1. You are looking for long traps in a downtrend to go short.
2. You are looking for short traps in an uptrend to go long.
3. Do not counter-trend trade.
Post Trading Notes:
1. Hard day to find the correct overall trend line. Did not find out what it was until after 2 pm.
2. Good job trading off of the pre-drawn lines. These are one of those "Ah-ha" moments. If I wasn't using these and was still relying on myself to draw the S/R lines then today probably would have been a losing day. Seeing how price gravitates to them and how it plays off of them (especially the pHOD and pLOD) makes this so much easier.
3. Remember that price moves in twos so start trying to anticipate when you are in one and when there is a correction in the transition between a 1st and 2nd leg.
4. Got caught in one bad trade but quickly reversed and went the other way when I realized I was caught on the wrong side of the trap and that price was probably in a 2nd leg going up to the pHOD.
Mack's Notes:
1. A live trade day. I used to like these but I would rather see him review the full day than one trade he was in.
2. He went over the trade I messed up on and then reversed. It shows how and why traps work.
Trades:
1. 8:02 - 2nd entry long off of the gLOD.
2. 9:41 - 2nd entry short. Was looking for price to go down to the
3. 10:21 - 2nd entry short off of what I thought was the upper trend line. Obviously not.
4. 10:21 - Failed 2nd entry short after a 2nd entry long had already signaled off of the pOPEN.
5. 11:45 - 2nd entry short off of the pHOD and the gLOD. Price had made a 2 legged correction move back to the pHOD which I figured was now resistance and that this was the beginning of the 2nd leg down. I had my stop 2 ticks above the pLOD. I didn't thin price would go through the pHOD to go retest the gHOD.
6. 1:25 - 2nd entry short off of the EMA.
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