4-29-2013

My Notes:

Focusing on:

1. 2 legged measured moves
2. The small trend line breaks which indicates price is probably going to go up to make a new high or down to make a new low before consolidating or switching directions.
3. Only taking trades that are 2nd entries from 2 legged moves or the 2nd leg w/a 2nd entry of a 2 legged moves.
4. I am not taking trades just b/c they are a 2nd entry.  A two legged measured move has to be completed or it is the 2nd leg of a 2 legged measured move.

I know I will miss some trades due to this but I have to regroup and refocus on this.  It is good adding in the small trendlines but I need to focus extra hard on the 2 legged measured moves for all of my setups.  If the move does not get close to complete the 2 legged measured move then do not take the trade.  This is discipline that will help me develop by sticking to this plan until I get better at reading the market.  This helps filter out the bad trades.

Well only one trade today.  Good job sticking to only looking for the 2 legged measured moves.  This helps keep you out of the majority of bad trades even if you miss some winners right now.

Mack's Notes:

DO NOT try to catch tops.  You will just be successful enough to eventually be a loser in the long run trying to capture these.

He doesn't recommend taking new trades after 2:30 pm because there is not a lot of time for new trades to work out.

Your best trades are going to come from the EMA and the trend channel lines.

My Trades:

1.  2 legged measured move pullback to the 45 EMA.  Was also looking for the 2nd big leg of the measured move.

Missed Trades:

1.  2nd entry long counting from the lows after a 2 legged measured move down completed.

2.  Failed 2nd entry short.

3.  2 legged measured move down completed.  Was not a 2nd entry long.

4.  Price broke the small trend line down, made a double bottom off the EMA.  It was a 3rd entry and I was looking for the completion of the measured move down to the lower trend channel.