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.