I've been watching the Al Brooks video series and one thing that stuck out to me was always trade the way the institutions are trading. When you see big moves then get in on them. Reverse your position if you see a big move going against you to join in on the move. The institutions move the market and all you can do is hop along for the ride. I was doing more of the failed 2nd entries coming off of support/resistance which seemed to work out really well today. I think those work best in a channel when coming off one of the channel areas. I'm really going to start focusing on those b/c it seems that is where my big runners come from more so than the 2nd entry trades.
Trade 1: 2nd (3rd) entry long off of the EMA.
Trade 2: 2nd (3rd) entry long off of the lower trend channel after I missed the first trade
Trade 3: Retest of support turned resistance. What I thought it was at the time was a failed 2nd entry long so I took the short thinking price was headed to the lower channel.
Trade 4: 2nd entry failed short. I went long and should have dropped my order one tick above the lows. I would have gotten filled and had a 3+ point runner. It is okay to miss a trade to try and get a better entry. If I had done this a 3 point loss would have been a 4+ point winner. I did call that it was headed higher after the failed 2nd entry short.
Trade 5: 2nd entry long. This is just a horrible trade. No two ways around it. Price was coming off the upper trend channel, no reason to take this trade. For some reason I convinced myself that price was going up out of the channel.
Trade 6: Failed 2nd entry long off of upper trend channel.
Trade 7: Failed 2nd entry long off of upper trend channel. I figured price was headed down again at least to the lows of the day so after price broke the failed 2nd entry long I hopped on board.
Trade 8: Failed 2nd entry long off of EMA. Figured price was headed to the lower channel band which it ended up doing.
Trade 9: 2nd entry long off of EMA. Figured price was headed to the upper trend channel.
Trade 10: 2nd entry long. Had a double bottom and figured I was only risking two points if I was filled to win 3+.
Trade 11: Failed 2nd entry short. Had a nice short trap with a 2nd entry short signal I thought could trap a lot of shorts. Not sure if this is a good trade. Do not think it is even though it worked out.
Missed Trades:
1. 2nd entry long off of 2nd test of support with a double bottom.
2. 2nd entry short with failed breakout. Saw it at the time and should have taken it. Talked myself out b/c when I saw it break through resistance I though it may be going up. These are trades you have to take b/c you were risking 1.75 to get 3+ on your runner since support was 3+ points away.
3. 2nd entry long off of lower trend channel
4. 2nd entry short off of upper trend channel
5. Failed 2nd entry long off of upper trend channel. This is a beautiful trade to take EVERYTIME! This is where the majority of your runners come from. Failed 2nd entries at a upper/lower channel area.
6. 2nd entry short off of upper trend channel. No reason to not take this and I saw it at the time but I talked myself out of it b/c for some reason I thought price was headed higher. I should take this every time b/c more than likely price is at least retracing to test the low or get close to it before turning higher.
7. 2nd entry long. Pretty aggressive trade so no problem not taking it.
8. Failed 2nd entry long off of upper trend channel. Beautiful trade but I didn't run the sim this far. It would have been another great runner.
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