4-11-2013

My Notes:

Focusing on the measured moves.  This helps me with the 2 legged moves which then helps me with 2nd entries.  Made two really bad trades that didn't work out.  The 2nd bad trade at least had a sound reason unlike the first one I took.  Made another bad trade that worked out for a scalp since it was at the end of a measured move and price reversed.

I missed two trade that I should have taken that were 1st entries off the EMA.  The first one I should have taken b/c there was still a lot of room to the end of the measured moe.  The 2nd one I should have taken b/c it was off the lower trend channel, the EMA and price still had at least one point to scalp out before it hit the previous high.

I also started drawing a lot of those inside lines in small trends.  My charts are going to look like a mess for a while but I think it is better to draw too many lines and get the practice in then to not draw enough lines.

Good job today with my trend line drawing.  Looks very similar to his, even with the minor trend channels so that is a positive to take away for the day.  The 2nd good thing is the live trade he did is the same trade I took.  He had his 2nd lot at the same exit I did for the same reasons I had which was the lower trend channel (and was also the low of the measured move).

Mack's Notes:

Price action is still valid during news but most of the time price moves too fast to recognize price action correctly.  The FMOC is the news that moves the market the most.

He gets out when price touches the other end of the trend channel with his 2nd contract.

WHEN YOU ARE LOOKING FOR 2ND ENTRIES YOU ARE REALLY LOOKING FOR 2 LEGS!

You have to draw the lines when you trade.  You can take them off as the day moves on but at the present time you have to draw the lines.

My Trades:

1.  Failed 2nd entry long and a 2nd entry short.  I used the measured move to get me out of the 2nd contract 2 ticks from its low.  Even though this trade worked I'm not sure if this was a good trade since it looks like it was near the support and that we were in a range.

2.  2nd entry long off of the EMA.  I had my 2nd contract 2 ticks below the top of the measured move but after price made a 2nd leg and turned lower I moved my stop up to take a point profit.

3.  Wasn't a 2nd entry long or anything.  Price had just gotten out of the trend line for the first time.

4.  Price had broken out of the down trend line and was a 2nd entry.

5.  2nd entry long.  I thought it was the beginning of the 2nd major leg of the move up.  Looks like it was the beginning of the 2nd leg down.

6.  2 legged move and 2nd entry short off of the upper trend line.

7.  Failed 2nd entry long off of the EMA.  My 2nd contract was 2 ticks above the measured move, it touched but didn't get filled to exit.

Missed Trades:

1.  2nd entry long off of the EMA.

2.  Entry off of the EMA and lower trend channel.  Still had a point until the high so you could at least of scalped out of it.

3.  Same as previous trade.

4.  This was the correct entry for this area.  It was a 3rd entry but the 2nd entry would have worked as well.

5.  2nd entry short with a double top.