as it came back and stopped me out before taking off. I need to stick to a trailing stop system or just take my profits out at a certain level. Good entry and trade though.
5. 2nd entry long and 2 legged move off of lower trend channel and EMA. I thought about getting out of this trade several times around BE but thought that price would go up and hit the 2nd measured move for at least a scalp. I should have gotten out once I saw it hesitating so much. (He took this exact trade but got the scalp b/c after he saw the doji form he dropped a limit order a tick or two back. He also liked the setup and expected prices to go higher.)
6. 2nd entry long off of the EMA. After looking at it I got in one bar too late and one tick too high.
Missed Trades:
1. 2 legged pullback to the EMA and lower trend line. It wasn't a 2nd entry on my charts but was 2 legged pullback to the EMA and lower trend line.
2. 2nd entry long off of the brown trend line channel. Not sure if the channel is correct. This 2nd entry was found by counting off the low and not the high.
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