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