7-11-2013

Pre Trading Notes:

1.  Keep diligently looking for both 2nd entries and failed 2nd entries.  When you get a setup that has both of those then TAKE IT!  Those seem to have a very high success rate.
2.  Keep drawing your trend lines and S/R lines.  Right now it is better to draw too many than not enough.
3.  If the day is choppy then scalp out both lots.

Post Trading Notes:

Made some bad trades today by forcing some trades.  Seems to be the newest problem I have that will take some work to correct.  Instead of being patient I am trying to force things.  Another range day.  These are good practice b/c they give me the most trouble.  Just stop trying to force trades at the S/R areas.  Those seem to be the places that give you the biggest trouble.  If you miss a reversal who cares? Catch the next leg up.  Only take the trades at the S/R areas that give you a clear signal.  You are trying to force too much and it ends up in losing trades.

Mack's lines from his review video are in black.

Mack's Notes:

You trade when there is movement.  You can trade during lunch time if there is movement.
On choppy days draw your short term trend lines and follow the rules.
If you do not understand what price is doing then stay out.


Trades:

1.  8:22 - 2nd entry long off of the support area.  I dropped a limit order 2 ticks below the entry price so I would have a full 2 ticks on my 2 point stop loss below the SL.
2.  8:41 - Failed 2nd entry long off of the EMA.  Scalped out both lots at 1 point since that was around the support area.
3.  9:30 - Thought it was a failed 2nd entry short and a 2nd entry long off of the support level.  Obviously it was the opposite.
4.  10:10 - 2nd entry long and a failed 2nd entry short off of the EMA.  Was looking for price to go back up to the resistance area.
5.  10:55 - Thought it was a failed 2nd entry short off of the EMA and the lower trend line.
6.  11:23 - 2nd entry long off of the support area.  After being int hat trade for over an hour I got out with a 2 tick win.  I have no idea what price is doing right now.  (And of course I got out 1 bar before price took off)

7.  2:03 - 2nd entry long off of the EMA.  Had a nice 2 legged pullback to the EMA. 

Missed Trades:

1.  9:30 - 2nd entry short and one bar to the right is a failed 2nd entry long off of the EMA.  This is where I got confused and got trapped on the wrong side.
2.  9:51 - This isn't a 2nd entry but he said it is a good short trap with a higher low.  I was looking to take a trade here but no 2nd entries developed before price took off.
3.  12:56 - Another non 2nd entry but made a triple bottom and was coming off the bottom of the trend line and the support area.  This is the trade where I got out 1 bar early b/c I got scared and thought that price was going back down.