Well I traded pretty much the whole opposite direction of what Mack did. Haha. I should have been taking shorts but I was taking longs pretty much the whole day. I was thinking price was going to turn up since it went up over night into the range. I also drew the incorrect trend lines in violet and was waiting for price to hit those which it never did since I didn't take any of the shorts he recommended. I drew Mack's trend lines in black b/c those were the correct trend lines and my violet lines were a little too wide.
Mack said if you get thrills from winning and get down on yourself from losing then you are not there yet emotionally. When you really start to get good then watching price action will become boring and it becomes a job. When you get to the point where you have a winner you don't get excited and when you have a loser it doesn't upset you. It means you are getting over the emotional roller coaster ride that comes with trading. When you get to that point you are getting ready to start making money. It is mechanical, you do what you are supposed to do everyday. Trading is not exciting. It takes a lot of time, practicing and studying to get to this point. You trade to reach your daily monetary goal and then you close up shop for the day. You do this over and over everyday. It is a process that takes time and effort to get to. Don't worry when trading doesn't excite you because that means you are getting there emotionally. That is the point you have to get to before you think about going live. When you eliminate the excitement you will eliminate your mistakes.
1. Matching double bottom, fake breakout low off of support. Expectation is to the upside since price went up to settle into the range. Good trade.
2. Long off the support. Not really a valid trade.
3. Long off of support. Not really a valid trade.
4. Long off of support. Not really a valid trade.
5. Reversal bar long off of my incorrectly drawn trend line. It ended up working out but I still got out before the point profit. Not a good trade.
6. I thought this was the overnight low so I put in a long limit order. The overnight low turned out to be right when the new day started. That is the red line where price bounced off of. Should have had my limit order down there. Not a good trade.
7. 2nd entry short off of my incorrectly drawn trend line. Good signal bar on Mack's chart. Was a long trap on my chart. Good trade.
Missed Trades:
1. 2nd entry short off of Mack's trend line and off of support turned resistance. This is a great trade I saw and labeled at the time which I should have taken. I did not take it b/c I was looking for price to go up to my trend line and I did not bring over the support turned resistance area. If I had then hopefully I would have taken this trade b/c this is a beautiful setup.
2. 2nd entry short off of Mack's trend line. Matching double top.
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