Today's chart was a little sloppy b/c I had a hard time getting the correct trend but that will become easier with more practice. Made one bad trade that wasn't a 2nd entry short and I just took it off the trend line. Draw the channels using today's price, not previous days prices. If you are not sure of anything else then stay with the trend. If you do not know the direction of the market then do not trade.
Trade 1: 2nd entry short and looked like it was also off a resistance level.
Trade 2: Horrible trade. Just took it b/c price was hitting the top of the channel and coming down to the EMA. I should have noticed how price was making higher highs on the way up. There was no reason to take this trade since it wasn't a 2nd entry. At least I cut my stop down to minimize the loss.
Trade 3: 2nd entry short off of the top of a channel. Got out early on 2nd contract when I thought price was going to go back up. Should have stayed in at least to the bottom of the channel.
Trade 4: 2nd entry long coming off the bottom of the channel.
Trade 5: 3rd entry long coming off the bottom of the channel where price has made a 2nd leg down and there is a short trap. Great trade and I'm satisfied with the 2 point runner from the measured move of the 1st leg up.
Missed trades:
1. Double bottom on the EMA in a downtrend.
2. Double bottom off of the trendline long in an uptrend channel.
3. 2nd entry short. It is okay to miss this one even though you could have at least scalped it. The reason why is the channel I was going off of had not been reached at the top and price was too close to the EMA and the bottom channel. I should have adjust the channel to fit the new trend it was on.
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