4-2-2013

Note: I am tired and going to bed so I'll do his video review tomorrow.

My Notes:

Mack has been talking about when there are gaps or big unfilled bars in a trend that price seems to come back and take them out.  I started labeling some of them in the uptrend and downtrend and it is very interesting how price would come back and fill those areas and then would bounce a little bit before resuming the trend or would go into a bit of a range.  The blue shaded boxes are the filled gaps and bars from the uptrend and the red shaded box is the bars or gaps filled from a downtrend.  The unshaded boxes are bars that never were filled.  Very interesting to watch.  The only thing is you do not know right now which gaps are going to cause the biggest bounce.  It looks like almost every time today price would come down to fill the gap, go one tick past the gap and then reverse for at least a scalp.


Mack's Notes:



My Trades:

1.  2 legged move and 2nd entry long.  Not sure if that is the correct trend line but I just drew it off the overnight low and the first swing low of the day.  For my 2nd contract I had the measured move going and I felt I stayed in there pretty good.  Keeping my stop 2 ticks below the swing low after each move.  I got out 2 points from the area of my measured move after a double top formed close to the end of the measured move.

 2.  2nd entry long and 2 legged pullback to the lower trend line and EMA.  Price should have taken off b/c this is a great setup but after a couple of dojis and price not really getting anywhere I got out which turned out to be a great call.  Especially after the double top and the long trap. 

3.  Double top and long trap so I went short.  Also b/c the previous trade did not go anywhere when it should have b/c it was a good setup.

4.  This wasn't a good trade (obviously).  The only reason why I took it was b/c of the double bottom and I thought it might be a fake out breakout. 

5.  Failed 2nd entry long.  Price came back and got my 2nd contract before it took off.  If I had gotten in higher where the failed 2nd entry was it would have been a great trade but I got in too low since I was in the other long trade and wasn't looking for this yet.



Missed Trades: