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.