4-17-2013

My Notes:

I am again really focusing on the 2 legged measured moves.  After yesterday's breakthrough I will be looking at this for every trade.  The 2 legged measured moves seem to be the key here.

In the afternoon session I got confused so I didn't take any trades.

Good job identifying the same pattern that confused me earlier in the day and caused me to take a losing trade.  I recognized it had happened earlier so I took the short from the failed 2nd entry long and made up for the loss earlier.

Mack's Notes:

You don't enter close to previous support without room for at least a scalp.

You make the majority of your money off of the trend line channels at the key entry points.

We don't counter trend trade.

A trend line is an angled support and resistance.

My Trades:

1.  2nd measured move leg of a short.  Was also a 2nd entry counting from the previous high off of the EMA.  I was wondering if this was a 2nd leg up or down but once price made a 2nd entry low I felt good in taking the short and was able to get in where the original entry bar was.  My 2nd lot target was the big move from earlier.  I got out about a point early than the measured move said b/c I would rather lock in 4 points than give it all up trying to get one more point.

2.  Turns out it was a failed 2nd entry long.  I thought it was the 2nd leg of a measured move after a 2 legged measured move down.

3.  2nd entry short and 2nd leg of a 2 legged measured move down.  2nd lot was the measured move which was a scalp.

4.  2nd entry short off of the EMA.  My scalp was at 3 ticks since that was one tick above the low just in case price didn't break the low.  2nd lot was orignally 2 ticks above the big mesaured move down but I moved it up to one point after price got close but didn't touch it.  Great trade!  (Price ended up going a point lower than the measured move)

5.  Failed 2nd entry long.  This is the same formation that happened on trade #2.  There was a strong move up from the bottom to the top of the channel and it looked like it was going to make a 2nd leg to the measured move.  This is where I would have gone long around here but I noticed it was the same setup as trade #2 so I took the short.  My 2nd exit was around the previous low.

6.  2nd entry short and I thought it was the 2nd leg of a measured move down off of the EMA.  I think it was too low of an entry and I could have gotten in 2-3 ticks better but I was still able to scalp out.

7.  2nd entry long off of the EMA and I think it is the 2nd leg of a measured move.  My 2nd lot is 2 ticks below the high of the measured move at 1547.75.  (Doesn't matter b/c was hit at BE for 2nd lot)

Missed Trades:

1.  End of the 2nd measured move at the top of the channel.  Had a nice reversal or long trap signal bar.

2.  2nd entry short.

3.  2nd entry long and was the 2nd leg of a measured move.  Mack also had a failed 2nd entry short on his charts.

4.  2nd entry long off of the trend channel and was expecting the measured move to get hit where you had another 2.5+ points to get out.

5.  2nd entry long off of the EMA.