6-28-2013

Pre Trading Notes:

1.  Keep focusing on working on getting the bigger 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.
7.  Keep drawing your trend lines, it is better to draw too many than not enough.

Post Trading Notes:

 Another very solid day.  I missed some trades but I didn't panic and chase them.  I just let them go and looked for the next setup.  The indicator that Welly recommended that provides the purple dots for the SH and SL has proved to be extremely valuable!  This makes drawing the trend lines very easy and I am able to spot the trends much easier than before.  All you do is connect the dots.

Obviously there was potential to absolutely crush it today, I am talking about up 30 points with the way the market moved today but I am happy b/c all of the trades were winners and there was only one trade I felt was a questionable trade looking back.  I am starting to become consistently profitable so lets so how long I can keep this up and if I have turned a corner.

Mack's Notes:

Another range day.
All you can do is draw your trend lines and follow the rules.
You always want to wait on a 2nd entry to enter a trade.
Draw the short term trend lines and wait for the break.  Price then will usually retest the line before moving back down (when looking for a short).
Very good review from around 21 minutes to the end about what to look for in reversals.
Be patient and wait for your setups.  You have to be patient and don't force trades.  When you do know you have it right then do not hesitate to pull the trigger.  You have to be patient yet you have to pull the trigger when you see the setup.
Draw your short term trend lines.

Trades:

1.  @8:37  - 2nd entry long and a failed 2nd entry short.  I dropped a limit order in to get a 2 tick cushion on my 2 point stop loss below the SL.  Price was also coming off a support area.  I don't like this trade b/c it was going against the grain and was not off a trend line or the correct side of the EMA.

2.  @8:52 - Failed 2nd entry long off of the top of the trend line.

3.  @9:53  - 2nd entry long off of the EMA with a short trap.  2nd lot exit was at the top of the trend line.

4.  @10:41 - 2nd entry short off of the EMA and upper trend line.

5.  @12:47 - Failed 2nd entry long and 2nd entry short off of the EMA.  I had my 2nd lot all the way up at the top of the brown trend line.  Looking back I obviously should have had it at the earlier SH.

Missed Trades:

1.  @8:45 - 2nd entry short and a long trap off of the EMA.  This is a trade I saw and obviously should have taken.  I should have been looking for the 2nd leg of the two legged measured move.

2.  @9:27 - Failed 2nd entry short off of the EMA.

3.  @11:02 - 2nd entry short off of the upper trend line.  Also it was two legs up and I didn't have the trend line in place yet.

4.  @1:42 - 2nd entry short coming off of the resistance level.