Sunday, June 30, 2013
6-26-2013
Pre Trading Notes:
1. Focus on getting the biggest trend lines established then work down from there.
2. Have patience and wait for the setups that you recognize. Do not worry about missing out on a trade that you are confused about but "think" it might be a good setup. Know that it is a good setup and execute the trade. Confusion = Guessing.
3. Your 2nd lot exit will be at a pre determined spot. You only get out if it breaks out of the channel and creates a new high/low before hitting your target.
4. Look for 2 legged moves.
5. Every stop loss is 2 points with at least a 2 tick cushion from the SH or SL.
6. Use stop entries with a good signal bar. Drop limit entries when there is a bad signal bar or the entry bar is too big for your stop loss.
Post Trading Notes:
Very good day today. There were two long trades I should not have taken even though they worked out. Good job realizing it was a range day and marking the levels of S/R even if you still drew too many lines. Good job sticking to your exit strategy.
There were one or two trades I wanted to take but I couldn't see the 2nd entry. If I had focused on it being a 2 legged move for one of them then I would have taken the trade. Keep focusing on those 2 legged moves.
Mack's Notes:
Standard day today if you followed the rules.
Trades:
1. @8:50 - 2nd entry long and a 2 legged pullback to the EMA and 1st break of the lower trend line. Had my 2nd lot up near the top of the trend line but it didn't even come close to getting hit. Dropped a limit order in 3 ticks better than the entry bar b/c the signal bar was not very good.
2. @9:03 - 2 legged pullback short to the resistance level. Only got a scalp.
3. @9:18 - 2nd entry long after price had broken the small yellow line and made a new low off of a previous support level. Had my 2nd contract read to get out if price turned back up after breaking the yellow line and then started to turn down again but it never went back up before it took out my BE stop.
4. @10:00 - 2nd entry short off of the EMA. Had my 2nd lot to exit down by the lower trend line.
5. @10:20 - 2nd entry short off of the upper trend channel. Had my 2nd lot at the lower trend channel and was looking to get out when price broke the yellow line but it never made a new low.
6. @11:13 - 2nd entry long off of the EMA. Got out at the upper trend line and also when price bounced off of the resistance area.
7. @12:48 - 2nd entry long off of the EMA with enough room before resistance to get out with a scalp. The signal bar was a great bar to put a stop entry one tick above to get in on. It was also a two legged move down to the EMA.
Missed Trades:
1. @7:45 - 2nd entry long off of the lower trend line and the EMA. you would have used a limit order to enter in lower.
2. @9:23 - 2nd entry short and a 2 legged pullback. I was in a long trade so I didn't take this trade. I should not have been in the long trade.
3. @9:55 - He had a trap on his charts. I wanted to take this trade but I didn't have a 2nd entry short show up on my chart.
4. @10:38 - 2nd entry short off of the upper trend line. I saw this but didn't take it b/c it moved too fast, price was making big bars and I was unsure what setup to look for since it looked like price was consolidating and trying to go higher.
5. @10:59 - Failed 2nd entry short.
Saturday, June 29, 2013
6-25-2013
Pre Trading Notes:
1. Focus on getting the major trend line correct and keep on readjusting it if need be.
2. If a trade is not coming off one of the trend lines or off the EMA then avoid it.
3. When price breaks out of the small trend channel (especially in a pullback to the EMA or a trend line) look for a reversal pattern to take a trade in the opposite direction. (Double tops, higher highs)
4. Have patience and wait for the setups that you recognize. Do not worry about missing out on a trade that you are confused about but "think" it might be a good setup. Know that it is a good setup and execute the trade. Confusion = Guessing.
Post Trading Notes:
I think today ended up being a range day, or that is at least how I viewed it. I may be drawing too many lines on my charts, I may need to cut down on all of the line drawing.
The purple dots is an indicator that Welly recommended. This makes drawing trend lines much easier! You basically connect the dots and this was the first time I used it. I will be using it from now on b/c it helped show me
I need to again start looking at 2 legged measured move pullbacks to the trend lines or the EMA and not just 2nd entries. I am missing a bunch of winning trades b/c of always looking for 2nd entries.
Mack's lines are in black.
Mack's Notes:
He trades from 7am until around noon.
He doesn't do these videos to show his trades everyday. It is to show you the setups so we can learn to do these ourselves. He doesn't take all of the trades he lists. He misses some, he just provides these for us to learn how to trade.
He likes to use stop entries when there is a good signal bar. He likes to use limit entries when the signal bar is not very good or the entry is too big.
The most recent price action is usually best to look at.
What he likes to do in determining where to exit his 2nd lot, he draws the short term trend line. When price breaks the short term trend line for the 1st time and then goes and creates a new/high low, then he exits.
Whichever way you decide to go in determining how you get out of your runners. Do it every time. Do not pick and choose b/c when you start doing that you will start costing yourself money.
With experience you can become very good at picking entries.
What makes trading so hard is the emotional aspect. 1st you have to learn to read the chart and pick out the entries. Once you learn how to do this in Sim and are profitable then go live. Start with one contract until you become good at the emotional side then add contracts. When you are comfortable with your trading style you will be a profitable trader b/c you know your tolerance and how you like to trade.
Find what you are comfortable with regarding your 2nd contract exit strategy and go with it.
Trades:
1. 2nd entry short off of the EMA. I didn't take the trade where the entry was b/c it was way too low. I put my entry up by the EMA and was filled. I wanted to get out at the lower trend line but took profits when price didn't continue down. I can always get back in.
2. 2nd entry short off the upper trend line. The entry was too far away for where I would like to have my stop so I put it closer to the upper trend line. Price retraced back to it after the original signal and made for an easy scalp. The bars are very big right now.
3. 2nd entry short off of the upper trend line. I had my entry higher up after it signaled and price came back and filled it. I always try to have 2 ticks as cushion from the highest point of the swing high. Had my 2nd lot down by the lower trend line and where the end of the 2 legged measured move was.
4. 2nd entry short near the upper trend line. I'm not sure this was a good trade even though it worked out for a scalp. Price had gone above the upper trend line. I was able to get the scalp b/c I put my entry 2 ticks better than the signal price so I would have a 2 tick cushion for my 2 tick stop loss.
5. 2nd entry short after 2 legged move off of resistance area. I got in late b/c I wanted a 2 tick cushion and the original entry didn't give me it.
Missed Trades:
1. @8:08 - Wasn't a 2nd entry but was a good entry off of the trend line and the EMA with a good signal bar. Price also made two attempts to go lower.
2. @8:40 - 2nd entry long and first break of the trend channel. After the first break of the trend channel you should expect price to test the previous high or make a new high before it consolidates or reverses direction. There was also a double bottom with the 2 bars side by side on my chart.
3. @8:47 - 2nd entry short off of the resistance level.
4. @9:04 - 2 legged pullback to the upper trend channel line.
5. @9:37 - 2nd entry long. He had the big trend line drawn (black line) so he was able to see it. I did not have it drawn so I did not see this trade.
6. @10:49 - 2 legged pullback to the trend line he had drawn. I did not have it drawn.
7. @12:17 - Failed 2nd entry long off of the EMA.
8. @12:35 - 2nd entry long off of the support area and a double bottom. I am unsure about trading off of support areas so even though I saw this trade I hesitated and did not take it.
9. @1:16 - Failed 2nd entry short off of the trend channel and the EMA.
Thursday, June 27, 2013
6-24-2013
Pre Trading Notes:
1. If price is pulling back then wait for it to break the small channel before you attempt a trade.
2. Trade off of the trend channels and the EMA. If price isn't coming off of one of those areas then do not trade.
3. Wait for the setups your recognize. If you miss one do not worry about it, there will be more.
4. Keep looking at the trend lines to make sure you have them in the correct spot, they are crucial for your success. Keep looking at the multi-day chart to make sure your trend lines are in the correct spot.
Post Trading Notes:
Pretty happy with today. I can see where I get confused. It is where price starts shifting directions and I start to draw lines all over the place. That is when I start guessing at trades. Right now for me the most important line is the major trend line. If I have that correct then everything else falls in place and I become a profitable trader. Good job of only taking trades off of the EMA or the major trend lines and waiting for price to break the small yellow trend line before you took a trade.
I am starting to take fewer trades because I am waiting on seeing the setups and trusting my analysis. I've recognized when I am confused and that saved me out of 2-3 trades today where before I would have taken them in fear of missing a winning trade. I still have work to do on making sure I have the main trend line correct. Zooming out and looking at the bigger picture helps with this.
I made one trade I didn't like even though it worked. It was the long I took that broke the small trend channel and made a new low. I didn't like that I took it b/c it was against the trend and I find myself doing that too much which is one of my biggest losing trades I take.
Mack's lines are in black.
Mack's Notes:
You need to wait for a reversal type of pattern once price breaks out of the smaller trend lines for you to take a trade in the opposite direction.
You have to be aware of the overnight gaps b/c when there is one the market likes to fill it.
Trades:
1. 2nd entry short off of the EMA. .
2. 2nd entry short off of the EMA. Price had broken out of the small trend retracement, made a new high and then a 2nd entry short. My 2nd lot was down around the previous swing low.
3. 2nd entry long off of support level. Price had also broken above the small channel and created a new low off of the support level. Not sure how good of a trade this was but price made a double and then a triple bottom so when the 2nd entry long triggered I entered. There was also a short trap. My original stop was at the upper trend line but I took it off shorter than that because price started struggling to go higher to the upper trend line.
4. 2nd entry long off of the EMA. Price had broken out of the trend line and I was looking for a retracement to the EMA and one more push up to the upper trend line. It was a 2 legged pull back to the EMA. 2nd lot exit was at the upper trend line.
5. 2nd entry short off of the trend line and EMA. Was looking for price to go to the support area but it never made it for the 2nd contract.
6. 2nd entry long off of the EMA. Price had broken out of the small trend line and I was looking for at least a retest but hopefully hitting the top of the trend line where my 2nd lot was located. Was also a 2 legged pullback to the EMA.
Missed Trades:
1. @9:59 - 2nd entry short.
2. @10:14 - 2nd entry short off of the EMA and a failed 2nd entry long.
3. @11:20 - 2nd entry short off of the EMA.
4. @11:55 - 2 legged pullback to the EMA
Sunday, June 23, 2013
6-21-2013
Pre Trading Notes:
1. Look for the bigger trends. If one line doesn't fit at all then it is not the correct trend line. Keep drawing the trend lines until you find the right one.
2. Look for failed 2nd entries.
3. Look to take the 2nd entries when price has broken out of the small trend channel at least one time previously.
4. Do not take trades blindly. Make sure you have the trend line or S/R level in place.
5. If you are CONFUSED AT ALL or have that "unsure" feeling then DO NOT TAKE THE TRADE! You are not recognizing if it is a good setup and are guessing.
6. Only take trades at the trend lines or at the EMA!!!!!!
Post Trading Notes:
I can see one aspect Mack is talking about. Find the trend lines and trade off of them! Simple! Today at one point I had an incorrectly drawn S/R line that I took off once I realized my trend lines were incorrect at around 9:00am. When you draw the trend lines incorrectly it messes up everything else. You have to continually readjust them to make sure you are drawing off of the correct lines. This seems to make or break me.
If anyone knows how to get the limit entry and stop entry off the chart then please let me know. I was trying to enter a stop to enter but I clicked too high on the chart and an error box came up. After that I could not get the entry pink bar to get off the screen. Same for the limit teal bar.
Mack's Notes:
None, vacation.
My Trades:
1. 2nd entry short off of the upper trend line. Also had a failed 2nd entry. My 2nd lot was near the end of the measured move. I felt the measured move was a good place to lock in profits and another short or failed 2nd entry could develop so I could get back in. I had originally drawn my trend line off of the two swing lows at 3:23 and 7:54 but adjusted it to where the brown line is now. The dotted line was the intermediate line that I used for awhile.
2. 2nd entry short off fo the EMA with a long trap. 2nd lot exit was hear the bottom of the trend.
3. 2nd entry short close to the upper trend line. Was al2o the 2nd leg to a measured move down. The end of the measured move down is where I had my 2nd lot which was just a scalp.
4. 2nd entry short off fo the EMA.
Missed Trades:
Saturday, June 22, 2013
6-19--2013
Pre Trading Notes:
1. Draw all small trends.
2. Look for the bigger trends. If one line doesn't fit at all then it is not the correct trend line. Keep drawing the trend lines until you find the right one.
3. Look for failed 2nd entries.
4. Look to take the 2nd entries when price has broken out of the small trend channel at least one time previously.
5. Do not take trades blindly. Make sure you have the trend line or S/R level in place.
6. If you are CONFUSED AT ALL or have that "unsure" feeling then DO NOT TAKE THE TRADE! You are not recognizing if it is a good setup and are guessing.
7. On a move down (or up) do not count those one tick higher heads/tails as first entries. I think they are false entries and that is where the majority of my losses are coming from by using these as 1st entries. When you do count 1st entries on a move down or up make sure the entry has gone up at least 2 ticks to be valid.
Post Trading Notes:
At about 10:30 I decided not to take any trades unless the market started moving b/c it was almost becoming a guessing game for me. There was no clear direction and even in the range there was no direction.
This was FOMC day. I'm not even going to bother trying to trade these days in the future. Not enough volume before the announcement and then the market goes crazy after the announcement.
Mack's Notes:
None, vacation.
My Trades:
1. 2nd entry long off of the support level with a very nice signal bar.
2. 2nd entry long. Price had broken out of the small trend channel and I was looking for it to go back up and at least come close to the previous swing high if not to the overnight high. I dropped my order in 2 ticks lower than the entry b/c then that gave me a full two point stop loss with 2 ticks below the swing low.
Missed Trades:
1. @11:26 - 2nd entry long off of the support area.
Friday, June 21, 2013
6-18-2013
Pre Trade Notes:
1. Draw all small trends.
2. Look for the bigger trends. If one line doesn't fit at all then it is not the correct trend line. Keep drawing the trend lines until you find the right one.
3. Look for failed 2nd entries.
4. Look to take the 2nd entries when price has broken out of the small trend channel at least one time previously.
5. Do not take trades blindly. Make sure you have the trend line or S/R level in place.
6. If you are CONFUSED AT ALL or have that "unsure" feeling then DO NOT TAKE THE TRADE! You are not recognizing if it is a good setup and are guessing.
Post Trade Notes:
The obligatory one bad trade of the day wasn't a bad trade. I'm still looking at it seeing what I did wrong but I am unsure. Maybe not count those long traps as a 1st entry? That's the only way I could see at how it would have made this trade work and get me in way better than when I got in. I saw the correct setup.
Having the large view chart up helped b/c price was in a big multi-day trend channel and price was easier to spot where it was in relation to the smaller trend channels.
The 1's and 2's represent the 1st and 2nd entry for the trades I take.
I think I was looking too much for a down trend early in the day when I should have been looking for the continuation of the uptrend.
*****I may start not counting wicks as first entries. Something to look back at old charts and see about this.**** May need to email Mack and ask him b/c I think they may be false entries.
Mack's Notes:
None, on vacation.
My Trades:
1. 2nd entry short off of what I perceive at the moment to be the upper trend channel. Got in one tick better than entry. Was able to get a scalp.
2. 2nd entry long with a failed 2nd entry short off of the EMA and what I think is the lower trend line. I am not 100% sure b/c I am having a hard time finding the big trend line at the moment. I had my 2nd contract at the top of the perceived channel.
3. 2nd entry long. Wow...LOL. All I can do is laugh at this b/c it is so frustrating. Price comes down and takes out my stop by just brushing it and then turns up. Don't know what I could have done better the way the bars showed up. I called it perfectly off of the bottom trend line. Very frustrating.
4. 2nd entry long off of the EMA. Had 2nd lot at top of the trend channel.
Missed Trades:
1. @8:30 - 2nd entry long. Would have been a great trade. Wasn't looking for a long here though. Should have since the 2nd leg to the measured move had completed.
2. @9:10 - 2nd entry long. I wasn't looking to go long here b/c I thought it was too close to resistance and I thought we were still in a range. Would have been a great trade!
3. @11:35 - 2nd entry long off of the lower trend channel. I saw this and should have taken it. For some reason I kept thinking the ES was going to break lower today. Should have trusted Mack's rules.
4. @1:37 - 2nd entry long off of the EMA. I could have taken this but didn't want to b/c I thought it was too close to the upper trend channel and the 1st entry was a wick.
Thursday, June 20, 2013
6-17-2013
Pre Trading Notes:
1. Draw all small trends.
2. Look for the bigger trends. If one line doesn't fit at all then it is not the correct trend line. Keep drawing the trend lines until you find the right one.
3. Look for failed 2nd entries.
4. Look to take the 2nd entries when price has broken out of the small trend channel at least one time previously.
5. Do not take trades blindly. Make sure you have the trend line or S/R level in place.
6. If you are CONFUSED AT ALL or have that "unsure" feeling then DO NOT TAKE THE TRADE! You are not recognizing if it is a good setup and are guessing.
Post Trading Notes:
1. Do not move your 2nd lot up to +1 tick. You will have to make 8 trades like this to make up for one trade where it goes for 2 points.
2. Made the obligatory one bad trade per day. Cut these out and you are one step closer to going live.
3. Felt I did a good job with the small trend lines.
4. Turns out today was just a big range day. No wonder I had problems finding the overall trend line.
5. Wait for price to break out of the small trend channels and pull back to the EMA or trend lines before you take the trade. This is what Mack always preaches and I see it more clearly each day.
Mack's Notes:
None, vacation.
My Trades:
1. 2nd entry long off of the EMA and bottom trend line. Was also a 2nd entry failed short.I got out at BE. I just didn't feel good about this trade. Maybe b/c there were 4 overlapping bars?
2. 2nd entry long off of the lower trend channel and the EMA. 2nd exit got touched but never filled. It was the measured move from the previous channel area.
3. 2nd entry short off of the EMA. It looked like the setup where price broke out of a trend and hit its target and then was going to come down the other way past support. 2nd lot was at 1634.
4. 2nd entry short off of EMA. Well here is that horrible trade per day I seem to be taking. There was WAAYYYYY to much overlap for me to take this trade. I knew I shouldn't but I talked myself into it. I had an opportunity to get out at BE or even up a tick or two but I held on b/c I got greedy and was basically playing a breakout. Horrible trade and horrible reasoning for staying in the trade. These are the type of trades you cannot take if you want to be profitable. It was also off the support level. Horrible trade all around.
5. 2nd entry short. I drew the trend line after the double top and connected it to the bottom where it fit and so I ran with it. Had my 2nd lot at the lower trend line.
6. 2nd entry short. I was looking for price to go to the bottom of the measured move but at least I got a scalp. Also got in one tick bad since price was moving so fast.
Missed Trades:
1. @8:30 - 2nd entry long off of the EMA. Price had broken out of the downward small trend channel and tried to make 2 pushes lower but could not.
2. @8:44 - 2 legged pullack to the EMA. @nd entry long.
3. @9:07 - 2nd entry long and 2 legged pullback to the EMA. I saw this trade but couldn't find the trend line so I didn't take the trade.
4. @1:42 - Failed 2nd entry long off of the EMA and looking for the 2nd leg to the measured move down. I tried to get filled 2-3 ticks better b/c the entry candle was too large. I did see this trade but could not get filled. Maybe I should have gotten in anyways since price had just broken out of the narrow trend channel and I was looking for it to at least test the previous low but more than likely go down close to the measured move.
Saturday, June 15, 2013
6-14-2013
Pre Trading Notes
1. Look to take the 2nd entries when price has broken out of the small trend channel at least one time previously.
2. Look for failed 2nd entries.
3. KEEP DRAWING THE TREND LINES UNTIL YOU GET THE CORRECT LINES! If one set of lines is not matching up at all then you do not have the correct trend draw.
4. Do not take trades blindly. Make sure you have a trend channel or S/R lines in place.
5. Be patient and DO NOT force trades. Let them be clear to you. If you are confused then do not trade. It is better to miss trades you are unsure of even if they work out. You have to be certain that this is a good setup that you take.
Post Trading Notes
Today was super slow. Must be b/c of the contract change and b/c it is a Friday.
Good job being patient. Today was super slow and there were some crap setups early which you held off taking b/c I was confused and was just trying to force a trade.
There were a couple of good trades to take today. Have to get better at recognizing the major trend lines b/c that would have gotten me in a good trade. Have to trust the trend lines.
Remember to be patient. Do not force anything.
IF YOU ARE UNSURE AT ALL THEN DO NOT TRADE!
Remember to trade at the trend lines and at the EMA. If the trend lines are not in place then do not trade.
Mack's Notes:
None, he is on vacation.
My Trades:
1. 2nd entry short off of the upper trend line. Had the 2nd contract down at the bottom of the trend channel but got my trailing stop taken out b/c I didn't want to give back everything if it didn't go down there and hit which it did not.
Missed Trades:
1. @9:38 - Failed 2nd entry long off of the EMA.
2. @11:57 - 2nd entry short off of the upper trend line. I did not have the trend line in place yet so I didn't see the trade. Price was just slowly grinding up. In retrospect I should have drawn the bottom line and dragged it up to the top then I would have seen this trade.
3. @1:06 - 2nd entry long. Price had broken out of the small trend line and made a new low. It also looked like a fake out break out but I was unsure about the trade.
4. @2:35 - 2nd entry short off of the EMA. I was done looking for trades and would never take this trade since it is too close to closing time. Especially on a Friday.
Friday, June 14, 2013
6-13-2013
Pre Trading Notes:
1. Look for failed 2nd entries to confirm your entry.
2. Draw all small trend lines.
3. Be slow to look for trades against the trend.
Post Trading Notes:
All of Mack's lines are in black.
2 bad trades can ruin your whole day. Like I said yesterday. I am about a BE trader right now which is an improvement from when I started. If I can just stop taking one more bad trade per day then I will be making money even though this is still in sim.
Good job picking targets for your exits.
Hard day for me to find the trend lines today.
Not a good job in drawing the small trend lines. I got lazy.
Mack's Notes:
Don't fight the trend. Stay with the trend.
Draw the small trend lines.
You need to look for a break in the small trend channel to take a trade if it has been going in the opposite direction. (This is in reference to trade #7) Notice how once price broke out of the small channel and then came down again. You have to wait for price to break the channel before you take that long. I got tricked into taking it and should have waited until price closed above the channel and then went down and created a new low before looking to go long. The low it went down and created was at the lower trend channel.
My Trades:
1. 2nd entry long and a failed 2nd entry short off of the the lower trend line. My 2nd lot was at the upper end of the trend channel but I moved it down to get out once price made that double top around 8:47.
2. 2nd entry long off of the EMA. Took 2nd contract out when price made a new nigh but started stalling.
3. Thought it was a 2nd entry long off of the EMA.
4. Failed 2nd entry short that I was lucky to get a scalp out of b/c I got in better than the entry signal.
5. 2nd entry long off of the EMA.
6. 2nd entry long. I think it would have been better to enter at 11:34 where I have the circle drawn b/c that is a better 2nd entry off the EMA in my opinion. I got out at the top of the little yellow channel I drew.
7. Thought it was a 2nd entry off the EMA and middle trend channel.
Missed Trades:
1. @8:53 - 2nd entry long. I didn't have the trend line drawn correctly so I didn't see this trade.
2. @12:50 - Failed 2nd entry short. Short trap off of the lower trend channel.
Thursday, June 13, 2013
6-11-2013
Pre Trade Notes:
1. Draw all of the small trends, this really helps.
2. If you start looking for trades both ways then do not trade. You are confused.
3. Look for the failed 2nd entries, especially in a trend.
4. Do not look for bottoms or tops. Stay with the trend and only trade that way until it shows you the trend has changed.
Post Trade Notes:
I think I've gotten to the point where I am close to BE. Adding up commisions I should be around BE so I have been improving. Hopefully in another 2-4 months I'll be slightly profitable on a consistent basis.
Crazy day. Turned out to be a range day with huge swings. Thought I did pretty well avoiding bad trades. Took a couple of bad trades so I still have work to do.
Had a tough time finding the trend line at the end with the big move down.
Mack's Notes:
Don't think he did a video from today. Cannot find it.
My Trades:
1. Failed 2nd entry long and 2nd entry short off of the EMA.
2. Failed 2nd entry long off of the EMA. Found bottom trend line after I had already missed the move down to it so got out with a point for my 2nd lot.
3. Thought it was a failed 2nd entry long. Obviously I am looking the wrong way here.
4. 2nd entry short.
5. 2nd entry whort off of the EMA and failed 2nd entry long.
6. 2nd entry short off of EMA.and failed 2nd entry long. Once that huge stem hit my scalp but didn't fill and came up to BE then I should have gotten out.
7. Failed 2nd entry short. Could have waited for the 2nd entry long to confirm. Got out with 2nd contract at 1 point b/c that is where the 2nd leg of the measured move ended.
8. 2nd entry long but I got out at BE b/c I'm not sure if I got in at the right spot and there was an entry 3 ticks lower where I could have gotten in that would have taken out a scalp.
9. 2nd entry short off of EMA.
Missed Trades:
Cannot find Mack's video.
Wednesday, June 12, 2013
6-12-2013
(GO BACK AND DO 6-11)
Pre Trading Notes:
1. Look for failed 2nd entries when you are unsure which way to look to go. These can also be used in conjunction w/a 2nd entry to solidify which way you should be trading.
2. Draw all of the short term trend lines.
Post Trading Notes:
Quit looking for counter trend trades and trying to pick the bottom.
Good job finding the third trend line to create a pitchfork using the measured move from the first trend area like he did yesterday. This made it much easier to trade.
Mack's lines are in black.
Mack's Notes:
Generally you will get two legs down.
Use the shorter term trends to make sure you are staying on the right side.
Trade on the trend lines or on the EMA. On a day like today DO NOT enter on the lows. You only want to enter at the top of the trend lines or the EMA.
My Trades:
1. 2nd entry short after a two legged measured move pullback. Had my 2nd contract 2 ticks up from the end of the 2nd leg of the big measured move around 1628.
2. 2nd entry short off of the upper trend channel. Had the 2nd contract originally at the middle trend line but I moved it up when price started bouncing off of the area at 1623.25.
3. 2nd entry short and a failed 2nd entry off of the EMA and upper trend line. 2nd contract was at the middle support line.
4. Thought it was a 2nd entry short but it was a failed 2nd entry short trap.
5. Failed 2nd entry long. 2nd contract was where my perceived lower trend line was located.
Missed Trades:
1. @7:51 - 2nd entry long after a two legged pullback to the EMA.
2. @9:36 - 2nd entry short off of the top of the trend channel.
3. @10:39 - 2nd entry short.
4. @11:09 - Failed 2nd entry long off of the EMA.
5. @12:21 - 2nd entry short
Pre Trading Notes:
1. Look for failed 2nd entries when you are unsure which way to look to go. These can also be used in conjunction w/a 2nd entry to solidify which way you should be trading.
2. Draw all of the short term trend lines.
Post Trading Notes:
Quit looking for counter trend trades and trying to pick the bottom.
Good job finding the third trend line to create a pitchfork using the measured move from the first trend area like he did yesterday. This made it much easier to trade.
Mack's lines are in black.
Mack's Notes:
Generally you will get two legs down.
Use the shorter term trends to make sure you are staying on the right side.
Trade on the trend lines or on the EMA. On a day like today DO NOT enter on the lows. You only want to enter at the top of the trend lines or the EMA.
My Trades:
1. 2nd entry short after a two legged measured move pullback. Had my 2nd contract 2 ticks up from the end of the 2nd leg of the big measured move around 1628.
2. 2nd entry short off of the upper trend channel. Had the 2nd contract originally at the middle trend line but I moved it up when price started bouncing off of the area at 1623.25.
3. 2nd entry short and a failed 2nd entry off of the EMA and upper trend line. 2nd contract was at the middle support line.
4. Thought it was a 2nd entry short but it was a failed 2nd entry short trap.
5. Failed 2nd entry long. 2nd contract was where my perceived lower trend line was located.
Missed Trades:
1. @7:51 - 2nd entry long after a two legged pullback to the EMA.
2. @9:36 - 2nd entry short off of the top of the trend channel.
3. @10:39 - 2nd entry short.
4. @11:09 - Failed 2nd entry long off of the EMA.
5. @12:21 - 2nd entry short
Tuesday, June 11, 2013
6-10-2013
Pre Trading Notes:
1. Focus on watching for failed entries when you are unsure of what to do b/c those are an added confirmation to a signal.
2. Draw all of the damn small trend lines.
Post Trading Notes:
Good job recognizing that today was a trend day when the 2nd leg of the measured move got stopped near the highs of the day.
Missed a couple of trades b/c I was unsure but I still recognized them.
Good job drawing the small trend lines.
Good job not taking trades when I was unsure. There was one point I canceled an order b/c I was unsure and it was not at the extremes. Might have gotten a tick better with discipline in following my trade rules.
Mack's lines are in black.
Mack's Notes:
Coons ate his boat.
Nest chart lesson will be either the 24/25th. Going on vacation until then.
The black arrows show how he got the 3rd very bottom trend line. He measures between the top 2 and then drags it down and copies the arrow to get the measured move. Then he copies the trend line and puts it at the bottom of the arrow. This works on any time frame and any level.
You have to draw the short term trend lines.
A lot of the times when you have a gap then that will be a significant support or resistance area.
Draw the trading range trend lines.
My Trades:
1. 2nd entry short toff of upper trend channel. Guess I got in a tad too early even though it was a 2nd entry b/c it was at the right area but price ticked up and took out my stop before it went down to get the scalp. Even had a measured move and everything. Good setup. Guess it just went against me enough to take my stop out.
2. 2nd entry short off of EMA. Might have been to close to the lower trend line but it still worked out.
3. 2nd entry long. Took the 2nd contract out at the EMA.
4. 2nd entry short off of the EMA from the low. Looking for the 2nd leg to the measured move down. Just got the scalp.
5. 2nd entry short off of the EMA. Looking for the 2nd leg to the measured move down. Got my 2nd stop taken out at +1.25.
6. Failed 2nd entry long. There was a 2nd entry short a point above it but I was unsure about taking it since it was off the EMA
7. 2nd entry short off of the EMA. Thought I had gotten in one tick bad so I moved my 1st contract up a tick. It actually wasn't a 2nd entry where I got in. It was actually 4 bars to the right. Had my 2nd exit where I had the support area drawn.
Missed trades:
1. @8:12 - 2nd entry long and failed 2nd entry short off of the EMA. Beautiful setup.
2. @9:16 - 2nd entry long. There was a lot of overlap so Mack didn't even take this trade.
3. @9:29 - Failed 2nd entry short.
4. @10:00 - 2nd entry and 2 legged pullback to the EMA.
5. @10:45 - 2nd entry long.
6. @11:29 - 2nd entry short. I was looking for the failed 2nd entry long. The failed 2nd entry long showed up on Mack's charts but not mine.
7. @1:11 - 2nd entry short. Mack had a failed 2nd entry on his charts.
8. @2:15 - 2nd entry short
Sunday, June 9, 2013
6-7-2013
Pre Trading Notes:
1. DRAW THE TREND LINES! EVERY SINGLE ONE NO MATTER HOW SMALL! This will help you fine the bigger trends.
2. Watch for price to break the channel and then come back and retest the high in an uptrend or low in a downtrend before reversing.
3. Ranges turn into trends and trends into ranges.
4. LOOK AT THE BIGGER PICTURE IN YOUR OTHER CHART!
5. Have a defined exit for your 2nd contract for every trade I get in. Do not "Let It Ride." If you get out way to early don't worry about it. You'll get better at determining a high probability spot for your 2nd lot of contracts.
Post Trading Notes:
Decent day today. Had one losing trade but it might have been because I had the trend line drawn incorrectly which is one of my biggest weaknesses at the moment.
After the losing trade I kind of packed it in b/c I was unsure about what the market was doing. Also if I was trading live I would not be trading past noon on a Friday.
Did a good job of drawing all of the trend lines.
Good job drawing the S/R levels.
Keep an eye when price moves from an area very quickly b/c a lot of the time it will come back and retest the area. The example from the chart is the big price move around 7:34 and then the retest at around 8:45 before price went up for good.
Good lesson today on this: " Don't be eager to counter trend trade. If you do not have a trend line that is valid then do not be trading in the opposite direction. Just b/c you have a break of the trend line and a retest doesn't mean you should start counter trend trading. Wait for a confirmed trend before you take trades in the opposite direction or you need a trap."
Mack's lines are in black.
Mack's Notes:
A lot of the time when price moves away from an area very quickly it will come back and retest the area to give everyone else a chance to get in.
Patterns that work earlier in the day tend to repeat themselves later in the day.
Once you have a trend line break in a major trend doesn't mean you will have a reversal right away. It means you will at least have a correction. You need to wait for a retest or a new high if in an uptrend or a low in a down trend. Then you need to get a confirmed trend in the other direction before you consider trading the other way or you need a trap.
Don't be eager to counter trend trade. If you do not have a trend line that is valid then do not be trading in the opposite direction. Just b/c you have a break of the trend line and a retest doesn't mean you should start counter trend trading. Wait for a confirmed trend before you take trades in the opposite direction or you need a trap.
My Trades:
1. @8:13 - 2nd entry long off of the EMA counting from the lows. Price had broken out of the channel so I was looking for it to at least retest the high. Got out when price went one tick higher than the previous high of the day for my 2nd contract.
2. @8:30 - 2nd entry short. Price had broken out of the brown channel and had retested the high so I was looking for a short. Also on the narrow yellow channel I was looking for price to break out to the lower side. The EMA stopped it initially from going lower. Had my 2nd contract at 1626 if needed.
3. @8:33 - Failed 2nd entry long. Had 2nd contract at 1626 if needed.
4. @9:35 - 2nd entry long and failed 2nd entry short. Was looking for price to reach the top of the 2nd leg of the measured move. Price also had broken out of the trend channel so I was looking for it to create a new high where the measured move is located.
5. @ 10:54 - 2nd entry long off of lower trend channel. It looked like a beautiful setup. I need to watch the review video to see why it did not work.
Missed Trades:
1. @7:35 - 2nd entry long off of the EMA.
2. @7:55 - 2nd entry long off of the EMA
3. @8:40 - 2nd entry short off of the EMA.
4. @8:52 - 2nd entry long off of the lower trend line.
5. @8:58 - Failed 2nd entry short.
6. @9:06 - 2nd entry long counting from the previous swing low.
7. @10:19 - 2nd entry long counting from the swing high and a failed 2nd entry short off of the EMA.
8. @11:00 - Failed 2nd entry long. This is the trade I went long and was obviously confused. I will email Mack about this trade.
Saturday, June 8, 2013
6-6-2013
Pre Trading Notes:
1. DRAW THE TREND LINES! EVERY SINGLE ONE NO MATTER HOW SMALL! This will help you fine the bigger trends.
2. Watch for price to break the channel and then come back and retest the high in an uptrend or low in a downtrend before reversing.
3. Ranges turn into trends and trends into ranges.
4. I have a bigger picture chart up. It is the 2000 tic chart as the chart I trade off of but is condensed to show the last 2 days or so.
Post Trading Notes:
Crazy day. Remember to look at the bigger chart to see the daily high and low.
The channel break and then a retest of the high/low is amazing.
Plenty of bad trades today but review, learn and improve.
These past two trading days have been really busy days with tons of setups.
I need to decide if I am going to trade using a fixed area to get out with my 2nd contract or if I am going to put it under the swings and let it ride. I need to figure this out and not try a different way each time I am in a trade. Stick to one exit criteria and go with that.
Great job drawing all of the smaller trend channels!
Drawing the smaller trend channels makes it much easier to define the major trend channel. I still have a lot of work to do but this helps a ton!
My charts are super cluttered but I'm going to leave it that way so everyone can see all of the lines I have drawn.
All lines in black are from the review session, not when I was trading.
Mack's Notes:
The only way to know what is going on is to draw your shorter term trend line channels.
You have to draw your lines to know where price is going and to give you direction.
My Trades:
1. 2nd entry short. Was looking for the 2nd leg down.
2. The 2nd entry short did another signal 3 bars over from where I took this entry. I was still looking for the 2nd leg down.
3. 2nd entry long off of what I thought was a lower trend channel. Obviously it was not.
4. 2nd entry long. This trade worked but not sure if it was a good trade since I'm expecting price to turn down and test the lows before it might try to go higher again. The entry looked like it was the beginning of a 2nd leg to a small 2 legged move.
5. 2nd entry short. This is THE EXACT pattern Mack talked about yesterday. Price had broken out of the small downtrend channel and was going higher. I was looking for the 2nd entry for price to go down and test the low again or create a new low.
6. 2nd entry long. Price was also coming off a support level and I was looking for price to go higher after breaking a downwards channel higher then going back lower to create a new low. This was after the new low was created so I was looking for price to go a lot higher since it was also off of a support level.
7. 2nd entry long off of the support level. Turned out to be a failed 2nd entry long.
8. This wasn't a 2nd entry long, it was a 3rd entry long but I took it also for these reasons. Price created a double bottom along the support area and I was looking for price to go up before coming back down to retest the low. That is why I took my 2nd contract out at +1.25 b/c there were no runners so far and I expect price to come back and retest the low.
9. 2nd entry long. Price had broken out of the upwards channel and I am at least looking for price to retest the high. Took my 2nd contract out when the 2 legged measured move had been hit. I probably got out a point bad but I was OK with that b/c I was thinking that price could go and retest the highs but I wanted more than a +.25 gain on my 2nd contract if price came all the way back and took me out.
10. I thought it was a failed 2nd entry long off of the upper trend line. I should have realized that price would probably go up and test or make a new high b/c price had broken out of the uptrending channel to the low side and would probably retest the high or create a new high.
11. Thought it was a 2nd entry long and a failed 2nd entry short off of the EMA.
12. 2nd entry short. Price had broken out of the narrow trend channel up so I was at least looking for price to retest the low or create a new low. I was also thinking price could go to the lower green trend channel which is where I had my 2nd exit.
13. 2nd entry short after the 2 legged measured move had been completed.
14. 2nd entry long and am looking for price to retest the high or create a new high of the previous swing high. (I got out too early, left at least 5 points on the table) My fear of my 2nd contract coming back and stopping me out like it had done all day caused me to miss a 6 point gain.
15. 2nd entry long. Looking for price to retest the high or make a new high. What I am really looking for is this being the 2nd leg of a 2 legged measured move. Came close to the end of the measured move before I got out. (Price went on to go a bajillion points higher, I didn't look at my larger chart to see the daily high b/c that is where price is headed)
16. 2nd entry long off of the EMA. Was hoping to get in one more time b/c I felt price was going up to 1616 which was the high of the day. 1615.75 is where I had my 2nd contract for a nice gain.
Missed Trades:
1. @8:00 - Failed 2nd entry long.
2. @8:56 - 2nd entry long.
3. @9:05 - 2nd entry short off of the upper trend channel.
4. @10:27 - 2nd entry long. I called this trade when trading and should have taken it since price had broken out of the channel. Instead I took the short since it was at the bigger trend upper channel which was incorrect. Should have gone with my 1st instinct which was to take the long.
5. @10:44 or 10:49 - 2nd entry short.
6. @11:20 - 2 legged pullback and 2nd entry short at the EMA. My miss-drawn lower trend channel messed me up here.
7. @1:07 - 2nd (3rd) entry long off of the lower trend channel. I was already in another trade.-
8. @2:17- 2 legged pullback and 2nd entry long. I was done by this time but that is a great setup.
Friday, June 7, 2013
6-5-2013
Public Service Announcement (PSA): Today's video was awesome! This video teaches a specific pattern which he talks about and I have seen before plenty of times. It is where price breaks a channel (in an uptrend) lower, then price will usually come back up and come close to retest the previous swing high or will create a new high before reversing. If you watch the video he goes over this in depth the 1st ten minutes. This pattern is one I am putting on my notes that I keep open when I trade b/c this is a pattern that happens over and over again
Pre Trading Notes:
1. Continuing to draw trend lines on every higher high or lower low.
2. Remembering that ranges turn into trends and trends turn into ranges.
3. When price breaks the channel (in this example price is in an uptrend) then it will usually go and retest the high or make a new high before it goes into a range or sells off. The opposite way for price when it is in a down trend.
Post Trading Notes:
I am wondering if Andrew's Pitchfork would be useful for drawing trend lines?
An okay day. I definitely made a couple of horrid trades but did notice a little bit of improvement. I think I got confused by not looking at the big picture and did not focus on drawing the trend lines closely enough. If I cut out 3 of those horrid trades I would have had a great day! Review, learn and improve.
I am going to create a 2nd chart that is condensed down to show me the big picture.
Any black lines you see are lines drawn after I am done trading and are from Mack's review.
After watching the review video I realized this is one of the best videos Mack has done. He tells about the pattern I mentioned at the top of this entry and enforces why drawing all of the trend channels (big and small) are the key to being successful following his rules.
Mack's Notes:
You have to draw your little channels and your little trends. This will help you find the bigger channels. Finding the lines makes it a whole lot easier. The short term channels are a lot easier to find than the bigger trends.
IMPORTANT - In a downtrend channel price will break the channel up and then a move to a new low. In an uptrend channel price will break the channel down and then move to a new high. Stay with the channel until you get a break and a retest. You don't always get a new high but you will get close to at least a double top.
THE KEY IS FINDING THE LINES!
Nothing is 100% but if you follow Mack's rules you will stay on the right side of the trade about 90% of the time.
He continually adjusts his lines b/c price needs to bouncing off of both sides of it to be considered a valid trend line.
My Trades:
1. 2nd entry long. Price had broken out of the channel so I was looking for it to go up and make a new high or at least retest the previous high. Price was also coming off a support level. Lastly a 2 legged measured move had been completed at the bottom of the move.
2. 2nd entry long off of the EMA and what I thought was the lower trend channel. Obviously it was not.
3. Price had broken out of the channel and I was looking for it to go and retest the high. Came close to retesting before turning down. Also the 2 legged measured move had completed at the bottom.
4. 2nd entry short off of support turned resistance. I got in one tick too low and it caused me to get stopped out early.
5. This is in regards to trade #4. A failed 2nd entry long did develop at around 9:45 but that isn't the reason why I took this trade. In trade #4 I got in a tick bad and it caused me to get stopped out. It just felt to me that this was going to be the 2nd leg of the move down so I got back in. I had my 2nd contract 2-3 ticks above the end of the 2nd leg of the measured move and it hit.
6. 2nd entry short off of the upper trend channel.
7. 2nd entry long. I got caught trying to pick a bottom.
8. 2nd entry short. Was looking for the 2nd leg to the 2 legged move. I didn't trade at the EMA or the trend line so this is a perfect example of not following the plan and having a losing trade.
9. 2nd entry short off of upper trend channel and EMA. 2nd contract was 2-3 ticks higher than the low of the 2nd leg but I ended up moving it up another 2 ticks b/c I got shaken out and wanted to take the 2+ point profit.
10. Failed 2nd entry short and 2nd entry long. Was also looking for the 2nd leg to the move.
11. 2nd entry short counting from the top but it was HORRIBLE entry. I should have dropped my order in at least 3 ticks above where the entry signaled.
12. 2nd entry short counting from the low.
13. I thought this was a 2nd entry when I took it but it is not. The good news it worked b/c I was looking for the 2nd leg to the 2 legged move and I had my 2nd contract 1 tick above the low.
Missed Trades:
1. 2nd entry short after price had broken the channel and then created a new high. Price also had reached the top of the two legged move.
2. Failed 2nd entry long.
3. 2nd entry long off of support level counting from the high. You were looking for price to go and at least retest the previous high since it just broke out of the bottom of the channel.
4. Failed 2nd entry long. Notice how price broke out of the channel, then went and created a new high and finally sold off. THIS IS A PATTERN TO REMEMBER B/C IT HAPPENS OVER AND OVER AGAIN!
5. This isn't a 2nd entry but see how again price broke the channel, created a new high and then continued the trend lower.
6. 2nd entry short after price broke the channel and had just retested close to the high.
7. Failed 2nd entry short after price broke the channel higher then came back and came close to retesting the swing low.
Pre Trading Notes:
1. Continuing to draw trend lines on every higher high or lower low.
2. Remembering that ranges turn into trends and trends turn into ranges.
3. When price breaks the channel (in this example price is in an uptrend) then it will usually go and retest the high or make a new high before it goes into a range or sells off. The opposite way for price when it is in a down trend.
Post Trading Notes:
I am wondering if Andrew's Pitchfork would be useful for drawing trend lines?
An okay day. I definitely made a couple of horrid trades but did notice a little bit of improvement. I think I got confused by not looking at the big picture and did not focus on drawing the trend lines closely enough. If I cut out 3 of those horrid trades I would have had a great day! Review, learn and improve.
I am going to create a 2nd chart that is condensed down to show me the big picture.
Any black lines you see are lines drawn after I am done trading and are from Mack's review.
After watching the review video I realized this is one of the best videos Mack has done. He tells about the pattern I mentioned at the top of this entry and enforces why drawing all of the trend channels (big and small) are the key to being successful following his rules.
Mack's Notes:
You have to draw your little channels and your little trends. This will help you find the bigger channels. Finding the lines makes it a whole lot easier. The short term channels are a lot easier to find than the bigger trends.
IMPORTANT - In a downtrend channel price will break the channel up and then a move to a new low. In an uptrend channel price will break the channel down and then move to a new high. Stay with the channel until you get a break and a retest. You don't always get a new high but you will get close to at least a double top.
THE KEY IS FINDING THE LINES!
Nothing is 100% but if you follow Mack's rules you will stay on the right side of the trade about 90% of the time.
He continually adjusts his lines b/c price needs to bouncing off of both sides of it to be considered a valid trend line.
My Trades:
1. 2nd entry long. Price had broken out of the channel so I was looking for it to go up and make a new high or at least retest the previous high. Price was also coming off a support level. Lastly a 2 legged measured move had been completed at the bottom of the move.
2. 2nd entry long off of the EMA and what I thought was the lower trend channel. Obviously it was not.
3. Price had broken out of the channel and I was looking for it to go and retest the high. Came close to retesting before turning down. Also the 2 legged measured move had completed at the bottom.
4. 2nd entry short off of support turned resistance. I got in one tick too low and it caused me to get stopped out early.
5. This is in regards to trade #4. A failed 2nd entry long did develop at around 9:45 but that isn't the reason why I took this trade. In trade #4 I got in a tick bad and it caused me to get stopped out. It just felt to me that this was going to be the 2nd leg of the move down so I got back in. I had my 2nd contract 2-3 ticks above the end of the 2nd leg of the measured move and it hit.
6. 2nd entry short off of the upper trend channel.
7. 2nd entry long. I got caught trying to pick a bottom.
8. 2nd entry short. Was looking for the 2nd leg to the 2 legged move. I didn't trade at the EMA or the trend line so this is a perfect example of not following the plan and having a losing trade.
9. 2nd entry short off of upper trend channel and EMA. 2nd contract was 2-3 ticks higher than the low of the 2nd leg but I ended up moving it up another 2 ticks b/c I got shaken out and wanted to take the 2+ point profit.
10. Failed 2nd entry short and 2nd entry long. Was also looking for the 2nd leg to the move.
11. 2nd entry short counting from the top but it was HORRIBLE entry. I should have dropped my order in at least 3 ticks above where the entry signaled.
12. 2nd entry short counting from the low.
13. I thought this was a 2nd entry when I took it but it is not. The good news it worked b/c I was looking for the 2nd leg to the 2 legged move and I had my 2nd contract 1 tick above the low.
Missed Trades:
1. 2nd entry short after price had broken the channel and then created a new high. Price also had reached the top of the two legged move.
2. Failed 2nd entry long.
3. 2nd entry long off of support level counting from the high. You were looking for price to go and at least retest the previous high since it just broke out of the bottom of the channel.
4. Failed 2nd entry long. Notice how price broke out of the channel, then went and created a new high and finally sold off. THIS IS A PATTERN TO REMEMBER B/C IT HAPPENS OVER AND OVER AGAIN!
5. This isn't a 2nd entry but see how again price broke the channel, created a new high and then continued the trend lower.
6. 2nd entry short after price broke the channel and had just retested close to the high.
7. Failed 2nd entry short after price broke the channel higher then came back and came close to retesting the swing low.
Tuesday, June 4, 2013
6-4-2013
Pre-trading Notes:
Focusing on:
1. Drawing correct trend lines. If you see a higher high or a lower low then draw the line. Connect it to the bottom (or top) and if it fits then you have a winner!
2. Labeling correctly S/R areas when price is in a range.
3. Remembering that trends turn into ranges and ranges turn into trends.
4. 2nd entries
5. Looking for the 2 legged measured moves
6. The big picture
Post-trading Notes:
Much better job today. Drawing all of those damn trend lines really does help.
Focus on the same things tomorrow.
His bars are sometimes different then mine so I do not see some of the trades he reviews.
Need to always look at the big picture.
Mack's lines are in black.
Look for failed entries. For example if you are looking at taking a 2nd entry short then be on the look out for a failed 2nd entry long.
Mack's Notes:
Much easier trading day today.
When price breaks a channel it will usually go and retest the high or make a new high (if in an uptrend) before it goes into a range and/or sells off. The brown trend channel at the open is a good example of this.
Your best entries are going to be near the EMA or the trend line.
My Trades:
1. 2nd entry long off of the EMA. 2nd contract was at top of channel.
2. 2nd entry long off of the EMA and lower trend channel. I got out after a failed 2nd entry long formed. for a slight loss
3. 2nd entry short.
4. 2nd entry short off of upper trend channel. Also had a failed 2nd entry long at the top of the trend channel. 2nd contract was near the bottom of the support level.
5. 2nd entry short off of the EMA. Also was a failed 2nd entry long.
Missed Trades:
1. 2nd entry long. It also was at the break out area from the market open at 8:32. This was support and something to keep in mind. It was also the end of a measured move in a range (black arrows).
2. 2nd entry short. Mack had it showing a failed 2nd entry long. This was after price had broken out of the channel and had made a new high so you should be looking for price to sell off here.
3. Mack had it being a 2nd entry short. It wasn't on my charts but was at the top of the trend channel with a double top.
Monday, June 3, 2013
6-3-2013
Pre-trading Notes:
Focusing on tonight:
1. Drawing trend lines anytime there are two higher highs or two higher lows.
2. Drawing S/R lines when there is a double top or bottom or when you can tell that price is in a range.
3. Only taking 2nd entries.
(I took off the green line 45 EMA so as to get back to the roots of Mack's PAT style)
Post-trading Notes:
After tonight's session I officially suck again. I can never take off that much time again. I seriously should just take the opposite of every trade I am going to take b/c then I would be killing it...lol. I quit at noon. Any other trade was out of frustration and messing around.
One positive is I drew the brown trend line correctly. I have to pay better attention.
I need to look at the big picture more. Make my chart bars smaller.
Look for the big 2 legged measured moves. There will be moves within a big 2 legged measured move.
Mack's trend lines are in black.
Mack's Notes:
Even Mack struggled today. He missed a lot of trades and was uncomfortable.
Don't trade and chase the market if you are feeling uncomfortable and unsure about what you are seeing.
If you miss a trade do not chase the market. Just let it go and look for the next trade.
My Trades:
1. 2nd entry long. Thought price was going to make a 2 legged measured move to the brown trend lines. Obviously that was horribly wrong.
2. 2nd entry short. Actually it was a 3rd entry short and I got in a tick worse than the entry signal. I had it coming off the EMA and the upper trend line. Had the 2nd contract down at the lower trend channel. Not sure if that was the correct line up for the lower trend channel. (I definitely had the channel too low, I had it going off the lower swing low. It should have been where it is now)
3. 2nd entry long off of the EMA and lower trend line if that is a correct drawing of one.
4. Failed 2nd entry long. My trade #3 failed so I took a short after it stopped me out for a scalp.
5. Failed 2nd entry short. Or so I thought. I knew I shouldn't have taken it once price was bouncing off the EMA.
Missed Trades:
1. Failed 2nd entry long.
2. Failed 2nd entry long.
3. A quasi 2nd entry long off of the EMA on my chart. Mack had it as a 2nd entry long on his charts. It is also the 2nd leg of a 2 legged measured move.
4. 2nd entry short or a failed 2nd entry long.
5. 2nd entry long off of the lower trend channel.
Sunday, June 2, 2013
5-31-2013
My Notes:
Well it's been awhile since I have been able to do this due to work and personal stuff. I know I am going to be extremely rusty so I am basically starting back at the basics which I probably needed to do anyways since I had been confusing myself. So without further ado here's what I am focusing on:
1. Only taking shorts on 2nd entry where price has been below the blue and green line. Price has to also be off one of the EMA's or the trend channel line.
2. Only taking longs on 2nd entry where price has been above both the blue and green line. Price has to also be off one of the EMA's or the trend channel line.
3. Draw all trend lines no matter how off they might be.
4. Draw all support/resistance lines no matter how off they might be.
The half yellow arrows points which way I am to trade based on where price has closed in relation to the blue and green line. This should help me only take trades in the direction of the trend. Points 1 & 2 focus on this.
(Got my ass handed to me. Was expected since I had been away for almost a month. Looks like I forgot just about everything I have learned. Oh well, back to square 1)
Mack's Notes:
You don't counter-trend trade on a strong trend.
Always draw your trend lines.
He still always scalps out and keeps a runner even on big trend days. He likes to get in and out.
He hates to give any money back, he takes what it gives him.
Once you hit your profit target for the day then quit, do not get greedy and give it all back.
When your first trade of the day is a loser and you get mad then get up and walk away from the computer. Come back after you have cooled off b/c you will just make more mistakes.
Draw the trend lines b/c it will help you determine which way the market is going and which side you should be on.
Once you learn this stuff it works, you will make amazing money.
My Trades:
1. 2nd entry long off of the 21 EMA. The 2nd entry signaled a little high but it fit my trading plan to take it off the EMA and what was I thought off of the lower trend channel. My 2nd exit was 3 ticks below the high of the measured move.
2. 2nd entry long off of the 45 EMA.
3. 2nd entry short off of the 21 EMA and what I thought was the upper trend channel.
4. 2nd entry long off of the 45 EMA.
5. 2nd entry long off of the 45 EMA.
6. 2nd entry short off of the 45 EMA.
7. 2nd entry short off of the 21 EMA. Had 2nd exit at the lower trend channel. If I had not had my 2nd stop loss at 1 positive tick I would have hit my 2nd exit at the lower trend channel for a 3+ point gain.
Missed Trades:
Have to do these during the review before I upload the chart b/c I cannot go back and mark them on the chart.
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