4-9-2013

My Notes:

Still really focusing on spotting 2 legged moves and drawing the correct trend and support/resistance lines.
Also I am focusing on measured moves since price usually moves in twos.

Well today I did horrible.  Oh well, keep plugging away and trying to learn.

Mack's Notes:

He doesn't worry about previous day's trend lines.

Price will break the channel and then usually make 2 legs back up to retest or make a new high before reversing or going into a range.

When you have a double bottom and then a higher high you do not want to take a short.

Draw the short term trend lines, this stuff works.

Price moves up, breaks the trend line and then moves back up to retest the previous high.

My Trades:

1.  2 legged move and 2nd entry short off of resistance.

2.  2 legged move and 2nd entry short off the top of the channel.  I found the channel by using the first swing low and the 2nd one at 8:58.  I drug it off the days first high and this is how I found the area for my this trade.  My 2nd contract was down at the bottom of the purple trend channel.  Price never made it down there before taking me out at BE.

3.  2nd entry short just above trend line.  Obviously a horrible trade. When you have a double bottom and then a higher high you do not want to take a short.  That is the opposite of what I did.  The 2nd measured move never happened so that was another signal. I went short and he said to go long here.

4.  Thought it was a failed 2nd entry long.  Obviously not.  I went short and he said to go long here.  This is why I sometimes think I am not improving very much.

Missed Trades:

1.  Failed 2nd entry long.

2.  Breakout pullback short.

3.  2nd entry long and a breakout pullback long.