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.