1-17-2013

My Notes:

I had a hard time seeing any trades today so it was a good lesson in doing nothing.  I was confused and had no bias of where I thought price would go.  I'm sure after watching Mack's video I will see 6+ entries I could have taken.

My thought process was on target with Mack's, especially with my measured moves so that is a really good sign.

Mack's Notes:

If you are not sure what is going on then never enter a trade b/c that is gambling   You only want to enter a trade when you are confident that you know what is going on.

Whenever the market does something twice and fails then it usually will go in the opposite direction.

He usually exits around the trend channel lines.

When price breaks a trend channel on the positive side, look for a 2 legged correction to at least the other side of the trend channel before resuming the trend.

My Trades:

1.  Entry off of EMA and 2nd leg to a 2 legged move.  Price had been bouncing off of the EMA previously so I entered long here.  My 2nd exit was 2 ticks below the measured move which was just outside of the upper trend line.  Was also a failed 2nd entry short and a double bottom.

Missed Trades:

1.  2nd entry long and a failed break out lower.  This is a great reversal setup.

2.  2nd entry long and beginning of the 2nd leg of a measured move.

3.  2nd entry short after the overshoot of the upper trend channel.  Price is expected to go to the other side of the trend channel.