3-28-2013

My Notes:

Big thanks to Welly192!  He advised putting the 45 EMA on the chart as well as another filter to help with the dreaded trend reversals.  I have it on their now and all of Mack's rules still apply it just that this helps filter which way you should be trading depending on which side of the EMAs the price closes.  The trend reversals were a HUGE problem when trading using the Day Trading Academy's system.  It's gotten better with Mack's rules but is still a major work in progress for me.

Still keeping my trailing stop 2 ticks below the last candle's close.

Drawing incorrect trend lines and support/resistance lines is the cause for most of my losing trades. I take bad trades that aren't good setups out of the badly drawn areas.  This is a big weakness I am going to focus on now.

(My blue trend lines were too wide, they should have been narrower.  Mack did not like the way it was setup.  The purple lines were okay.  Brown lines were good.  Still need work on my resistance level drawings b/c I am not drawing them at correct places)


Mack's Notes:

Day's before holiday weekends are low volume days.
Price usually comes back to gaps or big candle moves to fill them before resuming the trend.  He is not sure why but he is researching it but he sees it happen a ton.

My Trades:

1.  2nd entry long and 2 legged pullback.  The close was just below the EMA and it could have easily reversed to the lower trend channel but this is a trade I take 100% of the time.  Look how beautifully it bounced off of the 45 EMA though.

2.  2nd entry long off of the lower trend channel.  It had the first break of the trend channel so that could be a sign that price is going to go into a range or make 2 legs higher then go into a range or reverse.  At least I got a scalp.  (Mack didn't like the setup b/c he said it was too choppy)

3.  2nd entry long w/2 legged pullback to the 21 EMA and lower trend line.

4.  Here was the horrible trade of the day.  At this point in my trading I am good for one of these a day.  I thought it was a 2nd entry short off of a support turned resistance level.  Obviously it wasn't as I was on the short trap.  Horrible trade.

Missed Trades:

1.  Mack said it was a failed 2nd entry short on his charts.  On my chart it was a 2nd entry long if you were going off the bottom of the pivot.  The 2nd entry long was 3 candles to the left.  I didn't take it b/c I thought price was too close to my resistance area but it was actually higher.

2.  2nd entry short.  Since I had drawn the support/resistance level I was not looking for this at all.