Pre Trading Notes:
1. Look for failed 2nd entries when you are unsure which way to look to go. These can also be used in conjunction w/a 2nd entry to solidify which way you should be trading.
2. Draw all of the short term trend lines.
Post Trading Notes:
Quit looking for counter trend trades and trying to pick the bottom.
Good job finding the third trend line to create a pitchfork using the measured move from the first trend area like he did yesterday. This made it much easier to trade.
Mack's lines are in black.
Mack's Notes:
Generally you will get two legs down.
Use the shorter term trends to make sure you are staying on the right side.
Trade on the trend lines or on the EMA. On a day like today DO NOT enter on the lows. You only want to enter at the top of the trend lines or the EMA.
My Trades:
1. 2nd entry short after a two legged measured move pullback. Had my 2nd contract 2 ticks up from the end of the 2nd leg of the big measured move around 1628.
2. 2nd entry short off of the upper trend channel. Had the 2nd contract originally at the middle trend line but I moved it up when price started bouncing off of the area at 1623.25.
3. 2nd entry short and a failed 2nd entry off of the EMA and upper trend line. 2nd contract was at the middle support line.
4. Thought it was a 2nd entry short but it was a failed 2nd entry short trap.
5. Failed 2nd entry long. 2nd contract was where my perceived lower trend line was located.
Missed Trades:
1. @7:51 - 2nd entry long after a two legged pullback to the EMA.
2. @9:36 - 2nd entry short off of the top of the trend channel.
3. @10:39 - 2nd entry short.
4. @11:09 - Failed 2nd entry long off of the EMA.
5. @12:21 - 2nd entry short
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