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.