Pre Trading Notes:
1. Focusing on 2nd entries and the breakout of trend line ones
2. Always predict where you think price is going. If it doesn't then re-evaluate your view b/c you are wrong.
Post Trading Notes:
1. Look for taking failed 2nd entries. Put your order one tick below/above the previous candle when you are looking for them at the trend line areas or at the EMA. Don't do them blind.
2. Focus on areas where you expect price to move in a direction and look for the 2nd entries and failed 2nd entries there
Mack's Notes:
1. You want to price attempt to go down and fail before you go long.
2. Failed 2nd entries are excellent trades.
3. 2nd entries are not enough, you have to pay attention to the price action and what it is doing.
4. Drawing your short term trend lines and understand what price is doing within and when it goes outside the trend lines is how you get your successful trading ratio up to 100%.
Hi
ReplyDeleteI was following your daily trade update. It is very informative. Have a question about the chart 8-6-2014, on the last entry "Long F2ES", where tick under the signal bar. I didn't get the F2ES on that. Where is sell point start, where is the 1 entry, also i didn't understand the signal bar, don't you have to wait for the price to rise above the signal bar instead enter at the bottom?. Thanks a lot
Hello, than you for the kind words. It probably isn't that good of a trade now that I look at it. I was counting off of the swing high of the move so the first short entry was on the 3rd bar from the high and the 2nd short entry was the bar I circled. Yes, Mack teaches to wait until price to rise above the signal bar but through my reviews I've found that I like to enter at the bottom if I feel like this is at a trend line/EMA and is a potential failed 2nd entry candidate. Psychologically I feel that getting in at the bottom rather than waiting for it to confirm sits better with me. I feel like you have more chances of success but you have to make sure it is at a trend line or EMA area to provide the resistance or support. Hope that makes sense.
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