4-1-2013

My Notes:

Today I am focusing on 2 legged moves.  After speaking with Mack that is the basis behind 2nd entries so I think that by shifting my focus to look out for 2 legged moves will help my growth and make my focus stronger for awhile.
Did a good job with my trend lines and S/R area drawings.


Mack's Notes:

When there is nothing happening you just have to sit tight.
Keep your stop above/below your signal bar.
There are different ways on how to handle your stops depending on what you are comfortable with.  He likes to use measured moves and targets.
Notice how price comes and fills big moving bar where there is no overlap or thin areas between the bars.  Price usually comes back the other direction and fills them.

My Trades:

1.  2 legged pullback to the EMA.  It wasn't a 2nd entry but it was a 2 legged pullback to the EMA and price had been in a downtrend since the open so I took it.  The 2nd entry came 5-6 bars later.  I got out with my 2nd contract at 4.50 b/c that was close to the end measured move.

2.  2 legged pullback with first break of the trend line.  Made a nice signal bar but I took my profits one tick above the big tail 3-4 bars over and moved my 2nd contract to BE b/c the double bottom looks like a reversal patter at 10:26.

3.  Thought it was a 2 legged pullback and 2nd entry long with first break of the trend line.  Obviously it wasn't.  I considered getting out at a point loss per contract which I should have and reversing to a short b/c it was a failed 2nd entry long.  Mack has it labeled as a short.  (Well I don't feel like it was such a bad trade b/c even Mack saw the same thing and got fooled.  He went long but unlike me, he reversed out once he saw it was a failed 2nd entry long and went short.  At least all of those thoughts went through my head but I didn't pull the trigger.)

Missed Trades:

1.  Double bottom and at the end of the measured move.

2.  2 legged move and 2nd entry short off of support.  I called this move but didn't take it.

3.  Failed 2nd entry long.  This is the trade that fooled Mack and he went long at first but once he saw price turned down he realized it was a trap and reversed his position to a short.