Today I got absolutely destroyed. I threw away my charts because it would do no good to review them. They were nothing but fail. I could not find the major trend channel or the support/resistance area so I could not determine if price was in a trend or a channel. As soon as I thought I would find it and take a trade then price would blow right through it for a loss.At the end around 1pm I started taking "revenge" trades. That's a horrible thing to develop. I knew I was done and wasn't even going to come back at a later date to re-do today b/c I will remember this day for a long time.
Right when I think I am getting the rules down this happens which is good b/c it goes to show I am so far from going live that it isn't even funny. Oh well, a good kick in the teeth is needed from time to time to re-enforce how much further I have to go. I seriously got destroyed. I don't think I have had this bad of a day the whole time I have been doing these.
I'm going to watch Mack's video, take notes and then go to bed. This was absolutely crushing at how bad I did. Wow. I could not find the trend or channel for the life of me.
(After watching Mack's videos I am drawing the small trend channels to narrow and not waiting for 2 swings to form for a lot of them. I am also looking for perfect symmetry in my line drawings but most of the time it is "close" and not perfect)
Mack's Notes:
1. Mack makes it look so easy.
2. If you can't reach a target of a 2 legged measured move then price is going to reverse.
3. Range rules - Buy lows and fade the highs. You can do this in a big trend as well but they are an aggressive trade.
4. It's better to have your 2 point stop a tick or two above/below the signal bar. He likes to keep his 2 ticks above/below the signal bar.
5. Whenever price is on both sides of the EMA then that is a good sign that we are in a range so you should buy every new low and fade every new high.
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