6-4-2013

Pre-trading Notes:

Focusing on:

1.  Drawing correct trend lines.  If you see a higher high or a lower low then draw the line.  Connect it to the bottom (or top) and if it fits then you have a winner!

2.  Labeling correctly S/R areas when price is in a range.

3.  Remembering that trends turn into ranges and ranges turn into trends.

4.  2nd entries

5.  Looking for the 2 legged measured moves

6.  The big picture


Post-trading Notes:

Much better job today.  Drawing all of those damn trend lines really does help.
Focus on the same things tomorrow.
His bars are sometimes different then mine so I do not see some of the trades he reviews.
Need to always look at the big picture.
Mack's lines are in black.

Look for failed entries.  For example if you are looking at taking a 2nd entry short then be on the look out for a failed 2nd entry long.

Mack's Notes:

Much easier trading day today.

When price breaks a channel it will usually go and retest the high or make a new high (if in an uptrend) before it goes into a range and/or sells off.  The brown trend channel at the open is a good example of this.

Your best entries are going to be near the EMA or the trend line.

My Trades:

1.  2nd entry long off of the EMA.  2nd contract was at top of channel.
2.  2nd entry long off of the EMA and lower trend channel.  I got out after a failed 2nd entry long formed. for a slight loss
3.  2nd entry short. 
4.  2nd entry short off of upper trend channel.  Also had a failed 2nd entry long at the top of the trend channel.  2nd contract was near the bottom of the support level.
5.  2nd entry short off of the EMA.  Also was a failed 2nd entry long.


Missed Trades:

1.  2nd entry long.  It also was at the break out area from the market open at 8:32.  This was support and something to keep in mind.  It was also the end of a measured move in a range (black arrows).
2.  2nd entry short.  Mack had it showing a failed 2nd entry long.  This was after price had broken out of the channel and had made a new high so you should be looking for price to sell off here.
3.  Mack had it being a 2nd entry short.  It wasn't on my charts but was at the top of the trend channel with a double top.