3-4-2013

Good job today in identifying that today was a range day pretty quickly.  Very good learning day.  Mack went over the trades and explained them very well in how to identify the spots and where to trade.  After reviewing his video I see where I went wrong in my thinking and where to look for trades.  I have shown a little progress b/c after my first failed trade I realized that it was probably going to be a range day.  2 of the 3 trades I missed will come in time as I am able to recognize price action and the setups with more ease.  I see exactly what he was talking about.  He reiterated again that this takes time to learn and most people give up before they give themselves a chance to be successful.  He's probably the most honest guy I've ever met who teaches.  He said he trades first and that is where he makes his money.  He just does these Youtube videos b/c he likes to and he has no desire to do a trading room anytime soon.

Trade 1:   2nd entry long off of lower channel.  There was not a good signal bar.  I think I got over anxious to take this trade when I saw it pull back to my perceived lower channel line.  I got caught in the long trap side but luckily I recognized this when the bar after my entry bar did nothing.  I was able to get out for a one tick loss so I'm happy about that.  Bad trade to enter but good exit.

Trade 2:  2nd entry short off of resistance.

Trade 3:  2nd entry short off of false breakout.  Made matching highs then my entry bar created a long trap and closed on its low.  Got out at a great exit a tick or two before the support level.  Good trade.

Trade 4:  2nd entry short off of resistance level.  I hesitated taking this because price came up off of a failed breakout short and when it does this then price seems to break through the resistance.  I got caught in the short trap for my entry bar.  A horrible trade all the way around.  I should have gotten out with a 1 tick loss but I held on thinking it was going back down and got destroyed.  Just a terrible trade all around.

Missed Trades:

1.  Failed 2nd entry short off of support.

2.  Failed 2nd entry long off of resistance.  This was a better point to enter than where I entered according to Mack.

3.  Price came off a failed breakout short and came back to test support and then skyrocketed up.  The bias is up since price came up into the range so there is a very good chance that price was going back up to at least test resistance.  The failed breakout short signals price is going back up.